English
1/ Holders, previous transferees, and subscribers shall be
jointly and severally liable to the company for calls
on shares.
2/ Notwithstanding the provisions of Sub-Article
(1) of
this Article, any subscriber or shareholder who has
transferred his share shall cease to be liable for call
after two years from the date of the transfer.
3/ Where the persons mentioned under Sub-Article
(1) of this Article fail to pay the call at the due date, they
shall be liable to pay interest at the legal rate where
no other rate has been provided in the memorandum
of association.
4/ The Company may fifteen days after the receipt by
the shareholder of a rewritten notice demanding
payment offer the unpaid shares for sale by auction.
The shares so auctioned shall be cancelled and new
shares delivered to the purchaser.
5/ Where the sale of the shares cannot be effected, the
board of directors may decide to forfeit the shares
and retain the amounts paid up, without prejudice to
any other claim for damages the company may have.
6/ Where unsold shares have not been put in circulation
during the trading period in which forfeiture was
ordered, they shall be cancelled and the capital
reduced accordingly.
7/ A shareholder who fails to make payments on shares
when they become due shall lose his voting rights in
shareholder meetings.
