Section 82. Calls on shares

(1) The directors may make calls upon the shareholders in respect of any money unpaid on the shares of the shareholders and not by the conditions of allotment of shares made payable at fixed date.

(2) A sum which, by the terms of issue of a share, becomes payable on allotment or at any fixed date shall be deemed to be a call duly made and payable on the date on which by the terms of issue the shares becomes payable and in the case of non-payment, all the relevant provisions of this Act as to payment of interest and expenses, forfeiture or otherwise shall apply as if the sum had become payable by virtue of a call duly made and notified.

(3) Subject to the company’s constitution—

(a) no call shall exceed one-fourth of the issued price of the share or be payable at less than thirty days from the date fixed for the payment of the last preceding call; and

(b) each member shall, subject to receiving at least fourteen days’ notice specifying the date, time and place of payment, pay to the company the amount called on his shares.

(4) A call shall be deemed to have been made at the time when the resolution of the directors authorizing the call was passed and such resolution may authorize the call to be paid by instalments.

(5) The joint holders of a share shall be jointly and severally liable to pay all calls in respect of their shares.

(6) If a sum called in respect of a share is not paid before or on the day appointed for payment of the sum, the person from whom the sum is due shall not be required to pay any interest or compensation on that sum unless stated in the constitution of the company.

(7) For the purposes of subsection (6), the rate stated in the constitution shall not exceed eight per centum per annum from the day appointed for the payment of the sum to the time of actual payment as the directors may determine.

(8) The directors may waive payment of the interest due wholly or in part from the person referred to in subsection (6).

(9) A call may be revoked or postponed as the directors may determine.