Common use of FORFEITURE AND SURRENDER Clause in Contracts

FORFEITURE AND SURRENDER. 10.1 If a call or an instalment of a call remains unpaid, in whole or in part, after it has become due and payable, the Board may give to the Person from whom it is due not less than 14 clear days’ notice requiring payment of the amount unpaid together with any interest which may have accrued and any costs, charges and expenses incurred by the Company by reason of such non-payment. The notice shall name the place where payment is to be made and shall state that if the notice is not complied with the shares in respect of which the call was made will be liable to be forfeited. 10.2 If the notice is not complied with, any share in respect of which it was given may, at any time before the payment required by the notice has been made, be forfeited by a resolution of the Board. The forfeiture shall include all dividends and other amounts payable in respect of the forfeited shares and which have not been paid before the forfeiture. When a share has been forfeited, notice of the forfeiture shall be sent to the Person who was the holder of the share before the forfeiture. An entry shall be made promptly in the register opposite the entry of the share showing that notice has been sent, that the share has been forfeited and the date of forfeiture. No forfeiture shall be invalidated by the omission or neglect to send that notice or to make those entries. 10.3 Subject to the provisions of the Companies Act, a forfeited share shall be deemed to belong to the Company and may be sold, re-allotted or otherwise disposed of on such terms and in such manner as the Board determines either to the Person who was before the forfeiture the holder or to any other Person. At any time before sale, re-allotment or other disposition, the forfeiture may be cancelled on such terms as the Board determines. Where for the purposes of its disposal a forfeited share is to be transferred to any Person, the Board may, in the case of a share in certificated form, authorise someone to execute an instrument of transfer and, in the case of a share in uncertificated form, the Board may exercise any of the powers of the Company under Article 12. The Company may receive the consideration given for the share on its disposal and register the transferee as the holder of the share. 10.4 A Person shall cease to be a member in respect of any share which has been forfeited or surrendered and shall, if the share is held in certificated form, surrender to the Company for cancellation the certificate for the share forfeited but shall remain liable to the Company for all amounts which at the date of forfeiture were presently payable by him to the Company in respect of that share plus interest at the rate at which interest was payable on those amounts before the forfeiture or, if no interest was so payable, at the rate determined by the Board, not exceeding 15 per cent. per annum or, if higher, the appropriate rate (as defined in the Companies Act) from the date of forfeiture until payment. The Board may waive payment wholly or in part or enforce payment without any allowance for the value of the share at the time of forfeiture or for any consideration received on its disposal. 10.5 The Board may accept the surrender of any share which it is in a position to forfeit upon such terms and conditions as may be agreed and, subject to any such terms and conditions, a surrendered share shall be treated as if it had been forfeited. 10.6 The forfeiture of a share shall involve the extinction at the time of forfeiture of all interest in and all claims and demands against the Company in respect of the share and all other rights and liabilities incidental to the share as between the Person whose share is forfeited and the Company, except only such of those rights and liabilities as are by these Articles expressly saved, or are by the Companies Act given or imposed in the case of past members. 10.7 A statutory declaration by a Director or the secretary that a share has been duly forfeited on a specified date shall be conclusive evidence of the facts stated in it as against all Persons claiming to be entitled to the share. The declaration shall (subject to the execution of an instrument of transfer if necessary, in the case of a share in certificated form) constitute a good title to the share. The Person to whom the share is disposed of shall not be bound to see to the application of the consideration, if any, nor shall his title to the share be affected by any irregularity in or invalidity of the proceedings relating to the forfeiture or disposal of the share.

FORFEITURE AND SURRENDER. 10.1 If a call or an instalment of a call remains unpaid, in whole or in part, after it has become due and payable, the Board may give to the Person person from whom it is due not less than 14 clear days’ written notice requiring payment of the amount unpaid together with any interest which may have accrued and any costs, charges and expenses incurred by the Company by reason of such non-payment. The notice shall name the place where payment is to be made and shall state that if the notice is not complied with the shares in respect of which the call was made will be liable to be forfeited. 10.2 If the notice is not complied with, any share in respect of which it was given may, at any time before the payment required by the notice has been made, be forfeited by a resolution of the Board. The forfeiture shall include all dividends and other amounts payable in respect of the forfeited shares and which have not been paid before the forfeiture. When a share has been forfeited, notice of the forfeiture shall be sent to the Person person who was the holder of the share before the forfeiture. An entry shall be made promptly in the register opposite the entry of the share showing that notice has been sent, that the share has been forfeited and the date of forfeiture. No forfeiture shall be invalidated by the omission or neglect to send that notice or to make those entries. 10.3 Subject to the provisions of the Companies Act, a forfeited share shall be deemed to belong to the Company and may be sold, re-allotted or otherwise disposed of on such terms and in such manner as the Board determines either to the Person person who was before the forfeiture the holder or to any other Personperson. At any time before sale, re-allotment or other disposition, the forfeiture may be cancelled on such terms as the Board determines. Where for the purposes of its disposal a forfeited share is to be transferred to any Personperson, the Board may, in the case of a share in certificated form, authorise someone to execute an instrument of transfer and, in the case of a share in uncertificated form, the Board may exercise any of the powers of the Company under Article 12. The Company may receive the consideration given for the share on its disposal and register the transferee as the holder of the share. 10.4 A Person person shall cease to be a member in respect of any share which has been forfeited or surrendered and shall, if the share is held in certificated form, surrender to the Company for cancellation the certificate for the share forfeited but shall remain liable to the Company for all amounts which at the date of forfeiture were presently payable by him to the Company in respect of that share plus interest at the rate at which interest was payable on those amounts before the forfeiture or, if no interest was so payable, at the rate determined by the Board, not exceeding 15 20 per cent. per annum or, if higher, the appropriate rate (as defined in the Companies Act) from the date of forfeiture until payment. The Board may waive payment wholly or in part or enforce payment without any allowance for the value of the share at the time of forfeiture or for any consideration received on its disposal. 10.5 The Board may accept the surrender of any share which it is in a position to forfeit upon such terms and conditions as may be agreed and, subject to any such terms and conditions, a surrendered share shall be treated as if it had been forfeited. 10.6 The forfeiture of a share shall involve the extinction at the time of forfeiture of all interest in and all claims and demands against the Company in respect of the share and all other rights and liabilities incidental to the share as between the Person person whose share is forfeited and the Company, except only such of those rights and liabilities as are by these Articles expressly saved, or are by the Companies Act given or imposed in the case of past members. 10.7 A statutory declaration by a Director or the secretary that a share has been duly forfeited on a specified date shall be conclusive evidence of the facts stated in it as against all Persons persons claiming to be entitled to the share. The declaration shall (subject to the execution of an instrument of transfer if necessary, in the case of a share in certificated form) constitute a good title to the share. The Person person to whom the share is disposed of shall not be bound to see to the application of the consideration, if any, nor shall his title to the share be affected by any irregularity in or invalidity of the proceedings relating to the forfeiture or disposal of the share.

FORFEITURE AND SURRENDER. 10.1 (a) If a call or any Shareholder fails to pay an instalment amount payable by virtue of a call call, installment or interest thereon as provided for in accordance herewith, on or before the day fixed for payment of the same, the Board of Directors may at any time after the day fixed for such payment, so long as such amount (or any portion thereof) or interest thereon (or any portion thereof) remains unpaid, in whole forfeit all or in part, after it has become due and payable, the Board may give to the Person from whom it is due not less than 14 clear days’ notice requiring payment any of the amount unpaid together with any interest Shares in respect of which may have accrued and any costs, charges and such payment was called for. All expenses incurred by the Company by reason in attempting to collect any such amount or interest thereon, including attorneys’ fees and costs of such non-payment. The notice legal proceedings, shall name be added to, and shall, for all purposes (including the place where payment is accrual of interest thereon) constitute a part of, the amount payable to be made and shall state that if the notice is not complied with the shares Company in respect of which such call. (b) Upon the call was made will be liable adoption of a resolution as to the forfeiture of a Shareholder’s share, the Board of Directors shall cause notice thereof to be forfeited. 10.2 If given to such Shareholder, which notice shall state that, in the event of the failure to pay the entire amount so payable by a date specified in the notice (which date shall be not less than fourteen (14) days after the date such notice is not complied with, any share in respect of given and which it was given may, at any time before the payment required may be extended by the notice has been madeBoard of Directors), such Shares shall be forfeited by a ipso facto forfeited, provided, however, that, prior to such date, the Board of Directors may cancel such resolution of forfeiture, but no such cancellation shall stop the Board. The Board of Directors from adopting a further resolution of forfeiture shall include all dividends and other amounts payable in respect of the forfeited shares and which have not been paid before the forfeiture. When a share has been forfeited, notice non-payment of the forfeiture same amount. (c) Without derogating from Articles 52 and 56 hereof, whenever Shares are forfeited as herein provided, all dividends, if any, theretofore declared in respect thereof and not actually paid shall be sent deemed to have been forfeited at the Person who was the holder same time. (d) The Company, by resolution of the share before Board of Directors, may accept the forfeiture. An entry voluntary surrender of any Share. (e) Any Share forfeited or surrendered as provided herein, shall be made promptly in become the register opposite the entry property of the share showing that notice has been sentCompany as a dormant share, that the share has been forfeited and the date of forfeiture. No forfeiture shall be invalidated by the omission or neglect to send that notice or to make those entries. 10.3 Subject same, subject to the provisions of the Companies Actthese Articles, a forfeited share shall be deemed to belong to the Company and may be sold, re-allotted issued or otherwise disposed of on such terms and in such manner as the Board determines either to the Person who was before the forfeiture the holder or to any other Person. At any time before sale, re-allotment or other disposition, the forfeiture may be cancelled on such terms as the Board determines. Where for the purposes of its disposal a forfeited share is to be transferred to any Person, the Board may, in the case of a share in certificated form, authorise someone to execute an instrument of transfer and, in the case of a share in uncertificated form, the Board may exercise any of the powers of the Company under Article 12. The Company may receive the consideration given for the share on its disposal and register the transferee as the holder of the shareDirectors deems fit. 10.4 A Person (f) Any person whose Shares have been forfeited or surrendered shall cease to be a member Shareholder in respect of any share which has been the forfeited or surrendered and Shares, but shall, if the share is held in certificated formnotwithstanding, surrender be liable to pay, and shall forthwith pay, to the Company for cancellation the certificate for the share forfeited but shall remain liable to the Company for Company, all amounts which at the date of forfeiture were presently payable by him to the Company calls, interest and expenses owing upon or in respect of that share plus interest at the rate at which interest was payable on those amounts before the forfeiture or, if no interest was so payable, at the rate determined by the Board, not exceeding 15 per cent. per annum or, if higher, the appropriate rate (as defined in the Companies Act) from the date of forfeiture until payment. The Board may waive payment wholly or in part or enforce payment without any allowance for the value of the share such Shares at the time of forfeiture or for any consideration received on its disposal. 10.5 The Board may accept the surrender of any share which it is in a position to forfeit upon such terms and conditions as may be agreed andsurrender, subject to any such terms and conditions, a surrendered share shall be treated as if it had been forfeited. 10.6 The forfeiture of a share shall involve the extinction at together with interest thereon from the time of forfeiture or surrender until actual payment, at the rate prescribed in Article 14(e) above, and the Board of Directors, in its discretion, may, but shall not be obligated to, enforce or collect the payment of such amounts, or any part thereof, as it shall deem fit. In the event of such forfeiture or surrender, the Company, by resolution of the Board of Directors, may accelerate the date(s) of payment of any or all interest in and all claims and demands against amounts then owing to the Company by the person in question (but not yet due) in respect of the share and all other rights and liabilities incidental to the share as between the Person whose share is forfeited and the CompanyShares owned by such Shareholder, except only such of those rights and liabilities as are by these Articles expressly saved, solely or are by the Companies Act given or imposed in the case of past membersjointly with another. 10.7 A statutory declaration by a Director (g) The Board of Directors may at any time, before any Share so forfeited or the secretary that a share has surrendered shall have been duly forfeited on a specified date shall be conclusive evidence of the facts stated in it as against all Persons claiming to be entitled to the share. The declaration shall (subject to the execution of an instrument of transfer if necessarysold, in the case of a share in certificated form) constitute a good title to the share. The Person to whom the share is re-issued or otherwise disposed of shall not be bound to see to the application of the considerationof, if any, nor shall his title to the share be affected by any irregularity in or invalidity of the proceedings relating to nullify the forfeiture or disposal surrender on such conditions as it deems fit, but no such nullification shall stop the Board of the shareDirectors from re-exercising its powers of forfeiture pursuant to this Article 16.

FORFEITURE AND SURRENDER. 10.1 (a) If a call or any shareholder fails to pay an instalment amount payable by virtue of a call call, or interest thereon as provided for in accordance with these Articles, on or before the day fixed for payment of the same, the Board of Directors may at any time after the day fixed for such payment, so long as such amount or any portion thereof remains unpaid, in whole forfeit all or in part, after it has become due and payable, the Board may give to the Person from whom it is due not less than 14 clear days’ notice requiring payment any of the amount unpaid together with any interest which may have accrued and any costs, charges and expenses incurred by the Company by reason of such non-payment. The notice shall name the place where payment is to be made and shall state that if the notice is not complied with the shares in respect of which such payment was called for. All expenses incurred by the call was made will Company in attempting to collect any such amount or interest thereon, including, without limitation, attorneys’ fees and costs of legal proceedings, shall be liable added to, and shall for all purposes (including the accrual of interest thereon) constitute a part of the amount payable to be forfeited. 10.2 If the notice is not complied with, any share Company in respect of such call. (b) Upon the adoption of a resolution as to the forfeiture of a shareholder’s share, the Board of Directors shall cause notice thereof to be given to such shareholder, which it was notice shall state that, in the event of the failure to pay the entire amount so payable by a date specified in the notice (which date shall be not less than fourteen (14) days after the date such notice is given may, at any time before the payment required and which may be extended by the notice has been madeBoard of Directors), such shares shall ipso facto be forfeited by a forfeited; provided, however, that prior to such date the Board of Directors may nullify such resolution of forfeiture, but no such nullification shall stop the Board. The Board of Directors from adopting a further resolution of forfeiture shall include all dividends and other amounts payable in respect of the forfeited shares and which have not been paid before the forfeiture. When a share has been forfeited, notice non-payment of the forfeiture same amount. (c) Without derogating from Articles 56 and 61 of these Articles, whenever shares are forfeited as herein provided, all dividends, if any, theretofore declared in respect thereof and not actually paid shall be sent deemed to have been forfeited at the Person who was the holder same time. (d) The Company, by resolution of the Board of Directors, may accept the voluntary surrender of any share. (e) Any share before forfeited or surrendered as provided herein shall become the forfeiture. An entry shall be made promptly in the register opposite the entry property of the share showing that notice has been sentCompany, that the share has been forfeited and the date of forfeiture. No forfeiture shall be invalidated by the omission or neglect to send that notice or to make those entries. 10.3 Subject same, subject to the provisions of the Companies Actthese Articles, a forfeited share shall be deemed to belong to the Company and may be sold, re-allotted or otherwise disposed of on such terms and in such manner as the Board determines either to the Person who was before the forfeiture the holder or to any other Person. At any time before sale, re-allotment or other disposition, the forfeiture may be cancelled on such terms as the Board determines. Where for the purposes of its disposal a forfeited share is to be transferred to any Person, the Board may, in the case of a share in certificated form, authorise someone to execute an instrument of transfer and, in the case of a share in uncertificated form, the Board may exercise any of the powers of the Company under Article 12. The Company may receive the consideration given for the share on its disposal and register the transferee as the holder of the shareDirectors deems fit. 10.4 A Person (f) Any shareholder whose shares have been forfeited or surrendered shall cease to be a member shareholder in respect of any share which has been the forfeited or surrendered shares, but shall nonetheless be liable to pay and shallshall promptly pay, if the share is held in certificated form, surrender to the Company for cancellation the certificate for the share forfeited but shall remain liable to the Company for all amounts which at the date of forfeiture were presently payable by him to the Company calls, interest and expenses owing upon or in respect of that share plus interest at the rate at which interest was payable on those amounts before the forfeiture or, if no interest was so payable, at the rate determined by the Board, not exceeding 15 per cent. per annum or, if higher, the appropriate rate (as defined in the Companies Act) from the date of forfeiture until payment. The Board may waive payment wholly or in part or enforce payment without any allowance for the value of the share such shares at the time of forfeiture or for any consideration received on its disposal. 10.5 The Board may accept the surrender of any share which it is in a position to forfeit upon such terms and conditions as may be agreed andsurrender, subject to any such terms and conditions, a surrendered share shall be treated as if it had been forfeited. 10.6 The forfeiture of a share shall involve the extinction at together with interest thereon from the time of forfeiture or surrender until actual payment at the rate prescribed in Article 13(e) above, and the Board of Directors, in its discretion, may enforce the payment of such moneys or any part thereof. In the event of such forfeiture or surrender, the Company, by resolution of the Board of Directors, may accelerate the date(s) of payment of any or all interest in and all claims and demands against amounts then owed to the Company by the shareholder in question (but not yet due) in respect of the share and all other rights and liabilities incidental to the share as between the Person whose share is forfeited and the Companyshares owned by such shareholder, except only such of those rights and liabilities as are by these Articles expressly saved, solely or are by the Companies Act given or imposed in the case of past membersjointly with another. 10.7 A statutory declaration by a Director (g) The Board of Directors may at any time, before any share so forfeited or the secretary that a share has surrendered shall have been duly forfeited on a specified date shall be conclusive evidence of the facts stated in it as against all Persons claiming to be entitled to the share. The declaration shall (subject to the execution of an instrument of transfer if necessarysold, in the case of a share in certificated form) constitute a good title to the share. The Person to whom the share is re-allotted or otherwise disposed of shall not be bound to see to the application of the considerationof, if any, nor shall his title to the share be affected by any irregularity in or invalidity of the proceedings relating to nullify the forfeiture or disposal surrender on such conditions as it deems fit, but no such nullification shall stop the Board of the shareDirectors from re-exercising its powers of forfeiture pursuant to this Article 15.

FORFEITURE AND SURRENDER. 10.1 If a call or an instalment of a call remains unpaid, in whole or in part, after it has become due and payable, the Board may give to the Person from whom it is due not less than 14 clear days’ written notice requiring payment of the amount unpaid together with any interest which may have accrued and any costs, charges and expenses incurred by the Company by reason of such non-payment. The notice shall name the place where payment is to be made and shall state that if the notice is not complied with the shares in respect of which the call was made will be liable to be forfeited. 10.2 If the notice is not complied with, any share in respect of which it was given may, at any time before the payment required by the notice has been made, be forfeited by a resolution of the Board. The forfeiture shall include all dividends and other amounts payable in respect of the forfeited shares and which have not been paid before the forfeiture. When a share has been forfeited, notice of the forfeiture shall be sent to the Person who was the holder of the share before the forfeiture. An entry shall be made promptly in the register opposite the entry of the share showing that notice has been sent, that the share has been forfeited and the date of forfeiture. No forfeiture shall be invalidated by the omission or neglect to send that notice or to make those entries. 10.3 Subject to the provisions of the Companies Act, a forfeited share shall be deemed to belong to the Company and may be sold, re-allotted or otherwise disposed of on such terms and in such manner as the Board determines either to the Person who was before the forfeiture the holder or to any other Person. At any time before sale, re-allotment or other disposition, the forfeiture may be cancelled on such terms as the Board determines. Where for the purposes of its disposal a forfeited share is to be transferred to any Person, the Board may, in the case of a share in certificated form, authorise someone to execute an instrument of transfer and, in the case of a share in uncertificated form, the Board may exercise any of the powers of the Company under Article 12. The Company may receive the consideration given for the share on its disposal and register the transferee as the holder of the share. 10.4 A Person shall cease to be a member in respect of any share which has been forfeited or surrendered and shall, if the share is held in certificated form, surrender to the Company for cancellation the certificate for the share forfeited but shall remain liable to the Company for all amounts which at the date of forfeiture were presently payable by him to the Company in respect of that share plus interest at the rate at which interest was payable on those amounts before the forfeiture or, if no interest was so payable, at the rate determined by the Board, not exceeding 15 20 per cent. per annum or, if higher, the appropriate rate (as defined in the Companies Act) from the date of forfeiture until payment. The Board may waive payment wholly or in part or enforce payment without any allowance for the value of the share at the time of forfeiture or for any consideration received on its disposal. 10.5 The Board may accept the surrender of any share which it is in a position to forfeit upon such terms and conditions as may be agreed and, subject to any such terms and conditions, a surrendered share shall be treated as if it had been forfeited. 10.6 The forfeiture of a share shall involve the extinction at the time of forfeiture of all interest in and all claims and demands against the Company in respect of the share and all other rights and liabilities incidental to the share as between the Person whose share is forfeited and the Company, except only such of those rights and liabilities as are by these Articles expressly saved, or are by the Companies Act given or imposed in the case of past members. 10.7 A statutory declaration by a Director or the secretary that a share has been duly forfeited on a specified date shall be conclusive evidence of the facts stated in it as against all Persons claiming to be entitled to the share. The declaration shall (subject to the execution of an instrument of transfer if necessary, in the case of a share in certificated form) constitute a good title to the share. The Person to whom the share is disposed of shall not be bound to see to the application of the consideration, if any, nor shall his title to the share be affected by any irregularity in or invalidity of the proceedings relating to the forfeiture or disposal of the share.

FORFEITURE AND SURRENDER. 10.1 (a) If a call or any shareholder fails to pay an instalment amount payable by virtue of a call call, installment or interest thereon as provided for in accordance herewith, on or before the day fixed for payment of the same, the Board of Directors may at any time after the day fixed for such payment, so long as such amount (or any portion thereof) or interest thereon (or any portion thereof) remains unpaid, in whole forfeit all or in part, after it has become due and payable, the Board may give to the Person from whom it is due not less than 14 clear days’ notice requiring payment any of the amount unpaid together with any interest which may have accrued and any costs, charges and expenses incurred by the Company by reason of such non-payment. The notice shall name the place where payment is to be made and shall state that if the notice is not complied with the shares in respect of which such payment was called for. All expenses incurred by the call was made will Company in attempting to collect any such amount or interest thereon, including, without limitation, attorneys’ fees and costs of legal proceedings, shall be liable added to, and shall, for all purposes (including the accrual of interest thereon) constitute a part of, the amount payable to be forfeited. 10.2 If the notice is not complied with, any share Company in respect of such call. (b) Upon the adoption of a resolution as to the forfeiture of a Shareholder’s share, the Board of Directors shall cause notice thereof to be given to such shareholder, which it was notice shall state that, in the event of the failure to pay the entire amount so payable by a date specified in the notice (which date shall be not less than fourteen (14) days after the date such notice is given may, at any time before the payment required and which may be extended by the notice has been madeBoard of Directors), such shares shall be forfeited by a ipso facto forfeited, provided, however, that, prior to such date, the Board of Directors may cancel such resolution of forfeiture, but no such cancellation shall stop the Board. The Board of Directors from adopting a further resolution of forfeiture shall include all dividends and other amounts payable in respect of the forfeited shares and which have not been paid before the forfeiture. When a share has been forfeited, notice non-payment of the forfeiture same amount. (c) Without derogating from Articles 51 and 55 hereof, whenever shares are forfeited as herein provided, all dividends, if any, theretofore declared in respect thereof and not actually paid shall be sent deemed to have been forfeited at the Person who was the holder same time. (d) The Company, by resolution of the Board of Directors, may accept the voluntary surrender of any share. (e) Any share before forfeited or surrendered as provided herein, shall become the forfeiture. An entry shall be made promptly in the register opposite the entry property of the share showing that notice has been sentCompany as a dormant share, that the share has been forfeited and the date of forfeiture. No forfeiture shall be invalidated by the omission or neglect to send that notice or to make those entries. 10.3 Subject same, subject to the provisions of the Companies Actthese Articles, a forfeited share shall be deemed to belong to the Company and may be sold, re-allotted issued or otherwise disposed of on such terms and in such manner as the Board determines either to the Person who was before the forfeiture the holder or to any other Person. At any time before sale, re-allotment or other disposition, the forfeiture may be cancelled on such terms as the Board determines. Where for the purposes of its disposal a forfeited share is to be transferred to any Person, the Board may, in the case of a share in certificated form, authorise someone to execute an instrument of transfer and, in the case of a share in uncertificated form, the Board may exercise any of the powers of the Company under Article 12. The Company may receive the consideration given for the share on its disposal and register the transferee as the holder of the shareDirectors deems fit. 10.4 A Person (f) Any person whose shares have been forfeited or surrendered shall cease to be a member shareholder in respect of any share which has been the forfeited or surrendered and shares, but shall, if the share is held in certificated formnotwithstanding, surrender be liable to pay, and shall forthwith pay, to the Company for cancellation the certificate for the share forfeited but shall remain liable to the Company for Company, all amounts which at the date of forfeiture were presently payable by him to the Company calls, interest and expenses owing upon or in respect of that share plus interest at the rate at which interest was payable on those amounts before the forfeiture or, if no interest was so payable, at the rate determined by the Board, not exceeding 15 per cent. per annum or, if higher, the appropriate rate (as defined in the Companies Act) from the date of forfeiture until payment. The Board may waive payment wholly or in part or enforce payment without any allowance for the value of the share such shares at the time of forfeiture or for any consideration received on its disposal. 10.5 The Board may accept the surrender of any share which it is in a position to forfeit upon such terms and conditions as may be agreed andsurrender, subject to any such terms and conditions, a surrendered share shall be treated as if it had been forfeited. 10.6 The forfeiture of a share shall involve the extinction at together with interest thereon from the time of forfeiture or surrender until actual payment, at the rate prescribed in Article 13(e) above, and the Board of Directors, in its discretion, may, but shall not be obligated to, enforce or collect the payment of such amounts, or any part thereof, as it shall deem fit. In the event of such forfeiture or surrender, the Company, by resolution of the Board of Directors, may accelerate the date(s) of payment of any or all interest in and all claims and demands against amounts then owing to the Company by the person in question (but not yet due) in respect of the share and all other rights and liabilities incidental to the share as between the Person whose share is forfeited and the Companyshares owned by such shareholder, except only such of those rights and liabilities as are by these Articles expressly saved, solely or are by the Companies Act given or imposed in the case of past membersjointly with another. 10.7 A statutory declaration by a Director (g) The Board of Directors may at any time, before any share so forfeited or the secretary that a share has surrendered shall have been duly forfeited on a specified date shall be conclusive evidence of the facts stated in it as against all Persons claiming to be entitled to the share. The declaration shall (subject to the execution of an instrument of transfer if necessarysold, in the case of a share in certificated form) constitute a good title to the share. The Person to whom the share is re-issued or otherwise disposed of shall not be bound to see to the application of the considerationof, if any, nor shall his title to the share be affected by any irregularity in or invalidity of the proceedings relating to nullify the forfeiture or disposal surrender on such conditions as it deems fit, but no such nullification shall stop the Board of the shareDirectors from re-exercising its powers of forfeiture pursuant to this Article 15.

FORFEITURE AND SURRENDER. 10.1 (a) If a call or any Shareholder fails to pay an instalment amount payable by virtue of a call call, installment or interest thereon as provided for in accordance herewith, on or before the day fixed for payment of the same, the Board of Directors may at any time after the day fixed for such payment, so long as such amount (or any portion thereof) or interest thereon (or any portion thereof) remains unpaid, in whole forfeit all or in part, after it has become due and payable, the Board may give to the Person from whom it is due not less than 14 clear days’ notice requiring payment any of the amount unpaid together with any interest which may have accrued and any costs, charges and expenses incurred by the Company by reason of such non-payment. The notice shall name the place where payment is to be made and shall state that if the notice is not complied with the shares in respect of which such payment was called for. All expenses incurred by the call was made will Company in attempting to collect any such amount or interest thereon, including, without limitation, attorneys’ fees and costs of legal proceedings, shall be liable added to, and shall, for all purposes (including the accrual of interest thereon) constitute a part of, the amount payable to be forfeited. 10.2 If the notice is not complied with, any share Company in respect of such call. (b) Upon the adoption of a resolution as to the forfeiture of a Shareholder’s share, the Board of Directors shall cause notice thereof to be given to such Shareholder, which it was notice shall state that, in the event of the failure to pay the entire amount so payable by a date specified in the notice (which date shall be not less than fourteen (14) days after the date such notice is given may, at any time before the payment required and which may be extended by the notice has been madeBoard of Directors), such shares shall be forfeited by a ipso facto forfeited, provided, however, that, prior to such date, the Board of Directors may cancel such resolution of forfeiture, but no such cancellation shall stop the Board. The Board of Directors from adopting a further resolution of forfeiture shall include all dividends and other amounts payable in respect of the forfeited shares and which have not been paid before the forfeiture. When a share has been forfeited, notice non-payment of the forfeiture same amount. (c) Without derogating from Articles ‎51 and ‎55 hereof, whenever shares are forfeited as herein provided, all dividends, if any, theretofore declared in respect thereof and not actually paid shall be sent deemed to have been forfeited at the Person who was the holder same time. (d) The Company, by resolution of the Board of Directors, may accept the voluntary surrender of any share. (e) Any share before forfeited or surrendered as provided herein, shall become the forfeiture. An entry shall be made promptly in the register opposite the entry property of the share showing that notice has been sentCompany as a dormant share, that the share has been forfeited and the date of forfeiture. No forfeiture shall be invalidated by the omission or neglect to send that notice or to make those entries. 10.3 Subject same, subject to the provisions of the Companies Actthese Articles, a forfeited share shall be deemed to belong to the Company and may be sold, re-allotted issued or otherwise disposed of on such terms and in such manner as the Board determines either to the Person who was before the forfeiture the holder or to any other Person. At any time before sale, re-allotment or other disposition, the forfeiture may be cancelled on such terms as the Board determines. Where for the purposes of its disposal a forfeited share is to be transferred to any Person, the Board may, in the case of a share in certificated form, authorise someone to execute an instrument of transfer and, in the case of a share in uncertificated form, the Board may exercise any of the powers of the Company under Article 12. The Company may receive the consideration given for the share on its disposal and register the transferee as the holder of the shareDirectors deems fit. 10.4 A Person (f) Any person whose shares have been forfeited or surrendered shall cease to be a member shareholder in respect of any share which has been the forfeited or surrendered and shares, but shall, if the share is held in certificated formnotwithstanding, surrender be liable to pay, and shall forthwith pay, to the Company for cancellation the certificate for the share forfeited but shall remain liable to the Company for Company, all amounts which at the date of forfeiture were presently payable by him to the Company calls, interest and expenses owing upon or in respect of that share plus interest at the rate at which interest was payable on those amounts before the forfeiture or, if no interest was so payable, at the rate determined by the Board, not exceeding 15 per cent. per annum or, if higher, the appropriate rate (as defined in the Companies Act) from the date of forfeiture until payment. The Board may waive payment wholly or in part or enforce payment without any allowance for the value of the share such shares at the time of forfeiture or for any consideration received on its disposal. 10.5 The Board may accept the surrender of any share which it is in a position to forfeit upon such terms and conditions as may be agreed andsurrender, subject to any such terms and conditions, a surrendered share shall be treated as if it had been forfeited. 10.6 The forfeiture of a share shall involve the extinction at together with interest thereon from the time of forfeiture or surrender until actual payment, at the rate prescribed in Article ‎13(e) above, and the Board of Directors, in its discretion, may, but shall not be obligated to, enforce or collect the payment of such amounts, or any part thereof, as it shall deem fit. In the event of such forfeiture or surrender, the Company, by resolution of the Board of Directors, may accelerate the date(s) of payment of any or all interest in and all claims and demands against amounts then owing to the Company by the person in question (but not yet due) in respect of the share and all other rights and liabilities incidental to the share as between the Person whose share is forfeited and the Companyshares owned by such Shareholder, except only such of those rights and liabilities as are by these Articles expressly saved, solely or are by the Companies Act given or imposed in the case of past membersjointly with another. 10.7 A statutory declaration by a Director (g) The Board of Directors may at any time, before any share so forfeited or the secretary that a share has surrendered shall have been duly forfeited on a specified date shall be conclusive evidence of the facts stated in it as against all Persons claiming to be entitled to the share. The declaration shall (subject to the execution of an instrument of transfer if necessarysold, in the case of a share in certificated form) constitute a good title to the share. The Person to whom the share is re-issued or otherwise disposed of shall not be bound to see to the application of the considerationof, if any, nor shall his title to the share be affected by any irregularity in or invalidity of the proceedings relating to nullify the forfeiture or disposal surrender on such conditions as it deems fit, but no such nullification shall stop the Board of the shareDirectors from re-exercising its powers of forfeiture pursuant to this Article ‎15.

FORFEITURE AND SURRENDER. 10.1 (a) If a call or any Shareholder fails to pay an instalment amount payable by virtue of a call call, installment or interest thereon as provided for in accordance herewith, on or before the day fixed for payment of the same, the Board of Directors may at any time after the day fixed for such payment, so long as such amount (or any portion thereof) or interest thereon (or any portion thereof) remains unpaid, in whole forfeit all or in part, after it has become due and payable, the Board may give to the Person from whom it is due not less than 14 clear days’ notice requiring payment any of the amount unpaid together with any interest which may have accrued and any costs, charges and expenses incurred by the Company by reason of such non-payment. The notice shall name the place where payment is to be made and shall state that if the notice is not complied with the shares in respect of which such payment was called for. All expenses incurred by the call was made will Company in attempting to collect any such amount or interest thereon, including attorneys’ fees and costs of legal proceedings, shall be liable added to, and shall, for all purposes (including the accrual of interest thereon) constitute a part of, the amount payable to be forfeited. 10.2 If the notice is not complied with, any share Company in respect of such call. (b) Upon the adoption of a resolution as to the forfeiture of a Shareholder’s share, the Board of Directors shall cause notice thereof to be given to such Shareholder, which it was notice shall state that, in the event of the failure to pay the entire amount so payable by a date specified in the notice (which date shall be not less than fourteen (14) days after the date such notice is given may, at any time before the payment required and which may be extended by the notice has been madeBoard of Directors), such shares shall be forfeited by a ipso facto forfeited, provided, however, that, prior to such date, the Board of Directors may cancel such resolution of forfeiture, but no such cancellation shall stop the Board. The Board of Directors from adopting a further resolution of forfeiture shall include all dividends and other amounts payable in respect of the forfeited shares and which have not been paid before the forfeiture. When a share has been forfeited, notice non-payment of the forfeiture same amount. (c) Without derogating from Articles 52 and 56 hereof, whenever shares are forfeited as herein provided, all dividends, if any, theretofore declared in respect thereof and not actually paid shall be sent deemed to have been forfeited at the Person who was the holder same time. (d) The Company, by resolution of the Board of Directors, may accept the voluntary surrender of any share. (e) Any share before forfeited or surrendered as provided herein, shall become the forfeiture. An entry shall be made promptly in the register opposite the entry property of the share showing that notice has been sentCompany as a dormant share, that the share has been forfeited and the date of forfeiture. No forfeiture shall be invalidated by the omission or neglect to send that notice or to make those entries. 10.3 Subject same, subject to the provisions of the Companies Actthese Articles, a forfeited share shall be deemed to belong to the Company and may be sold, re-allotted issued or otherwise disposed of on such terms and in such manner as the Board determines either to the Person who was before the forfeiture the holder or to any other Person. At any time before sale, re-allotment or other disposition, the forfeiture may be cancelled on such terms as the Board determines. Where for the purposes of its disposal a forfeited share is to be transferred to any Person, the Board may, in the case of a share in certificated form, authorise someone to execute an instrument of transfer and, in the case of a share in uncertificated form, the Board may exercise any of the powers of the Company under Article 12. The Company may receive the consideration given for the share on its disposal and register the transferee as the holder of the shareDirectors deems fit. 10.4 A Person (f) Any person whose shares have been forfeited or surrendered shall cease to be a member shareholder in respect of any share which has been the forfeited or surrendered and shares, but shall, if the share is held in certificated formnotwithstanding, surrender be liable to pay, and shall forthwith pay, to the Company for cancellation the certificate for the share forfeited but shall remain liable to the Company for Company, all amounts which at the date of forfeiture were presently payable by him to the Company calls, interest and expenses owing upon or in respect of that share plus interest at the rate at which interest was payable on those amounts before the forfeiture or, if no interest was so payable, at the rate determined by the Board, not exceeding 15 per cent. per annum or, if higher, the appropriate rate (as defined in the Companies Act) from the date of forfeiture until payment. The Board may waive payment wholly or in part or enforce payment without any allowance for the value of the share such shares at the time of forfeiture or for any consideration received on its disposal. 10.5 The Board may accept the surrender of any share which it is in a position to forfeit upon such terms and conditions as may be agreed andsurrender, subject to any such terms and conditions, a surrendered share shall be treated as if it had been forfeited. 10.6 The forfeiture of a share shall involve the extinction at together with interest thereon from the time of forfeiture or surrender until actual payment, at the rate prescribed in Article 14(e) above, and the Board of Directors, in its discretion, may, but shall not be obligated to, enforce or collect the payment of such amounts, or any part thereof, as it shall deem fit. In the event of such forfeiture or surrender, the Company, by resolution of the Board of Directors, may accelerate the date(s) of payment of any or all interest in and all claims and demands against amounts then owing to the Company by the person in question (but not yet due) in respect of the share and all other rights and liabilities incidental to the share as between the Person whose share is forfeited and the Companyshares owned by such shareholder, except only such of those rights and liabilities as are by these Articles expressly saved, solely or are by the Companies Act given or imposed in the case of past membersjointly with another. 10.7 A statutory declaration by a Director (g) The Board of Directors may at any time, before any share so forfeited or the secretary that a share has surrendered shall have been duly forfeited on a specified date shall be conclusive evidence of the facts stated in it as against all Persons claiming to be entitled to the share. The declaration shall (subject to the execution of an instrument of transfer if necessarysold, in the case of a share in certificated form) constitute a good title to the share. The Person to whom the share is re-issued or otherwise disposed of shall not be bound to see to the application of the considerationof, if any, nor shall his title to the share be affected by any irregularity in or invalidity of the proceedings relating to nullify the forfeiture or disposal surrender on such conditions as it deems fit, but no such nullification shall stop the Board of the shareDirectors from re-exercising its powers of forfeiture pursuant to this Article 16.