Common use of FORFEITURE AND SURRENDER Clause in Contracts

FORFEITURE AND SURRENDER. 12.1. If any shareholder fails to pay when due any amount payable pursuant to a call, or interest thereon as provided for herein, the Company may, by a resolution of the Board, at any time thereafter, so long as said amount or interest remains unpaid, forfeit all or any of the shares in respect of which said call had been made. All expenses incurred by the Company with respect to the collection of any such amount of interest, including, inter-alia, attorney’s fees and costs of legal proceedings, shall be added to, and shall constitute a part of the amount payable to the Company in respect of such call for all purposes (including the accrual of interest thereon). 12.2. Upon the adoption of a resolution of forfeiture, the Board shall cause the delivery of a notice thereof to the shareholder in question. Such notice shall specify that, in the event of failure to pay the entire amount due within the period stipulated in the notice (which period shall be not less than thirty (30) days), such failure shall cause, ipso facto, the forfeiture of the shares. Prior to the expiration of such period, the Board may extend the period specified in the notice of forfeiture or nullify the resolution of forfeiture, but such nullification shall not estop nor derogate from the power of the Board to adopt a further resolution of forfeiture in respect of the non-payment of said amount. 12.3. Whenever shares are forfeited as herein provided, all dividends theretofore declared in respect thereof and not actually paid shall be deemed to have been forfeited together with the shares. 12.4. The Company, by a resolution of the Board, may accept the voluntary surrender by any shareholder of all or any part of his shares. 12.5. Any share forfeited or surrendered as provided herein shall thereupon constitute the property of the Company, and may be resold. Such shares that have not yet been resold shall be considered dormant shares. 12.6. Any shareholder whose shares have been forfeited or surrendered shall cease to be a shareholder in respect of the forfeited or surrendered shares, but shall, notwithstanding, be obligated to pay to the Company all amounts at the time of forfeiture or surrender due to the Company with respect thereof, including interest and expenses as aforesaid until actual repayment, whether the maturity date of same amounts is on or prior to the date of forfeiture or surrender or at any time thereafter, and the Board, in its discretion, may enforce payment of such amounts or any part thereof, unless such shares have been resold in which event the provisions of the Law shall apply. In the event of such forfeiture or surrender, the Company, by a resolution of the Board, may accelerate the maturity date(s) of any or all amounts then owed to the Company by same shareholder and not yet due, however, arising whereupon all of such amounts shall forthwith become due and payable. The Board may, at any time before any share so forfeited or surrendered shall have been reissued or otherwise disposed of to a third party, nullify the forfeiture or the acceptance of the surrender on such conditions as it deems fit, but such nullification shall not estop nor derogate from the power of the Board to re-exercise its powers of forfeiture pursuant to this Article 12.

FORFEITURE AND SURRENDER. 12.116.1. If any shareholder Shareholder fails to pay when due any amount payable pursuant to in respect of a call, or interest thereon as provided for herein, on or before the Company mayday fixed for payment of the same, the Company, by a resolution of the BoardBoard of Directors, and subject to the provisions of Section 181 of the Companies Law, may at any time thereafter, so long as the said amount or interest remains unpaid, forfeit all or any of the shares Shares in respect of which said call had been made. All expenses Any expense incurred by the Company with respect in attempting to the collection of collect any such amount of or interest, including, inter-inter alia, attorney’s attorneys’ fees and costs of legal proceedingssuit, shall be added to, and shall shall, for all purposes (including the accrual of interest thereon), constitute a part of the amount payable to the Company in respect of such call for all purposes (including the accrual of interest thereon)call. 12.216.2. Upon the adoption of a resolution of forfeiture, the Board of Directors shall cause the delivery of a notice thereof to the shareholder in question. Such be given to such Shareholder, which notice shall specify state that, in the event of the failure to pay the entire amount due so payable within the a period stipulated in the notice (which period shall not be not less than thirty fourteen (3014) daysdays and which may be extended by the Board of Directors), such failure Shares shall causebe ipso facto forfeited; provided, ipso factohowever, the forfeiture of the shares. Prior that, prior to the expiration of such period, the Board of Directors may extend the period specified in the notice of forfeiture or nullify the such resolution of forfeiture, but no such nullification shall not estop nor derogate from the power of stop the Board to adopt of Directors from adopting a further resolution of forfeiture in respect of the non-payment of said the same amount. 12.316.3. Whenever shares Shares are forfeited as herein provided, all dividends theretofore declared in respect thereof and not actually paid shall be deemed to have been forfeited together with at the sharessame time. 12.416.4. The Company, by a resolution of the BoardBoard of Directors, may accept the voluntary surrender by of any shareholder of all or any part of his sharesShare. 12.516.5. Any share Shares forfeited or surrendered as provided herein shall thereupon constitute the property become dormant Shares (as defined in Section 308 of the CompanyCompanies Law), and the same, subject to the provisions of these Articles, may be resold. Such shares that have not yet been resold shall be considered dormant sharessold, re-allotted or otherwise disposed of as the Board of Directors thinks fit. 12.616.6. Any shareholder Shareholder whose shares Shares have been forfeited or surrendered shall cease to be a shareholder Shareholder in respect of the forfeited or surrendered sharesShares, but shall, notwithstanding, be obligated liable to pay pay, and shall forthwith pay, to the Company Company, all amounts calls, interest and expenses owing upon or in respect of such Shares at the time of forfeiture or surrender due to surrender, together with interest thereon from the Company with respect thereof, including interest and expenses as aforesaid until actual repayment, whether the maturity date of same amounts is on or prior to the date time of forfeiture or surrender or until actual payment, at any time thereafterthe rate prescribed in Article ‎14.5 above, unless such Shares were sold by the Company, and the BoardCompany shall have received in full the amounts specified above in addition to any additional costs of such sale of Shares, and the Board of Directors, in its discretion, may enforce the payment of such amounts moneys, or any part thereof, unless such shares have been resold in which event the provisions of the Law but shall applynot be under any obligation to do so. In the event of such forfeiture or surrender, the Company, by a resolution of the BoardBoard of Directors, may accelerate the maturity date(s) of payment of any or all amounts then owed to owing by the Company by same shareholder and Shareholder in question (but not yet due) in respect of all Shares owned by such Shareholder, howeversolely or jointly with another, arising whereupon all and in respect of such amounts shall forthwith become due and payableany other matter or transaction whatsoever. 16.7. The Board may, of Directors may at any time time, before any share Share so forfeited or surrendered shall have been reissued sold, re-allotted or otherwise disposed of to a third partyof, nullify the forfeiture or the acceptance of the surrender on such conditions as it deems thinks fit, but no such nullification shall not estop nor derogate from the power of stop the Board to of Directors from re-exercise exercising its powers of forfeiture pursuant to this Article 12‎16.7.

FORFEITURE AND SURRENDER. 12.118.1. If any shareholder Shareholder fails to pay when due any amount payable pursuant to in respect of a call, or interest thereon as provided for herein, on or before the Company mayday fixed for payment of the same, the Company, by a resolution of the Board, may at any time thereafter, so long as said such amount or interest remains unpaid, forfeit all or any of the shares in respect of which said such call had been made. All expenses Any expense incurred by the Company with respect in attempting to the collection of collect any such amount of or interest, including, inter-inter alia, attorney’s attorneys’ fees and costs of legal proceedingssuit, shall be added to, and shall shall, for all purposes (including the accrual of interest thereon), constitute a part of the amount payable to the Company in respect of such call for all purposes (including the accrual of interest thereon)call. 12.218.2. Upon the adoption of a resolution of forfeiture, the Board shall cause the delivery of a notice thereof to be given to the shareholder in question. Such Shareholder whose shares are the subject of such forfeiture, which notice shall specify state that, in the event of the failure to pay the entire amount due so payable within the a period stipulated in the notice (which period shall not be not less than thirty fourteen (3014) daysdays and which may be extended by the Board), such failure shares shall causebe ipso facto forfeited, ipso factoprovided, the forfeiture of the shares. Prior however, that, prior to the expiration of such period, the Board may extend the period specified in the notice of forfeiture or nullify the such resolution of forfeiture, but no such nullification shall not estop nor derogate from the power of the Board to adopt from adopting a further resolution of forfeiture in respect of the non-payment of said such amount. 12.318.3. Whenever shares are forfeited as herein provided, all dividends distributions theretofore declared in respect thereof and not actually paid or distributed shall be deemed to have been forfeited together with at the sharessame time. 12.418.4. The Company, by a resolution of the Board, may accept the voluntary surrender by of any shareholder of all or any part of his sharesshare. 12.518.5. Any share forfeited or surrendered as provided herein shall thereupon constitute become the property of the Company, and the same, subject to the provisions of these Articles, may be resoldsold, re-allotted or otherwise disposed of, as the Board deems appropriate. Such shares that have Any such share shall become a dormant share, and shall not yet been resold shall be considered dormant sharesconfer any rights, so long as it is held by the Company. 12.618.6. Any shareholder Shareholder whose shares have been forfeited or surrendered shall cease to be a shareholder Shareholder in respect of the forfeited or surrendered shares, but shall, notwithstanding, be obligated liable to pay pay, and shall forthwith pay, to the Company Company, all amounts calls, interest and expenses owing upon or in respect of such shares at the time of forfeiture or surrender due to surrender, together with interest thereon from the Company with respect thereof, including interest and expenses as aforesaid until actual repayment, whether the maturity date of same amounts is on or prior to the date time of forfeiture or surrender or until actual payment, at any time thereafterthe rate prescribed in Article 16.5 above, and the Board, in its discretion, may enforce the payment of such amounts moneys, or any part thereof, unless such shares have been resold in which event the provisions of the Law but shall applynot be under any obligation to do so. In the event of such forfeiture or surrender, the Company, by a resolution of the Board, may accelerate the maturity date(s) of payment of any or all amounts then owed to owing by the Company by same shareholder and Shareholder in question (but not yet due) in respect of all shares owned by such Shareholder, however, arising whereupon all of such amounts shall forthwith become due and payablesolely or jointly with another. 18.7. The Board may, may at any time time, before any share so forfeited or surrendered shall have been reissued sold, re-allotted or otherwise disposed of to a third partyof, nullify the forfeiture or the acceptance of the surrender on such conditions as it deems fitappropriate, but no such nullification shall not estop nor derogate from the power of the Board to from re-exercise exercising its powers of forfeiture pursuant to this Article 1218.

FORFEITURE AND SURRENDER. 12.1. (a) If any shareholder Shareholder fails to pay when due any an amount payable pursuant to by virtue of a call, or interest thereon as provided for hereinin accordance with these Articles, on or before the day fixed for payment of the same, the Company may, by a resolution Board of the Board, Directors may at any time thereafterafter the day fixed for such payment, so long as said such amount or interest any portion thereof remains unpaid, forfeit all or any of the shares in respect of which said call had been madesuch payment was called for. All expenses incurred by the Company with respect in attempting to the collection of collect any such amount of interestor interest thereon, including, inter-alia, attorney’s including without limitation attorneys' fees and costs of legal proceedings, shall be added to, and shall for all purposes (including the accrual of interest thereon) constitute a part of the amount payable to the Company in respect of such call for all purposes (including the accrual of interest thereon)call. 12.2. (b) Upon the adoption of a resolution as to the forfeiture of forfeiturea Shareholder’s share, the Board of Directors shall cause the delivery of a notice thereof to the shareholder in question. Such be given to such Shareholder, which notice shall specify state that, in the event of the failure to pay the entire amount due within the period stipulated so payable by a date specified in the notice (which period date shall be not less than thirty fourteen (3014) daysdays after the date such notice is given and which may be extended by the Board of Directors), such failure shares shall causeipso facto be forfeited; provided, ipso factohowever, the forfeiture of the shares. Prior that prior to the expiration of such period, date the Board of Directors may extend the period specified in the notice of forfeiture or nullify the such resolution of forfeiture, but no such nullification shall not estop nor derogate from the power of the Board to adopt of Directors from adopting a further resolution of forfeiture in respect of the non-payment of said the same amount. 12.3. Whenever (c) Without derogating from Articles 55 and 60 of these Articles, whenever shares are forfeited as herein provided, all dividends dividends, if any, theretofore declared in respect thereof and not actually paid shall be deemed to have been forfeited together with at the sharessame time. 12.4. (d) The Company, by a resolution of the BoardBoard of Directors, may accept the voluntary surrender by of any shareholder of all or any part of his sharesshare. 12.5. (e) Any share forfeited or surrendered as provided herein shall thereupon constitute become the property of the Company, and the same, subject to the provisions of these Articles, may be resold. Such shares that have not yet been resold shall be considered dormant sharessold, re-allotted or otherwise disposed of as the Board of Directors deems fit. 12.6. (f) Any shareholder Shareholder whose shares have been forfeited or surrendered shall cease to be a shareholder Shareholder in respect of the forfeited or surrendered shares, but shall, notwithstanding, shall nonetheless be obligated liable to pay and shall promptly pay, to the Company all amounts calls, interest and expenses owing upon or in respect of such shares at the time of forfeiture or surrender due to surrender, together with interest thereon from the Company with respect thereof, including interest and expenses as aforesaid until actual repayment, whether the maturity date of same amounts is on or prior to the date time of forfeiture or surrender or until actual payment at any time thereafterthe rate prescribed in Article 13(e) above, and the BoardBoard of Directors, in its discretion, may enforce the payment of such amounts moneys or any part thereof, unless such shares have been resold in which event the provisions of the Law shall apply. In the event of such forfeiture or surrender, the Company, by a resolution of the BoardBoard of Directors, may accelerate the maturity date(s) of payment of any or all amounts then owed owing to the Company by same shareholder and the Shareholder in question (but not yet due) in respect of all shares owned by such Shareholder, however, arising whereupon all of such amounts shall forthwith become due and payable. solely or jointly with another. (g) The Board may, of Directors may at any time time, before any share so forfeited or surrendered shall have been reissued sold, re-allotted or otherwise disposed of to a third partyof, nullify the forfeiture or the acceptance of the surrender on such conditions as it deems fit, but no such nullification shall not estop nor derogate from the power of the Board to of Directors from re-exercise exercising its powers of forfeiture pursuant to this Article 1215.

FORFEITURE AND SURRENDER. 12.1. 14.1 If any shareholder Shareholder fails to pay when due any an amount payable pursuant to by virtue of a call, installment or interest thereon as provided for hereinin accordance herewith, on or before the day fixed for payment of the same, the Company may, by a resolution of the Board, Board may at any time thereafterafter the day fixed for such payment, so long as said such amount (or any portion thereof) or interest thereon (or any portion thereof) remains unpaid, forfeit all or any of the shares in respect of which said call had been madesuch payment was called for. All expenses incurred by the Company with respect in attempting to the collection of collect any such amount of interestor interest thereon, including, inter-aliawithout limitation, attorney’s attorneys’ fees and costs of legal proceedings, shall be added to, and shall shall, for all purposes (including the accrual of interest thereon) constitute a part of of, the amount payable to the Company in respect of such call for all purposes (including the accrual of interest thereon).call. ​ 12.2. 14.2 Upon the adoption of a resolution as to the forfeiture of forfeiturea Shareholder’s share, the Board shall cause the delivery of a notice thereof to the shareholder in question. Such be given to such Shareholder, which notice shall specify state that, in the event of the failure to pay the entire amount due within the period stipulated so payable by a date specified in the notice (which period date shall be not less than thirty fourteen (3014) daysdays after the date such notice is given and which may be extended by the Board), such failure shares shall causebe ipso facto forfeited, ipso factoprovided, the forfeiture of the shares. Prior however, that, prior to the expiration of ​ TABLE OF CONTENTS such perioddate, the Board may extend the period specified in the notice of forfeiture or nullify the cancel such resolution of forfeiture, but no such nullification cancellation shall not estop nor derogate from the power of stop the Board to adopt from adopting a further resolution of forfeiture in respect of the non-payment of said the same amount. 12.3. Whenever 14.3 Without derogating from Articles 30.2 and 30.8 hereof, whenever shares are forfeited as herein provided, all dividends dividends, if any, theretofore declared in respect thereof and not actually paid shall be deemed to have been forfeited together with at the shares.same time. ​ 12.4. 14.4 The Company, by a resolution of the Board, may accept the voluntary surrender by of any shareholder of all or any part of his sharesshare. 12.5. 14.5 Any share forfeited or surrendered as provided herein herein, shall thereupon constitute become the property of the CompanyCompany as a dormant share, and the same, subject to the provisions of these Articles, may be resoldsold, re-issued or otherwise disposed of as the Board deems fit. Such shares that have not yet been resold shall be considered dormant shares.​ 12.6. 14.6 Any shareholder person whose shares have been forfeited or surrendered shall cease to be a shareholder in respect of the forfeited or surrendered shares, but shall, notwithstanding, be obligated liable to pay pay, and shall forthwith pay, to the Company Company, all amounts calls, interest and expenses owing upon or in respect of such shares at the time of forfeiture or surrender due to surrender, together with interest thereon from the Company with respect thereof, including interest and expenses as aforesaid until actual repayment, whether the maturity date of same amounts is on or prior to the date time of forfeiture or surrender or until actual payment, at any time thereafterthe rate prescribed in Article 12.5 above, and the Board, in its discretion, may may, but shall not be obligated to, enforce or collect the payment of such amounts amounts, or any part thereof, unless such shares have been resold in which event the provisions of the Law as it shall applydeem fit. In the event of such forfeiture or surrender, the Company, by a resolution of the Board, may accelerate the maturity date(s) of payment of any or all amounts then owed owing to the Company by same shareholder and the person in question (but not yet due) in respect of all shares owned by such Shareholder, however, arising whereupon all of such amounts shall forthwith become due and payablesolely or jointly with another. ​ 14.7 The Board may, may at any time time, before any share so forfeited or surrendered shall have been reissued sold, re-issued or otherwise disposed of to a third partyof, nullify the forfeiture or the acceptance of the surrender on such conditions as it deems fit, but no such nullification shall not estop nor derogate from the power of stop the Board to from re-exercise exercising its powers of forfeiture pursuant to this Article 12.14. ​

FORFEITURE AND SURRENDER. 12.116.1. If any shareholder fails to pay when due any amount payable pursuant to in respect of a call, or interest thereon as provided for herein, on or before the Company mayday fixed for payment of the same, the Company, by a resolution of the BoardBoard of Directors, and subject to the provisions of Section 181 of the Companies Law, may at any time thereafter, so long as the said amount or interest remains unpaid, forfeit all or any of the shares in respect of which said call had been made. All expenses Any expense incurred by the Company with respect in attempting to the collection of collect any such amount of or interest, including, inter-inter alia, attorney’s attorneys’ fees and costs of legal proceedingssuit, shall be added to, and shall shall, for all purposes (including the accrual of interest thereon), constitute a part of the amount payable to the Company in respect of such call for all purposes (including the accrual of interest thereon)call. 12.216.2. Upon the adoption of a resolution of forfeiture, the Board of Directors shall cause the delivery of a notice thereof to the shareholder in question. Such be given to such shareholder, which notice shall specify state that, in the event of the failure to pay the entire amount due so payable within the a period stipulated in the notice (which period shall not be not less than thirty fourteen (3014) daysdays and which may be extended by the Board of Directors), such failure shares shall causebe ipso facto forfeited, ipso factoprovided, the forfeiture of the shares. Prior however, that, prior to the expiration of such period, the Board of Directors may extend the period specified in the notice of forfeiture or nullify the such resolution of forfeiture, but no such nullification shall not estop nor derogate from the power of stop the Board to adopt of Directors from adopting a further resolution of forfeiture in respect of the non-payment of said the same amount. 12.316.3. Whenever shares are forfeited as herein provided, all dividends theretofore declared in respect thereof and not actually paid shall be deemed to have been forfeited together with at the sharessame time. 12.416.4. The Company, by a resolution of the BoardBoard of Directors, may accept the voluntary surrender by of any shareholder of all or any part of his sharesshare. 12.516.5. Any share forfeited or surrendered as provided herein shall thereupon constitute the property become dormant shares (as defined in Section 308 of the CompanyCompanies Law), and the same, subject to the provisions of these Articles, may be resold. Such shares that have not yet been resold shall be considered dormant sharessold, re-allotted or otherwise disposed of as the Board of Directors thinks fit. 12.616.6. Any shareholder whose shares have been forfeited or surrendered shall cease to be a shareholder in respect of the forfeited or surrendered shares, but shall, notwithstanding, be obligated liable to pay pay, and shall forthwith pay, to the Company Company, all amounts calls, interest and expenses owing upon or in respect of such shares at the time of forfeiture or surrender due to surrender, together with interest thereon from the Company with respect thereof, including interest and expenses as aforesaid until actual repayment, whether the maturity date of same amounts is on or prior to the date time of forfeiture or surrender or until actual payment, at any time thereafterthe rate prescribed in Article ‎14.5 above, unless such shares were sold by the Company, and the BoardCompany shall have received in full the amounts specified above in addition to any additional costs of such sale of shares, and the Board of Directors, in its discretion, may enforce the payment of such amounts moneys, or any part thereof, unless such shares have been resold in which event the provisions of the Law but shall applynot be under any obligation to do so. In the event of such forfeiture or surrender, the Company, by a resolution of the BoardBoard of Directors, may accelerate the maturity date(s) of payment of any or all amounts then owed to owing by the Company by same shareholder and in question (but not yet due) in respect of all shares owned by such shareholder, howeversolely or jointly with another, arising whereupon all and in respect of such amounts shall forthwith become due and payableany other matter or transaction whatsoever. 16.7. The Board may, of Directors may at any time time, before any share so forfeited or surrendered shall have been reissued sold, re-allotted or otherwise disposed of to a third partyof, nullify the forfeiture or the acceptance of the surrender on such conditions as it deems thinks fit, but no such nullification shall not estop nor derogate from the power of stop the Board to of Directors from re-exercise exercising its powers of forfeiture pursuant to this Article 12‎16.7.

FORFEITURE AND SURRENDER. 12.1. (a) If any shareholder member fails to pay when due any amount payable pursuant to in respect of a call, or interest thereon as provided for herein, on or before the Company mayday fixed for payment of the same, the Company, by a resolution of the BoardBoard of Directors, may at any time thereafter, so long as the said amount or interest remains unpaid, forfeit all or any of the shares in respect of which said call had been made. All expenses Any expense incurred by the Company with respect in attempting to the collection of collect any such amount of or interest, including, inter-inter alia, attorney’s attorneys' fees and costs of legal proceedingssuit, shall be added to, and shall shall, for all purposes (including the accrual of interest thereon), constitute a part of the amount payable to the Company in respect of such call for all purposes (including the accrual of interest thereon)call. 12.2. (b) Upon the adoption of a resolution of forfeiture, the Board of Directors shall cause the delivery of a notice thereof to the shareholder in question. Such be given to such member, which notice shall specify state that, in the event of the failure to pay the entire amount due so payable within the a period stipulated in the notice (which period shall not be not less than thirty fourteen (3014) daysdays and which may be extended by the Board of Directors), such failure shares shall causebe ipso facto forfeited, ipso factoprovided, the forfeiture of the shares. Prior however, that, prior to the expiration of such period, the Board of Directors may extend the period specified in the notice of forfeiture or nullify the such resolution of forfeiture, but no such nullification shall not estop nor derogate from the power of the Board to adopt of Directors from adopting a further resolution of forfeiture in respect of the non-payment of said the same amount. 12.3. (c) Whenever shares are forfeited as herein provided, all dividends theretofore declared in respect thereof and not actually paid shall be deemed to have been forfeited together with at the shares42 same time. 12.4. (d) The Company, by a resolution of the BoardBoard of Directors, may accept the voluntary surrender by of any shareholder of all or any part of his sharesshare. 12.5. (e) Any share forfeited or surrendered as provided herein shall thereupon constitute become the property of the Company, and the same, subject to the provisions of these Articles, may be resold. Such shares that have not yet been resold shall be considered dormant sharessold, re-allotted or otherwise disposed of as the Board of Directors thinks fit. 12.6. (f) Any shareholder member whose shares have been forfeited or surrendered shall cease to be a shareholder member in respect of the forfeited or surrendered shares, but shall, notwithstanding, be obligated liable to pay pay, and shall forthwith pay, to the Company Company, all amounts calls, interest and expenses owing upon or in respect of such shares at the time of forfeiture or surrender due to surrender, together with interest thereon from the Company with respect thereof, including interest and expenses as aforesaid until actual repayment, whether the maturity date of same amounts is on or prior to the date time of forfeiture or surrender or until actual payment, at any time thereafterthe rate prescribed in Article 12(e) above, and the BoardBoard of Directors, in its discretion, may enforce the payment of such amounts moneys, or any part thereof, unless such shares have been resold in which event the provisions of the Law but shall applynot be under any obligation to do so. In the event of such forfeiture or surrender, the Company, by a resolution of the BoardBoard of Directors, may accelerate the maturity date(s) of payment of any or all amounts then owed to owing by the Company by same shareholder and member in question (but not yet due) in respect of all shares owned by such member, howeversolely or jointly with another, arising whereupon all and in respect of such amounts shall forthwith become due and payable. any other matter or transaction whatsoever. (g) The Board may, of Directors may at any time time, before any share so forfeited or surrendered shall have been reissued sold, re-allotted or otherwise disposed of to a third partyof, nullify the forfeiture or the acceptance of the surrender on such conditions as it deems thinks fit, but no such nullification shall not estop nor derogate from the power of the Board to of Directors from re-exercise exercising its powers of forfeiture pursuant to this Article 1214.

FORFEITURE AND SURRENDER. 12.1. 16.1 If any shareholder Shareholder fails to pay when due any amount payable pursuant to in respect of a call, or interest thereon as provided for herein, on or before the Company mayday fixed for payment of the same, the Company, by a resolution of the BoardBoard of Directors, may at any time thereafter, so long as the said amount or interest remains unpaid, forfeit all or any of the shares in respect of which said call had been made. All expenses Any expense incurred by the Company with respect in attempting to the collection of collect any such amount of or interest, including, inter-inter alia, attorney’s attorneys’ fees and costs of legal proceedingssuit, shall be added to, and shall shall, for all purposes (including the accrual of interest thereon), constitute a part of the amount payable to the Company in respect of such call for all purposes (including the accrual of interest thereon)call. 12.2. 16.2 Upon the adoption of a resolution of forfeiture, the Board of Directors shall cause the delivery of a notice thereof to the shareholder in question. Such be given to such Shareholder, which notice shall specify state that, in the event of the failure to pay the entire amount due so payable within the a period stipulated in the notice (which period shall not be not less than thirty fourteen (3014) daysdays and which may be extended by the Board of Directors), such failure shares shall causebe ipso facto forfeited, ipso factoprovided, the forfeiture of the shares. Prior however, that, prior to the expiration of such period, the Board of Directors may extend the period specified in the notice of forfeiture or nullify the such resolution of forfeiture, but no such nullification shall not estop nor derogate from the power of stop the Board to adopt of Directors from adopting a further resolution of forfeiture in respect of the non-payment of said the same amount. 12.3. 16.3 Whenever shares are forfeited as herein provided, all dividends theretofore declared in respect thereof and not actually paid shall be deemed to have been forfeited together with at the sharessame time. 12.4. 16.4 The Company, by a resolution of the BoardBoard of Directors, may accept the voluntary surrender by of any shareholder of all or any part of his sharesshare. 12.5. 16.5 Any share forfeited or surrendered as provided herein shall thereupon constitute become the property of the Company, and the same, subject to the provisions of these Articles, may be resold. Such shares that have not yet been resold shall be considered dormant sharessold, re-allotted or otherwise disposed of as the Board of Directors thinks fit. 12.6. 16.6 Any shareholder Shareholder whose shares have been forfeited or surrendered shall cease to be a shareholder in respect of the forfeited or surrendered shares, but shall, notwithstanding, be obligated liable to pay pay, and shall forthwith pay, to the Company Company, all amounts calls, interest and expenses owing upon or in respect of such shares at the time of forfeiture or surrender due to surrender, together with interest thereon from the Company with respect thereof, including interest and expenses as aforesaid until actual repayment, whether the maturity date of same amounts is on or prior to the date time of forfeiture or surrender or until actual payment, at any time thereafterthe rate prescribed in Article 14.5 above, and the BoardBoard of Directors, in its discretion, may enforce the payment of such amounts moneys, or any part thereof, unless such shares have been resold in which event the provisions of the Law but shall applynot be under any obligation to do so. In the event of such forfeiture or surrender, the Company, by a resolution of the BoardBoard of Directors, may accelerate the maturity date(s) of payment of any or all amounts then owed to owing by the Company by same shareholder and Shareholder in question (but not yet due) in respect of all shares owned by such Shareholder, howeversolely or jointly with another, arising whereupon all and in respect of such amounts shall forthwith become due and payable. any other matter or transaction whatsoever. 16.7 The Board may, of Directors may at any time time, before any share so forfeited or surrendered shall have been reissued sold, re-allotted or otherwise disposed of to a third partyof, nullify the forfeiture or the acceptance of the surrender on such conditions as it deems thinks fit, but no such nullification shall not estop nor derogate from the power of stop the Board to of Directors from re-exercise exercising its powers of forfeiture pursuant to this Article 1216.

FORFEITURE AND SURRENDER. 12.1. 14.1 If any shareholder Shareholder fails to pay when due any an amount payable pursuant to by virtue of a call, installment or interest thereon as provided for hereinin accordance herewith, on or before the day fixed for payment of the same, the Company may, by a resolution of the Board, Board may at any time thereafterafter the day fixed for such payment, so long as said such amount (or any portion thereof) or interest thereon (or any portion thereof) remains unpaid, forfeit all or any of the shares in respect of which said call had been madesuch payment was called for. All expenses incurred by the Company with respect in attempting to the collection of collect any such amount of interestor interest thereon, including, inter-aliawithout limitation, attorney’s attorneys’ fees and costs of legal proceedings, shall be added to, and shall shall, for all purposes (including the accrual of interest thereon) constitute a part of of, the amount payable to the Company in respect of such call for all purposes (including the accrual of interest thereon)call. 12.2. 14.2 Upon the adoption of a resolution as to the forfeiture of forfeiturea Shareholder’s share, the Board shall cause the delivery of a notice thereof to the shareholder in question. Such be given to such Shareholder, which notice shall specify state that, in the event of the failure to pay the entire amount due within the period stipulated so payable by a date specified in the notice (which period date shall be not less than thirty fourteen (3014) daysdays after the date such notice is given and which may be extended by the Board), such failure shares shall causebe ipso facto forfeited, ipso factoprovided, the forfeiture of the shares. Prior however, that, prior to the expiration of such perioddate, the Board may extend the period specified in the notice of forfeiture or nullify the cancel such resolution of forfeiture, but no such nullification cancellation shall not estop nor derogate from the power of stop the Board to adopt from adopting a further resolution of forfeiture in respect of the non-payment of said the same amount. 12.3. Whenever 14.3 Without derogating from Articles 30.2 and 30.8 hereof, whenever shares are forfeited as herein provided, all dividends dividends, if any, theretofore declared in respect thereof and not actually paid shall be deemed to have been forfeited together with at the sharessame time. 12.4. 14.4 The Company, by a resolution of the Board, may accept the voluntary surrender by of any shareholder of all or any part of his sharesshare. 12.5. 14.5 Any share forfeited or surrendered as provided herein herein, shall thereupon constitute become the property of the CompanyCompany as a dormant share, and the same, subject to the provisions of these Articles, may be resold. Such shares that have not yet been resold shall be considered dormant sharessold, re-issued or otherwise disposed of as the Board deems fit. 12.6. 14.6 Any shareholder person whose shares have been forfeited or surrendered shall cease to be a shareholder in respect of the forfeited or surrendered shares, but shall, notwithstanding, be obligated liable to pay pay, and shall forthwith pay, to the Company Company, all amounts calls, interest and expenses owing upon or in respect of such shares at the time of forfeiture or surrender due to surrender, together with interest thereon from the Company with respect thereof, including interest and expenses as aforesaid until actual repayment, whether the maturity date of same amounts is on or prior to the date time of forfeiture or surrender or until actual payment, at any time thereafterthe rate prescribed in Article 12.5 above, and the Board, in its discretion, may may, but shall not be obligated to, enforce or collect the payment of such amounts amounts, or any part thereof, unless such shares have been resold in which event the provisions of the Law as it shall applydeem fit. In the event of such forfeiture or surrender, the Company, by a resolution of the Board, may accelerate the maturity date(s) of payment of any or all amounts then owed owing to the Company by same shareholder and the person in question (but not yet due) in respect of all shares owned by such Shareholder, however, arising whereupon all of such amounts shall forthwith become due and payable. solely or jointly with another. 14.7 The Board may, may at any time time, before any share so forfeited or surrendered shall have been reissued sold, re-issued or otherwise disposed of to a third partyof, nullify the forfeiture or the acceptance of the surrender on such conditions as it deems fit, but no such nullification shall not estop nor derogate from the power of stop the Board to from re-exercise exercising its powers of forfeiture pursuant to this Article 1214.