Paragraph 54 Call noticesI1
United Kingdom
Subject to the articles and the terms on which shares are allotted, the directors may send a notice (a “call notice”) to a member requiring the member to pay the company a specified sum of money (a “call”) which is payable in respect of shares which that member holds at the date when the directors decide to send the call notice.
A call notice—
may not require a member to pay a call which exceeds the total sum unpaid on that member’s shares (whether as to the share’s nominal value or any amount payable to the company by way of premium);
must state when and how any call to which it relates it is to be paid; and
may permit or require the call to be paid by instalments.
A member must comply with the requirements of a call notice, but no member is obliged to pay any call before 14 days have passed since the notice was sent.
Before the company has received any call due under a call notice the directors may—
revoke it wholly or in part, or
specify a later time for payment than is specified in the notice,
by a further notice in writing to the member in respect of whose shares the call is made.
Annotations
Commencement
- I1
Sch. 3 art. 54 in force at 1.10.2009, see reg. 1