TOPIC 53: QUICK REFERENCE TO “General Rules about Payment of Call Money”
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Quick Reference to "General Rules about Payment of Call Money" :-
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1. The Board of Directors have Authotity to make calls on Shares by Resolution passed at the Board Meeting.
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2. The application amount payable on each share must be minimum of 5% of Nominal Amount of Share.
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3. The 14 days notice is required to be send by the Company to its members for each call.
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4. The Gap/ Interval of 1 month is required between Two Calls.
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5. Not More than 25% of Nominal Value of Shares can be called at one time.
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6. A member can pay call money in advance , even if no part of that amount has been called up.
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7. The Directors of the Company has power to Postpone a call once it's made.
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8. The Directors of the Company has power to Revoke a call once it's made.
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9. The members is liable to pay interest if he is fail to pay call money.
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10. The AOA of the Company may have separate rules regarding Payment of Call money.
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11. The Payment of Dividend should be in a Proportion to the Amount of Paid-up on each shares. ( Section 51 of Companies Act, 2013 ).
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Regards
ACA SOURAV BAGARIA