Section 50.Company to accept unpaid share capital, although not called up. | Companies Act Integrated Ready Reckoner|Companies Act 2013|CAIRR

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Section 50.Company to accept unpaid share capital, although not called up.

Effective from 12-09-2013

(1) A may, if so authorised by its , accept from any , the whole or a part of the amount remaining unpaid on any held by him, even if no part of that amount has been called up.

(2) A member of the shall not be entitled to any in respect of the amount paid by him under sub-section (1) until that amount has been called up.

Company means a company incorporated under this Act or under any previous company law

Articles means the articles of association of a company as originally framed or as altered from time to time or applied in pursuance of any previous company law or of this Act

2(55) Member, in relation to a company, means—

(i) the subscriber to the memorandum of the company who shall be deemed to have agreed to become member of the company, and on its registration, shall be entered as member in its register of members;

(ii) every other person who agrees in writing to become a member of the company and whose name is entered in the register of members of the company;

(iii) every person holding shares of the company and whose name is entered as a beneficial owner in the records of a depository

2(84) Share means a share in the share capital of a company and includes stock

Company limited by shares means a company having the liability of its members limited by the memorandum to the amount, if any, unpaid on the shares respectively held by them

“voting right” means the right of a member of a company to vote in any meeting of the company or by means of postal ballot

Enforcement notification S.O.2754 (E) dated 12/09/2013