Forfieted for shares.

If a shareholder, having been called upon to pay any call on his shares falls to pay the call, company has two remedies against the shareholder,viz.,

1.it may sue him for some amount due.
2.it may forfeit his shares.

forfieture means depriving a person of his property as a penolty for some act of omision.

the company may forfiet the shares of a shareholder for non-payment of some call/calls if the following conditions are satisfied.:

1.in accordence with articles.

2.notice prior to forfieture.

3.resolution of the board.

4.good faith.