Forfeiture of Shares
All companies whose Articles of Association confer the power of forfeiture. Shares may be forfeited for non-payment of calls. Proper notice and procedure required. Forfeited shares may be re-issued.
Raising or restructuring capital changes the shape of your company. General company law / Articles of Association (no specific Companies Act 2013 section located in source — governed by AOA-conferred power) is the line every share movement has to respect. The practical effect: company must be authorized by its articles to forfeit shares. No templates, no guesswork — Fi CTC Generator drafts this correctly in about 3 minutes.
Before forfeiture, a notice of at least 14 days must be given to the shareholder specifying the amount due and stating that if not paid, the shares will be forfeited. The notice must comply with the Articles of Association.
Table F, Schedule I, Companies Act 2013
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