Section 56. Differences in calls and payments, etc. (COMPANIES ACT 1965 (REVISED - 1973)

ACT 125
COMPANIES ACT 1965 (REVISED - 1973)

PART IV - SHARES, DEBENTURES AND CHARGES
DIVISION 3 - SHARES

Section 56. Differences in calls and payments, etc.

(1) A company if so authorized by its articles may -

(

) make arrangements on the issue of shares for varying the amounts and times of payment of calls as between shareholders;

(

) accept from any member the whole or a part of the amount remaining unpaid on any shares although no part of that amount has been called up; and

(

) pay dividends in proportion to the amount paid up on each share where a larger amount is paid up on some shares than on others.

Reserve liability.

(2) A limited company may by special resolution determine that any portion of its share capital which has not been already called up shall not be capable of being called up except in the event and for the purposes of the company being wound up, and thereupon that portion of its share capital shall not be capable of being called up except in the event and for the purposes of the company being wound up, but no such resolution shall prejudice the rights of any person acquired before the passing of the resolution.