Articles of association: non-leveraged investments: partly paid shares: calls on shares, lien and forfeiture: 1 October 2009
Note: This document is no longer available. For a sample plug-in clause setting out lien, call and forfeiture provisions, see Standard clause, Articles of association: lien, calls and forfeiture.
A standard clause, based on articles 52 to 62 (inclusive) of the model articles for public companies (Schedule 3 to the Companies (Model Articles) Regulations 2008 (SI 2008/3229), to grant a private company limited by shares the right to make calls on partly paid shares and, in the event of non-payment, to forfeit such shares. The lien conferred by this standard clause extends to all sums owed by a shareholder to a company, whether or not in respect of shares.
This standard clause is designed to be used with Standard document, Articles of association: non-leveraged investments: companies formed on or after 1 October 2009.