Admission Document - BrainJuicer

(iv)
(v)
(vi)
(vii)
Disposal of forfeited shares
A share forfeited or surrendered shall become the property of the Company and, subject to the
Statutes may be sold, re-allotted or disposed of in any other way either to the person who was
the holder of such share or entitled to such share before such forfeiture or surrender, or to any
other person upon such terms and in such manner as the board of directors shall think fit and
at any time before a sale, re-allotment or other disposition the forfeiture may be annulled by
the board of directors on such terms as it thinks fit. The board of directors may, if necessary,
authorise some person to transfer a forfeited or surrendered share to any such other person.
Holder to remain liable despite forfeiture
A member whose shares have been forfeited or surrendered shall cease to be a member in
respect of the shares (and shall surrender to the Company for cancellation the certificate for
such shares) but shall notwithstanding the forfeiture or surrender remain liable to pay to the
Company all moneys which at the date of forfeiture or surrender were presently payable by him
to the Company in respect of the shares with interest on such shares at such rate (not exceeding
15 per cent. per annum) as the board of directors may determine from the date of forfeiture or
surrender until payment. The board of directors may at its absolute discretion enforce payment
without any allowance for the value of the shares at the time of forfeiture or surrender or waive
payment in whole or in part.
Lien on partly-paid shares
The Company shall have a first and paramount lien on every share (not being a fully paid share)
for all moneys (whether presently payable or not) called or payable at a fixed time in respect
of such share. The board of directors may waive any lien which has arisen and may resolve that
any share shall for some limited period be exempt wholly or partially from the provisions of
the Article.
Sale of shares subject to lien
The Company may sell in such manner as the board of directors thinks fit any share on which
the Company has a lien, but no sale shall be made unless some sum in respect of which the lien
exists is presently payable nor until the expiration of fourteen days after a notice in writing
stating and demanding payment of the sum presently payable and giving notice of intention to
sell in default shall have been given to the holder for the time being of the share or the person
entitled to such share by reason of his death, bankruptcy, liquidation or otherwise.
(viii) Proceeds of sale of shares subject to lien
The net proceeds of sale of shares subject to a lien (after payment of the costs of such sale)
shall be applied in or towards payment or satisfaction of the debts or liabilities in respect of
which the lien exists so far as the same are presently payable and any residue shall (subject to
a like lien for liabilities not presently payable as existed upon the shares prior to the sale) be
paid to the person entitled to the shares at the time of the sale. For giving effect to any such sale
the board of directors may authorise some person to transfer the shares sold to, or in accordance
with the directions of, the purchaser.
(ix)
Evidence of forfeiture
A statutory declaration in writing that the declarant is a director or the Company secretary and
that a share has been duly forfeited or surrendered or sold to satisfy obligations covered by a
lien of the Company on a date stated in the declaration shall be conclusive evidence of the facts
stated in the declaration as against all persons claiming to be entitled to the share. Such
declaration shall (subject to the execution of a transfer if the same be required) constitute a
good title to the share and the person to whom the share is sold, re-allotted or disposed of shall
be registered as the holder of the share and shall be discharged from all calls made prior to such
sale or disposition and shall not be bound to see to the application of the purchase moneys (if
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