New Zealand Gazette – 1990 – No. 170

Page 3643

✨ Share Capital Regulations

28 SEPTEMBER NEW ZEALAND GAZETTE 3643

be bound to issue more than one certificate, and delivery of a certificate for a share to one of the partners comprising the partnership at the address of the partnership appearing in the Register of Members shall be sufficient delivery to all such holders.

25.8 If a share certificate is defaced, lost or destroyed it may be renewed on such terms (if any) as to evidence and indemnity and the payment of out-of-pocket expenses of the Exchange as the Board may in each case think fit.

CALLS ON SHARES

26.1 The Board may from time to time make such calls as it thinks fit upon Trading Members in respect of any money unpaid on any shares held by them respectively (whether on account of the nominal value of the shares or by way of premium), and not by the conditions of the allotment thereof made payable at fixed times, and each Trading Member shall pay to the Exchange at the times and places appointed by the Board the amount of every call so made on that Trading Member. Fourteen days' notice of any call shall be given specifying the time and place of payment thereof.

26.2 If a sum called in respect of a share is not paid before or on the day appointed for payment thereof, the Member from whom the sum is due shall pay interest on the sum from the day appointed for payment thereof to the time of actual payment at such rate, not exceeding twenty per cent per annum, as the Board may determine, but the Board shall be at liberty to waive payment of that interest wholly or in part.

26.3 Any sum which by the terms of issue of a share becomes payable on allotment or at any fixed date, whether on account of the nominal value of the share or by way of premium, shall for the purposes of these Articles be deemed to be a call duly made and payable on the date on which by the terms of issue the same becomes payable, and in the case of non-payment all the relevant provisions of these Articles as to payment of interest and expenses, forfeiture or otherwise shall apply as if the sum had become payable by virtue of a call duly made and notified.

FORFEITURE AND LIEN

27.1 If a Trading Member is expelled from membership of the Exchange in accordance with clause 10.6, or resigns in accordance with Article 17, or transfers its membership without transferring its share, then any share held by such Trading Member shall be forfeited by a resolution of the Board to that effect and all rights attaching to such share shall be deemed to have been forfeited as from the time at which the Trading Member was expelled or the Trading Member’s resignation or transfer of membership took effect, as the case may be.

27.2 (a) If a Trading Member fails to pay any call or instalment of a call on the day appointed for payment thereof, the Board may, at any time thereafter during such time as any part of the call or instalment remains unpaid, serve a notice on the Trading Member requiring payment of so much

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VUW Te Waharoa — NZ Gazette 1990, No 170

NZLII — NZ Gazette 1990, No 170

The Executive Wing of Parliament (depicted) is universally known as The Beehive. It was completed in 1977 and remains the primary office for the elected Government of the day.

✨ LLM interpretation of page content

🏭 Share Capital Regulations (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsShare Certificates, Trading Members, Calls on Shares, Forfeiture, Lien

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