Section 50 Company to accept unpaid share capital, although not called up
50. Company to accept unpaid share capital, although not called up.—
(1) A company may, if so authorised by its articles, accept from any memberDefined in section 2(55): member, in relation to a company, means the subscriber to the memorandum entered in the register of members, every other person who agrees in writing to become a member and is entered in the register of members, and every person holding shares whose name is entered as a beneficial owner in depository records., the whole or a part of the amount remaining unpaid on any shares held by him, even if no part of that amount has been called up.
(2) A memberDefined in section 2(55): member, in relation to a company, means the subscriber to the memorandum entered in the register of members, every other person who agrees in writing to become a member and is entered in the register of members, and every person holding shares whose name is entered as a beneficial owner in depository records. of the company limited by shares shall not be entitled to any voting rights in respect of the amount paid by him under sub-section (1) until that amount has been called up.