Literal meaning of forfeiture is something that is lost.
In company law, if a member fails to pay a valid call with the stipulated time, the company have 2 options:
1. It may sue him for recovery of the amount of the call money after waiting for a reasonable period. 2. Alternatively shares may be forfeited by the company for non-payment of call money if and only if articles authorize the company to do so.
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