Liabilty of Subscribers
This query is : Resolved
25 March 2009
1. When is the subscriber to MOA liable to pay for the shares subscribed by him:
immediately on incorporation or they can pay later?
2. If a subscriber want to take less than the number of shares actually subscribed by him, Can the Company forfeit his shares and sold those share to another person?
3. As per sec 41 The subscribers of the memorandum of a company shall be deemed to have agreed to become members of a company, and on its registration, shall be entered as members in its register of members.
In the register therefore which date should be entered as the date of allotment: date of incorporation? (provided the company yet to receive payment from subscriber)
4. Based on the above case, what should be the time limit for issue of share certifcate: 3 mths from the date of incorporation or the date of receipt of payment?
immediately on incorporation or they can pay later?
2. If a subscriber want to take less than the number of shares actually subscribed by him, Can the Company forfeit his shares and sold those share to another person?
3. As per sec 41 The subscribers of the memorandum of a company shall be deemed to have agreed to become members of a company, and on its registration, shall be entered as members in its register of members.
In the register therefore which date should be entered as the date of allotment: date of incorporation? (provided the company yet to receive payment from subscriber)
4. Based on the above case, what should be the time limit for issue of share certifcate: 3 mths from the date of incorporation or the date of receipt of payment?
28 June 2023
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