ARRANGEMENTS ON THE ISSUE OF SHARES FOR A DIFFERENCE BETWEEN
THE HOLDERS IN THE AMOUNTS AND TIMES OF PAYMENT OF CALLS ON THEIR SHARES.
8.7
THE DIRECTORS MAY, IF THEY THINK FIT,
RECEIVE FROM ANY MEMBER WILLING TO ADVANCE THE SAME ALL OR ANY PART OF THE
MONEYS UNCALLED AND UNPAID UPON ANY SHARES HELD BY HIM, AND UPON ALL OR ANY OF
THE MONEYS SO ADVANCED MAY (UNTIL THE SAME WOULD, BUT FOR SUCH ADVANCE, BECOME
PAYABLE) PAY INTEREST AT SUCH RATE AS MAY BE AGREED UPON BETWEEN THE DIRECTORS
AND THE MEMBER PAYING SUCH SUM IN ADVANCE.
8.8
IF A CALL REMAINS UNPAID AFTER IT HAS BECOME
DUE AND PAYABLE, THE DIRECTORS MAY GIVE TO THE PERSON FROM WHOM IT IS DUE NOT
LESS THAN FOURTEEN CLEAR DAYS' NOTICE REQUIRING PAYMENT OF THE AMOUNT UNPAID
TOGETHER WITH ANY INTEREST WHICH MAY HAVE ACCRUED PLUS EXPENSES OR COSTS
DETERMINED IN ACCORDANCE WITH ARTICLE 8.7.
THE NOTICE SHALL NAME THE PLACE
WHERE PAYMENT IS TO BE MADE AND SHALL STATE THAT IF THE NOTICE IS NOT COMPLIED
WITH THE SHARES IN RESPECT OF WHICH THE CALL WAS MADE WILL BE LIABLE TO BE
FORFEITED.
8.9
IF THE NOTICE IS NOT COMPLIED WITH ANY SHARE
IN RESPECT OF WHICH IT WAS GIVEN MAY, BEFORE THE PAYMENT REQUIRED BY THE NOTICE
HAS BEEN MADE, BE FORFEITED BY A RESOLUTION OF THE DIRECTORS AND THE FORFEITURE
SHALL INCLUDE ALL DIVIDENDS OR OTHER MONEYS PAYABLE IN RESPECT OF THE FORFEITED
SHARES AND NOT PAID BEFORE THE FORFEITURE.
8.10
SUBJECT TO THE PROVISIONS OF THE ACT, A FORFEITED
SHARE MAY BE SOLD, RE-ALLOTTED OR OTHERWISE DISPOSED OF ON SUCH TERMS AND IN
SUCH MANNER AS THE DIRECTORS DETERMINE EITHER TO THE PERSON WHO WAS BEFORE THE
FORFEITURE THE HOLDER OR TO ANY OTHER PERSON AND AT ANY TIME BEFORE SALE,
RE-ALLOTMENT OR OTHER DISPOSITION, THE FORFEITURE MAY BE CANCELLED ON SUCH TERMS
AS THE DIRECTORS THINK FIT.
WHERE FOR THE PURPOSES OF ITS DISPOSAL A FORFEITED
SHARE IS TO BE TRANSFERRED TO ANY PERSON THE DIRECTORS MAY AUTHORISE SOME PERSON
TO EXECUTE AN INSTRUMENT OF TRANSFER OF THE SHARE TO THAT PERSON.
8.11
A PERSON ANY OF WHOSE SHARES HAVE BEEN FORFEITED
SHALL CEASE TO BE A MEMBER IN RESPECT OF THEM AND SHALL SURRENDER TO THE COMPANY
FOR CANCELLATION THE CERTIFICATE FOR THE SHARES FORFEITED BUT SHALL REMAIN
LIABLE TO THE COMPANY FOR ALL MONEYS WHICH AT THE DATE OF FORFEITURE WERE
PRESENTLY PAYABLE BY HIM TO THE COMPANY IN RESPECT OF THOSE SHARES WITH INTEREST
AT THE RATE AT WHICH INTEREST WAS PAYABLE ON THOSE MONEYS BEFORE THE FORFEITURE
OR, IF NO INTEREST WAS SO PAYABLE, AT THE APPROPRIATE RATE (AS DEFINED IN THE
ACT) PLUS COSTS AND EXPENSES FROM THE DATE OF FORFEITURE UNTIL PAYMENT BUT THE
DIRECTORS MAY WAIVE PAYMENT WHOLLY OR IN PART OR ENFORCE PAYMENT WITHOUT ANY
ALLOWANCE FOR THE VALUE OF THE SHARES AT THE TIME OF FORFEITURE OR FOR ANY
CONSIDERATION RECEIVED ON THEIR DISPOSAL.
8.12
A