What are the conditions of forfeiture of shares?

Then such an applicant is bound to pay the allotment money and all the various call monies till the shares are fully paid up. But if the shareholder fails to pay any of the calls (one or more) on the authorization of the board of Directors, the said shares can be forfeited. Forfeiture essentially means cancellation.

How is an application for forfeiture of detained property made?

— (1) An application under section 303O (1) of the Act for the forfeiture of detained property must be made in writing and sent to the court to which applications for the continued detention of the property under section 303L (4) of the Act have been sent.

Where do I send my application for forfeiture of cash?

— (1) An application under section 298 (1) of the Act for the forfeiture of detained cash shall be in Form G and shall be sent to the justices’ chief executive to whom applications for the continued detention of the cash under section 295 (4) of the Act have been sent.

When to apply to Magistrates Court for cash forfeiture?

Section 298 of POCA. Cash forfeiture proceedings can be made by the Commissioners of Customs and Excise or a constable by application to the magistrates court if: Enquiries show that there is an illegitimate origin for the cash seized. Where the cash or part of it is recoverable property.

Can a senior officer give notice for the purpose of forfeiture?

While cash is detained in pursuance of an order under section 295 (2) made by the magistrates’ court, a senior officer may give a notice for the purpose of forfeiting the cash or any part of it if it is satisfied that the cash or part of it: · Is intended by any person for use in unlawful conduct.

What is the meaning of forfeiture in English?

Meaning of forfeiture in English. forfeiture. › the loss of rights, property, or money, especially as a result of breaking a legal agreement: He was deep in debt and facing forfeiture of his property.