Under the Companies’ Clauses Act, 8 and 9 Vict. c. 16, s. 22, a call of money on shares is made, in point of time, when the resolution to call is passed, not when notice of the call is given to the shareholder. Therefore, by sect. 16, a shareholder cannot legally transfer his share after the passing of such resolution, without paying the call, though he has executed a deed of transfer before notice of the call was served upon him.
Citations:
[1849] EngR 89, (1849) 13 QB 998, (1849) 116 ER 1544
Links:
Jurisdiction:
England and Wales
Company
Updated: 15 May 2022; Ref: scu.298394