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COMPANIES CLAUSES CONSOLIDATION ACT 1845 - SECT 34

No more shares to be sold than sufficient for payment of calls.

34. The company shall not sell or transfer more of the shares of any such
defaulter than will be sufficient, as nearly as can be ascertained at the time
of such sale, to pay the arrears then due from such defaulter on account of
any calls, together with interest, and the expences attending such sale and
declaration of forfeiture; and if the money produced by the sale of any such
forfeited shares be more than sufficient to pay all arrears of calls and
interest thereon due at the time of such sale, and the expences attending the
declaration of forfeiture and sale thereof, the surplus shall, on demand, be
paid to the defaulter.

© 1845 Crown Copyright

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