Incredimail 2014 Annual Report Download - page 106

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17.6.
Any Shareholder whose shares have been forfeited or surrendered shall cease to be a Shareholder in respect of the forfeited
or surrendered shares, but shall, notwithstanding, be liable to pay, and shall forthwith pay, to the Company, all calls, interest
and expenses owing upon or in respect of such shares at the time of forfeiture or surrender, together with interest thereon
from the time of forfeiture or surrender until actual payment, at the rate prescribed in Article 1
15.5 above, and the Board, in
its discretion, may, but shall not be obligated to, enforce the payment of such monies, or any part thereof. In the event of
such forfeiture or surrender, the Company, by resolution of the Board, may accelerate the date(s) of payment of any or all
amounts then owing to the Company by the Shareholder in question (but not yet due) in respect of all shares owned by such
Shareholder, solely or jointly with another.
17.7. The Board may at any time, before any share so forfeited or surrendered shall have been sold, re-
allotted or otherwise
disposed of, nullify the forfeiture or surrender on such conditions as it deems fit, but no such nullification shall prevent the
Board from re
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exercising its powers of forfeiture pursuant to this Article
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17.
17.8.
A declaration in writing by a director or secretary of the Company that a share in the Company has been duly forfeited on the
date stated in the declaration shall be conclusive evidence of the facts therein stated against all persons claiming to be
entitled to the share.
17.9. The provisions of these Articles as to forfeiture shall apply in the case of non-
payment of any sum which, by the terms of
issue of a share, becomes payable at a fixed time, whether on account of the amount of the share, or by way of premium, as
if the same had been payable by virtue of a call duly made and notified.
18.
Lien
18.1.
Except to the extent the same may be waived or subordinated in writing, the Company shall have a first and paramount lien
upon all the shares registered in the name of each Shareholder (without regard to any equitable or other claim or interest in
such shares on the part of any other person), and upon the proceeds of the sale thereof, for his debts or other liabilities to the
Company arising from any amount payable by such Shareholder in respect of any unpaid or partly paid share, whether or not
such debt or other liability has matured. Such lien shall extend to all dividends from time to time declared or paid in respect
of such share. Unless otherwise provided, the registration by the Company of a transfer of shares shall be deemed to be a
waiver on the part of the Company of the lien (if any) existing on such shares immediately prior to such transfer.
18.2.
The Board may cause the Company to sell a share subject to such a lien when the debt or other liability giving rise to such
lien has matured, in such manner and for such sums as the Board deems fit, but no such sale shall be made unless such debt
or other liability has not been satisfied within seven days after written notice of the intention to sell shall have been served
on such Shareholder, his executors or administrators.
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