Incredimail 2014 Annual Report Download - page 105

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With the approval of the Board, any Shareholder may pay to the Company any amount not yet payable in respect of his shares, and the
Board may approve the payment by the Company of interest on any such amount until the same would be payable if it had not been
paid in advance, at such rate and time(s) as may be approved by the Board. The Board may at any time cause the Company to repay all
or any part of the money so advanced, without premium or penalty. Nothing in this Article 1
16 shall derogate from the right of the
Board to make any call for payment before or after receipt by the Company of any such advance.
16.
Prepayment
17.
Forfeiture and Surrender
17.1.
If any Shareholder fails to pay an amount payable by virtue of a call, or interest thereon as provided for in accordance
herewith, on or before the day fixed for payment of the same, the Board may, at any time after the day fixed for such
payment, so long as such amount (or any portion thereof) or interest thereon (or any portion thereof) remains unpaid, forfeit
all or any of the shares in respect of which such payment was called for. All expenses incurred by the Company in
attempting to collect any such amount or interest thereon, including, without limitation, attorneys’
fees and costs of legal
proceedings, shall be added to, and shall, for all purposes (including the accrual of interest thereon), constitute a part of, the
amount payable to the Company in respect of such call.
17.2. Upon the adoption of a resolution as to the forfeiture of a Shareholder’
s share, the Board shall cause notice thereof to be
given to such Shareholder, which notice shall state the place that payment is to be made and that, in the event of the failure
to pay the entire amount so payable by a date specified in the notice (which date shall be not less than seven days after the
date such notice is given and which may be extended by the Board), such shares shall be ipso facto forfeited;
provided,
however
, that, prior to such date, the Board may nullify such resolution of forfeiture, but no such nullification shall prevent
the Board from adopting a further resolution of forfeiture in respect of the non
-
payment of the same amount.
17.3. Without derogating from Articles 1 17.1 and 1
17.2 hereof, whenever shares are forfeited as herein provided, any and all
dividends declared in respect of such shares and not actually paid shall be deemed to have been forfeited at the same time as
the forfeiture of such shares.
17.4.
The Company, by resolution of the Board, may accept the voluntary surrender of any share. A surrendered share shall be
treated as if it had been forfeited.
17.5.
Any share forfeited or surrendered as provided herein shall become the property of the Company, and the same, subject to
the provisions of these Articles, may be sold, re
-
allotted or otherwise disposed of, as the Board deems fit.
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