Shares can be forfeited:

The correct answer is Option (3) → For non-payment of call money

Forfeiture means cancelling the shares of a shareholder who fails to pay the allotment or call money due on them, and keeping the amount already received. The power comes from the company’s articles (Table F), which allow forfeiture for non-payment of calls.

Option (1) For failure to repay the loan to the bank — Incorrect. A shareholder’s personal loan from a bank is not a debt to the company on his shares.

Option (2) For failure to attend meetings — Incorrect. Attending meetings is a right, not a duty that can cost him his shares.

Option (4) For issue of shares for consideration other than cash — Incorrect. Shares issued to a vendor for assets are fully paid; there is nothing unpaid on them to forfeit.