The amount on any calls should not exceed ................of face value of shares.
Answer & explanation
Correct answer: option 3
The correct answer is option 3- 25% of face value of share.
The amount on any calls should not exceed 25% of face value of shares.
Where there is no articles of association of its own, the following provisions of Table A will apply:
(a) A period of one month must elapse between two calls;
(b) The amount of call should not exceed 25% of the face value of the share;
(c) A minimum of 14 days’ notice is given to the shareholders to pay the amount; and
(d) Calls must be made on a uniform basis on all shares within the same class.