How many days(minimum) are given to shareholders to pay the call amount on shares allotted to them?
Options:
10
12
14
15
Correct Answer:
14
Explanation:
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. (d) Calls must be made uniformly on all shares within the same class.