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When Forfeiture of shares Issued at Par. In this case, The company debits the Share Capital Account with the amount called-up up to the date of forfeiture on shares. It credits the Shares Allotment Amount or Shares Call Account with amount called-up on forfeited shares but due from the shareholders.

If a shareholder fails to pay the allotment money and or any call money on his shares as called upon, his shares may be forfeited, if it is authorised by the Articles of Association. Cancellation of shares and forfeiting the amount received against those shares is known as forfeiture of shares.

Before the actual forfeiture of the shares, the company may send a notice to the defaulting member asking payment of the call. The notice must give not less than 14 days time from the date of service of notice for the payment of the amount of the call.

Before such forfeiture is done a notice must be given to the shareholder. The notice must provide the shareholder with a minimum of 14 days to make the payment due, or his shares will be forfeited. Even after such notice if the shareholder does not pay, then the shares will be canceled.

A correction is the process of changing mistaken information on the birth certificate, like misspelled names. Amendments are changes to the information itself. Examples are adding fathers, changing the legal last name, etc.

Does a divorce petition expire in Texas? From a legal perspective, a divorce petition doesn't expire in the state of Texas. However, if there is no action over a certain period of time, a judge has the ability to process it as a dismissal for want of prosecution.