Section 1120.- Unless otherwise decided by a general meeting, the directors may make calls upon the shareholders in respect of all money being due on their shares.

 

Section 1121.- Twenty-one days notice at least must be given by registered letter of each call and each shareholder must pay the amount of such call to the persons and at the time and place fixed by the directors.

 

Section 1122.- If the call payable in respect of any share has not been paid on the day fixed for payment thereof, the holder of such share is bound to pay interest from the day fixed for payment to the time of the actual payment.

 

Section 1123.- If a shareholder fails to pay a call on the day fixed for payment thereof, the directors may give him notice by registered letter to pay such call with interest.

The notice must fix a reasonable time within such call and interest must be paid. It must also fix the place where payment must be made. The notice may also state that in case of non-payment the share in respect of which such call was made may be forfeited.

 

Section 1124.- If a statement as to forfeiture has been made in the notice the directors may, as long as the call and interest remain unpaid, declare the shares be forfeited.

 

Section 1125.- Shares forfeited must be sold without delay by public auction. The proceeds must be applied to the payment of the call and interest due. The surplus, if any, must be returned to the shareholder.

 

Section 1126.- The title of the purchaser of a forfeited share is not affected by any irregularity in the proceedings of such forfeiture and sale.

 

Section 1127.- A certificate or certificates shall be delivered to each shareholder for the shares held by him.

The delivery of a certificate may be subject to the payment of such fee, not exceeding ten baht, as the directors may decide.

 

Section 1128.- Every certificate of shares shall be signed by one of the directors at least, and shall bear the seal of the company.

                  It must contain the following particulars :

                  (1) The name of the company ;

                  (2) The numbers of the shares to which it applies ;

                  (3) The amount of each share ;

                  (4) In case the shares are not fully paid up, the amount paid on each share ;

                  (5) The name of the shareholder or a statement that the certificate is to bearer.