Where a company does not register its own Articles of Association (AoA), which of the following provisions applies regarding calls on shares as per Table F (referred to as Table A in older Companies Act text variants)?
- AA minimum of 15 days' notice is given to the shareholders to pay the amount
- BCalls must be made on a uniform basis on all shares of all classes.
- CA period of one month must elapse between two calls
- DThe amount of call should not exceed 20% of the face value of the share
Solution & Step-by-step Explanation
According to the statutory guidelines under the Companies Act model articles (Table F of Companies Act, 2013), a gap of at least one month must elapse between any two successive calls made on shares. Let's note that notice period required is 14 days, and a call cannot exceed 25% of the total nominal face value.