Section 38 in The Central Warehousing Corporation Rules, 1963
38. Forfeiture of shares.
- If any notice served under rule 36 is not complied with, any shares in respect of which notice has been given may, at any time after service of the notice but before payment of all calls or instalments, interest and expenses, due in respect thereof, be forfeited by a resolution of the Board to that effect. Such forfeiture shall include all dividends declared in respect of the forfeited shares and not actually paid before the forfeiture.
