ISSUE OF SHARES. — SPCC STD 12 Commerce — Question
Gujarat BoardEnglish MediumSTD 12 CommerceSPCCISSUE OF SHARES.4 Marks
Question
Explain the procedure for share call.
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Answer
Introduction: - The company can call the balance amount of shares from shareholders following the provisions of the legal provisions and the regulation. • For this, the company has to follow certain procedures.
Resolution regarding share call: -
• The settlement of shareholder ship is passed in the Board of Directors for inviting the share installments.
• It is said to be the sum of the premiums and the last date of the payment.
Closing of register of members: -
• Membership register is closed as members are prepared to send notice of bonus to shareholders.
• Notice has been issued in the newspaper seven days before the appointment of the member sheet and the changeover.
Preparing the list of installments: -
• After the closure of the member register, the shareholder list is prepared according to which the following details are given:
Member Name Address
Number of shares
Amount of share call
If there is a paid up payment in advance
The amount to be paid by the member.
Due date for payment of installment.
Reporting to the Bank: -
After the list of installments is ready, the secretary submits his copy to the bank and informs the bank that the acceptance of the shareholders from the shareholders will be accepted on behalf of the company and the amount deposited in the share account.
Send Notice of share installment:-
• After the release list has been prepared, the letter informing each member about the payment of the installment is sent by the registered post, this letter is called a notice of premium.
• The Notice Members should be found 14 days prior to the due date of the installment.
Payment of Share Installment: -
• Share holders pay the amount to the bank within 14 days from the date of receipt of the installment.
• The amount received in this manner is credited to the shareholders account and the return is returned to the shareholders by issuing the notice and receipt of shares.
• Bank filling notes send the company together.
Recording Call Money Received in Call List:-
• The company's secretary records the nomination on the basis of the filling letter.
• How many members have been paid and where the installment is pending. Prepares the list and submits to the board of directors. So that further action can be taken. Conclusion:-
Thus, the company can invoke the amount by installment and the above procedure is followed for inviting the installment.
The company gets the installment legitimately by the compliance of this law.
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