Section 38, Cap. 287

If a member fails to pay the whole or any part of any call or instalment of a call on the day appointed for payment thereof, the Directors mayat any time thereafter, during such time as any part of the call or instalment remains unpaid, serve a notice on him or on the person entitled to the share by transmission requiring payment of such call or instalment or so much of the call or instalment as is unpaid, together with interest at such rate not exceeding lO per cent. per annum as the Directors shall determine, and any expenses that may have accrued by reason of such non-payment.