Section 45, Cap. 287

A statutory declaration in writing that the declarant is a Directoror the Secretary of the Company, and that a share in the Company has been duly forfeited on a date stated in the declaration, shall be conclusive evidence of the facts therein stated as against all persons claiming to be entitled to the share. The Company may receive the consideration (if any) given for the share on any sale or disposition thereof and may execute a transfer of the share in favour of the person to whom the share is sold or disposed of and he shall thereupon be registered as the holder of the share, and shall not be bound to see to the application of the purchase money (if any), nor shall his title to the share be affected by any irregularity or invalidity in the proceedings in reference to the forfeiture, sale or disposal of the share. Notice requiring payment to contain certain particulars. Shares forfeited on resolution of Notice of forfeiture to be given and entered in register of Forfeited share at disposal of Former holder of forfeited share remains liable. Consequence of forfeiture. Evidence of forfeiture. Alteration of capital. Stock. Dividends on stock. Application. General Annual and Extraordinary General ALTERATIONS OF CAPITAL.