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The procedure of forfeiting shares is governed by the Articles of Association of a company and is used when a shareholder fails to pay call money on shares. It involves cancellation of partly paid shares and reverting them to the company. Forfeiture is typically done in case of non-payment of allotment or call money after due notice. The procedure begins with the issue of a notice to the defaulting shareholder. This notice must specify the amount due, provide a final date for payment (usually not less than 14 days from the date of ___ ________ ____ ____ ____.
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