a) Explain the procedure of forfeiting the shares. What is the effect of forfeiture'? How forfeiture is different from surrender of
shares?
b) Explain briefly the rights and liabilities of a member. 

a) Procedure of Forfeiting Shares and its Effects, Differentiation from Surrender of Shares:

Procedure of Forfeiting Shares:

Forfeiture of shares is a process by which a company cancels the shares held by a shareholder who has failed to comply with certain obligations, typically the payment of calls (money owed on shares). The procedure for forfeiting shares is usually outlined in the company's articles of association. Here's a step-by-step overview of the typical procedure:

1. Notice of Call: The company issues a notice demanding the payment of the outstanding amount (call money) on the shares. This notice usually provides a deadline for payment.

2. Grace Period: If the shareholder fails to make the payment within the specified timeframe, the company may grant a grace period. During this period, the shareholder still has the opportunity to make the payment and avoid forfeiture.

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