Companies Act 2014 section 77

Calls on shares

Section 77 sets out the rules governing how and when directors may demand payment from members for unpaid amounts on their shares.

• Directors may make calls on members for unpaid amounts on shares (nominal value or premium), except where allotment terms already fix payment dates
• Members must receive at least 30 days' notice specifying the time and place of payment, and directors may revoke, postpone, or require payment by instalments
• Joint holders of a share are jointly and severally liable for all calls on that share
• Unpaid calls attract interest up to the appropriate rate as determined by the directors, though they may waive interest in whole or in part