Companies Act 2014 section 78

Supplemental provisions in relation to calls

Section 78 sets out supplementary rules about share calls, including how amounts payable on allotment are treated, how directors may differentiate between share classes, and how advance payments may be accepted from members.

• Any sum payable on allotment or at a fixed date under the terms of a share issue is treated as a properly made call, due on the date specified in those terms
• If such a sum goes unpaid, all the Act's provisions on interest, expenses and forfeiture apply as though it were a formal call
• Directors may set different call amounts and payment dates for holders of different classes of shares
• Directors may accept advance payments from members on uncalled amounts and pay interest on such advances at an agreed rate, subject to a cap at the appropriate rate unless the company in general meeting decides otherwise