23. Interest to run on each call. Application of dividend in satisfaction of unpaid calls
* * * If any proprietor shall not pay any instalment which he is lawfully called upon to pay, in the manner described in the last section, on the day appointed for such payment, the said Association shall have a claim against such proprietor for interest on the deficient sum, after the rate of 10 per cent. per annum; and
Application of dividend in satisfaction of unpaid calls.—* * * it shall be lawful for the Directors of the said Association to apply, in satisfaction of such instalment and of such interest, any dividend due to such proprietor, placing every dividend so applied to the credit of such proprietor with the said Association
Amendment notes (2)
- omitted . The words "And it is hereby enacted, that" omitted by s. 2 and Sch. I, ibid.
- omitted . The word "that" omitted by Act 12 of 1891, s. 2 and Sch. I.