SCHEDULE 3MODEL ARTICLES FOR PUBLIC COMPANIES
PART 4SHARES AND DISTRIBUTIONS
PARTLY PAID SHARES
Surrender of sharesI162
1
A member may surrender any share—
a
in respect of which the directors may issue a notice of intended forfeiture;
b
which the directors may forfeit; or
c
which has been forfeited.
2
The directors may accept the surrender of any such share.
3
The effect of surrender on a share is the same as the effect of forfeiture on that share.
4
A share which has been surrendered may be dealt with in the same way as a share which has been forfeited.