1. Subject -
Calls in advance.
2. Passing Authority - Board of Directors.
3. Nature of the Resolution
- Resolution with simple majority.
4. Specimen Resolution(s):
"RESOLVED
THAT: a sum of Rs.25,000/- be received from Mr.A as Call-in-advance being the
amount to be called on the 10000 equity shares of Rs.10/- each held by him and
that Mr. A be paid interest at the rate of 12 per cent per annum on the said
sum calculated from the date of receipt thereof until such time a final call of
Rs.2.50 per share is made.
5. Guidelines:
1) The
payment of interest on calls received in advance can be made even out of
capital.
2) The
power must be exercised bona fide in the interest of the company .
6. Filing: Not
applicable.