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Section 50

Company to accept unpaid share capital, although not called up

(1)
A company may, if so authorised by its articles, accept from any member , the whole or a part of the amount remaining unpaid on any shares held by him, even if no part of that amount has been called up.
(2)
A member of the company limited by shares shall not be entitled to any voting right in respect of the amount paid by him under sub-section (1) until that amount has been called up.

Company means a company incorporated under this Act or under any previous company law

Articles means the articles of association of a company as originally framed or as altered from time to time or applied in pursuance of any previous company law or of this Act