Section 49 · Chapter IV, Share Capital and Debentures
Calls on shares of same class to be made on uniform basis
📚 Law Minded summary
When a company calls for the unpaid part of share money, it must ask everyone in the same class on the same basis.
It cannot demand from one shareholder and spare another holding the same kind of share. Shares of different amounts paid up are not treated as the same class for this purpose.
Section 49. Calls on shares of same class to be made on uniform basis
Where any calls for further share capital are made on the shares o f a class, such calls shall be made on a uniform basis on all shares falling under that class. Explanation.—For the purposes of this section, shares of the same nominal value on which different amounts have been paid-up shall not be deemed to fall under the same class.