Amended and updated notes on section 50 of Companies Act 2013. Detail discussion on provisions and rules related to company to accept unpaid share capital, although not called up.
Chapter IV (Sections 43–72) of the Companies Act, 2013 (CA 2013) deals with the provisions related to share capital and debentures. Section 50 of CA 2013 provides for company to accept unpaid share capital, although not called up.
Recently, we have discussed in detail section 49 (Calls on shares of same class to be made on uniform basis) of CA 2013. Today, we learn the provisions of section 50 of Companies Act 2013 read with the Companies (Share Capital and Debentures) Rules, 2014.
Section 50 of the Companies Act, 2013 has been notified by the Ministry of Corporate Affairs (MCA) vide Notification No. S.O. 2754(E) issued dated 12.09.2013. This notification was come into force from 12th September, 2013 i.e. the commencement date of section 50 is 12-09-2013.
| Name of Act | The Companies Act 2013 |
|---|---|
| Enacted by | Parliament of India |
| Administered by | Ministry of Corporate Affairs (MCA) |
| Number of Chapters | 29 |
| Number of Sections | 484 (470-43+57) |
| Number of Schedules | 7 |
| You are reading: | |
| Chapter No. | IV |
| Chapter Name | Share Capital and Debentures |
| Section No. | 50 |
| Section Name | Company to accept unpaid share capital, although not called up |
| Monthly Updated Edition | Company Law PDF |
Section 50 of Companies Act 2013: Company to accept unpaid share capital, although not called up
Section 50 shall come into force on 12th September, 2013 vide Notification No. S.O. 2754(E) dated 12.09.2013.
(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 rights in respect of the amount paid by him under sub-section (1) until that amount has been called up.