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unpaid subscriber shares

UNPAID SUBSCRIPTION, DELINQUENT STOCKS AND DELINQUENCY SALE: REVISED CORPORATION CODE By P&L Law | Services | 5 May 2020 in Corporate Law Leave a reply | Related posts at the end of article No shares of stock against which the corporation holds any unpaid claim shall be transferable in the books of the corporation (RCC, S62).Still, holders of subscribed shares … The management issues 8,00,000 shares to raise a fund of INR 80,00,000. Whenever a company calls for the unpaid amount, subscribers need to pay for such amount. No shares of stock against which the corporation holds any unpaid claim shall be transferable in the books of the corporation (RCC, S62).Still, holders of subscribed shares not fully paid which are not delinquent shall have all the rights of a stockholder (RCC, S71).The stockholder loses the rights as a stockholder, except the right to receive dividends, only when … Unpaid share capital is where none of the monies due for an allotment of shares which have been issued has been paid.. Thus, the part of issued share capital for which company has successfully found the subscribers is known as subscribed share capital. Hypothetical scenario; If non-UK resident would like to form a UK based corporation (Ltd.) with 1 shareholder who is also acting as the company's director and initially issue i.e. When the shares are fully paid for in one month, the common stock subscribed balance will be transferred to common stock. Example of Stock Subscription Accounting. Deferred shares are the last in line in credit or bankruptcy proceedings, following preferred and common stockholders. The Subscriber is liable for the unpaid share capital of the company. Please note that pursuant to the provisions of Section 56(3) of the Act, 2013, the Company cannot restrict the transfer of such shares (subscribed shares on which subscription money is not paid), as the transferor is the registered owner of those shares. Any receivable left outstanding on the balance sheet date would reduce total shareholder’s equity (in the same way that treasury stock reduces equity). The Close Call Company offers stock subscriptions to its employees, who elect to purchase 20,000 shares of common stock with no par value, for a total of $60,000. The entry is: Details of Subscribers . 10.000 shares with the nominal value of £0.01, is he required to deposit £100 (on company's bank account) immediately when shares are issued, or can the company issue so-called unpaid shares? However, his debt to the company cannot be transferred in favour of any other person. Note that the subscription receivable is a contra-equity account. Example: Let’s assume that ABC ltd. is registered with a total authorized share capital of INR 1,00,00,000 divided into shares of INR 10 each. There is no requirement, unless specified in the company's memorandum and articles of association, for share capital to be paid up. It is quite common in smaller companies for the share capital to be unpaid and remain due to the company indefinitely.. A Deed of Assignment of Stock Subscription is a written document used to transfer shares of stock of a corporation from the registered owner (the "assignor") to another person (the "assignee"). It should specify the names of the parties, the date of the transfer, the number of the stock certificate that represents the shares to be transferred, and the number of shares … As per revised schedule VI the unpaid amount towards shares subscribed by the subscribers of the Memorandum of Association should be considered as 'subscribed and Paid-up capital' in the Balance Sheet and the debts due from the subscriber should be appropriately disclosed as an asset in the balance sheet. This is only if such shares are not sold by them.

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The NAACP has always been at the forefront of the fight against racial discrimination and economic inequality. Voting rights and the battles against voter suppression are just as important today as they were during the Civil Rights Movement. Health care, education, and economic opportunity need our action if they are ever to improve.

Help us win the fight.

ACT-SO Committee


ACT-SO (Afro-Academic, Cultural, Technological and Scientific Olympics) honors academic and cultural achievers at the same level as sports achievers. ACT-SO members recruit 9th through 12th grade students annually for an academic competition. The NAACP believes that African-Americans can succeed and compete at the same or superior levels as their counterparts in classrooms, boardrooms and laboratories throughout the world.

Chair: Avelina Holmes

Meeting Date & Time: Varies according to ACT-SO activity schedule


Armed Services & Veterans Affairs Committee


The Armed Services and Veterans Affairs Committee focuses on Armed Services and Veterans programs at the local, state and national levels to ensure they are administered fairly for minorities. The committee studies conditions pertaining to minorities and their families and handles discrimination complaints from members of the Armed Services and Veterans.

Chair: W. Clyde Lemon

Date & Time: 1st Monday, 12:00 pm via conference call


Communications Press & Publicity Committee


The Communications Press & Publicity Committee works to eliminate employment segregation and discrimination in the media industry. The members monitor local and national media including advertising, and promote the NAACP Houston Branch to gain favorable publicity in local newspapers, television and other media.

Chair: Linda Chandler Jacobs

Meeting Date & Time: TBD 2nd Tuesday 6:30pm @ NAACP


Community Coordination Committee


The Committee on Community Coordination enlists the support of other community organizations on issues affecting the interests of minority groups and the NAACP Houston Branch in order to increase membership and volunteer recruitment, build coalitions around common goals, and increase Freedom Fund sponsorship of and attendance.

Meeting Chair: Juli McShay

Date & Time: First Monday of the Month, 4:30 p.m.


Criminal Justice Committee


The Committee on Criminal Justice raises awareness about the inequities in the criminal and juvenile justice systems as well as some of the public misconceptions about the impact of recent “get tough” criminal policies on crime rate trends. Member work to increase minority participation in the Grand Jury system.

Chair: James Dixon, II

Meeting Date & Time: 1st Tuesday 6:30pm @ NAACP


Economic Development Committee


The Economic Development Committee implements local efforts and supports national programs that preserve and expand economic empowerment among minorities. The members promote business and home ownership, employment, and job creation.

Chair: Roger Harris

Meeting Date & Time: 2nd Monday 5:30pm @ NAACP


Education Committee


The Education Committee works to eliminate segregation and other discriminatory practices in public education. Members focus on educational conditions affecting minorities including dropout rates, school funding, attendance, parental involvement, standardized testing, and teacher certification.

Chair: Dr. Carolyn Evans -Shabazz

Meeting Date & Time: 1st Thursday 6:00pm @ NAACP


Environmental Climate Justice Committee


The Environmental and Climate Justice Committee raises awareness of environmental issues, climate change and energy reform policies, and the linkages between environmental quality and social justice. The members are active in the Coalition for Environment, Equity, and Resilience (CEER), a collaborative made up of nonprofit organizations who have committed to working together to advance an 8 point plan.

Chair: Jacqueline Smith

Meeting Date & Time: Meeting times vary according to the Environmental Climate activity schedule.


Freedom Fund Committee


The Freedom Fund Committee (FFC) is the fundraising arm for the NAACP Houston Branch. The Annual Freedom Fund Advocacy and Awards Dinner (FFAAD) is the primary fundraiser for the branch. The FFAAD is traditionally held on the 4th Friday of October. Proceeds from the event support the branch operations and advocacy programming for the branch. The FFC also assists the unit with securing funds for special advocacy projects and the capital improvement fund for the branch headquarters.

Chair: Argentina M. James

Meeting Date & Time: Varies according to Freedom Fund activity schedule.


Health Committee


The Health Committee is concerned with access to health care, health education, treatment and research, and sponsors health fairs and workshops highlighting important health issues for minorities.

Chair: Carol Moore

Meeting Date & Time: Varies according to Health activity schedule.


Housing Committee


The Housing Committee studies housing conditions and new financing methods to promote home ownership. The members oppose all restrictive practices whether public or private, and refer complaints of housing discrimination.

Chair: Belinda Everette

Meeting Date & Time: 1st Wednesday 12:30 pm @ NAACP


Labor & Industry Committee


The Labor & Industry Committee works to eliminate discriminatory employment practices in industry and government, wage differentials based on race, unequal opportunities for training and promotion, discriminatory practices in labor unions, and unfair dismissals.

Chair: John Bland

Meeting Date & Time: 3rd Wednesday 6:00pm @ NAAC


Legal Redress Committee


The Legal Redress Committee on Legal Redress investigates all cases reported to the NAACP Houston Branch, supervise all litigation in which the Branch is involved, and keeps the National NAACP and Branch informed on the progress of every case.

Co-Chair: Mary King, Esq. & Charles Livingston, Esq.

Legal Clinics: 3rd Saturday of each month, 9am-2pm


Membership & Life Membership Committee


The Membership & Life Membership Committee works to increase membership by organizing campaigns, soliciting new members and renewals, and encouraging life memberships.

Chair: Mable Caleb

Meeting Date & Time: TBD 2nd Tuesday 5:30pm @ NAACP


Political Action Committee


The Political Action Committee focuses on voter registration and election turnout as well as legislation designed to improve the educational, political and economic status of minority groups. Members monitor proposed legislation and seeks the repeal of racially discriminatory laws. The Committee is non-partisan and does not endorse candidates for public office.

Chair: Claude Cummings Jr.

Meeting Date & Time: 2nd Monday 6:00pm @ NAACP


Religious Affairs Committee


The Religious Affairs Committee uses an educational program designed to give moral and ethical interpretation to the civil rights struggle and conveys this message to religious groups of all faiths. Members seek the support of religious groups for membership and fund raising.

Chair: Bishop Johnny Tates

Meeting Date & Time: TBD


WIN (Women In the NAACP) Committee


The WIN Committee supports social justice issues affecting women by serving as an advocacy vehicle for social, economic, political, educational and health and welfare issues affecting women.

Co-Chair: Sylvia Donahue- McCarter

Meeting Date & Time: 2nd Wednesday 6:30pm @ NAACP


Young Adult Committee


The Young Adult Committee works with the Membership Committee to solicit memberships of individuals 21-40 years of age, and maintain a mentorship program that is a support bridge from youth and college to NAACP Houston Branch participation. Also provide networking and social opportunities for young adults.

Chair: Porschia Harris & Cha’Mira Keener

Meeting Date & Time: 1st Thursday 6:30pm @ NAACP


Youth Works Committee


The Youth Works Committee collaborates with the national NAACP to recognize exemplary youth, develop programs and activities consistent with the Association’s policies and mission for youth groups.

Chair: Avelina Holmes

Meeting Date & Time:Varies according to ACT-SO activity schedule