§ 21 Forfeiture
(1) In the event of delayed payment, the defaulting shareholder may be issued with a renewed request to make the payment within a specified grace period under penalty of exclusion along with the share for which the payment is to be made. The request is made by registered letter. The grace period must be no less than one month.
(2) After fruitless expiry of this period the defaulting shareholder is to be declared to have forfeited his or her share and any partial payments made to the company. The declaration is made by registered letter.
(3) A shareholder who has been excluded remains liable for any loss the company incurs on account of the defaulted amount or the amounts of the original capital share called in against the share at a later point in time.
Information for non-professionals
Relevance for legal relations