Shareholders usually intend to lay claim on their shares in the event of quitting the company. The question is to know if the shareholder had paid up all his shares. If he has not, can he be compelled to do so? what is the position of the OHADA Law?.
The OHADA Law stipulates that at least One quarter of the value of shares shall be paid up on subscription and the balance shall be paid up as the Board of Directors make calls within a maximum period of three years from the date of subscription.
In case of non-payment of the balance on shares that have not been fully paid up at the time fixed by the Board of Directors or the Managing Director as the case may be, the company shall send a formal notice to the defaulting shareholder against a proof of receipt with a request for acknowledgment of receipt.
One month after such formal notice has gone unheeded, the company shall on its own initiative take charge of the sale of the shares.
Upon expiry of the time limit of one month, the right to dividend and pre-emptive right of subscription to increases of capital attaching to such shares shall be suspended until the sums owed are paid.