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Change of subscription clause

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Querist : Anonymous

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Querist : Anonymous (Querist)
22 June 2012 helo,

I want to know if i can change the subscription clause of a company.

Its a private company and 1 of its subsciber has not paid the subscibtion money, so can we remove his name and add a new subscriber in the MOA. if yes plks let me know the procedure for the same.
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ARUN KUMAR MAITRA

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ARUN KUMAR MAITRA (Expert)
22 June 2012 Subscribers to the MoA are treated as deemed members only.Until and unless they pay for those shares. they cannot be treated as shareholders.Allotment could be made only after receipt of the subscription money.After incorporation of the company, names of subscribers to the MoA cannot be changed because they were promoters of the company.
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