If articles are silent regarding interest on calls-in-arrears, the minimum rate of interest to be charged is ________. (Fill in the blank by choosing correct option)
(a) 5% p.a
(b) 6% p.a
(c) 8% p.a
(d) none of these
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the correct answer is (c). 8%p.a
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Answer:
The correct answer to the given question is option (a) 5% p.a.
Explanation:
Calls-in-arrears are defined as those dues which are not paid by the shareholders on the allotment or on calls within the fixed time.
The interest on Calls-in-arrears is to be paid by the defaulters and if nothing is provided in the articles then the interest of 5% p.a. is to be applied.
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