If the articles are silent regarding interest on Calls-in-advance, the minimum rate of interest to be charged is ________ p.a. (Fill in the blank by choosing correct option)
(a) 5%
(b) 6%
(c) 8%
(d) none of these
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the correct answer is (c). 8%
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Answer:
The correct answer to the given question is option (a) 5%
Explanation:
Calls-in-arrears are those dues which are not paid by the shareholders on call at a fixed time or on the allotment.
The interest rate on calls-in-arrears is taken to be 5%p.a. , which is to be paid by the defaulters. This interest rate is taken generally if the articles are silent on the subject.
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