The surrendering of shares according to the terms of issue,usually due to a failure to pay calls on partly paid shares is referred to as:

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Forfeiture is the surrendering of shares due to non-payment of calls, while cancellation refers to the removal of shares from the company's register for reasons such as being invalid or fraudulent. Subdivision and consolidation refer to the splitting or merging of shares respectively, and are unrelated to the surrendering of shares due to non-payment.

The Surrendering of Shares According to the Terms of Issue,usually