C-38 - Companies Act

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159. (1)  The directors may, by resolution, demand from the shareholders the whole or any part of the amount unpaid on shares by them subscribed or held, at such times and in such manner as is required or permitted by this Part and the charter or by-laws of the company.
(2)  A call shall be deemed to have been made at the time when the resolution of the directors authorizing such call was passed; and if a shareholder fails to pay any call due by him, on or before the day appointed for the payment thereof, he shall be liable to pay interest thereon at the rate of six per cent per annum, from the day appointed for payment to the time of actual payment thereof.
R. S. 1964, c. 271, s. 155.