This differs from traditional company structure where the purchase of shares is a binding contract.
[1] This encourages investment in potentially risky mining ventures, as a shareholder with unpaid shares can choose to withdraw from the company with no legal consequences.
Shares upon which calls had not been paid were forfeit and offered for sale by auction after 14 days.
Former owners could redeem their forfeited shares by paying the call and perhaps a fee to cover expenses.
No Liability companies which discovered a payable deposit of ore would normally convert to Limited status as this facilitated the financing of that mine.