• Invitation by the company to the public to buy shares
• Applications together with the application moneys are received
• Allotment of shares to the applicants.  Refund of application monies to unsuccessful applicants. Letters of allotments sent to successful applicants
• Allotment moneys are received
• When cash is required, directors will make calls upon the shareholders. The calls are usually numbered as first call, second call, third and so on. With each call, monies will be received from the shareholders.

{ also see the bookkeeping or accounting double entry system of shares issued payable by installments }