Also known as Partly Paid or Contributing Shares, is a security with an attached obligation to pay a fixed price for a fully paid ordinary share at a specified date in the future. It may or may not have entitlements such as dividends attached to it
Shares that have been partly paid. At a future date the shareholder will be required to pay the balance outstanding, unless the company is a no liability company (eg. XYZ Oil NL), in which case shares can be forfeited instead of paying the call.
Usually in reference to no liability companies, these are shares which are not fully paid.