A company has an authorized capital of 40 million shares at N1 each, out of
COMMERCE
JAMB 2012
A company has an authorized capital of 40 million shares at N1 each, out of which 32 million are issued and fully paid-up. What happens to the remaining 8 million shares?
- A. it has been issued but not paid-up
- B. it has been applied for but not issued
- C. it is not paid-up
- D. it has not yet been issued
Correct Answer: D. it has not yet been issued
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