Which of the following statements are correct in relation to the issue of share capital for public subscription?(A) The application money should be at least 5% of the face value of the share.(B) Calls are to be made as per the provisions of the articles of association.(C) Where there is no articles of association of its own, the provisions of Table F (or Table A of earlier acts) will apply.(D) Calls need not be made on a uniform basis on all shares within the same class.Choose the correct answer from the options given below:
- A(A), (B) and (C) only
- B(A), (B) and (D) only
- C(A), (B), (C) and (D)
- D(B), (C) and (D) only
Solution & Step-by-step Explanation
Let's assess the statutory rules:Statement (A) is correct as per Section 39 of the Companies Act, application money must be at least 5% of the face value.Statement (B) is correct; calls must strictly adhere to the guidelines set out in the company’s internal Articles of Association.Statement (C) is correct; if a company does not register its own articles, the model guidelines (Table F under Companies Act 2013 / Table A under 1956) dynamically substitute as default rules.Statement (D) is incorrect because Section 50 mandates that calls must be made on a completely uniform basis for all shares falling within the exact same class.Thus, (A), (B) and (C) only are correct.