Which of the following statements are correct?(A) A company is an artificial person.(B) Company's shares are generally transferable.(C) Paid-up capital can exceed called-up capital.(D) The part of capital which is called up only on winding up is called reserve capital.Choose the correct answer from the options given below:

Let's look closely at each statement:Statement (A) is correct: A company is created by law and is known as an artificial person possessing a distinct legal entity.Statement (B) is correct: In a public company, shares are freely transferable as movable property according to the rules of the company.Statement (C) is incorrect: Paid-up capital is that portion of called-up capital which has been actually paid by shareholders. Mathematically:
$$\text{Paid-up Capital}=\text{Called-up Capital}-\text{Calls-in-Arrears}$$
Hence, paid-up capital can be equal to or less than called-up capital, but it cannot exceed called-up capital (unless there is unadjusted calls-in-advance, which is classified separately from the paid-up capital total).Statement (D) is correct: Reserve Capital is that part of uncalled capital that a company decides, by passing a special resolution, to call up only in the event and for the purpose of the winding up of the company.Therefore, statements (A), (B), and (D) are correct.