JAMB - Commerce (2012 - No. 29)
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?
it has been issued but not paid-up
it has been applied for but not issued
it is not paid-up
it has not yet been issued
Explication
The remaining 8million shares have not been issued out for subscription by the public.