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      Question

      Which of the following statements is

      INCORRECT?
      A A company may issue fully paid-up bonus shares to its members out of its free reserves Correct Answer Incorrect Answer
      B A company may issue fully paid-up bonus shares to its members out of the capital redemption reserve account Correct Answer Incorrect Answer
      C A company may issue fully paid-up bonus shares to its members out of the securities premium account Correct Answer Incorrect Answer
      D A company may issue fully paid-up bonus shares to its members out of capitalising reserves created by revaluation of assets Correct Answer Incorrect Answer

      Solution

      The correct answer is D

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