Which of the following is NOT correct with respect to issue of bonus shares by a company?

Conditions for Bonus Issue as per Section 63 of Companies Act, 2013: o   Authorization by Articles of Association (not Memorandum of association) o   On recommendation of the board, been authorized in the general meeting of the company o   Company has not defaulted in payment of interest or principle of any of its fixed obligations o   The company has not defaulted in payment of statutory dues to its employees like salary, gratuity, etc. o   The partly paid up shares on the date of allotment must be first converted into fully paid-up shares o   Compliance with other conditions as may be prescribed