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      Question

      No company shall issue a prospectus or make an offer or

      invitation to the public or to its members _______________for the subscription of its debentures, unless the company has, before such issue or offer, appointed one or more debenture trustees
      A Exceeding fifty hundred Correct Answer Incorrect Answer
      B Exceeding five hundred Correct Answer Incorrect Answer
      C Not exceeding fifty hundred Correct Answer Incorrect Answer
      D Not exceeding five hundred Correct Answer Incorrect Answer
      E No such limit is prescribed Correct Answer Incorrect Answer

      Solution

      Companies Act Section 71. Debentures- (5) No company shall issue a prospectus or make an offer or invitation to the public or to its members exceeding five hundred for the subscription of its debentures, unless the company has, before such issue or offer, appointed one or more debenture trustees and the conditions governing the appointment of such trustees shall be such as may be prescribed.

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