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      Question

      The issue of shares by a company on a discount is

      prohibited and thus, it shall be ____________
      A Void Correct Answer Incorrect Answer
      B Illegal Correct Answer Incorrect Answer
      C Voidable Correct Answer Incorrect Answer
      D Unenforceable Correct Answer Incorrect Answer
      E Unauthorized Correct Answer Incorrect Answer

      Solution

      Section 53. Prohibition on issue of shares at discount: (2) Any share issued by a company at a discount shall be void.

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