Which of the following is true relating to Red- herring Prospectus?

Section 32. Red herring prospectus: (1) A company proposing to make an offer of securities may issue a red herring prospectus prior to the issue of a prospectus; (2) A company proposing to issue a red herring prospectus under sub-section (1) shall file it with the Registrar at least three days prior to the opening of the subscription list and the offer; (3) A red herring prospectus shall carry the same obligations as are applicable to a prospectus and any variation between the red herring prospectus and a prospectus shall be highlighted as variations in the prospectus.