When an Entity Issues Shares,until Such Time as the Shares

When an entity issues shares,until such time as the shares are allotted,the amount received must be held in trust.It remains in trust (refer s.722 of the Corporations Act) until:

A) so directed by ASIC.
B) the shares are issued or transferred; or the money is returned to the applicants.
C) options are issued over the shares.
D) the Board of Directors indicate that the received monies are required by the entity.

Correct Answer:

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