Concept:Issued share capital is the part of a company's authorized capital that has actually been sold to investors.
Explanation:These are shares that have been offered to the public and taken up or subscribed for by shareholders.
They represent the portion of capital that investors have agreed to buy.
Authorized share capital is only the maximum number of shares the company is allowed to issue.
Shares shared among directors alone do not describe the whole issued capital.
Share certificates show shares held by individual shareholders, but issued capital refers to all shares fully subscribed by investors.
Therefore, issued shares are those shares that have been fully subscribed.
Answer:C. fully subscribed