Concept:Authorized shares are the total number of shares a company is legally permitted to offer to investors.
Explanation:The amount of authorized share capital is stated in the company’s memorandum of association.
It represents the maximum shares the company may legally offer for sale to the public.
Shares become authorized once the company has been given the approval to present them for public subscription.
This stage comes before investors subscribe, before any part is called up, and before payment is made.
So, among the options, shares are said to be authorized when they are offered for sale.
Answer:C. offered for sale