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JAMB Commerce 2012 Paper

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Question : 29

Total: 49

A company has an authorized capital of 40 million shares at N1 each, out of which 32 million are issued and fully paid-up. What happens to the remaining 8 million shares?

it has been issued but not paid-up
it has been applied for but not issued
it is not paid-up
it has not yet been issued

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