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 s722 of the Corporations Act) until:
A) So directed by ASIC.
B) 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.
E) None of the given answers.
Correct Answer:
Verified
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