Depending on its constitution and the terms of the prospectus,a company that receives more than the required number of applications for its shares will normally:

Question

Quizplus · Accepted Answer

Depending on the terms of prospectus and company's constitution, the company may either refund the excess to unsuccessful applicants or retain the excess in satisfaction of future calls. In some cases, the company may even issue additional shares, but this is not always the case. Therefore, option D is the most appropriate as it covers both possibilities.

Depending on Its Constitution and the Terms of the Prospectus,a