Question

b. The minimum subscription may be learnt from the
i. Prospectus
ii. Record of general meeting
iii. Memorandum of association
iv. Article of association​

Answer 1

3. Memorandum of association

• The minimum shares the company needs to get from the public out of the total issue by the date of closure. (Presently every company need to raise 90% of the issued amount). Else, the company shall refund the whole amount received. This 90 % has to be exclusive of the cheques that are not cleared.