Question

According to Sec 50 of the Companies Act 2013, the amount of Calls in Advance can be accepted by the Company only when it is authorised by:

(a) Board of Directors

(b) Equity Shareholders

(c) Articles of Association

(d) Memorandum of Association

Answer 1

Correct option is (c) Articles of Association

Explanation: According to Sec 50 of the Companies Act 2013, the amount of Calls in Advance can be accepted by the Company only when it is authorised by the articles of Association.