Question & Answer: If a company has not reached a minimum subscription within 90 days of the date of release of a discl…..

If a company has not reached a minimum subscription within 90 days of the date of release of a disclosure document inviting applications for shares, the money paid in by applicants must be refunded by the company within one month in accordance with the requirements of s 724(1) of the Corporations Act. Select one: True False

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The statement is False.

Section 724 (1) of the Corporation Act allows 4 months from the date of issuing the prospectus.

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