As per section 78 of Company s Act amount collected as premium on securities cannot be utilized for:

Writing off Preliminary Expenses

Issuing fully paid bonus shares to the members

As per section 78 of Company s Act amount collected as premium on secu

1.	As per section 78 of Company s Act amount collected as premium on securities cannot be utilized for:
A.	Issuing fully paid bonus shares to the members
B.	Purchase of fixed assets
C.	Writing off Preliminary Expenses
D.	Buy Back of its own shares
Answer» C. Writing off Preliminary Expenses