The issued capital of the company cannot be more than _____ capital.

Authorised Capital

Correct answer: Option (4) → Authorised Capital

Concept: Authorised (Registered/Nominal) Capital is the maximum amount of share capital a company is authorised to issue by its Memorandum of Association, as explained in Accounting for Share Capital.

Issued capital is that part of the authorised capital actually offered to the public, so it can never exceed the authorised ceiling – a company “cannot raise more than the amount of capital specified in the Memorandum of Association”. Subscribed, called-up and uncalled capital are all further sub-divisions of the issued capital and are therefore smaller still, so none of them can be the limiting figure.