Which statements among the following are CORRECT?

(A) A public company's shares are generally transferable.
(B) Share application account is a personal account.
(C) The director of a company may be a shareholder.
(D) Paid up capital can exceed called up capital.

Choose the correct answer from the options given below:

(A), (B) and (C) only

The correct answer is Option (1) → (A), (B) and (C) only.

(A) A public company's shares are generally transferable. This is correct. The shares of a public limited company are freely transferable. The permission of the company or the consent of any member of the company is not necessary for the transfer of shares. But the Articles of the company can prescribe the manner in which the transfer of shares will be made. 

(B) Share application account is a personal account. This is correct. Share Application or share allotment or Share capital A/c all are personal accounts as they represent money from the shareholders and when money is due, these are to be debited because of the rule "Debit the receiver".

(C) The director of a company may be a shareholder. This is correct. Some shares should be allotted to directors also, so the director of the company may be a shareholder. 

(D) Paid up capital can exceed called up capital. This is incorrect as Paid up capital can be equal or less than to the called up capital but it can not exceed it. Paid up Capital is that portion of the called up capital which has been actually received from the shareholders. When the shareholders have paid all the called amount, the called up capital is the same to the paid up capital. If any of the shareholders has not paid amount on calls, such an amount may be called as ‘calls in arrears’. Therefore, paid up capital is equal to the called-up capital minus call in arrears.