The allotment of shares implies a contract between the company and the applicants who now become the allottees and assume the status of.....................

Member Shareholders Both of these None of these

Both of these

When minimum subscription has been received and certain legal formalities on the allotment of shares have been duly compiled with, the directors of the company proceed to make the allotment of shares. The allotment of shares implies a contract between the company and the applicants who now become the allottees and assume the status of shareholders or members.