State whether the following statements are True or False

1) Memorandum of Association and Articles of Association is prepared at the time of incorporation of a company.
Ans:- True

2) Memorandum of Association describes the nature and character of the company.
Ans:- True

3) Memorandum establishes relationship between Company and Members.
Ans:- False

4) Any act done by the company beyond the powers of Memorandum is Ultra Vires.
Ans:- True

5) Articles of Association can have provisions which contradicts the Memorandum.
Ans:- False 

6) Memorandum need not have a Liability Clause.
Ans:- False

7) Articles of Association is subordinate to Memorandum.
Ans:- True

8) Memorandum contains rules and regulations for internal management of a company.
Ans:- False

9) Every subscriber who signs the Memorandum must also sign the Articles.
Ans:- True

10) Entrenched Articles cannot be easily altered.
Ans:- True

11) Prospectus can be issued by a private company.
Ans:- False

12) Only public companies can issue Prospectus.
Ans:- True 

13) Prospectus must be issued within 1 year from the date of filing it with the ROC.
Ans:- False

14) Actions can be taken against a company or its officers for misstatements in prospectus.
Ans:- True

15) Every company has to issue shelf prospectus every time it offers shares to the public.
Ans:- False

16) Red Herring prospectus does not contain details of the price at which shares will be sold by the company.
Ans:-  True

17) Letter of offer is issued at the time of Rights Issue.
Ans:- True