Regarding Section 42, identify the initial procedural compliance required before issuing shares on a private placement basis and the primary limitation in terms of the number of investors.
1
Board approval via simple resolution; maximum 150 investors.
2
Shareholder approval through special resolution; maximum 200 investors annually.
3
Regulatory consent; no limitation on investor number.
4
CEO's authorization; maximum 50 investors per quarter.
5
Financial authority approval; unrestricted investor numbers.