Which of the following statements is not true regarding the issuance and redemption of preference shares under Chapter IV of the Companies Act, 2013?
1
Preference shares must be redeemed within a period of 20 years.
2
Preference shares can be redeemed out of the profits of the company.
3
The redemption of preference shares can be funded through the issuance of new preference shares.
4
Preference shares can be issued as irredeemable.
5
A premium payable on redemption must be provided out of the company's profits.