ABC Ltd has resolved to purchase the business of ST Ltd for £500,000.

The issue is lawful as ABC Ltd may issue its shares for a non-cash consideration.

The issue is lawful because ABC Ltd does not need to first offer the new shares to its existing members.

The issue is only lawful if the directors have the necessary authority to issue the shares.

The issue is only lawful if ABC Ltd arranges to have the business valued by the company's auditor.