?

Trescothick Ltd was incorporated in November 2012. The company uses unamended Model Articles (Model Articles of Association for a Private Company Limited by Shares 2008). It has 10,000 ordinary £1 shares in issue, held by Marianne and Edna. It now proposes to issue 2,000 ordinary £1 shares to Jerry for a total consideration of £4,000 cash. No resolutions relevant to the issue have been passed by the directors or the shareholders.
Which ONE of the following is CORRECT?