Which TWO of the following apply to shares of companies whose names end in ‘Ltd’?

(1) They may not be issued to non-members
(2) They may not be offered to the public
(3) They may not be transferred
(4) They may not be traded on the stock exchange

A (1) and (2)
B (2) and (3)
C (1) and (4)
D (2) and (4)