Fully paid up shares shall be issued by a company out of hellip hellip hellip hellip ........

Explanation:

According to Sec 63. Issue of bonus shares
(1) A company may issue fully paid-up bonus shares to its members, in any manner whatsoever, out of—
(i) its free reserves;
(ii) the securities premium account; or
(iii) the capital redemption reserve account:
Provided that no issue of bonus shares shall be made by capitalising reserves created by the revaluation of assets.