The following relate to the shares of a company. What is the correct order ?

In corporate accounting for share capital, the chronological sequence starts when the company makes a public Issue of shares via a prospectus, followed by receiving share Applications (and allotment) from investors. Subsequently, the board makes Calls on unpaid share money, and if a shareholder defaults on call payments despite notice, the company exercises Forfeiture of those shares. Thus, the sequence 'Issue, Application, Call and Forfeiture' is correct.