Wye Ltd has an issued share capital of 500,000 ordinary 20p shares. The company wishes to consolidate its shares into 100,000 ordinary £1 shares. Which of the following is CORRECT?

(i) Wye Ltd must have the power to consolidate its share capital in its articles of association

(ii) Consolidation is lawful for a private company but not for a public company

(iii) The consolidation must be authorized by the shareholders of Wye Ltd passing an ordinary resolution