Question Tag: Companies Act

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BCL – Nov 2024 – L1 – Q5a – Annual General Meeting (AGM) Requirements

Legal requirements for holding an AGM and consequences of non-compliance.

Question

Yaw Perbi, the CEO of your company, is preparing for a top management meeting scheduled for 1 December 2023. One of the issues to be discussed is the mode of holding the next shareholders’ meeting. There are views that the Annual General Meeting (AGM) must be in-person so that members can vote on resolutions to be passed. Others believe that the AGM should be virtual or hybrid. Some shareholders believe that the items on the agenda are too many and that they would need two days to have a meaningful discussion. Kwasi Mensa, a shareholder, has decided not to attend the AGM if it is organised virtually.

Required:

a) Explain the following to your boss:

i) The requirement of the Companies Act, 2019 (Act 992) on the interval between which AGMs are to be held.

ii) THREE things that should be covered in the notice for an AGM.

iii) TWO consequences of not holding an AGM in accordance with the Companies Act.

iv) Justify whether or not decisions taken at the AGM will be binding on Kwasi Mensa.

Answer

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Tags: AGM, Companies Act, Corporate Governance, Meeting Notice, Shareholder Rights
Level: Level 1

Topic: Company Meetings and Resolutions
Series: Nov 2024

AA – May 2017 – L2 – Q1c – Regulatory Framework and Audit Responsibilities

Explanation of five duties and rights of auditors under the Companies Act, 1963 (Act 179).

Question

Briefly explain FIVE duties and FIVE rights of an auditor under Section 136 of the Companies Act, 1963 (Act 179).

Answer

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Tags: Auditor Duties, Auditor Rights, Companies Act, Corporate Governance
Level: Level 2

Topic: Regulatory Framework and Audit Responsibilities
Series: MAY 2017

AA – Nov 2016 – L2 – Q4c – Regulatory Framework and Audit Responsibilities

Outline the procedures for appointing auditors according to the Companies Act.

Question

Outline the procedures for the appointment of auditors in accordance with the Companies Act 1963 (Act 179). (8 marks)

Answer

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Tags: Auditor appointment, Companies Act, Procedures
Level: Level 2

Topic: Regulatory Framework and Audit Responsibilities
Series: NOV 2016

AA – Nov 2016 – L2 – Q1b – Regulatory Framework and Audit Responsibilities

Explain the duties and rights of an auditor under the Companies Act.

Question

Explain what your duties and rights are as an auditor of a company in line with the provisions of the Ghana Companies Act 1963 (Act 179).

Answer

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Tags: Auditor Duties, Companies Act, Rights
Level: Level 2

Topic: Regulatory Framework and Audit Responsibilities
Series: NOV 2016

AA – May 2020 – L2 – Q2c – Regulatory Framework and Audit Responsibilities

Comment on the powers of the Registrar General regarding auditor appointments in the scenario.

Question

The auditors of Obuasi Ltd resigned on 21 August 2019 after they had been validly appointed and accepted. The directors of Obuasi Ltd appointed Ofori Ansong and Co. Chartered Accountants as their new auditors on 10 October 2019. The Registrar General refused to accept Ofori Ansong and Co as auditors on the grounds that the directors had acted beyond their powers since the Registrar General has the power to appoint auditors.

Required:
Comment on the action of the Registrar General. (7 marks)

Answer

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Tags: Audit Resignation, Auditor appointment, Companies Act, Registrar-General, Regulatory Framework
Level: Level 2

Topic: Regulatory Framework and Audit Responsibilities, Regulatory framework and processes
Series: MAY 2020

AA – Aug 2022 – L2 – Q1a – Regulatory Framework and Audit Responsibilities

This question discusses why the Companies Act, 2019 (Act 992) prohibits accounting firms from offering non-audit services to audit clients.

Question

Accounting firms are in an excellent position to provide their clients with non-audit services such as consultancy, financial system design, review services, recruitment and valuation, among others, provided the necessary safeguards are in place. However, the Companies Act, 2019 (Act 992) prohibits the offering of such services to audit clients.

Required:
State FOUR (4) reasons for the prohibition of non-audit services to audit clients under the Companies Act, 2019 (Act 992).

Answer

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Tags: Audit regulations, Auditor Independence, Companies Act, Non-Audit Services
Level: Level 2

Topic: Regulatory Framework and Audit Responsibilities
Series: AUG 2022

AA – April 2022 – L2 – Q2a – Regulatory Framework and Audit Responsibilities

Identify the rights of an auditor and actions when rights are denied.

Question

The Companies Act, 2019 (Act 992) gives the auditor some rights.

Required:
i) Identify FOUR (4) rights of an auditor. (6 marks)
ii) Explain TWO (2) actions auditors may take when some of the rights are denied. (4 marks)

Answer

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Tags: Actions, Audit Limitations, Auditor Rights, Companies Act
Level: Level 2

Topic: Regulatory Framework and Audit Responsibilities
Series: APR 2022

BCL – Nov 2020 – L1 – Q2c – Types of Capital and the Financing of Companies

Explain the concepts of a fixed charge and a bond in the context of loans taken by companies.

Question

A loan taken by a company limited by shares may or may not be secured by a charge.

Required:
Explain the following:
i) A fixed charge (3 marks)
ii) A bond (3 marks)

Answer

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Tags: Bond, Companies Act, Company Law, Fixed Charge, Loans
Level: Level 1

Topic: Types of capital and the financing of companies
Series: NOV 2020

BCL – Nov 2020 – L1 – Q2b – Types of Capital and the Financing of Companies

Identify two prohibited transactions in shares under Section 56(1) of the Companies Act, 1963 ACT 179.

Question

State TWO (2) prohibited transactions in shares under section 56(1) of the Companies Act, 1963 ACT 179 where a company limited by shares is prohibited from transacting in its shares.

(4 marks)

Answer

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Tags: Companies Act, Company Law, Prohibited Transactions, Shares
Level: Level 1

Topic: Types of capital and the financing of companies
Series: NOV 2020

BCL – Nov 2020 – L1 – Q2a – Legal Implications Relating to Companies in Difficulty or in Crisis

Analyze the liability of officers and the company for changing the business object and the likely actions by the Registrar-General.

Question

P&Q Company, an incorporated non-governmental organization has been formed with the object of greening the environment and sponsoring deprived children to go to school up to Junior High School level. In the course of operation, the key officers of the company took a decision that the company goes into salt mining without reference to the office of the Registrar-General.

Under this new arrangement, huge profits were made, the Board of Directors was reconstituted, and unexpected debts were incurred. In doing so, the 17-year-old daughter of the Executive Director known as the whiz-kid in financial matters became a Board member. The Registrar of Companies has been alerted on the happenings at the company.

Required:
i) Analyze the new arrangement and give reasons if any, why the officers and P&Q Company will be liable. (5 marks)
ii) What are the likely actions to be taken by the Registrar-General in the circumstance of this case? (5 marks)

Answer

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Tags: Companies Act, Company Law, Liability, Registrar-General
Level: Level 1

Topic: Legal implications relating to companies in difficulty or in crisis
Series: NOV 2020

BCL – May 2017 – L1 – Q4a – Types of Companies and Their Legal Structure

Explain the different types of companies under the Companies Act, 1963 (Act 179).

Question

a) Explain the types of companies known to you under the Companies Act, 1963 (Act 179). (12 marks)

Answer

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Tags: Companies Act, Company Law, Limited Liability, Public Company, Types of Companies
Level: Level 1

Topic: Types of capital and the financing of companies
Series: MAY 2017

BCL – May 2016 – L1 – Q5a – Company Law

State five items required by law in the regulations of a company registered under the Companies Act.

Question

State FIVE items that are by law required in the Regulations of a Company registered under the Companies Act. (5 marks)

Answer

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Tags: Companies Act, Company Regulations, Legal Requirements
Level: Level 1

Topic: Contract Law
Series: MAY 2016

BCL – Mar 2024 – L1 – Q5d – Legal Implications Relating to Companies in Difficulty or in Crisis

Distinguish between "Arrangement" and "Amalgamation" in company law.

Question

Distinguish between “Arrangement” and “Amalgamation” in Company Law. (3 marks)

Answer

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Tags: Amalgamation, Arrangement, Companies Act, Company Law, Corporate Restructuring
Level: Level 1

Topic: Legal implications relating to companies in difficulty or in crisis
Series: MAR 2024

BCL – Mar 2024 – L1 – Q5a – Types of Capital and the Financing of Companies

Identify and explain prohibited transactions in shares under the Companies Act, 2019 (Act 992).

Question

State TWO (2) prohibited transactions in shares under section 58(1) of the Companies Act, 2019, Act 992 where a company limited by shares is prohibited from transacting in its shares.

(4 marks)

Answer

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Tags: Companies Act, Company Law, Prohibited Transactions, Shares
Level: Level 1

Topic: Types of capital and the financing of companies
Series: MAR 2024

BCL – Mar 2024 – L1 – Q4c – Types of Capital and the Financing of Companies, Company Law

Explain the legal significance of statements made in a share certificate under the Companies Act, 2019 (Act 992).

Question

“Statements made in a share certificate, especially where the certificate bears the common seal of the company, shall be absolute or unassailable evidence of the title of the person named in the Certificate.”

Required:

Explain if the above statement is the true position of the law in terms of the provisions of the Companies Act, Act 992.

(2 marks)

Answer

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Tags: Companies Act, Company Law, Legal Evidence, Ownership of Shares, Share Certificates
Level: Level 1

Topic: Contract Law, Types of capital and the financing of companies
Series: MAR 2024

BCL – Mar 2024 – L1 – Q3b – Company Law

Analyze the chances of success for shareholders' action against the company under the Companies Act, 2019 (Act 992) and explain the organs through which a company acts.

Question

Kofi Ameyaw and Salia Sule, shareholders of Bubra Ltd, commenced an action in court against the company alleging that properties of the company had been misapplied and wasted, and that certain mortgages were improperly secured as guarantee with the company’s properties. In their action, they also alleged that the company gave negligent advice which had resulted in their suffering economic loss which was personal and individual to them. Kofi Ameyaw and Salia Sule are seeking an order of the court for the company to account for the appointment of a Receiver.

Required:

i) Explain the chances of Kofi Ameyaw and Salia Sule in their court action, in the light of the provisions of the Companies Act, 2019 (Act 992). (9 marks)

ii) Explain FOUR (4) entities or organs through which a company can act pursuant to provisions of the Companies Act, 2019 (Act 992). (6 marks)

Answer

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Tags: Companies Act, Company Law, Legal Remedies, Oppression, Shareholders’ Rights
Level: Level 1

Topic: Contract Law
Series: MAR 2024

BCL – Nov 2023 – L1 – Q4b – Alternative Forms and Constitutions of Business Organisations

Advise on the registration requirements for an association under the Companies Act, 2019 (Act 992).

Question

b) A 30-member youth group came together for the purpose of social gathering and to have fun. They called their group Bagawire Association. Soon, the group, from voluntary contributions, accrued some amount of money (from financial gains) from their indirect transactions. At the end of each year, they declared what they described as “Dividends.” An argument ensued among them with some saying that they should register the group as a company now that they are making financial gains, while others disagreed.

Required: Advise the group in respect of the requirement under the Companies Act, 2019 (Act 992) for the proposed registration. (5 marks)

Answer

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Tags: Associations, Companies Act, Company Registration
Level: Level 1

Topic: Alternative forms and constitutions of business organisations
Series: NOV 2023

BCL – July 2023 – L1 – Q3b – Company Directors and Other Officers

Explain factors disqualifying an individual from being a director and the legality of using a substitute director.

Question

Atibie family owned an enterprise devoted to the supply of plumbing materials. A business adviser working with H&H Bank advised the family to convert from an enterprise to a limited liability company to qualify for a discounted interest loan facility. The head of Atibie family stated as follows: “Any member of the family can be appointed as a board member of the new company.”

The head of Atibie family reasons that the company can make use of a Substitute Director in case they have no one to appoint as a substantive Director.

Required:

i) Explain FIVE (5) factors that could disqualify a member of Atibie family from being appointed a member of the board. (10 marks)

ii) Explain why the head of Atibie family is right or wrong on the use of a Substitute Director. (5 marks)

Answer

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Tags: Companies Act, Company Directors, Disqualification, Substitute Director
Level: Level 1

Topic: Company directors and other officers
Series: JULY 2023

BMIS – March 2024 – L1 – Q1a – The business organisation and its stakeholders

Explain five features of a Public Limited Liability Company to a friend considering investment options.

Question

You have been approached by a high school friend for advice as to the form of business organisation in which he should invest. He indicates to you that he does not necessarily want to be directly involved in the day-to-day running of the business because he has family matters to attend to. You intend to recommend that he invests in a public limited liability company.

Required: Explain FIVE (5) features of a Public Limited Liability Company to your friend.

Answer

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Tags: Business organization, Companies Act, Company features, Investment advice, Public Limited Liability Company
Level: Level 1

Topic: The Business Organisation and its Stakeholders
Series: MAR 2024

Question Tag: Companies Act

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BCL – Nov 2024 – L1 – Q5a – Annual General Meeting (AGM) Requirements

Legal requirements for holding an AGM and consequences of non-compliance.

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AA – May 2017 – L2 – Q1c – Regulatory Framework and Audit Responsibilities

Explanation of five duties and rights of auditors under the Companies Act, 1963 (Act 179).

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AA – Nov 2016 – L2 – Q4c – Regulatory Framework and Audit Responsibilities

Outline the procedures for appointing auditors according to the Companies Act.

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AA – Nov 2016 – L2 – Q1b – Regulatory Framework and Audit Responsibilities

Explain the duties and rights of an auditor under the Companies Act.

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AA – May 2020 – L2 – Q2c – Regulatory Framework and Audit Responsibilities

Comment on the powers of the Registrar General regarding auditor appointments in the scenario.

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AA – Aug 2022 – L2 – Q1a – Regulatory Framework and Audit Responsibilities

This question discusses why the Companies Act, 2019 (Act 992) prohibits accounting firms from offering non-audit services to audit clients.

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AA – April 2022 – L2 – Q2a – Regulatory Framework and Audit Responsibilities

Identify the rights of an auditor and actions when rights are denied.

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BCL – Nov 2020 – L1 – Q2c – Types of Capital and the Financing of Companies

Explain the concepts of a fixed charge and a bond in the context of loans taken by companies.

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BCL – Nov 2020 – L1 – Q2b – Types of Capital and the Financing of Companies

Identify two prohibited transactions in shares under Section 56(1) of the Companies Act, 1963 ACT 179.

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BCL – Nov 2020 – L1 – Q2a – Legal Implications Relating to Companies in Difficulty or in Crisis

Analyze the liability of officers and the company for changing the business object and the likely actions by the Registrar-General.

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BCL – May 2017 – L1 – Q4a – Types of Companies and Their Legal Structure

Explain the different types of companies under the Companies Act, 1963 (Act 179).

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BCL – May 2016 – L1 – Q5a – Company Law

State five items required by law in the regulations of a company registered under the Companies Act.

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BCL – Mar 2024 – L1 – Q5d – Legal Implications Relating to Companies in Difficulty or in Crisis

Distinguish between "Arrangement" and "Amalgamation" in company law.

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BCL – Mar 2024 – L1 – Q5a – Types of Capital and the Financing of Companies

Identify and explain prohibited transactions in shares under the Companies Act, 2019 (Act 992).

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BCL – Mar 2024 – L1 – Q4c – Types of Capital and the Financing of Companies, Company Law

Explain the legal significance of statements made in a share certificate under the Companies Act, 2019 (Act 992).

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BCL – Mar 2024 – L1 – Q3b – Company Law

Analyze the chances of success for shareholders' action against the company under the Companies Act, 2019 (Act 992) and explain the organs through which a company acts.

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BCL – Nov 2023 – L1 – Q4b – Alternative Forms and Constitutions of Business Organisations

Advise on the registration requirements for an association under the Companies Act, 2019 (Act 992).

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BCL – July 2023 – L1 – Q3b – Company Directors and Other Officers

Explain factors disqualifying an individual from being a director and the legality of using a substitute director.

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BMIS – March 2024 – L1 – Q1a – The business organisation and its stakeholders

Explain five features of a Public Limited Liability Company to a friend considering investment options.

You're reporting an error for "BMIS – March 2024 – L1 – Q1a – The business organisation and its stakeholders"

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