Company Law – Page 10

FR – Nov 2023 – L2 – Q7a – Regulatory Framework for Financial Reporting

Discusses main sources of financial reporting regulations and reasons for regulatory practices.

Question

Within the context of financial reporting and regulatory frameworks:

i. Discuss the main sources of regulations. (3 Marks)
ii. Discuss TWO reasons why financial reporting practice should be regulated. (2 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Standards, Company Law, Financial Reporting, Regulations, Regulatory Rationale, Stock Exchange
Level: Level 2

Topic: Regulatory Framework for Financial Reporting

BL – Nov 2020 – L1 – SB – Q1d – Company Law

List powers exercised by the Annual General Meeting (AGM) of a company.

Question

One of the two organs of a company is the general meeting of members.

Required:
State FOUR powers of the Annual General Meeting.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Annual General Meeting, Company Law, Corporate Powers, Shareholder Rights
Level: Level 1

Topic: Company Law
Series: NOV 2020

BL – Nov 2020 – L1 – SA – Q4 – Company Law

Objective question testing knowledge on instances where a court may disregard corporate personality.

Question

4. A situation in which the court would disregard the distinction between the personalities of a company and its members is
A. Subrogation
B. Alienation
C. Lifting the veil of incorporation
D. Disregarding the law
E. The rule in Foss vs. Habbotle

Answer

Find Related Questions by Tags, levels, etc.

Tags: Company Law, Corporate Personality, Legal Principles, Veil of Incorporation
Level: Level 1

Topic: Company Law
Series: NOV 2020

BL – May 2012 – L1 – SB – Q6B – Company Law

Explain two fiduciary duties of a company director.

Question

Directors of companies are placed in special and unique positions. Their status imposes certain duties on them, and these include fiduciary duties.

Required:
Explain any TWO fiduciary duties of a company director.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Law, Company Law, Directors' Duties
Level: Level 1

Topic: Company Law
Series: MAY 2012

BL – May 2012 – L1 – SB – Q6A – Company Law

Advise on the importance of filing annual returns for Xeyoze Limited.

Question

Xeyoze Limited was incorporated by the Corporate Affairs Commission on February 1, 2010. On March 1, 2011, the company bid for a contract to rehabilitate one of the nation’s oil refineries. This contract attracted scores of bidders because it was seen as a very lucrative one. A rival bidder objected to the competence of Xeyoze Limited to bid for the contract on the ground that an investigation at the Corporate Affairs Commission revealed that the company has not filed its annual returns.

Required: Advise Xeyoze Limited on the following:

(i) The importance of filing annual returns. (2 Marks)
(ii) The period within which the annual returns must be filed. (2 Marks)
(iii) The consequences of failure to file annual returns. (2 Marks)
(iv) Whether it is optional to file the annual returns or not (2 Marks)
(v) What is your advice if the contract was bid for on October 1, 2010? (3 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Law, Company Law, Compliance
Level: Level 1

Topic: Company Law
Series: MAY 2012

BL – May 2012 – L1 – SB – Q1B – Company Law

Advise Halidu on transferring shares to raise money for school fees.

Question

Halidu holds one million shares in Realshares Nigeria Plc. Zaidi, his son, has just returned from the University of Basel because he could not pay school fees. Halidu is cash-strapped and wants to know whether he could transfer his shares to someone else to raise money to pay the fees.
Required: Advise Halidu, stating the statutory conditions by which he could transfer his shares. (5 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Law, Company Law, Share Transfer
Level: Level 1

Topic: Company Law
Series: MAY 2012

BL – May 2012 – L1 – SA – Q18 – Company Law

Identify the concept that allows a company to continue existing despite changes in ownership.

Question

The fact that a company cannot die connotes that it has:

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Law, Company Law, Perpetual Succession
Level: Level 1

Topic: Company Law
Series: MAY 2012

BL – May 2012 – L1 – SA – Q10 – Company Law

State the resolution required for a compulsory winding up of a company.

Question

State the type of resolution that is required in order to effect a compulsory winding-up of a company by the Federal High Court.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Law, Company Law, Winding-up
Level: Level 1

Topic: Company Law
Series: MAY 2012

BL – Nov 2011 – L1 – SB – Q4 – Company Law

Understanding the principles of the Salomon vs Salomon & Co Ltd case, circumstances for lifting the veil of incorporation, and statutory terms of partnership agreements

Question

(a) Explain the legal principle(s) established in the case of Salomon vs Salomon Co. Ltd. (1897). (2 Marks)

(b) State FOUR circumstances when the veil of incorporation of a company may be lifted under statute. (4 Marks)

(d) State FIVE statutory terms of a Partnership Agreement as contained in Sections 24 and 25 of the Partnership Act 1890. (5 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Company Law, Legal Personality, Lifting the Veil, Partnership Agreement
Level: Level 1

Topic: Company Law
Series: NOV 2011

BL – Nov 2011 – L1 – SA – Q9 – Company Law

Identifying the type of company that limits liability to contributions of members.

Question

A company that limits its liability by what members undertake to contribute to its capital is called …………………………

Answer

Find Related Questions by Tags, levels, etc.

Tags: Company Law, Liability of Members, Limited by Guarantee
Level: Level 1

Topic: Company Law
Series: NOV 2011

BL – Nov 2019 – L1 – SB – Q3a – Company Law

Legal advice on the entitlement of a director to remuneration and reimbursement in the absence of an agreement.

Question

Bala and Yesufu are joint directors and shareholders of YEBA Limited, which was incorporated in 2015. Yesufu was appointed the Managing Director, and Bala, the Operations Director. The Articles of Association of YEBA Limited were silent on directors’ remuneration, and there was no written agreement to pay remuneration to the directors of the company.

Bala had attended several board meetings from 2015 to 2017, travelling from Abuja to Lagos at his own expense. In 2018, Bala wrote to YEBA Limited through Yesufu, claiming N2 million annual director’s remuneration for years 2015 to 2017, as well as a total sum of N2 million reimbursement of his travelling expenses for the same period.

YEBA Limited has refused to pay both claims, insisting that there is no agreement for such payments to be made to the directors of the company. Bala is aggrieved and intends to take legal action against YEBA Limited.

Required:
Advise Bala, stating the legal issues involved.

(8 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Articles of Association, Company Law, Director Remuneration, Reimbursement
Level: Level 1

Topic: Company Law
Series: NOV 2019

BL – Nov 2019 – L1 – SB – Q1c – Company Law

Explanation of circumstances that may disqualify a director from office.

Question

Company directors are appointed by the shareholders to manage the company.
Required:
Explain briefly FIVE circumstances that may disqualify a director from office. (10 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Company Law, Directors, Disqualification, Shareholders
Level: Level 1

Topic: Contract Law
Series: NOV 2019

BL – May 2023 – L1 – SB – Q4A – Company Law

Explain the steps in the procedure for the removal of statutory auditors from a public company.

Question

The Companies and Allied Matters Act, 2020 stipulates that public companies must appoint statutory auditors.

Required:
Explain briefly FOUR of the steps in the procedure for the removal of auditors of a public company before the expiration of their tenure of office.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Auditors, Company Law, Legal Compliance, Removal Procedures
Level: Level 1

Topic: Company Law
Series: MAY 2023

BL – May 2023 – L1 – SB – Q3D – Company Law

Identify the persons who can petition the court for the winding up of a public company.

Question

A public company may be wound up by order of court.

Required:
State FOUR persons that could petition the court for the winding up of a public company.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Company Law, Legal Proceedings, Public Company, Winding-up
Level: Level 1

Topic: Company Law
Series: MAY 2023

BL – May 2023 – L1 – SA – Q20 – Company Law

Identify the maximum turnover threshold for a small company under the Companies and Allied Matters Act.

Question

The maximum turnover of a small company under the Companies and Allied Matters Act, 2020 is:

A. ₦160,000,000
B. ₦150,000,000
C. ₦140,000,000
D. ₦130,000,000
E. ₦120,000,000

Answer

Find Related Questions by Tags, levels, etc.

Tags: Company Law, Financial Threshold, Small Company
Level: Level 1

Topic: Company Law
Series: MAY 2023

BL – May 2023 – L1 – SA – Q15 – Company Law

Identify the effect of a receivership order on company operations.

Question

Which of the following is an effect of a receivership order?

A. Powers of the company directors cease
B. The Company Secretary becomes the Receiver Manager
C. The shareholders take over the company’s assets
D. The official receiver locks up the company
E. The debtors are imprisoned

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business operations, Company Law, Legal Effects, Receivership
Level: Level 1

Topic: Company Law
Series: MAY 2023

BL – May 2023 – L1 – SA – Q14 – Company Law

Identify who appoints the first statutory auditors of a company.

Question

…………………. appoints the first statutory auditors of a company.

A. Audit Committee
B. Finance Executive
C. Company Secretary
D. Board of Directors
E. Shareholders

Answer

Find Related Questions by Tags, levels, etc.

Tags: Appointments, Company Law, Legal Framework, Statutory Auditors
Level: Level 1

Topic: Company Law
Series: MAY 2023

BL – May 2023 – L1 – SA – Q11 – Company Law

Identify when shareholding qualification is required for a director.

Question

When is shareholding qualification required of a director?

A. To screen those qualified
B. At the direction of the Corporate Affairs Commission
C. When stipulated by the Memorandum of Association
D. When stipulated by the Articles of Association
E. When required by a Bill

Answer

Find Related Questions by Tags, levels, etc.

Tags: Company Law, Corporate Governance, Director Qualification, Shareholding

Topic: Company Law
Series: MAY 2023

BL – May 2017 – L1 – SB – Q6e – Company Law

Highlights three critical areas that an auditor must focus on while auditing a company.

Question

The firm of Hazeem is being considered as the Auditor of Kunte Plc. The company has approached you for advice on his duties as an auditor.

Required:
State three matters that Hazeem’s audit must cover.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Auditor Duties, Company Law, Compliance Audit, Financial audit
Level: Level 1

Topic: Company Law
Series: MAY 2016

BMF – May 2023 – L1 – SA – Q4 – Business and Organizational Structures and Choices

Identify the required nominal share capital for a Public Limited Liability (PLC) company upon incorporation as per CAMA 2020.

Question

In respect of Public Limited Liability (PLC) companies, the position of CAMA 2020 is that upon incorporation:

A. N200,000 in nominal value of its share capital must have been issued
B. N400,000 in nominal value of its share capital must have been issued
C. N2,000,000 in nominal value of its share capital must have been issued
D. N4,000,000 in nominal value of its share capital must have been issued
E. N20,000,000 in nominal value of its share capital must have been issued

Answer

Find Related Questions by Tags, levels, etc.

Tags: CAMA 2020, Company Law, Incorporation, Public Limited Liability Company
Level: Level 1

Topic: Business and Organizational Structures and Choices
Series: MAY 2023

Question Tag: Company Law

Filter by Professional Bodies

Filter by Subject

Filter by Series

Filter by Topics

Filter by Levels

FR – Nov 2023 – L2 – Q7a – Regulatory Framework for Financial Reporting

Discusses main sources of financial reporting regulations and reasons for regulatory practices.

You're reporting an error for "FR – Nov 2023 – L2 – Q7a – Regulatory Framework for Financial Reporting"

BL – Nov 2020 – L1 – SB – Q1d – Company Law

List powers exercised by the Annual General Meeting (AGM) of a company.

You're reporting an error for "BL – Nov 2020 – L1 – SB – Q1d – Company Law"

BL – Nov 2020 – L1 – SA – Q4 – Company Law

Objective question testing knowledge on instances where a court may disregard corporate personality.

You're reporting an error for "BL – Nov 2020 – L1 – SA – Q4 – Company Law"

BL – May 2012 – L1 – SB – Q6B – Company Law

Explain two fiduciary duties of a company director.

You're reporting an error for "BL – May 2012 – L1 – SB – Q6B – Company Law"

BL – May 2012 – L1 – SB – Q6A – Company Law

Advise on the importance of filing annual returns for Xeyoze Limited.

You're reporting an error for "BL – May 2012 – L1 – SB – Q6A – Company Law"

BL – May 2012 – L1 – SB – Q1B – Company Law

Advise Halidu on transferring shares to raise money for school fees.

You're reporting an error for "BL – May 2012 – L1 – SB – Q1B – Company Law"

BL – May 2012 – L1 – SA – Q18 – Company Law

Identify the concept that allows a company to continue existing despite changes in ownership.

You're reporting an error for "BL – May 2012 – L1 – SA – Q18 – Company Law"

BL – May 2012 – L1 – SA – Q10 – Company Law

State the resolution required for a compulsory winding up of a company.

You're reporting an error for "BL – May 2012 – L1 – SA – Q10 – Company Law"

BL – Nov 2011 – L1 – SB – Q4 – Company Law

Understanding the principles of the Salomon vs Salomon & Co Ltd case, circumstances for lifting the veil of incorporation, and statutory terms of partnership agreements

You're reporting an error for "BL – Nov 2011 – L1 – SB – Q4 – Company Law"

BL – Nov 2011 – L1 – SA – Q9 – Company Law

Identifying the type of company that limits liability to contributions of members.

You're reporting an error for "BL – Nov 2011 – L1 – SA – Q9 – Company Law"

BL – Nov 2019 – L1 – SB – Q3a – Company Law

Legal advice on the entitlement of a director to remuneration and reimbursement in the absence of an agreement.

You're reporting an error for "BL – Nov 2019 – L1 – SB – Q3a – Company Law"

BL – Nov 2019 – L1 – SB – Q1c – Company Law

Explanation of circumstances that may disqualify a director from office.

You're reporting an error for "BL – Nov 2019 – L1 – SB – Q1c – Company Law"

BL – May 2023 – L1 – SB – Q4A – Company Law

Explain the steps in the procedure for the removal of statutory auditors from a public company.

You're reporting an error for "BL – May 2023 – L1 – SB – Q4A – Company Law"

BL – May 2023 – L1 – SB – Q3D – Company Law

Identify the persons who can petition the court for the winding up of a public company.

You're reporting an error for "BL – May 2023 – L1 – SB – Q3D – Company Law"

BL – May 2023 – L1 – SA – Q20 – Company Law

Identify the maximum turnover threshold for a small company under the Companies and Allied Matters Act.

You're reporting an error for "BL – May 2023 – L1 – SA – Q20 – Company Law"

BL – May 2023 – L1 – SA – Q15 – Company Law

Identify the effect of a receivership order on company operations.

You're reporting an error for "BL – May 2023 – L1 – SA – Q15 – Company Law"

BL – May 2023 – L1 – SA – Q14 – Company Law

Identify who appoints the first statutory auditors of a company.

You're reporting an error for "BL – May 2023 – L1 – SA – Q14 – Company Law"

BL – May 2023 – L1 – SA – Q11 – Company Law

Identify when shareholding qualification is required for a director.

You're reporting an error for "BL – May 2023 – L1 – SA – Q11 – Company Law"

BL – May 2017 – L1 – SB – Q6e – Company Law

Highlights three critical areas that an auditor must focus on while auditing a company.

You're reporting an error for "BL – May 2017 – L1 – SB – Q6e – Company Law"

BMF – May 2023 – L1 – SA – Q4 – Business and Organizational Structures and Choices

Identify the required nominal share capital for a Public Limited Liability (PLC) company upon incorporation as per CAMA 2020.

You're reporting an error for "BMF – May 2023 – L1 – SA – Q4 – Business and Organizational Structures and Choices"

Our offerings

Contact Info

Customer

Get In Touch

admin