Company Law – Page 11

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 – May 2017 – L1 – SB – Q2b – Company Law | Partnership Law

Outlines permissible cases of capital reduction under CAMA and purposes for reducing share capital.

Question

Section 105(1) of the Companies and Allied Matters Act (CAMA) provides that “except as provided by this Act, a company having share capital shall not reduce its issued capital.”
Required:
i. State TWO cases of capital reduction permitted under the CAMA.
(2 Marks)

ii. State TWO purposes for which a company may reduce its share capital under the CAMA.
(2 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Capital Reduction, Companies and Allied Matters Act (CAMA), Company Law, Limited Partnership
Level: Level 1

Topic: Company Law, Partnership Law
Series: MAY 2017

BL – May 2017 – L1 – SA – Q6 – Company Law

Identifying non-inclusion in the tests for insolvency under Companies and Allied Matters Act.

Question

Under the Companies and Allied Matters Act, the tests for insolvency do NOT include
A. Inability of a company to pay a debt exceeding ₦2,000 three weeks after demand
B. The existence of court process issued in respect of a judgment debt
C. A court ruling that the company is unable to pay its debts
D. The existence of company’s liability in excess of its assets
E. Outstanding debts owed by the company in excess of one billion naira

Answer

Find Related Questions by Tags, levels, etc.

Tags: Company Law, Insolvency, Legal Tests
Level: Level 1

Topic: Company Law
Series: MAY 2017

BL – May 2017 – L1 – SA – Q5 – Company Law

Identifying non-qualifications for a public company secretary.

Question

The Secretary of a Public Company may have any of the following qualifications EXCEPT being a
A. Chartered Accountant
B. Chartered Secretary and Administrator
C. Legal Practitioner
D. Body corporate or firm consisting of the professionals listed above
E. Chartered Insurer

Answer

Find Related Questions by Tags, levels, etc.

Tags: Company Law, Corporate Governance, Qualifications
Level: Level 1

Topic: Company Law
Series: MAY 2017

BL – March July 2020 – L1 – SB – Q2c – Company Law

Involves a case regarding the liability of the company and its shareholders when the company is winding up.

Question

Chief Ochoma was a very successful electronics dealer as a sole proprietor. Two years ago, he incorporated a limited liability company with the name “Ochoma and Sons Limited” to take over the business. Ochoma and his sons are the subscribers of the 1,000,000 equity shares of the company at ₦1.00 per share. Chief Ochoma subscribed 970,000 shares and each of the three sons subscribed to 10,000 shares.

The company’s warehouse was razed by fire last year, and all the stock of electronics was burnt, resulting in the company’s huge indebtedness to unsecured trade creditors. In the process of winding up Ochoma and Sons Limited, the unsecured creditors insisted that Chief Ochoma should pay the debts the company owes them because he is the de facto owner of the company.

Required:
Advise Chief Ochoma, stating the legal issues involved.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Company Law, Corporate Veil, Limited Liability Company, Shareholding, Unsecured Creditors
Level: Level 1

Topic: Company Law
Series: MAR/JULY 2020

BL – March July 2020 – L1 – SB – Q2b – Company Law

Examines the consequences of incorporating a limited liability company.

Question

There are consequences of incorporation of a company.

Required:
State FIVE consequences of incorporation of a limited liability company.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Company Law, Incorporation, Limited Liability
Level: Level 1

Topic: Company Law
Series: MAR/JULY 2020

BL – MarJul 2020 – L1 – SA – Q5 – Company Law

Question assessing the role of a receiver/manager in managing the assets of an insolvent company.

Question

A person appointed by the secured creditors to manage the assets of an insolvent company is
A. Bailiff
B. Auctioneer
C. Debt Collector
D. Accounts Officer
E. Receiver/Manager

Answer

Find Related Questions by Tags, levels, etc.

Tags: Company Law, Insolvency, Management, Secured Creditors
Level: Level 1

Topic: Company Law
Series: MAR/JULY 2020

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

Question testing knowledge on the requirement for naming a private company under the Companies and Allied Matters Act 2004.

Question

Under the Companies and Allied Matters Act 2004, the name of a private company limited by shares shall end with the word:
A. Registered
B. Limited
C. Incorporated
D. Corporation
E. Cooperative

Answer

Find Related Questions by Tags, levels, etc.

Tags: CAMA, Company Law, Legal Requirements, Private Company
Level: Level 1

Topic: Company Law
Series: MAR/JULY 2020

BL – MAY 2016 – L1 – SB – Q1c – Company Law

This question addresses the minimum number of directors required, their appointment process, and the powers exercised at a general meeting.

Question

i. What is the minimum number of directors of a company? (1 Mark)

ii. Explain briefly how directors of a company are appointed. (3 Marks)

iii. Explain THREE powers exercised at a General Meeting of a company. (6 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Appointment, Company Directors, Company Law, Powers
Level: Level 1

Topic: Company Law
Series: MAY 2016

BL – MAY 2016 – L1 – SA – Q14 – Company Law

This question examines conditions that disqualify someone from being a director of a company.

Question

The following are disqualified from being directors of a company EXCEPT
A. A person under the age of 18
B. An insolvent person
C. A person certified to be insane
D. A 30-year-old unemployed person
E. A corporate other than its accredited representative

Answer

Find Related Questions by Tags, levels, etc.

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

Topic: Company Law
Series: MAY 2016

BL – May 2024 – L1 – SA – Q6 – Company Law

Identify the two types of insolvency recognized by law.

Question

The two types of insolvency recognized by the law are
A. Directors’ and shareholders’ insolvency
B. Members and company insolvency
C. CAC and company insolvency
D. Corporate and personal insolvency
E. Receiver and shareholders insolvency

Answer

Find Related Questions by Tags, levels, etc.

Tags: Company Law, Corporate Law, Insolvency, Personal Insolvency
Level: Level 1

Topic: Company Law
Series: MAY 2024

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 – May 2017 – L1 – SB – Q2b – Company Law | Partnership Law

Outlines permissible cases of capital reduction under CAMA and purposes for reducing share capital.

You're reporting an error for "BL – May 2017 – L1 – SB – Q2b – Company Law | Partnership Law"

BL – May 2017 – L1 – SA – Q6 – Company Law

Identifying non-inclusion in the tests for insolvency under Companies and Allied Matters Act.

You're reporting an error for "BL – May 2017 – L1 – SA – Q6 – Company Law"

BL – May 2017 – L1 – SA – Q5 – Company Law

Identifying non-qualifications for a public company secretary.

You're reporting an error for "BL – May 2017 – L1 – SA – Q5 – Company Law"

BL – March July 2020 – L1 – SB – Q2c – Company Law

Involves a case regarding the liability of the company and its shareholders when the company is winding up.

You're reporting an error for "BL – March July 2020 – L1 – SB – Q2c – Company Law"

BL – March July 2020 – L1 – SB – Q2b – Company Law

Examines the consequences of incorporating a limited liability company.

You're reporting an error for "BL – March July 2020 – L1 – SB – Q2b – Company Law"

BL – MarJul 2020 – L1 – SA – Q5 – Company Law

Question assessing the role of a receiver/manager in managing the assets of an insolvent company.

You're reporting an error for "BL – MarJul 2020 – L1 – SA – Q5 – Company Law"

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

Question testing knowledge on the requirement for naming a private company under the Companies and Allied Matters Act 2004.

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

BL – MAY 2016 – L1 – SB – Q1c – Company Law

This question addresses the minimum number of directors required, their appointment process, and the powers exercised at a general meeting.

You're reporting an error for "BL – MAY 2016 – L1 – SB – Q1c – Company Law"

BL – MAY 2016 – L1 – SA – Q14 – Company Law

This question examines conditions that disqualify someone from being a director of a company.

You're reporting an error for "BL – MAY 2016 – L1 – SA – Q14 – Company Law"

BL – May 2024 – L1 – SA – Q6 – Company Law

Identify the two types of insolvency recognized by law.

You're reporting an error for "BL – May 2024 – L1 – SA – Q6 – Company Law"

Our offerings

Contact Info

Customer

Get In Touch

admin