Company Law – Page 12

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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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

Topic: Company Law
Series: NOV 2011

BL – May 2024 – L1 – SA – Q5 – Company Law

Identify the document that regulates a company’s external relations.

Question

The documents of incorporation that regulate the company’s external relations is the
A. Articles of Association
B. Articles of incorporation
C. Memorandum of Association
D. Memorandum of Understanding
E. Bye-law

Answer

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Tags: Company Law, External Relations, Incorporation, Legal System
Level: Level 1

Topic: Company Law
Series: MAY 2024

BL – May 2024 – L1 – SA – Q4 – Company Law

Identifying the maximum turnover for a small company under Nigerian law.

Question

The maximum turnover of a small company is
A. N20 million
B. N50 million
C. N80 million
D. N100 million
E. N120 million

Answer

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Tags: Business Law, Company Law, Legal Framework, Small Companies, Turnover
Level: Level 1

Topic: Company Law
Series: MAY 2024

BL – May 2015 – L1 – SB – Q3c – Company Law

State and explain two requirements for transferring shares under the Companies and Allied Matters Act (CAMA).

Question

Mr. ‘A’, a shareholder of Zee Limited, desires to transfer his shares in the company to Mr. ‘B’.
Required: State and explain any TWO requirements of the Companies and Allied Matters Act that must be met for the transfer of Mr. A’s shares to Mr. ‘B’ to be effective. (5 Marks)

Answer

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Tags: CAMA, Company Law, Transfer of Shares
Level: Level 1

Topic: Company Law
Series: MAY 2015

BL – May 2015 – L1 – SB – Q3b – Company Law

State the qualifications required to be appointed as a company director.

Question

The Companies and Allied Matters Act requires limited liability companies to have at least two directors.

Required:

Explain any TWO qualifications that a person must possess to be eligible for appointment as a director of a company. (5 Marks)

Answer

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Tags: Company Law, Director Qualifications
Level: Level 1

Topic: Company Law
Series: MAY 2015

BL – May 2015 – L1 – SA – Q6 – Company Law

Identify which is NOT a remedy for breach of fiduciary duties by a director.

Question

The remedies for breach of fiduciary duties by a company director include the following EXCEPT
A. Accounting to the company for any gain made
B. Injunction
C. Action for negligence
D. Imprisonment
E. Removal from office

Answer

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Tags: Company Law, Fiduciary Duty
Level: Level 1

Topic: Company Law
Series: MAY 2015

BL – May 2015 – L1 – SA – Q5 – Company Law

Identify the time frame for a public company to hold its statutory meeting after incorporation.

Question

Within what period after incorporation is a public company required to hold its Statutory Meeting?
A. 1 month
B. 3 months
C. 6 months
D. 12 months
E. 18 months

Answer

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Tags: Company Law, Public Company, Statutory Meeting
Level: Level 1

Topic: Company Law
Series: MAY 2015

BCL – Nov 2020 – L1 – Q5b – Company Directors and Other Officers

Identify the conditions that apply when the regulations of a company require share qualification for directors.

Question

What TWO (2) conditions apply where the regulations of a company require share qualification? (10 marks)

Answer

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Tags: Company Law, Company Regulations, Directors, Share Qualification
Level: Level 1

Topic: Company directors and other officers
Series: NOV 2020

BCL – Nov 2020 – L1 – Q5a – Company Directors and Other Officers

Explain whether share qualification is a necessary prerequisite for the appointment as a director in a company.

Question

Explain briefly whether a share qualification is part of the necessary prerequisites for the appointment as director in a company. (5 marks)

Answer

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Tags: Company Law, Directors, Share Qualification
Level: Level 1

Topic: Company directors and other officers
Series: NOV 2020

BCL – Nov 2020 – L1 – Q3d – Company Directors and Other Officers

Assess the validity of a director’s appointment and identify possible remedies.

Question

Asamoah is a board member of Darling Company Ltd, a limited liability company with 5% shareholding by the Ghana Government. Asamoah was appointed to the board three years ago by the Founder/Executive Chairman.
Kofi Mintah, the Founder/Executive Chairman, and majority shareholder of the company, in accordance with the regulations, shall appoint five of the nine-member board. Two of the board members represent workers groups and the other two come from other shareholders including the government. Asamoah consented in writing to his appointment but the Minister of Information just announced the revocation of Asamoah’s appointment to the board. Kofi Mintah called Asamoah to inform him that the government’s announcement was null and void and should be ignored.

Required:
i) Explain whether the Minister of Information was justified in nullifying the appointment of Asamoah. (6 marks)
ii) What TWO (2) remedies, if any, are available to Asamoah in the circumstance of the case? (4 marks)

Answer

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Tags: Appointment, Company Law, Directors, Remedies, Shareholders
Level: Level 1

Topic: Company directors and other officers
Series: NOV 2020

BCL – Nov 2020 – L1 – Q3c – Legal Implications Relating to Companies in Difficulty or in Crisis

Briefly explain the concept of a takeover in relation to a company.

Question

Briefly explain take-over in relation to a company. (3 marks)

Answer

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Tags: Acquisition, Company Law, Takeover
Level: Level 1

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

Question Tag: Company Law

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

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

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

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

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

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

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

Explain two fiduciary duties of a company director.

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

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

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

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

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

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

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

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

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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

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

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

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BL – May 2024 – L1 – SA – Q5 – Company Law

Identify the document that regulates a company’s external relations.

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BL – May 2024 – L1 – SA – Q4 – Company Law

Identifying the maximum turnover for a small company under Nigerian law.

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BL – May 2015 – L1 – SB – Q3c – Company Law

State and explain two requirements for transferring shares under the Companies and Allied Matters Act (CAMA).

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BL – May 2015 – L1 – SB – Q3b – Company Law

State the qualifications required to be appointed as a company director.

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BL – May 2015 – L1 – SA – Q6 – Company Law

Identify which is NOT a remedy for breach of fiduciary duties by a director.

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BL – May 2015 – L1 – SA – Q5 – Company Law

Identify the time frame for a public company to hold its statutory meeting after incorporation.

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BCL – Nov 2020 – L1 – Q5b – Company Directors and Other Officers

Identify the conditions that apply when the regulations of a company require share qualification for directors.

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BCL – Nov 2020 – L1 – Q5a – Company Directors and Other Officers

Explain whether share qualification is a necessary prerequisite for the appointment as a director in a company.

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BCL – Nov 2020 – L1 – Q3d – Company Directors and Other Officers

Assess the validity of a director’s appointment and identify possible remedies.

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BCL – Nov 2020 – L1 – Q3c – Legal Implications Relating to Companies in Difficulty or in Crisis

Briefly explain the concept of a takeover in relation to a company.

You're reporting an error for "BCL – Nov 2020 – L1 – Q3c – Legal Implications Relating to Companies in Difficulty or in Crisis"

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