Company Law – Page 13

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

BCL – Nov 2020 – L1 – Q3b – Legal Implications Relating to Companies in Difficulty or in Crisis

Explain the term "amalgamation" as used in company law.

Question

Explain the term amalgamation as used in company law.

(3 marks)

Answer

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Tags: Amalgamation, Company Law, Merger
Level: Level 1

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

BCL – Nov 2020 – L1 – Q3a – Company Meetings and Resolutions

Identify processes required to vary the class rights of shareholders without court sanction.

Question

Identify TWO (2) processes required to vary the class rights of shareholders without the sanction of the Court. (4 marks)

Answer

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Tags: Class Rights, Company Law, Shareholders, Special Resolution
Level: Level 1

Topic: Company Meetings and Resolutions
Series: NOV 2020

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 – Q6c – Company Law

State the circumstances under which the Registrar of Companies will refuse to register the proposed regulations of a company.

Question

c) State the circumstances under which the Registrar of Companies shall refuse to register the proposed Regulations of a company. (6 marks)

Answer

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Tags: Company Law, Company Registration, Compliance, Registrar of Companies
Level: Level 1

Topic: Contract Law
Series: MAY 2017

BCL – May 2017 – L1 – Q6b – Company Law

Explain the concept of legal personality of a company in a scenario of ownership disputes among friends.

Question

b) Three friends pooled their resources to form a company. After some time and while the company was running, differences arose among them. Each claimed ownership of the company.

Required: Explain the concept of legal personality of a Company in the light of the above facts. (7 marks)

Answer

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Tags: Company Law, Dispute Resolution, Legal Personality, Ownership
Level: Level 1

Topic: Contract Law
Series: MAY 2017

BCL – May 2017 – L1 – Q5b – Types of capital and the financing of companies

List the stages involved in official or compulsory liquidation.

Question

b) List the stages involved in official or compulsory liquidation. (4 marks)

Answer

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Tags: Company Law, Compulsory Liquidation, Liquidation Stages, Official Liquidation
Level: Level 1

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

BCL – May 2017 – L1 – Q5a – Types of capital and the financing of companies

List and explain the duties of a liquidator under private or solvent

Question

a) The liquidator under private or solvent liquidation performs certain duties. State THREE of these duties. (10 marks)

Answer

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Tags: Company Law, Duties of Liquidator, Liquidation, Winding-up
Level: Level 1

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

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

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.

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.

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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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BCL – Nov 2020 – L1 – Q3b – Legal Implications Relating to Companies in Difficulty or in Crisis

Explain the term "amalgamation" as used in company law.

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BCL – Nov 2020 – L1 – Q3a – Company Meetings and Resolutions

Identify processes required to vary the class rights of shareholders without court sanction.

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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.

You're reporting an error for "BCL – Nov 2020 – L1 – Q2c – Types of Capital and the Financing of Companies"

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.

You're reporting an error for "BCL – Nov 2020 – L1 – Q2b – Types of Capital and the Financing of Companies"

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.

You're reporting an error for "BCL – Nov 2020 – L1 – Q2a – Legal Implications Relating to Companies in Difficulty or in Crisis"

BCL – May 2017 – L1 – Q6c – Company Law

State the circumstances under which the Registrar of Companies will refuse to register the proposed regulations of a company.

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BCL – May 2017 – L1 – Q6b – Company Law

Explain the concept of legal personality of a company in a scenario of ownership disputes among friends.

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BCL – May 2017 – L1 – Q5b – Types of capital and the financing of companies

List the stages involved in official or compulsory liquidation.

You're reporting an error for "BCL – May 2017 – L1 – Q5b – Types of capital and the financing of companies"

BCL – May 2017 – L1 – Q5a – Types of capital and the financing of companies

List and explain the duties of a liquidator under private or solvent

You're reporting an error for "BCL – May 2017 – L1 – Q5a – Types of capital and the financing of companies"

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).

You're reporting an error for "BCL – May 2017 – L1 – Q4a – Types of Companies and Their Legal Structure"

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