Company Law – Page 16

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 2018 – L1 – Q6a – Types of Capital and the Financing of Companies

Explain three main effects of the incorporation of a company under the Companies Act.

Question

Explain THREE (3) main effects of incorporation of a company under the Companies Act 1963 (Act 179).

(9 marks)

Answer

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Tags: Company Incorporation, Company Law, Corporate Identity, Legal Effects
Level: Level 1

Topic: Types of capital and the financing of companies
Series: NOV 2018

BCL – Nov 2018 – L1 – Q4a – Company Law

Explain three privileges available to shareholders with cumulative preference shares.

Question

Explain THREE (3) privileges available to shareholders/members of a company limited by shares with cumulative preference shares. (12 marks)

Answer

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Tags: Company Law, Dividends, Preference shares, Shareholder Privileges, Winding-up
Level: Level 1

Topic: Contract Law
Series: NOV 2018

BCL – Nov 2018 – L1 – Q3c – Company Law

Identify five situations in which a court can order a company to be wound up.

Question

Identify FIVE (5) situations in which a company can be ordered by court to wind up. (8 marks)

Answer

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Tags: Company Law, Corporate Insolvency, Court Order, Liquidation, Winding-up
Level: Level 1

Topic: Contract Law
Series: NOV 2018

BCL – Nov 2018 – L1 – Q3b – Company Law

List three civil liabilities that can be brought against a director for breaching their duty.

Question

As part of the duty, a director of a company stands in a fiduciary relationship towards the company and shall observe the utmost good faith towards the company in a transaction with it or on its behalf. He or she shall act at all times in what the director believes to be the best interests of the company as a whole so as to preserve its assets, further its business, and promote the purposes for which it was formed, and in a manner that a faithful, diligent, careful, and skillful director would act in the circumstances. Besides, a director is not to use for his or her own advantage the money or property of the company or confidential information or special knowledge obtained in his or her capacity.

Required:
List THREE (3) civil liabilities that are to be brought against a director who commits a breach of duty and violates the rules regarding conflict of interest.

(6 marks)

Answer

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Tags: Breach of Duty, Civil Liabilities, Company Law, Corporate Governance, Directors' Duties
Level: Level 1

Topic: Contract Law
Series: NOV 2018

BCL – Nov 2018 – L1 – Q3a – Company Law

State three items required in the register of members/shareholders of a company.

Question

State THREE (3) items that need to be in the register of members/shareholders of a company. (6 marks)

Answer

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Tags: Company Law, Corporate Governance, Register of Members, Shareholders
Level: Level 1

Topic: Contract Law
Series: NOV 2018

BCL – May 2018 – L1 – Q7b – Company Meetings and Resolutions

Define a special resolution under the Companies Act.

Question

Define special resolution. (4 marks)

Answer

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Tags: Company Law, Resolutions, Special Resolution
Level: Level 1

Topic: Company Meetings and Resolutions
Series: MAY 2018

BCL – May 2018 – L1 – Q7a – Legal Implications Relating to Companies in Difficulty or Crisis

State four persons who are incompetent to be appointed liquidators.

Question

a) State FOUR persons who are incompetent to be appointed liquidators. (4 marks)

Answer

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Tags: Company Law, Incompetency, Liquidators
Level: Level 1

Topic: Legal implications relating to companies in difficulty or in crisis
Series: MAY 2018

BCL – May 2018 – L1 – Q6a – Types of Capital and the Financing of Companies

Explain how a company acquires interest in pre-incorporation contracts.

Question

a) Explain how a company acquires interest in pre-incorporation contracts. (4 marks)

Answer

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Tags: Company Law, Contract Ratification, Pre-Incorporation Contracts
Level: Level 1

Topic: Types of capital and the financing of companies
Series: MAY 2018

BCL – Nov 2015 – L1 – Q6 – Legal Implications Relating to Companies in Difficulty or in Crisis

Define company membership and outline the commercial duties of a liquidator appointed by company members.

Question

a) Who is a member of a company? (5 marks)
b) What are the commercial duties of a liquidator appointed by the members of a company? (15 marks)
(Total=20 marks)

Answer

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Tags: Company Law, Liquidation, Liquidator Duties, Membership
Level: Level 1

Topic: Legal implications relating to companies in difficulty or in crisis
Series: NOV 2015

BCL – Nov 2015 – L1 – Q5 – Types of Capital and the Financing of Companies

Discuss prohibited transactions in respect of shares and the reasons for these prohibitions.

Question

The Directors of a company are prohibited from making certain transactions in respect of shares. Mention the prohibited transactions and discuss fully the reasons for the prohibitions. (20 marks)

Answer

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Tags: Company Law, Corporate finance, Prohibited Transactions, Shares
Level: Level 1

Topic: Types of capital and the financing of companies
Series: NOV 2015

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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BCL – Nov 2018 – L1 – Q6a – Types of Capital and the Financing of Companies

Explain three main effects of the incorporation of a company under the Companies Act.

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BCL – Nov 2018 – L1 – Q4a – Company Law

Explain three privileges available to shareholders with cumulative preference shares.

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BCL – Nov 2018 – L1 – Q3c – Company Law

Identify five situations in which a court can order a company to be wound up.

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BCL – Nov 2018 – L1 – Q3b – Company Law

List three civil liabilities that can be brought against a director for breaching their duty.

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BCL – Nov 2018 – L1 – Q3a – Company Law

State three items required in the register of members/shareholders of a company.

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BCL – May 2018 – L1 – Q7b – Company Meetings and Resolutions

Define a special resolution under the Companies Act.

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BCL – May 2018 – L1 – Q7a – Legal Implications Relating to Companies in Difficulty or Crisis

State four persons who are incompetent to be appointed liquidators.

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BCL – May 2018 – L1 – Q6a – Types of Capital and the Financing of Companies

Explain how a company acquires interest in pre-incorporation contracts.

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BCL – Nov 2015 – L1 – Q6 – Legal Implications Relating to Companies in Difficulty or in Crisis

Define company membership and outline the commercial duties of a liquidator appointed by company members.

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BCL – Nov 2015 – L1 – Q5 – Types of Capital and the Financing of Companies

Discuss prohibited transactions in respect of shares and the reasons for these prohibitions.

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