Company Law – Page 18

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 2019 – L1 – Q2d – Company directors and other officers

Options available to a minority shareholder and potential court reliefs in a company merger scenario.

Question

Kwame Akoto holds 15% share in Sikem Investment Ltd, a brokerage firm, which by the regulations of the company, entitled him to appoint a director. To avoid the strict and high standards of banking, the Regulations of Sikem Investment prohibits banking and savings and loan schemes. Kwame Akoto received a letter from Mr. Pinkrah, Managing Director and 55% shareholder, that the company has merged with Sikaman Group owned 100% by Mr. Pinkrah. The merged company will upgrade into a full bank within the next three months. The shares of Kwame Akoto and all minority shareholders with Sikem Investment Ltd will be converted into a loan at 10% per annum interest with principal repayment schedule over the next five years. Mr. Pinkrah took all decisions alone without consulting the seven members on the board. All attempts to hold a board meeting to discuss the issues have been thwarted by Mr. Pinkrah.

Required:

i) State THREE (3) options open to Kwame Akoto in the circumstance of this case. (6 marks)

ii) State FOUR (4) likely reliefs the court may grant. (4 marks)

Answer

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Tags: Company Law, Legal Remedies, Minority Protection, Shareholder Rights
Level: Level 1

Topic: Company directors and other officers
Series: NOV 2019

BCL – Nov 2019 – L1 – Q2a – Types of capital and the financing of companies

Explanation of advantages of a company limited by shares.

Question

Section 9 of the Companies Act, 1963 (Act 179) provides that a company limited by shares is “a company having the liability of its members limited to the amount, if any, unpaid on the shares respectively held by them”.

Required:
State and explain TWO (2) advantages that exist for a company limited by shares. (2 marks)

Answer

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Tags: Business Entities, Company Law, Limited Liability
Level: Level 1

Topic: Types of capital and the financing of companies
Series: NOV 2019

BCL – Mar 2023 – L1 – Q5b – Legal Implications Relating to Companies in Difficulty or Crisis

Explain the powers of receivers or managers in a voluntary liquidation process.

Question

b) A person is not eligible to be appointed or to act as a receiver or manager unless that person has, in the opinion of the Registrar, the requisite expertise, skills, and experience to manage and administer a company in receivership.

Required:
Explain THREE (3) powers of receivers or managers in a voluntary liquidation process.
(6 marks)

Answer

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Tags: Company Law, Liquidation, Receivership
Level: Level 1

Topic: Legal implications relating to companies in difficulty or in crisis
Series: MAR 2023

BCL – Mar 2023 – L1 – Q3b – Company Directors and Other Officers

Identify the qualifications, fiduciary duties, and types of a Company Secretary.

Question

A Company Secretary is an officer of the company responsible for the recording of proceedings of both Board and General Meetings. The Company Secretary embodies the institutional memories of the organization and brings directions in the governance of the company. The Company Secretary may be an individual, a partnership, or a company.

Required:
i) Identify THREE (3) characteristics that qualify a person to be appointed as Company Secretary under the Companies Act, 2019 (Act 992).
(6 marks)

ii) State THREE (3) fiduciary duties required of a Company Secretary.
(6 marks)

iii) Explain TWO (2) types of Company Secretary.
(3 marks)

Answer

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Tags: Company Law, Company Secretary, Fiduciary Duties, Qualifications
Level: Level 1

BCL – Dec2022 – Q5b – Legal implications relating to companies in difficulty or in crisis

Discuss conditions that disqualify a person from being a liquidator and explain the powers that can be exercised by a liquidator.

Question

Certain classes of persons are prohibited by the Companies Act, 2019 (Act 992) from acting as liquidators.

Required:
i) State FOUR (4) conditions that prohibit a person from being appointed as a liquidator. (4 marks)
ii) Explain FOUR (4) powers that can be exercised by a liquidator. (6 marks)

Answer

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Tags: Company Law, Corporate Insolvency, Liquidation, Liquidator Disqualification, Liquidator Powers
Level: Level 1

Topic: Legal implications relating to companies in difficulty or in crisis
Series: DEC 2022

BCL – Dec2022 – Q3b – Types of capital and the financing of companies

Explain the circumstances under which a company can acquire its own shares.

Question

Required: Identify and explain TWO (2) circumstances in which a company can acquire its own shares. (6 marks)

Answer

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Tags: Company Law, Company Shares, Corporate finance, Share Acquisition
Level: Level 1

Topic: Types of capital and the financing of companies
Series: DEC 2022

BCL – Dec2022 – Q1b – Company directors and other officers

Analyze the conduct of a director and her friend in the context of insider dealing with shares of a company.

Question

Adjo is a director of Boxo Company Ltd. She has insider information that the profits of the company when announced in ten (10) days’ time, could lead to a rise in the share value of the company. She, therefore, bought shares in the company herself and also advised her friend, Michael, to buy shares in Boxo Company Ltd, but did not tell him why.

Required:
In the context of the facts stated in the question, explain the conduct of Adjo and Michael with regard to the shares of Boxo Company Ltd. (10 marks)

Answer

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Tags: Company Law, Corporate Governance, Fiduciary Duty, Insider Trading
Level: Level 1

Topic: Company directors and other officers
Series: DEC 2022

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 2019 – L1 – Q2d – Company directors and other officers

Options available to a minority shareholder and potential court reliefs in a company merger scenario.

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BCL – Nov 2019 – L1 – Q2a – Types of capital and the financing of companies

Explanation of advantages of a company limited by shares.

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BCL – Mar 2023 – L1 – Q5b – Legal Implications Relating to Companies in Difficulty or Crisis

Explain the powers of receivers or managers in a voluntary liquidation process.

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BCL – Mar 2023 – L1 – Q3b – Company Directors and Other Officers

Identify the qualifications, fiduciary duties, and types of a Company Secretary.

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BCL – Dec2022 – Q5b – Legal implications relating to companies in difficulty or in crisis

Discuss conditions that disqualify a person from being a liquidator and explain the powers that can be exercised by a liquidator.

You're reporting an error for "BCL – Dec2022 – Q5b – Legal implications relating to companies in difficulty or in crisis"

BCL – Dec2022 – Q3b – Types of capital and the financing of companies

Explain the circumstances under which a company can acquire its own shares.

You're reporting an error for "BCL – Dec2022 – Q3b – Types of capital and the financing of companies"

BCL – Dec2022 – Q1b – Company directors and other officers

Analyze the conduct of a director and her friend in the context of insider dealing with shares of a company.

You're reporting an error for "BCL – Dec2022 – Q1b – Company directors and other officers"

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