Company Law – Page 2

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 – Nov 2011 – L1 – SA – Q8 – Company Law

Identifying the act required to validate a pre-incorporation contract.

Question

Which act of a company is required to validate a pre-incorporation contract?

Answer

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

Topic: Company Law
Series: NOV 2011

BL – Nov 2011 – L1 – SA – Q7 – Company Law

Understanding what part of issued capital is paid up by shareholders.

Question

The part of issued capital which has been paid up by the shareholders is ………………………….

Answer

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Tags: Capital, Company Law, Issued Capital, Shareholders
Level: Level 1

Topic: Company Law
Series: NOV 2011

BL – Nov 2011 – L1 – SA – Q6 – Company Law

Understanding when a subscriber of the Memorandum of Association becomes a shareholder.

Question

When does a subscriber of a Memorandum of Association become a shareholder of the company?

Answer

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Tags: Company Law, Memorandum of Association, Shareholder
Level: Level 1

Topic: Company Law
Series: NOV 2011

BL – Nov 2011 – L1 – SA – Q11 – Company Law

Identify who cannot be a company director.

Question

An individual shall NOT be a director of a company if he is:
A. More than 19 years of age
B. Of sound mind
C. A discharged bankrupt
D. Less than 18 years of age
E. Of voting age

Answer

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

Topic: Company Law
Series: NOV 2011

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

Identify the membership limit of a private company excluding certain members.

Question

The type of company that limits its membership to fifty, excluding past and present employees who have acquired shares by virtue of their employment, is a:
A. Limited partnership
B. Public company
C. Private company
D. Cooperative society
E. Unlimited company

Answer

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Tags: Company Law, Membership, Private Company
Level: Level 1

Topic: Company Law
Series: NOV 2011

FA – Nov 2011 – L1 – SA – Q1 – Regulatory Environment of Accounting

This question tests knowledge on what legally brings a company into existence.

Question

Which of the following brings a company into legal existence?
A. Memorandum of Association
B. Articles of Association
C. Companies and Allied Matters Act Cap C20 LFN 2004
D. Certificate of Incorporation
E. Corporate Affairs Commission

Answer

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Tags: Certificate of Incorporation, Company Law, Memorandum of Association
Level: Level 1

Topic: Regulatory Environment of Accounting
Series: NOV 2011

BL – Nov 2012 – L1 – SB – Q5 – Company Law

Comment on the validity of an annual general meeting notice.

Question

Lewis Adey, as company secretary, sends a notice of meeting dated 2 March to members for an Annual General Meeting scheduled for 30 March. The notices were sent out by Lewis on 12 March.

Required:
a. Comment on the validity of the notice. (7 Marks)
b. Explain TWO situations in which a general meeting of a company shall be deemed duly called notwithstanding that it is called by a shorter notice. (4 Marks)
c. Explain briefly TWO businesses which a notice for a company’s annual general meeting must specify. (4 Marks)

Answer

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Tags: AGM, Company Law, Notice Validity
Level: Level 1

Topic: Company Law
Series: NOV 2012

BL – Nov 2012 – L1 – SA – Q14 – Company Law

Identify the minimum authorized share capital for a private limited company.

Question

What is the minimum authorized Share Capital of a Private Limited Liability Company as prescribed by Companies and Allied Matters Act LFN 2004?

Answer

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Tags: Company Law, Share Capital
Level: Level 1

Topic: Company Law
Series: NOV 2012

BL – Nov 2012 – L1 – SA – Q20 – Company Law

Identify the document that authorizes directors' remuneration.

Question

A director is not entitled to remuneration unless it is authorized by which of the following documents?

A. The memorandum of association
B. The directors’ manual
C. The company’s handbook
D. The articles of association
E. The shareholders’ book

Answer

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

Topic: Company Law
Series: NOV 2012

BL – Nov 2012 – L1 – SA – Q15 – Company Law

Identify which clause limits ultra vires actions in a company.

Question

An act of a company which is considered as ultra vires is that which is not authorized by ONE of the following:
A. Subjects clause
B. Directors clause
C. Authorization clause
D. Shareholders clause
E. Objects clause

Answer

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Tags: Acts of Company, Company Law, Ultra Vires
Level: Level 1

Topic: Company Law
Series: NOV 2012

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 – Nov 2011 – L1 – SA – Q8 – Company Law

Identifying the act required to validate a pre-incorporation contract.

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BL – Nov 2011 – L1 – SA – Q7 – Company Law

Understanding what part of issued capital is paid up by shareholders.

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BL – Nov 2011 – L1 – SA – Q6 – Company Law

Understanding when a subscriber of the Memorandum of Association becomes a shareholder.

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BL – Nov 2011 – L1 – SA – Q11 – Company Law

Identify who cannot be a company director.

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

Identify the membership limit of a private company excluding certain members.

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FA – Nov 2011 – L1 – SA – Q1 – Regulatory Environment of Accounting

This question tests knowledge on what legally brings a company into existence.

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BL – Nov 2012 – L1 – SB – Q5 – Company Law

Comment on the validity of an annual general meeting notice.

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BL – Nov 2012 – L1 – SA – Q14 – Company Law

Identify the minimum authorized share capital for a private limited company.

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BL – Nov 2012 – L1 – SA – Q20 – Company Law

Identify the document that authorizes directors' remuneration.

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BL – Nov 2012 – L1 – SA – Q15 – Company Law

Identify which clause limits ultra vires actions in a company.

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