Company Law – Page 4

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 2014 – L1 – SA – Q13 – Company Law

Identifying the type of winding up ordered by the court.

Question

The type of winding up of a company that is ordered by the court is known as ____________ winding up.

Answer

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Tags: Company Law, Court Orders, Winding-up
Level: Level 1

Topic: Company Law
Series: MAY 2014

BL – May 2014 – L1 – SA – Q11 – Company Law

Identifying the officer responsible for examining a company's financial books.

Question

The officer of a company who formally examines and verifies the financial books of the company is the ____________.

Answer

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Tags: Company Law, Corporate Governance, Financial Examination
Level: Level 1

Topic: Company Law
Series: MAY 2014

BL – Nov 2015 – L2 – SB – Q2c – Company Law

Describe two ways a company can remove its auditor.

Question

Explain briefly TWO ways of removing an auditor of a company.
(5 Marks)

Answer

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Tags: Auditors, Company Law, Corporate Governance, Removal of Auditor
Level: Level 1

Topic: Company Law

BL – Nov 2015 – L2 – SB – Q2b – Company Law

Explain two ways shareholders can influence the composition of the board and decisions in a company.

Question

In a Limited Liability Company, there could be no membership of the Board of Directors except by the actions of shareholders.

Required:

Explain TWO ways by which shareholders could influence the composition of the Board and decisions of the company.
(5 Marks)

Answer

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Tags: Board of Directors, Company Law, Corporate Governance, Shareholders
Level: Level 1

Topic: Company Law
Series: NOV 2015

BL – May 2014 – L1 – SA – Q13 – Company Law

Understanding the required documents for company incorporation.

Question

The persons proposing to form a company are required to prepare and present documents to the Corporate Affairs Commission for registration. Which of the following documents states the objects of the proposed company?
A. Statutory declaration of compliance sworn to by a legal practitioner
B. Statement of the authorised or minimum share capital
C. The Memorandum of Association
D. The Articles of Association
E. Written consent of the first directors

Answer

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Tags: Company Law, Incorporation, Required Documents
Level: Level 1

Topic: Company Law
Series: MAY 2014

BL – Nov 2015 – L2 – SB – Q1b – Company Law

Describe four circumstances in which a director must vacate office in a company.

Question

Directors of a company are the executives that direct the affairs of the company. Thus, such an important position must have certain attributes and be guided by prescribed rules.

Required:

Explain briefly FOUR circumstances under which a person must vacate office as director of a company.
(8 Marks)

Answer

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Tags: Company Law, Corporate Governance, Directors, Removal of Directors
Level: Level 1

Topic: Company Law
Series: NOV 2015

FA – May 2014 – L1 – SA – Q4 – Regulatory Environment of Accounting

Identifies the document governing a company's relationship with third parties.

Question

The document which discloses the conditions that govern a company’s relationship with third parties is called
A. Articles of Association
B. Loan notes
C. Register of Members
D. Memorandum of Association
E. Memorandum of Understanding

Answer

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Tags: Articles of Association, Company Law, Corporate Documentation, Memorandum
Level: Level 1

Topic: Regulatory Environment of Accounting
Series: MAY 2014

BL – Nov 2013 – L1 – SB – Q5a – Company Law

Stating reasons for which a court may order a company to be wound up.

Question

When a company is not well managed, it may need to be wound up either voluntarily or by court order.

You are required to:
State FIVE reasons for which a court may order that a company be wound up.

Answer

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Tags: Company Law, Corporate Affairs, Insolvency, Winding-up
Level: Level 1

Topic: Company Law
Series: NOV 2013

BL – Nov 2013 – L1 – SB – Q4 – Company Law

Explaining the disqualification and circumstances for vacating office as a director.

Question

Directors of a company are the executives that direct the “mind and will” of the company. Persons who occupy such important positions must have certain attributes.

You are required to:
(a) Explain briefly TWO types of persons that are disqualified from being Directors of a company. (5 Marks)
(b) Explain briefly FIVE circumstances under which a person must vacate office as a Director.

Answer

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Tags: Company Law, Corporate Governance, Directors' Removal, Disqualification
Level: Level 1

Topic: Company Law
Series: NOV 2013

BL – Nov 2013 – L1 – SA – Q14 – Company Law

Specifies the time frame for submitting annual returns to the Corporate Affairs Commission.

Question

The Annual Returns of a company must be sent to Corporate Affairs Commission within _______________ after the Annual General Meeting.

Answer

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Tags: Annual Returns, Company Law, Corporate Compliance, Short Answer
Level: Level 1

Topic: Company Law
Series: NOV 2013

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 2014 – L1 – SA – Q13 – Company Law

Identifying the type of winding up ordered by the court.

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BL – May 2014 – L1 – SA – Q11 – Company Law

Identifying the officer responsible for examining a company's financial books.

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BL – Nov 2015 – L2 – SB – Q2c – Company Law

Describe two ways a company can remove its auditor.

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BL – Nov 2015 – L2 – SB – Q2b – Company Law

Explain two ways shareholders can influence the composition of the board and decisions in a company.

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BL – May 2014 – L1 – SA – Q13 – Company Law

Understanding the required documents for company incorporation.

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BL – Nov 2015 – L2 – SB – Q1b – Company Law

Describe four circumstances in which a director must vacate office in a company.

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FA – May 2014 – L1 – SA – Q4 – Regulatory Environment of Accounting

Identifies the document governing a company's relationship with third parties.

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BL – Nov 2013 – L1 – SB – Q5a – Company Law

Stating reasons for which a court may order a company to be wound up.

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BL – Nov 2013 – L1 – SB – Q4 – Company Law

Explaining the disqualification and circumstances for vacating office as a director.

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BL – Nov 2013 – L1 – SA – Q14 – Company Law

Specifies the time frame for submitting annual returns to the Corporate Affairs Commission.

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