Company Law – Page 8

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 2022 – L1 – SB – Q1c – Company Law

Listing the items contained in a statutory report submitted by a public company.

Question

The directors of a public company are required to submit a statutory report within a specified period to every member before the date of the statutory meeting.

Required:
State six items contained in the statutory report.

Answer

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Tags: Company Law, Public Company, Statutory Report
Level: Level 1

Topic: Company Law
Series: NOV 2022

BL – Nov 2022 – L1 – SB – Q1b – Company Law

Explaining the main features of sole proprietorship as a business organization.

Question

The Companies and Allied Matters Act (CAMA) recognizes different forms of business organizations.

Required:
Explain briefly three main features of sole proprietorship as a business organization.

Answer

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Tags: Business Formation, Company Law, Sole Proprietorship
Level: Level 1

Topic: Company Law
Series: NOV 2022

BL – May 2022 – L1 – SA – Q9 – Company Law

Identify the type of company that may have less than two directors.

Question

Which of the following may have less than two directors?
A. Insurance company
B. Tax consultancy company
C. Small company
D. Unlimited liability company
E. Company limited by guarantee

Answer

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

BL – May 2022 – L1 – SA – Q8 – Company Law

Identify which entity may not appoint a company secretary.

Question

Which of the following may NOT appoint a Company Secretary?
A. Private company
B. Single shareholder company
C. Company limited by guarantee
D. Public company
E. Asset management company

Answer

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Tags: Appointment, Company Law, Company Secretary
Level: Level 1

Topic: Company Law
Series: MAY 2022

BL – May 2022 – L1 – SA – Q7 – Company Law

Identify the conditions under which a private company may hold a virtual general meeting.

Question

A private company may hold a virtual general meeting if
A. Authorised by directors’ resolution
B. Authorised by its articles of association
C. There is an emergency
D. Members agree
E. Creditors agree

Answer

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Tags: Company Law, Private companies, Virtual Meetings
Level: Level 1

Topic: Company Law
Series: MAY 2022

BL – May 2022 – L1 – SA – Q6 – Company Law

Define when a company is said to be insolvent.

Question

A company is said to be insolvent when the
A. Company is in a financial distress and it is unable to pay its debt
B. Board of directors has refused to act
C. Managing Director of the company dies
D. Articles of association of the company is altered
E. Business of the company is to solve financial crisis

Answer

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Tags: Company Law, Debt Payment, Insolvency
Level: Level 1

Topic: Company Law
Series: MAY 2022

BL – May 2022 – L1 – SA – Q5 – Company Law

Identify the principle established in the Salomon vs Salomon case.

Question

The case of Salomon vs Salomon is an authority for the principle of
A. Majority rule and minority right protection
B. Indoor management rule
C. Ultra vires doctrine
D. Corporate personality
E. The rule in Turquand

Answer

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Tags: Company Law, Corporate Personality, Salomon vs Salomon
Level: Level 1

Topic: Company Law
Series: MAY 2022

BL – Nov 2022 – L1 – SA – Q6 – Company Law

Identifying who can appoint an administrator for a company.

Question

A person may be appointed as an administrator of a company by:

A. Probate Registrar
B. The Company Secretary
C. Outspokenness
D. Floating charge holders
E. A court order

Answer

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Tags: Administrator, Company Law

Topic: Company Law
Series: NOV 2022

BL – Nov 2022 – L1 – SA – Q1 – Company Law

Determining who fills a casual vacancy on the board of a company.

Question

Who of the following fills a casual vacancy on the board of a company?

A. Majority shareholders
B. The Managing Director
C. The Board of Directors
D. The Company Secretary
E. The Federal High Court

Answer

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Tags: Board of Directors, Casual Vacancy, Company Law
Level: Level 1

Topic: Company Law
Series: NOV 2022

BL – May 2021 – L1 – SB – Q2b – Company Law

Explanation of creditor claims against a majority shareholder when a company is insolvent.

Question

Adigwe and his two sons caused Adigwe and Sons Limited to be incorporated and became the first directors of the company. The company traded profitably for five years after it was incorporated, but it is about to be wound up because it owes trade creditors a huge amount of money. Adigwe holds 95% of the issued shares of the company while each of his two sons holds 2½%. The creditors of Adigwe and Sons Limited have discovered that the assets of the company are insufficient to satisfy their claims and have filed an action to recover the money from Adigwe who holds most of the shares of the company.
Required:
Explain to the creditors of Adigwe and Sons Limited their chance of succeeding in their claim against Adigwe.

Answer

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Tags: Company Law, Corporate Personality, Creditor Claims, Insolvency
Level: Level 1

Topic: Company Law
Series: MAY 2021

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 2022 – L1 – SB – Q1c – Company Law

Listing the items contained in a statutory report submitted by a public company.

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BL – Nov 2022 – L1 – SB – Q1b – Company Law

Explaining the main features of sole proprietorship as a business organization.

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BL – May 2022 – L1 – SA – Q9 – Company Law

Identify the type of company that may have less than two directors.

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BL – May 2022 – L1 – SA – Q8 – Company Law

Identify which entity may not appoint a company secretary.

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BL – May 2022 – L1 – SA – Q7 – Company Law

Identify the conditions under which a private company may hold a virtual general meeting.

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BL – May 2022 – L1 – SA – Q6 – Company Law

Define when a company is said to be insolvent.

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BL – May 2022 – L1 – SA – Q5 – Company Law

Identify the principle established in the Salomon vs Salomon case.

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BL – Nov 2022 – L1 – SA – Q6 – Company Law

Identifying who can appoint an administrator for a company.

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BL – Nov 2022 – L1 – SA – Q1 – Company Law

Determining who fills a casual vacancy on the board of a company.

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BL – May 2021 – L1 – SB – Q2b – Company Law

Explanation of creditor claims against a majority shareholder when a company is insolvent.

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