Company Law – Page 9

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 2021 – L1 – SB – Q2a – Company Law

Stating four key functions of the Corporate Affairs Commission in Nigeria.

Question

The lead regulatory agency for companies in Nigeria is the Corporate Affairs Commission, which is established by the Companies and Allied Matters Act.

Required:
State FOUR functions of the Corporate Affairs Commission.

Answer

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Tags: Company Law, Corporate Affairs Commission, Functions of Regulatory Agencies
Level: Level 1

Topic: Company Law
Series: MAY 2021

BL – May 2021 – L1 – SA – Q3 – Company Law

Identifying the required notice period for an Extraordinary General Meeting.

Question

The length of notice that a company must give to a member for an Extraordinary General Meeting is:

A. 15 days
B. 17 days
C. 19 days
D. 21 days
E. 25 days

Answer

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Tags: Company Law, Extraordinary General Meeting, Meetings, Notice
Level: Level 1

Topic: Company Law
Series: MAY 2021

BL – Nov 2023 – L1 – SB – Q6 – Law of Trusts

Discusses the delegation of trustee duties, persons disqualified as company auditors, types of e-commerce contracts, and the duties of personal representatives in the case of intestacy.

Question

a. Umoru created a private trust of which he appointed Godwin and Tohib as trustees. Tohib wants to delegate his function as a trustee to his trusted friend, Mr. Murphy, a very conscientious person, because of his busy work schedule. Godwin has declined the appointment.

Required:
State the law and advise the parties. (5 Marks)

b. The Companies and Allied Matters Act (CAMA) provides for the appointment of company auditors.

Required:
State FIVE persons disqualified from being company auditor. (5 Marks)

c. The deployment of technology has greatly improved commerce.

Required:
Explain TWO types of the following e-commerce contracts:
i. Click-through
ii. Shrink-wrap
iii. Browse-wrap (5 Marks)

d. When a person dies intestate, the court may appoint persons to manage his estate.

Required:
State FIVE duties of personal representatives of a person who died without a will. (5 Marks)

Answer

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Tags: Auditor, Company Law, E-Commerce Contracts, Intestate Succession, Personal Representatives, Trustee
Level: Level 1

Topic: Law of Trusts
Series: NOV 2023

BL – Nov 2023 – L1 – SB – Q5a – Company Law

Lists four qualifications required for a person to be appointed as the secretary of a public company.

Question

The Companies and Allied Matters Act (CAMA) specifies persons that may occupy the office of a company secretary.

Required:
State FOUR qualifications of a person that may be appointed as the secretary of a public company. (6 Marks)

Answer

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Tags: Company Law, Company Secretary, Corporate Governance, Qualifications
Level: Level 1

Topic: Company Law
Series: NOV 2023

BL – Nov 2023 – L1 – SB – Q4d – Company Law

Lists four categories of persons who may petition the court to wind up a company.

Question

Winding up is a formal way of terminating the life of a company.

Required:
State FOUR categories of persons that may petition the court to wind up a company. (4 Marks)

Answer

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

Topic: Company Law
Series: NOV 2023

BL – Nov 2023 – L1 – SB – Q2c – Company Law

Identifies the attributes of a public company and a small company under the CAMA.

Question

There are different types of companies with varying attributes.
Required:
i. State FOUR attributes of a public company. (4 Marks)
ii. State FOUR attributes of a small company. (4 Marks)

Answer

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Tags: Business Law, Company Law, Public Company, Small Company
Level: Level 1

Topic: Company Law
Series: NOV 2023

BL – Nov 2023 – L1 – SB – Q1c – Company Law

Discusses the statutory functions of the Corporate Affairs Commission under CAMA.

Question

The Companies and Allied Matters Act (CAMA) established the Corporate Affairs Commission and gave it specific functions.

Required:
State FOUR functions of the Corporate Affairs Commission. (8 Marks)

Answer

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Tags: Company Law, Corporate Affairs Commission, Corporate Governance, Legal Duties, Regulatory Body
Level: Level 1

Topic: Company Law
Series: NOV 2023

BL – Nov 2023 – L1 – SA – Company Law

This question asks which type of company may hold a virtual general meeting.

Question

Which of the following companies may hold a virtual general meeting?
A. Commercial company
B. Mortgage company
C. Private company
D. Bank holding company
E. Hybrid company

Answer

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Tags: Company Law, Corporate Governance, Virtual Meetings
Level: Level 1

Topic: Company Law
Series: NOV 2023

BL – Nov 2023 – L1 – SA – Q7 – Company Law

This question asks about the chairmanship of the Administrative Committee of the Corporate Affairs Commission.

Question

The Administrative Committee of the Corporate Affairs Commission is chaired by the
A. Minister of State for Investment
B. Business Name Registrar
C. Registrar General of the Corporate Affairs Commission
D. Administrative Secretary of the Corporate Affairs Commission
E. Secretary to the Corporate Affairs Commission

Answer

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Tags: Administrative Law, Company Law, Corporate Affairs Commission
Level: Level 1

Topic: Company Law
Series: NOV 2023

BL – Nov 2019 – L1 – SB – Q4a Contract Law

Conditions under which a company may be placed in receivership.

Question

An insolvent company has several alternatives to liquidation.
Required:
State FOUR conditions under which a company may be placed in receivership. (4 Marks)

Answer

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

Topic: Contract Law
Series: NOV 2019

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 2021 – L1 – SB – Q2a – Company Law

Stating four key functions of the Corporate Affairs Commission in Nigeria.

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BL – May 2021 – L1 – SA – Q3 – Company Law

Identifying the required notice period for an Extraordinary General Meeting.

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BL – Nov 2023 – L1 – SB – Q6 – Law of Trusts

Discusses the delegation of trustee duties, persons disqualified as company auditors, types of e-commerce contracts, and the duties of personal representatives in the case of intestacy.

You're reporting an error for "BL – Nov 2023 – L1 – SB – Q6 – Law of Trusts"

BL – Nov 2023 – L1 – SB – Q5a – Company Law

Lists four qualifications required for a person to be appointed as the secretary of a public company.

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BL – Nov 2023 – L1 – SB – Q4d – Company Law

Lists four categories of persons who may petition the court to wind up a company.

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BL – Nov 2023 – L1 – SB – Q2c – Company Law

Identifies the attributes of a public company and a small company under the CAMA.

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BL – Nov 2023 – L1 – SB – Q1c – Company Law

Discusses the statutory functions of the Corporate Affairs Commission under CAMA.

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BL – Nov 2023 – L1 – SA – Company Law

This question asks which type of company may hold a virtual general meeting.

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BL – Nov 2023 – L1 – SA – Q7 – Company Law

This question asks about the chairmanship of the Administrative Committee of the Corporate Affairs Commission.

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BL – Nov 2019 – L1 – SB – Q4a Contract Law

Conditions under which a company may be placed in receivership.

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