BUSINESS AND CORPORATE LAW – Page 14

Title: BCL – L1 – Q81 – Auditor Appointment

State the process of appointing company auditors under the Companies Act.

Question

(a). Briefly state the process of appointing company auditors.

(b). Is there any limitation on the powers of the board of directors?

(c). Who are entitled to attend the general meetings of a company?

(d). What is a written resolution?

Answer

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Tags: Companies Act, Corporate Governance, Shareholder Rights, Written Resolution
Level: Level 1

Topic: Written Resolution

BCL – L1 – Q80 – Acts of the Company

Explain what constitutes the acts of a company under the Companies Act.

Question

(a). What constitute the acts of the company?

(b). Differentiate between ordinary resolution and special resolution.

(c). Kofi Asante is a board member of Rising Ventures Limited, a limited liability company with 10% shareholding by the Ghana Government. Kofi Asante was appointed to the BOD four years ago in accordance with the constitution allowing Dr. Kwame, Founder/Executive Chairman, and majority shareholder of the company to appoint seven of the eleven-member board. Three of board members represent workers groups and the last one comes from government per the constitutions. The Minister of Information just announced the revocation of Kofi Asante’s appointment to the BOD. Dr. Kwame called Kofi Asante to inform him the government’s announcement is null and void and should be ignored.

Who should Kofi Asante believe?

Answer

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Tags: Board of Directors, Companies Act, Corporate Governance, Director Removal, Shareholder Rights
Level: Level 1

Topic: Director Appointment and Removal

BCL – L1 – Q79 – Directors

Discuss qualifications for being a director in context of graduate unemployment.

Question

(a). ‘With the high level of graduate unemployment in Asanteland, all corporate directorship positions must be reserved for graduates.’ Discuss the qualifications for being a director.

(b). Explain the following:

(i) Substitute Director

(ii) Alternate Director

Answer

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Tags: Alternate Director, Companies Act, Corporate Governance, Substitute Director
Level: Level 1

Topic: Directors

BCL – L1 – Q78 – Company Meetings

Explain formalities and procedures for company meetings and resolutions.

Question

(a). Explain the formalities and procedures involved in conducting meetings resolutions regarding a company.

(b). Kofi Amoah is a respected head pastor of the Universal Grace Church, with impeccable pastoral and educational credentials. He holds sway when it comes to teachings on corporate transformation and generational thinking. The promoters of Unity Bank were delighted to make him the Board chairman of Unity Bank despite little knowledge and experience in banking. The first three years saw tremendous growth of the bank with profit increasing at 65% per annum. The shareholders trusted the Directors led by the ‘man of God’ to manage the bank in a ‘divine fashion’. A new Governor of the Central Bank of Asanteland has been appointed with a mandate to clean the banking sector. The man of God is nervous with regards to his job with the rapid expansion of the bank and fears he could be declared not ‘fit and proper’ to be the board chair of Unity Bank by the Governor.

Advise Pastor Kofi Amoah regarding his fiduciary responsibilities and liabilities, if any.

Answer

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Tags: Banking Regulation, Corporate Governance, Directors, Fiduciary Duties
Level: Level 1

Topic: Fiduciary Responsibilities

BCL – L1 – Q77 – Directors and Officers

Discuss ways directors are disqualified and removed from office.

Question

(a). Discuss the ways in which directors are disqualified and removed.

(b). With a decided case, explain what is meant by ‘Acts of the Company’.

(c). Distinguish between the types of meetings for limited liability companies.

Answer

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Tags: Corporate Governance, Directors, Disqualification, Fiduciary Duties, Removal
Level: Level 1

Topic: Directors and Officers

BCL – L1 – Q76 – Company meetings and resolutions

Identify resolutions affecting shares that require court confirmation under Act 992.

Question

(a). Indicate resolutions affecting shares that are subject to confirmation by the court.

(b). The class A equity shareholders passed an ordinary resolution abolishing special dividend payment and voting rights of class B equity shareholders stipulated in the constitution. In exchange for these rights, the class A shareholders agreed to pay each class B shareholder GH $20,000. The class B shareholders are opposed to the new deal.

Propose a resolution.

(c). Explain the nature of priority of charges.

Answer

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Tags: Act 992, Charges, Company Law, Corporate finance, Priority of Charges, Secured Lending
Level: Level 1

Topic: Types of capital and the financing of companies

BCL – L1 – Q75 – Types of Capital

Define and explain equity shares, debentures, floating charge, and liquidity of shares.

Question

(a). Define and explain briefly the following terms:

(i) Equity shares

(ii) Debentures

(iii) Floating charge

(iv) Liquidity of shares.

(b). The Managing Director of your organization has just received a share certificate from an agent of Apex Bank and considers the document as incomplete. As the Chief Accountant of your organization, indicate the contents and the effect of a share certificate.

Answer

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Tags: Company Law, Share Certificate, Shareholder Rights
Level: Level 1

Topic: Types of capital and the financing of companies

BCL – L1 – Q74 – Types of Capital

Advise Kofi on his right to unpaid 2017 dividends.

Question

Yaw is a shareholder in Tetteh Limited for the past 20 years and has been receiving his dividend as and when declared and paid except for 2017, which other shareholders have been paid. A secretary at the company’s head office informed Yaw on the phone that his annual dividend for 2017 may not be forthcoming due to non-payment for shares.

Required:

(a) Advise Yaw.

(b). State with examples the particulars for registration of charges.

(c). Provide six merits of equity over debt as capital.

Answer

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Tags: List six merits of equity over debt as capital.
Level: Level 1

Topic: Types of capital and the financing of companies

BCL – L1 – Q73 – Types of Capital

Identify components of stated capital for a company with shares.

Question

(a). What are the components of stated capital of a company with shares?

(b). What treatment does the Act provide for unclaimed dividends?

(c). State five items that distinguish preference shares from ordinary shares.

(d). Tawiah Limited has been in business for over twenty years now. It was a family company before a private placement with some strategic investors five years ago with the goal of expanding production and venturing into the export market. The result has been less than impressive, and investors are demanding action. In response, the Managing Director (MD) intends to pay dividends for the first time since the private placement using a fund meant for debt payments due next month. One of the investors proposed an amount for the dividend per share, and the MD agreed just to appease the investors.

(i) Can he go ahead with the dividend payment?

(ii) What are the implications, if any?

Answer

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Tags: Company Law, Creditors, Dividend Payment, Legal Implications
Level: Level 1

Topic: Types of capital and the financing of companies

BCL – L1 – Q72 – Types of Capital

Distinguish between loan capital and share capital.

Question

(a). Distinguish between loan capital and share capital.

(b). Describe the different classes of shares.

(c). What are the procedures for altering class rights?

(d). Explain the terms debenture, bonds, and floating charges.

Answer

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Tags: Bonds, Company Financing, Debenture, Floating Charges
Level: Level 1

Topic: Types of capital and the financing of companies

Subject (SQ): BUSINESS AND CORPORATE LAW

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Title: BCL – L1 – Q81 – Auditor Appointment

State the process of appointing company auditors under the Companies Act.

BCL – L1 – Q80 – Acts of the Company

Explain what constitutes the acts of a company under the Companies Act.

BCL – L1 – Q79 – Directors

Discuss qualifications for being a director in context of graduate unemployment.

BCL – L1 – Q78 – Company Meetings

Explain formalities and procedures for company meetings and resolutions.

BCL – L1 – Q77 – Directors and Officers

Discuss ways directors are disqualified and removed from office.

BCL – L1 – Q76 – Company meetings and resolutions

Identify resolutions affecting shares that require court confirmation under Act 992.

BCL – L1 – Q75 – Types of Capital

Define and explain equity shares, debentures, floating charge, and liquidity of shares.

BCL – L1 – Q74 – Types of Capital

Advise Kofi on his right to unpaid 2017 dividends.

BCL – L1 – Q73 – Types of Capital

Identify components of stated capital for a company with shares.

BCL – L1 – Q72 – Types of Capital

Distinguish between loan capital and share capital.

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Subject (SQ): BUSINESS AND CORPORATE LAW

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State the process of appointing company auditors under the Companies Act.

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Explain what constitutes the acts of a company under the Companies Act.

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Discuss qualifications for being a director in context of graduate unemployment.

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Explain formalities and procedures for company meetings and resolutions.

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Discuss ways directors are disqualified and removed from office.

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Identify resolutions affecting shares that require court confirmation under Act 992.

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Define and explain equity shares, debentures, floating charge, and liquidity of shares.

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Advise Kofi on his right to unpaid 2017 dividends.

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Identify components of stated capital for a company with shares.

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Distinguish between loan capital and share capital.

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