Which one of the following is not a director’s responsibility?
A To inform the auditor of the date of the audit
B To keep proper accounting records
C To prevent fraud and error
D To supply information and explanations to the auditor
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When an auditor is proposed for removal from office, which one of the following is he NOT permitted to do?
A Circulate a written statement to members
B Apply to the court to have the proposal removed
C Speak at the AGM where the removal is proposed
D Receive notification of the AGM where the removal is proposed
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Which of the following is NOT the right of an auditor?
A The right of access to accounting records and financial statements
B The right to requisition a general meeting on material audit matters
C The right to receive necessary information and explanations
D The right to receive advance notice of any general meeting
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Kofi Amoah, the CEO of your company, is preparing for a top management meeting scheduled for 1st December 2021. One of the issues to be discussed is the effect of COVID-19 on holding shareholders’ meetings. There are views that the Annual General Meeting (AGM) must be in-person so that members can vote on resolutions to be passed. Others believe that the AGM should be virtual or hybrid.
Some shareholders believe that the items on the agenda are too many and that they would need two days to have a meaningful discussion. Kwame Boateng, a shareholder has decided not to attend the AGM if it is organized virtually.
Required:
As a business law student, your boss has requested you to present to him the following:
(a) The requirement of the Companies Act, 2019 (Act 992) on the interval between which AGM are to be held.
(b) THREE (3) things that should be covered in the notice for an AGM.
(c) TWO (2) consequences of not holding an annual general meeting in accordance with the Companies Act.
(d) Discuss whether decisions taken at the AGM will be binding on Kwame Boateng.
(e) What is meant by the doctrine of “Privity of contract” and identify TWO (2) exceptions allowed under the Contract Act, 1960 (Act 25) in Ghana?
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GreenFuture NGO, an incorporated non-governmental organization has been formed with the object of greening the environment and sponsoring deprived children to go to school up to Junior High School level. During operation, the key officers of the company took a decision that the company goes into salt mining without reference to the office of the Registrar-General. Under this new arrangement, huge profits were made, the Board of Directors was reconstituted and unexpected debts were incurred. In doing so, the 17-year-old daughter of the Executive Director known as the whiz-kid in financial matters, became a Board member. The Registrar of Companies has been alerted on the happenings at the company.
Required:
(a). From the legal perspective, analyse the new arrangement and give reasons if any, why the officers and GreenFuture NGO will be liable.
(b). What are the likely actions to be taken by the Registrar-General in the circumstance of this case?
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(a). Who is entitled to receive notices of a company’s general meeting?
(b). Under what circumstances will a court order a general meeting to be held?
(c). In a private company, any shareholder can convene an extraordinary general meeting’ Discuss.
(d). Unity Enterprises is to hold its annual general meeting (AGM) at the National Conference Centre soon. Due to a disagreement between the Managing Director (an Economics Professor), and the Board Chairman (a school drop-out who trades at Makola), the new company secretary (a non-lawyer), is uncertain who will determine the agenda for the meeting and also chair the AGM. The secretary has called for your views. Write down your views so you can WhatsApp a snapshot to him.
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(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?
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(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?
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(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
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