Company Law – Page 10

BCL – Nov 2024 – L1 – Q4b – Domestic Agreements and Legal Enforcement

Legal enforceability of a domestic agreement between spouses regarding financial obligations.

Question

As part of the arrangements in the home of the Ananses, the husband agreed to pay the school fees of the children. The wife decided to use part of her earnings to manage the household chores, including the provision of food. The wife had observed for some time that the husband had not performed his side of the obligation, leading to arrears of school fees. She has therefore chosen to sue the husband in a court of law to compel him to perform his duty.

Required:
Advise her

Answer

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Tags: Contractual Obligations, Domestic Agreements, Family Law, Legal Intent, Social Contracts
Level: Level 1

Topic: Company Law
Series: Nov 2024

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 – SB – Q2c – Company Law

Differentiate insolvency from bankruptcy and outline consequences of insolvency.

Question

Insolvency occurs when a company is unable to pay its debts.

Required:
i. Distinguish insolvency from bankruptcy.
ii. Explain briefly the consequences of insolvency on a company.

Answer

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Tags: Bankruptcy, Corporate Consequences, Financial Distress, Insolvency
Level: Level 1

Topic: Company Law
Series: NOV 2020

BL – Nov 2020 – L1 – SB – Q2a – Company Law

Advise on eligibility for company secretary, AGM notice recipients, and grounds for registration refusal by CAC.

Question

Ronkey, Peace, and Victoria intend to register a limited liability company. They have consulted you as an expert for advice on the appointment and duties of the officers of the company as well as other issues pertaining to registration of companies.

Required:
i. Advise the three on FOUR categories of persons eligible for appointment as a company secretary.
ii. State FOUR categories of persons who will be entitled to receive the notice of the Annual General Meeting when the company is eventually registered.
iii. State FOUR grounds on which the Corporate Affairs Commission may refuse to register the documents of incorporation to be submitted for registration.

Answer

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Tags: Annual General Meeting, Company Registration, Company Secretary, Corporate Affairs Commission, Limited Liability Company
Level: Level 1

Topic: Company Law
Series: NOV 2020

BL – Nov 2020 – L1 – SA – Q5 – Company Law

Objective question testing knowledge on company financial status related to solvency.

Question

5. A company whose liabilities exceed its assets is said to be
A. Buoyant
B. Broke
C. Rich
D. Insolvent
E. Pauperised

Answer

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Tags: Company Liabilities, Financial Terms, Insolvency, Solvency
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 – Q2C – Company Law

State two powers of an Official Receiver appointed to manage a debtor's property.

Question

An Official Receiver is usually appointed by the court to take over the management of the property of a debtor. You are required to state TWO powers of an Official Receiver.

Answer

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Tags: Bankruptcy, Business Law, Official Receiver
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 – Nov 2021 – L1 – SB – Q5d – Company Law

bank confidentiality.

Question

A bank owes its customer a strict duty to treat information on the customer’s account with secrecy and confidentiality.

Required:
i. State THREE instances in which the bank may lawfully divulge information on the customer’s account (3 Marks).
ii. When should the bank avoid the duty of keeping the customer’s accounts separated? (2 Marks)

Answer

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Tags: Banking, Confidentiality
Level: Level 1

Topic: Company Law
Series: NOV 2021

BL – May 2022 – L1 – SB – Q6b – Company Law | Law of Contract

Advise Ogogo on Ibrahim’s argument that he sold the vehicle to his incorporated company.

Question

Ibrahim agreed to sell a vehicle to Ogogo. He subsequently incorporated Ibrahim Limited and sold the vehicle to it at a better profit.

Ogogo has approached you for advice.

Required:
Advise Ogogo on Ibrahim’s argument that he has sold the vehicle to Ibrahim Limited, which is a corporate entity.

Answer

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Tags: Contract Law, Corporate Entity, Sale of Goods
Level: Level 1

Topic: Company Law, Law of Contract
Series: MAY 2022

BL – May 2022 – L1 – SB – Q5c – Company Law

State two situations that show netting has occurred in a company.

Question

In a company, there may be a reason for netting.

Required:
State TWO situations that show that netting has occurred.

Answer

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Tags: Company Law, Financial Transactions, Netting
Level: Level 1

Topic: Company Law
Series: MAY 2022

BL – Nov 2021 – L1 – SB – Q2 – Company Law

Identifying torts affecting economic interests and explaining company securities and the role of a court-appointed receiver.

Question

a. Torts have categories.

Required:
State FOUR categories of tort that affect economic interest. (4 Marks)

b. Chief Afeez is the chairman and majority shareholder of Afeez Nigeria Limited which has won a contract of N500 million that is much beyond the capacity of Afeez Nigeria Limited. Chief Afeez decides to raise the capital for the company by issuing shares and inviting friends to acquire shares in the company as well as issuing debentures.

Required:
Explain briefly FOUR of the following:

i. Company securities
ii. Debentures
iii. Share capital
iv. Preference shares
v. Shareholder (12 Marks)

c. You are a court-appointed receiver of a company with several persons, including debenture holders, having interests in its assets.

Required:
Explain the step you should take in determining how the proceeds of the receivership are to be distributed. (4 Marks)

Answer

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Tags: Company Securities, Economic Interests, Receivership, Torts
Level: Level 1

Topic: Company Law
Series: NOV 2021

BL – May 2022 – L1 – SB – Q5b – Company Law

State five grounds on which the CAC may investigate the affairs of a limited liability partnership.

Question

The Corporate Affairs Commission has the power to investigate the affairs of a limited liability partnership.

Required:
State FIVE grounds on which the CAC may investigate the affairs of a limited liability partnership.

Answer

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Tags: Corporate Affairs Commission, Investigation, Limited Liability Partnership
Level: Level 1

Topic: Company Law
Series: MAY 2022

BL – May 2022 – L1 – SB – Q5a – Company Law

State the functions of the Administrative Committee of the Corporate Affairs Commission (CAC).

Question

The Administrative Committee is a committee of the Corporate Affairs Commission (CAC).

Required:
State the functions of the Administrative Committee.

Answer

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Tags: Administrative Committee, Corporate Affairs Commission, Functions
Level: Level 1

Topic: Company Law
Series: MAY 2022

BL – May 2022 – L1 – SB – Q2d – Company Law

Discuss the filing of annual returns with the Corporate Affairs Commission.

Question

Filing of annual returns with the Corporate Affairs Commission is required of some registered businesses.

Required:
Explain the requirement for filing annual returns with the Corporate Affairs Commission.

Answer

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Tags: Annual Returns, Corporate Affairs Commission, Registered Businesses
Level: Level 1

Topic: Company Law
Series: MAY 2022

BL – Nov 2014 – L1 – SA – Q8 – Company Law

Identifying a situation where a company is not considered insolvent

Question

A company may be declared insolvent in any of the following situations EXCEPT if it:
A. Fails to file annual returns
B. Has been wound-up
C. Is a judgment debtor
D. Is not a judgment creditor
E. Is incapable of meeting its financial obligations

Answer

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Tags: Company Law, Insolvency, Legal Status
Level: Level 1

Topic: Company Law
Series: NOV 2014

BL – Nov 2014 – L1 – SA – Q7 – Company Law

Identifying assets not covered by a floating charge over a company's properties

Question

A floating charge over a company’s properties will cover all of the following EXCEPT:
A. Cash
B. Stock-in-Trade
C. Plant and Machinery
D. Rent
E. Dividends

Answer

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Tags: Company Assets, Floating Charge, Security Interest
Level: Level 1

Topic: Company Law
Series: NOV 2014

BL – Nov 2014 – L1 – SA – Q6 – Company Law

Identifying the consequence for a director breaching fiduciary duty

Question

A company director who breaches his/her fiduciary duty to the company is liable to being
A. Removed from office
B. Reported to the Economic & Financial Crimes Commission (EFCC)
C. Reported to the Independent Corrupt Practices Commission (ICPC)
D. Reported to the Police
E. Rusticated

Answer

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Tags: Company Law, Director Liability, Fiduciary Duty

Topic: Company Law
Series: NOV 2014

Topic: Company Law

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BCL – Nov 2024 – L1 – Q4b – Domestic Agreements and Legal Enforcement

Legal enforceability of a domestic agreement between spouses regarding financial obligations.

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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 – SB – Q2c – Company Law

Differentiate insolvency from bankruptcy and outline consequences of insolvency.

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BL – Nov 2020 – L1 – SB – Q2a – Company Law

Advise on eligibility for company secretary, AGM notice recipients, and grounds for registration refusal by CAC.

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BL – Nov 2020 – L1 – SA – Q5 – Company Law

Objective question testing knowledge on company financial status related to solvency.

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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 – Q2C – Company Law

State two powers of an Official Receiver appointed to manage a debtor's property.

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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 – Nov 2021 – L1 – SB – Q5d – Company Law

bank confidentiality.

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BL – May 2022 – L1 – SB – Q6b – Company Law | Law of Contract

Advise Ogogo on Ibrahim’s argument that he sold the vehicle to his incorporated company.

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BL – May 2022 – L1 – SB – Q5c – Company Law

State two situations that show netting has occurred in a company.

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BL – Nov 2021 – L1 – SB – Q2 – Company Law

Identifying torts affecting economic interests and explaining company securities and the role of a court-appointed receiver.

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BL – May 2022 – L1 – SB – Q5b – Company Law

State five grounds on which the CAC may investigate the affairs of a limited liability partnership.

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BL – May 2022 – L1 – SB – Q5a – Company Law

State the functions of the Administrative Committee of the Corporate Affairs Commission (CAC).

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BL – May 2022 – L1 – SB – Q2d – Company Law

Discuss the filing of annual returns with the Corporate Affairs Commission.

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BL – Nov 2014 – L1 – SA – Q8 – Company Law

Identifying a situation where a company is not considered insolvent

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BL – Nov 2014 – L1 – SA – Q7 – Company Law

Identifying assets not covered by a floating charge over a company's properties

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BL – Nov 2014 – L1 – SA – Q6 – Company Law

Identifying the consequence for a director breaching fiduciary duty

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