Company Law – Page 11

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 2014 – L1 – SA – Q5 – Company Law

Identifying the first meeting of a Public Limited Liability Company

Question

The first meeting of a Public Limited Liability Company is called
A. Annual General Meeting
B. Shareholders’ meeting
C. Statutory Meeting
D. Extra-Ordinary General Meeting
E. Class Meeting

Answer

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Tags: Meetings, Public Limited Liability Company, Statutory Requirements
Level: Level 1

Topic: Company Law
Series: NOV 2014

BL – Nov 2014 – L1 – SA – Q4 – Company Law

Identifying the minimum number of persons required to form a Public Limited Liability Company

Question

The minimum number of persons that could form a Public Limited Liability Company is
A. 28
B. 21
C. 14
D. 7
E. 2

Answer

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Tags: Company Formation, Legal Requirements, Public Limited Liability Company
Level: Level 1

Topic: Company Law
Series: NOV 2014

BL – Nov 2014 – L1 – SA – Q3 – Company Law

Identifying the correct legal status of a company in law

Question

A company is regarded in law as
A. Corporate aggregate
B. Corporate personality
C. Corporate trustee
D. Corporate proprietorship
E. Corporate municipality

Answer

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Tags: Company Law, Corporate Personality, Legal Entities
Level: Level 1

Topic: Company Law
Series: NOV 2014

BL – Nov 2021 – L1 – SA – Q9 – Company Law

Identifying the offence related to illicit financial transactions.

Question

What offence is committed when a person transfers money derived from illicit traffic in cocaine in such a way as to hide the illicit source of the money and to avoid the law?
A. Drug trafficking
B. Unlawful transfer
C. Money trafficking
D. Money laundering
E. Illicit trafficking

Answer

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Tags: Criminal Law, Illicit Transactions, Money laundering
Level: Level 1

Topic: Company Law
Series: NOV 2021

BL – Nov 2021 – L1 – SA – Q8 – Company Law

Identifying the offence related to deception in criminal law.

Question

Mabel, acting under false pretences, induced Adam to transfer permanent possession of goods to her with no intention of retaining ownership. What offence can Mabel be charged for?
A. Deception
B. Fraud
C. Theft
D. Cheating
E. Breach of trust

Answer

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Tags: Criminal Offences, Nigerian Law
Level: Level 1

Topic: Company Law
Series: NOV 2021

BL – Nov 2021 – L1 – SA – Q6 – Company Law

Understanding the role of a court-appointed receiver.

Question

A Receiver of any undertaking of a company appointed by the court is an officer of the
A. Court
B. Shareholders
C. Company
D. Board of directors
E. Company’s secured creditors

Answer

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Tags: Company Law, Receivership
Level: Level 1

Topic: Company Law
Series: NOV 2021

BL – Nov 2021 – L1 – SA – Q5 – Company Law

Assigning responsibility for preparing financial statements of a company.

Question

With particular reference to section 377 of the Companies and Allied Matters Act 2020, whose duty is it to prepare the financial statements of a company for each year?
A. The directors
B. The chief accountant
C. The account clerks
D. The auditor
E. The company secretary

Answer

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Tags: Company Law, Financial Statements
Level: Level 1

Topic: Company Law
Series: NOV 2021

BL – Nov 2021 – L1 – SA – Q4 – Company Law

Conditions for foreign limited liability partnerships operating in Nigeria.

Question

A foreign limited liability partnership
A. Can carry on business in Nigeria provided it is registered in its home country
B. Cannot carry on business in Nigeria without being incorporated in Nigeria
C. Need not register afresh in Nigeria before carrying on business in Nigeria
D. Is prohibited in Nigeria under the Companies and Allied Matters Act 2020
E. Must admit Nigerians as partners under the Companies and Allied Matters Act before carrying on business in Nigeria

Answer

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Tags: Business Entities, Company Law, Nigerian Law
Level: Level 1

Topic: Company Law
Series: NOV 2021

BL – Nov 2022 – L1 – SB – Q4d – Company Law

Explaining the concepts of indemnity and contingency insurance.

Question

There are different types of risks that may be insured under insurance contract.

Required:
Explain the following briefly:
i. Indemnity insurance (3 Marks)
ii. Contingency insurance (3 Marks)

Answer

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Tags: Contingency Insurance, Indemnity Insurance
Level: Level 1

Topic: Company Law
Series: NOV 2022

BL – Nov 2022 – L1 – SB – Q4a – Company Law

Explaining the advantages of a floating charge to a company.

Question

Debenture stock is secured by charge on the company’s assets.

Required:
Explain two advantages of floating charge to the company.

Answer

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Tags: Corporate finance, Debenture, Floating Charge
Level: Level 1

Topic: Company Law
Series: NOV 2022

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 2014 – L1 – SA – Q5 – Company Law

Identifying the first meeting of a Public Limited Liability Company

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BL – Nov 2014 – L1 – SA – Q4 – Company Law

Identifying the minimum number of persons required to form a Public Limited Liability Company

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BL – Nov 2014 – L1 – SA – Q3 – Company Law

Identifying the correct legal status of a company in law

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BL – Nov 2021 – L1 – SA – Q9 – Company Law

Identifying the offence related to illicit financial transactions.

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BL – Nov 2021 – L1 – SA – Q8 – Company Law

Identifying the offence related to deception in criminal law.

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BL – Nov 2021 – L1 – SA – Q6 – Company Law

Understanding the role of a court-appointed receiver.

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BL – Nov 2021 – L1 – SA – Q5 – Company Law

Assigning responsibility for preparing financial statements of a company.

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BL – Nov 2021 – L1 – SA – Q4 – Company Law

Conditions for foreign limited liability partnerships operating in Nigeria.

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BL – Nov 2022 – L1 – SB – Q4d – Company Law

Explaining the concepts of indemnity and contingency insurance.

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BL – Nov 2022 – L1 – SB – Q4a – Company Law

Explaining the advantages of a floating charge to a company.

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