Company Law – Page 3

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 2011 – L1 – SA – Q11 – Company Law

Identify who cannot be a company director.

Question

An individual shall NOT be a director of a company if he is:
A. More than 19 years of age
B. Of sound mind
C. A discharged bankrupt
D. Less than 18 years of age
E. Of voting age

Answer

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Tags: Company Director, Company Law, Disqualification
Level: Level 1

Topic: Company Law
Series: NOV 2011

BL – Nov 2011 – L1 – SA – Q9 – Company Law

Identify the membership limit of a private company excluding certain members.

Question

The type of company that limits its membership to fifty, excluding past and present employees who have acquired shares by virtue of their employment, is a:
A. Limited partnership
B. Public company
C. Private company
D. Cooperative society
E. Unlimited company

Answer

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Tags: Company Law, Membership, Private Company
Level: Level 1

Topic: Company Law
Series: NOV 2011

BL – Nov 2012 – L1 – SB – Q6C – Company Law

State three reasons why a company may be wound-up voluntarily.

Question

There are different ways by which a company may be wound-up. State THREE reasons why a company may be wound-up voluntarily.

Answer

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Tags: Company Liquidation, Winding-up
Level: Level 1

Topic: Company Law
Series: NOV 2012

BL – Nov 2012 – L1 – SB – Q6B – Company Law

State the difference between “transfer” and “transmission” of shares.

Question

The shares of a company represent the unit of ownership in the company. State the difference between “transfer” and “transmission” of shares. (4 Marks)

Answer

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Tags: Share Transfer, Share Transmission
Level: Level 1

Topic: Company Law
Series: NOV 2012

BL – Nov 2012 – L1 – SB – Q6A – Company Law

Explain five circumstances when a company may alter its businesses.

Question

The objects of a company are contained in its incorporation document. Explain FIVE circumstances when a company may alter its businesses. (5 Marks)

Answer

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Tags: Alteration Circumstances, Company Objects
Level: Level 1

Topic: Company Law
Series: NOV 2012

BL – Nov 2012 – L1 – SB – Q5 – Company Law

Comment on the validity of an annual general meeting notice.

Question

Lewis Adey, as company secretary, sends a notice of meeting dated 2 March to members for an Annual General Meeting scheduled for 30 March. The notices were sent out by Lewis on 12 March.

Required:
a. Comment on the validity of the notice. (7 Marks)
b. Explain TWO situations in which a general meeting of a company shall be deemed duly called notwithstanding that it is called by a shorter notice. (4 Marks)
c. Explain briefly TWO businesses which a notice for a company’s annual general meeting must specify. (4 Marks)

Answer

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Tags: AGM, Company Law, Notice Validity
Level: Level 1

Topic: Company Law
Series: NOV 2012

BL – Nov 2012 – L1 – SA – Q16 – Company Law

Identify the legal term for the transfer of shares after a shareholder’s death.

Question

When a shareholder dies, what is the legal term by which his shares are vested in another person?

Answer

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Tags: Shares, Transmission of Shares
Level: Level 1

Topic: Company Law
Series: NOV 2012

BL – Nov 2012 – L1 – SA – Q15 – Company Law

Identify the document sworn to by a legal practitioner for company registration.

Question

Name the incorporation document which a legal practitioner must swear to in order to effect the registration or incorporation of a company.

Answer

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Tags: Incorporation, Legal Documents
Level: Level 1

Topic: Company Law
Series: NOV 2012

BL – Nov 2012 – L1 – SA – Q14 – Company Law

Identify the minimum authorized share capital for a private limited company.

Question

What is the minimum authorized Share Capital of a Private Limited Liability Company as prescribed by Companies and Allied Matters Act LFN 2004?

Answer

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Tags: Company Law, Share Capital
Level: Level 1

Topic: Company Law
Series: NOV 2012

BL – Nov 2012 – L1 – SA – Q13 – Company Law

Identify the principle that protects shareholders after full payment of shares.

Question

What principle states that once a member of a company has fully paid for his shares, he cannot generally be made liable for the indebtedness of the company again?

Answer

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Tags: Corporate Structure, hareholder Liability
Level: Level 1

Topic: Company Law
Series: NOV 2012

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 2011 – L1 – SA – Q11 – Company Law

Identify who cannot be a company director.

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BL – Nov 2011 – L1 – SA – Q9 – Company Law

Identify the membership limit of a private company excluding certain members.

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BL – Nov 2012 – L1 – SB – Q6C – Company Law

State three reasons why a company may be wound-up voluntarily.

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BL – Nov 2012 – L1 – SB – Q6B – Company Law

State the difference between “transfer” and “transmission” of shares.

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BL – Nov 2012 – L1 – SB – Q6A – Company Law

Explain five circumstances when a company may alter its businesses.

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BL – Nov 2012 – L1 – SB – Q5 – Company Law

Comment on the validity of an annual general meeting notice.

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BL – Nov 2012 – L1 – SA – Q16 – Company Law

Identify the legal term for the transfer of shares after a shareholder’s death.

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BL – Nov 2012 – L1 – SA – Q15 – Company Law

Identify the document sworn to by a legal practitioner for company registration.

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BL – Nov 2012 – L1 – SA – Q14 – Company Law

Identify the minimum authorized share capital for a private limited company.

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BL – Nov 2012 – L1 – SA – Q13 – Company Law

Identify the principle that protects shareholders after full payment of shares.

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