Company Law – Page 5

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 – May 2013 – L1 – SA – Q18 – Company Law

This question assesses knowledge of which company can appoint directors of another company.

Question

A company that can appoint or remove all or majority of the directors of another company at its sole discretion is ___________.

Answer

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Tags: Company Control, Corporate Governance, Directors
Level: Level 1

Topic: Company Law
Series: MAY 2013

BL – May 2013 – L1 – SA – Q17 – Company Law

This question tests the authority required for a company to issue different classes of shares.

Question

A company can issue classes of shares only if authorised by its ___________.

Answer

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Tags: Company Shares, Corporate Governance, Issuance
Level: Level 1

Topic: Company Law
Series: MAY 2013

BL – May 2013 – L1 – SA – Q9 – Company Law

This question tests the time frame for filing a return on the allotment of shares.

Question

Within what period must a company limited by shares file a return on allotment of shares with the Corporate Affairs Commission for registration?

Answer

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Tags: Allotment of Shares, Company Law
Level: Level 1

Topic: Company Law
Series: MAY 2013

BL – May 2013 – L1 – SA – Q8 – Company Law

This question tests knowledge of the type of company that must not have share capital.

Question

A company that must NOT have share capital is ___________.

Answer

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Tags: Company Law, Limited by Guarantee
Level: Level 1

Topic: Company Law
Series: MAY 2013

BL – May 2013 – L1 – SA – Q7 – Company Law

This question assesses the concept of insurable interest in a company.

Question

A shareholder has no insurable interest in the __________ of the company.

Answer

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Tags: Insurable Interest, Insurance Law
Level: Level 1

Topic: Company Law
Series: MAY 2013

BL – May 2013 – L1 – SA – Q17 – Company Law

This question tests the knowledge of the number of modes of winding up a company.

Question

How many mode(s) of winding up of a company exist?

A. One
B. Two
C. Three
D. Four
E. Five

Answer

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

Topic: Company Law
Series: MAY 2013

BL – May 2013 – L1 – SA – Q16 – Company Law

This question tests the understanding of the time frame within which a company must notify a transferee of refusal to register shares.

Question

Within how many months must a company that refuses to register a transfer of any shares send the notice of the refusal to the transferee?

A. One
B. Two
C. Three
D. Four
E. Five

Answer

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Tags: Company Law, Notice of Refusal, Share Transfer
Level: Level 1

Topic: Company Law
Series: MAY 2013

BL – May 2013 – L1 – SA – Q15 – Company Law

This question tests the maximum number of days for which a proposed company name can be reserved by the Corporate Affairs Commission.

Question

The maximum number of days for which the name of a company that is proposed to be registered shall be reserved by the Corporate Affairs Commission is:

A. 30
B. 45
C. 60
D. 75
E. 90

Answer

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Tags: Company Law, Corporate Affairs Commission, Name Reservation
Level: Level 1

Topic: Company Law
Series: MAY 2013

BL – May 2013 – L1 – SA – Q3 – Company Law

This question tests the understanding of the advantages of incorporation

Question

Which of the following is NOT an advantage of incorporation?

A. Perpetual succession
B. Property right
C. Limited liability
D. Separate personality
E. Merger

Answer

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Tags: Incorporation, Limited Liability, Perpetual Succession
Level: Level 1

Topic: Company Law
Series: MAY 2013

BL – May 2014 – L1 – SA – Q14 – Company Law

Identifying the officer responsible for notifying the Corporate Affairs Commission.

Question

The officer of a company saddled with the responsibility of rendering proper returns and giving notification to the Corporate Affairs Commission under the Companies and Allied Matters Act is the ____________.

Answer

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Tags: Company Officer, Compliance, Corporate Affairs
Level: Level 1

Topic: Company Law
Series: MAY 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 – May 2013 – L1 – SA – Q18 – Company Law

This question assesses knowledge of which company can appoint directors of another company.

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BL – May 2013 – L1 – SA – Q17 – Company Law

This question tests the authority required for a company to issue different classes of shares.

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BL – May 2013 – L1 – SA – Q9 – Company Law

This question tests the time frame for filing a return on the allotment of shares.

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BL – May 2013 – L1 – SA – Q8 – Company Law

This question tests knowledge of the type of company that must not have share capital.

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BL – May 2013 – L1 – SA – Q7 – Company Law

This question assesses the concept of insurable interest in a company.

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BL – May 2013 – L1 – SA – Q17 – Company Law

This question tests the knowledge of the number of modes of winding up a company.

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BL – May 2013 – L1 – SA – Q16 – Company Law

This question tests the understanding of the time frame within which a company must notify a transferee of refusal to register shares.

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BL – May 2013 – L1 – SA – Q15 – Company Law

This question tests the maximum number of days for which a proposed company name can be reserved by the Corporate Affairs Commission.

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BL – May 2013 – L1 – SA – Q3 – Company Law

This question tests the understanding of the advantages of incorporation

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BL – May 2014 – L1 – SA – Q14 – Company Law

Identifying the officer responsible for notifying the Corporate Affairs Commission.

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