Company Law – Page 8

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 2015 – L1 – SA – Q8 – Company Law

egal status of property transfers after compulsory winding-up.

Question

On commencement of compulsory winding-up of a company, any transfer of its property thereafter is
A. Valid
B. Invalid
C. Void
D. Voidable
E. Enforceable

Answer

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Tags: Company Law, Multiple Choice, Transfer of Property, Winding-up
Level: Level 1

Topic: Company Law
Series: NOV 2015

BL – Nov 2015 – L1 – SA – Q7 – Company Law

Identifying the financial term for a company unable to pay debts.

Question

A company that is unable to pay its debts as and when due is said to be
A. Bankrupt
B. Bad
C. Illiquid
D. Insolvent
E. Undercapitalised

Answer

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Tags: Company Law, Financial State, Multiple Choice, Tags: Insolvency
Level: Level 1

Topic: Company Law
Series: NOV 2015

BL – Nov 2015 – L1 – SA – Q6 – Company Law

Essential skills required for the exercise of auditor duties.

Question

The duties of an auditor are many and require the exercise of
A. Common Sense
B. Social Knowledge
C. Care and skill
D. Connection
E. Influence

Answer

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Tags: Auditors, Company Law, Duties, Multiple Choice
Level: Level 1

Topic: Company Law
Series: NOV 2015

BL – Nov 2015 – L1 – SA – Q5 – Company Law

Exercising shareholder rights to challenge company management.

Question

The right of a shareholder to challenge the management of a company may be exercised through
A. Refusal to pay salaries to members of the Management Board
B. Protests and placards at the venue of the Annual General Meeting
C. Withholding payment for the value of shares held in the company
D. Payment of taxes
E. Voting at a General Meeting

Answer

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Tags: Company Law, Management, Multiple Choice, Shareholders
Level: Level 1

Topic: Company Law
Series: NOV 2014

BL – Nov 2015 – L1 – SA – Q4 – Company Law

Ways to terminate a company's life.

Question

ONE of the ways in which the life of a company may be terminated is by
A. Burning and shredding the books of the company
B. Changing the locker and keys on the main entrance doors
C. Putting security men on the premises
D. Voluntary winding-up by members
E. Putting notice of winding-up in the daily newspaper

Answer

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Tags: Company Law, Multiple Choice, Termination, Winding-up
Level: Level 1

Topic: Company Law
Series: NOV 2015

BL – Nov 2015 – L1 – SA – Q3 – Company Law

Documents used for the incorporation of a company.

Question

Memorandum and Articles of Association are documents of
A. Incorporation of a company
B. Formation of a partnership agreement
C. Pre-incorporation contract
D. Sealing of all e-contracts
E. Conclusion of a contract under seal

Answer

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Tags: Company Law, Incorporation, Legal Documents, Multiple Choice
Level: Level 1

Topic: Company Law
Series: NOV 2015

BL – May 2018 – L1 – SB – Q4c – Company Law

State the courts of coordinate jurisdiction in Nigeria.

Question

State FOUR courts of coordinate jurisdiction. (4 Marks)

Answer:
The FOUR courts of coordinate jurisdiction are:
(i) The Federal High Court;
(ii) The State High Court;
(iii) The National Industrial Court;
(iv) The Customary Court of Appeal.

Answer

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Tags: Jurisdiction, Legal Proceedings, Nigerian Courts
Level: Level 1

Topic: Company Law
Series: MAY 2018

BL – May 2018 – L1 – SB – Q4a – Company Law

Discuss the liability of shareholders for transactions entered into prior to company incorporation.

Question

Beny Limited was incorporated six months ago. The company is in the real estate business. While preparing for incorporation, Ben and Nyom, who are now shareholders of the company, bought prime landed properties on behalf of the proposed company. They owe the vendors N100 million as the balance of the purchase price. The vendors are demanding payment.

Required:
(i) Advise Ben and Nyom on their status in the transaction. (4 Marks)
ii. Advise Beny Limited on the liability for the sum of N100 million

Answer

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Tags: Company Law, Pre-incorporation Contract, Shareholder Liability
Level: Level 1

Topic: Company Law
Series: MAY 2018

BL – May 2018 – L1 – SB – Q3 – Company Law

Discuss the tests for insolvency, types of debentures, and implications of misuse of company resources by a secretary.

Question

a. There are various tests of determining if a company is insolvent.
Required:
List and explain briefly THREE of these tests specified by the Companies and Allied Matters Act (CAMA 1990). (6 Marks)

b. Company indebtedness could be by way of debentures.
Required:
State THREE types of debentures. (3 Marks)

c. Adex Plc employed ‘A’ as a Company Secretary. ‘A’ hired luxury cars from Bee Enterprises, giving the impression that they were for the use of Adex Plc, but he used the cars for his own purpose. Bee Enterprises has sued Adex Plc.
Required:
(i) Advise Adex Plc. (5 Marks)
(ii) Assuming that the Board of Directors of Adex Plc intends to remove ‘A’ as the Company Secretary, state THREE matters which the notice of removal must contain. (3 Marks)

d. By S.401 of CAMA, the legal way to terminate the life of a company is by winding up.
Required:
State THREE ways by which a company may be wound up. (3 Marks)

Answer

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Tags: Company Law, Debentures, Insolvency
Level: Level 1

Topic: Company Law
Series: MAY 2018

BL – May 2018 – L1 – SB – Q2a – Company Law

State four reasons for which a company may refuse to register a share transfer.

Question

The shares of a Public Company are freely transferable.

Required:
State FOUR reasons for which a company may refuse to register a share transfer.

Answer

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Tags: Company Law, Share Transfer, Shareholders’ Rights
Level: Level 1

Topic: Company Law
Series: MAY 2018

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 2015 – L1 – SA – Q8 – Company Law

egal status of property transfers after compulsory winding-up.

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BL – Nov 2015 – L1 – SA – Q7 – Company Law

Identifying the financial term for a company unable to pay debts.

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BL – Nov 2015 – L1 – SA – Q6 – Company Law

Essential skills required for the exercise of auditor duties.

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BL – Nov 2015 – L1 – SA – Q5 – Company Law

Exercising shareholder rights to challenge company management.

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BL – Nov 2015 – L1 – SA – Q4 – Company Law

Ways to terminate a company's life.

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BL – Nov 2015 – L1 – SA – Q3 – Company Law

Documents used for the incorporation of a company.

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BL – May 2018 – L1 – SB – Q4c – Company Law

State the courts of coordinate jurisdiction in Nigeria.

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BL – May 2018 – L1 – SB – Q4a – Company Law

Discuss the liability of shareholders for transactions entered into prior to company incorporation.

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BL – May 2018 – L1 – SB – Q3 – Company Law

Discuss the tests for insolvency, types of debentures, and implications of misuse of company resources by a secretary.

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BL – May 2018 – L1 – SB – Q2a – Company Law

State four reasons for which a company may refuse to register a share transfer.

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