Company Law – Page 9

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 2018 – L1 – SA – Q20 – Company Law

Identify the situation where a company cannot acquire its own shares

Question

A company may acquire its own shares in the following circumstances EXCEPT to:
A. Eliminate fractional shares
B. Satisfy the claim of a dissenting shareholder
C. Ensure that the company’s share price does not fall on the stock exchange
D. Comply with a court order
E. Settle or compromise a debt or claim asserted by or against the company

Answer

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Tags: Company Shares, Corporate Law, Stock Exchange
Level: Level 1

Topic: Company Law
Series: MAY 2018

BL – May 2018 – L1 – SA – Q6 – Company Law

Identify the condition when a company is unable to pay its debts.

Question

A company that is unable to pay its debts is
A. Fluid
B. Floating
C. Bankrupt
D. Insolvent
E. Distressed

Answer

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Tags: Company Law, Insolvency
Level: Level 1

Topic: Company Law
Series: MAY 2018

BL – May 2018 – L1 – SA – Q5 – Company Law

Identify the representative of a shareholder during a company meeting.

Question

The representative of a shareholder during the meeting of a company is a/an:
A. Member
B. Promoter
C. Proxy
D. Accountant
E. Lawyer

Answer

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Tags: Company Meetings, Proxies, Shareholders
Level: Level 1

Topic: Company Law
Series: MAY 2018

BL – Nov 2014 – L1 – SB – Q3c – Company Law

State the three types of company meetings held by incorporated companies.

Question

Meetings of incorporated companies are for diverse purposes.
State the THREE types of company meetings.
(Total 3 Marks)

Answer

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Tags: AGM, Company Law, EGM, Meetings
Level: Level 1

Topic: Company Law
Series: NOV 2014

BL – Nov 2014 – L1 – SB – Q3b – Company Law

State eight documents required for the incorporation of a company at the Corporate Affairs Commission.

Question

Persons proposing to form a company are required to present certain documents to the Corporate Affairs Commission.
You are required to state any EIGHT of the documents to be presented to the Corporate Affairs Commission for the incorporation of a company.
(Total 8 Marks)

Answer

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Tags: Company Law, Corporate Affairs Commission, Incorporation
Level: Level 1

Topic: Company Law
Series: NOV 2014

BL – Nov 2014 – L1 – SB – Q3a – Company Law

State distinctions between a limited liability company and a partnership, and explain a director’s duty regarding conflicts of interest.

Question

a. Limited liability companies and partnerships are different in formation and characteristics.
You are required to:

i. State any FIVE distinctions between a limited liability company and a partnership.
(5 Marks)

ii. Explain briefly the duty that a director’s interest shall not conflict with his duties to the company and its consequences.
(4 Marks)

Answer

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Tags: Company Law, Conflict of Interest, Directors' Duties, Partnership
Level: Level 1

Topic: Company Law
Series: NOV 2014

BL – Nov 2014 – L1 – SB – Q2c – Company Law

List and explain three sanctions for directors who breach fiduciary duties.

Question

A director that fails to observe fiduciary duties will be liable to sanctions.
You are required to list and explain briefly any THREE of such sanctions.
(Total 6 Marks)

Answer

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Tags: Breach, Directors, Fiduciary Duty, Sanctions
Level: Level 1

Topic: Company Law
Series: NOV 2014

BL – Nov 2014 – L1 – SB – Q2b – Company Law

Explain a type of resolution, state the quorum, and list ordinary business items at an AGM.

Question

Decisions at company meetings are taken by resolutions.

You are required to:
i. Explain briefly ONE type of such resolutions.
(4 Marks)

ii. State the quorum at a company meeting and who may convene an Extra-Ordinary General Meeting.
(2 Marks)

iii. List THREE issues that are considered ordinary businesses at the Annual General Meeting (AGM).
(3 Marks)

Answer

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Tags: AGM, Company Meetings, EGM, Quorum, Resolutions
Level: Level 1

Topic: Company Law
Series: NOV 2014

BL – Nov 2014 – L1 – SB – Q2a – Company Law

List five contents of the Articles of Association of a company.

Question

“The Memorandum and Articles of Association of a company are together the Constitution of the company.”
You are required to list any FIVE contents of the Articles of Association.
(Total 5 Marks)

Answer

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Tags: Articles of Association, Company Constitution, Company Law
Level: Level 1

Topic: Company Law
Series: NOV 2014

BL – Nov 2014 – L1 – SB – Q1b – Company Law

Explain two differences between fixed charge and floating charge on company properties.

Question

One of the conditions attached to loans obtained by a registered company is the creation of a charge on the properties of the company.
You are required to explain briefly any TWO differences between fixed charge and floating charge.
(Total 5 Marks)

Answer

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Tags: Company Law, Fixed Charge, Floating Charge, Loan Security
Level: Level 1

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 – May 2018 – L1 – SA – Q20 – Company Law

Identify the situation where a company cannot acquire its own shares

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BL – May 2018 – L1 – SA – Q6 – Company Law

Identify the condition when a company is unable to pay its debts.

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BL – May 2018 – L1 – SA – Q5 – Company Law

Identify the representative of a shareholder during a company meeting.

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BL – Nov 2014 – L1 – SB – Q3c – Company Law

State the three types of company meetings held by incorporated companies.

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BL – Nov 2014 – L1 – SB – Q3b – Company Law

State eight documents required for the incorporation of a company at the Corporate Affairs Commission.

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BL – Nov 2014 – L1 – SB – Q3a – Company Law

State distinctions between a limited liability company and a partnership, and explain a director’s duty regarding conflicts of interest.

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BL – Nov 2014 – L1 – SB – Q2c – Company Law

List and explain three sanctions for directors who breach fiduciary duties.

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BL – Nov 2014 – L1 – SB – Q2b – Company Law

Explain a type of resolution, state the quorum, and list ordinary business items at an AGM.

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BL – Nov 2014 – L1 – SB – Q2a – Company Law

List five contents of the Articles of Association of a company.

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BL – Nov 2014 – L1 – SB – Q1b – Company Law

Explain two differences between fixed charge and floating charge on company properties.

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