Question Tag: Company Law
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- 6 Marks
BL – Nov 2020 – L1 – SB – Q1d – Company Law
List powers exercised by the Annual General Meeting (AGM) of a company.
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- Tags: Annual General Meeting, Company Law, Corporate Powers, Shareholder Rights
- Level: Level 1
- Topic: Company Law
- Series: NOV 2020
- 1 Marks
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
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- Tags: Company Law, Corporate Personality, Legal Principles, Veil of Incorporation
- Level: Level 1
- Topic: Company Law
- Series: NOV 2020
- 4 Marks
BL – May 2012 – L1 – SB – Q6B – Company Law
Explain two fiduciary duties of a company director.
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- Tags: Business Law, Company Law, Directors' Duties
- Level: Level 1
- Topic: Company Law
- Series: MAY 2012
- 11 Marks
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)
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- 5 Marks
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)
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- 1 Marks
BL – May 2012 – L1 – SA – Q18 – Company Law
Identify the concept that allows a company to continue existing despite changes in ownership.
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- Tags: Business Law, Company Law, Perpetual Succession
- Level: Level 1
- Topic: Company Law
- Series: MAY 2012
- 15 Marks
BL – Nov 2011 – L1 – SB – Q4 – Company Law
Understanding the principles of the Salomon vs Salomon & Co Ltd case, circumstances for lifting the veil of incorporation, and statutory terms of partnership agreements
Question
(a) Explain the legal principle(s) established in the case of Salomon vs Salomon Co. Ltd. (1897). (2 Marks)
(b) State FOUR circumstances when the veil of incorporation of a company may be lifted under statute. (4 Marks)
(c) Enumerate FOUR types of names that are prohibited for the purpose of incorporation. (4 Marks)
(d) State FIVE statutory terms of a Partnership Agreement as contained in Sections 24 and 25 of the Partnership Act 1890. (5 Marks)
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- Tags: Company Law, Legal Personality, Lifting the Veil, Partnership Agreement
- Level: Level 1
- Topic: Company Law
- Series: NOV 2011
- 1 Marks
BL – Nov 2011 – L1 – SA – Q9 – Company Law
Identifying the type of company that limits liability to contributions of members.
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- Tags: Company Law, Liability of Members, Limited by Guarantee
- Level: Level 1
- Topic: Company Law
- Series: NOV 2011
- 6 Marks
BL – Nov 2020 – L1 – SB – Q1d – Company Law
List powers exercised by the Annual General Meeting (AGM) of a company.
Find Related Questions by Tags, levels, etc.
- Tags: Annual General Meeting, Company Law, Corporate Powers, Shareholder Rights
- Level: Level 1
- Topic: Company Law
- Series: NOV 2020
- 1 Marks
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
Find Related Questions by Tags, levels, etc.
- Tags: Company Law, Corporate Personality, Legal Principles, Veil of Incorporation
- Level: Level 1
- Topic: Company Law
- Series: NOV 2020
- 4 Marks
BL – May 2012 – L1 – SB – Q6B – Company Law
Explain two fiduciary duties of a company director.
Find Related Questions by Tags, levels, etc.
- Tags: Business Law, Company Law, Directors' Duties
- Level: Level 1
- Topic: Company Law
- Series: MAY 2012
- 11 Marks
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)
Find Related Questions by Tags, levels, etc.
- 5 Marks
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)
Find Related Questions by Tags, levels, etc.
- 1 Marks
BL – May 2012 – L1 – SA – Q18 – Company Law
Identify the concept that allows a company to continue existing despite changes in ownership.
Find Related Questions by Tags, levels, etc.
- Tags: Business Law, Company Law, Perpetual Succession
- Level: Level 1
- Topic: Company Law
- Series: MAY 2012
- 15 Marks
BL – Nov 2011 – L1 – SB – Q4 – Company Law
Understanding the principles of the Salomon vs Salomon & Co Ltd case, circumstances for lifting the veil of incorporation, and statutory terms of partnership agreements
Question
(a) Explain the legal principle(s) established in the case of Salomon vs Salomon Co. Ltd. (1897). (2 Marks)
(b) State FOUR circumstances when the veil of incorporation of a company may be lifted under statute. (4 Marks)
(c) Enumerate FOUR types of names that are prohibited for the purpose of incorporation. (4 Marks)
(d) State FIVE statutory terms of a Partnership Agreement as contained in Sections 24 and 25 of the Partnership Act 1890. (5 Marks)
Find Related Questions by Tags, levels, etc.
- Tags: Company Law, Legal Personality, Lifting the Veil, Partnership Agreement
- Level: Level 1
- Topic: Company Law
- Series: NOV 2011
- 1 Marks
BL – Nov 2011 – L1 – SA – Q9 – Company Law
Identifying the type of company that limits liability to contributions of members.
Find Related Questions by Tags, levels, etc.
- Tags: Company Law, Liability of Members, Limited by Guarantee
- Level: Level 1
- Topic: Company Law
- Series: NOV 2011