Shareholding – NBC Institute

BL – May 2023 – L1 – SA – Q11 – Company Law

Identify when shareholding qualification is required for a director.

Question

When is shareholding qualification required of a director?

A. To screen those qualified
B. At the direction of the Corporate Affairs Commission
C. When stipulated by the Memorandum of Association
D. When stipulated by the Articles of Association
E. When required by a Bill

Answer

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Tags: Company Law, Corporate Governance, Director Qualification, Shareholding

Topic: Company Law
Series: MAY 2023

BL – March July 2020 – L1 – SB – Q2c – Company Law

Involves a case regarding the liability of the company and its shareholders when the company is winding up.

Question

Chief Ochoma was a very successful electronics dealer as a sole proprietor. Two years ago, he incorporated a limited liability company with the name “Ochoma and Sons Limited” to take over the business. Ochoma and his sons are the subscribers of the 1,000,000 equity shares of the company at ₦1.00 per share. Chief Ochoma subscribed 970,000 shares and each of the three sons subscribed to 10,000 shares.

The company’s warehouse was razed by fire last year, and all the stock of electronics was burnt, resulting in the company’s huge indebtedness to unsecured trade creditors. In the process of winding up Ochoma and Sons Limited, the unsecured creditors insisted that Chief Ochoma should pay the debts the company owes them because he is the de facto owner of the company.

Required:
Advise Chief Ochoma, stating the legal issues involved.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Company Law, Corporate Veil, Limited Liability Company, Shareholding, Unsecured Creditors
Level: Level 1

Topic: Company Law
Series: MAR/JULY 2020

AT – May 2021 – L3 – Q5b – Mergers, amalgamation and reorganisation

Advise on the tax implications of Japan Rocks acquiring 60% of shares in Konadu Yiadom Ltd.

Question

The shareholders of Japan Rocks, a computer chip manufacturing company based in Japan, are planning on acquiring 60% of the shares in Konadu Yiadom Ltd in Ghana. The return on income for Konadu Yiadom Ltd for the year ended 31 December 2020 showed a loss of GH¢3,600,000 and the financial cost of GH¢900,000.

Required:
Advise Japan Rocks and its shareholders on the income tax implications of the acquisition of shares by Japan Rocks and the treatment of financial cost.

Answer

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Tags: Acquisition, Corporate Tax, Financial cost, Shareholding, Tax Loss
Level: Level 3

Topic: Mergers, amalgamation, and reorganization
Series: MAY 2021

BCL – Dec2022 – Q4b – Alternative forms and constitutions of business organisations

Discuss the requirements for incorporating a company and the implications of unpaid shares.

Question

Lucy Kondomire and Adele Amaney have been engaged in the formation of a private company limited by shares to engage in a curtain business. They are very eager to win a contract to supply the new Parliament House with 3,000 yards of curtains as part of a planned refurbishment of the Chamber of Parliament. They are optimistic of being awarded the contract in view of the President’s campaign to promote locally produced and manufactured goods. They have already proposed the name of the company to be “Nyamenehene Curtains Plaza.” The company is to be registered with 1,000,000 ordinary shares of no-par value and fully subscribed 600,000 and 400,000 shares respectively. In view of this, they have approached you as a Consultant to take over the process of incorporating their company as quickly as possible to enable them to win the contract. They have expressed their desire to pay any fee possible if the process is completed within five days.

Required:
i) State EIGHT (8) requirements for the incorporation of a company to Lucy Kondomire and Adele Amaney. (6 marks)
ii) If it turned out later that Adele Amaney did not pay fully for the shares she subscribed to, and have not been issued with a share certificate, what would be the implication of this occurrence? (4 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Formation, Company Incorporation, Corporate Law, Shareholding
Level: Level 1

Topic: Alternative forms and constitutions of business organisations
Series: DEC 2022

BL – May 2023 – L1 – SA – Q11 – Company Law

Identify when shareholding qualification is required for a director.

Question

When is shareholding qualification required of a director?

Answer

Find Related Questions by Tags, levels, etc.

Tags: Company Law, Corporate Governance, Director Qualification, Shareholding

Topic: Company Law
Series: MAY 2023

BL – March July 2020 – L1 – SB – Q2c – Company Law

Involves a case regarding the liability of the company and its shareholders when the company is winding up.

Question

Required:
Advise Chief Ochoma, stating the legal issues involved.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Company Law, Corporate Veil, Limited Liability Company, Shareholding, Unsecured Creditors
Level: Level 1

Topic: Company Law
Series: MAR/JULY 2020

AT – May 2021 – L3 – Q5b – Mergers, amalgamation and reorganisation

Advise on the tax implications of Japan Rocks acquiring 60% of shares in Konadu Yiadom Ltd.

Question

Required:
Advise Japan Rocks and its shareholders on the income tax implications of the acquisition of shares by Japan Rocks and the treatment of financial cost.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Acquisition, Corporate Tax, Financial cost, Shareholding, Tax Loss
Level: Level 3

Topic: Mergers, amalgamation, and reorganization
Series: MAY 2021

BCL – Dec2022 – Q4b – Alternative forms and constitutions of business organisations

Discuss the requirements for incorporating a company and the implications of unpaid shares.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Formation, Company Incorporation, Corporate Law, Shareholding
Level: Level 1

Topic: Alternative forms and constitutions of business organisations
Series: DEC 2022

Question Tag: Shareholding

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BL – May 2023 – L1 – SA – Q11 – Company Law

Identify when shareholding qualification is required for a director.

BL – March July 2020 – L1 – SB – Q2c – Company Law

Involves a case regarding the liability of the company and its shareholders when the company is winding up.

AT – May 2021 – L3 – Q5b – Mergers, amalgamation and reorganisation

Advise on the tax implications of Japan Rocks acquiring 60% of shares in Konadu Yiadom Ltd.

BCL – Dec2022 – Q4b – Alternative forms and constitutions of business organisations

Discuss the requirements for incorporating a company and the implications of unpaid shares.

BL – May 2023 – L1 – SA – Q11 – Company Law

Identify when shareholding qualification is required for a director.

BL – March July 2020 – L1 – SB – Q2c – Company Law

Involves a case regarding the liability of the company and its shareholders when the company is winding up.

AT – May 2021 – L3 – Q5b – Mergers, amalgamation and reorganisation

Advise on the tax implications of Japan Rocks acquiring 60% of shares in Konadu Yiadom Ltd.

BCL – Dec2022 – Q4b – Alternative forms and constitutions of business organisations

Discuss the requirements for incorporating a company and the implications of unpaid shares.

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BL – May 2023 – L1 – SA – Q11 – Company Law

Identify when shareholding qualification is required for a director.

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BL – March July 2020 – L1 – SB – Q2c – Company Law

Involves a case regarding the liability of the company and its shareholders when the company is winding up.

You're reporting an error for "BL – March July 2020 – L1 – SB – Q2c – Company Law"

AT – May 2021 – L3 – Q5b – Mergers, amalgamation and reorganisation

Advise on the tax implications of Japan Rocks acquiring 60% of shares in Konadu Yiadom Ltd.

You're reporting an error for "AT – May 2021 – L3 – Q5b – Mergers, amalgamation and reorganisation"

BCL – Dec2022 – Q4b – Alternative forms and constitutions of business organisations

Discuss the requirements for incorporating a company and the implications of unpaid shares.

You're reporting an error for "BCL – Dec2022 – Q4b – Alternative forms and constitutions of business organisations"

BL – May 2023 – L1 – SA – Q11 – Company Law

Identify when shareholding qualification is required for a director.

You're reporting an error for "BL – May 2023 – L1 – SA – Q11 – Company Law"

BL – March July 2020 – L1 – SB – Q2c – Company Law

Involves a case regarding the liability of the company and its shareholders when the company is winding up.

You're reporting an error for "BL – March July 2020 – L1 – SB – Q2c – Company Law"

AT – May 2021 – L3 – Q5b – Mergers, amalgamation and reorganisation

Advise on the tax implications of Japan Rocks acquiring 60% of shares in Konadu Yiadom Ltd.

You're reporting an error for "AT – May 2021 – L3 – Q5b – Mergers, amalgamation and reorganisation"

BCL – Dec2022 – Q4b – Alternative forms and constitutions of business organisations

Discuss the requirements for incorporating a company and the implications of unpaid shares.

You're reporting an error for "BCL – Dec2022 – Q4b – Alternative forms and constitutions of business organisations"

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