Series: MAY 2013

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BL – May 2013 – L1 – SB – Q6C – Law of Trusts

Explain the reporting duty of a bank and stockbroker in cross-border transfers involving Dr. Aminu.

Question

Dr. Aminu recently transferred the sum of US$11,000 to his account in Business Bank Plc, Lagos, from his bank in the United States. He also informed his stockbroker of his intention to transfer his shares in some Nigerian companies listed on the New York Stock Exchange to his C.S.C.S. account with the stockbroker in Nigeria. The shares are valued at US$20,000.

You are required to:

Explain the reporting duty of Business Bank Plc and the stockbroker.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Bank Transfers, Cross-Border Transactions, Nigerian Law, Reporting Duty
Level: Level 1

Topic: Law of Trusts
Series: MAY 2013

BL – May 2013 – L1 – SB – Q6B – Law of Trusts

Explain the duties of trustees regarding the disbursement of trust funds to beneficiaries.

Question

Biodun and Johanna are twins of twenty-one years of age. By the Will of their deceased father that came into effect ten years ago, the trustees were directed to invest a sum of N5 million and apply the income to the education of Biodun and Johanna. These beneficiaries have directed that the trustees pay the N5 million over to them.

You are required to:

Explain the duty of the trustees in relation to the directive of Biodun and Johanna.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Disbursement, Trust Funds, Trustees
Level: Level 1

Topic: Law of Trusts
Series: MAY 2013

BL – May 2013 – L1 – SB – Q6A – Law Relating to Banking

State three reasons a creditor may present a bankruptcy petition against a debtor.

Question

Explain THREE reasons for which a creditor shall be entitled to present a bankruptcy petition against a debtor.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Bankruptcy, Creditor’s Petition, Liquidated Debt
Level: Level 1

Topic: Law Relating to Banking
Series: MAY 2013

BL – May 2013 – L1 – SB – Q5D – Company Law

Explain the procedure to fill a casual vacancy in the office of the company’s auditor.

Question

Chief Ogongo, the Chairman of the recently incorporated Fortune Finance Limited,
has requested your advice on the appointment of auditors of the company,
particularly on the following issues:

What should be done where there is a casual vacancy in the offices of the auditors?

Answer

Find Related Questions by Tags, levels, etc.

Tags: Auditor, Casual Vacancy, Company Law
Level: Level 1

Topic: Company Law
Series: MAY 2013

BL – May 2013 – L1 – SB – Q5C – Company Law

Discuss what happens if no auditors are appointed at the AGM.

Question

Chief Ogongo, the Chairman of the recently incorporated Fortune Finance Limited,
has requested your advice on the appointment of auditors of the company,
particularly on the following issues:

What happens if, at an Annual General Meeting, no auditors were appointed or re-appointed?

Answer

Find Related Questions by Tags, levels, etc.

Tags: Company Law, Failure to Appoint Auditors
Level: Level 1

Topic: Company Law
Series: MAY 2013

BL – May 2013 – L1 – SB – Q5B – Company Law

Explain how existing auditors can be re-appointed without objection at the AGM.

Question

Chief Ogongo, the Chairman of the recently incorporated Fortune Finance Limited,
has requested your advice on the appointment of auditors of the company,
particularly on the following issues:

How would the existing auditors of the company, desirous of re-election at the next Annual General Meeting, and without objection, be re-appointed?

Answer

Find Related Questions by Tags, levels, etc.

Tags: Company Law, Re-Appointment of Auditors
Level: Level 1

Topic: Company Law
Series: MAY 2013

BL – May 2013 – L1 – SB – Q5A – Company Law

Explain how the first auditors of a company are appointed.

Question

Chief Ogongo, the Chairman of the recently incorporated Fortune Finance Limited,
has requested your advice on the appointment of auditors of the company,
particularly on the following issues:

How will the first auditors of the company be appointed?

Answer

Find Related Questions by Tags, levels, etc.

Tags: Appointment of Auditors, Company Law, First Auditors
Level: Level 1

Topic: Company Law
Series: MAY 2013

BL – May 2013 – L1 – SB – Q4B – Company Law

Explain two conditions Harddin Limited must fulfill to invite public subscription.

Question

Harddin Limited has informed you of its intention to invite the public to acquire its securities and to deposit money with it for a fixed period payable at call.

You are required to:

Explain TWO conditions that Harddin Limited must fulfill to achieve its proposed plan.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Company Conversion, Investment and Securities Act, Public Subscription
Level: Level 1

Topic: Company Law
Series: MAY 2013

BL – May 2013 – L1 – SB – Q4A – Company Law

List and explain five incorporation documents required for registering a company.

Question

Hassan, a young businessman engaged in the manufacturing of “Healthy Energy Drink”, has recently contacted you for the incorporation of a company to be known as Healthy Energy Limited.

You are required to:

State FIVE incorporation documents required to be submitted by the company, indicating the purpose of each document.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Articles of Association, Incorporation, Memorandum of Association, Share Capital
Level: Level 1

Topic: Company Law
Series: MAY 2013

BL – May 2013 – L1 – SB – Q3B – Agency Law

Discuss the doctrine of subrogation and its application to gifts in insurance law.

Question

Maria, a famous national hero, was involved in an accident recently during which her brand new Lexus Jeep was damaged beyond repairs. The accident was caused by the recklessness of the driver of Bogus Company Limited. Since the Jeep was insured under comprehensive insurance by Absolve Insurance Plc, the insurance company processed Maria’s claim and gave her a brand new Lexus Jeep.

Thereafter, Chief Generous, a philanthropist, decided to give Maria a brand new Lexus Jeep to replace her damaged Jeep in view of her previous services to the country.

Absolve Insurance Plc wrote a letter to Maria requesting her to return the Lexus Jeep gift she received from Chief Generous since it has subrogation right over the Jeep. Maria has refused to return the Lexus Jeep.

You are required to advise Maria and Absolve Insurance Plc on the subrogation right of the insurance company to the Lexus Jeep given to Maria by Chief Generous.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Gifts, Insurance Contracts, Subrogation
Level: Level 1

Topic: Agency Law
Series: MAY 2013

BL – May 2013 – L1 – SB – Q6C – Law of Trusts

Explain the reporting duty of a bank and stockbroker in cross-border transfers involving Dr. Aminu.

Question

You are required to:

Explain the reporting duty of Business Bank Plc and the stockbroker.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Bank Transfers, Cross-Border Transactions, Nigerian Law, Reporting Duty
Level: Level 1

Topic: Law of Trusts
Series: MAY 2013

BL – May 2013 – L1 – SB – Q6B – Law of Trusts

Explain the duties of trustees regarding the disbursement of trust funds to beneficiaries.

Question

You are required to:

Explain the duty of the trustees in relation to the directive of Biodun and Johanna.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Disbursement, Trust Funds, Trustees
Level: Level 1

Topic: Law of Trusts
Series: MAY 2013

BL – May 2013 – L1 – SB – Q6A – Law Relating to Banking

State three reasons a creditor may present a bankruptcy petition against a debtor.

Question

Explain THREE reasons for which a creditor shall be entitled to present a bankruptcy petition against a debtor.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Bankruptcy, Creditor’s Petition, Liquidated Debt
Level: Level 1

Topic: Law Relating to Banking
Series: MAY 2013

BL – May 2013 – L1 – SB – Q5D – Company Law

Explain the procedure to fill a casual vacancy in the office of the company’s auditor.

Question

Chief Ogongo, the Chairman of the recently incorporated Fortune Finance Limited,
has requested your advice on the appointment of auditors of the company,
particularly on the following issues:

What should be done where there is a casual vacancy in the offices of the auditors?

Answer

Find Related Questions by Tags, levels, etc.

Tags: Auditor, Casual Vacancy, Company Law
Level: Level 1

Topic: Company Law
Series: MAY 2013

BL – May 2013 – L1 – SB – Q5C – Company Law

Discuss what happens if no auditors are appointed at the AGM.

Question

Chief Ogongo, the Chairman of the recently incorporated Fortune Finance Limited,
has requested your advice on the appointment of auditors of the company,
particularly on the following issues:

What happens if, at an Annual General Meeting, no auditors were appointed or re-appointed?

Answer

Find Related Questions by Tags, levels, etc.

Tags: Company Law, Failure to Appoint Auditors
Level: Level 1

Topic: Company Law
Series: MAY 2013

BL – May 2013 – L1 – SB – Q5B – Company Law

Explain how existing auditors can be re-appointed without objection at the AGM.

Question

Chief Ogongo, the Chairman of the recently incorporated Fortune Finance Limited,
has requested your advice on the appointment of auditors of the company,
particularly on the following issues:

How would the existing auditors of the company, desirous of re-election at the next Annual General Meeting, and without objection, be re-appointed?

Answer

Find Related Questions by Tags, levels, etc.

Tags: Company Law, Re-Appointment of Auditors
Level: Level 1

Topic: Company Law
Series: MAY 2013

BL – May 2013 – L1 – SB – Q5A – Company Law

Explain how the first auditors of a company are appointed.

Question

Chief Ogongo, the Chairman of the recently incorporated Fortune Finance Limited,
has requested your advice on the appointment of auditors of the company,
particularly on the following issues:

How will the first auditors of the company be appointed?

Answer

Find Related Questions by Tags, levels, etc.

Tags: Appointment of Auditors, Company Law, First Auditors
Level: Level 1

Topic: Company Law
Series: MAY 2013

BL – May 2013 – L1 – SB – Q4B – Company Law

Explain two conditions Harddin Limited must fulfill to invite public subscription.

Question

Harddin Limited has informed you of its intention to invite the public to acquire its securities and to deposit money with it for a fixed period payable at call.

You are required to:

Explain TWO conditions that Harddin Limited must fulfill to achieve its proposed plan.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Company Conversion, Investment and Securities Act, Public Subscription
Level: Level 1

Topic: Company Law
Series: MAY 2013

BL – May 2013 – L1 – SB – Q4A – Company Law

List and explain five incorporation documents required for registering a company.

Question

Hassan, a young businessman engaged in the manufacturing of “Healthy Energy Drink”, has recently contacted you for the incorporation of a company to be known as Healthy Energy Limited.

You are required to:

State FIVE incorporation documents required to be submitted by the company, indicating the purpose of each document.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Articles of Association, Incorporation, Memorandum of Association, Share Capital
Level: Level 1

Topic: Company Law
Series: MAY 2013

BL – May 2013 – L1 – SB – Q3B – Agency Law

Discuss the doctrine of subrogation and its application to gifts in insurance law.

Question

Thereafter, Chief Generous, a philanthropist, decided to give Maria a brand new Lexus Jeep to replace her damaged Jeep in view of her previous services to the country.

You are required to advise Maria and Absolve Insurance Plc on the subrogation right of the insurance company to the Lexus Jeep given to Maria by Chief Generous.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Gifts, Insurance Contracts, Subrogation
Level: Level 1

Topic: Agency Law
Series: MAY 2013

Series: MAY 2013

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BL – May 2013 – L1 – SB – Q6C – Law of Trusts

Explain the reporting duty of a bank and stockbroker in cross-border transfers involving Dr. Aminu.

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BL – May 2013 – L1 – SB – Q6B – Law of Trusts

Explain the duties of trustees regarding the disbursement of trust funds to beneficiaries.

You're reporting an error for "BL – May 2013 – L1 – SB – Q6B – Law of Trusts"

BL – May 2013 – L1 – SB – Q6A – Law Relating to Banking

State three reasons a creditor may present a bankruptcy petition against a debtor.

You're reporting an error for "BL – May 2013 – L1 – SB – Q6A – Law Relating to Banking"

BL – May 2013 – L1 – SB – Q5D – Company Law

Explain the procedure to fill a casual vacancy in the office of the company’s auditor.

You're reporting an error for "BL – May 2013 – L1 – SB – Q5D – Company Law"

BL – May 2013 – L1 – SB – Q5C – Company Law

Discuss what happens if no auditors are appointed at the AGM.

You're reporting an error for "BL – May 2013 – L1 – SB – Q5C – Company Law"

BL – May 2013 – L1 – SB – Q5B – Company Law

Explain how existing auditors can be re-appointed without objection at the AGM.

You're reporting an error for "BL – May 2013 – L1 – SB – Q5B – Company Law"

BL – May 2013 – L1 – SB – Q5A – Company Law

Explain how the first auditors of a company are appointed.

You're reporting an error for "BL – May 2013 – L1 – SB – Q5A – Company Law"

BL – May 2013 – L1 – SB – Q4B – Company Law

Explain two conditions Harddin Limited must fulfill to invite public subscription.

You're reporting an error for "BL – May 2013 – L1 – SB – Q4B – Company Law"

BL – May 2013 – L1 – SB – Q4A – Company Law

List and explain five incorporation documents required for registering a company.

You're reporting an error for "BL – May 2013 – L1 – SB – Q4A – Company Law"

BL – May 2013 – L1 – SB – Q3B – Agency Law

Discuss the doctrine of subrogation and its application to gifts in insurance law.

You're reporting an error for "BL – May 2013 – L1 – SB – Q3B – Agency Law"

BL – May 2013 – L1 – SB – Q6C – Law of Trusts

Explain the reporting duty of a bank and stockbroker in cross-border transfers involving Dr. Aminu.

You're reporting an error for "BL – May 2013 – L1 – SB – Q6C – Law of Trusts"

BL – May 2013 – L1 – SB – Q6B – Law of Trusts

Explain the duties of trustees regarding the disbursement of trust funds to beneficiaries.

You're reporting an error for "BL – May 2013 – L1 – SB – Q6B – Law of Trusts"

BL – May 2013 – L1 – SB – Q6A – Law Relating to Banking

State three reasons a creditor may present a bankruptcy petition against a debtor.

You're reporting an error for "BL – May 2013 – L1 – SB – Q6A – Law Relating to Banking"

BL – May 2013 – L1 – SB – Q5D – Company Law

Explain the procedure to fill a casual vacancy in the office of the company’s auditor.

You're reporting an error for "BL – May 2013 – L1 – SB – Q5D – Company Law"

BL – May 2013 – L1 – SB – Q5C – Company Law

Discuss what happens if no auditors are appointed at the AGM.

You're reporting an error for "BL – May 2013 – L1 – SB – Q5C – Company Law"

BL – May 2013 – L1 – SB – Q5B – Company Law

Explain how existing auditors can be re-appointed without objection at the AGM.

You're reporting an error for "BL – May 2013 – L1 – SB – Q5B – Company Law"

BL – May 2013 – L1 – SB – Q5A – Company Law

Explain how the first auditors of a company are appointed.

You're reporting an error for "BL – May 2013 – L1 – SB – Q5A – Company Law"

BL – May 2013 – L1 – SB – Q4B – Company Law

Explain two conditions Harddin Limited must fulfill to invite public subscription.

You're reporting an error for "BL – May 2013 – L1 – SB – Q4B – Company Law"

BL – May 2013 – L1 – SB – Q4A – Company Law

List and explain five incorporation documents required for registering a company.

You're reporting an error for "BL – May 2013 – L1 – SB – Q4A – Company Law"

BL – May 2013 – L1 – SB – Q3B – Agency Law

Discuss the doctrine of subrogation and its application to gifts in insurance law.

You're reporting an error for "BL – May 2013 – L1 – SB – Q3B – Agency Law"

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