MAY 2013 – Page 2 – NBC Institute

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 – Q3A – Hire Purchase and Consumer Credit Transactions

Explain three provisions voided by the Hire Purchase Act in hire purchase agreements.

Question

Explain THREE of the provisions declared void by the Hire Purchase Act in any hire purchase agreement.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Contract Law, Hire Purchase Agreement, Void Provisions
Level: Level 1

Topic: Hire Purchase and Consumer Credit Transactions
Series: MAY 2013

BL – May 2013 – L1 – SB – Q2 – Law of Contract

Evaluate the validity of a contract between a mentally-ill person and a drunk individual under Nigerian law.

Question

Adariri, a mentally-ill person, attended the wedding anniversary of his friend at a hotel in Aba last June. It is a fact that between May and July every year, he is always in a sound mental condition.

Ikena, who also was at the event, took advantage of the free alcoholic drinks provided at the party and was drunk. When Adariri realised that Ikena could no longer control himself, Adariri took Ikena home in Ikena’s new Toyota Prado Sports Utility Vehicle. During the trip, Ikena discussed with, and agreed to sell his Toyota Prado to, Adariri for the sum of N5 million. When Adariri visited Ikena’s home to pay for the vehicle the third day after the party, Ikena refused to sell the car to Adariri on the grounds that he was drunk when he entered into the contract and Adariri, being a lunatic, could not enter into a valid contract.

You are required to advise Adariri and Ikena on the validity of the agreement.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Capacity to Contract, Drunkenness, Mentally-Ill Persons, Validity of Agreement
Level: Level 1

Topic: Law of Contract
Series: MAY 2013

BL – May 2013 – L1 – SB – Q1B – Law of Tort

Define the tort of negligence and state the three prerequisites for establishing negligence.

Question

Explain the term “tort of negligence” and state the THREE prerequisites for the tort.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Negligence, Prerequisites of Negligence, Tort Law
Level: Level 1

Topic: Law of Tort
Series: MAY 2013

BL – May 2013 – L1 – SB – Q1A – Nigerian Legal System

List and explain five key characteristics of the Constitution of the Federal Republic of Nigeria.

Question

Explain FIVE characteristics of the Constitution of the Federal Republic of Nigeria.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Constitution of Nigeria, Federalism, Fundamental Rights, Supremacy
Level: Level 1

Topic: Nigerian Legal System
Series: MAY 2013

BL – May 2013 – L1 – SA – Q20 – Law Relating to Banking

This question tests the authority of the court regarding the discharge of a bankrupt.

Question

Which court has the power to order the discharge of a bankrupt?

Answer

Find Related Questions by Tags, levels, etc.

Tags: Bankruptcy, Court Authority, Discharge
Level: Level 1

Topic: Law Relating to Banking
Series: MAY 2013

BL – May 2013 – L1 – SA – Q19 – Negotiable Instruments

This question tests the knowledge of the person to whom a bill is endorsed.

Question

The person to whom a bill is endorsed is called the ___________.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Bills, Endorsement, Negotiable Instruments
Level: Level 1

Topic: Negotiable Instruments
Series: MAY 2013

BL – May 2013 – L1 – SA – Q18 – Company Law

This question assesses knowledge of which company can appoint directors of another company.

Question

A company that can appoint or remove all or majority of the directors of another company at its sole discretion is ___________.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Company Control, Corporate Governance, Directors
Level: Level 1

Topic: Company Law
Series: MAY 2013

BL – May 2013 – L1 – SA – Q17 – Company Law

This question tests the authority required for a company to issue different classes of shares.

Question

A company can issue classes of shares only if authorised by its ___________.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Company Shares, Corporate Governance, Issuance
Level: Level 1

Topic: Company Law
Series: MAY 2013

BL – May 2013 – L1 – SA – Q16 – Law of Trusts

This question tests the knowledge of how trustees of a property are appointed.

Question

The trustees of a property settled in a Will are appointed by the ___________.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Appointment, Trust Law, Will
Level: Level 1

Topic: Law of Trusts
Series: MAY 2013

BL – May 2013 – L1 – SA – Q15 – Law of Contract

This question tests knowledge of the type of insurance that is not a contract of indemnity.

Question

The only type of insurance that is NOT a contract of indemnity is ___________.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Contract Law, Insurance
Level: Level 1

Topic: Law of Contract
Series: MAY 2013

Series: MAY 2013

Filter by Professional Bodies

Filter by Subject

Filter by Series

Filter by Topics

Filter by Levels

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"

BL – May 2013 – L1 – SB – Q3A – Hire Purchase and Consumer Credit Transactions

Explain three provisions voided by the Hire Purchase Act in hire purchase agreements.

You're reporting an error for "BL – May 2013 – L1 – SB – Q3A – Hire Purchase and Consumer Credit Transactions"

BL – May 2013 – L1 – SB – Q2 – Law of Contract

Evaluate the validity of a contract between a mentally-ill person and a drunk individual under Nigerian law.

You're reporting an error for "BL – May 2013 – L1 – SB – Q2 – Law of Contract"

BL – May 2013 – L1 – SB – Q1B – Law of Tort

Define the tort of negligence and state the three prerequisites for establishing negligence.

You're reporting an error for "BL – May 2013 – L1 – SB – Q1B – Law of Tort"

BL – May 2013 – L1 – SB – Q1A – Nigerian Legal System

List and explain five key characteristics of the Constitution of the Federal Republic of Nigeria.

You're reporting an error for "BL – May 2013 – L1 – SB – Q1A – Nigerian Legal System"

BL – May 2013 – L1 – SA – Q20 – Law Relating to Banking

This question tests the authority of the court regarding the discharge of a bankrupt.

You're reporting an error for "BL – May 2013 – L1 – SA – Q20 – Law Relating to Banking"

BL – May 2013 – L1 – SA – Q19 – Negotiable Instruments

This question tests the knowledge of the person to whom a bill is endorsed.

You're reporting an error for "BL – May 2013 – L1 – SA – Q19 – Negotiable Instruments"

BL – May 2013 – L1 – SA – Q18 – Company Law

This question assesses knowledge of which company can appoint directors of another company.

You're reporting an error for "BL – May 2013 – L1 – SA – Q18 – Company Law"

BL – May 2013 – L1 – SA – Q17 – Company Law

This question tests the authority required for a company to issue different classes of shares.

You're reporting an error for "BL – May 2013 – L1 – SA – Q17 – Company Law"

BL – May 2013 – L1 – SA – Q16 – Law of Trusts

This question tests the knowledge of how trustees of a property are appointed.

You're reporting an error for "BL – May 2013 – L1 – SA – Q16 – Law of Trusts"

BL – May 2013 – L1 – SA – Q15 – Law of Contract

This question tests knowledge of the type of insurance that is not a contract of indemnity.

You're reporting an error for "BL – May 2013 – L1 – SA – Q15 – Law of Contract"

Our offerings

Contact Info

Customer

Get In Touch

admin