Analyse the circumstances under which the group accounts of a company need not deal with a subsidiary of the company ANSWER These accounts must give a true and fair view of the state of affairs and profit or loss of Open …
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What books of account is a company required to keep and what provisions regulate group accounts?
What books of account is a company required to keep and what provisions regulate group accounts? ANSWER Every company must keep certain books in the English language, namely: • Assets and liabilities of the company. • Sales and purchases of Open …
Companies Act provides that “A printed copy of every resolution or agreement shall, within 30 days after the passing or making thereof, be delivered to the registrar for registration”. Identify five resolutions or agreements registrable under this section.
Companies Act provides that “A printed copy of every resolution or agreement shall, within 30 days after the passing or making thereof, be delivered to the registrar for registration”. Identify five resolutions or agreements registrable under this section. ANSWER • Open …
Outline the classes of persons who may effectively demand for a poll during a general meeting
Outline the classes of persons who may effectively demand for a poll during a general meeting ANSWER • The chairman of the meeting. • At least five members present in person or by proxy. • A member or members representing Open …
What are the salient duties and powers of the Chairman of a general meeting of a company? Illustrate your answer with reference to decided cases
What are the salient duties and powers of the Chairman of a general meeting of a company? Illustrate your answer with reference to decided cases ANSWER Duties • Satisfy himself that the meeting is duly constituted. • Inform himself the Open …
Explain how the capital of a company may be: i) Altered; ii) Reduced; iii) Increased;
Explain how the capital of a company may be: i) Altered; ii) Reduced; iii) Increased; ANSWER Under the Companies Act, the capital of accompany can be altered in various ways namely: • Increase of capital • Sub-division of shares • Open …
Explain the remedies that are available to an investor who has been indiced to take shares by false statements made in a prospectus
Explain the remedies that are available to an investor who has been indiced to take shares by false statements made in a prospectus ANSWER The remedies available to a subscriber include: • Compensation for any loss or damage occasioned by Open …
In what circumstances may a company accept shares surrendered by a member?
In what circumstances may a company accept shares surrendered by a member? ANSWER As a general rule, surrender of shares is not authorised by law. This is a situation whereby a member gives up his shares to the company. It Open …
Y Ltd whose articles are similar to Table A, publish a weekly magazine. In one issue an article is critical of the policies of the city commission. A number of Commissioners who are also members of the company requisition a general meeting and secure the passing of an ordinary resolution ordering the company to publish in the next issue a withdrawal of the criticism. The directors of the company are adamant. The angry commissioners approach you for the purpose of filing an action to compel the directors to publish a withdrawal.
Y Ltd whose articles are similar to Table A, publish a weekly magazine. In one issue an article is critical of the policies of the city commission. A number of Commissioners who are also members of the company requisition a Open …
To what extent does the doctrine of constructive notice operate negatively?
To what extent does the doctrine of constructive notice operate negatively? ANSWER This doctrine is to the effect that persons who deal with the company are deemed to know the contents of its public documents, namely memorandum, articles special resolutions Open …