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Take Test: COMLAW2B TEST 2 OF 2012
Content
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Instructions
Description| Respondus|
Instructions| |
Timed Test| This Test has the time limit of 1 hour and 30 minutes. This Test will save and be submitted automatically when the time expires. Warnings appear when half the time, 5 minutes, 1 minute and 30 seconds remain. | Multiple Attempts| Not allowed. This Test can only be taken once. | Force Completion| This Test can be saved and resumed later.| Saving Answer

Remaining Time:
51 minutes, 15 seconds.

Question 1
 
The requirements for a pre-incorporation contract in respect of close corporations are: Answer
| | The contract must be in writing|
| | The promoter must have stated that he is acting on behalf of a close corporation not yet in existence| | | The close corporation must after registration adopt the contract| | | Particulars of the contract must be disclosed in the Founding statement of the corporation | | | The contract must be registered by the Commissioner  | | | c and d |

| | d and e|
1 points  
Question 2
 
A company may be a member of a partnership and of a company. Answer True
False
1 points  
Question 3
 
Where a member of a close corporation has caused loss to the corporation as a result of his negligence, the aggrieved members of the corporation have to institute action against the member. Answer True

False
1 points  
Question 4
 
The contract for the benefit of a third party is not available to close corporations as the Act provides for a statutory pre-incorporation contract. Answer True
False
1 points  
Question 5
  Irrespective of the kind of company, nominee shareholders have the duty to disclose who the beneficial shareholder is. Answer True
False
1 points  
Question 6
  An ordinary resolution applies with immediate effect whereas a special resolution is effective only 30 days after its registration with the Registrar/Commisioner. Answer True
False
1 points  
Question 7
  The annual financial statements of a close corporation must be approved by members representing 75% of the members interest of the corporation. Answer True
False
1 points  
Question 8
  An independent holder of voting rights is a person not related to any of the members of the board of the company. Answer True
False
1 points  
Question 9
  The following business entities are juristic persons:
Answer
| | Business trust|
| | Company|
| | Close corporation|
| | Partnership|
| | a and b|
| | b and c|
| | c and d|
| | a, b and c|
| | b, c and d|
1 points  
Question 10
  The record date is the date on which a company determines the identity of its shareholders and their respective shareholdings in the company. Answer True
False
1 points  
Question 11
  The statutory action is available when a a member failed to make his contribution and the corporation refuses to institute action against him. Choose between the words mandatory/personal/derivative/appraisal. 1 points  

Question 12
  The Companies Act 2008 provides for the compulsory conversion of existing close corporations into companies within two years after the Act becomes operative and for the deregistration of those close corporations not converted within that period. Answer True

False
1 points  
Question 13
  A creditor of a subsidiary company, can enforce its claim against the holding company of the subsidiary where the subsidiary has been liquidated. Answer True
False
1 points  
Question 14
  Section 64 of the Close Corporation Act provides for liability of members in case of reckless and fraudulent trading and also trading with "gross negligence". Answer True
False
1 points  
Question 15
  The minimum number of directors of a public company is:
Answer
1 points  
Question 16
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