In the context of the Companies Act 2016, section 221(1) states that every director who is directly or indirectly interested in a contract with the company shall declare the nature of his interest at a meeting of the board of directors. Advise how the director shall declare his interests. Please advise base on section 221(1), 221(4),221(5),221(6),221(7)
Q: Which is the best definition of a ‘general’ agent? a) An Agent who can only make a particular type…
A: The legal rules that govern the dynamic interaction between a principal and an agent are…
Q: Under what circumstances can a company's articles of association be altered?
A: The Companies Act outlines the legal framework and regulatory requirements that companies must…
Q: Add more to this paragraph Under the Insolvency Act 1986, directors can be held personally liable…
A: The Insolvency Act 1986 is a crucial piece of legislation that outlines the legal responsibilities…
Q: Lowe’s Companies, Inc. is a business supply and home improvement retailer incorporated in…
A: A domestic corporation is one that conducts business in the country where it was formed. This is…
Q: Which of the following statements is correct regarding a limited partnership?
A: Correct statements regarding a limited partnership:
Q: Assess the implications of section 33 of the Companies Act 2006 and evaluate the constitutional…
A: The objective of this question is to understand the implications of section 33 of the Companies Act…
Q: List the key statutory requirements that must be met before a corporate formation is tax-deferred…
A: Note: As per bartleby guidelines in case multiple questions are asked by the students and the…
Q: Which of the following is derived from statutes? A) Express corporate authority B) Implied…
A: An agreement made by a specialist in the interest of the principal legitimately ties the principal.…
Q: Explain in details why Directors have a duty of loyalty to the company and must avoid conflicts of…
A: A system of rules, practises, and processes that governs how an organisation is directed,…
Q: Promoters or incorporators remain liable for contracts made by them on a proposed corporation even…
A: Promoters or incorporators of a company start working before the corporation is registered or formed…
Q: The Partnership Act 1890 section 24 sets out rights of partners (in default of their own agreement).…
A: Partnership refers to the type of business in which two or more persons make forma agreement to…
Q: Tying contracts, which is prohibited under the Clayton Act, refers to the situation where a producer…
A: In the realm of antitrust law, particularly under the provisions of the Clayton Act, certain…
Q: The fiduciary duties of partners have been incorporated into which sections of the Partnership Act…
A: Partners in a business have a special relationship with each other, based on trust and confidence.…
Q: 1.An entity shall offset an asset relating to one plan against a liability relating to another plan…
A: An entity shall offset an asset relating to one plan against a liability relating to another plan…
Q: Considering the following statements true or false. 1.Circumstances whereby the CFA member breaches…
A: Disclaimer: Since you have posted a question with multiple sub-parts, so we will solve first three…
Q: David is a licensed agent who typically represents homeowners looking to sell their house. As an…
A: The objective of the question is to determine the type of agency relationship that David, a licensed…
Q: what is section 1377(a)(2) election? could anyone explain why you would want to make this election…
A: Section 1377(a)(2) election refers to a specific tax election available to S corporations and their…
Q: On Wednesday, March 9, 2022, Juniper Corporation, a calendar-year corporation, filed a consent to…
A: To willingly terminate its S status, a corporation is able to make a revocation for any of its tax…
Q: a limited liability ement, the memb the withdrawal.
A: In Violation of the operating Agreement
Q: Apex Hospital is in need of major renovation of its electrical system. One of Apex’s governing board…
A: A legal commitment between two persons is called a fiduciary duty. Fiduciaries have a duty to…
Q: Which of the following correctly identify the requirements for both legal and personal competence…
A: A fiduciary is a person or organization that is legally and ethically bound to act in the best…
Q: A director using confidential information to trade in a company's shares is MOST likely to be in…
A: A director will be obligated for the break of trustee obligation when he acts untrustworthily to the…
Q: A limited partner is responsible for any debts of the partnership, regardless of whether he or she…
A: Partnership business ownership is based upon an agreement that involves entire terms and conditions…
Q: Read the following extract and then answer the question below A client is interested in setting up a…
A: Choosing the right legal structure for your business is an important decision that can have…
Q: While tax-exempt entities are indeed generally exempt from paying Federal income tax, they must…
A: Tax exemption status is an exception or special benefit granted to certain entities under which…
In the context of the Companies Act 2016, section 221(1) states that every director who is directly or indirectly interested in a contract with the company shall declare the nature of his interest at a meeting of the board of directors. Advise how the director shall declare his interests.
Please advise base on section 221(1), 221(4),221(5),221(6),221(7)
![](/static/compass_v2/shared-icons/check-mark.png)
Step by step
Solved in 3 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
- In many states, including New York, an operating agreement is required for a limited liability company to exist. True FalseThe Federal Trade Commission (FTC) files suit against Yange Corp. under § 2 of the Sherman Act. To be successful, the FTC must prove that Yange Corp. possesses monopoly power in the relevant market and that the monopoly power was obtained by illegal means. The FTC has no direct evidence that Yange is using its power to control prices and restrict output. The FTC, therefore, must show that Yange Corp. has monopoly power indirectly, by showing that Yange Corp. has a dominant share of the relevant market and that there are significant barriers for new competitors entering that market. The FTC can calculate the market share that Yange Corp. has by: showing the total sales that Yange Corp. has ever had. × showing the net revenue that Yange Corp. had during their year of highest profits. looking at the company's sales compared against the total sales of the industry within a specific period. taking the total sales of the industry over one year, and comparing against industry sales over prior…Skip and Jack are the shareholders of the Blue Fish Event Corporation. Skip and Jack regularly put on classy events on or near the beach, so they have a special insurance policy to protect their assets. Business has been slow as fewer large beach weddings are taking place, so Skip and Jack use a large fan to blow down and damage most of their décor assets, some of which were personal assets of Skip and Jack, to collect the insurance benefits. (a) Assuming their acts are proven, will a court allow Skip and Jack to recover the insurance money? (b) Is this a situation where the corporate veil may be pierced? Why or why not? (c) What would it mean for Skip and Jack if the corporate veil is pierced in this situation?
- Choose the individual who would be eligible for membership in the Florida Real Estate Commission. member of the general public who had a real estate license 15 years ago broker who held an active license for ten ears and has been retired (inactive license) for the past two years active sales associate who got her license one year ago broker who has had an active license for the past five years and is over the age of 65Hyde is a broker involved in a conflicting demands settlement procedure that has already begun. The escrow funds are held in an attorney's escrow account. Hyde seeks an EDO from the FREC. How will the FREC likely respond? The FREC will not issue an EDO because the funds are in an attorney's escrow account. The FREC will issue an EDO within ten business days. The FREC will issue an EDO if the other three settlement procedures don't work. The FREC will not issue an EDO because the dispute must be settledPalatka Costumes & Caps LLC ("PC & C") is a large props company formed in 1957, and Frodo Flags Corporation is a small, local flag manufacturer formed in 2015. These two businesses never had any dealings with each other until they recently entered into a contract, with terms all drafted by PC & C. The contract provides that PC & C shall purchase 1,000 flags that Frodo Flags will specially design for PC & C. The contract further provides that PC & C has the right to initiate, on a weekly basis, purchase orders of up to 100 flags until the contract's total number of flag purchases - 1,000 flags has been met. Also, the contract includes a clause stating that PC & C can cancel its obligation to pay for the remaining flags at any time if any Frodo Flags shipment does not arrive on the exact day as stated in a particular purchase order; this last provision is included in the contract even though time was of little importance to PC & C. W The first shipment of 100 flags arrives a day late,…
- Business contracts may contain exclusion clauses as a means of limiting or excluding liabilities. Explain what is meant by the term “exclusion clause” and how case law and statutes regulate the use of such clauses in business contracts.The client seeks advice concerning the actions of the majority stockholder in a small corporation. The majority stockholder owns 58 percent of the stock, and the client and another shareholder together own 42 percent. The majority stockholder controls the board of directors and is president of the corporation. He refuses to allow the corporation to issue any stock dividends. Until recently, the client and the other minority stockholder worked for the corporation. Last month, the majority stockholder fired the client and the minority stockholder. What sections of Am. Jur. 2d discuss this topic?Which of the following statements is TRUE about an entrenching provision? Group of answer choices It must be altered by at least 75% of members present and voting. It can be amended by following the provisions of S.26(1) of the Companies Act. It can never be removed. It must be amended with the approval of all members.
- Peter Andrus owned an apartment building and has been operating as sole proprietor from its inception. Recently, he has been delegating much of the running of the building to his newly hired administrative assistant. Mr. Andrus has been reading about the concept of agency relationship and is becoming concerned about liability should anything happen during the course of his administrative assistant acting on his behalf. You have been tasked with responding to Mr. Andrus’ questions and concerns as follows: Explain the requirements for a valid agency relationship. Provide a real-world example of an Agent-Principal relationship you are familiar with and explain why you consider this an agency relationship. Discuss what is required to ratify an agency contract and what would be the responsibility of the principal.Which is true about a limited partnership (LP)? a. General partners are exposed to liability for all of the businesses’ debts, and limited partners are only exposed to the extent of their investment b. Limited partners are exposed to liability for all of the businesses’ debts, and general partners are only liable to the extent of their investment c. All partners, both general and limited, are exposed to liability for all of the businesses’ debts d. All partners are exposed to liability only to the extent of their investmentConclude by stating the benefits and drawbacks of using Artical of association and its usefulness(if any) to govern the operations of a company.