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Question 1 Due to the conflict of interest, in publicly held companies, directors of a corporation may not own shares of stock in the company. True False
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- b. With relevant examples, explain the following; i. Primary appointment and secondary apportionment ii. Direct cost and indirect cost (Q. No. 2: Explain the provisions relating to AGM of a Company under Section 132 of theCompanies Act 2017Fill in the Blank (Select Correct Answer) The purchase of shares of stock in a corporation make that person an(officer, shareholder, director) of that corporation. Typcially, shareholders have (responsibility, no responsibility) for the daily management of the corporation. Shareholders are (not entitled, entitled) to participate in a shareholders meeting, which typically must occur at least (weekly, annually, monthly). The date upon which stock owernship is recorded for voting rights purposes is known as a (voting date, record date, rights date). Any date can be selected as long as it is no more than (fifty, seventy, twenty) days before the shareholder meeting. Brenda purchased Mike's shares on (July 1, July 15, June 1), which is fifteen days (before, after) the record date. On the record date, (Brenda, Mike) owned the shares. Therefore, Brenda (does have voting rights, does not have voting rights) and Mike (does not have voting rights, does have voting rights) from the 100 shares of…
- A school of thought is of the view that a limited liability company is said to be best in respect of setting up a business, others are of the opinion that a limited liability just shifts the burden of the failure of business to a non-existent person called a company and its creditors.a) with the aid of the Company’s Act 1960, Act 179 and decided cases, discuss what is termed as a limited Liability Company b) According to case law and statute, at what time is a company liable for acts committed byits directors. c) Discuss the Mechanics of Incorporation d) Explain the Ultra Vires PrincipleSkip 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?The following statements are true, except * -A limited partner is liable for partnership debts up to the extent of his capital contribution -An industrial partner can also be a capitalist partner at the same time. -An industrial partner who engages in business for himself can be excluded from the partnership. -A capitalist partner may engage in the same line of business as that of the partnership -answer not given The following partnership accounts represent a liability of a partner to the partnership, except * -Receivable from partner -Loan to partner -Due from partner -all of the above -answer not given A partner’s capital account is credited for the following transactions, except * -Share in net income -loan from the partner -Original and additional investment -both A and C -answer not given
- QUESTION 1 Which of the following is a FALSE statement? A. The E-Sign Act completely prevents the use of electronic signatures for contracting on the Internet. B. If an employer wants to preserve the at-will employment status of his or her employees, the employer should insert disclaimers in its codes and handbooks that nothing therein can be construed to create an express or implied employment contract. C. A basic principle of the National Labor Relations Act is that employers cannot terminate employees in order to discourage or encourage union membership. D. “Going public” by a company offering to sell shares of stock to the public typically results in access to broader financial markets from which to obtain capital. QUESTION 2 1. The tort of assault and the tort of battery are: A. Two names for the exact same tort. B. Strict liability torts. C. Independent torts which can occur separately from one another. D. Require proof of each of the separate elements of negligence.…Subject: Law on Partnership and Corporations 1. Discuss briefly the kinds of powers that a corporation can exercise.Omega Ltd. is having a paid-up capital of one billion rupees. Ocean Ltd. which is one of the promoters of Omega Ltd holds a paid-up capital of two hundred million rupees. The articles of the association of Omega Ltd provide that the company’s Board of directors would constitute 12 directors. There are at present 12 directors on the Board of Omega Ltd. including one managing director (Mr. Karan). The Ocean Ltd wishes to replace the MD (Mr. Karan) by appointing a new MD Mr. Rohan and also to appoint one new independent director (Mr. Sohan) on the Board of Omega Ltd. For this purpose, Ocean Ltd has made a written request to the Board of Omega Ltd to convene an extraordinary general meeting to replace the MD and appoint a new independent director on the Board on 16th October 2021. The Board of Directors in its meeting on 29th October 2021 dismissed the request of Omega Ltd. on the ground that not more than 12 directors can be appointed on the Board of the company. Ocean Ltd. is desirous to…
- HealthCo (Pty) Ltd is a company responsible for the manufacturing of herbal medicines. Thyme Sage, the sole non-executive director of the company, has consulted you regarding a number of concerns which he has, arising out of a recent meeting of the company’s board of directors. None of the directors holds any shares in the company. Your discussions with Thyme Sage revealed that he had opposed the matters described below and a number of other matters, but that they had ultimately all been approved by the board of directors. Matter 1 He informed you that Basil Dill, the managing director, had ended the meeting by announcing that he could not work with a person who responded negatively to virtually everything that he proposed. He put it to the board that either Thyme Sage or he himself should leave the board. The rest of the board of directors unanimously resolved to remove Thyme Sage from the board with immediate effect. Matter 2 A contract for R16 million, to refurbish the company’s…In order to expand its business, a few years ago, Leeds Ltd purchased 43% of the ordinary shares of Salford Ltd. The remaining 57% shareholdings are held by three other shareholders who possess the equal proportions of shares. Required: (1) Explain the concept of de facto control. (40 to 50 words) (2)According to the above scenario, explain whether Leeds Ltd can control Salford Ltd. (50 to 60 words)Nn.190. Subject :- Account