Objective-type Questions
1. State
whether the following statements are true or false:(i) There are five Members in a public company. (ii) every public company shall
have at least three directors.(iii) The promoter is neither an agent nor a trustee
for the company he promotes (iv) articles of association need not be filed by a
private company at the time of incorporation (v) A company can be registered
under the name and style of U.N.O & Co. Ltd (vi) a public limited company requires minimum
seven member. (vii) registration of a privet company is not necessary. (viii)
the certificate of incorporation is conclusive but something more is required
in the case of a public company before it can commence business. (ix) A public
company can commence its business without a certificate to commence business.
(x) the memorandum is the fundamental charter defining the objects and limiting
the powers of a company' (xi) The memorandum of a company defines as well as
confines its power. (xii) no company can finance the purchase of its own
shares. (xiii) A company can buy its own shares (xiv) under certain
circumstances a company can buy back its own shares or finance their purchase.
(xv) A shares certificate is conclusive evidence of its holder’s title to
shares. (xvi) A stock is always fully paid up. (xvii) Shares are allotted by a
company before its subscription is declared open. (xviii) persons who get
shares due to transmission have no right to cast vote .(xix) the board of
directors of a public company cannot borrow in excess of the paid up capital
and free reserves of the company.(xx) A company can issue debentures with
voting right.
(xxi) A company must hold its first annual general meeting within a period of not more then eighteen month from the date of its incorporation.(xxii) A company can approach a court for permission to extend time for holding its annual general meeting. (xxiii) there can be shorter notice then ‘clear 21 days’ in case of the annual general meeting (xxiv) A statutory meetings of a company is held every year. (xxv) A company need not transfer any amount to reserve so long as its dividend is restricted to 10% or below. (xxvi) A firm, can be appointed as a company secretary. (xxvii) A person of 68 can be appointment director of a company (xxviii) A person can be a director of 21 companies. (xxix) A person can be director in 25 public limited companies. (xxx) Managing director need not be the director of the company (xxxi) A company can make contribution to political parties under the companies Act.(xxxii) The position of a director is one of trust. (xxxiii) A private company requires at least three directors. (xxxiv) A private company may Pay any amount of remuneration to its manager. (xxxv) Messers. J.B €t Sons are appointed
director of Patni
& Co. Ltd.
2. In each set of statements, only one is
correct. Write the correct statement:
(A) (i) The statutory meeting of a
company is held within 6 months of the certificate to commence business. (ii)
No company can make political contribution. (iii) A public company can give
loans to its directors only up to 30 per cent.
(b) (i) A company can reduce its share
capital by passing a resolution and with the sanction of company Law board.
(ii) the first director of a company are appointed at its statutory meeting .
(iii) A person applying for shares in a company in a fictitious name is liable
to be punished with imprisonment.
(c) (i) A public
company can never be converted into a private company. (ii) Allotment of shares before the opening of the
subscription lists is void. (iii) A public company can have two or more
managing directors
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