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Corporate Law

Description

Theory test Litigation Quiz on Corporate Law, created by Kristina Torry on 09/11/2015.
Kristina Torry
Quiz by Kristina Torry, updated more than 1 year ago
Kristina Torry
Created by Kristina Torry over 8 years ago
12
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Resource summary

Question 1

Question
The Client is always the incorporator
Answer
  • True
  • False

Question 2

Question
The organization process involves the preparation of the [blank_start]records book[blank_end], [blank_start]resolutions[blank_end], and [blank_start]registers[blank_end]
Answer
  • records book
  • resolutions
  • registers

Question 3

Question
All documents must be dated effective at the incorporation date
Answer
  • True
  • False

Question 4

Question
Resolutions are a [blank_start]formal[blank_end] way to make [blank_start]decisions[blank_end]
Answer
  • formal
  • decisions

Question 5

Question
Resolutions MUST include the following:
Answer
  • Company name, date, signatures, RESOLVED THAT
  • Company name, headings, page numbers, signatures
  • RESOLVED THAT, signatures, headings

Question 6

Question
What are the two types of resolutions?
Answer
  • Directors' and Incorporators' resolutions
  • Directors and Officers resolutions
  • Directors and Shareholders resolutions
  • Shareholders and Company resolutions

Question 7

Question
Directors have the authority to allot shares to shareholders
Answer
  • True
  • False

Question 8

Question
Shareholders resolve to appoint the bank
Answer
  • True
  • False

Question 9

Question
Directors set the financial year end
Answer
  • True
  • False

Question 10

Question
Incorporators issue share certificates
Answer
  • True
  • False

Question 11

Question
Incorporation Documents can be approved and adopted at any time by the shareholders
Answer
  • True
  • False

Question 12

Question
Shareholders have the authority to appoint directors
Answer
  • True
  • False

Question 13

Question
Shareholders resolve to waive the appointment of an auditor
Answer
  • True
  • False

Question 14

Question
Directors can limit inspection of Records
Answer
  • True
  • False

Question 15

Question
A records book is also known as a [blank_start]minute book[blank_end]
Answer
  • minute book

Question 16

Question
the records book contains records from [blank_start]incorporation to dissolution[blank_end]
Answer
  • incorporation to dissolution

Question 17

Question
correspondences are included in the records book
Answer
  • True
  • False

Question 18

Question
The records book is necessary for three reasons: 1. [blank_start]memory of the company[blank_end] 2. [blank_start]unlimited lifespan[blank_end] 3. [blank_start]back up[blank_end] for documents at the registry
Answer
  • memory of the company
  • unlimited lifespan
  • back up

Question 19

Question
the records must be kept in paper form
Answer
  • True
  • False

Question 20

Question
Current directors can inspect all records under Table 1 (unamended)
Answer
  • True
  • False

Question 21

Question
Former directors can inspect all records
Answer
  • True
  • False

Question 22

Question
Shareholders can inspect all records except:
Answer
  • they can inspect all records
  • directors minutes, resolutions, disclosures, and dissents
  • registers
  • Directors' registers, resolutions, and dissents

Question 23

Question
The records book must be organized with coloured tabs to indicate separate sections
Answer
  • True
  • False

Question 24

Question
all documents must be date/time stamped
Answer
  • True
  • False

Question 25

Question
Where do most firms stamp a document?
Answer
  • top right
  • top left or back of document
  • top or bottom centre
  • bottom right or back of document

Question 26

Question
what should you do if an envelope is delivered to your desk with not date/time stamp? What date/time should you use
Answer
  • estimate when it would have arrived at reception
  • date/time you received it
  • Don't stamp it
  • ask reception when it was received

Question 27

Question
When must the Annual Report be filed?
Answer
  • within 2 months after the company's anniversary
  • 2 months before the Company's anniversary
  • on the company's anniversary

Question 28

Question
How many years in a row can a company neglect to file an Annual Report before it is dissolved?
Answer
  • 3 years
  • 2 years
  • 1 year; it has to be filed every year
  • 4 years

Question 29

Question
the Annual Report is electronically filed
Answer
  • True
  • False

Question 30

Question
an AGM is an [blank_start]Annual General Meeting[blank_end]
Answer
  • Annual General Meeting

Question 31

Question
Time Limit for the first AGM is [blank_start]18 months[blank_end] after incorporation
Answer
  • 18 months

Question 32

Question
the AGM should take place within [blank_start]15 months[blank_end] of the last annual [blank_start]reference date[blank_end]
Answer
  • 15 months
  • reference date

Question 33

Question
Alternatives to holding an AGM (for private companies) are: 1) [blank_start]resolutions[blank_end] in [blank_start]lieu[blank_end] of AGM 2) [blank_start]Defer[blank_end] to a [blank_start]later date[blank_end] 3) [blank_start]Waive[blank_end] the AGM for that year
Answer
  • resolutions
  • lieu
  • Defer
  • later date
  • Waive

Question 34

Question
The AGM is for Directors
Answer
  • True
  • False

Question 35

Question
What business is transacted at an AGM? 1) Approval of [blank_start]financial statements[blank_end] 2) appointment of/[blank_start]waiver of auditors[blank_end] 3) approval of [blank_start]directors' actions[blank_end] 4) election of [blank_start]directors[blank_end] (if applicable)
Answer
  • financial statements
  • waiver of auditors
  • directors' actions
  • directors

Question 36

Question
Only Shareholders have the power to limit hours of records inspection
Answer
  • True
  • False
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