1) In a winding up proceeding, the judicial body vested with jurisdiction is:

2) A proposed change to a Public Company must be with the consent of:

3) One of these documents is not required to effect the change of status to a public company:

At the 6th Annual General Meeting of Enoma Nigeria Plc. Mrs Grace Longe was absent because, she was not served with a notice of the AGM by the Secretary, who reasoned that she will not be able to attend the AGM as she will be going for her swearing-in-ceremony following her appointment as a Minister. Mrs. Longe later transferred all her shares to Chief and Mrs. Pepple in equal proportion. The company neither held a statutory meeting nor filed statutory report with CAC. Last year, all the directors and shareholder of the company died in the Bono airline plane crash. Before their death, the company was owing one Mr. Okonkwo the sum of N4,000,00 as well as executing a contract for Cutina Nigeria Limited.

Answer the following question:

1. The following are entitle to receive notice of the AGM of the company

2. Notice of the general meeting of a company must:

3. The following statement are correct about Edoma Nigeria Plc, except:

4. The annual return of Enoma (Nig) Plc must be filed within _____ days of holding the AGM

5. The Statutory Meeting of Edoma (Nig) Plc, should have been held within

At the hearing of the suit institute by the defunct New Star Bank plc against the central Bank of Nigeria and the Asset Management Corporation of Nigeria (AMCON) at the Federal High Court no. 2, Lagos, learned counsel for the plaintiff submitted that the liquidation of the bank is an unfair act. ‘’ A bank is a company first of all. If it has not done well in Banking, it can only loose its license not its life. It can change its name, alter its Objects Clause, pay off deposition’’

6. A process by which a company in distress can rebrand and bounce back to business with or without loosing its identity is called:

7. One of these persons cannot challenge alteration of object clause of a company:

8. One of these method is not used in commence action in corporate proceedings at the Federal High Court:

9. A compulsory change of company name can be effected by the Corporate Affairs Commission if petition is sent within ______

10. One of these is not a ground for compulsory winding up of a company in Nigeria.

11. Interested members of the public are allowed to one of these organizations:

12. One of these is the most appropriate forum for an action for recovery of unaccounted proceeds of share investment against a stock brokerage company where a claimant is also a shareholder:

13. One of these methods can be adopted to compel holdings of an Annual General Meeting:

14. A life director is affected by which of the following rules:(See S.258 & 262 CAMA)

BoboFlour Mill Plc is an indigenous company which engages in manufacturing of flours and confectionaries with authorized share capital and asset base worth N400million Naira.  As a result of low sale and stiff competition, the company has resolved at its board meeting held on 1st August, 2013 to combine its business with Manna SuperbagPlc, a company which engages in production and manufacturing of package bags with authorized share capital and asset base worthN200 million. 

Answer the following question.

15. Which of the merger options below will be suitable to describe the business combination of the two companies?

16. Which of the following regulatory bodies will supervise and regulate the business combination of the two parties?

17. The appropriate classified of the business with respect to the financial threshold of the equities of the 2 companies can best be described as:

18. As part of the documentation to be submitted to Securities and Exchange Commission for the registration of the business combination of the 2 companies, the following item will be submitted except:

19. Assuming you have been appointed as one of the solicitors for the consummation of the merger process of the two companies, the time limit to file certified true copy of the order sanctioning the scheme of merger with Corporate Affairs Commission is:

20. Assuming Bobo Flour Mills (Nig.) Plc has allotted shares to members of the public who applied, notice of allotment must be sent to the allotees within ________ days of the allotment:

Confluence Cement Plc and Nagode Cement (Nig) Plc are rival companies in the lucrative cement business sector of the Nigerian economy. A bitter boardroom crisis among the directors has impacted negatively on the business of Nagode Cement Plc. The takeover bid made by Confluence Cement Plc was rejected by the highly polarized board of Nagode (Nig.) Plc.

Answer the following question:

21. Which of the following restructuring options is not legally permissible between the two companies?

22. By the provision of the investment and securities act, 2007, the takeover bid of Confluence Cement must target at least:

23. Assuming the net worth of the two companies above is N5billion and they have agreed to merge, which of the following will be the appropriate category for the Merger?

24. Assuming the boardroom crisis of Nagode has grounded its operation in the last two years, which of the following options is most suitable if Confluence Cement Plc is still interested in acquiring Nagode Cement Plc as a Moribund Company?

Read the following and answer questions 6-10

Mr. smart Uche was called to the bar on July 20, 2011. At the thanksgiving reception, the Chairman of the occasion, an uncle of the ‘new wig’, chief uchendu, instructed him to register two business outfits with the names: Uchendu Bros and Ebano Enterprises (Nig.) Ltd at the Corporate Affairs Commission.

25. After enrolment at the Supreme Court, Smart Uche Esq. is expected to be accredited so as to be able to:

26. Which of the following documents is not required for the accreditation of Smart UcheEsq?

27. Which of the following document will be required by CAC for the registration of Uchendu Bros, but is not needed to register Ebano Enterprises (Nig.) Ltd?

28. Which of the following is true of the two business outfit registration?

29. Which of the following documents is not required by the companies and allied matters act for the registration of Ebano Enterprises (Nig.) Ltd at the Corporate Affairs Commission?

OtunbaYemi Smith responded to the initial public offer of shares of green bank Plc. and applied for 1,000ordinary shares at N100 per share and paid in full. Green Bank after about three years sent him a share certificate stating that he has been allotted 600 units of shares. When the shares of the company crashed at the capital market, Otunba was issued with another 400 units of shares as special placement. He was confused.

30. One of these is the legal obligation of green bank when it could not allot all the shares applied for by OtunbaYemi before the special placement.

31. Green bank is expected to deliver the share certificate to OtunbaYemi:

32. One of the following is not a method of offering share in the Nigerian Capital market

In a bid to develop into a megacity, the Lagos state government is exploring the options of raising N50billion by issuing bond to the investing public.

Answer question 14-16

33. One of these bodies cannot issue government bond under the Investment and Securities Act:

34. The maximum redemption date for issued bonds is:

35. The essential document which guarantees the repayment of bonds at due date is:

By the joint provision of sections 274, 275 and 276 of the Investment and Securities Act (ISA) 2007, there is established body to be known as the Investments and Securities Tribunal (The Tribunal) to exercise the jurisdiction, powers and authority conferred on it by or under this Act. The tribunal shall consist of ten (10) to be appointed by the minister headed by a chairman. For the purpose of exercising any jurisdiction conferred by this Act, the Tribunal shall be duly constituted if it consists of not less than three (3) members of the Tribunal.

Answer questions 17-20

36. The following is correct about the investment and securities tribunal except:

37. An award or judgment of the tribunal shall be enforced as if:

38. The investment and Securities tribunal is duly constituted if it consists of:

39. In the event of the decision/judgment delivered by Investment & Securities tribunal challenged, the aggrieved party shall appeal to:

At the general meeting of AdamcoNig Ltd held on the 30th day of May, 2010 the members of the company passed a special resolution for voluntary winding up of the company. It also resolved that a liquidator be appointed to sell off the whole undertakings to another company for a consideration for fully paid up shares in the company. The company‘s directors also made a statutory declaration of solvency.

40. Which of the following corporate instruction is best described by the above scenario:

41. The following is true about statutory declaration of solvency except:

42. In winding up of a company compulsorily by the court, the company is deemed wound up:

Akinpawpaw (Nig) Plc is a company licensed by Nigerian Government for the production of telecommunications equipment and recharge cards in January, 2010.

The company at its last annual general meeting announced to its Board of Directors and the members of the company that it had met the listing requirements on the Nigerian Stock Exchange.

Answer the following questions:

43. In the event of any dispute between Akinpawpaw (Nig.) Plc and other capital market operators the adjudicatory body will be one of the following:

44. During the Annual General Meeting of Akinpawpaw Nigeria Plc, one of the following may be considered as a special business:

Sequel to the amnesty offer by the Federal Government of Nigeria to Niger Delta militant, a group of youth in Niger Delta has formed an organization to be known as “Niger Delta for Peace Initiative” to champion peaceful coexistence of the region.

Answer the following questions:

45. Which of the following options is best suited for the registration of such organisation:

Your new question!

46. Which of the following is not a requirement of registration of such organisation with the corporate affairs commission in the option chosen?

47. Assuming the organisation was successfully registered with the corporate affairs commission, the Companies and Allied Matters Act provides that the organisation should be known as:

48. The minimum number of trustee that may apply for registration under Part C of CAMA 2004 is:

Alhaja Princess SimblatKolawole(46years) and her sister princess AnotaDosumu (42years) have agreed to register their business Princess Lace Boutique as a corporate affairs commission. Hey commenced business at Idumota Market 1st July, 2010. Their application was completed on their behalf by MrAdewaleAyuba because they are not educated.

49. The business should be registered on or before:

50. The application form must contain the following(BONUS)

51. One of these is incorrect in respect of certificate of the business:

Johnny Just Come Ltd has made a statutory declaration dated 1st July, 2010, that they have made a full inquiry into the affairs of the company and are of the opinion that the company will be able to pay its debt on or before 31st, December, 2010.

52. The above declaration is necessary where:

53. Only one of the following persons is competent to be appointed as a liquidator of the company.

One of the following is incorrect.

54. The company can only be dissolved after:

55. A participant in collective investment scheme is best described as:

56. One of these debentures is most appropriate for a debenture holder who wishes to be a shareholder of the company.

57. In which of these companies is there no right to automatic right to proxy attendance at General Meetings?

Your new question!

Your new question!

58. Which of the following suffers no disability in joining in the formation of Companies?

59. Non business organizations that can be registered in Nigeria does not include:

Your new question!

Your new question!

61. The form for situation/change of registered office of a company is:

62. By Section 251 CFRN 1999 original jurisdiction over civil causes and matters arising from the operation of the CAMA is vested in the

Your new question!

63. The major legislation that regulates incentives and reliefs to foreign businesses is:

64. Which of the following points on notice is incorrect

In 1995, Alhaji Usman Isah bought 10,000,000 shares in Julius Berger Plc, jointly with Mallam Aminu Kwankwaso. Last year, Alhaji Isah succumbed to death after a long drawn battle with cancer.

Use the scenario above to answer questions 8 to 10.

65. By the provisions of CAMA, the 10,000,000 becomes that of

66. f the shares were purchased by Alhaji Isah as a sole holder, the person entitled to be registered as the Shareholder is

Your new question!

Your new question!

67. Assuming Alhaji Isah wrote a Will and named Musa Marwa as the beneficiary of the shares, the option available to Musa is

68. Which of the following is not a correct position of the Law

69. The Corporate Affairs Commission has a membership of:

70. Which of these businesses transacted at an Extra Ordinary General Meeting is an ordinary business:

71. Jurisdiction over disputes involving a decision or determination of the Securities and Exchange Commission is vested in

Your new question!

Your new question!

72. As a general rule, the minimum and maximum age limit for appointment as a Director in private companies is

73. Where a meeting commenced with the proper quorum, but some members withdraw and reduces the quorum

74. Which of these is not correct as regards Annual General Meeting:

75. By Section 8 CAMA, the Registrar General of the CAC must have been qualified to practice law for ___ years and must have had experience in company law practice and administration for ___ years.

76. A Company involved in manufacturing goods in Nigeria for export can apply for refund of the import duties paid on the importation of the raw material under the

77. The CAC incorporation form that requires stamping is:

78. The following are not ordinary businesses of a Company except

Your new question!

79. The apex regulating body for the capital market in Nigeria is the

80. The NIPC Act provides that a non-Nigerian whether company or individual may invest and participate in the operation of any enterprise in Nigeria in Nigeria except those in the negative list in

81. Which of these is not required for publication of name under Section 548 CAMA

82. A person on whose instructions and directions the directors are accustomed to act is

83. The procedure for removal of a Director is regulated by

84. Which of these is incorrect about a Private Company

85. The Law that empowers SEC to maintain a register of Foreign Direct Investments and Portfolio Investments is:

86. The One Stop Investment Centre (OSIC) is established under the

87. An Extra Ordinary General Meeting of a Company limited by shares can be requisitioned by members holding not less than

Your new question!

88. The authorization of the Attorney General of the Federation is required for the registration of the memorandum of association of

89. Which of these refers to a person appointed by a Company which is a Director in another Company to represent it at the board of the other company?

Your new question!

90. The remedy for any person whose name is wrongly omitted from the register of members is

91. The following documents of incorporation of a company are required for stamping except

92. Upon winding up of a Company Limited by Guarantee

93. The type of resolution required to remove a Director is

94. According to Section 27 CAMA, the second content of a memorandum of association of a company is

95. The categories of exceptions to the Rule in Foss v Harbottle does not include

Your new question!

Your new question!

Your new question!

97. The removal of a Managing Director is the exclusive preserve of the

98. Reservation of name on the fulfillment of all the conditions shall last for a period of

99. The following is correct about promoters except

100. The authority for the view that the object clause in a memorandum of association is not binding but a mere list of objects the company wishes to carry out is

Your new question!

101. The standard of care required from a Director under the Act is

102. The appointment and removal of a Company Secretary is provided for under

103. Special notice under Section 236 CAMA is for

Your new question!

Your new question!

104. The NOTAP Act requires every contract or agreement between Nigerians and Non Nigerians involving transfer of foreign technology to be registered not later than

105. The quorum of directors necessary for the transaction of the company is two where there are:

106. The requirements for accreditation with the CAC does not include

107. The limitation period for a Company to sue a Promoter for breach of fiduciary duties is

108. A Director may not be appointed by

109. Every foreign company seeking to do business in Nigeria must incorporate a separate entity in Nigeria. This is the gist of

110. Which of these is not entitled to accreditation with the CAC

111. The application fee for registration with the CAC for firms is

112. Which of these meetings can be held outside Nigeria

113. In contrast to the position under the Common Law, a Company can now ratify pre-incorporation contracts by virtue of

114. By the provisions of Section 19 CAMA, membership of Partnerships, except that of Lawyers and Accountants shall not exceed

115. Which of these is not disqualified for appointment as a Director

116. Which of the following is not exempted from registration under Section 56 CAMA

117. Remedies for breach of fiduciary duties by a Promoter includes the following except

118. Which of these statutory books is not required to be kept by a Private Company?

119. A person is a substantial shareholder in a Public Company if he holds shares in the company which entitles him to exercise

120. The minutes not required to be kept under Section 241 CAMA is

121. Which of these is not prohibited from re-registration under CAMA

122. The share capital of a company can be altered by all of the following except

123. A Company registered and doing business in Nigeria is not required to

124. A person is required to give notice of being a substantial shareholder in a Public Company within

125. Which of these clauses in the memorandum may not be altered after conversion

126. The type of resolution required to reduce the nominal share capital of a company is

127. The evidential value of minutes of meetings is that it is

128. Index of members is required where the numbers of a company exceeds

129. Corporate searches of companies are conducted at

130. The type of resolution required to increase the authorized share capital of a Company is

131. As a general rule, the location of the register of members of a company is

132. Under Section 193 CAMA, the entry of a debenture holder in the Register shall be done within

133. The Procedure for re-registration of public companies to private companies is regulated by

134. A person seeking to cancel a resolution for re-registration of a Public Company to Private Company must have not less than

135. It is statutorily required for a Public Company applying for re-registration as a Private Company to wait for objections for a period of

136. Application to cancel a resolution for re-registration of a Public Company to a Private Company can be brought by any member before the Court. The Court refers to

137. If any meeting of the Board of Directors, the Chairman is not present for _____ after the time fixed for such meeting, the Directors may choose one of them to be the Chairman of the meeting

138. The duty to present the financial statement of a Company lies on

139. Section 370 of CAMA requires any company to keep

140. Section 300 (a) CAMA deals with an exception to the Rule in Foss v Harbottle in the case of

141. The power of appointment of first auditors in a Company resides in the first instance

142. The maximum number of persons required for the composition of an audit committee is

143. The following persons are absolutely prohibited from appointment as auditor except

144. Which of these is not entitled to bring an action for relief on the ground of unfairly prejudicial and oppressive conduct

145. The person entitled to bring an action for investigation of a company by CAC under Section 314 CAMA must hold up to

146. The type of resolution and length of notice required for the removal of an auditor before the expiration of his term is

Faraday Nigeria Ltd was incorporated in 2016. The company now seeks to change its name to Mandate Nigeria Limited. Answer the following questions

147. The following are the documents that must be submitted to the CAC in order to validly change the name of the Company except

148. The procedure for change of name of the company includes the following except

149. Upon change of name of the company, the company is expected to do the following except:

150. Upon successful change of name of the company, CAC is expected to do the following except:

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