5220483
Description
Flashcards by Bizzai Briggs, updated more than 1 year ago
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Created by Bizzai Briggs
over 8 years ago
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| Question | Answer |
| What type of resolution will be passed for Members’ voluntary winding up and list the circumstances when Ordinary Resolution can be passed for voluntary winding up of a Company | The type of resolution to be passed is a special resolution, but in some circumstances it may also be by an ordinary resolution. Ordinary resolution may be passed for voluntary winding up in the following circumstances: When the period, if any fixed for duration of the company by the Articles of Association The event, if any occurs on occurrence of which the articles provided that the company is to be dissolved When the company has accomplished its purpose. |
| OVERVIEW AND REGULATING LAW/BODIES Highlight ten relevant laws regulating the legal framework for doing business in Nigeria. | Companies and Allied Matters Act Investments and Securities Act 2007 Companies Income Tax Act Foreign Exchange (Monitoring and Miscellaneous Provisions) Act Industrial Inspectorate Act Central Bank of Nigeria Act Banks and Other Financial Institutions Act Insurance Act Nigerian Investments Promotions Commission Act Nigerian Deposit Insurance Corporation Act National Insurance Commission Act Federal Inland Revenue Service Act Immigration Act National Office for Technology Acquisition and Promotion Act Constitution of the Federal Republic of Nigeria 1999 Federal High Court Act 2009 Stamp Duties Act Asset Management Company of Nigeria Act |
| Identify five regulatory bodies saddled with the control of corporate business activities in Nigeria and briefly explain a child | Corporate Affairs Commission: established by CAMA in 1990. It administers the CAMA and oversees the formation, management and winding up of companies in Nigeria. Securities and Exchange Commission: Established by the ISA 2007 to regulate the condition for the registration and issuance of companies securities. Also regulates the capital market in Nigeria. Central Bank of Nigeria: the apex regulatory body for Banks and other Financial Institutions in Nigeria. Serves as an adviser to the Federal Government and licenses and regulates the activities of Banks and Other Financial Institutions. Nigerian Investments Promotions Commission: promotes the investment climate in Nigeria for foreign and local investors. Houses the One Stop Investment Centre (OSIC), an investment window through which most of the important investment regulatory bodies can be found. Nigerian Deposit Insurance Corporation: regulates mandatory insurance deposit for banks and other financial institutions and regulates som |
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