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Topic 4 test

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Topic 4

Pregunta 1 de 15

1

Rellena los espacios en blanco para completar el texto.

A company's constitution makes the arrangements needed to manage the company's business through vesting power to act for the company in 2 bodies: (control over management) and (background ownership control).
NOTE: write the bodies in PLURAL.

Explicación

Pregunta 2 de 15

1

Directors tend to have more significant autonomy in companies where shareholders are large in number.

Selecciona uno de los siguientes:

  • VERDADERO
  • FALSO

Explicación

Pregunta 3 de 15

2

Which of the followings is the source of the directors' powers?

Selecciona una de las siguientes respuestas posibles:

  • Constitution

  • Shareholders

  • Companies Act 2006

Explicación

Pregunta 4 de 15

1

Directors may be trustees of those funds of the company which are under their control.

Selecciona uno de los siguientes:

  • VERDADERO
  • FALSO

Explicación

Pregunta 5 de 15

1

What requirement has to be fulfilled for directors to act informally?

Selecciona una de las siguientes respuestas posibles:

  • The company is private

  • Directors are unanimous

  • Act for the benefit of the shareholders as a whole

Explicación

Pregunta 6 de 15

2

After CA 2006, all companies are still required to have a memorandum of association.

Selecciona una de las siguientes respuestas posibles:

  • Yes

  • No

Explicación

Pregunta 7 de 15

2

Companies must appoint at least 1 director.

Selecciona uno de los siguientes:

  • VERDADERO
  • FALSO

Explicación

Pregunta 8 de 15

1

Which one of the following is NOT a power exercisable by passing a resolution of the shareholders?

Selecciona una de las siguientes respuestas posibles:

  • Change the constitution's name

  • Put the company into voluntary liquidation

  • Increase the company's share capital

  • Authorize a reduction of capital

  • Authorizing a private company to enter into a credit transaction with one of its directors

Explicación

Pregunta 9 de 15

2

What do shareholders of a public company require in order to exercise their powers?

Selecciona una de las siguientes respuestas posibles:

  • Pass a resolution at a duly convened meeting or through a written resolution passed in accordance with the provisions set out in CA2006.

  • Pass a special resolution at a duly convened meeting or by unanimity in an informal process

  • Pass a resolution at a duly convened meeting.

  • Pass a written resolution following the procedures established in the company's constitution.

Explicación

Pregunta 10 de 15

1

Shareholders' equitable duty. The burden of proof when there is an alleged breached of this duty is on the Defendant.

Selecciona uno de los siguientes:

  • VERDADERO
  • FALSO

Explicación

Pregunta 11 de 15

1

Courts seem to be reluctant to find a breach of the shareholders' equitable duty, especially when concerning "business judgment". In fact, this duty is likely to be satisfied if at least one of the followings applies:

Selecciona una de las siguientes respuestas posibles:

  • The majority honestly believes that an alteration is for the benefit of the company.

  • The alteration does not, in any case, discriminate between majority and minority shareholders.

  • The alteration does not give enhanced voting rights to a particular class of shareholders.

Explicación

Pregunta 12 de 15

1

A company's constitution cannot be supplemented by:

Selecciona una de las siguientes respuestas posibles:

  • Constructional implied terms

  • Terms derived from extrinsic circumstances

  • Shareholders' agreements

Explicación

Pregunta 13 de 15

1

When a class right is varied, the minority of this class can appeal to the Court if they constitute at least ... of the total shares of that class.

Selecciona una de las siguientes respuestas posibles:

  • 5%

  • 10%

  • 15%

  • 20%

Explicación

Pregunta 14 de 15

2

The ability to alter a company's articles is limited in several ways. Which one of the following is NOT a valid limitation?

Selecciona una de las siguientes respuestas posibles:

  • The ability to alter the articles is limited by the Companies Act 2006.

  • An alteration will not be valid if it is not exercised bona fide for the benefit of the company as a whole.

  • The company cannot insert provisions into the articles that have the effect of making it more difficult to alter the articles.

Explicación

Pregunta 15 de 15

3

For this case, think always of general rules. If it's not stated = does not exist/do not need to consider it.
Gerard ltd is a trading company. A and B (both directors) attend a duly convened meeting and decide to nominate a new director, which is later appointed through an ordinary resolution by the shareholders. However, C (the 3rd director) claims he is against such decision and claims an injunction to the court. What is it likely to happen?

Selecciona una de las siguientes respuestas posibles:

  • The Court will grant the injunction.

  • The Court will not grant the injunction.

Explicación

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