company act Flashcards
1
Q
Section Number and Title
A
Details and Key Points
2
Q
Section 21 - Amendment to MoA
A
ADA
3
Q
Section 23 - Prospectus & its publication
A
- Mandatory for public companies prior to issuing securities.
- Signed by all directors and submitted to securities board.
- Approval and registration requirements.
- Amendments to prospectus.
- Procedure for registration and compliance.
- Providing copies of the prospectus on demand.
- Declaration by company about compliance.
- Cover page requirements.
- Company’s declaration to the securities board.
4
Q
Section 24 - Liability for matters in Prospectus
A
- Duty and obligation of the company.
- Civil liability of directors.
- Criminal liability for false statements.
5
Q
Section 25 - Duplicate copies to be issued
A
- Provision of documents to shareholders or concerned persons.
- Procedures for obtaining documents from OCR.
6
Q
Section 26 - Seal of company & its use
A
- Requirements for the company seal.
- Usage in official documents.
- Personal liability for non-compliance.
7
Q
Section 27 - Face value of Shares
A
- Face value requirements.
- Procedures for issuing shares.
- Rights of existing shareholders.
- Prohibition on certain types of share issuance.
8
Q
Section 57 - Reduction of share capital
A
- Special Resolution and court approval required.
- Procedures for reduction.
- Insolvent companies restrictions.
9
Q
Section 58 - Procedure for approval of court to reduce share capital
A
- Petition to court.
- Publication of notice.
- Hearing objections.
- Submission of creditor list.
- Court orders and conditions.
10
Q
Section 76 - AGM
A
- Timeline for holding the first and subsequent AGMs.
- OCR’s role in calling AGMs.
- Court’s role in calling AGMs.
- Quorum requirements.
- Procedures for private companies.
11
Q
Section 77 - Matters to be presented & decided in AGM
A
- Presentation of financial statements and reports.
- Shareholders’ rights to present matters.
- Inspection and circulation of information.
- Discussion and decision items.
