Topic 2 Flashcards
1
Q
What are the consumer protection available?
A
FIDReC
Consumer Protection Fair Trading Act
Deposit Insurance Scheme
2
Q
What are the documents required for a company to open an a/c?
A
certificate of incorporation or ACRA memorandum of association articles of association resolution mandate
3
Q
What areas does the code of consumer banking practice cover?
A
opening of accounts
operation of accounts
closing of accounts
4
Q
What are the entities that are eligible to open, operate and close accounts?
A
private
joint
companies
5
Q
What are the 3rd party agents?
A
third party mandate
power of attorney
6
Q
What are the 2 types of liquidation
A
voluntary
involuntary
7
Q
What are the 2 sub-classifications of voluntary liquidation
A
members
creditors
8
Q
What are the minor’s legal incapacity?
A
valid contracts
unenforceable contracts
