Corporate Governance Principles

Summary

Corporate governance under CAMA emphasizes proper delegation of director powers to avoid abdication of duty. Director powers are regulated by the Article of Association and CAMA. Private companies can pass resolutions via written consent without meetings. Companies formed under CAMA are statutory companies. Voluntary winding-up can be court-supervised. Directors must act in the companys best interest, not just the boards. Managerial powers are detailed in Section 63(2) CAMA. The court may order winding-up on just and equitable grounds.

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Powers of a Director are regulated by ___ and ___________ Question 9Answer a. CAMA and Association of Shareholders b. Memorandum of Articles and CAMA c. Article of Association and Company Secretary d. Article of Association and CAMA
The correct answer is:
d. Article of Association and CAMA
A written resolution signed by all the members of a company who are entitled to attend and vote at the general meeting is taken to be valid and effective as if passed in a general meeting. This unique mechanism of corporate governance is applicable to Question 7Answer a. statutory companies b. private companies c. public companies
The correct answer is:
b. private companies
In the context of corporate governance, private companies can utilize a written resolution signed by all members entitled to vote as a mechanism to pass resolutions without holding a general meeting.
Companies formed under CAMA are called__________ Question 3Answer a. Chartered Companies b. Undischarged Bankrupt c. Statutory Companies d. Royal Chartered Companies
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The correct answer to the question "Companies formed under CAMA are called" is:
c. Statutory Companies
Where a company passes a resolution and presents a petition for voluntary winding up, the Court may order that it shall continue subject to the supervision of the Court, with the effect of operating a a petition for Question 2Answer a. Winding up by the Court b. Member\'s application for reorganisation c. Creditor\'s voluntary widning d. Members\' voluntary winding up
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Given the context, the correct answer to the question "Where a company passes a resolution and presents a petition for voluntary winding up, the Court may order that it shall continue subject to the supervision of the Court, with the effect of operating as a petition for" is:
a. Winding up by the Court
This process allows the court to supervise the voluntary winding-up to ensure that it is conducted properly and fairly.
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Question text As a faithful, diligent, careful and ordinarily skilled professional, a director is expected to act at all times in what he believes to the following but one _______________ Question 1Answer a. Best interest of the board of directors as far as their offices are concerned b. None of the options c. Best interest of majority of the shareholders d. Best interest of the creditors as a whole
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In this context, the correct answer is:
a. Best interest of the board of directors as far as their offices are concerned
A director is primarily expected to act in the best interest of the company as a whole, which includes shareholders and creditors, but not specifically in the best interest of the board of directors.
Question * Answer saved Marked out of *.* Flag question Question text The corporate managerial powers of the company are profusely donated to the directors and this donation can be found in Question 5Answer a. Section * CAMA b. Section *(*) CAMA c. section *(*) CAMA d. Section * CAMA
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The correct answer to the question "The corporate managerial powers of the company are profusely donated to the directors and this donation can be found in" is:
b. Section *(*) CAMA
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The omnibus ground for which the Court may order for a company to be wound up is technically known as _______________ Question 6Answer a. Statutory default ground b. Just and equitable ground c. Insolvency ground d. Public policy ground
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The correct answer to the question "The omnibus ground for which the Court may order for a company to be wound up is technically known as" is:
b. Just and equitable ground
If you have any further questions or need assistance with another aspect of corporate governance or company law, feel free to ask!