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MRL2601 - Assignment (100% mark) Companies Act, Close Corporataton
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This is a 2021 MRL2601 assignment 2, which received 100%. It’s about the Companies Act, Distributions and Close Corporations.
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MRL2601
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Some examples from this set of practice questions
1.
Companies Act 71 of 2008, Section 8 (3)
Answer: says that “No association formed for the purpose of acquisition of gain by the association or it’s members will be a legal person unless it’s registered as a company”.
2.
Section 4 of the Companies Act
Answer: The Solvency and Liquidity tests are set out in Section 4 of the Companies Act.
3.
Close Corporations
Answer: Close Corporations are companies whose shares are held by individuals or entities of small group. A close corporation acquires legal personality upon incorporation.
4.
The Advantages of Close Corporations
Answer: - Continuity - The limited liability of it’s members by virtue of the fact that it entails and enjoys legal personality.
5.
Section 4 of the Companies Act
Answer: The Solvency and Liquidity tests are set out in Section 4 of the Companies Act.
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