FAC2601 Ques Bank 2022 (FAC2601)

Which one of the following statements with regards to the Companies Act 71 of 2008 is incorrect? 1. The Memorandum of Association was previously (Companies Act 61 of 1973) known as the Memorandum of Incorporation. 2. The capital of a company is not divisible and it is therefore impractical to open a capital account for each member. 3. A company is a legal entity that is incorporated in terms of the Companies Act 71 of 2008 and it is independent of its owners. 4. Public companies may be l...