Answer the following mcqs

no need of explanation

170.Lipman entered into a contract to sell land to jones. He then changed his mind and formed a company to which he subsequently conveyed/transferred the land. The strategy behind this was to prevent jones from obtaining an order for specific performance forcing lipman to convey/transfer the land to him. In the circumstances the court may order.

(0.5 Points)

a) That company have been bona fide such a conveyance/transfer could not be set aside.

b) Veil of incorporation should be lifted, as the company is a sham formed for the sole purpose of defeating jones's claim to the land

c) Both a & b

d) None

171.The partnership entity may be regarded as ____.

(0.5 Points)

a) A legal entity

b) An accountable entity

c) Both a legal and accountable entity

d) Neither a legal nor an accountable entity

172.The charter of a company refers to its ______.

(0.5 Points)

a) Prospectus

b) Memorandum of association

c) Articles of association

d) Statement in lieu of a prospectus

173.Select the answer that best describes the meaning and effect of the 'corporate veil':

(0.5 Points)

a) It is designed to make it impossible for anyone to find out who is in control of acompany.

b) It allows directors and officers to escape their legal obligations or to commit a fraud.

c) It is terminology used to separate the company from its members and directors/officers.

d) It can only be lifted by the courts

174.The listed company should simultaneously with the dispatch of reports to the members send ___ copies each of to the commission, the stock exchange & registrar:

(0.5 Points)

a) 7

b) 3

c) 5

d) None

175.The copies of "financial report" & audit repot should be sent to every members of the company at least ____ days before meeting at which it is to be laid before the members of the company:

(0.5 Points)

a) 28 days

b) 21 days

c) 38 days

d) 40 days

176.If an officer or other agent of a company other than _____ enters into a contract for on the behalf of company shall be invalid.

(0.5 Points)

a) Public company

b) Private company

c) Holding company

d) None

177.Every person shall (including directors, chief executive, managing agent secretary, chief accountant, auditors and legal advisor) shall within a period of ___ days of his appointment or any change therein, as the case may be, furnished to the company the particulars (register of directors, officers)

(0.5 Points)

a) 14 days

b) 10 days

c) 21 days

d) 40 days

178.A chief executive of ___ company shall not directly or indirectly engage in any business which is of same nature and directly competes with the business carried on by the company of which he is chief executive or by a subsidiary of such a company:

(0.5 Points)

a) Holding company

b) Subsidiary company

c) Public company

d) Private company

179.No person shall be appointed as a director of a company if he:

(0.5 Points)

A. Minor

B. Of unsound mind

C. Insolvent

D. All