Corporate and commercial( Ontario- Canada)

1. Changes that can be effected by simple resolution of the directors include:

a) A change of financial year end

b) A change in the street address of the registered office

c) A change in the bank signing authority

d) All the above

2. Changes that can be authorized by special resolution include:

a) A reduction or addition to stated capital

b) The sale, lease, or exchange of all or substantially all of the property of the corporation

c) The sale, lease, or exchange of all or substantially all of the property of the shareholders

d) A and B

e) A and C

f) All the above

3. What are some issues to consider when correcting an error on a certificate?

a) Whether the correction reflects the original intention of the corporation

b) Whether the correction would prejudice any of the shareholders or creditors

c) The timeliness with respect to identifying and rectifying the error

d) Which individual may request the Director correct the error

e) A, B, and C

f) A, B, and D

g) All the above

4. A reorganization is:

a) A reshuffling of a corporation's human resources (shareholders, directors, officers etc.)

b) A court order made under s. 241 of the CBCA or s. 248 of the OBCA

c) A court order made under s. 193 of the CBCA or s. 204 of the OBCA

d) A formal request made by shareholders petitioning the court to dissolve the corporation

5. What are some advantages of charitable registration?

a) The organization may issue income tax receipts to its donors and is exempt from taxation

b) The organization must devote its resources to its charitable activities and file its taxes annually with the CRA

c) The organization may qualify for other benefits

d) A and B

e) A and C

f) All the above