Question 5 [12 marks) Close Corporation 1. What is the maximum number of members of a CC? 2. What has to be stated in the founding statement? 3. What are formal requirements regarding names of CC's? 4. How can a new member acquire an interest in a CC? 5. How many members of a CC have to give their consent to the following: a. A change in the principal business of the CC? b. The sale of a material part of the CC? c. The purchase of a building which will represent 5% of the total assets of the CC? 6. When must the annual financial statements of a CC be prepared? 7. What does the annual financial statements of a CC consist of? 8. Who has to sign the annual financial statements of a CC? 9. What must an accounting officer do if he believes that the CC does not carry on business? 10. Under which conditions may a CC be voluntarily liquidated?