ELEMENTS OF COMPANY LAW – LEGAL APTITUDE 62 Elements of Company Law - LEGAL APTITUDE 1 / 20 A public company having a share capital can start its business on obtaining - (a) Certificate of incorporation and approval of Company Law Board. (b) ‘Certificate to commence business’ and approval of Company Law Board. (c) ‘Certificate of Incorporation’ (d) Approval of High Court. 2 / 20 In case ‘memorandum’ and ‘articles’ are inconsistent, then which shall prevail over the others? (a) Memorandum of Association (b) Articles of Association (c) The one approved by Registrar (d) None of these 3 / 20 Company’s ‘memorandum’ and ‘articles’ are public documents. (a) True (b) False (c) Partly True (d) Partly False 4 / 20 Which of the following statements is correct? (a) The ‘memorandum’ and ‘articles’ are binding on the members in their relation to the company. (b) The ‘memorandum’ and ‘articles’ are binding on the company in their relation to the members. (c) None of these is true (d) Both of these are true 5 / 20 For which of the following companies it is not obligatory to have Articles of Association ? (a) Public Companies Limited by Shares (b) Public Companies Limited by Guarantee (c) Private Limited Companies (d) Unlimited Companies 6 / 20 Which of the following statements is correct? (a) In limited companies, the liability of members holding fully paid-up shares is Nil. (b) In companies limited by guarantee, the liability of members is limited to the amount which they have agreed to pay. (c) Both (a) and (b) are correct. (d) None of these is correct. 7 / 20 The Object clause of Memorandum of Association must be divided into two SubClauses, namely (i) main objects clause, and (ii) object in furtherance of main object clause. (a) True (b) False (c) Partly True (d) Partly False 8 / 20 The Registered office clause of Memorandum of Association contains - (a) The name of the state in which the registered office of the company is to be situated. (b) The name of the city/town only and not that of the state. (c) The name of Registrar of companies. (d) The complete postal address. 9 / 20 A company formed for the promotion of commerce, art, science, religion, charity etc. may not use the word ‘limited’ at the end of its name, even if it is a limited company. True False Partly True Partly False 10 / 20 A company comes into existence when - (a) the ‘memorandum of association’ is signed by the required number of members. (b) the ‘memorandum of association’ is submitted for registration to the Registrar of Companies (c) It is registered under the Companies Act, 2013. (d) It establishes its registered office and starts functioning there form. 11 / 20 On 14th July, the Registrar of Companies issued a Certificate of Incorporation, but it was dated 10th July instead of 14th July. From which date the company will legally come into existence? (a) 10th July (b) 14th July (c) 31st July (d) None of these 12 / 20 If at the time of registration, a company limited by shares does not file Articles of Association with the Registrar, then (a) The company cannot be registered without this document (b) The company is deemed to be adopted ‘Table P (c) The company is deemed to have become a company with unlimited liability (d) The directors become liable to be punished with fine at the rate of Rs. 50 for each day during which the default continues 13 / 20 At the time of registration the filing of Articles of Association with the Registrar of Companies is compulsory for (a) Private companies, unlimited companies and companies limited by guarantee (b) Unlimited companies only (c) Companies limited by shares only (d) All types of companies 14 / 20 A Government Company is one in which 51% or more of the paid up share capital is held by - (a) Central Government alone (b) State Government alone (c) Central and State Government jointly (d) Any of the above 15 / 20 In case of a company limited by guarantee, the liability of the members can be enforced (a) At any time when the company so decides (b) Only at the time of winding up of the company (c) Only by an order of court (d) Only by an order of Registrar of Companies 16 / 20 A statutory company or corporation is one which is incorporated (a) By an Act of Parliament (b) By an Act of State Legislature (c) Under the Companies Act, 2013 (d) By either (a) or (b) 17 / 20 A company being a legal person is also a citizen under the Constitution of India True False Partly True Partly False 18 / 20 A and B were the only members of a company who died in a road accident. In this case, the company comes to end on the death of A and B. True False Partly True Partly False 19 / 20 Which of the following is not the characteristic of a public company? (a) It has a separate legal entity. (b) It has a perpetual succession. (c) It has a common seal and separate property. (d) Its shares are non-transferable. 20 / 20 Which of the following statements is not true? (a) A company is an artificial person created by law. (b) A company can do every act like a natural person except the acts which are purely of personal nature. (c) A company can be held liable for violation of the statutory provisions of the Companies Act. (d) A company can be imprisoned for violation of such provision which attract penalty by way of imprisonment only. 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