Which document defines a company's objects, fundamental conditions, and scope of activities?

Statement in Lieu of Prospectus

In a company limited by shares, what does the "Liability Clause" specify?

The amount of authorized share capital.

The division of shares among subscribers.

The extent of the company's powers.

The limited liability of the members.

What is the significance of the "Object Clause" in the Memorandum of Association?

It determines the amount of authorized share capital.

It lists the main shareholders of the company.

It defines the company's objectives and powers.

It specifies the states where the company's objects extend.

What is the purpose of mentioning the registered office in the Memorandum of Association?

To specify the main object of the company.

To indicate the number of shares taken by each subscriber.

To determine the extent of the company's powers.

To establish the company's domicile for legal communications.

What is the purpose of a 'Statement in Lieu of Prospectus' according to Section 70 of the Companies Act?

To replace the need for a prospectus in case of a public company.

To provide detailed financial information to potential shareholders.

To outline the company's marketing strategy for its shares.

To explain the legal framework for issuing debentures.

What happens if a company carries on business for more than 6 months with less than the required number of members?

The company's liability is increased.

The company's objects are restricted.

The company's assets are frozen.

Members aware of this fact become personally liable for the company's debts.

What does the 'Capital Clause' in the Memorandum of Association state?

The main objects of the company.

The division of share capital into fixed amounts.

The company's registered office.

In a company limited by guarantee, what does each member undertake to contribute towards?

Costs of the winding-up process

Dividends to be paid to shareholders

What is the primary purpose of the 'Statement in Lieu of Prospectus'?

To provide detailed financial statements.

To replace the Articles of Association.

To outline the company's management structure.

To provide information to potential shareholders when a prospectus is not issued.

Documents- 2 Free MCQ Practice Test with Solutions

	Company Law 81 docs\|44 tests

	Company Law 81 docs\|44 tests

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