A company is considered an artificial legal person that exists in the eyes of the law. True or False?

True

A company must be registered under the Companies Act to be recognized legally. It comes into existence from the date specified in the ___ of incorporation.

Certificate

List three key characteristics that define a company.

1. Separate legal entity 
2. Perpetual existence 
3. Limited liability

In a company limited by shares, the liability of members is limited to the ___ amount on their shares.

Unpaid

A holding company is defined as one that controls another company by holding more than ___% of the shares.

50

True or False: A statutory company is created by an Act of Parliament or State legislature.

True

What term is used to describe the legal right of shareholders to transfer their shares in a company?

Right to transfer shares

Fill in the blank: A company is required to have a ___ seal to bind itself legally.

Common

What are the minimum member requirements to form a public company as per the Companies Act?

A public company requires at least seven members.

True or False: Companies limited by guarantee can have share capital.

True

In the context of companies, what does the term 'delegated management' refer to?

Delegated management involves directors managing operations.

• Directors oversee daily tasks.

• Elected representatives make decisions.

• Ensures efficient management structure.

What is the main purpose of a company's Articles of Association?

The Articles of Association outline the rules and regulations for the management of the company and the rights of its members.