ICSI Company Law Solved Question Paper December 2013

ICSI Company Law Solved Question Paper December 2013
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ICSI Company Law Solved Question Paper December 2013

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Chapter - 1 Introduction 2013 - June 2 a i The statement is false, because the company is not a Citizenship Act,1955 or the Constitution of India State Trading Corporation of India Vs.C.T.O . 2013 - June 6 v Please refer 2004 - Dec 8 a iv on page no. 26 Chapter - 2 Types of Companies 2013 - June 2 b i d Fifty Chapter - 4 Memorandum of Association and Articles of Association 2013 - June 1 C ii The alteration of articles of association must be bonafide for interest of the Company. If the alteration is not for the interest of the Company, but for majority of Shareholders, then the alteration would be bad. In other words, an alteration of articles must not discriminate between the majority and minority shareholders so as to give the former an advantage over the latter. All India Railway mens benefit Fund V. Jamadar Baleshwarnath Bali . 2013 - June 3 a i 1,000 2013 - June 5 a Section 12 to 23 of the Companies Act, 1956 prescribe the particulars to be mentioned in the memorandum of association and other requirements. It is the constitution of the company in its relation to the outsider world. The company cannot depart from the provisions of the memorandum. If it enters into contract or engages in any trade or business which is beyond the powers conferred on it by the memorandum, such a contract or the act will be ultra vires the company and hence void. The memorandum of association of a company is its charter defining the objects of its existence and operations. 1
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Appen dix C S Ex ecu tive Pro gram me Module-II Pap er 4
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The purpose of the object clause in the memorandum is two-fold. First, the intending shareholder before making investment in the company should know the field in, or the purpose for which it is going to be used and what risk he is taking in making the investment. The second purpose is that anyone dealing with the company will know without doubt what is the permitted range of activities of the company Cotman Vs. Brougham 1918 A.C. 514 . Its purpose is to enable the shareholders, creditors and those dealing with the company to know what is the permitted range of enterprise. The objects clauses in the memorandum are to be so construed as to confer on the company all powers reasonably required to the attainment of the objects. 2013 - June 7 c In the given case the objection of the employees is sustainable. In the case of Bharat Commerce and Industries Ltd. it was held that employees union which is a registered body and which represents quite a number of the employees employed at the registered office of the company, has the right to appear and to oppose

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