QUESTION 2 [20 marks ten parts worth 2 marks each]

Choose either True (T) or False (F) for each of the following questions put your answers in the answer space below:

I. Directors of a company can only be removed by a special resolution.

II. The transfer of assets by an insolvent company will not amount to a breach of duty by its directors unless the company is actually in liquidation.

III. There are no age limits on directors.

IV. Shareholders can be given notice of an extraordinary general meeting at any time prior to the meeting.

V. A companys directors are collectively known as the board.

VI. In Scottish Co-operative Wholesale Soc Ltd v Meyer, the Court found that the majority shareholders acted oppressively in relation to the minority.

VII. ASIC can disqualify a person from managing a corporation for up to 15 years without a court order.

VIII. Company liquidations do not have to be advertised.

IX. A liquidator is an officer as defined in the Corporations Act.

X. All companies are required to hold AGMs.