The principle that a company will continue indefinitely until it has been wound up is to be found in the idea of:

a.

contractual capacity

b.

transferability

c.

perpetual succession

d.

separate legal personality

The Partnership deed is to a partnership what the Certificate of Incorporation is to a company.

Select one:

True

False

Statutory companies are required to register their Articles of Incorporation with the Registrar of Companies of Jamaica before they can commence operation.

Select one:

True

False

In relation to the Companies Act 2004, which of the following is UNLIKELY to have been registered under this law?

a.

Sagicor Insurance Company Limited

b.

Jamaica Public Service Company Limited

c.

Jamaica Money Market Brokers Limited

d.

City of Kingston Credit Union Limited

Statutory corporations are allowed to trade on the Stock Exchange.

Select one:

True

False

The minimum membership of a co-operative society is

a.

20

b.

10

c.

15

d.

5

Thomas is an attorney with the XYZ Company Limited. The Articles of Incorporation specifies that he be so named as the attorney of the company. Later he was removed from his position as attorney contrary to the Articles. Thomas wants to use the Articles to get back his job. What is the correct legal advice to Thomas?

a.

Thomas will be successful if he sues the company and will be able to get his job

Thomas will be successful if he sues the company based on Statute law and he will be able to get back his job.

b.

The company is bound to honour its obligation to Thomas based on what is in the Articles

c.

The company is not bound to honour this kind of obligation according to company law

d.

The company is bound by company law to honour this obligation

In relation to the sole proprietorship, which of the following statements is inaccurate?

a.

The business will not be allowed to trade on the Stock Exchange.

b.

The business MUST by law register its name where trading in a name which is not the proprietor's name.

c.

The proprietor is personally liable for all the business debts

d.

The business is required to pay corporate taxes on its after expense profit.

The minimum membership of a company limited by shares is 1.

Select one:

True

False

According to the case of _________ the Articles of Incorporation binds members to the company in the same way as if they were in a contractual relationship.

a.

Pender v Lushington

b.

Eley v Positive Government Assurance

c.

Kent v Hickman

d.

Rayfield v Hands

A partnership will automatically end in all of the following circumstances except

a.

expiry of a fixed term or completion of specific enterprise

b.

where one of the partners have committed embezzlement and is arrested

c.

where continuation of the partnership enterprise would be contrary to law

d.

death or bankruptcy of a partne

The operational and legal commencement date of a company limited by shares is to be found in

a.

The certificate of incorporation

b.

The certificate of association

c.

The Articles of Association

d.

The Articles of Incorporation

ALL companies registered under the Companies Act 2004 are companies limited by shares.

Select one:

True

False

The veil of incorporation means that creditors of the company will be able to hold the members and directors personally liable for the liabilities of the company.

Select one:

True

False

A third party will no longer be bound to know what is in the company's constitutional document when doing business with the company. The is on account of the fact that the_________ has been abolished by the Companies Act 2004.

a.

doctrine of constructive notice

b.

doctrine of incorporation

c.

doctrine of ultra vires

d.

doctrine of conditional notice