Companies And Allied Matters Act 1990 Relating To Formation of Companies - SS2 Accounting Past Questions and Answers - page 1
What does the Companies and Allied Matters Act 1990 govern?
The formation and management of companies in Nigeria
The regulation of the stock market
The management of government-owned corporations
The regulation of the insurance industry
How many people are required to form a company under the act?
At least one person
At least two people
At least three people
At least four people
What is the registration process for a company under the act?
Submitting a business plan and paying a fee
Submitting a memorandum and articles of association and paying a fee
Registering with the Nigerian Stock Exchange
Applying for a business license
What are some of the rules and regulations that registered companies must follow under the act?
Keeping proper books of accounts and filing annual returns
Hiring a minimum number of employees
Investing in government securities
Holding meetings with government officials
What is the Corporate Affairs Commission (CAC)?
A government agency responsible for regulating the stock market
A professional association for Accountants in Nigeria
A government agency responsible for registering and regulating companies
A regulatory body for the insurance industry
What are some of the documents required for the registration of a company under the Companies and Allied Matters Act 1990?
Some of the documents required include a memorandum and articles of association, identification documents of the directors and shareholders, and proof of payment of registration fees.
What are some of the responsibilities of directors and officers of a company under the act?
Some of the responsibilities include managing the affairs of the company, ensuring compliance with the law and regulations, and acting in the best interest of the company and its shareholders.