PCC/IPCC mock test law paper problem for nov 2010

IPCC 1372 views 2 replies

plz answer these ques with reason... its urgent

 

QUES 1

A promoter of a company that is to be incorporated is
a. an agent of the company
b. a trustee of the company
c. a quasi-trustee of the company
d. an employee of the company

QUES 2

To use the expression “Enterprises”, the minimum authorized capital
must be
a. 1 lakhs
b. 10 lakhs
c. 1 crore
d. 3 crores

QUES 3

Ashok lends Rs. 50,000, on terms that it will be returned in two month’s time,
to Sanjay for helping the latter buy certain contraband transmitting
equipment. Can Ashok get the loan amount returned in case Sanjay defaults
and under what circumstances..
 

Replies (2)

Q1. Answer - Trustee of the company, because Until a company is incorporated, a promoter stands in a fiduciary capacity towards the company and its promoter shareholders.

Q2. Answer - To use the word Enterprise, the minimum authorized capital required is Rs. 10 Lacs.

thanx krishna...


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