Other
MRL2601 EXAM ANSWERS OCTOBER 2024
- Course
- Institution
THE DOCUMENT PROVIDES CORRECT EXAM ANSWERS ,PASS IS GUARANTEED
[Show more]
Seller
Follow
Regal00
Reviews received
Content preview
MRL2601EXAM
OCTOBER
2024
QUESTION 1
, 1.1 The accounting officer is the person responsible for drawing up the
financial statements in a close corporation.
1.2 A(n) share is one of the units into which the proprietary interest in a
profit company is divided.
1.3 A(n) proxy is the person who is appointed to represent a shareholder
at a meeting.
1.4 The record date is the date on which a company determines the
identity of its shareholders and their shareholding for purposes of
establishing who is entitled to shareholder rights.
1.5 The company secretary is the principal administrative officer of a
company.
QUESTION 2
2.11
Veritaste (Pty) Ltd is a private company.
The distinctive characteristics of a private company in South Africa under
the Companies Act 71 of 2008 include:
The name of the company must end with "(Pty) Ltd."
It is limited to a maximum of 50 shareholders.
Shares cannot be offered to the public, and there are restrictions on
transferring shares.
A private company is not required to have a minimum number of
directors beyond the one director usually necessary for its
establishment.
Generally, private companies have fewer reporting and regulatory
requirements than public companies.
2.1.2
According to the Companies Act 71 of 2008, the approval of dividends
typically requires shareholder authorization if specified in the company's
Memorandum of Incorporation (MOI). Since Veritaste (Pty) Ltd’s MOI
mandates shareholder approval for dividends, Beauty and Phineas would
generally need to convene a shareholders' meeting to obtain this
approval.
However, the Companies Act allows for certain decisions to be made by
written resolution without convening a meeting, provided all shareholders
entitled to vote agree to it in writing (section 60 of the Act). In this
scenario:
1. Preference shareholder rights: Bongiwe, as a preference
shareholder without voting rights, would not need to consent to the
written resolution if it were used, as she does not hold voting rights
on this matter.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Regal00. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $7.54. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
67232 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now