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Contents
MAY/JUNE 2012 ........................................................................................................................................ 2
OCTOBER / NOVEMBER 2012 ................................................................................................................... 9
MAY / JUNE 2013 .................................................................................................................................... 18
OCTOBER / NOVEMBER 2013 ................................................................................................................. 25
MAY/JUNE 2014 ...................................................................................................................................... 34
OCOBER / NOVEMBER 2014 ................................................................................................................... 43
LUCIANO SCHOOL OF LAW & SOCIAL SCIENCES [LSLSS]
, 2
MAY/JUNE 2012
Question 1
1.1. Reference sec. 36 sec 38 (1)
Board may shares of a company to the extent and within classes that have been
authorized by the memorandum of corporation.
The memorandum of incorporation sets out classes of shares and number of shares that
the company is authorized to issue.
Also specifies for each class distinguishing designation for that class and preference
rights and limitations.
The memorandum of incorporation may authorize a stated number of unclassified
shares which are budget to classification by the board.
Copter services limited all need to comply will all related details listed above in its
memorandum of Incorporation.
1.2. sec 36 (2)
The authorization and classification of shares, the number rights and limitations
associated with shares set put in the memorandum of incorporation may be
changed only by amendment of memorandum of incorporation by board to the
extent that the memorandum of incorporation provides.
The board may therefore increase or decrease number of authorized shares.
Computer services limited at the moment has fully worked its authorized shares
of 100 000 and will need to amend the memorandum of incorporation or board
may increase authorized shares to the extent provided in the memorandum of
incorporation.
There is need to have increased number of authorized shares.
1.3. Board may issue shares but after a special resolution of shareholders as shares are
being issued to directors.
1.4. Reference : sec : 40
Shares are to be issued at adequate consideration in terms of conversion rights
associated with previous issued securities of the company.
LUCIANO SCHOOL OF LAW & SOCIAL SCIENCES [LSLSS]
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