Exam (elaborations)
FBE2604 MAY JUNE 2023
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- University Of South Africa (Unisa)
FBE2604 MAY JUNE 2023
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FBE2604 MAY EXAM 20231.1 Personal Liability
1.2 Alternate director
1.3 Registration certificate
1.4 incorporation date
1.5 Derivative action
1.6 Corporate social responsibility
1.7 Proxy
1.8 Debenture
1.9 Unalterable provision
1.10 Quorum
, QUESTION 2
2.1.
Frances, Joanne and Sophy can start a non-profit company (NCP).
A non-profit company is a company that is not formed with the aim of
making a profit for its members (note that a non-profit company has
members and not shareholders like profit companies).
Its objects must relate to social activities, public benefits, cultural
activities or group interests.
A non-profit company must be formed by at least three persons who will
be the company’s first directors.
It must have at least three directors, but they are not allowed to obtain
any financial gain from the company other than remuneration for the
work they perform.
A non-profit company does not have to have members. If these
companies have members, some members may enjoy voting rights,
while others may not.
If these companies have members, some members may enjoy voting rights
while others may not. The income and property of non-profit companies are not
distributable to its incorporators, members, directors, officers or persons related
to any of them. Upon liquidation, income and assets must be paid over to
another non-profit company, voluntary association or trust with a similar
purpose
2.2.
Contracts on behalf of the yet-to-be formed company in terms of the Companies
Act 71 of 2008 are referred to pre incorporation contracts
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