Exam (elaborations)
AUE1601 EXAM PACK 2023.
- Course
- Legal Aspects in Accountancy
- Institution
- University Of South Africa
AUE1601 EXAM PACK 2023.
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ADMIN[COMPANY NAME]
,QUESTIONS AND
ANSWERS WELL
ELABORATED
, TABLE OF CONTENTS
PAPERS PAGE
May-june 2019………………………………………………………………………………………………………………………………………3
OCT-NOV 2018………………………………………………………………………………………………………………………………………6
MAY-JUNE 2018 .................................................................................................................................... 11
OCT-NOV 2017 ...................................................................................................................................... 18
MAY-JUNE 2017 .................................................................................................................................... 25
MAY-JUNE 2016 …………………………………………………………………………………………………………………………………...31
OCT/NOV2016 ....................................................................................................................................... 37
, Question 1
1.1The difference between the following types of companies
Public limited companies Private limited companies
Unrestricted transferability of shares Transferability of shares is restricted
Offers of shares to the public are permissible Offers of shares to the public restricted
Minimum of 3 directors is required Minimum of one director
Extensive disclosure and transparency is Less disclosure and transparency is required
required
The financial statements must be audited Financial statements can be audited or
independently reviewed depending on the
requirements of the MOI and the pi score
The company name shld end with Ltd Name should end with PVTY LTD
Must appoint a company secretary May appoint a company secretary depending
on the requirements of MOI
1.2 pre-incorporation contracts
A person may enter into a written agreement in the name of or on behalf of the entity that is
contemplated to be incorporated, but does not yet exist at the time
A person who does anything as explained above is jointly and severally liable with any other
such a person for liabilities created as provided for in the pre-incorporation contract while so
acting
-the contemplated entity is not subsequently or
-after being incorporated, the company rejects any part of such agreement
If after incorporation, a company enters into agreement on the same terms as or in substitution
for an agreement contemplated above, the liability of the person in respect of the substituted
agreement is discharged
• Within three months after the date on which a company was incorporated the board of that company
may completely, partially or conditionally ratify or reject any pre-incorporation contract or other action
purported to have been mode or done in its name or on its behalf
• If after three months the company has not ratified or rejected the contract the company will be
regarded as ratifying the contract and the original person is discharged of liability
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