Exam (elaborations)
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Exam of 8 pages for the course IND2601 at IND2601 (Examination)
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Name: Pertunia Senamela TabaStudent No: 15187543
Module Code: FBE2604
Date: May 25, 2023
, Question 1
1.1 A personal liability
1.2 alternate Director
1.3 Notice on incorporation
1.4 Record
1.5 Derivative action
1.6 Corporate Social Responsibility
1.7 Proxy
1.8 Promissory note
1.9 Fundamental
1.10 Quorum
Question 2
2.1 Non-profit companies (NPCs)
● 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.
● 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 Frances sees an office space that will be perfect for their Internet Cafe. Advise Frances
on the formal requirements that must be complied with to conclude a contract on behalf of
the yet-to-be formed company in terms of the Companies Act 71 of 2008. (4)
✓ The contract must be concluded in writing.
✓ The person concluding the contract on behalf of the yet-to-be-formed company
must act or profess to be acting as an agent for a company that is not yet
registered.
✓ The board of the company ratifies the contract or does not reject the contract within
three months of its incorporation.
2.3
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