XXX Ltd wishes to reduce its capital, but the company’s articles of association expresslyforbid this.Which of the following statements applies to XXX Ltd?
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1 .For which of the following purposes may the share premium account be used?
A To pay dividends on all classes of shares B To pay dividends to preference shareholders only C To issue bonus shares to existing members
2 .What is a “scrip issue”?
A An issue of bonus shares B An issue of partly-paid shares C An issue of shares for non-cash consideration
3 .Which of the following would be regarded as an issue of shares for an improperpurpose?(1) An issue of shares in return for a non-cash consideration.(2) An issue of shares to enable the directors to maintain control of the board.(3) An issue of shares to prevent a take-over bid.
A 1 and 2 only B 1 and 3 only C 2 and 3 only D All of the above
4 .In order for a private company to be able to purchase its own shares out of capital, thedirectors must declare that the company would be solvent if it were wound up after thereduction.To what period after the reduction does this solvency statement relate?
A 6 months B 12 months C 18 months
5 .A private limited company’s accumulated profits and losses include a revaluation surplus on anon-current asset.When can the directors declare a dividend to be satisfied wholly or partly by thedistribution of the surplus?
A Never as such a surplus is never realised and cannot be distributed B Only in a voluntary winding-up if there are surplus assets to pay to the members C At any time since a private company’s profits available for distribution includesunrealised profits D Only when the surplus is realised
7 .A company passes a resolution to reduce share capital which involves the repayment to ashareholder of his paid-up share capital.Who may object to the reduction?(1) Members who did not vote in favour of the resolution.(2) Creditors of the company.
A 1 only B 2 only C Neither 1 nor 2 D Both 1 and 2
8 .In order to reduce its share capital, the directors of a private company must sign a declarationof the company’s solvency.To whom and when must this statement be made?
A To the members with the special resolution to reduce capital B To the court in advance of passing a resolution to reduce capital C To the court after the resolution to reduce capital is passed D To the Registrar of Companies within 15 days following the resolution to reducecapital
9 .Who may incur a civil liability if a company pays an excessive dividend?
A The directors of the company only B The members of the company only C Both the directors and the members
10 .Which ONE of the following statements is correct?
A A floating charge has priority over a fixed charge B Preferential creditors take priority over fixed charge-holders C A fixed charge has priority over a floating charge
