Multiple choice

Which of the following statements is incorrect?

  1. The memorandum of association defines the objects for which the company is formed.

  2. Promoter is not an agent of the company.

  3. In case of the subscription becoming void, the money received from the applicants has to be returned within 50 days.

  4. Experts conducting feasability studies are not considered promoters.

  5. Certificate of incorporation is a conclusive evidence of regularity of incorporation of a company irrespective of any deficiency in its registration.
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

This is the correct option. In case of the subscription becoming void, the money received from the applicants has to be returned within 80 days, not 50. This statement is incorrect and thus, this is the correct option.

Keep practicing — related questions