Tag: joint stock company

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Questions Related to joint stock company

Multiple choice business organisation and correspondence joint stock company 6 - meetings, proposal and winding up of a company meetings and other aspects of a company joint stock companies joint stock company
Resolution for the appointment of company's banker is made in the ________ meeting.

  1. General

  2. Board

  3. Creditors

  4. None of these
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

The appointment of a company's banker is an administrative or operational decision typically handled by the Board of Directors, not the general body of shareholders.

Multiple choice business organisation and correspondence joint stock company 6 - meetings, proposal and winding up of a company meetings and other aspects of a company joint stock companies joint stock company
Annual Return is to be submitted within ________ from the date of Annual General Meeting.

  1. 20 days

  2. 30 days

  3. 40 days

  4. 60 days
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Annual return is to be submitted within 60 days from the date of Annual General Meeting. Annual Return is a yearly statement which gives essential information about a firm's composition, activities and financial position.

Multiple choice business organisation and correspondence joint stock company 6 - meetings, proposal and winding up of a company meetings and other aspects of a company joint stock companies joint stock company

After incorporation first AGM should be held within

  1. 12 months

  2. 16 months

  3. 18 months

  4. 24 months
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

All company must hold an annual general meeting in every calendar year. However, if the first annual general meeting is held within 18 months from the date of its incorporation, it is not necessary to hold any annual general meeting in the year of incorporation or in the following year.

Multiple choice business organisation and correspondence joint stock company 6 - meetings, proposal and winding up of a company meetings and other aspects of a company joint stock companies joint stock company

_________ is a document that outlines the contents of a forthcoming meeting.

  1. Minutes

  2. Explanatory statement

  3. Agenda

  4. All of above
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

An agenda is a list of meeting activities in the order in which they are to be taken up, beginning with the call to order and ending with adjournment. It usually includes one or more specific items of business to be acted upon. It may, but is not required to, include specific times for one or more activities.

Multiple choice business organisation and correspondence joint stock company 6 - meetings, proposal and winding up of a company meetings and other aspects of a company joint stock companies joint stock company

Minutes of meeting generally contain-

  1. Date, Time and place of the meeting

  2. The name of the person in the chair

  3. Name of directors, company secretary and persons in attendance

  4. All of above
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation
Minutes, also known as minutes of meeting protocols or, informally, notes, are the instant written record of a meeting or hearing. They typically describe the events of the meeting and may include a list of attendees, a statement of the issues considered by the participants, and related responses or decisions for the issues.
It contains date, time, place of the meeting, person who is heading or on the chair , name of directors, company secretary and persons who are going to attend meeting.
Multiple choice business organisation and correspondence joint stock company 6 - meetings, proposal and winding up of a company meetings and other aspects of a company joint stock companies joint stock company

Select which information should be included in minutes?
$1$. Date and venue of the meeting
$2$. Decisions made at the meeting
$3$. Comments from the members.
$4$. Action to be taken by the members.

  1. All of the above
  2. All except $(2)$
  3. All except $(3)$
  4. All except $(4)$
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Minutes of a meeting must provide a comprehensive record of the proceedings, including the date, venue, decisions made, and often the actions to be taken or member comments/dissent, to ensure transparency and accountability.

Multiple choice business organisation and correspondence joint stock company 6 - meetings, proposal and winding up of a company meetings and other aspects of a company joint stock companies joint stock company

Importance of keeping Minutes -

  1. It contains record of the business transacted and decisions taken at a meeting.

  2. It serves as a reminder of the actions to be taken to implement the decisions arrived at a meeting.

  3. It can be produced as evidence of the proceedings in a Court of Law.

  4. All of above.
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation
Importance of keeping minutes 
1. Meeting minutes offer legal protection
2. Meeting minutes provide structure
3. Meeting minutes drive action
4. Meeting minutes act as a measuring stick
5. It contains record of the business transacted and decisions taken at a meeting.
Multiple choice business organisation and correspondence joint stock company 6 - meetings, proposal and winding up of a company meetings and other aspects of a company joint stock companies joint stock company

Importance of keeping Minutes -

  1. It contains a record of the business transacted and decisions taken at a meeting

  2. It serves as a reminder of the actions to be taken to implement the decisions arrived at a meeting

  3. It can be produced as evidence of the proceedings in a Court of Law

  4. All of above
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Proper bookkeeping gives companies a reliable measure of their performance. It also provides information on general strategic decisions and a benchmark for its revenue and income goals. In short, once a business is up and running, spending extra time and money on maintaining proper records is critical.

Many small companies don’t actually hire full-time accountants to work for them because the costs are usually higher. Instead, small companies generally hire a bookkeeper or outsource the job to a professional firm. One important thing to note here is that many people who intend to start a new business sometimes overlook the importance of matters such as keeping records of every penny spent.

Multiple choice business organisation and correspondence joint stock company 6 - meetings, proposal and winding up of a company meetings and other aspects of a company joint stock companies joint stock company

After incorporation any company can change its name at its own discretion by passing

  1. Ordinary resolution

  2. Special resolution

  3. Boards resolution

  4. None of the above
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation
As per Section 13 of the Companies Act, 2013 the name of the company can be changed by a Special Resolution and with the approval of the Central Government.  But on the other hand if the change relates to the addition/deletion of the words “private” to the name, then approval of Central Government is not required.