Members voluntary winding up occurs

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Reference no: EM133938071

Question

1. Members' voluntary winding up occurs when

a) The company is solvent

b) Creditors petition the court

c) The company is insolvent

d) The directors petition the court

2. The ratifiability principle laid down in Foss v Harbottle (1843) shows that:

a. If there is a complaint by the minority that some act was done wrongly, it could be ratified by an ordinary resolution in a general meeting to authorize the act as long as it is lawful

b. The proper plaintiff to bring an action against the company is the company itself.

c. Regardless of the type of act that was done wrongly, only a special majority can ratify it.

d. No wrong act can be ratified by the members

3. An exception to the rule in Foss v Harbottle (1843) is where the majority is committing a fraud against the minority. Which one of the following is not regarded as in the category of fraud?

a. Use of powers for an improper purpose.

b. Breaches of duty

c. Directors exercising their powers to manage the company

d. Acts which benefits the majority at the expense of the company.

Reference no: EM133938071

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