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Scenario:

In the year of 2008, C wants to incorporate the company with name of “President Cheese” in which C will hold 1000 and the half share. The object of Company is to promote charity by giving cheese to poor children. C doesn’t want to have the word “Ltd” to be inserted to name of the Company.

C sends his application for incorporation to the Registrar of University of Technology. C does not want to have a Constitution for his company and also C wants to be the sole director of the company. Moreover, C wants the company to issue par value shares.

C has just learned that Zerox Co. Ltd is prosecuting his Company for non-respect of its contractual obligations under pre-incorporation contract which D, the promoter had signed in the name of C’s Company. The said pre -incorporation contract was never approved by C’s Company.

M, the director of Zimzam Co. Ltd, would wish to be briefly informed of following:

(i) Who is the promoter?

(ii) What are the duties of the promoter?

(iii) How to approve the pre-incorporation contract?

(iv) What are the effects of ratification?

Required:

Advise C and M correspondingly as per the legal issues which might arise; supporting your answer with the appropriate sections of law and case-law(s) if need be.

Business Law & Ethics, Finance

  • Category:- Business Law & Ethics
  • Reference No.:- M99044

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