Attempt all the problems.
problem1) Compare and contrast
a) Doctrine of ‘ultra -vires’ with Doctrine of Indoor management
b) ‘Promoter’ and ‘Director’ in the context of a Company.
c) ‘General crossing’ and ‘special crossing’ on a cheque.
problem2) Distinguish the following:
a) ‘Ordinary resolution’ from ‘special resolution’
b) Holder and ‘holder in due course’ of a negotiable instrument.
c) ‘Negotiation’ and ‘Assignment’ of a negotiable instrument.
problem3) Describe the procedure to wind up the Company voluntarily. How does it differ from Compulsory winding-up?
A partnership Firm of A along with B, C and D is running a business to manufacture of automobile parts, successfully. The Partners discussed expansion plans and wanted to know pros and cons of converting the partnership firm into a private limited company. In view of your qualifications, they contemplate appointing you a whole time director in the proposed company, if they are convinced of its advantage.
They look for your advice with specific reference to;
a) Formalities needed for converting to a private company.
b) Approximate time for such conversion and approximate cost of doing so.
c) Main advantages and disadvantage, if any of changing over to company form of business from the partnership firm.
Tender your advice in writing, containing as many clarifications as will help them take a correct decision.