Q119. In case of a fraudulent use of the facility of_________, the law lifts the corporate veil and identifies the persons who are behind the scene and are responsible for the perpetration of fraud.
a. incorporation
b. income-tax
c. contract
Answer
a. incorporation
Q120. The profits made by an illegal association are liable to assessment to_________
a. income-tax
b. contract
c. outsider
Answer
a. income-tax
Q121. Illegal association cannot enter into any_________
a. contract
b. outsider
c. hybrid
Answer
a. contract
Q122. Illegal association cannot sue any of its members or_________
a. outsider
b. hybrid
c. Subsidiary
Answer
a. outsider
Q123. A company limited by shares as well as by guarantee is a _________form of company which combines elements of the guarantee and the share company.
a. hybrid
b. Subsidiary
c. seven
Answer
a. hybrid
Q124. Where a company has control over another company, it is known as the Holding Company and the company over which control is exercised is called the _________Company.
a. Subsidiary
b. seven
c. Promotion
Answer
a. Subsidiary
Q125. In the case of a private company minimum number of persons to form a company is two while it is _________ in the case of a public company
a. seven
b. five
c. four
Answer
a. seven
Q126. _________is a term of wide importance denoting the preliminary steps taken for the purpose of registration and floatation of the company.
a. Promotion
b. demotion
c. fiduciary
Answer
a. Promotion
Q127. The persons who assume the task of promotion are called_________
a. promoters
b. fiduciary
c. original
Answer
a. promoters
Q128. Promoters have been described to be in _________relationship with the company.
a. fiduciary
b. original
c. undesirable
Answer
a. fiduciary
Q129. Under the Companies Act promoter is liable to the _________allottee of shares for the misstatements contained in the prospectus.
a. original
b. undesirable
c. conclusive
Answer
a. original
Q130. A company cannot be registered by a name, which in the opinion of the Central Government is_________
a. undesirable
b. conclusive
c. seven
Answer
a. undesirable
Q131. The certificate of incorporation is _________evidence that all the requirements of the Companies Act in respect of registration and of matters precedent and incidental thereto have been complied with.
a. conclusive
b. seven
c. private arrangement
Answer
a. conclusive
Q132. The promoters will have to get together at least _________persons in the case of a public company to subscribe to the memorandum of association.
a. seven
b. private arrangement
c. certificate of incorporation
Answer
a. seven
Q133. When a private company is formed, the necessary capital is obtained from friends and relatives by _________
a. private arrangement
b. certificate of incorporation
c. prospectus
Answer
a. private arrangement
Q134. When a company has been registered and has received its_________, it is ready for floatation.
a. certificate of incorporation
b. prospectus
c. Floatation
Answer
a. certificate of incorporation
Q135. Section 70 makes it obligatory for every public company to issue a _________in case public is to be invited to subscribe to its capital.
a. prospectus
b. Floatation
c. None of these
Answer
a. prospectus
Q136. _________means company can go ahead with raising capital sufficient to commence business and to conduct it satisfactorily.
a. Floatation
b. prospectus
c. certificate to commence business
Answer
a. Floatation
Q137. Section _________ exempts a private company from obtaining a certificate to commence business.
a. 149
b. 151
c. 270
Answer
a. 149
Q138. In the case of public company having a share capital, it is absolutely necessary to obtain a _________
a. certificate to commence business
b. floatation
c. objects
Answer
a. certificate to commence business
