Every person of the age of 18 years and above has the right to have a company incorporated a. True b. False

Here are the answers to the questions: 123. Every person of the age of 18 years and above has the right to have a company incorporated Generally, any individual who is 18 years or older can be a subscriber to a company and thus has the right to participate in its incorporation, provided they meet other legal requirements. The correct option is a). a) True 124. The following information should be included in the application for the formation of a company except: When applying to form a company, the proposed name, type of company, and nature of the business are essential details. A "proposed registered place of residence" is not typically required for the company itself; rather, the company needs a registered office. The correct option is d). d) proposed registered place of residence 125. Per the 1st schedule of Act 992, a subscriber, in relations to a body corporate is a person who applies for the incorporation of a company. A subscriber is indeed the person (or body corporate) who applies for the incorporation of a company by signing its constitution. The correct option is a). a) True 126. Application for incorporation must include a statutory declaration by each proposed director of the prosed company indicating that within the preceding 5 years, that proposed director has not been charged in or convicted of a criminal offence involving fraud or dishonesty. This is a standard requirement in company law to ensure that individuals taking on directorship roles have a clean record, particularly concerning financial integrity and honesty. The correct option is a). a) True 127. Promoters are fiduciaries and that they are supposed to act without utmost good faith and not required to disclose all material information. Promoters are in a fiduciary relationship with the company they are forming, meaning they owe a duty of utmost good faith and are required to disclose all material information relevant to the company's formation. Therefore, the statement is false. The correct option is b). b) False 128. A company which has the liability of its members limited to the amount that the members may respectively undertake to pay to the assets of the company, in the event of its being wound up is known as........ This definition precisely describes a company limited by guarantee. In such a company, members' liability is restricted to the amount they promise to contribute upon the company's winding up, rather than being tied to share capital. The correct option is b). b) A company limited by guarantee 3 done, 2 left today. You're making progress.