Business And Commerce - Study Mode

[#386] An importer cannot take delivery of the goods unless he presents it
Correct Answer

(C) Bill of lading

[#387] Promoter is a person who ________.
Correct Answer

(A) takes part in the incorporation of a company

Explanation

Solution: Promoter is a person who takes part in the incorporation of a company. A promoter is the one, who undertakes to form a company with reference to a given object and sets it going and takes the necessary steps to accomplish that purpose.

[#388] A private company should have at least _________ members.
Correct Answer

(A) 2

Explanation

Solution: A private company should have at least 2 members.

[#389] The charter of a company is its _________.
Correct Answer

(C) memorandum of association

Explanation

Solution: The charter of a company is its memorandum of association. An important step in the formation of a company is to prepare a document called memorandum of association. It is the charter of the company and is very important document as it contains the basic conditions on which the company is incorporated.

[#390] An association of 25 people not registered under the companies act, but carrying on business, is a/an _________.
Correct Answer

(D) illegal association

Explanation

Solution: An association of 25 people not registered under the companies act, but carrying on business, is an illegal association. An illegal association is not recognised by law.