Where no provision is made by contract between the partners for the duration of their partnership, or for the determination of their partnership, the partnership is called:

• A) Partnership at will
• B) Unlimited partnership
• C) Particular partnership
• D) Limited partnership

Which shares are issued to the promoters or the underwriters of the company?

• A) Deferred shares
• B) Ordinary shares
• C) Cumulative preference shares
• D) Equity shares

All of the following are true about Articles of Association, except:

• A) An alteration in it can be made through a special resolution by the company
• B) It rises the contracts between the company and the out side world
• C) It is subordinate to memorandum of association
• D) It is a doctrine of indoor management.

As per section 187 of the Ordinance, no person shall be appointed as a director unless he is a member of the ___________.

• A) Government
• B) Securities & Exchange Commission of Pakistan
• C) Company
• D) Private sector

Any person may inspect the documents kept by the registrar certificate of incorporation or any person can require a certificate of commencement of business of any company or register to be certified by the registrar on
payment of the fees specified in the ___________

• A) None of the above
• B) Fifth Schedule
• C) Sixth Schedule
• D) Seventh Schedule

Which of the following is not true about prospectus?

• A) It should be for subscription to shares or debentures
• B) It is an invitation to public
• C) It is made on behalf of a company
• D) It does not show profits made by the promoters

To term of the office of Directors of a listed company under the Code circulated by SECP 2002 shall be for__________. Any casual vacancy in the Board of Directors of a listed company shall be filled up by the directors within 30 days thereof.

• A) Three years
• B) Five years
• C) Six years
• D) Four years

A document of title of the shares held by a shareholder in a company is known as:

• A) Bonus certificate
• B) Dividend
• C) Participating preference share
• D) Share certificate

All of the following are powers of the Securities and Exchange Commission to control Non Banking Finance Companies (NBFC), EXCEPT:

• A) To follow board of directors
• B) To order special audit
• C) To incorporate the NBFC
• D) To require to furnish information

To Act as a Director of a listed company under the Code circulated by SECP 2002, that person, acting as director, must not be serving as a director of _____ other listed companies.

• A) Ten
• B) Eight
• C) Five
• D) Six

Which of the following is NOT a kind of shares of a limited company?

• A) Bonus share
• B) Capital share
• C) Preferred share
• D) Deferred share

The Objectives of the Companies Ordinance, 1984 include all of the following, except:

• A) Consolidate and amend the law relating to companies.
• B) Protection of interests of share holders
• C) Empowering corporations to intervene and investigate
• D) Healthy growth of corporate sector

A person who is not in the service of Pakistan or of any statutory body or any body which is owned or controlled by the Federal Government or a Provincial Government is known as:

• A) Private sector person
• B) Business person
• C) Member of commission
• D) Civil servant

The duration of the partnership entirely depends upon the:

• A) Consent of the partners
• B) Supply of the products
• C) Availability of the capital
• D) Rules passed by the parliament

Any person appointed as chief executive condition of a Non Banking Finance Company by the Securities and Exchange Commission can hold office for a period not exceeding ________.

• A) Five years
• B) One year
• C) Three years
• D) Two years

Which of the following is NOT a phase in formation of a company?

• A) Commencement of business
• B) Promotion phase
• C) Registration phase
• D) Inauguration phase

The Chairman of a listed company shall preferably be elected from:

• A) The non executive directors
• B) Minority shareholders
• C) The executive directors
• D) The majority shareholders

When was the Code of Corporate Governance circulated?

• A) 2000
• B) 2002
• C) 1997
• D) 1985

If any company commences business or exercises borrowing powers in contravention of this section,
every, officer and other person who is responsible for the contravention shall, without prejudice to any other liability, be liable to a fine not exceeding ___________ for every day during which the
contravention continues.

• A) Fifteen hundred rupees
• B) One thousand rupees
• C) Five hundred rupees
• D) Two thousand rupees

All of the following is essentially contained in the certificate of incorporation of a company, EXCEPT:

• A) Commencement of business
• B) Name of the company
• C) Amendments in the company’s particulars
• D) Date of issuance