Commerce MCQs
Topic Notes: Commerce
MCQs and preparation resources for competitive exams, covering important concepts, past papers, and detailed explanations.
Plato
- Biography: Ancient Greek philosopher (427–347 BCE), student of Socrates and teacher of Aristotle, founder of the Academy in Athens.
- Important Ideas:
- Theory of Forms
- Philosopher-King
- Ideal State
61
Which of the following documents is primarily prepared and maintained by a company secretary?
Answer:
Agenda and minutes
A company secretary is responsible for administrative and compliance duties, which include preparing the agenda for board and general meetings and recording the minutes of these proceedings to ensure legal compliance.
62
What is the statutory deadline for a company to hold its first Annual General Meeting (AGM) following its incorporation?
Answer:
18 months from the date of its incorporation
According to standard corporate law provisions, a newly incorporated company is required to hold its first Annual General Meeting within a period of 18 months from the date of its incorporation. This ensures that shareholders are provided with the company's financial statements and operational updates within a reasonable timeframe after the entity is legally formed.
63
What is the process called when a shareholder authorizes another person to cast their vote at a corporate meeting?
Answer:
proxy
A proxy is a legal instrument or authorization that allows a shareholder to delegate their voting rights to another person, often a member of the company's management or a representative, to vote on their behalf at a general meeting. This is essential for shareholders who cannot attend the meeting in person but still wish to participate in the corporate decision-making process.
64
What is the minimum quorum required for a general meeting of a public limited company?
Answer:
5 members
The quorum for a general meeting is the minimum number of members required to be present to validate the proceedings. For public limited companies, the Companies Act typically mandates a minimum of five members personally present to constitute a valid quorum, ensuring adequate representation of shareholders.