Take this short quiz consisting of multiple choice questions to determine if you have a solid understanding of the topic at a foundational level. The system will automatically mark your assessment. If you have achieved a passing grade (70%), the system will automatically issue a certificate of completion. Reattempt the quiz if you did not receive a passing grade. You have 3 attempts.
0 of 10 Questions completed
You have already completed the quiz before. Hence you can not start it again.
Quiz is loading…
You must sign in or sign up to start the quiz.
You must first complete the following:
0 of 10 Questions answered correctly
Time has elapsed
You have reached 0 of 0 point(s), (0)
Earned Point(s): 0 of 0, (0)
0 Essay(s) Pending (Possible Point(s): 0)
Unfortunately, you have failed the quiz. You require 70% to pass within 3 attempts. Please revisit the information provided.
Congratulations! You have passed the quiz and the certificate will automatically be issued to your dashboard.
True or False
Section 21 companies in existence before 1 November 2010 are deemed to comply with the requirements of the new section 21 of the Act. Apart from a name change, however, from “Associations not for gain” to “Non-profit associations”, the only other amendment is that the name of the company is to include the suffix “Non-profit association incorporated under section 21”.
True or False
In a close corporation a non-executive member (not a managing member) is equally at risk with a managing member. In the New Companies Act, shareholders liability is distinct from that of directors.
Conversion of Companies and Close Corporations, the notice of intention to convert a Company or Close Corporation to be gazetted, previously required 3 days before the meeting of such purposes to pass the special resolution. These required days have been adjusted to how many days: