MGT611
Assignment No 1
DUE DATE 31-08-2022
Read the
examples given below and answer the questions. (5 marks each)
a) Azka drew a cheque for Rs. 50,000 in favour of her landlord
Ahmed. The cheque was not presented for payment by Ahmed within
a reasonable time of its issue. Azka suffered damage of Rs.
30,000 through the delay because the bank failed. Under the provisions of the
Negotiable Instruments Act, 1881 describe whether Ahmed can recover the money
in the above circumstances.
b) Bushra owes Rs. 500,000 to Amir.
The amount is payable on 26th August, 2022. Bushra intends to issue a negotiable instrument to Amir in satisfaction of her debt. Under the provisions of the
Negotiable Instruments Act, 1881 advise Bushra
about the type of negotiable instrument which may be issued to Amir,
Assuming that
Bushra does not want to involve a third party in making the payment. Also
prepare a draft of the said instrument. (You may make assumptions wherever you
consider necessary)
c)
Umar is an employee in a
brokerage house and he wants to prepare some reports on request of some
potential investors for a company named as “Beta Limited”. For the preparation of the report
he requires Memorandum & Articles of
association of the company. State
whether he can obtain such copies of Memorandum & Articles of Association from “Beta Limited”
and explain why?
d) In the annual
general meeting of ABC Limited,
a shareholder objected
to the shifting of the
registered office from Multan to Lahore without obtaining confirmation from the
Commission. Explain whether the objection is
valid?
SOLUTION
a) According to the above circumstances due to negligence Ahmad
Azka suffered loss but Ahmad has only a way to recover his amount from the bank by
summary suit in which the drawer can claim to get back money up to 3 years from
the date of issue of a cheque. But Ahmad should also pay the amount of damages
to Azka that occurred due to him.
b) According
to above circumstances Bushra issued promissory note to Amir:
Draft of Promissory Note:
Rs: 500,000/-
Lahore
August 26, 2022
Thirty days after
the date, i promise to pay Mr. Amir or order the sum of rupees five hundred
thousand only for the value received.
Signature Revenue
Stamp
Bushra (The Maker)
c)
Memorandum of Association:
Fundamental legal document.
It is the constitution of the
company in relation to the outside world.
Memorandum
constitutes the conditions upon which the company is granted incorporation.
Articles of Association:
●
Subordinate to memorandum
●
It is the doctrine of indoor management.
●
These are internal rules and regulations of
the company.
He can get copies
of these documents
from the registered head office of the
company or download it from the company's website.
d) Yes, their objection is right because
the memorandum and the articles, if any, shall
be filed with the registrar in the province or part of Pakistan not forming
part of a province as the case may be in which the registered office of the
company is stated by the memorandum to be suitable.
So, if a
company wants to change its registered office from one city to another they
should get the permission of the director of the commission and also published
in the newspaper to give information to the shareholders of the company.