Corporate & Commercial Law Practice Questions - Uganda LDC Bar Course - Corporate And Commercial Law Exam

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A client wishes to incorporate a 'Single Member Company' (SMC) under the Companies Act 2012. What is a key statutory requirement regarding the management structure of an SMC under Section 25 of the Act?

The company must have at least two directors who are residents of Uganda The single member must appoint a nominee director and an alternate nominee director to take office upon the member's death or incapacity A Single Member Company is exempt from appointing a company secretary under all circumstances The nominee director must hold at least 10% of the nominal share capital of the company

Correct Answer:

The single member must appoint a nominee director and an alternate nominee director to take office upon the member's death or incapacity

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