ACCA考试

【分析解答题】Danish Textiles (Private) Limited (‘DTL’) is authorised by the objects clause of its memorandum of association to engage in the business of textile manufacturing. It has been manufacturing textiles since 1995. Sub-clause 20 of the objects clause of the memorandum of association also authorisesDTL to invest its surplus funds not required for the business of manufacturing textile, in any manner as the board of directors may decide. For the past three yearsDTL has been investing such surplus funds in the Stock Market andDTL has made substantial gains on such investments. The directors are of the view thatDTL should invest more funds in the stock market to make more profits. To achieve this purpose, they are proposing to the shareholders that a new independent provision may be inserted in the objects clause of the memorandum of association effectively enablingDTL to invest its principal funds in the stock market. Moreover, they also want to continue with the existing business of textile manufacturing.Required:With reference to theCompanies Ordinance, 1984: (a)Advise the board of directors ofDTL regarding the conditions in which the proposed new object may be added to the memorandum of association, and (7 marks)
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