Examination Timing: 00H02M31S
SolarTech Ltd. has recently been acquired by Richard and Anthony, who hold the shares in trust for a consortium of investors wishing to remain anonymous. They have asked you, along with the existing directors, to thoroughly review the company's structure and documentation to ensure everything is in order and to identify any significant legal issues.
Which of the following matters should be amended by the company?
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Your selected option: C
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The issue that requires amendment is the insurance of the business premises. Since the property is owned by SolarTech Ltd., the company should have the insurable interest, not the shareholders. Insuring the property in the names of the shareholders is inappropriate and could cause complications in the event of a claim. The other points listed are legitimate business practices and comply with the law.
Key Point: It is essential for a company's assets to be insured correctly to ensure that the company holds the insurable interest. This ensures that any claims are properly processed and that there is no ambiguity about the ownership or responsibility for the assets.
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