Under the Law on Commercial Enterprises, which statement below is incorrect regarding a shareholders’ meeting?

A general shareholders’ meeting may not be held more than once per year

The directors of a private limited company must call an annual general meeting of shareholders no later than 12 months after the company comes into existence.

The directors of a private limited or public limited company may call a general shareholder meeting at any time.

The shareholders of a private limited company may request the directors to call a general shareholder meeting as long as the request is made by not less than 51% of the holders of the issued shares

Under the Law on Commercial Enterprises, which statement below is correct regarding the appointment of an auditor?

The shareholders of a private limited company must appoint an auditor by an ordinary resolution at the first annual general shareholder meeting and at each succeeding annual general shareholder meeting.

The shareholders of a private limited company must appoint an auditor by an extraordinary resolution at the first annual general shareholder meeting and at each succeeding annual general shareholder meeting

The shareholders of a private limited company must appoint an auditor by an extraordinary resolution at the first annual general shareholder meeting and such appointment does not have to be confirmed at each succeeding annual general shareholder meeting

Under the Law on Commercial Enterprises, which statement below is correct regarding a special resolution of the shareholders?

A special resolution is a resolution passed by not less than two-thirds of the votes cast by the shareholders who voted on the resolution or signed by all of the shareholders entitled to vote on the resolution

The Articles of Incorporation of a private limited company must be amended by a special resolution of the shareholders if the proposed amendments relate to the changes in the rights of each class of shares, the maximum number of shares of each class of shares and reduction of the capital of the company

A merger or a dissolution of a private limited company must be approved by a special resolution

Under the Law on Commercial Enterprises, which statement below is correct in respect to directors’ duties:

A director in exercising his or her duties must act honestly and in good faith with a view to the best interests of the company, exercise the care, diligence, and skill that a reasonably prudent person would exercise in comparable circumstances

A director owes a duty to the company only to the extent stated in the Articles of Incorporation of the company

The board of directors of a company is the highest organizational tier in the company, so a director owes no duty to anyone

The Law on Commercial Enterprise is silent on this matter

Under the Labour Law, what is the definition of mass layoff?

A mass layoff is any layoff of many employees resulting from a reduction in an establishment’s activity or an internal re-organization that is foreseen by the employer.

A mass layoff is termination of an employment contract by the employer on the grounds of an employee’s poor performance

A mass layoff is termination of an employment contract by the employer on the grounds of an employee’s serous misconduct

A mass layoff is any layoff resulted from an internal arrangement between the employer and employee

Titan entered into an employment contract under an unspecified duration contract (“UDC”) with ABC on 1 June 2020. Under the Labour Law, is she entitled to receive seniority payments?

Yes, seniority payments are payable to an employee under an UDC

No, seniority payments are only payable to an employee who has seniority of at least five years

No, seniority payments are only payable to an employee under a fixed duration contract (“ FDC ”)

Yes, seniority payments are payable to all employees, either under a FDC or an UDC

Under the Labour Law, which of the following statements is correct?

A collective dispute is any dispute that arises between one or more employers and certain numbers of employees over working conditions.

A collective dispute is any dispute that arises between one or more employers and certain numbers of employees on issues regarding the relationship between employers and employees, and this dispute could jeopardize the effective operation of the enterprises or social harmony

A collective dispute is any dispute that arises between an employer and employees over working conditions

Under the Labour Law, which of the following statements is correct?

An employment contract is governed by the Labour Law when performance of the contract is to be made in Cambodia

An employment contract is governed by the Labour Law when it is signed in Cambodia with the performance to be made in a foreign country

An employment contract is governed by the Labour Law when it is signed between an employer and an employee who are Cambodian nationals for performance of the contract in a foreign country

An employment contract is governed by the Labour Law when the contract is made in the Khmer language

Under the Labour Law, which of the following terms describes “persons who are not household servants or employees, namely those who perform mostly manual labour in return for remuneration, under the direction of the employer or his or her representative”?

Domestic workers or household servants

Under the Social Security Law, what are the social security schemes?

Health care, pension, occupational risk and unemployment schemes

Health care, pension and life insurance schemes

Health care, pension and family allowance schemes

Health care, pension and occupational risk schemes

Under the Civil Code, which of the following statements is correct?

A contract comes into effect when an offer and acceptance thereof conform to each other.

In order to form a contract, there must be a signed statement or written contract signed by all parties indicating their agreement to the contract

A contract comes into effect at the moment the parties agree to the price

A material breach of contract occurs when, as a result of one party’s breach of a contract the purpose of the contract for the other party cannot be achieved. Under the Civil Code, which situations below are deemed to be a material breach of contract?

After a failure to perform at the specific time, the other party demands that the non-performing party perform the obligation by establishing a period of performance of reasonable length, and the obligation is not performed within such period

Where it is impossible to carry out the essential act of performance

Where the magnitude of the breach is so substantial that trust between the parties is destroyed and further performance cannot be expected

Under the Civil Code, the definition of “Sale” is:

A contract whereby one party is obligated to transfer ownership or other property rights to the other party and that party is obligated to pay the purchase price to the seller

A contract whereby the parties make mutual promises to transfer any property right other than money.

A contract pursuant to which one party allows another party to use and profit from a certain thing free of charge

A contract whereby one party promise to transfer any property rights and profit

Under the Civil Code, how many types of security rights?

Right of retention, statutory lien, pledge, hypothec and transfer of title for security purpose

Right of retention and hypothec

Right of retention, statutory lien and pledge

Right of retention, statutory lien, pledge and hypothec

Under the Law on Accounting and Audits, enterprises and non-governmental organizations are obligated to maintain its respective accounting records for a period of at least:

Ten (10) years from the date the records were created

Five (5) years from the date of the records were created

Fifteen (15) years from the date of the records were created

Twenty (20) years from the date of the records were created

Under the Law on Accounting and Audits, what is the definition of audit evidence?

Refers to information used by the auditor in arriving at the conclusion on which the auditor’s opinion is based and includes both information contained in accounting records underlying the financial statements and other information

Refers to a systematic and independent examination of data, statement, records, operation and performance (financial or otherwise) of an enterprise, non-governmental organization and/or an institution for a stated purpose

Refers to recording, classifying, measuring, integrating and presenting the financial information

Refers to a formal opinion, or disclaimer thereof, issued by an auditor as a result of an internal or external audits or evaluations performed on a legal entity or subdivision

Under the Law on the Accounting and Audits, which of the following statement is correct?

Legal entities and individuals can practice in the accounting or auditing professions if they are registered members of the accounting and auditing professional body and have professional licenses from the National Accounting Council

Only legal entities can practice in the accounting or auditing professions if they are registered members of the accounting and auditing professional body

Only individuals can practice in the accounting and auditing professions if they have obtained a professional license from the National Accounting Council

Under the Law on Accounting and Audits, standards on auditing shall be approved by:

Prakas of the Ministry of Economy and Finance

Under the Law on Accounting and Audits, an audit report must be prepared:

In Khmer, although an English version can be prepared to accompany the report

Under the Civil Code, which statement below is correct in regard to a perpetual lease?

A perpetual lease is a long-term lease of immovable property for a term of no more than 50 years.

A perpetual lease is a long-term lease of immovable property for a term of no more than 99 years.

A perpetual lease is a long-term lease of immovable or a moveable property for a term of no more than 50 years

Under the Civil Code, which statement below is correct regarding the scope of ownership of land?

Ownership of land extends to all areas above and below the surface of such land to the extent that the owner derives benefit therefrom to the extent permissible under existing laws and regulations.

A landowner cannot use the land for the sole purpose of hindering the activities of another or in order to create a nuisance

In respect of all forms of legal entity, only a private limited company can own land in Cambodia

Under the Law on the Organization and Functioning of the Courts, which statements below is correct?

The Court of Appeal and the Constitutional Court are the higher courts. The Court of First Instance is the lower court

The Cambodian judiciary is composed of the Courts of First Instance, the Court of Appeal and the Supreme Court

The Court of First Instance adjudicates cases within its jurisdictional competence except as otherwise provided by other laws to fall within the jurisdiction of other courts

Under the Law on Amendments to the Law on Investment, which of the following statements is incorrect?

A qualified investment project does not have to apply for visas and work permits for the employment of its foreign employees in Cambodia

A qualified investment project shall be entitled to exemption from tax on profit imposed under the Law on Taxation for a profit tax exemption period

A qualified investment project shall be entitled to 100% exemption of export tax, except for activities as stipulated in the laws in force

A domestically oriented qualified investment project shall be entitled to exemption from import duty on production equipment and production input construction materials which shall be specified by a Sub-Decree

Under the Law on Amendments to the Law on Investment, what is the definition of “Conditional Registration Certificate”?

The document issued by the Council for the Development of Cambodia with the purpose of establishing a qualified investment project

The proposal submitted by any person to the Ministry of Commerce

The proposal submitted by any person to the Council for the Development of Cambodia with the proposal to establish a qualified investment project

The final document issued by the Council for the Development of Cambodia to approve a qualified investment project

Under the Law on Insolvency, who can file for the opening of company insolvency proceedings?

The creditor and the public prosecutor

Under the Law on Insolvency, which statement below is correct with respect to the effect of opening insolvency proceedings?

After the court opens insolvency proceedings and until the termination of the proceedings, no action, proceedings or execution process or any other action of any kind by or on behalf of a creditor can be commenced or continued against the debtor or the assets of the estate

After the court opens insolvency proceedings and until the termination of the proceedings, no action, proceedings or execution process or any other action of any kind by or on behalf of a creditor can be commenced or continued against the debtor’s immovable property only

After the court opens insolvency proceedings and until the termination of the proceedings, no action, proceedings or execution process or any other action of any kind by or on behalf of a creditor can be commenced or continued against the debtor’s movable properties only

CBL-JJ21

Authored by Kimlang Leng

Social Studies

University

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45 questions

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MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Under the Law on Commercial Enterprises, which statement below is correct with respect to the display of a company’s or partnership’s name?

A partnership or company must display its name in Khmer language whereby the Khmer name must be larger than and placed above the name in another language. Translation of the partnership or company name from one language to another is prohibited – the name in Khmer must sound phonetically the same as the one in the other language.

A partnership or company must display its name in Khmer language whereby the Khmer name must be below and smaller than the name in another language. Translation of the partnership or company name from one language into another is prohibited – the name in Khmer must sound phonetically the same as the one in the other language.

A partnership or company must display its name in the Khmer language only.

None of the above

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Under the Law on Commercial Enterprises, what types of partnership may be established?

Public partnerships and general partnerships

Limited partnerships and general partnerships

A single member partnership and general partnership

None of the above

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Under the Law on Commercial Enterprises, which statement below is correct with respect to the nature of a general partnership?

A general partnership is a contract between two or more persons combining their assets, knowledge or activities to carry out business activities in common with a view towards establishing a non-profit organization.

A general partnership is a contract between two or more persons for the purpose of pooling only their finances to carry out business activities in common with a view towards generating profits. A partner cannot enter into a general partnership without making a financial contribution.

A general partnership is a contract between two or more persons combining their assets, knowledge or activities to carry on business operations in common with a view towards generating profits

None of the above

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Under the Law on Commercial Enterprises, which statement below is correct with respect to formation of a general partnership and legal personality?

A general partnership has legal personality separate to that of each of its partners, and such legal personality is established when the general partnership is registered in accordance with the Law on Commercial Rules and Registrar

A general partnership does not have a legal personality separate from that of each of its partners because a legal personality only applies to a natural person not a man-made entity.

A general partnership has legal personality separate from that of each of its partners, and such legal personality is established when the partners enters into the general partnership contract.

None of the above

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Under the Law on Commercial Enterprises, which statement below is correct with respect to the valuation of general partnership capital?

The computation of a general partnership’s capital shall not include contributions in the form of knowledge, services or activities.

In kind contributions shall be valued and all general partners must agree to the valuation

The capital of the general partnership shall include cash and in kind contributions

All of the above

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Under the Law on Commercial Enterprises, which statement below is correct with respect to the liability of a general partner and a limited partner?

Limited partners are only liable to the extent of the sum of money or value of the property they agree to contribute

General partners are jointly and severally liable for the debts of the partnership to third parties

General partners are responsible for the management of a limited partnership, and that limited partners are not allowed to participate in the management of the limited partnership business with some exceptions under the Law on Commercial Enterprises

All of the above

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Sok and Sam wish to form a company to provide delivery services in Phnom Penh. Under the Law on Commercial Enterprises, what is the most suitable form of business entity that they should set up:

A limited partnership

A general partnership

A private limited company

A public limited company

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CBL-JJ21

Under the Law on Commercial Enterprises, which statement below is correct with respect to the display of a company’s or partnership’s name?

Under the Law on Commercial Enterprises, what types of partnership may be established?

Under the Law on Commercial Enterprises, which statement below is correct with respect to the nature of a general partnership?

Under the Law on Commercial Enterprises, which statement below is correct with respect to formation of a general partnership and legal personality?

Under the Law on Commercial Enterprises, which statement below is correct with respect to the valuation of general partnership capital?

Under the Law on Commercial Enterprises, which statement below is correct with respect to the liability of a general partner and a limited partner?

Sok and Sam wish to form a company to provide delivery services in Phnom Penh. Under the Law on Commercial Enterprises, what is the most suitable form of business entity that they should set up:

Under the Law on Commercial Enterprises, which statement below is correct with respect to the nature of a private limited company:

Under the Law on Commercial Enterprises, what is the minimum number of shares that a private limited company must issue?

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