Which of the Following Statements Is Incorrect

question 1

Multiple Choice

Which of the following statements is incorrect?

• A) Most liquidations in Australia do not have sufficient funds to pay creditors.
• B) Past members must contribute money for company debts, which have been incurred after they cease to be members.
• C) In the absence of any guidance in the company's constitution, calls in advance with related interest will be repaid before any payments are made to shareholders.
• D) If the company is limited by shares, members do not have to contribute more than the amount unpaid on the shares for which each is liable as a past or present member.

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Definitions:

Senate Representation

In the context of the United States, this refers to the principle of equal representation in the Senate, where each state, regardless of its population size, is represented by two Senators.

Virginia Plan

was a proposal by Virginia delegates for a bicameral legislative branch in the United States, presented at the Constitutional Convention of 1787.

Two-House Legislature

A bicameral legislative system that consists of two chambers or houses, typically found in democratic governments to ensure a check and balance in the law-making process.

Northwest Ordinance

A significant law passed in 1787 by the United States Congress to regulate the settlement of the Northwest Territory and laid the foundations for the creation of new states.