Jaiib-paper-1-exam-paper Time Left: Member: Guest Exam Type: Demo Max Mark: 25 Duration: 90 Min Pass Mark: 12 1. As per Section 3 of Indian Majority Act, a person domiciled in India will be treated as major when he/she attained age of ? 18 years 21 years 25 years Normally 18 years but if the person was bome abroad then 21 years 2. As per Section 26 of NI Act, which of the following can be done by a minor ? A minor can draw a cheque, Bill of Exchange or Promissory Note but cannot endorse the same A minor can draw a cheque, Bill of Exchange or Promissory Note but can endorse the same neither he will be liable nor any person will be liable on the instrument A minor can draw a cheque, Bill of Exchange or promissory Note and can endorse the same and will be liable alongwith other persons who are party to the instrument A minor can draw a cheque, Bill of Exchange or promissory Note and can endorse the same make other parties liable except himself 3. As per model Deposit Scheme of IBA, banks can open savings account of a minor independently, he is at least _________ years old ? 10 14 12 7 4. Law relating to partnership firms is given in ? Indian partnership Act, 1932 Companies Act, 1956 Banking Regulation Act, 1949 Partnership deed 5. The provisions relating to maximum number of partners in partnership firm are contained in ? Section 10 of Partnership Act, 1932 Companies Act, 2013 Section 45 of banking Regulation Act, 1949 Section 30 of the partnership Act, 1932 6. While opening deposit account of a minor under guardianship of his/her guardian we record minor’s of birth. For this purpose we have to ? Insist on school certificate Insist on certificate issues by the Registar of Births and Deaths Get declaration from the natural guardian Both a and c 7. The guardian of a minor has been appointed by court. In this case, minor will attain majority at the age ? 21 years 18 years 18 years if he is a Christian otherwise 21 years 18 years in the case of Hindus and Muslims and 21 years in other cases 8. As per provisions of Indian Partnership Act, 1932, a minor can’t be ? A full fledged partner in a partnership firm Admitted to benefits of a partnership firm Manager of a partnership firm Both a and c 9. A loan was given to a minor against guarantee of a valued client of the bank. In case of default by minor the bank can proceed legally against ? The borrower The guarantor Both the borrower and the guarantor Neither as contract entered into by a minor is void abinitio and the liability of guarantor being extensive with that of the borrower, the guarantor is also not liable 10. In case of Hindu minor boy or an unmarried girl his/her father is the natural guardian. After the death of the father the guardian as per law is ? Grand-father Mother Guardian appointed by the court Guardian named in the will of father i.e. testamentary guardian 11. In case of the minor Muslim boy whose father has expired without leaving behind a will, the guardian will ? Mother Maternal grand-father Paternal-grand-father Paternal-Uncle 12. The father of a minor Hindu boy got converted to Christianity but mother did not, choose the best option out of the following which reflects the true legal position in this case ? He will continue to be natural guardian of his son He can appoint a guardian through a well He will continue to be natural guardian of his son with the consent of the mother of the child He will cease to be natural guardian which status will go to mother 13. A testamentary guardian appointed by a Hindu father can act after the death of ? Father Both father and mother Father, mother and grand-father Father, mother, grand-father and grand-mother 14. A savings account holder Master Nikhil aged 14 years wants to give power of attorney to his brother’s aged 20 years. In this case we ? May accede to his request as the attorney is a major Cannot accede to his request as a minor cannot appoint an agent May accede to his request after obtaining indemnity bond from his natural guardian Should seek legal advice and act accordingly 15. A minor who has attained majority and has elected to be a partner in a partnership concern will be ? Liable only for fresh debts of the firm after his electing to be a partner Liable for past debts of the firm from the date he was admitted to the benefits of partnership Entitled to he same share in the profits of the firm as he was earlier unless otherwise agreed Both b and c above 16. A savings account was opened in the name of a Hindu minor under guardianship of his father. After the death of the father the minor who is by now 15 years of age approaches the bank for repayment of the balance. Bank should ? Not pay him until he attains majority Pay him through his mother who is now the natural guardian Not pay him unless directed by the court Either b or c 17. A partnership firm dealing in hosiery goods has a current account with you. One of its partners applied for and was sanctioned loan for purchase of fertilizers. Under the circumstances the firm ? Will be liable as a partner has implied authority to borrow on behalf of the partnership firm Will never be liable as the borrowing is for a purpose outside the scope of business of the firm Can be liable if all other partners had authorized the said partner to undertake this transaction Can be liable if bank proves that other partners were not available at the time of the sanction of facilities and it acted in good faith 18. Our branch has sanctioned credit facilities to a party on the guarantee of a partnership concern which manufactures exhaust fans. The guarantee latter can be signed by ? All the partners jointly as giving guarantees is not the normal business of the firm Any partner if he is authorized by all other partners for this Any partner Either a or b 19. Bank is approached by two minor brothers aged 16 years and 12 years to open their joint account who can read and write. The statement reflecting the best legal position in the case is ? Open the account if the natural guardian consents to sign as introducer Not open the account as joint holders are agent of each other and a minor can’t appoint agent Open the account and allow them to operate the account after obtaining indemnity from a major Open the account to be operated by them under their joint signatures 20. Two persons aged 25 years and 16 years approach your branch for opening current account under the title of M/s Rajeev Kumar & Sons of which they declare themselves to be partners. There are no other partners in the firm. What will branch do ? Should open the account as minor can be admitted to the benefits of partnership Should not open the account as minimum number of partners, excluding minor admitted to benefits of partnership, should be two Can open the account, if the minor undertakes to be a full fledged partner on attaining majority Should seek legal advice and act accordingly 21. A partnership firm M/s Kishore & Sons, having a current account with us, had 3 partners and a minor admitted to the benefits of the partnership. The minor after attaining majority has consented to be a full fledged partner. Bank ? Must close the old account and open a new one after obtaining a new set of documents May ask the partner to get the firm registered again as it amounts to reconstitution of the firm Can obtain a new partnership letter signed by all the four including the minor (now major) Either b or c 22. In case a sleeping partner of a firm issues stop payment instructions. What will bank do ? Cannot comply with his request as he is not competent to issue or stop payment of cheque Must comply with his order Can act upon his instructions provided one of the operating partners joints him Should not allow any further operations till the matter is sorted out 23. A firm has M/s Ram & Brothers, Partner Ram Kishore, Shyam Lal and Ramesh Kumar as its partners, RamKishore wants that on his behalf his son Ajay should be allowed to operate the account. In this case bank can ? Allow Ajay to operate the account Allow Ajay to operate the account if either shyam Lal or Ramesh Kumar agrees to the proposition Not allow as a partner can’t delegate his authority to a third party Do so if both Shyam Lal and Ramesh Kumar also agree to the proposition 24. A firm has three partners and a minor admitted to the benefits of partnership. The minor intends to stop payment of cheque issued by one of the partners. In this case Bank ? Should not act upon the under of minor who is not competent to interfere in the routine work of partnership Is bound to act upon the order May act upon the order if the natural guardian of the minor joins him in signing the stop order May act upon the order of the minor if he is able to prove that the firm is carrying on business which is detrimental to his interest Loading … Question 1 of 24
