COMPANIESANDALLIEDMATTERSACT
ARRANGEMENTOFSECTIONS
PARTA
Companies
PARTI
CorporateAffairsCommission
SECTION
1.EstablishmentoftheCorporateAffairsCommission.
2.MembershipoftheCommission.
3.Tenureofoffice.
4.Remunerationandallowance.
5.ProceedingsoftheCommission.
6.Disclosureofinterest.
7.Functions.
8.AppointmentofRegistrarGeneral.
9.Appointmentofstaff.
10.Righttoappearincourt.
11.ServiceintheCommissiontobepensionable.
12.FundoftheCommission.
13.ExpenditureoftheCommission.
14.Annualaccounts,auditandestimates.
15.Annualreport.
16.Regulations.
17.MeaningofcertainwordsusedinthisPart.
PARTII
Incorporationofcompaniesandincidentalmatters
CHAPTER1
FormationofCompany
18.Righttoformacompany.
19.Partnership,etc.,ofmorethantwentymemberswhenpermitted.
20.Capacityofindividualtoformcompany.
21.Typesofcompanies.
22.Privatecompany.
23.Consequencesofdefaultincomplyingwithconditionsconstitutingaprivatecompany.
24.Publiccompany.
25.Unlimitedcompanytohavesharecapital.
26.Companylimitedbyguarantee.
Memorandumofassociation
27.Requirementswithrespecttothememorandumofacompany.
28.Formofmemorandum.
Nameofcompany
29.Nameasstatedinthememorandum.
30.Prohibitedandrestrictednames.
31.Changeofnameofcompany.
32.Reservationofname.
Articlesofassociation
33.Articlesforregulatingcompanies.
34.Formandcontentsofarticles.
Registrationofcompanies
35.Documentsofincorporation.
36.Registration.
37.Effectofregistration.
Capacityandpowersofcompanies
38.Powersofcompanies.
39.Effectofultraviresacts.
40.Effectofrelianceonrestrictionsinthememorandum.
Effectofmemorandumandarticles
41.Effectofmemorandumandarticles.
Member'srighttocopyofmemorandumandarticles
42.Member'srighttocopiesofmemorandum,etc.
43.Copiesofmemorandumissuedtoembodyalterations.
Alterationofmemorandumandarticles
44.Restrictiononalterationofmemorandum.
45.Alterationofmemorandum.
46.Modeofalterationofbusinessorobjects.
47.Powertoalterprovisionsinthememorandumincertaincases.
48.Alterationofarticles.
49.Limitationofliabilitytocontributetosharecapitalifmemorandum,etc.,altered.
CHAPTER2
Conversionandreregistrationofcompanies
50.Reregistrationofprivatecompanyaspublic.
51.Reregistrationofcompanylimitedbysharesasunlimited.
52.Reregistrationofunlimitedaslimitedbyshares.
53.Reregistrationofpubliccompanyasprivate.
CHAPTER3
Foreigncompanies
54.ForeigncompaniesintendingtocarryonbusinessinNigeria.
55.Penalties.
56.Powertoexemptforeigncompanies.
57.Annualreport.
58.Exemptedforeigncompanytohavestatusofunregisteredcompany.
59.Penaltiesforfalseinformation.
60.Applicationofcertainsectionstoforeigncompanies.
CHAPTER4
Promoters
61.Personspromotingacompany.
62.Dutiesandliabilitiesofapromoter.
PARTIII
Actsbyoronbehalfofthecompany
Exerciseofcompany'spowers
63.Divisionofpowersbetweengeneralmeetingandboardofdirectors.
64.Delegationtocommitteesandmanagingdirectors.
Liabilityforactsofthecompany
65.Actsofgeneralmeeting,boardofdirectors,orofmanagingdirectors.
66.Actsofofficersoragents.
67.Whenprovisionexempting,etc.,officerfromliabilitytothecompanyisvoid.
Constructivenoticeofregistereddocuments
68.Abolitionofconstructivenoticeofregistereddocuments.
69.Presumptionsofregularity.
70.Liabilityofcompanynotaffectedbyfraudorforgeryofofficer.
Company'scontracts
71.Formofcontract.
72.Preincorporationcontracts.
73.Billsofexchangeandpromissorynote.
74.Commonsealofthecompany.
75.Officialsealforuseabroad.
76.Powersofattorney.
Authenticationandserviceofdocuments
SECTION
77.Authenticationofdocuments.
78.Serviceofdocumentsoncompanies.
PARTIV
Membershipofcompany
79.Definitionofmember.
80.Capacitytobeamember.
81.Rightofmembertoattendmeetingsandvote.
82.Personationofmembers.
Registerofmembers
83.Registerofmembers.
84.Locationofregister.
85.Indexofmemberstobekept.
86.Entryoftrustsprohibited.
87.Inspectionofregisterandindex.
88.Consequencesoffailurebyagent'sdefaulttokeepregister.
89.Powertocloseregister.
90.Powerofcourttorectifyregister.
91.Registertobeevidence.
Liabilityofmembers
92.Liabilityofmembers.
93.Liabilityforcompanydebtswheremembershipisbelowlegalminimum.
Disclosureofbeneficialinterestinshares
94.Powerofcompanytorequiredisclosure.
95.Obligationofdisclosurebysubstantialshareholderinpubliccompany.
96.Personceasingtobeasubstantialshareholdertonotifycompany.
97.Registerofinterestsinshares.
98.Registrationofintereststobedisclosed.
PARTV
Sharecapital
Minimumsharecapital
99.Authorisedminimumsharecapital.
Alterationofsharecapital
100.Alterationofsharecapitalbyconsolidation,etc.
101.Noticerequiredwheresharesandstockconsolidated,etc.
102.Increaseofsharecapitalandnoticeofincrease.
103.Increaseofpaidupcapitalonincreaseofshares.
104.Powerforunlimitedcompanytoprovidereservesharecapitalonreregistration.
Reductionofsharecapital
105.Restrictiononreductionofissuedsharecapital.
106.Specialresolutionforreductionofsharecapital.
107.Applicationtocourtfororderofconfirmation.
108.Courtorderconfirmingreduction.
109.Registrationoforderandminutesofreduction.
110.Liabilityofmembersonreducedshares.
111.Penaltyforconcealingnameofcreditor,etc.
Miscellaneousmattersrelatingtocapital
112.Dutyofdirectorsonseriouslossofcapital.
113.Powertopayinterestoutofcapitalincertaincases.
PARTVI
Shares
Natureofshares
114.Rightsandliabilitiesattachedtoshares.
115.Sharesastransferableproperty.
116.Prohibitionofnonvotingandweightedshares.
Issueofshares
117.Powerofcompaniestoissueshares.
118.Issueofclassesofshares.
119.Issuewithrightsattached.
120.Issueofsharesatapremium.
121.Issueofsharesatadiscount.
122.Issueofredeemablepreferenceshares.
123.Validationofimproperlyissuedshares.
Allotmentofshares
124.Authoritytoallotshares.
125.Methodofapplicationandallotment.
126.Allotmentasacceptanceofcontract.
127.Paymentonallotment.
128.Effectofirregularallotment.
129.Returnastoallotments.
Commissionsanddiscounts
130.Prohibitionofpaymentofcommissions,discountsoutofsharesandcapital.
131.Powertopaycommissionincertaincases.
132.Statementinbalancesheetastocommission.
Callonandpaymentforshares
133.Callonshares.
134.Reserveliabilityofcompanyhavingsharecapital.
135.Paymentforshares.
136.Meaningofpaymentincash.
137.Paymentotherthanincash.
138.Powertopaydifferentamountsonshares.
Lienandforfeitureofshares
139.Lienonshares.
140.Forfeitureofshares.
Classesofshares
141.Powertovaryrights.
142.Applicationforcancellationofvariation.
143.Rightofapreferencesharetomorethanonevote.
144.Constructionofclassrights.
Numberingofshares
145.Sharestobenumbered.
Sharecertificates
146.Issueofsharecertificates.
147.Effectofsharecertificate.
148.Probate,etc.,asevidenceofgrant.
149.Abolitionofsharewarrants.
Conversionofsharesintostock
150.Conversionofsharesintostock.
Transferandtransmission
151.Transferofshares.
152.Entryinregisteroftransfers.
153.Noticeofrefusaltoregister.
154.Transferbypersonalrepresentative.
155.Transmissionofshares.
156.Protectionofbeneficiaries.
157.Certificationoftransfers.
Transactionsbycompanyinrespectofitsownshares
158.Redemptionofredeemablepreferenceshares.
159.Prohibitionoffinancialassistancebycompanyforacquisitionofitsshares.
160.Acquisitionbyacompanyofitsownshares.
161.Conditionsforpurchasebyacompanyofitsownshares.
162.Limitonnumberofsharesacquired.
163.Enforceabilityofcontracttoacquireshares.
164.Reissueofsharesacquired.
165.Acquisitionofsharesofholdingcompany.
PARTVII
Debentures
Creationofdebentureanddebenturestock
166.Powertoborrowmoney,tochargepropertyandtoissuedebenture.
167.Documentsoftitletodebenturesorcertificateofdebenturestock.
168.Statementstobeincludedindebentures.
169.Effectofstatementsindebentures.
170.Enforcementofcontractsrelatingtodebentures.
Typesofdebentures
171.Perpetualdebentures.
172.Convertibledebentures.
173.Securedornakeddebentures.
174.Redeemabledebentures.
175.Powertoreissueredeemeddebenturesincertaincases.
176.Rightsofdebentureholders.
177.Meetingsofdebentureholders.
Fixedandfloatingcharges
178.Meaningof"floating"and"fixed"charges.
179.Priorityoffixedoverfloatingcharge.
180.Powersofthecourt.
181.Advertisementofappointmentofreceiverandmanager.
182.Preferentialpaymenttodebentureholdersincertaincases.
Debenturetrustdeed
183.Executionofdebentureoftrustdeed.
184.Contentsofdebenturetrustdeed.
185.Contentsofdebenturecoveredbytrustdeed.
186.Trusteesfordebentureholders.
187.Disqualificationforappointmentastrusteeofdebenturetrustdeed.
188.Liabilityoftrusteesfordebentureholders.
189.Restrictionsontransferabilityofdebentures.
Provisionsastocompany'sregisterofcharges,debentureholdersandastocopiesofinstrumentsc
