COMPANIES AND ALLIED MATTERS ACT, CAMA, CAP C20, 2004

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COMPANIES AND ALLIED MATTERS ACT, CAMA, CAP C20, 2004

LAWS OF THE FEDERATION OF NIGERIA

[EDITOR’S NOTE: This Act has been repealed by the Companies and Allied Matters Act, Laws of the Federation of Nigeria, 2020]

ARRANGEMENT OF SECTIONS

ARRANGEMENT OF SECTIONS

PART A – Companies

PART I – Corporate Affairs Commission

1.       Establishment of the Corporate Affairs Commission.  

2.       Membership of the Commission.  

3.       Tenure of office.  

4.       Remuneration and allowance.  

5.       Proceedings of the Commission.  

6.       Disclosure of interest.  

7.       Functions.  

8.       Appointment of Registrar‐General.  

9.       Appointment of staff.  

10.     Right to appear in court.  

11.     Service in the Commission to be pensionable.  

12.     Fund of the Commission.  

13.     Expenditure of the Commission.  

14.     Annual accounts, audit and estimates.  

15.     Annual report.  

16.     Regulations.  

17.     Meaning of certain words used in this Part.  

PART II        Incorporation of companies and incidental matters  

CHAPTER 1   – Formation of Company  

18.     Right to form a company.  

19.     Partnership, etc., of more than twenty members when permitted.  

20.     Capacity of individual to form company.  

21.     Types of companies.  

22.     Private company.  

23.     Consequences of default in complying with conditions constituting a private         company.

24.     Public company.  

25.     Unlimited company to have share capital.  

26.     Company limited by guarantee.  

Memorandum of association  

27.     Requirements with respect to the memorandum of a company.  

28.     Form of memorandum.  

Name of company  

29.     Name as stated in the memorandum.  

30.     Prohibited and restricted names.  

31.     Change of name of company.  

32.     Reservation of name.  

Articles of association  

33.     Articles for regulating companies.  

34.     Form and contents of articles.  

Registration of companies  

35.     Documents of incorporation.  

36.     Registration.  

37.     Effect of registration.  

Capacity and powers of companies  

38.     Powers of companies.  

39.     Effect of ultra vires acts.  

40.     Effect of reliance on restrictions in the memorandum.  

Effect of memorandum and articles  

41.     Effect of memorandum and articles.  

Member’s right to copy of memorandum and articles  

42.     Member’s right to copies of memorandum, etc.  

43.     Copies of memorandum issued to embody alterations.  

Alteration of memorandum and articles  

44.     Restriction on alteration of memorandum.  

45.     Alteration of memorandum.  

46.     Mode of alteration of business or objects.  

47.     Power to alter provisions in the memorandum in certain cases.  

48.     Alteration of articles.  

49.     Limitation of liability to contribute to share capital if memorandum, etc.,       altered.  

CHAPTER 2    – Conversion and re‐registration of companies  

50.     Re‐registration of private company as public.  

51.     Re‐registration of company limited by shares as unlimited.  

52.     Re‐registration of unlimited as limited by shares.  

53.     Re‐registration of public company as private.  

CHAPTER 3  –  Foreign companies  

54.     Foreign companies intending to carry on business in Nigeria.  

55.     Penalties.  

56.     Power to exempt foreign companies.  

57.     Annual report.  

58.     Exempted foreign company to have status of unregistered company.  

59.     Penalties for false information.  

60.     Application of certain sections to foreign companies.  

CHAPTER 4  – Promoters

61.     Persons promoting a company.  

62.     Duties and liabilities of a promoter.  

PART III – Acts by or on behalf of the company  

Exercise of company’s powers  

63.     Division of powers between general meeting and board of directors.  

64.     Delegation to committees and managing directors.  

Liability for acts of the company  

65.     Acts of general meeting, board of directors, or of managing directors.  

66.     Acts of officers or agents.  

67.     When provision exempting, etc., officer from liability to the company is        void.  

Constructive notice of registered documents  

68.     Abolition of constructive notice of registered documents.  

69.     Presumptions of regularity.  

70.     Liability of company not affected by fraud or forgery of officer.  

Company’s contracts  

71.     Form of contract.  

72.     Pre‐incorporation contracts.  

73.     Bills of exchange and promissory note.  

74.     Common seal of the company.  

75.     Official seal for use abroad.  

76.     Powers of attorney.  

Authentication and service of documents  

77.     Authentication of documents.  

78.     Service of documents on companies.  

PART IV  – Membership of company  

79.     Definition of member.  

80.     Capacity to be a member.  

81.     Right of member to attend meetings and vote.  

82.     Personation of members.  

Register of members  

83.     Register of members.  

84.     Location of register.  

85.     Index of members to be kept.  

86.     Entry of trusts prohibited.  

87.     Inspection of register and index.  

88.     Consequences of failure by agent’s default to keep register.  

89.     Power to close register.  

90.     Power of court to rectify register.  

91.     Register to be evidence.  

Liability of members  

92.     Liability of members.  

93.     Liability for company debts where membership is below legal minimum.       

Disclosure of beneficial interest in shares  

94.     Power of company to require disclosure.  

95.     Obligation of disclosure by substantial shareholder in public company.  

96.     Person ceasing to be a substantial shareholder to notify company.  

97.     Register of interests in shares.  

98.     Registration of interests to be disclosed.  

PART V – Share capital  

Minimum share capital  

99.     Authorised minimum share capital.  

Alteration of share capital

100.   Alteration of share capital by consolidation, etc.  

101.   Notice required where shares and stock consolidated, etc.  

102.   Increase of share capital and notice of increase.  

103.   Increase of paid‐up capital on increase of shares.  

104.   Power for unlimited company to provide reserve share capital on re‐ registration.  

Reduction of share capital  

105.   Restriction on reduction of issued share capital.  

106.   Special resolution for reduction of share capital.  

107.   Application to court for order of confirmation.  

108.   Court order confirming reduction.  

109.   Registration of order and minutes of reduction.  

110.   Liability of members on reduced shares.  

111.   Penalty for concealing name of creditor, etc.  

Miscellaneous matters relating to capital  

112.   Duty of directors on serious loss of capital.  

113.   Power to pay interest out of capital in certain cases.  

PART VI – Shares   Nature of shares  

114.   Rights and liabilities attached to shares.  

115.   Shares as transferable property.  

116.   Prohibition of non‐voting and weighted shares.  

Issue of shares  

117.   Power of companies to issue shares.  

118.   Issue of classes of shares.  

119.   Issue with rights attached.  

120.   Issue of shares at a premium.  

121.   Issue of shares at a discount.  

122.   Issue of redeemable preference shares.  

123.   Validation of improperly issued shares.  

Allotment of shares  

124.   Authority to allot shares.  

125.   Method of application and allotment.  

126.   Allotment as acceptance of contract.  

127.   Payment on allotment.  

128.   Effect of irregular allotment.  

129.   Return as to allotments.  

Commissions and discounts  

130.   Prohibition of payment of commissions, discounts out of shares and capital.  

131.   Power to pay commission in certain cases.  

132.   Statement in balance sheet as to commission.  

Call on and payment for shares  

133.   Call on shares.  

134.   Reserve liability of company having share capital.  

135.   Payment for shares.  

136.   Meaning of payment in cash.  

137.   Payment other than in cash.  

138.   Power to pay different amounts on shares.  

Lien and forfeiture of shares  

139.   Lien on shares.  

140.   Forfeiture of shares.  

Classes of shares  

141.   Power to vary rights.  

142.   Application for cancellation of variation.  

143.   Right of a preference share to more than one vote.  

144.   Construction of class rights.  

Numbering of shares  

145.   Shares to be numbered.  

Share certificates  

146.   Issue of share certificates.  

147.   Effect of share certificate.  

148.   Probate, etc., as evidence of grant.  

149.   Abolition of share warrants.  

Conversion of shares into stock  

150.   Conversion of shares into stock.  

Transfer and transmission  

151.   Transfer of shares.  

152.   Entry in register of transfers.  

153.   Notice of refusal to register.  

154.   Transfer by personal representative.  

155.   Transmission of shares.  

156.   Protection of beneficiaries.  

157.   Certification of transfers.  

Transactions by company in respect of its own shares  

158.   Redemption of redeemable preference shares.  

159.   Prohibition of financial assistance by company for acquisition of its shares.  

160.   Acquisition by a company of its own shares.  

161.   Conditions for purchase by a company of its own shares.  

162.   Limit on number of shares acquired.  

163.   Enforceability of contract to acquire shares.  

164.   Re‐issue of shares acquired.  

165.   Acquisition of shares of holding company.  

PART VII –  Debentures  

Creation of debenture and debenture stock  

166.   Power to borrow money, to charge property and to issue debenture.  

167.   Documents of title to debentures or certificate of debenture stock.  

168.   Statements to be included in debentures.  

169.   Effect of statements in debentures.  

170.   Enforcement of contracts relating to debentures.  

Types of debentures  

171.   Perpetual debentures.  

172.   Convertible debentures.  

173.   Secured or naked debentures.  

174.   Redeemable debentures.  

175.   Power to re‐issue redeemed debentures in certain cases.  

176. Rights of debenture holders.  

177.   Meetings of debenture holders.  

Fixed and floating charges  

178.   Meaning of “floating” and “fixed” charges.  

179.   Priority of fixed over floating charge.  

180.   Powers of the court.  

181.   Advertisement of appointment of receiver and manager.  

182.   Preferential payment to debenture holders in certain cases.  

Debenture trust deed  

183.   Execution of debenture of trust deed.  

184.   Contents of debenture trust deed.  

185.   Contents of debenture covered by trust deed.  

186.   Trustees for debenture holders.  

187.   Disqualification for appointment as trustee of debenture trust deed.  

188.   Liability of trustees for debenture holders.  

189.   Restrictions on transferability of debentures.  

Provisions as to company’s register of charges, debenture holders and as to copies of instruments creating charges

190.   Company to keep copies of instruments creating charges.  

191.   Company’s register of charges.  

192.   Inspection of register and copies of instruments.  

193.   Register of debenture holders.  

194.   Inspection of register of debentures, etc.  

195.   Entry in register of transfer.  

196.   Notice of refusal to register.  

Registration of charges with Commission  

197.   Registration of charges created by companies.  

198.   Register of particulars of charges.  

199.   Duty of company to register charges.  

200.   Duty of company acquiring property to register subsisting charges.  

201.   Existing charges.  

202.   Charges to secure fluctuating amounts.  

203.   Endorsement of certificate of registration on debentures.  

204.   Entries of satisfaction of charges.  

205.   Rectification of register.  

206.   Registration of appointment order, etc.  

207.   Inspection of register and copies of instruments.  

Realisation of security  

208.   Realisation of debenture holder’s security.  

209.   Remedies available to debenture holders.  

210.   Application of certain sections.  

PART VIII – Meetings and proceedings of companies  

Statutory meeting

211.   Statutory meeting.  

212.   Non‐compliance and penalty.  

General meeting  

213.   Annual general meeting.  

214.   Businesses transacted at annual general meeting.  

Extraordinary general meeting  

215.   Extraordinary general meeting.  

216.   Place of meeting.  

Notice of meetings  

217.   Length of notice for calling meetings.  

218.   Contents of notice.  

219.   Persons entitled to notice.  

220.   Service of notice.  

221.   Failure to give notice.  

222.   Additional notice.  

223.   Power of court to order meetings.  

Voting  

224.   Procedure of voting.  

225.   Right to demand poll.  

226.   Voting on a poll.  

227.   Right of attendance at general meeting.  

228.   Attendance at meetings.  

229.   Objections as to qualification to vote.  

230.   Proxies.  

231.   Corporation representation at meetings of companies, etc.  

232.   Quorum.  

Resolutions  

233.   Resolutions.  

234.   Written resolutions.  

235.   Circulation of members’ resolutions.  

236.   Resolutions requiring special notice.  

237.   Registration and copies of certain resolutions.  

238.   Effect of resolutions passed at adjourned meetings.  

Miscellaneous matters relating to meetings and proceedings  

239.   Adjournment.  

240.   Powers and duties of the chairman of the general meeting.  

241.   Minutes of proceedings and effect.  

242.   Inspection of minute books and copies.  

243.   Class meetings.  

PART IX –  Directors and secretaries of the company  

CHAPTER 1 –  Directors  

Meaning of directors  

244.   Meaning of “directors”.  

245.   Shadow director.  

Appointment of directors  

246.   Number of directors.  

247.   Appointment of first directors.  

248.   Subsequent appointment of directors.  

249.   Casual vacancy.  

250.   Liability of a person where not duly appointed.  

251.   Share qualification of directors.  

252.   Duty of directors to disclose age to the company.  

253.   Provisions as to insolvent persons acting as directors.  

254.   Restraint of fraudulent persons.  

255.   Appointment of director for life.  

256.   Right to appoint a director at any age.  

257.   Disqualification for directorship.  

258.   Vacation of office of director.  

259.   Rotation of directors.  

260.   Validity of acts of directors.  

261.   Mode of voting on appointment of directors.  

Removal of directors  

262.   Removal of directors.  

Proceedings of directors  

263.   Proceedings of directors.  

264.   Quorum.  

265.   Failure to have a quorum.  

266.   Notice of meeting.  

Remuneration and other payments  

267.   Remuneration of directors.  

268.   Remuneration of a managing director.  

269.   Prohibition of tax‐free payments to directors.  

270.   Prohibition of loans to directors in certain circumstances.  

271.   Payment by company for loss of office, etc., to be approved.  

272.   Payment to director for loss of office, etc., or transfer of property illegal.  

273.   Directors to disclose payment for loss of office, etc., in certain cases.  

274.   Provisions supplementary to sections 271 to 273.  

Disclosure of directors’ interests  

275.   Register of directors’ shareholdings, etc.  

276.   General duty to give notice, etc.  

277.   Disclosure by directors of interests in contracts.  

278.   Particulars with respect to directors in trade catalogues, etc.  

Duties of directors  

279.   Duties of directors.  

280.   Conflicts of duties and interests.  

281.   Multiple directorships.  

282.   Duty of care and skill.  

283.   Legal position of directors.  

Property transactions by directors  

284.   Substantial property transactions involving directors, etc.  

285.   Exceptions from section 284.  

286.   Liabilities arising from contravention of section 284.  

287.   Prohibition of secret benefits.  

Miscellaneous matters relating to directors  

288.   Directors with unlimited liability in respect of a limited company.  

289.   Special resolution of limited company making liability of directors unlimited.  

290.   Personal liability of directors and officers.  

291.   Director’s contract of employment for more than five years.  

292.   Register of directors and secretaries.  

CHAPTER 2 – Secretaries  

293.   Secretaries.  

294.   Avoidance of acts done by a person as director and secretary.  

295.   Qualification of a secretary.  

296.   Appointment and removal of a secretary.  

297.   Fiduciary interests of a secretary.  

298.   Duties of a secretary.  

PART X – Protection of minority against illegal and oppressive conduct   Action by or against the company  

299.   Only company may sue for wrong or ratify irregular conduct.  

300.   Protection of minority: injunction and declaration in certain cases.  

301.   Personal and representative action.  

302.   Definition of member.  

303.   Commencing derivative action.  

304.   Powers of the court.  

305.   Evidence of shareholders’ approval not decisive.  

306.   Court’s approval to discontinue.  

307.   No security for costs.  

308.   Interim costs.  

309.   Definition.  

Relief on the grounds of unfairly prejudicial and oppressive conduct  

310.   Application.  

311.   Grounds upon which an application may be made.  

312.   Powers of the court.  

313.   Penalty for failure to comply with order of the court.  

Investigation of companies and their affairs  

314.   Investigation of a company on its own application or that of its members.  

315.   Other investigations of company.  

316.   Inspectors’ powers during investigation.  

317.   Production of documents and evidence to inspectors.  

318.   Power of inspector to call for directors’ bank accounts.  

319.   Obstruction of inspectors to be treated as contempt of court.  

320.   Inspector’s report.  

321.   Power to bring civil proceedings on company’s behalf.  

322.   Criminal proceedings and other proceedings by the Attorney‐General of the           Federation.  

323.   Power of the Commission to present winding‐up petition.  

324.   Expenses of investigation.  

325.   Inspectors’ report to be used as evidence in legal proceedings.  

326.   Appointment, etc., of inspectors to investigate ownership of a company.  

327.   Provisions applicable to investigation.  

328.   Power to require information as to persons interested in shares, etc.  

329.   Power to impose restrictions on shares, etc.  

330.   Savings for legal practitioners and bankers.  

PART XI – Financial statements and audit  

CHAPTER 1 – Financial statements  

Accounting records  

331.   Companies to keep accounting records.  

332.   Place and duration of records.  

333.   Penalties for non‐compliance with sections 331 and 332.  

334.   Directors’ duty to prepare annual accounts.  

Form and content of company individual and group financial statements  

335.   Form and content of individual financial statements.  

336.   Group financial statements of holding company.  

337.   Form and content of group financial statements.  

338.   Meaning of “holding company”, “subsidiary” and “wholly‐owned subsidiary”.  

339.   Additional disclosure required in notes to financial statements.  

340.   Disclosure of loans in favour of directors and connected persons.  

341.   Disclosure of loans etc., to officers of the company and statements of amount           outstanding.  

Directors’ reports  

342.   Directors’ report.  

Procedure on completion of financial statements  

343.   Signing of balance sheet and documents to be annexed thereto.  

344.   Persons entitled to receive financial statements as of right.  

345.   Directors’ duty to lay and deliver financial statements.  

346.   Penalty for non‐compliance with section 345.  

347.   Default order in case of non‐compliance.  

348.   Penalty for laying or delivering defective financial statements.  

349.   Shareholders’ right to obtain copies of financial statements.  

Modified financial statements  

350.   Entitlement to deliver financial statements in modified form.  

351.   Qualification of a small company.  

352.   Modified individual financial statements.  

353.   Modified financial statements of holding company.  

Publication of financial statements  

354.   Publication by a company of full individual or group financial statements.  

355.   Publication of abridged financial statements.  

Supplementary  

356.   Power to alter accounting requirements.  

CHAPTER 2 – Audit  

357.   Appointment of auditors.  

358.   Qualification of auditors.  

359.   Auditors’ report.  

360.   Auditors’ duties and powers.  

361.   Remuneration of auditors.  

362.   Removal of auditors.  

363.   Auditors’ right to attend company’s meetings.  

364.   Supplementary provisions relating to auditors.  

365.   Resignation of auditors.  

366.   Right of resigning auditor to requisition company meeting.  

367.   Powers of auditors in relation to subsidiaries.  

368.   Liability of auditors for negligence.  

369.   False statements to auditors.  

PART XII  – Annual returns  

370.   Annual return by company limited by shares or guarantee.  

371.   Annual return by company having shares other than small company.  

372.   Annual return by small company.  

373.   Annual return by company limited by guarantee.  

374.   Time for completion of annual return.  

375.   Documents to be annexed to annual return.  

376.   Certificates by private company and small company in annual return.  

377.   Exception in certain cases of unlimited companies and small companies from           requirements of section 375.  

378.   Penalty for non‐compliance with sections 370 to 376.  

PART XIII – Dividends and profits  

379.   Declaration of dividends and payment of interim dividend.  

380.   Distributable profits.  

381.   Restriction on declaration and payment of dividends.  

382.   Unclaimed dividends.  

383.   Reserve and capitalisation.  

384.   Employees’ shares and profit sharing.  

385.   Right of the shareholders to sue for dividends.  

386.   Liability for paying dividend out of capital.  

PART XIV – Receivers and managers  

Appointment of receivers and managers  

387.   Disqualification for appointment as a receiver or manager.  

388.   Power of the court to appoint official receiver for debenture holders and others.  

389.   Appointment of receivers and managers by the court.  

390.   Receivers and managers appointed out of court.  

391.   Power of a receiver or manager appointed out of court to apply to the court for directions.  

392.   Notification that a receiver or manager has been appointed.  

Duties, powers and liabilities of receivers and managers  

393.   Duties, powers, etc., of receivers and managers.  

394.   Liabilities of receivers and managers on contracts.  

395.   Power of court to fix remuneration on application of liquidator.  

Procedure after appointment  

396.   Provisions as to information where receiver or manager appointed.  

397.   Special provisions as to statement submitted to receiver.  

Accounts by receiver or manager  

398.   Delivery to Commission of accounts of receivers and managers.  

Duty as to returns  

399.   Enforcement of duty of receivers and managers to make returns, etc.  

Construction of references  

400.   Construction of references to receivers and managers.  

PART XV – Winding up of companies  

CHAPTER 1 – Preliminary  

Modes of winding up  

401.   Modes of winding up.  

Contributories  

402.   Liability as contributories of present and past members.  

403.   Definition of contributory.  

404.   Nature of liability of contributory.  

405.   Contributories in case of death of member.  

406.   Contributories in case of bankruptcy of member.  

CHAPTER 2 – Winding up by the court  

Jurisdiction  

407.   Jurisdiction as to winding up.  

Cases in which company may be wound up by court

408.   Circumstances in which companies may be wound up by court.  

409.   Definition of inability to pay debts.  

Petitions for winding‐up and effects thereof  

410.   Provisions as to application for winding up.  

411.   Powers of court on hearing petition.  

412.   Power to stay or restrain proceedings against company.  

413.   Avoidance of dispositions of property, etc., after commencement of winding          up.  

414.   Avoidance of attachments, etc.  

Commencement of winding up  

415.   Commencement of a winding up by the court.  

Consequences of winding‐up order  

416.   Copy of order to be forwarded to Commission.  

417.   Actions stayed on winding‐up order.  

418.   Effect of winding‐up order.  

Official receiver  

419.   Definition of official receiver.  

420.   Statement of company’s affairs to be submitted to official receiver.  

421.   Report by official receiver.  

Liquidators  

422.   Appointment, remuneration and title of liquidators.  

423.   Custody of company’s property.  

424.   Vesting of property of company in liquidator.  

425.   Powers of liquidator.  

426.   Liquidator to give information, etc., to official receiver.  

427.   Exercise and control of liquidator’s powers.  

428.   Payments by liquidator into companies liquidation account.  

429.   Audit, etc., of liquidator’s account.  

430.   Books to be kept by liquidator.  

431.   Release of liquidator.  

432.   Control over liquidators.  

Committee of inspection, special manager, etc.  

433.   Power to appoint committee of inspection after meeting of creditors and others.  

434.   Powers, etc., of committee of inspection.  

435.   Powers where no committee of inspection is appointed.  

436.   Power to appoint special manager.  

437.   Official receiver as receiver for debenture holders, etc.  

General powers of court in case of winding up by court  

438.   Power to stay winding up.  

439.   Settlement of list of contributories and application of assets.  

440.   Delivery of property to liquidator.  

441.   Payments by contributory to company and set‐off allowance.  

442.   Power of court to make calls.  

443.   Power to order payment into companies’ liquidation account.  

444.   Order on contributory to be conclusive evidence.  

445.   Power to exclude creditors not proving in time.  

446.   Adjustment of rights of contributories.  

447.   Inspection of books by creditors and contributories.  

448.   Power to order costs of winding up to be paid out of assets.  

449.   Power to summon persons suspected of having property of company, etc.  

450.   Power to order public examination of promoters, etc.  

451.   Power to arrest absconding contributory.  

452.   Powers of court cumulative.  

453.   Delegation to liquidator of certain powers of court.  

454.   Dissolution of company.  

Enforcement of and appeals from orders  

455.   Power to enforce orders.  

456.   Appeals from orders.  

CHAPTER 3  – Voluntary winding up  

Resolutions for and commencement of voluntary winding up  

457.   Circumstances in which company may be wound up voluntarily.  

458.   Notice of resolution to wind up voluntarily.  

459.   Commencement of voluntary winding up.  

Consequences of voluntary winding up  

460.   Effect of voluntary winding up on business, etc., of company.  

461.   Avoidance of transfer, etc., after commencement of voluntary winding up.  

Declaration of solvency

462.   Statutory declaration of solvency where proposal to wind up voluntarily.  

Provisions applicable to a members’ voluntary winding up  

463.   Provisions applicable to members’ voluntarily winding up.  

464.   Power to appoint, etc., liquidators.  

465.   Power to fill vacancy in office of liquidators.  

466.   Liquidator to call creditors’ meeting on insolvency.  

467.   Liquidator to call general meeting at end of each year.  

468.   Final meeting and dissolution.  

469.   Alternative provisions as to annual and final meetings in insolvency cases.  

470.   Books and accounts during members’ voluntary winding up.  

Provisions applicable to a creditor’s voluntary winding up  

471.   Provisions applicable to creditors’ winding up voluntarily.  

472.   Meeting of creditors.  

473.   Appointment of liquidator and cesser of directors’ powers.  

474.   Appointment of committee of inspection.  

475.   Fixing of liquidators’ remuneration.  

476.   Power to fill vacancy in the office of liquidator.  

477.   Liquidator to call meetings of company and others at the end of each year.  

478.   Final meeting and dissolution.  

Provisions applicable to every voluntary winding up  

479.   Provisions applicable to every voluntary winding up.  

480.   Distribution of property of company.  

481.   Powers, etc., of liquidator in every voluntary winding up.  

482.   Power of court to appoint, etc., liquidator.  

483.   Power to apply to court to determine questions or exercise powers.  

484.   Costs of voluntary winding up.  

485.   Saving of rights of creditors and contributories.  

CHAPTER 4 –  Winding up subject to supervision of court  

486.   Power to order winding up subject to supervision.  

487.   Effect of petition for winding up subject to supervision.  

488.   Application of sections 413 and 414.  

489.   Power of court to appoint, etc., liquidators.  

490.   Effect of supervision order.  

CHAPTER 5  – Provisions applicable to every mode of winding up  

491.   Liquidator to give notice of appointment.  

Proof and ranking of claims  

492.   Debts of all descriptions may be proved.  

493.   Application of bankruptcy rules in certain cases.  

494.   Preferential payments.  

Effect of winding up on antecedent and other transactions  

495.   Fraudulent preference.  

496.   Liabilities and rights of certain fraudulently preferred persons.  

497.   Avoidance of attachments, etc., on winding up subject to supervision of the court.  

498.   Effect of floating charge.  

499.   Disclaimer of onerous property.  

500.   Restriction of rights of creditor as to execution, etc., on winding up of company.  

501.   Duty of sheriff as to goods taken in execution.  

Offences antecedent to or in course of winding up  

502.   Offences by officers of company in liquidation.  

503.   Falsification of books.  

504.   Frauds by officers of companies in liquidation.  

505.   Liability where proper accounts not kept.  

506.   Responsibility for fraudulent trading.  

507.   Power of court to assess damages against delinquent directors, etc.  

508.   Prosecution of delinquent officers and members of a company.  

Supplementary provisions as to winding up  

509.   Disqualifications for appointment as liquidator.  

510.   Corrupt inducement affecting appointment as liquidator.  

511.   Enforcement of duty of liquidator to make returns, etc.  

512.   Notification that a company is in liquidation.  

513.   Exemption from stamp duty.  

514.   Books of company to be evidence.  

515.   Disposal of books, etc., of company.  

516.   Information as to pending liquidations and disposal of unclaimed assets.  

517.   Resolutions passed at adjourned meetings of creditors, etc.  

518.   Power to make over assets to employees.  

Supplementary powers of court

519.   Meetings to ascertain wishes of creditors and others.  

520.   Judicial notice of signatures of officers of court, etc.  

521.   Judicial notice of signatures of certain government officials.  

522.   Special commissioners for receiving evidence.  

523.   Affidavits in Nigeria and elsewhere.  

Provisions as to dissolution  

524.   Power of court to avoid dissolution of company.  

525.   Power of Commission to strike off defunct company.  

526.   Property of dissolved company to be declared as bona vacantia.  

Central accounts  

527.   Companies liquidation account defined.  

528.   Investment of surplus funds in government securities, etc.  

529.   Separate accounts of particular estates.  

Returns by officers of courts  

530.   Returns by officers in winding up.  

Accounts to be prepared annually  

531.   Annual accounts of company winding up and disposal.  

CHAPTER 6 – Winding up of unregistered companies  

532.   Winding up of unregistered company.  

533.   Contributories in winding up of unregistered company.  

534.   Power of court to stay or restrain proceedings.  

535.   Action, etc., stayed on winding‐up order.  

536.   Provisions of this Part to be cumulative.  

PART XVI – Arrangements and compromise  

537.   Definition of “arrangement”.  

538.   Arrangement on sale of company’s property during members’ voluntary winding up.  

539.   Power to compromise with creditors and members.  

540.   Information as to compromise with creditors and members.  

PART XVII – Miscellaneous and supplemental Application of this Part of this Act

541.   Application of this Part of this Act.  

542.   Act to over‐ride memorandum, articles, etc.  

543.   Application of Act to companies under former enactments.  

544.   Application of Act to companies registered but not formed.  

545.   Application of Act to unlimited companies registered under former enactments.  

546.   Restricted application of Act to unregistered companies.  

Administration  

547.   Registered and head office of company.  

548.   Publication of name by company.  

549.   Fees.  

550.   Form of register, etc.  

551.   Inspection, etc., of documents kept by the Commission.  

552.   Rules of court for winding up of companies, etc.  

553.   Certain companies to publish statement in prescribed form.  

Legal proceedings, etc.  

554.   Prosecution of offences.  

555.   Production, etc., of books where offences suspected.  

556.   Costs in actions by certain limited companies.  

557.   Saving for privileged communications.  

558.   Power of court to grant relief in certain cases.  

559.   Penalty for improper use of certain words.  

560.   Penalty for false statements.  

561.   Extended effect of penalty for offence of fraudulent trading.  

562.   Application of fines.  

563.   Application by the Commission to the court for directions.  

Miscellaneous  

564.   Schedules, Tables, and Forms; alteration and application.  

565.   Enforcement of duty of company to make returns to Commission.  

566.   Power of company to provide for employees on cessation or transfer of business.  

567.   Interpretation of certain words used in Part A of this Act.  

568.   Repeal and savings.  

PART B –  Business names  

569.   The Commission to administer business names.  

570.   Establishment of business names’ registry in each State.  

571.   Appointment of Registrar and other officers.  

572.   Functions of Registrar and Assistant Registrars.  

573.   Registration of business names.  

574.   Procedure for registration.  

575.   Entry of business name in the register.  

576.   Certificate of registration.  

577.   Registration of changes.  

578.   Removal of name from register  

579.   Prohibited and restricted names.  

580.   Searches.  

581.   Copies of entries in registers.  

582.   Publication of true name.  

583.   Liability of person in default.  

584.   Offences and penalties.  

585.   Regulations.  

586.   Validity of previous registration.  

587.   Annual returns.  

588.   Interpretation of words used in this Part.  

589.   Repeal of 1961 No. 17.  

PARTC –  Incorporated trustees  

590.   Incorporation of trustees of certain communities, bodies and associations.  

591.   Method of application.  

592.   Qualification of trustees.  

593.   Constitution.  

594.   Advertisement and objections.  

595.   Registration and certificate.  

596.   Effect of registration and certificate.  

597.   Changes of names or objects.  

598.   Alteration of provisions of the constitution.  

599.   Replacement and appointment of additional trustees.  

600.   Changes in contravention of certain provisions of this Part of this Act.  

601.   Councilor governing body.  

602.   Exercise of powers of trustee.  

603.   Application of income and property.  

604.   Common seal.  

605.   Contract of corporate body.  

606.   Documents and inspection.  

607.   Annual returns.  

608.   Dissolution of a corporate body formed under this Act.  

609.   Regulations.  

610.   Interpretation of words used in this Part.  

611.   Repeal of Cap. 98 of 1958 Edition.  

612.   Validity of previous registrations.  

PART D – Short title

613.   Short title.  

SCHEDULES

FIRST SCHEDULE – Tables A, B, C and D

SECOND SCHEDULE – Form and content of companies financial statements

THIRD SCHEDULE – Miscellaneous matters to be disclosed in notes to company financial statements

FOURTH SCHEDULE – Particulars in company financial statements of loan and other transactions favouring directors and officers

FIFTH SCHEDULE – Matters to be dealt with in director’s report

SIXTH SCHEDULE –  Matters to be expressly stated in auditors report

SEVENTH SCHEDULE – Modified financial statements of companies qualifying as small companies

EIGHTH SCHEDULE – Contents and form of annual returns of a company having shares other than a small company

NINTH SCHEDULE – Annual return of a small company

TENTH SCHEDULE – Annual return of a company limited by guarantee

ELEVENTH SCHEDULE – Powers of receivers and managers of the whole or substantially the whole of the company’s property

TWELFTH SCHEDULE – Provisions not applicable on winding up under supervision of court

THIRTEENTH SCHEDULE – Provision of this Act applying to unregistered companies

FOURTEENTH SCHEDULE – Forms of statement to be published by banking and insurance companies and deposit, provident or benefit societies

FIFTEENTH SCHEDULE – Fees to be paid for matters under Part A of the Act

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COMPANY AND ALLIED MATTERS ACT

An Act to establish the Corporate Affairs Commission, provide for the incorporation of companies and incidental matters, registration of business names and the incorporation of trustees of certain communities, bodies and associations.

ALPHABETICAL INDEX TO THE LAWS OF NIGERIA (UPDATED)

LAWS MADE BY THE NATIONAL ASSEMBLY OF NIGERIA [1999 – 2019]