November 6, 2014
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By:
stillwaters/
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- Updates, Volume 1 Issue 1
There is bill pending before the National Assembly seeking to amend section 80 of the Companies and Allied Matters Act (CAMA). If passed the amendment will correct the lacunae in section 80 of CAMA which allows infants to be members of a company simply by neglecting to count them when calculating the statutory minimum number of members in a company.
There is also another provision in section 20(1) and (2) of the present CAMA which allows an infant to join in the formation of a company so long as there are two or more other qualified subscribers. Unfortunately, the bill does not attempt to also amend this position and if passed, would pose a paradoxical conflict within the Act.
stillwaters
STILLWATERS is located in the cities of Lagos and Abuja in Nigeria. Established in 1991, the firm specialises in intellectual property law, corporate and commercial law, tax, and litigation. Our guiding goal of PEOPLE, INTERGRITY and SERVICE is the driving force steering our entire practice and we take pride in creating conducive legal environment for our clients to achieve their goals.