THREAD OF KEY AMENDMENTS ON COMPANIES AND ALLIED MATTERS ACT (CAMA 2020) by @timithelaw
Today, @MBuhari signed the Companies and Allied Matters Act - CAMA - into law passed by @nassnigeria
KEY AMENDMENTS:
1. One person can now become a shareholder of a company - S.18(2).
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Today, @MBuhari signed the Companies and Allied Matters Act - CAMA - into law passed by @nassnigeria
KEY AMENDMENTS:
1. One person can now become a shareholder of a company - S.18(2).
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2. The introduction of Statement of Compliance (SOC) signed by an Applicant (or agent), without the need for a Lawyer or Notary Public to attest to Declaration of Compliance (DOC). SOC is a requirements of law that shows that registration have been complied with - S.40 (1)
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3. Replacement of Authorized Share Capital with Minimum Share Capital - implies that promoter(s) of a business are not required to pay for shares that are not needed at the specific time of incorporation. S. 27 CAMA
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cc @Nigerialawyers @NigBarAssoc @nbasbl_ict @lawpavilion
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cc @Nigerialawyers @NigBarAssoc @nbasbl_ict @lawpavilion
4. Use of a Common Seal is NOT mandatory - S.98 CAMA
5. Recogntion for electronic filing of docs, electronic share transfer, and electronic meetings for Private LLCs - S.861 CAMA
6. Virtual AGM (Annual General Meetings) can hold or be attended from anywhere in the world.
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5. Recogntion for electronic filing of docs, electronic share transfer, and electronic meetings for Private LLCs - S.861 CAMA
6. Virtual AGM (Annual General Meetings) can hold or be attended from anywhere in the world.
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7. Small companies or companies having 1 shareholder are NOT mandated to appoint auditors at AGMs to audit financials - Such are exempted from auditing accts in respect of a financial yr - S. 402
8. Private LLCs are now exempted from appointing Company Secretary - S. 330
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8. Private LLCs are now exempted from appointing Company Secretary - S. 330
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9. Introduction of Limited Liability Partnerships & Limited Partnerships - combines flexibility and tax status of a partnership with the LLC status of limited liability for members of a company.
12. Disclosure of persons with significant control in a Company – S.119 CAMA
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12. Disclosure of persons with significant control in a Company – S.119 CAMA
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13. Reduction of Filing Fees for Registration of Charges to 0.35%.
14. 2 or more NGOs (Incorporated Trustees) can merge to form 1 NGO.
15. 1 person cannnot be Director in 5 Public LLC
16. Firms CANT appoint 1 Director to hold office of Chairman and CEO of a private LLC.
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14. 2 or more NGOs (Incorporated Trustees) can merge to form 1 NGO.
15. 1 person cannnot be Director in 5 Public LLC
16. Firms CANT appoint 1 Director to hold office of Chairman and CEO of a private LLC.
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17. Insolvent Companies can now be rescued from distress and liquidation, instead of winding up.
Options available:
1. Voluntary Arrangements (S.434 -S.442).
2. Administration (S.443 - S.549)
3. Netting (S.718 - S.721)
Final☝️
Read the full thread:👇👇
Options available:
1. Voluntary Arrangements (S.434 -S.442).
2. Administration (S.443 - S.549)
3. Netting (S.718 - S.721)
Final☝️
Read the full thread:👇👇
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👆👆👆Below is a Thread on 17 Amendments in the new CAMA 2020. Read & share
And for e-events and physical trainings that can help you as a Startup, Founder, or Innovator, follow @timithelaw
👆👆👆Below is a Thread on 17 Amendments in the new CAMA 2020. Read & share
