Companies and allied matters act, 2016

Government passes new companies allied and allied matters. Chartered institute of warehousing and materials management is an examining and professional body since 2005 and was formally incorporated under the companies and allied matters act, 1990 as the corporate institute of warehousing and materials management with corporate affairs commission as a company limited by guarantee. Olubunmi abayomiolukunle discusses the ongoing reforms of the companies and allied matters act by the corporate affairs commission. Chartered institute of warehousing and materials management.

Part a companies part i corporate affairs commission 1. Cac prepares companies act amendment bill punch newspapers. In the sense that he tackled the stifling role of government. C20, lfn, 2004 and the security and exchange commission act, cap. Companies and allied matters act cap c20 lfn 2004 amendment bill, 2016 and the companies and allied matters act cap c20 lfn 2004 amendment bill, 2017. What cama says on audit committee membership vanguard news. Jan 30, 2019 he quoted the acting registrargeneral of the commission, ms azuka azinge, as saying that the bill was sought to repeal the extant statute with the companies and allied matters act, cap c20, laws. Part a schedules, provide for t poration of trust companies. At as this time 2016, the recognized company law in nigeria is the companies and allied matters decree of 1990. The companies and allied matters decree 1 of 1990 was promulgated to repeal the companies act of 1968. 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. Jan 20, 2014 the legal framework for effecting mergers, acquisitions and takeover is set out in two principal enactments namely. By section 631 of the companies and allied matters act, the abstraction called a company shall act through its members in general meeting or. The companies and allied matters act provides that before a petition is filed in court, the creditor must be able to establish that the debt owed by the.

For change of trustees under part c of the companies and allied matters act 1990. The bill which seeks to repeal and reenact the existing act, the companies and allied matters act, 2004, is aimed at addressing the. Key highlights of the companies and allied matters act. Companies and allied matters act nigerian law intellectual. The senate may wish to note that, in this bill, section 265 of the extant companies and allied matters act has been amended to. Registration of business names enterprises under part b of. Senate passes 869 clauses of companies and allied matters. Company and allied matters act nnamdi azikiwe university. Senate passes 869 clauses of companies and allied matters act. The nigeria corporate affairs commission cac is responsible for regulating the company and allied matters decree of 1990. Key highlights of the companies and allied matters act repeal and reenactment bill, 2018 key highlights of the cama bill, 2018 on tuesday 15 may 2018, the senate of the federal republic of nigeria passed the companies and allied matters act, 1990 cap c20, lfn 2004 repeal and reenactment bill, 2018 the bill, following a recommendation of the senate committee on trade and.

The cama outlines the formation, operation, and dissolution of companies, as well as the requirements for corporate accounting, auditing and financial reporting. Proposed amendments to the companies and allied matters act cap c20 lfn 2004 sno citationsection existing provision problemsgaps identified suggested amendment justification 1 2 the commission shall consist of the following members, that is a. Monday, august 29, 2016 edition by peoples media limited. It is no news that after 28 years, a new companies and allied matters act hereinafter referred to as cama has been passed by the national assembly to replace the current cama. As expected, a lot of the provisions of the current cama, having been in force since 1990, have been overtaken by events. Act cap c20 lfn 2004 amendment bill, 2016 and the companies and allied matters act cap c20 lfn 2004 amendment bill, 2017. Companies and allied matters act arrangement of sections part a companies part i corporate affairs commission section 1. It is no news that after 28 years, a new companies and allied matters act hereinafter referred to as cama has been passed by the national. Check the complete pdf version of the companies and allied matters act. Companies and allied matters act cap c20 lfn 2004 amendment bill, 2016. An act to establish the corporate affairs commission, provide for th e incorporation of companies and incidental matters, registration of business names and the incorporation of trustees of certain communities, bodies and associations. C20, laws of the federation of nigeria, 2004 the act is now over twenty 20 years with minimal amendments during the period. Senate amends corporate and allied matters act cama.

According to the senate leader, the business landscape in nigeria will be reorganised and liberated from heavy constraints of several provisions in the companies and allied matters act 1990, responsible for obstructing modern business practices in the light of national and global business reforms. Sequel to the plethora of post1971 litigations that gave the company secretary a more hallowed position than that of earlier common law provisions, the companies and allied matters act 1990 codified, systematically and directly, the fact that the company secretary is the grease that oils the machinery of the company. Appointment of auditors section 357 of the companies and allied matters act provides for the appointment of auditors. The bill seeks to establish an efficient means of regulating businesses, minimize the compliance burden of small. Nigeria may begin to witness increased investments, revenue generation and job creation as the senate on tuesday, removed the regulatory bottlenecks for opening businesses, with the passage of the companies and allied matters act cama. Senate passes 869 clauses of companies and allied matters act, cama amendment bill. Federal republic of nigeria at its plenary session, passed the bill for an act to repeal the companies and allied matters act 1990 and enact the. Preserve the powers of the attorneygeneral of the federation to approve the registration of companies limited by guarantee. The bill consolidates the proposed amendments from two related bills. Companies and allied matters act arrangement by parts part a. The repeal and reenactment of the companies and allied. An incorporated company may be either a company a having the liability of its members limited by the memorandum to the amount, if any, unpaid on the shares respectively held by them in this act termed a company limited by shares.

Key highlights of the companies and allied matters. Companies i corporate affairs commission ii incorporation of companies and incidental matters iii acts by or on behalf of company iv membership of the company v share capita l vi shares vii debentures viii meetings and proceedings of companies ix. Feb 14, 2016 by section 631 of the companies and allied matters act, the abstraction called a company shall act through its members in general meeting or its board of directors or through officers or. Since its promulgation into law, the now companies and allied matters act, cap. Cac commends nass over passage of companies and allied. Feb 18, 2016 the general public is hereby notified that the above named has applied to the corporate affairs commission for the registration under part c of the companies and allied matters act no. The main legislation that establishes corporate financial reporting requirements in nigeria is the companies and allied matters act of 1990 cama and its subsequent amendments. Companies and allied matters act cama cap c20, 2004 our.

An act to establish the corporate affairs commission, provide for the incorporation of companies and incidental. Dieu automobile limited dieu autos is an independent automobile dealership based in lagos, nigeria. An act to establish the corporate affairs commission he incorporation of companies and incidental matters, registration of business names and the incor ees of certain communities, bodies and associations. Construction business as building and civil engineering contractors after being in collaboration. Mar 12, 2020 senate passes 869 clauses of companies and allied matters act, cama amendment bill. He quoted the acting registrargeneral of the commission, ms azuka azinge, as saying that the bill was sought to repeal the extant statute with the companies and allied matters act, cap.

Aug 08, 2016 the corporate affairs commission is currently finalising the draft bill for the amendment of the companies and allied matters act to strengthen the regulatory and enforcement powers of the commission. May 20, 2016 the companies and allied matters act, cama cap c20, lfn 2004 is the principal law which sets the tone for the incorporation and conduct of business in nigeria. Check the pdf version of the nigerians companies and allied matters act lfn 2004. Buhari sends companies and allied matters bill to senate. Companies and allied matters act a bold step towards business reform on 15 may 2018, the 8th senate of the federal republic of nigeria at its plenary session, passed the bill for an act to repeal the companies and allied matters act 1990 and enact the companies and allied matters act 2018 the bill. Senate passes company and allied matters amendment bill. The companies and allied matters act chapter c20 laws of the federation of nigeria 2004 cama was enacted in nigeria as a decree of the military government in. The bill went through first and second reading at the house of representatives on 262016 and 146. Later in 1968, the companies decree took over from the 1922 company act.