Companies and allied matters act, 2016

What cama says on audit committee membership vanguard news. Construction business as building and civil engineering contractors after being in collaboration. For change of trustees under part c of the companies and allied matters act 1990. An act to establish the corporate affairs commission, provide for the incorporation of companies and incidental. 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. 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. The bill consolidates the proposed amendments from two related bills. Cac commends nass over passage of companies and allied. At as this time 2016, the recognized company law in nigeria is the companies and allied matters decree of 1990. As expected, a lot of the provisions of the current cama, having been in force since 1990, have been overtaken by events.

Registration of business names enterprises under part b of. Buhari sends companies and allied matters bill to senate. The cama outlines the formation, operation, and dissolution of companies, as well as the requirements for corporate accounting, auditing and financial reporting. In the sense that he tackled the stifling role of government. Incorporated in the year 2014 under the companies and allied matters act 1990, dieu autos provides vehicle sales and services to all 36 states of the country. Government passes new companies allied 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. Mar 12, 2020 senate passes 869 clauses of companies and allied matters act, cama amendment bill. 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. The senate may wish to note that, in this bill, section 265 of the extant companies and allied matters act has been amended to. Act cap c20 lfn 2004 amendment bill, 2016 and the companies and allied matters act cap c20 lfn 2004 amendment bill, 2017.

Senate passes company and allied matters amendment bill. Companies and allied matters act arrangement by parts part a. 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. Key highlights of the companies and allied matters act. Companies and allied matters act cama cap c20, 2004 our.

Senate passes 869 clauses of companies and allied matters act, cama amendment bill. Companies and allied matters act nigerian law intellectual. 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. By section 631 of the companies and allied matters act, the abstraction called a company shall act through its members in general meeting or. 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. 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. Key highlights of the companies and allied matters. The bill seeks to establish an efficient means of regulating businesses, minimize the compliance burden of small. Check the complete pdf version of the companies and allied matters act.

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. Companies and allied matters act cap c20 lfn 2004 amendment bill, 2016. 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. Senate amends corporate and allied matters act cama. 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. Senate passes 869 clauses of companies and allied matters act. Olubunmi abayomiolukunle discusses the ongoing reforms of the companies and allied matters act by the corporate affairs commission. Registration of business names enterprises under part b of the companies and allied matters act a business name refers to the name or style under which the business is carried on whether in partnership or sole proprietorship or otherwise. Cac prepares companies act amendment bill punch newspapers. 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. 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 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 main legislation that establishes corporate financial reporting requirements in nigeria is the companies and allied matters act of 1990 cama and its subsequent amendments. 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.

Since its promulgation into law, the now companies and allied matters act, cap. 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. Monday, august 29, 2016 edition by peoples media limited. 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. Part a schedules, provide for t poration of trust companies. Part a companies part i corporate affairs commission 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 assembly to replace the current cama. The companies and allied matters decree 1 of 1990 was promulgated to repeal the companies act of 1968. Later in 1968, the companies decree took over from the 1922 company act. The repeal and reenactment of the companies and allied. 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. 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. Appointment of auditors section 357 of the companies and allied matters act provides for the appointment of auditors. C20, lfn, 2004 and the security and exchange commission act, cap. Dieu automobile limited dieu autos is an independent automobile dealership based in lagos, nigeria.

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. 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. 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. Company and allied matters act nnamdi azikiwe university. Companies and allied matters act arrangement of sections part a companies part i corporate affairs commission section 1. Check the pdf version of the nigerians companies and allied matters act lfn 2004. 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. Chartered institute of warehousing and materials management. The bill which seeks to repeal and reenact the existing act, the companies and allied matters act, 2004, is aimed at addressing the. The nigeria corporate affairs commission cac is responsible for regulating the company and allied matters decree of 1990. C20, laws of the federation of nigeria, 2004 the act is now over twenty 20 years with minimal amendments during the period. 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.