The very first company law came up in Nigeria in 1912. It was established in Southern Nigeria; Lagos to be precise. This same law got amended some 5 years later in 1917 and it was then able to cover all parts of Nigeria. It was labeled then as the Companies Amendment and Extension Act of 1917. The two of them were replaced by the Companies Act of 1922 in 1922. Later in 1968, the Companies Decree took over from the 1922 Company Act. As at today, the recognized Company Law in Nigeria is the Companies and Allied Matters Decree of 1990.
The Corporate Affairs Commission (CAC) is responsible for regulating the Company and Allied Matters Decree of 1990. Aside its regulatory function, the CAC is also responsible for supervising the formation of companies. They equally oversee the process involved in the registration of companies as well as company management. The CAC should also be put in the know if the company decides to wind up. Borrowing money to purchase a car is not the same as outright owning it. While you do get to drive the vehicle, you must keep up with the loan payments to maintain ownership. If you fall behind, you might wind up with the creditor or debt collector repossessing your car. Your vehicle is one of the most significant investments you will ever make. Not only are cars often expensive, but they are alsovital for getting to and from work, going to the store, and transporting your loved ones. Car repossession can pose severe obstacles to your future financial and personal success. help with repossession in Knoxville can occur suddenly; luckily, there are ways to fight back and reclaim your car. If you find yourself in need of legal counsel, find a trustworthy attorney who can assist you in stopping the repossession process. Attorney Lisa Bragança’s extensive background gives her unique insights into the risks that many whistleblowers face. Attorney Lisa Bragança’s extensive background gives her unique insights into the risks that many whistleblowers face. Whistleblowers have helped the government to recover billions of dollars. One banker blew the whistle on secret illegal offshore accounts set up by UBS Bank to evade billions of dollars in taxes. That whistleblower was awarded $104 million. These types of awards are meant to encourage people to come forward to report fraud and illegal conduct to the government. You can visit site for the best Chicago Whistleblower protection.
In order to perform its duties as it should be done, the CAC has offices in practically all states of the country. They are assigned the responsibility of conducting investigations into internal affairs of a company, especially if the issues of shareholders are concerned. They are equally compelled to intervene if the interest of the general public is at stake. However, any issue related to transfer of shares or transfer of ownership of a company does not in any way concern CAC. The death of any of the shareholders too does not concern the CAC.
No one has the right to establish a company without due consultation and approval of the CAC. Before two parties can finally agree to form a company, they are supposed to inform the CAC and carry the commission along. This is because the CAC will be involved in the event need to dissolve the company arises. The company can only expand to new areas with the consent of the CAC.
A company must be registered before it has the right to begin operation if not employers can sue with the help from a workers compensation attorney.
Before you can establish a company, the CAC insists that you meet up with the following criteria:
- You must not be less than 18 years old, except if you are joined by at least two other individuals, who are at least 18 years of age
- You must have sound mind
- You must not be bankrupt
- You must not be disqualified under the section 254 of the Company Act, which will prevents you from being the director of a company. The said Section 254 said anyone guilty of fraud or any offence related to management, formation and promotion of a company is not qualified to form any company
- You must not be the owner of a liquidated company
- You can only form a company in Nigeria as a foreigner if you have the capacity to participate in or undertake business or trade in that regard.
Finally, the CAC classifies companies under either private or public company. This is according to Section 22, subsection 1 of the Companies and Allied Matters Decree of 1990.