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Home » Nigeria CAMA 2020 » Section 119 Companies and Allied Matters Act 2020

Section 119 Companies and Allied Matters Act 2020

Section 119 CAMA 2020

Section 119 Companies and Allied Matters Act is about Disclosure of capacity by shareholder. It is under Disclosure of Persons With Significant Control of Chapter 6 of PART B (Incorporation of Companies and Incidental Matters) of the Act.

Disclosure of capacity by shareholder

(1) Notwithstanding the provisions of section 120, every person with significant control over a company shall, within seven days of becoming such a person, indicate to the company in writing the particulars of such control.

(2) A company after receiving or coming into possession of the information required under subsection (1), shall, not later than one month from the receipt of the information or any change therein, notify the Commission of that information provided that a company shall in every annual return, disclose the information required under subsection (1) in respect of the year for which the return is made.

(3) The Commission shall maintain a register of persons with significant control in which it shall enter the information received from the company or any change therein under subsection (2).

(4) A company shall inscribe against the name of every member in the register of members the information received in pursuance of the requirements of this section.

(5) If default is made by any person or company in complying with subsections (1), (2) and (4), the person or company and every officer of the company are liable to such fines as the Commission may prescribe by regulation for every day during which the default continues.

See also  Section 196 Companies and Allied Matters Act (CAMA) 2020

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