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Home » Nigeria CAMA 2020 » Section 121 Companies and Allied Matters Act 2020

Section 121 Companies and Allied Matters Act 2020

Section 121 CAMA 2020

Section 121 Companies and Allied Matters Act is about Person ceasing to be a substantial shareholder to notify company. It is under Disclosure of Persons With Significant Control of Chapter 6 of PART B (Incorporation of Companies and Incidental Matters) of the Act.

Person ceasing to be a substantial shareholder to notify company

(1) A person who ceases to be a substantial shareholder in a public company shall give notice in writing to the company stating his name and the date on which he ceased to be a substantial shareholder and give full particulars of the circumstances by reason of which he ceased to be substantial shareholder.

(2) A person required to give notice under subsection (1), shall do so within 14 days after he becomes aware that he has ceased to be substantial shareholder.

(3) The company shall within 14 days of receipt of the notice or of becoming aware that a person has ceased to be a substantial shareholder, give notice in writing to the Commission of this fact.

(4) If any person or company fails to comply with the provisions of this section, the person or the company is liable to such fines as the Commission may prescribe by regulation for each day the default continues.

See also  Section 227 Companies and Allied Matters Act (CAMA) 2020

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