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Home » Nigeria CAMA 2020 » Section 128 Companies and Allied Matters Act 2020

Section 128 Companies and Allied Matters Act 2020

Section 128 CAMA 2020

Section 128 Companies and Allied Matters Act is about Increase of issued capital on increase of shares. It is under Chapter 7 (Share Capital) of PART B (Incorporation of Companies and Incidental Matters) of the Act.

Increase of issued capital on increase of shares

(1) Where a company allots new shares, thereby increasing its issued share capital, the increase shall not take effect unless—
(a) at least 25% of the share capital including the increase has been paid up ; and
(b) the directors have delivered to the Commission a statutory declaration verifying that fact.

(2) Where a company fails to comply with the applicable subsection, it shall be liable to such fine as the Commission may prescribe by regulation for every day during which the default continues.

See also  Section 167 Companies and Allied Matters Act 2020

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