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Home » Nigeria CAMA 2020 » Section 134 Companies and Allied Matters Act 2020

Section 134 Companies and Allied Matters Act 2020

Section 134 CAMA 2020

Section 134 Companies and Allied Matters Act is about Registration of order and minutes of reduction. It is under Reduction of Share Capital of Chapter 7 of PART B (Incorporation of Companies and Incidental Matters) of the Act.

Registration of order and minutes of reduction

(1) The Commission, on delivery to it the order of the court confirming the reduction of a company’s share capital, and minutes of the meeting of the company (approved by the Court) showing, with respect to the company’s share capital as altered by the order—
(a) the amount of the share capital ;
(b) the number of shares into which it is to be divided, and the amount of each share ; and
(c) the amount (if any) at the date of the registration deemed to be paid up on each share, shall register the order and minutes.

(2) On the registration of the order and minutes, the resolution for reducing share capital as confirmed by the order so registered shall take effect.

(3) A notice of the registration shall be published in such manner as the Court may direct.

(4) The Commission shall certify the registration of the order and minutes, and the certificate—
(a) may be either signed by the Registrar-General or authenticated by its official seal ; and
(b) shall be prima facie evidence that all the requirements of this Act with respect to the reduction of share capital have been complied with, and that the company’s share capital is as stated in the minutes.

See also  Section 73 Companies and Allied Matters Act 2020

(5) The minutes, when registered, is deemed substituted for the corresponding part of the company’s memorandum, and valid and alterable as if it had been originally contained in it.

(6) The substitution of such minutes for part of the company’s memorandum shall be deemed an alteration of the memorandum.

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