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Home » Nigeria CAMA 2020 » Section 175 Companies and Allied Matters Act 2020

Section 175 Companies and Allied Matters Act 2020

Section 175 CAMA 2020

Section 175 Companies and Allied Matters Act is about Transfer of shares. It is under Transfer And Transmission of Chapter 8 of PART B (Incorporation of Companies and Incidental Matters) of the Act.

Transfer of shares

(1) The transfer of a company’s shares shall be by instrument of transfer and except as expressly provided in the articles, transfer of shares shall be without restrictions, and instruments of transfer shall include electronic instrument of transfer.

(2) Notwithstanding anything in the articles of a company, a company shall not register a transfer of shares in the company, unless a proper instrument of transfer has been delivered to the company :
Provided that nothing in this section shall prejudice any power of the company to register as shareholder, any person to whom the right to any share in the company has been transmitted by operation of law.

(3) The instrument of transfer of any share shall be executed by or on behalf of the transferor and transferee, and the transferor is deemed to remain a holder of the share until the name of the transferee is entered in the register of members in respect of the share.

(4) Subject to any restrictions of a company’s articles as may be applicable, any member may transfer all or any of his shares by instrument in writing in any usual or common form or any other form which the directors may approve.

See also  Section 31 Companies and Allied Matters Act 2020

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