Home » Nigeria » Nigeria CAMA 2020 » Section 20 Companies and Allied Matters Act 2020

Section 20 Companies and Allied Matters Act 2020

Section 20 CAMA 2020

Section 20 Companies and Allied Matters Act, 2020, is about Capacity of individual to form company. It is under Chapter 1 (Formation of Company) of PART B (INCORPORATION OF COMPANIES AND INCIDENTAL MATTERS) of the Act.

Capacity of individual to form company

(1) Subject to subsection (2), an individual shall not join in the formation of a company under this Act if he is—
(a) less than 18 years of age ;
(b) of unsound mind and has been so found by a court in Nigeria or elsewhere ;
(c) an undischarged bankrupt ; or
(d) disqualified under sections 281 and 283 of this Act from being a director of a company.

(2) A person shall not be disqualified under subsection (1) (a), if two other persons not disqualified under that subsection have subscribed to the memorandum.

(3) A corporate body in liquidation shall not join in the formation of a company under this Act.

(4) Subject to the provisions of any enactment regulating the rights and capacity of aliens to undertake or participate in trade or business, an alien or a foreign company may join in forming a company.

See also  Section 119 Companies and Allied Matters Act 2020

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