Section 3 CAMA 2020
Section 3 Companies and Allied Matters Act, 2020, is about Tenure of office and vacancy on the Board. It is under PART A (CORPORATE AFFAIRS COMMISSION) of the Act.
Tenure of office and vacancy on the Board
(1) Subject to the provisions of subsection (2), a person appointed as a member of the Board (not being an ex-officio member) shall hold office for a term of three years and may be eligible for re-appointment for one further term of three years and no more.
(2) The Minister may, with the approval of the President, at any time remove any member of the Board from office if the Minister is of the opinion that it is not in the interest of the Commission for the member to continue in office and shall notify the member in writing to that effect.
(3) The members of the Board except the Registrar-General shall be part-time members of the Board.
(4) A member of the Board ceases to hold office if—
(a) he resigns his appointment as a member of the Board by three months notice under his hand and addressed to the Minister ;
(b) he becomes of unsound mind or is incapable of discharging his duties ;
(c) he becomes bankrupt or has made arrangement with his creditors ;
(d) he is convicted of a felony or any offence involving fraud or dishonesty ;
(e) he is guilty of serious misconduct relating to his duties ; or
(f ) in the case of a person who possesses professional qualifications, he is disqualified or suspended from practising his profession in any part of Nigeria by an order of any competent authority made in respect of him personally.
(5) There is vacancy on the Board if a member—
(a) dies ;
(b) is removed from office in accordance with subsection (2) ;
(c) resigns from office in accordance with subsection (4) (a) ; or
(d) completes his tenure of office ; or
(e) ceases to hold office in accordance with paragraphs (b) to (f ) of subsection (4).
(6) A vacancy on the Board shall be filled by the appointment of another person to the vacant office in accordance with the provisions of this Act, as soon as it is reasonably practicable after the occurrence of such vacancy.
(7) Where a vacancy on the Board is created as a result of death, removal or resignation of a member of the Board, a replacement of the immediate past
member shall be appointed to complete the unexpired period of his predecessor’s term of office.
Section 2 CAMA 2020 – Establishment of Governing Board of the Commission