Section 31 Companies and Allied Matters Act 2020

Section 31 CAMA 2020

Section 31 Companies and Allied Matters Act is about Reservation of name. It is under Chapter 1 (Name of Company) of PART B (INCORPORATION OF COMPANIES AND INCIDENTAL MATTERS) of the Act.

Reservation of name

(1) The Commission may, upon receipt of an application delivered to it in hard copy or through electronic communication and on payment of the prescribed fees, reserve a name pending registration of a company or change of name by a company upon confirmation of the availability of such name.

(2) The reservation mentioned in subsection (1) shall be determined upon receipt of the application under subsection (1), and shall be valid for such period as the Commission may deem fit not exceeding 60 days, and during the period of reservation no other company shall be registered under the reserved name or under any name which, in the opinion of the Commission nearly resembles the reserved name.

(3) Notwithstanding the provisions of subsections (1) and (2), the Commission may at any time before a certificate of incorporation is issued, withdraw or cancel a reserved name if it discovers that such name is identical with that by which a company in existence is already registered, or so nearly resembles it as to be likely to deceive.

(4) If any name becomes available in the event of a change of name or otherwise, the Commission shall have the power to approve the name for use by another company after 60 days from the date of approval of such change of name.

See also  Section 80 Companies and Allied Matters Act 2020

(5) The Commission may withdraw or cancel approval for reservation of name where it is discovered that the approval was fraudulently, unlawfully or improperly procured.

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