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Home » Nigeria CAMA 2020 » Section 56 Companies and Allied Matters Act 2020

Section 56 Companies and Allied Matters Act 2020

Section 56 CAMA 2020

Section 56 Companies and Allied Matters Act is about Re-registration of private company as public. It is under Chapter 2 (Re-registration Of Companies) of PART B (INCORPORATION OF COMPANIES AND INCIDENTAL MATTERS) of the Act.

Re-registration of private company as public

(1) A private company (whether limited or unlimited) may be reregistered as a public company limited by shares if—
(a) a special resolution that it should be so re-registered is passed ;
(b) the conditions specified under subsection (2) are met, and
(c) an application for re-registration is delivered to the Commission in accordance with section 60, together with—
(i) the other documents required by that section, and
(ii) a statement of compliance.

(2) The conditions are—
(a) that the company has a share capital ;
(b) that the requirements of section 57 are met as regards its share capital ;
(c) that the requirements of section 58 are met as regards its net assets ;
(d) if section 59 applies, that the requirements of that section are met ; and
(e) that the company has not previously been re-registered as an unlimited company.

(3) The company shall make such changes to its name and articles, as are necessary in connection with its becoming a public company.

(4) If the company is unlimited it shall also make such changes in its articles as are necessary in connection with its becoming a company limited by shares.

See also  Section 5 Companies and Allied Matters Act 2020

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