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Home » Nigeria CAMA 2020 » Section 75 Companies and Allied Matters Act 2020

Section 75 Companies and Allied Matters Act 2020

Section 75 CAMA 2020

Section 75 Companies and Allied Matters Act is about Re-registration of public company as unlimited. It is under Chapter 2 (Re-registration Of Companies) of PART B (Incorporation of Companies and Incidental Matters) of the Act.

Re-registration of public company as unlimited

(1) A public company limited by shares may be re-registered as an unlimited company with a share capital if—
(a) all the members of the company have assented to its being so reregistered ;
(b) the condition specified under subsection (2) is met ; and

(c) an application for re-registration is delivered to the registrar in accordance with section 76, together with—
(i) the other documents required by that section, and
(ii) a statement of compliance.

(2) The condition is that the company has not previously been reregistered as —
(a) limited ; or
(b) unlimited.

(3) The company shall make such changes—
(a) in its name ; and
(b) in its memorandum and articles, as are necessary in connection with
its becoming an unlimited company.

(4) For the purposes of this section—
(a) a trustee in bankruptcy of a member of the company is entitled, to the exclusion of the member, to assent to the company’s re-registration ; and
(b) the personal representative of a deceased member of the company may assent on behalf of the deceased.

(5) In subsection (4) (a), “a trustee in bankruptcy of a member of the company” includes—
(a) a permanent trustee or an interim trustee on the sequestrated estate of a member of the company ; and
(b) a trustee under a protected trustee deed granted by a member of the company.

See also  Section 166 Companies and Allied Matters Act 2020

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