COMPANI

ESANDALLI
EDMATTERSACT,
2019

Ar
rangementofSect
ions

Sect
ion:

PARTA-CORPORATEAFFAI
RSCOMMI
SSI
ON

1 Est
abl
i
shmentoft
heCor
por
ateAf
fai
rsCommi
ssi
on.

2 Est
abl
i
shmentofGov
erni
ngBoar
doft
heCommi
ssi
on.

3 Tenur
eofof
fi
ceandv
acancyont
heBoar
d.

4 Funct
ionsoft
heBoar
d.

5 Remuner
ati
onandal
l
owanceofmember
s.

6 Pr
oceedi
ngsoft
heBoar
d.

7 Di
scl
osur
eofi
nter
est
.

8 Funct
ionsoft
heCommi
ssi
on.

9 Appoi
ntmentofRegi
str
ar-
Gener
al.

10 Appoi
ntmentofSt
aff
.

11 Ri
ghtt
oappeari
nCour
t.

12 Ser
vicei
ntheCommi
ssi
ont
obepensi
onabl
e.

13 Fundoft
heCommi
ssi
on.

14 Expendi
tur
eoft
heCommi
ssi
on.

15 Annual
account
s,audi
tandest
imat
es.

16 Annual
repor
t.

17 Pr
e-act
ionnot
iceandr
est
ri
cti
ononl
evyofexecut
ion.
 PARTB-I
NCORPORATI
ONOFCOMPANI
ESANDI
NCI
DENTALMATTERS

CHAPTER1:FORMATI
ONOFCOMPANY

18 Ri
ghtt
ofor
m acompany
.

19 Associ
ati
onandPar
tner
shi
pofmor
ethan20member
swhenper
mit
ted.

20 Capaci
tyofi
ndi
vi
dual
tof
orm company
.

21 Ty
pesofcompani
es.

22 Pr
ivat
ecompany

23 Consequencesofdef
aul
tincompl
yi
ngwi
thcondi
ti
onsconst
it
uti
ngapr
ivat
e
company.

24 Publ
i
ccompany
.

25 Unl
i
mit
edcompany
.

26 Companyl
i
mit
edbyguar
ant
ee.

MEMORANDUM OFASSOCI
ATI
ON

27 Requi
rement
swi
thr
espectt
othememor
andum ofacompany
.

NAMEOFCOMPANY

28 For
m ofmemor
andum ofassoci
ati
on.

29 Nameasst
atedi
nthememor
andum ofassoci
ati
on.

30 Changeofnameofcompany
.

31 Reser
vat
ionofname.

32 Ar
ti
clesofassoci
ati
on.

33 PowerofMi
nist
ert
opr
escr
ibemodel
art
icl
es.

34 Def
aul
tappl
i
cat
ionofmodel
art
icl
es.

35 St
atementofcompany
’sobj
ect
s.

36 Regi
str
ati
ondocument
s.

37 St
atementofcapi
tal
andi
nit
ial
shar
ehol
dings.
38 St
atementofguar
ant
ee.

39 St
atementofpr
oposedDi
rect
ors.

40 St
atementofcompl
i
ance.

41 Regi
str
ati
on.

42 Ef
fectofr
egi
str
ati
on.

CAPACI
TYANDPOWERSOFCOMPANI
ES

43 Power
sofcompani
esandpr
ohi
bit
ionofdonat
ionsf
orpol
i
tical
pur
pose.

44 Ef
fectoful
tr
avi
resact
s.

45 Ef
fectofr
eli
anceonr
est
ri
cti
onsi
nthememor
andum.

46 Ef
fectofmemor
andum andar
ti
cles.

47 Member
’sr
ightt
ocopi
esofmemor
andum,
etc.

48 Copi
esofmemor
andum i
ssuedt
oembodyal
ter
ati
ons.

49 Rest
ri
cti
ononal
ter
ati
onofmemor
andum.

50 Al
ter
ati
onofmemor
andum.

51 Modeofal
ter
ati
onofbusi
nessorobj
ect
s.

52 Powert
oal
terpr
ovi
sionsi
nthememor
andum i
ncer
tai
ncases.

53 Al
ter
ati
onofar
ti
cl
es.

54 Li
mit
ati
onofl
i
abi
l
ityt
ocont
ri
but
etoshar
ecapi
tal
ifmemor
andum,
etc.
,al
ter
ed.

CHAPTER2-RE-
REGI
STRATI
ONOFCOMPANI
ES

55 Al
ter
ati
onofst
atusbyr
e-r
egi
str
ati
on.

56 Re-
regi
str
ati
onofpr
ivat
ecompanyaspubl
i
c.

57 Requi
rement
sast
oshar
ecapi
tal
.

58 Requi
rement
sast
onetasset
s.

59 Recental
l
otmentofshar
esf
ornon-
cashconsi
der
ati
on.

60 Appl
i
cat
ionandaccompany
ingdocument
s.
61 St
atementofpr
oposedsecr
etar
y.

62 I
ssueofcer
ti
fi
cat
eofi
ncor
por
ati
ononr
e-r
egi
str
ati
on.

63 Re-
regi
str
ati
onofpubl
i
ccompanyaspr
ivat
eli
mit
edcompany
.

64 Appl
i
cat
iont
oCour
ttocancel
resol
uti
on.

65 Not
icet
oCommi
ssi
onofCour
tappl
i
cat
ionoror
der
.

66 Appl
i
cat
ionandaccompany
ingdocument
s.

67 I
ssueofcer
ti
fi
cat
eofi
ncor
por
ati
ononr
e-r
egi
str
ati
on.

68 Re-
regi
str
ati
onofpr
ivat
eli
mit
edcompanyasunl
i
mit
ed.

69 Appl
i
cat
ionandaccompany
ingdocument
s.

70 I
ssueofcer
ti
fi
cat
eofi
ncor
por
ati
ononr
e-r
egi
str
ati
on.

71 Re-
regi
str
ati
onofunl
i
mit
edcompanyasl
i
mit
ed.

72 Appl
i
cat
ionandaccompany
ingdocument
s.

73 I
ssueofcer
ti
fi
cat
eofi
ncor
por
ati
ononr
e-r
egi
str
ati
on.

74 St
atementofcapi
tal
requi
redwher
ecompanyal
readyhasshar
ecapi
tal
.

75 Re-
regi
str
ati
onofpubl
i
ccompanyasunl
i
mit
ed.

76 Appl
i
cat
ionandaccompany
ingdocument
s.

77 I
ssueofcer
ti
fi
cat
eofi
ncor
por
ati
ononr
e-r
egi
str
ati
on.

CHAPTER3-FOREI
GNCOMPANI
ES

78 For
eignCompani
esi
ntendi
ngt
ocar
ryonbusi
nessi
nNi
ger
ia.

79 Penal
ti
es.

80 Powert
oexemptf
orei
gncompani
es.

81 Annual
repor
t.

82 Exempt
edf
orei
gncompanyt
ohav
est
atusofunr
egi
ster
edcompany
.

83 Penal
ti
esf
orf
alsei
nfor
mat
ion.

84 Appl
i
cat
ionofcer
tai
nsect
ionst
ofor
eigncompani
es.
 CHAPTER4–PROMOTERS

85 Per
sonspr
omot
ingacompany
.

86 Dut
iesandl
i
abi
l
iti
esofapr
omot
er.

CHAPTER 5 -ACTS BY OR ON BEHALF OF THE COMPANY EXERCI

SE OF
COMPANY’SPOWERS

87 Di
vi
si
onofpower
sbet
weengener
almeet
ingandboar
dofdi
rect
ors.

88 Del
egat
iont
ocommi
tt
eesandmanagi
ngdi
rect
ors.

LI
ABI
LITYFORACTSOFTHECOMPANY

89 Act
soft
hegener
almeet
ing,
boar
dofdi
rect
ors,
orofmanagi
ngdi
rect
ors.

90 Act
sofof
fi
cer
soragent
s.

91 Whenpr
ovi
sionexempt
ing,
off
icerorot
herper
sonf
rom l
i
abi
l
ityt
othecompanyi
s
voi
d.

92 Abol
i
tionofconst
ruct
ivenot
iceofr
egi
ster
eddocument
s.

93 Pr
esumpt
ionsofr
egul
ari
ty.

94 Li
abi
l
ityofcompanynotaf
fect
edbyf
raudorf
orger
yofof
fi
cer
.

COMPANY’
SCONTRACTS

95 For
m ofcont
ract
.

96 Pr
e-i
ncor
por
ati
oncont
ract
s.

97 Bi
l
lsofexchangeandpr
omi
ssor
ynot
e.

98 Commonseal
oft
hecompany
.

99 Of
fi
ci
alseal
foruseabr
oad.

100 PowerofAt
tor
ney
.

AUTHENTI
CATI
ONANDSERVI
CEOFDOCUMENTS

101 Aut
hent
icat
ionofdocument
s.

102 Execut
ionofdeedsbycompany
.
103 Al
ter
nat
ivet
oseal
i
ng.

104 Ser
viceofdocument
soncompani
es.

CHAPTER6-MEMBERSHI
POFTHECOMPANY

105 Def
ini
ti
onofmember
.

106 Capaci
tyt
obeamember
.

107 Ri
ghtofmembert
oat
tendmeet
ingsandv
ote.

108 Per
sonat
ionofmember
s.

109 Regi
sterofmember
s.

110 Locat
ionofr
egi
ster
.

111 I
ndexofmember
stobekept
.

112 I
nspect
ionofr
egi
sterandi
ndex
.

113 Consequencesofagent
s’def
aul
ttokeepr
egi
ster
.

114 Powert
ocl
oser
egi
ster
.

115 PowerofCour
ttor
ect
if
yregi
ster
.

116 Regi
stert
obeev
idence.

117 Li
abi
l
ityofmember
s.

118 Li
abi
l
ityf
orcompanydebt
swher
emember
shi
pisbel
owl
egal
mini
mum.

DI
SCLOSUREOFPERSONSWI
THSI
GNI
FICANTCONTROL

119 Di
scl
osur
eofcapaci
tybyshar
ehol
der
.

120 Obl
i
gat
ionofdi
scl
osur
ebysubst
ant
ial
shar
ehol
deri
npubl
i
ccompany
.

121 Per
sonceasi
ngt
obeasubst
ant
ial
shar
ehol
dert
onot
if
ycompany
.

122 Regi
sterofi
nter
est
sinshar
es.

123 Regi
str
ati
onofi
nter
est
stobedi
scl
osed.

CHAPTER7-SHARECAPI
TAL

124 Mi
nimum i
ssuedshar
ecapi
tal
.
125 Al
ter
ati
onofshar
ecapi
tal
byconsol
i
dat
ion,
etc.

126 Not
icer
equi
redwher
eshar
esconsol
i
dat
ed,
etc.

127 I
ncr
easeofi
ssuedshar
ecapi
tal
andnot
iceofi
ncr
ease.

128 I
ncr
easeofi
ssuedcapi
tal
oni
ncr
easeofshar
es.

129 Powerf
orunl
i
mit
edcompanyt
opr
ovi
der
eser
veshar
ecapi
tal
onr
e-r
egi
str
ati
on.

REDUCTI
ONOFSHARECAPI
TAL

130 Rest
ri
cti
ononr
educt
ionofi
ssuedshar
ecapi
tal
.

131 Speci
alr
esol
uti
onf
orr
educt
ionofshar
ecapi
tal
.

132 Appl
i
cat
iont
oCour
tforOr
derofConf
ir
mat
ion.

133 Cour
tor
derconf
ir
mingr
educt
ion.

134 Regi
str
ati
onofor
derandmi
nut
esofr
educt
ion.

135 Li
abi
l
ityofmember
sonr
educedshar
es.

136 Penal
tyf
orconceal
i
ngnameofcr
edi
tor
,et
c.

MI
SCELLANEOUSMATTERSRELATI
NGTOCAPI
TAL

137 Dut
yofdi
rect
orsonser
iousl
ossofcapi
tal
.

CHAPTER8–SHARESANDNATUREOFSHARES

138 Ri
ght
sandl
i
abi
l
iti
esat
tachedt
oshar
es.

139 Shar
esast
ransf
erabl
epr
oper
ty.

140 Pr
ohi
bit
ionofnon-
vot
ingandwei
ght
edshar
es.

I
SSUEOFSHARES

141 Powerofcompani
est
oissueshar
es.

142 Pr
e-empt
iver
ight
sofexi
sti
ngshar
ehol
der
s.

143 I
ssueofcl
assesofshar
es.

144 I
ssuewi
thr
ight
sat
tached.

145 I
ssueofshar
esatapr
emi
um.
146 I
ssueofshar
esatadi
scount
.

147 I
ssueofr
edeemabl
epr
efer
enceshar
es.

148 Val
i
dat
ionofi
mpr
oper
lyi
ssuedshar
es.

ALLOTMENTOFSHARES

149 Aut
hor
it
ytoal
l
otshar
es.

150 Met
hodofappl
i
cat
ionandal
l
otment
.

151 Al
l
otmentasaccept
anceofcont
ract
.

152 Pay
mentonal
l
otment
.

153 Ef
fectofi
rr
egul
aral
l
otment
.

154 Ret
urnast
oal
l
otment
.

155 Pr
ohi
bit
ionofpay
ment
sofcommi
ssi
ons,
discount
soutofshar
esandcapi
tal
.

156 Powert
opayCommi
ssi
oni
ncer
tai
ncases.

157 St
atementi
nbal
ancesheetast
oCommi
ssi
on.

CALLONANDPAYMENTFORSHARES

158 Cal
lonshar
es.

159 Reser
vel
i
abi
l
ityofcompanyhav
ingshar
ecapi
tal
.

160 Pay
mentf
orshar
es.

161 Meani
ngofpay
menti
ncash.

162 Pay
mentf
orshar
esofpubl
i
ccompani
esot
hert
hani
ncash.

163 Powert
opaydi
ff
erentamount
sonshar
es.

164 Li
enonshar
es.

165 For
fei
tur
eofshar
es.

CLASSESOFSHARES

166 Powert
ovar
yri
ght
s.

167 Appl
i
cat
ionf
orcancel
l
ati
onofv
ari
ati
on.
168 Ri
ghtofapr
efer
enceshar
etomor
ethanonev
ote.

169 Const
ruct
ionofcl
assr
ight
s.

NUMBERI
NGOFSHARES

170 Shar
est
obenumber
ed.

SHARESCERTI
FICATES

171 I
ssueofshar
ecer
ti
fi
cat
es.

172 Ef
fectofshar
ecer
ti
fi
cat
e.

173 Pr
obat
e,et
c.,
asev
idenceofgr
ant
.

174 Pr
ohi
bit
ionofbear
ershar
es.

TRANSFERANDTRANSMI
SSI
ON

175 Tr
ansf
erofshar
es.

176 Ent
ryi
nregi
steroft
ransf
ers.

177 Not
iceofr
efusal
tor
egi
ster
.

178 Tr
ansf
erbyper
sonal
repr
esent
ati
ve.

179 Tr
ansmi
ssi
onofshar
es.

180 Pr
otect
ionofbenef
ici
ari
es.
*amended by BFA 2023
181 Cer
ti
fi
cat
ionoft
ransf
ers.
S181- Instrument of transfer

TRANSACTI
ONSBYCOMPANYI
NRESPECTOFI
TSOWNSHARES

182 Redempt
ionofr
edeemabl
epr
efer
enceshar
es.

183 Pr
ohi
bit
ionoff
inanci
alassi
stancebycompanyf
oracqui
sit
ionofi
tsshar
es.

184 Acqui
sit
ionbyacompanyofi
tsownshar
es.

185 Pay
mentf
orshar
ebuy
back.

186 Per
sonsf
rom whoshar
escanbeboughtback.

187 Li
mitonnumberofshar
esacqui
red.

188 Enf
orceabi
l
ityofcont
ractt
oacqui
reshar
es.
189 Re-
issueofshar
esacqui
red.

190 Acqui
sit
ionofshar
esofhol
dingcompany
.

CHAPTER9–DEBENTURES

CREATI
ONOFDEBENTUREANDDEBENTURESTOCK
191
Powert
obor
rowmoney
,tochar
gepr
oper
tyandt
oissuedebent
ures.

192 Document
soft
it
let
odebent
uresorcer
ti
fi
cat
eofdebent
urest
ock.

193 St
atement
stobei
ncl
udedi
ndebent
ures.

194 Ef
fectofst
atement
sindebent
ures.

195 Enf
orcementofcont
ract
srel
ati
ngt
odebent
ures.

TYPESOFDEBENTURES

196 Per
pet
ual
debent
ures.

197 Conv
ert
ibl
edebent
ures.

198 Secur
edorunsecur
eddebent
ures.

199 Redeemabl
edebent
ures.

200 Powert
ore-
issuer
edeemeddebent
uresi
ncer
tai
ncases.

201 Ri
ght
sofdebent
urehol
der
s.

202 Meet
ingsofdebent
urehol
der
s.

FI
XEDANDFLOATI
NGCHARGES

203 Meani
ngoff
loat
ingandf
ixedchar
ges.

204 Pr
ior
it
yoff
ixedov
erf
loat
ingchar
ge.

205 Power
soft
hecour
t.

206 Adv
ert
isementofappoi
ntmentofr
ecei
verandmanager
.

207 Pr
efer
ent
ial
pay
mentt
odebent
urehol
der
sincer
tai
ncases.

DEBENTURETRUSTDEEDS

208 Execut
ionofdebent
uret
rustdeed.
209 Cont
ent
sofdebent
uret
rustdeed.

210 Cont
ent
sofdebent
urecov
eredbyt
rustdeed.

211 Tr
ust
eesf
ordebent
urehol
der
s.

212 Di
squal
i
ficat
ionf
orappoi
ntmentast
rust
eeofdebent
uret
rustdeed.

213 Li
abi
l
ityoft
rust
eesf
ordebent
urehol
der
s.

214 Rest
ri
cti
onsont
ransf
erabi
l
ityofdebent
ures.

PROVI
SIONSASTOCOMPANY’
SREGI
STEROFCHARGES,
DEBENTUREHOLDERS
ANDASTOCOPIESOFI
NSTRUMENTSCREATI
NGCHARGES

215 Companyt
okeepcopi
esofi
nst
rument
scr
eat
ingchar
ges.

216 Company
’sr
egi
sterofchar
ges.

217 I
nspect
ionofr
egi
sterandcopi
esofi
nst
rument
.

218 Regi
sterofdebent
urehol
der
s.

219 I
nspect
ionofr
egi
sterofdebent
ures,
etc.

220 Ent
ryi
nregi
steroft
ransf
er.

221 Not
iceofr
efusal
tor
egi
ster
.

222 Regi
str
ati
onofchar
gescr
eat
edbycompani
es.

223 Regi
sterofpar
ti
cul
arsofchar
ges.

224 Dut
yofcompanyt
oregi
sterchar
ges.

225 Dut
yofcompanyacqui
ri
ngpr
oper
tyt
oregi
stersubsi
sti
ngchar
ges.

226 Exi
sti
ngchar
ges.

227 Char
gest
osecur
efl
uct
uat
ingamount
s.

228 Endor
sementofcer
ti
fi
cat
eofr
egi
str
ati
onondebent
ures.

229 Ent
ri
esofsat
isf
act
ionofchar
ges

230 Rect
if
icat
ionofr
egi
ster
.

231 Regi
str
ati
onofappoi
ntmentor
der
,et
c.
 REALI
SATI
ONOFSECURI
TY

232 Real
i
sat
ionofdebent
urehol
der
’ssecur
it
y.

233 Remedi
esav
ail
abl
etodebent
urehol
der
s.

234 Appl
i
cat
ionofcer
tai
nsect
ions.

CHAPTER10- MEETI
NGSANDPROCEEDI
NGSOFCOMPANI
ES

235 St
atut
oryMeet
ing.

236 Non-
compl
i
anceandpenal
ty.

GENERALMEETI
NG

237 Annual
gener
almeet
ing.

238 Busi
nessest
ransact
edatannual
gener
almeet
ing.

EXTRAORDI
NARYGENERALMEETI
NG

239 Ext
raor
dinar
ygener
almeet
ing.

240 Pl
aceofmeet
ing.

NOTI
CEOFMEETI
NG

241 Lengt
hofnot
icef
orcal
l
ingmeet
ings.

242 Cont
ent
sofnot
ice.

243 Per
sonsent
it
ledt
onot
ice.

244 Ser
viceofnot
ice.

245 Fai
l
uret
ogi
venot
ice.

246 Addi
ti
onal
not
ice.

247 PowerofCour
ttoor
dermeet
ings.

VOTI
NG

248 Pr
ocedur
eofv
oti
ng.

249 Ri
ghtt
odemandpol
l
.
250 Vot
ingonapol
l
.

251 Ri
ghtofat
tendanceatgener
almeet
ing.

252 At
tendanceatmeet
ings.

253 Obj
ect
ionsast
oqual
i
ficat
iont
ovot
e.

254 Pr
oxi
es.

255 Cor
por
ati
onr
epr
esent
ati
onatmeet
ingsofcompani
es,
etc.

256 Quor
um.

257 Di
scl
osur
eofr
emuner
ati
onofmanager
s.

258 Resol
uti
ons.

259 Wr
it
tenr
esol
uti
ons.

260 Ci
rcul
ati
onofmember
s’r
esol
uti
ons.

261 Resol
uti
onsr
equi
ri
ngspeci
alnot
ice.

262 Regi
str
ati
onandcopi
esofcer
tai
nresol
uti
ons.

263 Ef
fectofr
esol
uti
onspassedatadj
our
nedmeet
ings.

MI
SCELLANEOUSMATTERRELATI
NGTOMEETI
NGSANDPROCEEDI
NG

264 Adj
our
nment
.

265 Power
sanddut
iesoft
hechai
rmanoft
hegener
almeet
ing.

266 Mi
nut
esofpr
oceedi
ngsandef
fect
.

267 I
nspect
ionofmi
nut
ebooksandcopi
es.

268 Cl
assmeet
ings.

CHAPTER11–DI
RECTORS

269 Meani
ngofdi
rect
ors.

270 Shadowdi
rect
or.

APPOI
NTMENTOFDI
RECTORS

271 Numberofdi
rect
ors.
272 Appoi
ntmentoff
ir
stdi
rect
ors.

273 Subsequentappoi
ntment
sofdi
rect
ors.

274 Casual
vacancy
.

275 I
ndependentdi
rect
orsi
npubl
i
ccompani
es.

276 Li
abi
l
ityofaper
sonwher
enotdul
yappoi
nted.

277 Shar
equal
i
ficat
ionofdi
rect
ors.

278 Dut
yofdi
rect
orst
odi
scl
oseageandmul
ti
pledi
rect
orshi
ptot
hecompany
.

279 Pr
ovi
sionsast
oinsol
ventper
sonsact
ingasdi
rect
ors.

280 Rest
rai
ntoff
raudul
entper
sons.

281 Appoi
ntmentofdi
rect
orf
orl
i
fe.

282 Ri
ghtt
oappoi
ntadi
rect
oratanyage.

283 Di
squal
i
ficat
ionf
ordi
rect
orshi
p.

284 Vacat
ionofof
fi
ceofdi
rect
or.

285 Rot
ati
onofdi
rect
ors.

286 Val
i
dit
yofact
sofdi
rect
ors.

287 Modeofv
oti
ngonappoi
ntmentofdi
rect
ors.

REMOVALOFDI
RECTORS

288 Remov
alofdi
rect
ors.

PROCEEDI
NGSOFDI
RECTORS

289 Pr
oceedi
ngsofdi
rect
ors.

290 Quor
um.

291 Fai
l
uret
ohav
eaquor
um.

292 Not
iceofmeet
ing.

REMUNERATI
ONANDOTHERPAYMENTS

293 Remuner
ati
onofdi
rect
ors.
294 Remuner
ati
onofamanagi
ngdi
rect
or.

295 Pr
ohi
bit
ionoft
ax-
fr
eepay
ment
stodi
rect
ors.

296 Pr
ohi
bit
ionofl
oanst
odi
rect
orsi
ncer
tai
nci
rcumst
ances.

297 Pay
mentbycompanyf
orl
ossofof
fi
cet
obeappr
oved.

298 Pay
mentt
odi
rect
orf
orl
ossofof
fi
ce,
etc.
,ort
ransf
erofpr
oper
tyi
l
legal
.

299 Di
rect
orst
odi
scl
osepay
mentf
orl
ossofof
fi
ce,
etc.
,i
ncer
tai
ncases.

300 Pr
ovi
sionssuppl
ement
aryt
osect
ions298-
299.

DI
SCLOSUREOFDI
RECTOR’
SINTERESTS

301 Regi
sterofdi
rect
ors’
shar
ehol
ding,
etc.

302 Gener
aldut
ytogi
venot
ice,
etc.

303 Di
scl
osur
ebydi
rect
orsofi
nter
est
sincont
ract
s.

304 Par
ti
cul
arswi
thr
espectt
odi
rect
orsi
ntr
adecat
alogues,
etc.

305 Dut
iesofdi
rect
ors.

306 Conf
li
ctsofdut
iesandi
nter
est
s.

307 Mul
ti
pledi
rect
orshi
ps.

308 Dut
yofcar
eandski
l
l.

309 Legal
posi
ti
onofdi
rect
ors.

PROPERTYTRANSACTI
ONSBYDI
RECTORS

310 Subst
ant
ial
proper
tyt
ransact
ionsi
nvol
vi
ngdi
rect
ors,
cont
rol
l
ingmember
s,et
c.

311 Except
ionsf
rom sect
ion310.

312 Li
abi
l
iti
esar
isi
ngf
rom cont
rav
ent
ionofsect
ion310.

313 Pr
ohi
bit
ionofsecr
etbenef
it
s.

MI
SCELLANEOUSMATTERRELATI
NGTODI
RECTORS

314 Di
rect
orswi
thunl
i
mit
edl
i
abi
l
ityi
nrespectofal
i
mit
edcompany
.

315 Speci
alr
esol
uti
onofl
i
mit
edcompanymaki
ngl
i
abi
l
ityofdi
rect
orsunl
i
mit
ed.
316 Per
sonal
li
abi
l
ityofdi
rect
orsandof
fi
cer
s.

317 Di
rect
or’
scont
ractofempl
oymentf
ormor
ethanf
ivey
ear
s.

318 Regi
sterofdi
rect
ors.

319 Par
ti
cul
arsofdi
rect
orst
ober
egi
ster
ed.

320 Regi
sterofdi
rect
ors’
resi
dent
ial
addr
esses.

321 Dut
ytonot
if
ytheCommi
ssi
onofchanges.

PARTI
CULARSOFDI
RECTORSTOBEREGI
STEREDANDNOTI
FIEDTOTHE
COMMISSI
ON

322 Powert
omaker
egul
ati
onsonpar
ti
cul
arsofdi
rect
or.

RESTRI
CTI
ONONUSEORDI
SCLOSUREOFDI
RECTOR’
SADDRESSES

323 Pr
otect
edi
nfor
mat
ion.

324 Rest
ri
cti
ononuseordi
scl
osur
eofpr
otect
ioni
nfor
mat
ionbycompany
.

325 Pr
otect
edi
nfor
mat
ion:
rest
ri
cti
ononuseordi
scl
osur
ebyt
heCommi
ssi
on.

326 Per
mit
teduseordi
scl
osur
ebyt
heCommi
ssi
on.

327 Di
scl
osur
eunderCour
tor
der
.

328 Ci
rcumst
ancesi
nwhi
chCommi
ssi
onmayputaddr
essont
hepubl
i
crecor
d.

329 Put
ti
ngt
headdr
essont
hepubl
i
crecor
d.

CHAPTER12–SECRETARI
ES

330 Secr
etar
ies.

331 Av
oidanceofact
sdonebyaper
sonasdi
rect
orandsecr
etar
y.

332 Qual
i
ficat
ionofaSecr
etar
y.

333 Appoi
ntmentandr
emov
alofasecr
etar
y.

334 Fi
duci
aryi
nter
est
sofasecr
etar
y.

335 Dut
iesofasecr
etar
y.

336 Regi
sterofsecr
etar
ies.
337 Par
ti
cul
arsofsecr
etar
iest
ober
egi
ster
ed:
indi
vi
dual
s.

338 Par
ti
cul
arsofsecr
etar
iest
ober
egi
ster
ed:
cor
por
atesecr
etar
iesandf
ir
ms.

339 Dut
ytonot
if
ytheCommi
ssi
onofchanges.

340 Par
ti
cul
arsofsecret
ari
est
ober
egi
ster
edandnot
if
iedt
otheCommi
ssi
on:
power
t
omakeregulat
ions.

CHAPTER13-PROTECTI
ONOFMINORI
TYAGAINSTI
LLEGALANDOPPRESSI
VE
CONDUCTACTI
ONBYORAGAINSTTHECOMPANY
[
[

341 Onl
ycompanymaysuef
orwr
ongorr
ati
fyi
rr
egul
arconduct
.

342 Pr
ocedur
eformaj
orassett
ransact
ion.

343 Pr
otect
ionofmi
nor
it
y:i
njunct
ionanddecl
arat
ioni
ncer
tai
ncases.

344 Per
sonal
andr
epr
esent
ati
veact
ion.

345 Def
ini
ti
onofmember
.

346 Commenci
ngder
ivat
iveact
ion.

347 Power
soft
hecour
t.

348 Ev
idenceofshar
ehol
der
s’appr
oval
notdeci
siv
e.

349 Cour
t’
sappr
oval
todi
scont
inue.

350 Nosecur
it
yforcost
s.

351 I
nter
im cost
s.

352 Def
ini
ti
on.

RELI
EFONTHEGROUNDSOFUNFAI
RLYPREJUDI
CIALANDOPPRESSI
VE
CONDUCT

353 Appl
i
cat
ion.

354 Gr
oundsuponwhi
chanappl
i
cat
ionmaybemade.

355 Power
soft
hecour
t.

356 Penal
tyf
orf
ail
uret
ocompl
ywi
thor
deroft
hecour
t.
357 I
nvest
igat
ionofacompanyoni
tsownappl
i
cat
ionort
hatofi
tsmember
s.

358 Ot
heri
nvest
igat
ionsofcompany
.

359 I
nspect
ors’
power
sdur
ingi
nvest
igat
ion.

360 Pr
oduct
ionofdocument
sandev
idencet
oinspect
ors.

361 PowerofI
nspect
ort
ocal
lfordi
rect
ors’
bankaccount
s.

362 Obst
ruct
ionofI
nspect
orst
obet
reat
edascont
emptofCour
t.

363 I
nspect
or’
srepor
t.

364 Powert
obr
ingci
vi
lpr
oceedi
ngsoncompany
’sbehal
f.

365 Cri
minalpr
oceedi
ngsandot
herpr
oceedi
ngsbyt
heAt
tor
ney
-Gener
aloft
he
Feder
ati
on.

366 Poweroft
heCommi
ssi
ont
opr
esentwi
ndi
ng-
uppet
it
ion.

367 Expensesofi
nvest
igat
ion.

368 I
nspect
ors’
repor
ttobeusedasev
idencei
nlegal
proceedi
ngs.

369 Appoi
ntmentofi
nspect
orst
oinv
est
igat
eowner
shi
pofacompany
.

370 Pr
ovi
sionsappl
i
cabl
etoi
nvest
igat
ion.

371 Powert
orequi
rei
nfor
mat
ionast
oper
sonsi
nter
est
edi
nshar
es,
etc.

372 Powert
oimposer
est
ri
cti
onsonshar
es,
etc.

373 Sav
ingsf
orl
egal
pract
it
ioner
sandbanker
s.

CHAPTER14-FI
NANCI
ALSTATEMENTSANDAUDI
TACCOUNTI
NGRECORDS

374 Compani
est
okeepaccount
ingr
ecor
ds.

375 Pl
ace,
dur
ati
onandf
orm ofr
ecor
ds.

376 Penal
ti
esf
ornon-
compl
i
ancewi
thsect
ions374or375.

377 Di
rect
ors’
dut
ytopr
epar
eannual
account
s.

FORM ANDCONTENTOFCOMPANY,
INDI
VIDUALANDGROUPFI
NANCI
AL
STATEMENTS

378 For
m andcont
entofi
ndi
vi
dual
financi
alst
atement
s.
379 Gr
oupf
inanci
alst
atement
sofhol
dingcompany
.

380 For
m andcont
entofgr
oupf
inanci
alst
atement
s.

381 Meani
ngof“
hol
dingcompany
”,“
subsi
diar
y”and“
whol
l
y-ownedsubsi
diar
y.”

382 Addi
ti
onal
discl
osur
erequi
redi
nnot
est
ofi
nanci
alst
atement
s.

383 Di
scl
osur
eofl
oansi
nfav
ourofdi
rect
orsandconnect
edper
sons.

384 Discl
osur
eofloanst
oof
fi
cer
soft
hecompanyandst
atement
sofamount
s
outst
andi
ng.

DI
RECTORS’
REPORTS

385 Di
rect
ors’
repor
t.

PROCEDUREONCOMPLETI
ONOFFI
NANCI
ALSTATEMENTS

386 Si
gni
ngofbal
ancesheetanddocument
stobeannexedt
her
eto.

387 Per
sonsent
it
ledt
orecei
vef
inanci
alst
atement
sasofr
ight
.

388 Di
rect
ors’
dut
ytol
ayanddel
i
verf
inanci
alst
atement
s.

389 Penal
tyf
ornon-
compl
i
ancewi
thsect
ion388.

390 Def
aul
tor
deri
ncaseofnon-
compl
i
ance.

391 Penal
tyf
orl
ayi
ngordel
i
ver
ingdef
ect
ivef
inanci
alst
atement
s.

392 Shar
ehol
der
s’r
ightt
oobt
aincopi
esoff
inanci
alst
atement
s.

MODI
FIEDFI
NANCI
ALSTATEMENTS

393 Ent
it
lementt
odel
i
verf
inanci
alst
atement
sinmodi
fi
edf
orm.

394 Qual
i
ficat
ionofasmal
lcompany
.

395 Compani
esqual
i
fyi
ngassmal
l
:par
entcompani
es.

396 Modi
fi
edi
ndi
vi
dual
financi
alst
atement
s.

397 Modi
fi
edf
inanci
alst
atement
sofhol
dingcompany
.

PUBLI
CATI
ONOFFI
NANCI
ALSTATEMENTS

398 Publ
i
cat
ionbyacompanyoff
ull
indi
vi
dual
orgr
oupf
inanci
alst
atement
s.
399 Publ
i
cat
ionofabr
idgedf
inanci
alst
atement
s.

SUPPLEMENTARY

400 Powert
oal
teraccount
ingr
equi
rement
s.

CHAPTER15–AUDI
T

401 Appoi
ntmentofaudi
tor
s.

402 Exempt
ionf
rom audi
trequi
rement
.

403 Qual
i
ficat
ionofaudi
tor
s.

404 Audi
tor
s’r
epor
tandaudi
tcommi
tt
ee.

405 Cor
por
ater
esponsi
bil
i
tyf
orf
inanci
alr
epor
ts.

406 I
mpr
operi
nfl
uenceonconductofaudi
t.

407 Audi
tor
s’dut
iesandpower
s.

408 Remuner
ati
onofaudi
tor
s.

409 Remov
alofaudi
tor
s.

410 Audi
tor
s’r
ightt
oat
tendcompany
’smeet
ings.

411 Suppl
ement
arypr
ovi
sionsr
elat
ingt
oaudi
tor
s.

412 Resi
gnat
ionofaudi
tor
s.

413 Ri
ghtofr
esi
gni
ngaudi
tort
orequi
sit
ioncompanymeet
ing.

414 Power
sofaudi
tor
sinr
elat
iont
osubsi
diar
ies.

415 Li
abi
l
ityofaudi
tor
sfornegl
i
gence.

416 Fal
sest
atement
stoaudi
tor
s.

CHAPTER16-ANNUALRETURNS

417 Annual
ret
urnbycompanyl
i
mit
edbyshar
esorguar
ant
ee.

418 Annual
ret
urnbycompanyhav
ingshar
esot
hert
hansmal
lcompany
.

419 Annual
ret
urnbysmal
lcompany
.

420 Annual
ret
urnbycompanyl
i
mit
edbyguar
ant
ee.
421 Ti
mef
orcompl
eti
onanddel
i
ver
yofannual
ret
urn.

422 Document
stobeannexedt
oannual
ret
urn.

423 Cer
ti
fi
cat
ebypr
ivat
ecompanyandsmal
lcompanyi
nannual
ret
urn.

424 Excepti
onincer
taincasesofunl
i
mit
edcompani
esandsmal
lcompani
esf
rom
requi
rement
sofsecti
on422.

425 Penal
tyf
ornon-
compl
i
ancewi
thsect
ions417-423.

426 Decl
arat
ionofdi
vi
dendsandpay
mentofi
nter
im di
vi
dend.

427 Di
str
ibut
abl
epr
ofi
ts.

428 Rest
ri
cti
onondecl
arat
ionandpay
mentofdi
vi
dends.

429 Uncl
aimeddi
vi
dends.

430 Reser
veandcapi
tal
i
sat
ion.

431 Empl
oyees’
shar
esandpr
ofi
tshar
ing.

432 Ri
ghtoft
heshar
ehol
der
stosuef
ordi
vi
dends.

433 Li
abi
l
ityf
orpay
ingdi
vi
dendoutofcapi
tal
.

CHAPTER17-COMPANYVOLUNTARYARRANGEMENTS

434 Thosewhomaypr
oposeanar
rangement
.

435 Pr
ocedur
ewher
enomi
neei
snott
hel
i
qui
dat
ororadmi
nist
rat
or.

436 Summoni
ngofmeet
ings.

CONSI
DERATI
ONANDI
MPLEMENTATI
ONPROPOSAL

437 Deci
sionsofmeet
ings.

438 Appr
oval
ofar
rangement
.

439 Ef
fectofappr
oval
.

440 Chal
l
engeofdeci
si
ons.

441 Af
alser
epr
esent
ati
on,
etc.

442 I
mpl
ement
ati
onofpr
oposal
.
 CHAPTER18-ADMI
NISTRATI
ONOFCOMPANI
ES

NATUREOFADMI
NISTRATI
ON

443 Appoi
ntmentofadmi
nist
rat
or.

444 Pur
poseofadmi
nist
rat
ion.

445 St
andar
dofper
for
manceofadmi
nist
rat
or.

446 St
atusofadmi
nist
rat
or.

447 Gener
alr
est
ri
cti
onsonappoi
ntmentofadmi
nist
rat
or.

APPOI
NTMENTOFADMI
NISTRATORBYCOURT

448 Admi
nist
rat
ionor
der
.

449 Condi
ti
onsf
ormaki
ngor
der
.

450 Appl
i
cat
iont
oCour
tforadmi
nist
rat
ionor
der
.

451 Power
sofCour
t.

452 Powert
oappoi
ntbyhol
deroff
loat
ingchar
ge.

453 Rest
ri
cti
onsonpowert
oappoi
nt.

454 Whennott
oappoi
ntadmi
nist
rat
or.

455 Not
iceofappoi
ntment
.

456 Commencementofappoi
ntmentofadmi
nist
rat
orundersect
ion450.

457 Not
if
icat
ionofappoi
ntment
.

458 I
nval
i
dappoi
ntmentandi
ndemni
ty.

APPOI
NTMENTOFADMI
NISTRATI
ONBYCOMPANYORDI
RECTORSOUTOF
COURT

459 Powert
oappoi
ntbycompanyordi
rect
ors.

460 Rest
ri
cti
onsonpowert
oappoi
nt.

461 Ef
fectofmor
ator
ium ont
heappoi
ntmentofadmi
nist
rat
or.

462 Ef
fectofnon-
disposal
ofwi
ndi
ng-
uppet
it
iononappoi
ntmentofadmi
nist
rat
or.
463 Not
iceofi
ntent
iont
oappoi
nt.

464 Fi
l
ingofnot
iceofi
ntent
iont
oappoi
nt.

465 Requi
rement
sofsect
ions463and464t
obecompl
i
edwi
th.

466 Fi
l
ingofnot
iceofappoi
ntment
.

467 Of
fencei
nrel
ati
ont
osect
ion464.

468 Wher
eper
sonnotent
it
ledt
onot
iceofi
ntent
iont
oappoi
nt.

469 Commencementofappoi
ntmentundersect
ion459.

470 Not
if
icat
ionofadmi
nist
rat
orofhi
sappoi
ntment
.

471 Ef
fectofadmi
nist
rat
ionor
deronappoi
ntment
.

ADMI
NISTRATI
ON–SPECI
ALCASES

472 Appl
i
cat
ionbyhol
deroff
loat
ingchar
ge.

473 I
nter
vent
ionbyhol
deroff
loat
ingchar
ge.

474 Appl
i
cat
ionwher
ecompanyi
nli
qui
dat
ion.

475 Admi
nist
rat
ionappl
i
cat
ionbyl
i
qui
dat
or.

476 Ef
fectofr
ecei
ver
shi
pbasedonappoi
ntmentbyahol
derofaf
ixedchar
ge.

EFFECTOFADMI
NISTRATI
ON

477 Di
smi
ssal
ofpendi
ngwi
ndi
ng-
uppet
it
ion.

478 Vacat
ionofof
fi
cebyr
ecei
ver
.

479 Companyi
nadmi
nist
rat
ion.

480 Mor
ator
ium onot
herl
egal
process.

481 Wher
eadmi
nist
rat
ionappl
i
cat
ionoradmi
nist
rat
ionor
dernoty
etgr
ant
ed.

482 Det
ail
stobest
atedondocument
s.

PROCESSOFADMI
NISTRATI
ON

483 Announcementofadmi
nist
rat
or’
sappoi
ntment
.

484 Admi
nist
rat
ort
obepr
ovi
dedwi
thst
atementofaf
fai
rsofcompany
.
485 Per
iodwi
thi
nwhi
cht
osubmi
tst
atementofaf
fai
rs.

486 Admi
nist
rat
or’
spr
oposal
s.

487 Cr
edi
tor
s’meet
ing.

488 Requi
rementf
ori
nit
ial
credi
tor
s’meet
ing.

489 Rest
ri
cti
onsonsummoni
ngofi
nit
ial
credi
tor
s’meet
ing.

490 Busi
nessandr
esul
tofi
nit
ial
credi
tor
s’meet
ing.

491 Rev
isi
onofadmi
nist
rat
or’
spr
oposal
.

492 Fai
l
uret
oobt
ainappr
oval
ofadmi
nist
rat
or’
spr
oposal
s.

493 Fur
thercr
edi
tor
s’meet
ings.

494 Cr
edi
tor
s’Commi
tt
ee.

495 Cor
respondencei
nst
eadofcr
edi
tor
s’meet
ing.

FUNCTI
ONSOFADMI
NISTRATOR

496 Gener
alpower
s.

497 Addi
ti
onal
power
sofadmi
nist
rat
or.

498 Powert
oremov
eorappoi
ntdi
rect
or.

499 Powert
ocal
lmeet
ingsofmember
sandcr
edi
tor
s.

500 Appl
i
cat
ionf
ordi
rect
ionofCour
t.

501 Managementpowernott
obeexer
cisedwi
thoutconsentofadmi
nist
rat
or.

502 Di
str
ibut
ion.

503 Pay
ment
sli
kel
ytoachi
evepur
poseofadmi
nist
rat
ion.

504 Cust
odyandcont
rol
ofpr
oper
ty.

505 Managementofaf
fai
rsofcompany
.

506 Admi
nist
rat
orasagentofcompany
.

507 Char
gedpr
oper
ty:
float
ingchar
ge.

508 Char
gedpr
oper
ty:
non-
fl
oat
ingchar
ge.
509 Hi
re-
pur
chasepr
oper
ty.

510 Pr
otect
ionf
orsecur
edorpr
efer
ent
ial
credi
tor
.

511 Chal
l
enget
oadmi
nist
rat
or’
sconductofcompany
.

CESSATI
ONOFADMI
NISTRATI
ON

512 Mi
sfeasance.

513 Aut
omat
iccessat
ionofadmi
nist
rat
ion.

514 Whent
omakeor
derundersect
ion513oft
hisAct
.

515 Meani
ngofconsentf
orpur
posesofsect
ion513(
2)(
b)oft
hisAct
.

516 For
m andext
entofconsent
.

517 Cessat
ionofadmi
nist
rat
ionbyCour
tonappl
i
cat
ionofadmi
nist
rat
or.

518 Ter
minat
ionofadmi
nist
rat
ionwher
eobj
ect
ivei
sachi
eved.

519 Cessat
ionofadmi
nist
rat
ionbyCour
tonappl
i
cat
ionofcr
edi
tor
s.

520 Publ
i
cint
erestwi
ndi
ng-
up.

521 Mov
ingf
rom admi
nist
rat
iont
ocr
edi
tor
s’v
olunt
aryl
i
qui
dat
ion.

522 Mov
ingf
rom admi
nist
rat
iont
odi
ssol
uti
on.

523 Di
schar
geofadmi
nist
rat
ionor
deroncessat
ionofadmi
nist
rat
ion.

524 Not
icet
otheCommi
ssi
ononcessat
ionofadmi
nist
rat
ion.

REPLACEMENTOFADMI
NISTRATOR

525 Resi
gnat
ionofadmi
nist
rat
or.

526 Remov
alofadmi
nist
rat
orf
rom of
fi
ce.

527 Admi
nist
rat
orceasi
ngt
obequal
i
fied.

528 Suppl
yi
ngv
acancyi
nof
fi
ceofadmi
nist
rat
or.

529 Repl
acementofadmi
nist
rat
orappoi
ntedbyCour
tor
der
.

530 Repl
acementofadmi
nist
rat
orappoi
ntedbyhol
deroff
loat
ingchar
ge.

531 Repl
acementofadmi
nist
rat
orappoi
ntedbycompany
.
532 Repl
acementofadmi
nist
rat
orappoi
ntedbydi
rect
ors.

533 Repl
acementofadmi
nist
rat
orappoi
ntedbyadmi
nist
rat
ionor
der
.

534 Subst
it
uti
onofadmi
nist
rat
orbyacompet
ingf
loat
ingchar
ge-
hol
der
.

535 Subst
it
uti
onofadmi
nist
rat
orappoi
ntedbycompanyordi
rect
orsbycr
edi
tor
s’
meeti
ng.

536 Di
schar
gef
rom l
i
abi
l
ityonv
acat
ionofof
fi
ce.

537 Char
gesandl
i
abi
l
iti
esonv
acat
ionofof
fi
ce.

GENERAL

538 Joi
ntandconcur
rentadmi
nist
rat
ors.

539 Joi
ntadmi
nist
rat
ors.

540 Concur
rentadmi
nist
rat
ors.

541 Joi
ntandconcur
rentadmi
nist
rat
orsact
ingwi
thadmi
nist
rat
orofcompany
.

542 Pr
esumpt
ionofv
ali
dit
y.

543 Maj
ori
tydeci
si
onofdi
rect
ors.

544 Penal
ti
es.

545 Ext
ensi
onoft
imel
i
mit
.

546 Var
iat
ionoft
ime.

547 Per
iodext
endedundersect
ion545or546.

548 Amendmentofpr
ovi
si
onaboutt
ime.

549 I
nter
pret
ati
onoft
hisChapt
er.

CHAPTER19—RECEI
VERSANDMANAGERS,

APPOI
NTMENTOFRECEI
VERSANDMANAGERS

Di
squal
i
ficat
ionf
orappoi
ntmentasar
ecei
verormanager
.
550

551 Powerofthecour
ttoappoi
ntof
fi
cial
recei
verf
ordebent
urehol
der
sandot
her
cr
edi
tors.
552 Appoi
ntmentofr
ecei
ver
sandmanager
sbyt
heCour
t.

553 Recei
ver
sandmanager
sappoi
ntedoutofCour
t.

554 Powerofarecei
verormanagerappoi
ntedoutofCour
ttoappl
ytot
heCour
tfor
di
rect
ions.

555 Not
if
icat
iont
otheCommi
ssi
ont
hatar
ecei
verormanagerhasbeenappoi
nted.

DUTI
ES,
POWERSANDLI
ABI
LITI
ESOFRECEI
VERSANDMANAGERS

556 Dut
iesandpower
sofr
ecei
ver
sandmanager
s.

557 Li
abi
l
iti
esofr
ecei
ver
sandmanager
soncont
ract
s.

558 Poweroft
heCour
ttof
ixr
emuner
ati
ononappl
i
cat
ionofl
i
qui
dat
or.

PROCEDUREAFTERAPPOI
NTMENT

559 I
nfor
mat
ionwher
erecei
verormanagerappoi
ntedi
nrespectofaf
loat
ingchar
ge.

560 Speci
alpr
ovi
si
onsast
ost
atementsubmi
tt
edt
orecei
ver
.

ACCOUNTSBYRECEI
VERORMANAGER

561 Del
i
ver
ytoCommi
ssi
onofaccount
sofr
ecei
ver
sandmanager
s.

DUTYASTORETURNS

562 Enf
orcementofdut
yofr
ecei
ver
sandmanager
stomaker
etur
ns,
etc.

CONSTRUCTI
ONOFREFERENCES

563 Const
ruct
ionofr
efer
encest
orecei
ver
sandmanager
s.

CHAPTER20—WI
NDI
NGUPOFCOMPANI
ESMODESOFWI
NDI
NGUP

564 Modesofwi
ndi
ngup.

CONTRI
BUTORI
ES

565 Li
abi
l
ityascont
ri
but
ori
esofpr
esentandpastmember
s.

566 Def
ini
ti
onofcont
ri
but
ory
.

567 Nat
ureofl
i
abi
l
ityofcont
ri
but
ory
.

568 Cont
ri
but
ori
esi
ncaseofdeat
hofmember
.
569 Cont
ri
but
ori
esi
ncaseofbankr
upt
cyofmember
.

CHAPTER21—WI
NDI
NGUPBYTHECOURTJURI
SDI
CTI
ON

570 Jur
isdi
cti
onast
owi
ndi
ngup.

CASESI
NWHI
CHCOMPANYMAYBEWOUNDUP

571 Ci
rcumst
ancesi
nwhi
chcompani
esmaybewoundupbyCour
t.

572 Def
ini
ti
onofi
nabi
l
ityt
opaydebt
s.

PETI
TIONFORWI
NDI
NG-
UPANDI
TSEFFECTS

573 Pr
ovi
sionsast
oappl
i
cat
ionf
orwi
ndi
ngup.

574 Power
sofCour
tonhear
ingpet
it
ion.

575 Powert
ost
ayorr
est
rai
npr
oceedi
ngsagai
nstcompany
.

576 Av
oidanceofdi
sposi
ti
onsofpr
oper
tyaf
tercommencementofwi
ndi
ngup.

577 Av
oidanceofat
tachment
s.

COMMENCEMENTOFWI
NDI
NG-
UP

578 Commencementofawi
ndi
ng-
upbyt
heCour
t.

CONSEQUENCESOFI
NDI
NG-
UPORDER

579 Copyofor
dert
obef
orwar
dedt
oCommi
ssi
on.

580 Act
ionsst
ayedonwi
ndi
ng-
upor
der
.

581 Ef
fectofwi
ndi
ng-
upor
der
.

OFFI
CIALRECEI
VERS

582 Def
ini
ti
onofof
fi
ci
alr
ecei
ver
.

583 St
atementofcompany
'saf
fai
rst
obesubmi
tt
edt
oof
fi
cial
recei
ver
.

584 Repor
tbyof
fi
ci
alr
ecei
ver
.

LI
QUI
DATORS

585 Appoi
ntment
,remuner
ati
onandt
it
leofl
i
qui
dat
ors.
586 Cust
odyofcompany
'spr
oper
ty.

587 Vest
ingofpr
oper
tyofcompanyi
nli
qui
dat
or.

588 Power
sofl
i
qui
dat
or.

589 Li
qui
dat
ort
ogi
vei
nfor
mat
ion,
toof
fi
cial
recei
ver
.

590 Exer
ciseandcont
rol
ofl
i
qui
dat
or'
spower
s.

591 Pay
ment
sbyl
i
qui
dat
ori
ntocompani
es’
li
qui
dat
ionaccount
.

592 Audi
tofl
i
qui
dat
or'
saccount
.

593 Bookst
obekeptbyl
i
qui
dat
or.

594 Rel
easeofl
i
qui
dat
or.

595 Cont
rol
overl
i
qui
dat
ors.

COMMI
TTEEOFI
NSPECTI
ON,
SPECI
ALMANAGER

596 Powert
oappoi
ntcommi
tt
eeofi
nspect
ionaf
termeet
ingofcr
edi
tor
sandot
her
s.

597 Power
s,et
c.ofcommi
tt
eeofi
nspect
ion.

598 Power
swher
enocommi
tt
eeofi
nspect
ioni
sappoi
nted.

599 Powert
oappoi
ntspeci
almanager
.

600 Of
fi
ci
alr
ecei
verasr
ecei
verf
ordebent
urehol
der
s.

GENERALPOWERSOFCOURTI
NTHECASEOFWI
NDI
NG-
UPBYCOURT

601 Powert
ost
aywi
ndi
ng-
up.

602 Set
tl
ementofl
i
stofcont
ri
but
ori
esandappl
i
cat
ionofasset
s.

603 Del
i
ver
yofpr
oper
tyt
oli
qui
dat
or.

604 Pay
ment
sbycont
ri
but
oryt
ocompanyandset
-of
fal
l
owance.

605 PowerofCour
ttomakecal
l
s.

606 Powert
oor
derpay
menti
ntocompani
es'
li
qui
dat
ionaccount
.

607 Or
deroncont
ri
but
oryt
obeconcl
usi
veev
idence.

608 Powert
oexcl
udecr
edi
tor
snotpr
ovi
ngi
nti
me.
609 Adj
ust
mentofr
ight
sofcont
ri
but
ors.

610 I
nspect
ionofbooksbycr
edi
tor
sandcont
ri
but
ori
es.

611 Powert
oor
dercost
sofwi
ndi
ng-
upt
obepai
doutofasset
s.

612 Powert
osummonper
sonssuspect
edofhav
ingpr
oper
tyofcompany
,et
c.

613 Powert
oor
derpubl
i
cexami
nat
ionofpr
omot
ers,
etc.

614 Powert
oar
restabscondi
ngcont
ri
but
ory
.

615 Power
sofCour
tcumul
ati
ve.

616 Del
egat
iont
oli
qui
dat
orofcer
tai
npower
sofCour
t.

617 Di
ssol
uti
onofcompany
.

ENFORCEMENTOFANDAPPEALSFROM ORDERS

618 Powert
oenf
orceor
der
s.

619 Appeal
sfr
om or
der
s.

CHAPTER22—VOLUNTARYWI
NDI
NGUPRESOLUTI
ONSFORAND

COMMENCEMENTOFVOLUNTARYWI
NDI
NGUP
620 Ci
rcumst
ancesi
nwhi
chcompanymaybewound-
upv
olunt
ari
l
y.

621 Not
iceofr
esol
uti
ont
owi
nd-
upv
olunt
ari
l
y.

622 Commencementofv
olunt
arywi
ndi
ng-
up.

623 Ef
fectofv
olunt
arywi
ndi
ng-
uponbusi
ness,
etc.
,ofcompany
.

624 Av
oidanceoft
ransf
er,
etc.
,af
tercommencementofv
olunt
arywi
ndi
ng-
up.

DECLARATI
ONOFSOLVENCY

625 St
atut
orydecl
arat
ionofsol
vencywher
epr
oposal
towi
nd-
upv
olunt
ari
l
y.

PROVI
SIONSAPPLI
CABLETOAMEMBER’
SVOLUNTARYWI
NDI
NG-
UP

626 Pr
ovi
sionsappl
i
cabl
etoamember
s'v
olunt
arywi
ndi
ng-
up.

627 Powert
oappoi
ntl
i
qui
dat
ors.
628 Powert
ofi
l
lvacancyi
nof
fi
ceofl
i
qui
dat
ors.

629 Li
qui
dat
ort
ocal
lcr
edi
tor
s'meet
ingoni
nsol
vency
.

630 Li
qui
dat
ort
ocal
lgener
almeet
ingatendofeachy
ear
.

631 Fi
nal
meet
inganddi
ssol
uti
on.

632 Al
ter
nat
ivepr
ovi
si
onsast
oannual
andf
inal
meet
ingsi
ninsol
vencycases.

633 Booksandaccount
sdur
ingmember
s'v
olunt
arywi
ndi
ng-
up.

PROVI
SIONAPPLI
CABLETOACREDI
TOR’
SVOLUNTARYWI
NDI
NG-
UP

634 Pr
ovi
sionsappl
i
cabl
etocr
edi
tor
s'wi
ndi
ng-
upv
olunt
ari
l
y.

635 Meet
ingofcr
edi
tor
s.

636 Appoi
ntmentofl
i
qui
dat
orandcesserofdi
rect
ors'
power
s.

637 Appoi
ntmentofcommi
tt
eeofi
nspect
ion.

638 Fi
xi
ngofl
i
qui
dat
ors'
remuner
ati
on.

639 Powert
ofi
l
lvacancyi
ntheof
fi
ceofl
i
qui
dat
or.

640 Li
qui
dat
ort
ocal
lmeet
ingsofcompanyandot
her
satt
heendofeachy
ear
.

641 Fi
nal
meet
inganddi
ssol
uti
on.

PROVI
SIONSAPPLI
CABLETOEVERYVOLUNTARYWI
NDI
NG-
UP

642 Pr
ovi
sionsappl
i
cabl
etoev
eryv
olunt
arywi
ndi
ng-
up.

643 Di
str
ibut
ionofpr
oper
tyofcompany
.

644 Power
sofl
i
qui
dat
ori
nev
eryv
olunt
arywi
ndi
ng-
up.

645 PowerofCour
ttoappoi
ntl
i
qui
dat
or.

646 Powert
oappl
ytoCour
ttodet
ermi
nequest
ionsorexer
cisepower
s.

647 Cost
sofv
olunt
arywi
ndi
ng-
up.

648 Sav
ingofr
ight
sofcr
edi
tor
sandcont
ri
but
ori
es.

CHAPTER23—WI
NDI
NGUPSUBJECTTOSUPERVI
SIONOFCOURT

649 Powert
oor
derwi
ndi
ng-
upsubj
ectt
osuper
visi
on.
650 Ef
fectofpet
it
ionf
orwi
ndi
ng-
upsubj
ectt
osuper
visi
on.

651 Appl
i
cat
ionofsect
ions576and577.

652 PowerofCour
ttoappoi
ntandr
emov
eli
qui
dat
ors.

653 Ef
fectofsuper
visi
onor
der
.

CHAPTER24—PROVI
SIONSAPPLI
CABLETOEVERYMODEOFWI
NDI
NG-
UP

654 Li
qui
dat
ort
ogi
venot
iceofappoi
ntment
.

655 Debt
sofal
ldescr
ipt
ionsmaybepr
oved.

656 Appl
i
cat
ionofbankr
upt
cyr
ulesi
ncer
tai
ncases.

657 Pr
efer
ent
ial
pay
ment
s.

EFFECTOFWINDI
NG-
UPANDADMI
NISTRATI
ONONANTECEDENTANDOTHER
TRANSACTI
ONS

658 Fr
audul
entpr
efer
ence.

659 Tr
ansact
ionsatanunder
val
ue.

660 Li
abi
l
iti
esandr
ight
sofcer
tai
nfr
audul
ent
lypr
efer
redper
sons.

661 Av
oidanceofat
tachment
s,onwi
ndi
ng-
upsubj
ectt
osuper
visi
onoft
heCour
t.

662 Ef
fectoff
loat
ingchar
ge.

663 Di
scl
aimerofoner
ouspr
oper
ty.

664 Per
sonsi
njur
ed.

665 Suppl
i
esofgas,
wat
er,
elect
ri
cit
y,et
c.

666 Rest
ri
cti
onofr
ight
sofcr
edi
torast
oexecut
ion,
etc.
,onwi
ndi
ng-upofcompany
.

667 Dut
yofsher
if
fast
ogoodst
akeni
nexecut
ion.

OFFENCESANTECEDENTTOORI
NCOURSEOFWI
NDI
NG-
UP

668 Of
fencesbyof
fi
cer
sofcompanyi
nli
qui
dat
ion.

669 Fal
si
fi
cat
ionofbooks.

670 Fr
audsbyof
fi
cer
sofcompani
esi
nli
qui
dat
ion.
671 Li
abi
l
itywher
epr
operaccount
snotkept
.

672 Responsi
bil
i
tyf
orf
raudul
entt
radi
ng.

673 Wr
ongf
ult
radi
ng.

674 PowerofCour
ttoassessdamagesagai
nstdel
i
nquentdi
rect
ors.

PROSECUTI
ONOFDELI
NQUENTOFFI
CERSANDMEMEBRSOFACOMPANY

675 Pr
osecut
ionofdel
i
nquentof
fi
cer
sandmember
sofacompany
.

SUPPLEMENTARYPROVI
SIONSASTOWI
NDI
NG-
UP

676 Di
squal
i
ficat
ionsf
orappoi
ntmentasl
i
qui
dat
or.

677 Cor
rupti
nducementaf
fect
ingappoi
ntmentasl
i
qui
dat
or.

678 Enf
orcementofdut
yofl
i
qui
dat
ort
omaker
etur
ns.

679 Not
if
icat
iont
hatacompanyi
sinl
i
qui
dat
ion.

680 Exempt
ionf
rom st
ampdut
y.

681 Booksofcompanyt
obeev
idence.

682 Di
sposal
ofbooksandot
herpaper
sofcompany
.

683 I
nfor
mat
ionast
opendi
ngl
i
qui
dat
ionsanddi
sposal
ofuncl
aimedasset
s.

684 Resol
uti
onspassedatadj
our
nedmeet
ingsofcr
edi
tor
s.

685 Powert
omakeov
erasset
stoempl
oyees.

SUPPLEMENTARYPOWERSOFCOURT

686 Meet
ingst
oascer
tai
nwi
shesofcr
edi
tor
sandot
her
s.

687 Judi
ci
alnot
iceofsi
gnat
uresofof
fi
cer
sofCour
t.

688 Judi
ci
alnot
iceofsi
gnat
uresofcer
tai
ngov
ernmentof
fi
cial
s.

689 Speci
alcommi
ssi
oner
sforr
ecei
vi
ngev
idence.

690 Af
fi
dav
itsi
nNi
ger
iaandel
sewher
e.

PROVI
SIONSASTODI
SSOLUTI
ON

691 PowerofCour
ttov
oiddi
ssol
uti
onofcompany
.
692 PowerofCommi
ssi
ont
ost
ri
keof
fdef
unctcompany
.

693 Pr
oper
tyofdi
ssol
vedcompanyt
obedecl
aredasbonav
acant
ia.

CENTRALACCOUNTS

694 Compani
esl
i
qui
dat
ionaccountdef
ined.

695 I
nvest
mentofsur
plusf
undsi
ngov
ernmentsecur
it
ies.

696 Separ
ateaccount
sofpar
ti
cul
arest
ates.

RETURNSBYOFFI
CERSOFCOURT

697 Ret
urnsbyof
fi
cer
sinwi
ndi
ng-
up.

ACCOUNTTOBEPREPAREDANNUALLY

698 Annual
account
sofcompanywi
ndi
ng-
upanddi
sposal
.

CHAPTER25—WI
NDI
NGUPOFUNREGI
STEREDCOMPANI
ES

699 Wi
ndi
ng-
upofunr
egi
ster
edcompany
.

700 Cont
ri
but
ori
esi
nwi
ndi
ng-
upunr
egi
ster
edcompany
.

701 PowerofCour
ttost
ayorr
est
rai
npr
oceedi
ngs.

702 Act
ionst
ayedonwi
ndi
ng-
upor
der
.

703 Pr
ovi
sionsoft
hisPar
ttobecumul
ati
ve.

CHAPTER26—MI SCELLANEOUSPROVI
SIONSAPPLYI
NGTOCOMPANI
ESWHI
CH
AREINSOLVENT

704 Act
ingasi
nsol
vencypr
act
it
ioner
.

705 Qual
i
ficat
ionofi
nsol
vencypr
act
it
ioner
.

706 Recogni
ti
onofpr
ofessi
onal
bodybyt
heCommi
ssi
on.

707 Appl
i
cat
ionf
oraut
hor
isat
iont
oactasi
nsol
vencypr
act
it
ioner
.

708 Commi
ssi
ont
onot
if
ythepar
tyoft
her
efusal
orwi
thdr
awal
ofaut
hor
isat
ion.

709 Rev
iewofCommi
ssi
on'
sdeci
sion.

CHAPTER27—ARRANGEMENTSANDCOMPROMI
SE
710 Def
ini
ti
onofar
rangement
.

711 Ar
rangementorcompr
omi
sebet
weent
woormor
ecompani
es.

712 Prov
isi
onsappl
i
cabl
etoschemesorcont
act
sinv
olv
ingt
ransf
erofshar
esi
na
company.

713 Pr
ovi
sionsappl
i
cabl
etodi
ssent
ingshar
ehol
der
s.

714 Ar
rangementonsal
eofcompany
'spr
oper
tydur
ingmember
s'v
olunt
arywi
ndi
ng-
up.

715 Powert
ocompr
omi
sewi
thcr
edi
tor
sandmember
s.

716 I
nfor
mat
ionast
ocompr
omi
sewi
thcr
edi
tor
sandmember
s.

717 Mor
ator
ium oncr
edi
tor
svol
unt
arywi
ndi
ngupi
naschemeofar
rangement
.

CHAPTER28— NETTI
NG

718 Def
ini
ti
onofappl
i
cabl
econcept
s.

719 Power
sofaf
inanci
alr
egul
ator
yaut
hor
it
y.

720 Enf
orceabi
l
ityofaqual
i
fiedf
inanci
alcont
ract
.

721 Enf
orceabi
l
ityofnet
ti
ngagr
eement
s.

CHAPTER29— MI
SCELLANEOUSANDSUPPLEMENTAL

APPLI
CATI
ONOFTHI
SPART

722 Appl
i
cat
ionoft
hisPar
t.

723 Actt
oov
err
idememor
andum,
art
icl
es.

724 Appl
i
cat
ionofActt
ocompani
esr
egi
ster
edunderf
ormerenact
ment
s.

725 Appl
i
cat
ionofActt
ocompani
esr
egi
ster
edbutnotf
ormed.

726 Appl
i
cat
ionofActt
ounl
i
mit
edcompani
esr
egi
ster
edunderf
ormerenact
ment
s.

727 Rest
ri
ctedi
nthi
sSchedul
eappl
i
cat
ionofActt
ounr
egi
ster
edcompani
es.

ADMI
NISTRATI
ON

728 Regi
ster
edandheadof
fi
ceofcompany
.

729 Publ
i
cat
ionofnamebycompany
.
730 Fees.

731 For
m ofr
egi
ster
.

732 Rul
esofCour
tforwi
ndi
ng-
upofcompani
es.

733 Cer
tai
ncompani
est
opubl
i
shst
atementi
npr
escr
ibedf
orm.

LEGALPROCEEDI
NGS,
ETC

734 Pr
osecut
ionofof
fences.

735 Pr
oduct
ionofdocument
swher
eof
fencessuspect
ed.

736 Cost
sinact
ionsbycer
tai
nli
mit
edcompani
es.

737 Sav
ingf
orpr
ivi
l
egedcommuni
cat
ions.

738 PowerofCour
ttogr
antr
eli
efi
ncer
tai
ncases.

739 Penal
tyf
ori
mpr
operuseofcer
tai
nwor
ds.

740 Ext
endedef
fectofpenal
tyf
orof
fenceoff
raudul
entt
radi
ng.

741 Appl
i
cat
ionoff
ines.

742 Appl
i
cat
ionbyt
heCommi
ssi
ont
otheCour
tfordi
rect
ions.

MI
SCELLANEOUS

743 Al
ter
ati
onandappl
i
cat
ionofSchedul
es,
tabl
esandf
orms.

744 Enf
orcementofdut
yofcompanyt
omaker
etur
nst
oCommi
ssi
on.

745 Powerofcompanyt
opr
ovi
def
orempl
oyeesoncessat
ionort
ransf
erofbusi
ness.

PARTC:THELI
MITEDLI
ABI
LITYPARTNERSHI
P

CHAPTER1— NATUREOFLI
MITEDLI
ABI
LITYPARTNERSHI
P

746 Li
mit
edl
i
abi
l
itypar
tner
shi
ptobebodycor
por
ate.

747 Par
tner
s.

748 Mi
nimum numberofpar
tner
s.

749 Desi
gnat
edpar
tner
.

750 Li
abi
l
iti
esofdesi
gnat
edpar
tner
s.
751 Changesi
ndesi
gnat
edpar
tner
s.

752 Penal
tyf
orcont
rav
ent
ionofsect
ions749-751.

CHAPTER2— INCORPORATI
ONOFLI
MITEDLI
ABI
LITYPARTNERSHI
PAND
INCI
DENTALMATTERS

753 I
ncor
por
ati
ondocument
s.

754 I
ncor
por
ati
onbyr
egi
str
ati
on.

755 Regi
ster
edof
fi
ceofl
i
mit
edl
i
abi
l
itypar
tner
shi
pandchanget
her
ein.

756 Ef
fectofr
egi
str
ati
on.

757 Name.

758 Reser
vat
ionofnameandchangeofname.

759 Penal
tyf
ori
mpr
operuseofwor
ds,
li
mit
edl
i
abi
l
itypar
tner
shi
porLLP.

760 Publ
i
cat
ionofnameandl
i
mit
edl
i
abi
l
ity
.

CHAPTER3— PARTNERSANDTHEI
RRELATI
ONS

761 El
i
gibi
l
ityt
obepar
tner
s.

762 Rel
ati
onshi
poft
hepar
tner
s.

763 Cessat
ionofpar
tner
shi
pint
erest
.

764 Regi
str
ati
onofchangesi
npar
tner
s.

CHAPTER4— EXTENTAND LIMI

TATI
ON OFLI
ABI
LITYOFLI
MITED LI
ABI
LITY
PARTNERSHI
PANDPARTNERS

Par
tnerasagent
.
765

766 Ext
entofl
i
abi
l
ityofl
i
mit
edl
i
abi
l
itypar
tner
shi
p.

767 Ext
entofl
i
abi
l
ityofpar
tner
.

768 Hol
dingout
.

769 Unl
i
mit
edl
i
abi
l
ityi
ncaseoff
raud.

CHAPTER5— CONTRI
BUTI
ONS
770 For
m ofcont
ri
but
ion.

771 Obl
i
gat
iont
ocont
ri
but
e.

CHAPTER6—FI
NANCI
ALDI
SCLOSURES

772 Mai
ntenanceofbooksofaccount
s,ot
herr
ecor
dsandaudi
t.

773 Annual
ret
urn.

CHAPTER7—ASSI
GNMENTANDTRANSFEROFPARTNERSHI
PRI
GHTS

774 Par
tner
'st
ransf
erabl
eint
erest
.

CHAPTER8—I
NVESTI
GATI
ON

775 I
nvest
igat
ionoft
heaf
fai
rsofl
imi
tedl
iabi
li
typar
tner
shi
p.

776 Appl
i
cat
ionbypar
tner
sfori
nvest
igat
ion.

777 Fi
rm,
bodycor
por
ateorassoci
ati
onnott
obeappoi
ntedasi
nspect
or.

778 Powerofi
nspect
orst
ocar
ryouti
nvest
igat
ioni
ntoaf
fai
rsofr
elat
edent
it
ies,
etc.

779 Pr
oduct
ionofdocument
sandev
idence.

780 Sei
zur
eofdocument
sbyi
nspect
or.

781 I
nspect
or'
srepor
t.

782 Powert
obr
ingci
vi
lpr
oceedi
ngsonl
i
mit
edl
i
abi
l
itypar
tner
shi
p'
sbehal
f.

783 Cri
minalpr
oceedi
ngsandot
herpr
oceedi
ngsbyt
heAt
tor
ney
-Gener
aloft
he
Feder
ati
on.

784 Poweroft
heCommi
ssi
ont
opr
esentwi
ndi
ng-
uppet
it
ion.

785 Expensesofi
nvest
igat
ion.

786 Appl
i
cat
ionf
orwi
ndi
ngupofl
i
mit
edl
i
abi
l
itypar
tner
shi
p.

787 I
nspect
or'
srepor
ttobeev
idence.
 CHAPTER9— FOREI
GNLI
MITEDLI
ABI
LITYPARTNERSHI
P

788 For
eignl
i
mit
edl
i
abi
l
itypar
tner
shi
ps.

CHAPTER10— WI
NDI
NGUPANDDI
SSOLUTI
ON

789 Wi
ndi
ngupanddi
ssol
uti
on.

790 Ci
rcumst
ancesi
nwhi
chl
i
mit
edl
i
abi
l
itypar
tner
shi
pmaybewoundupbyCour
t.

CHAPTER11—MI
SCELLANEOUS

791 Di
scl
osur
eofsi
gni
fi
cantcont
rol
inal
i
mit
edl
i
abi
l
itypar
tner
shi
p.

792 Busi
nesst
ransact
ionsofpar
tnerwi
thl
i
mit
edl
i
abi
l
itypar
tner
shi
p.

793 Poweroft
heCommi
ssi
ont
ost
ri
kedef
unctl
i
mit
edl
i
abi
l
itypar
tner
shi
pof
fregi
ster
.

794 Powert
omaker
ules.

PARTD— THELI
MITEDPARTNERSHI
P

CHAPTER1— NATUREOFLI
MITEDPARTNERSHI
P
795 Const
it
uti
onofl
i
mit
edpar
tner
shi
ps.

796 Par
tner
sinal
i
mit
edpar
tner
shi
p.

CHAPTER 2— REGI
STRATI
ON OFLI
MITED PARTNERSHI
P AND I
NCI
DENTAL
MATTERS

797 Li
mit
edpar
tner
shi
ptober
egi
ster
ed.

798 Appl
i
cat
ionf
orr
egi
str
ati
on.

799 Cer
ti
fi
cat
eofr
egi
str
ati
on.

800 Regi
str
ati
onofchangesi
npar
tner
shi
p.

801 Noti
ceofchangei
nst
atusofgener
alpar
tnerorassi
gnmentofshar
eofl
i
mit
ed
par
tner
.

802 Nameofl
i
mit
edpar
tner
shi
p.
803 Reser
vat
ionofnameandchangeofnameofl
i
mit
edpar
tner
shi
p.

804 Penal
tyf
ori
mpr
operuseofwor
ds"
li
mit
edpar
tner
shi
p"or"
LP"
.

805 Commi
ssi
ont
okeepr
egi
ster
.

806 Modi
fi
cat
ionofgener
all
awi
ncaseofl
i
mit
edpar
tner
shi
ps.

807 Appl
i
cat
ionofPar
tC.

808 Lawast
opr
ivat
epar
tner
shi
pst
oappl
ywher
enotexcl
udedbyt
hisAct
.

809 I
nspect
ion,
etc.ofdocument
s.

810 Li
abi
l
ityf
orf
alsest
atement
.

PARTE:
BUSI
NESSNAMES

CHAPTER1—ESTABLI
SHMENTOFBUSI
NESSNAMESREGISTRY;
APPOI
NTMENT
ANDFUNCTI
ONSOFHEADOFOFFICEANDOTHEROFFI
CERS

811 Est
abl
i
shmentofbusi
nessnamesr
egi
str
yineachst
ate.

812 Appoi
ntmentofheadofof
fi
ceandot
herof
fi
cer
sofbusi
nessnamesr
egi
str
y.

813 Funct
ionsoft
heheadofof
fi
ce.

CHAPTER2—REGI
STRATI
ONOFBUSI
NESSNAMES

814 Regi
str
ati
onofbusi
nessnames.

815 Pr
ocedur
eforr
egi
str
ati
on.

816 Ent
ryofbusi
nessnamei
nther
egi
ster
.

817 Cer
ti
fi
cat
eofr
egi
str
ati
on.

818 Regi
str
ati
onofchanges.

CHAPTER3—REMOVALOFBUSI
NESSNAMEFROM REGI
STER

819 Remov
alofnamef
rom r
egi
ster
.

CHAPTER4—MI
SCELLANEOUSANDSUPPLEMENTAL

820 Publ
i
cat
ionoft
ruename.
821 Li
abi
l
ityofper
soni
ndef
aul
t.

822 Annual
ret
urns.

PARTF—I
NCORPORATEDTRUSTEES

823 CHAPTER1—I
NCORPORATEDTRUSTEES

I
ncor
por
ati
onoft
rust
eesofcer
tai
ncommuni
ti
es,
bodi
esandassoci
ati
ons.

824 Cl
assi
fi
cat
ionofassoci
ati
ons.

825 Met
hodofappl
i
cat
ion.

826 Qual
i
ficat
ionoft
rust
ees.

827 Const
it
uti
on.

828 Adv
ert
isementandobj
ect
ions.

829 Regi
str
ati
onandcer
ti
fi
cat
e.

830 Ef
fectofr
egi
str
ati
onandcer
ti
fi
cat
e.

831 Rel
atedassoci
ati
ons.

CHAPTER2—CHANGESI
NREGI
STEREDPARTI
CULARSOFI
NCORPORATED
TRUSTEES

832 Changeofnameorobj
ect
.

833 Al
ter
ati
onofpr
ovi
si
onsoft
heconst
it
uti
on.

834 Repl
acementandappoi
ntmentofaddi
ti
onal
trust
ees.

835 Changesi
ncont
rav
ent
ionofcer
tai
npr
ovi
sionsoft
hisPar
toft
hisAct
.

CHAPTER3—COUNCI
L,POWERS,
INCOMEANDPROPERTY

836 Counci
lorgov
erni
ngbody
.

837 Exer
ciseofpower
soft
rust
ee.

838 Appl
i
cat
ionofi
ncomeandpr
oper
ty.
 CHAPTER 4 — SUSPENSI
ON OF TRUSTEES,APPOI
NTMENT OF I
NTERI
M
MANAGERS,ETC.

839 Suspensi
onoft
rust
ees,
etc.
,appoi
ntmentofi
nter
im manager
,et
c.

CHAPTER5—COMMONSEALANDCONTRACT

840 Commonseal
.

841 Cont
ractofcor
por
atebody
.

CHAPTER6—ACCOUNTSANDANNUALRETURNS

POWERTODI
RECTTRANSFEROFCREDI
TINDORMANTBANK

842 Account
sofdi
ssol
vedi
ncor
por
atedt
rust
ees.

843 Account
swhi
chceaset
obedor
mantbef
oret
ransf
er.

844 Dor
mantbankaccount
s:suppl
ement
ary
.

845 Bi
-annual
stat
ementofaf
fai
rs.

846 Account
ingr
ecor
dsandst
atementofaccount
s.

847 Pr
eser
vat
ionofaccount
ingr
ecor
ds.

848 Annual
ret
urns.

CHAPTER7—MERGERANDDI
SSOLUTI
ON

849 Mer
gerofassoci
ati
ons.

850 Di
ssol
uti
onofacor
por
atebodyf
ormedundert
hisAct
.

PARTG—GENERAL

CHAPTER1—ESTABLI
SHMENT,
ETC.OFADMI
NISTRATI
VEPROCEEDI
NGS
COMMITTEE

851 Est
abl
i
shment
,et
c.ofadmi
nist
rat
ivepr
oceedi
ngscommi
tt
ee.
852 Pr
ohi
bit
edandr
est
ri
ctednames.

853 Dut
ytoseekcomment
sofgov
ernmentdepar
tmentorot
herbody
.

854 Per
mit
tedchar
act
ers.

855 Mi
sl
eadi
ngi
nfor
mat
ion,
etc.

856 Mi
sl
eadi
ngi
ndi
cat
ionofact
ivi
ti
es.

857 Obj
ecti
ontother
egist
erednameofacompany,l
i
mitedl
i
abi
l
itypar
tner
shi
p,l
i
mit
ed
par
tner
shi
p,busi
nessnameorincor
por
atedt
rust
ees.

858 Deci
sionofadmi
nist
rat
ivepr
oceedi
ngscommi
tt
eet
obemadeav
ail
abl
etot
he
publ
i
c.

CHAPTER3—MI
SCELLANEOUSANDSUPPLEMENTAL

859 Resubmi
ssi
onofl
ostordest
roy
edr
egi
ster
eddocument
s.

860 El
ect
roni
cdocument
s.

861 Pr
eser
vat
ionofdocument
sandi
nspect
ion.

862 Penal
tyf
orf
alsest
atement
sori
nfor
mat
ion.

863 Penal
tyf
orcar
ryi
ngonbusi
nesswi
thoutr
egi
str
ati
on.

864 Ret
ent
ionofr
ecor
dsar
chi
vedi
nsof
tcopi
es.

865 Accesst
opr
emi
ses,
etc.

866 Powert
ocompoundof
fences.

867 Regul
ati
ons.

868 I
nter
pret
ati
on.

869 Repeal
andsav
ings.

870 Ci
tat
ion.

Schedul
es
 COMPANI
ESANDALLI
EDMATTERSACT,
2019

ABi
l
l

For

An Actt orepealt he Companies and All

ied Matter
s Act,Cap.C20,Laws oft he
Federat
ionofNigeria,2004andenactt heCompani esandAl l
i
edMat ter
sAct,2019to
provi
de forthe incorporat
ion ofcompani es,li
mi t
ed li
abi
li
ty par
tner
shi
ps,limi
ted
part
nershi
ps,r
egistrat
ionofbusinessnamest ogetherwithi
ncorpor
ati
onoftrust
eesof
cert
aincommunities,bodi
es,associat
ions;
andf orrel
atedmatter
s.

[ ] Commencement

ENACTEDbyt
heNat
ional
Assembl
yoft
heFeder
alRepubl
i
cofNi
ger
ia—

PARTA-CORPORATEAFFAI
RSCOMMI
SSI
ON

1.(
1)Ther
eisest
abl
i
shedtheCor
por
ateAf
fai
rsCommi
ssi
on(
int
hisActr
efer
red Est
abl
i
shmentofthe
toas“t
heCommissi
on”
). Cor
porat
eAff
air
s
Commissi
on.

(
2)TheCommi
ssi
on—

(
a)i
sabodycor
por
atewi
thper
pet
ual
successi
onand
acommonseal
;

(
b)maysueandbesuedi
nit
scor
por
atename;
and

(
c)mayacquir
e,hol
d ordisposeofanyproper
ty,
movabl
e or i
mmov abl
e,for t
he pur
pose of
per
for
mingi
tsf
unct
ions.

(
3)TheheadquarteroftheCommi ssionshal
lbeint
heFeder
alCapi
talTerr
it
ory
,
Abuja,andthereshallbeest
ablishedanoffi
ceoft
heCommi ssi
oni neach
Stat
eoft heFederat
ion.

2.(
1)Thereisestabl
ishedf
ortheCommi ssi
on,aGoverningBoar
d( i
nthisAct Est
abli
shmentof
Gov
erni
ngBoardof
refer
redtoas“ t
heBoard”
)whichshallber
esponsiblef
orperf
ormingthe
t
heCommi on.
ssi
functi
onsoftheCommissi
on.

(
2)TheBoar
dshal
lconsi
stof
-
(
a)achai rmanwhoi sappoi nt
edbyt hePr esi
denton
ther ecommendat i
onoft heMi nister,andwho,by
reason ofhi s abil
it
y,experience orspeci al
i
sed
knowl edge ofcorporate,industr i
al,commer cial
,
fi
nanci al or economic mat ters, business or
professionalattai
nment ,is capabl e ofmaki ng
outstanding contr
ibuti
ons tot he wor k of the
Commi ssion;

(
b)oner
epr
esent
ati
veoft
he–

(
i) businesscommuni ty
,appoi
ntedbythe
Ministeront herecommendationoft
he
Nigerian Associ
ation ofChambers of
Commer ce, Industri
es, Mines and
Agricult
ure,

(
ii
) l
egal prof
essi
on, appoi
nted by t
he
Mini
sterontherecommendati
onoft
he
Ni
geri
anBarAssociati
on,

(
ii
i) accountancypr of
ession,appoi
nted by
the Minister aft
er consul
tati
on with
prof
essionalbodiesofaccount ant
sas
areestabli
shedbyAct soft heNati
onal
Assembl y
,

(
iv) I
nsti
tut
eofChar ter
edSecr etar
iesand
Admini
strator
sofNigeri
a,appoi
ntedby
theMini
sterontherecommendat i
onof
theI
nsti
tute,

(
v) Nigerian Associati
on of Smal l and
Medi um Enterpr
ises,appoi
ntedbyt he
Ministerontherecommendat ionofthe
Associ at
ion,

(
vi) Manuf act
urer
sAssociat
ion ofNiger
ia,
appointed by the Minist
er on the
recommendat i
onoft
heAssociati
on,

(
vii
) Secur
it
ies and Exchange Commissi
on
notbelow ther
ankofaDi rect
ororit
s
equi
val
ent,and

(
vii
i
) each of t
he Feder
al Mi
nist
ri
es of
 I
ndustry,TradeandInvest
ment,Just
ice
andFinancewhoshal lnotbebel
owt he
rankofDirector
;and

(c)theRegi
str
ar-Gener
aloft
heCommi ssion.
3.(
1)Subjecttot heprovi
sionsofsubsection( 2),aper sonappoint
edasa Tenureofoffi
ceand
v
acancyont
heBoard.
memberoft heBoard(notbei
nganex-offi
ciomember )shal
lhol
doffi
cefor
ater
m ofthreeyear
sandmaybeel igi
bleforre-appointmentf
oronefurt
her
t
erm ofthr
eeyearsandnomor e

(
2)TheMi ni
stermay,wit
ht heapprovaloft hePr esident,atanyt
imer emove
anymemberoft heBoardfrom off
iceiftheMi nisterisoftheopi
nionthati
t
i
snoti ntheinter
estoft heCommi ssionf ort hemembert ocontinuein
off
iceandshal
lnoti
fyt
hememberi nwr i
ti
ngt ot hateffect
.

(
3)Themember
softheBoar
dexceptt
heRegi
str
ar-
Gener
alshal
lbepar
t-
ti
me
member
soft
heBoard.

(
4)Amemberoft
heBoar
dceasest
ohol
dof
fi
cei
f-

(
a)her esi
gnshisappoi
ntmentasamemberoft he
Boar
dbyt hreemonthnoticeunderhi
shandand
addr
essedtotheMini
ster
;

(
b)hebecomesofunsoundmi
ndori
sincapabl
eof
di
schar
ginghi
sdut
ies;

(
c)hebecomesbankr
uptorhasmadear
rangement
wi
thhi
scr
edi
tor
s;

(
d)he is conv
ict
ed ofa felony orany of
fence
i
nvol
vi
ngfr
audordi
shonest
y;

(
e)hei sgui
l
tyofser
iousmi
sconductr
elat
ingt
ohi
s
dut
ies;
or

(
f)i n t he case of a per son who possesses
professionalquali
fi
cati
ons,he is di squal
ifi
ed or
suspendedf rom practi
singhispr ofessioninany
partofNi geri
a byan or derofanycompet ent
authorit
ymadei nrespectofhim personally
.

(
5)Ther
eisv
acancyont
heBoar
difamember
-

(
a)di
es;
 (
b)isr emov ed f
rom of
fi
ce i
n accor
dance wi
th
subsect
ion(2)
;

(
c)r
esi
gnsfr
om of
fi
cei
naccor
dancewi
thsubsect
ion
(
4)(
a);or

(
d)compl
eteshi
stenur
eofof
fi
ce;
or

(
e) ceases to hol
d of f
ice in accor
dance wi
th
paragr
aphs(b)t
o(f)ofsubsect
ion(4)
.

(
6)A v acancyont heBoar dshallbefi
ll
edbyt heappoi ntmentofanother
persontothevacantoff
iceinaccor
dancewit
ht heprov
isionsoft
hisAct,as
soonasi ti
sreasonabl
ypracti
cabl
eaft
ertheoccurr
enceofsuchv acancy
.

(
7)Wher eav acancyontheBoardiscreat
edasar esultofdeath,r
emov alor
resi
gnationofamemberoft heBoar
d,arepl
acementoftheimmedi at
epast
membershal lbe appoi
nted t
o complet
et he unexpi
red peri
od ofhi s
predecessor’
ster
m ofoff
ice.

4.TheBoar
dshal
l
- Functi
onsoft
he
Board.

(
a)r eview andprovi
degeneralpoli
cygui
del
i
nesfor
performingofthefunct
ionsoftheCommissi
onin
accor dance wi
thinter
nati
onalcommerci
albest
practice;

(
b)havegener
alover
sightont
headmi
nist
rat
ionof
t
heCommissi
on;

(
c)r ev
iew and appr
ovet
hest
rat
egi
cpl
ansoft
he
Commission;

(
d)r eceiv
eandconsidermanagementr
epor
tsand
advisetheMi
nist
eront
herepor
ts;

(
e)determinetheter
msandcondi
ti
onsofser
viceof
employeesoftheCommi
ssi
on;

(
f)fi
xt heremunerat
ion,al
l
owancesandbenef itsof
employees ofthe Commi ssi
on,in consul
tati
on
wit
ht he Nati
onalSalar
ies,Income and Wages
Commi ssi
on;

(
g)ensur
ecompl
i
ancewi
tht
hepr
ovi
sionsoft
hisAct
;
and
 (
h)dosuchot herthi
ngsasar enecessar
ytoensure
t
he eff
ect
ive and ef
fi
cientperformance ofthe
f
unct
ionsoftheCommi ssi
on.

5.Member
softheBoardappoi
ntedundersect
ion2(
2)(a)-(b)shal
lbepai
dsuch Remunerat
ionand
al
l
owancesof
r
emuner
ati
onandall
owancesastheMinist
ermay,
from t
imet oti
me,di
rect
. members.

6.(
1)Subj
ectt
othissect
ionandsecti
on27oftheInt
erpr
etat
ionAct
,theBoar
d Proceedi
ngsoft
he
Board.
maymakest
andingorder
sregul
ati
ngi
tspr
oceedi
ngs.
Cap.I
23,
LFN,
2004.
(
2)TheChai r
manshallpr
esideatev erymeeti
ngoftheBoar dbut
,inhis
absence,themember
spresentshal
lelectoneoft
hem pr
esentt
opresi
deat
themeeting.

(
3)Thequor
um f
ormeet
ingsoft
heBoar
disf
ive.

(
4)TheBoardmayappoi
ntanyofi
tsof
fi
cer
stoactassecr
etar
yatanyofi
ts
meet
ings.

7.(
1)A memberoft heBoar dwhoi sdir
ectlyinterest
edi nanycompanyor Discl
osur
eofi
nter
est
.
enter
prise,t
heaf fai
rsofwhi charebei
ngdel iber
ateduponbyt heBoard,or
i
si nt
erestedinanycont ractmadeorpr oposedt obemadebyt heBoar d
shall
,as soon as possi bl
e afterthe relevantfacts hav
e come to his
knowledge,discl
oset henatureofhi
sinterestatameet i
ngoftheBoard.

(
2)Adiscl
osur
e,undersubsect
ion(
1),shal
lber
ecor
dedi
nthemi
nut
esoft
he
Boar
d,andthemembershall
-

(
a)nott ake part
,aftersuch disclosur
e,i n any
deli
ber
ationordeci
sionoftheBoardwithregardto
thesubjectmatt
erinrespectofwhichhisinter
est
i
sdiscl
osed;and

(
b)beexcluded f
orthepurposeofconsti
tut
ing a
quor
um oftheBoar
dforanysuchdel
iber
ati
onor
deci
si
on.

8.(
1)Thef
unct
ionsoft
heCommi
ssi
onshal
lbet
o- Funct
ionsofthe
Commi ssi
on.

(
a)admini
stert
his Act
,incl
udi
ng t
he r
egi
str
ati
on,
r
egul
ati
onandsuperv
isi
onof-

(
i)the f
ormati
on,i
ncor
por
ati
on,management
,
st
ri
ki
ngoffandwi
ndi
ngupofcompani
es,
 (
ii
)businessnames,managementandr
emov
al
ofnamesfr
om t
heregi
ster
,and

(
ii
i)the f
ormat
ion,i
ncor
por
ati
on,management
anddi
ssol
uti
onofi
ncor
por
atedtr
ust
ees;

(
b)establ
ishandmai ntai
nacompany ’sregi
str
yand
off
iceineachStateoft heFeder
ati
onsui t
abl
yand
adequat
elyequi
ppedt operf
ormit
sf uncti
onsunder
thi
sActoranyotherlaw;

(
c)ar r
ange orconductan invest
igat
ion intot he
aff
air
sofanycompany ,incor
poratedtrusteesor
busi
nessnameswheretheint
erestofshareholders,
member s,
par
tner
sorpubl
icsodemands;

(
d) ensure compli
ance by companies,business
names and i ncorpor
ated tr
ustees with t he
prov
isi
onsofthi
sActandsuchotherregul
ati
onsas
maybemadebyt heCommi ssi
on;

(
e)per
for
m suchot
herfunct
ionsasmaybespeci
fi
ed
i
nthi
sActoranyot
herlaw;and

(
f)undert
akesuchotheracti
vit
iesasarenecessar
y
orexpedi
entt
ogivefullef
fecttotheprov
isi
onsof
thi
sAct.
Cap.I
23,
LFN,
2004.
(
2)Nothi
ngi nthi
ssecti
onaffect
sthepower s,duti
esorj ur
isdi
cti
onofthe
Secur
it
ies and Exchange Commission under the Invest
ments and
Secur
it
iesAct(
oranyamendmenttheretoorre-
enactmentther
eof)
.

9.(
1)TheCommi
ssi
onshal
lappoi
ntaRegi
str
ar-
Gener
alwho– Appoi
ntmentof
Regi
str
ar-
Gener
al.

(
a)i
squali
fi
edt
opr
act
iceasal
egalpr
act
it
ioneri
n
Ni
ger
ia;

(
b)hasbeensoqual
i
fiedf
oratl
east10y
ear
s;and

(
c)i
naddit
ion,hashadexper
ienceincompanylaw
pr
act
iceoradmini
str
ati
onf
oratleastei
ghty
ears.

(
2)TheRegi
str
ar-
Gener
al–

(
a)i
stheChi
efExecut
iveoft
heCommi
ssi
on;
 (
b)i
ssubj
ectt
othedir
ect
ivesoft
heBoar
dandshal
l
hol
dof
fi
ceonsuch–

(
i) ter
ms and condit
ions as may be
speci
fi
ed i
n hi
slet
terofappoi
ntment
,
and

(
ii
) othertermsandconditi
onsasmaybe
determined by the Boar
d wi
th t
he
approvaloft
hePresi
dent
.

(
3)The Registr
ar-
Generali
sthe account
ing of
fi
cerfort he pur
pose of
cont
rol
l
inganddi
sbursi
ngamount
sfrom t
heFundest
abli
shedundersect
ion
13.

10.TheCommi ssi
onmayappointsuchotherst
affasi
tmaydeem necessar
yfor Appoi
ntmentofst
aff
.
t
heeff
ici
entperf
ormanceoft
hefunct
ionsoftheCommissi
onunderthi
sAct.

11.Not wit
hstandingthepr ovi
sionsofanyenact menttothecont rary
,aperson Righttoappeari
n
Cour
t.
appointedtot heof f
iceofRegi st
rar-
Gener alundersect
ion9oft hi
sActora
personappoi nt
edundersect i
on10oft hisActwhoi salegalpracti
ti
onershall
,
while so appointed,be entitl
ed tor epresentthe Commi ssi
on as a legal
practi
ti
onerfort hepurposeandi nthecour seofhisemploy
ment .

12.(
1)Servi
ceintheCommi ssi
onshal lbeappr ovedserv i
ceforthepurposeof Serviceinthe
Commi ssi
ontobe
thePensionsReform Act( oranyamendmentt heret
oorr e-
enactment pensi
onable.
ther
eof)andaccor dingl
y,of f
icersandot herper sonsempl oyedint he
Commi ssi
onare,inrespectoft heirser
viceint
heCommi ssionentit
ledto ActNo.4,2014.
pensi
ons,grat
uit
iesandot herr etir
ementbenefi
tsasdet erminedint he
Commi ssi
on’
scondi t
ionsofser vice.

(
2)Nothingi
nt hi
sActshallpreventt
heappointmentofapersont
oanyof
fi
ce
on terms int he Commi ssion whi
ch precl
ude the gr
antofpensi
on
contr
ibut
ionsorgratui
ty.

13.TheCommissionshal
lest
abl
i
shaf
und(
int
hisActr
efer
redt
oas“
theFund”
) Fundoft
he
Commi on.
ssi
whi
chshal
lconsi
stof–

(
a)moneyasmaybeal
l
ocat
edt
oitbyt
heFeder
al
Gov
ernment
;and

(
b)suchothermoneyasmayaccr
uet
oiti
nthe
per
for
manceofi
tsf
unct
ions.

14.TheCommi
ssi
onmayappl
ythepr
oceedsoft
heFund– Expendit
ureoft
he
Commi ssi
on.
 (
a)t
othecostofadmi
nist
rat
ionoft
heCommi
ssi
on;

(
b)f orre-
imbursingmember soft heBoar dorany
Commi t
teesetupbyt heBoardf orsuchexpenses
asmaybeaut hor
isedorappr
ov edbyt heBoard,i
n
accor
dancewi ththerateapprovedint hatbehal
f
bytheMinist
er;

(
c) t o the pay
ment of sal
ari
es,fees or ot
her
remunerat
ion or all
owances, pensi
ons and
gratui
ti
es payabl
e t
o t he empl
oyees of the
Commi ssi
on;

(
d)forthemaint
enanceofanyproper
tyacqui
redor
v
estedi
ntheCommi ssi
on;
and

(
e)f oranypur
poserel
ate
dtothef
unct
ionsoft
he
Commissi
onundert
hisAct
.

15.(
1)Thef i
nanci
alyearoft
heCommi ssi
onstart
sonthe1stdayofJanuar
yand Annualaccount
s,
audi
tandestimates.
endont he31stdayofDecemberofthesameyearoranytimeasmaybe
prescr
ibedbyFinanci
alRegul
ati
onsissuedbyt
heFederalGover
nmentof
Nigeri
a.

(
2)The Commissi
on shal
lkeep properaccount
s and recor
ds i
nr el
ati
on
t
heret
oandshal
lprepar
einrespectofeachyearastat
ementofaccounts
i
nsuchfor
m asmaybepr escr
ibedbytheFinanci
alReport
ingCounci
lof
Ni
geri
a.

(
3) Theaccount soft heCommi ssionshallbeaudi t
ed,notlaterthansi x
monthsaf t
ertheendoft heyear,
byaudi t
orsappoint
edbytheCommi ssi
on
fr
om t helistandinaccor dancewi thguidel
inesissuedbyt heAudi t
or-
GeneralfortheFederat
ion,andthef eesoftheauditor
sandt heexpenses
oftheauditgener
all
yshal l
bepaidf r
om thefundsoftheCommi ssi
on.

(
4)TheCommi ssi
onshall,notl
aterthan30thSept
emberineachyear,
causeto
beprepar
edanest i
mateoftheexpenditureandincomeoftheCommi ssi
on
dur
ingthenextsucceedingyearandshallbesubmitt
edt
ot heMini
ster
.

16.TheCommi ssi
onshall,notlat
erthan30th Juneineachyear,submittothe Annualreport
.

Minist
erar epor
tont heact i
vit
iesoftheCommi ssi
onduri
ngt heimmediate
pr
ecedingyear,insuchf or
m asmaybepr escr i
bedbytheMinisterandshal
l
i
ncludeinsuchreportt
heauditedaccount
soft heCommi ssi
on.
17.(
1)A sui tshal
lnotbecommenced agai
nsttheCommi ssi
on befor
et he Pre-
acti
onnot
iceand
rest
ri
cti
ononl
evyof
expi
rat
ionof30daysaf
terawri
tt
ennoti
ceofintenti
ontocommencet he execut
ion.
sui
tisservedupont
heCommissi
onbythei
ntendingplai
nti
fforhi
sagent.

(
2)Thenot
icer
efer
redt
oinsubsect
ion(
1)shal
lcl
ear
lys
tat
ethe-

(
a)causeofact
ion;

(
b)par
ti
cul
arsoft
hecl
aim;

(
c)nameandpl
aceofabodeoft
hei
ntendi
ngpl
aint
if
f;and

(
d)r
eli
efsought
.

PARTB-I
NCORPORATI
ONOFCOMPANI
ESANDI
NCI
DENTALMATTERS

CHAPTER1:FORMATI
ONOFCOMPANY

18.(
1)Asf r
om thecommencementoft hi
sAct,anytwoormor
epersonsmay Rightt
ofor
ma
f
orm andincor
porateacompanybycompl y
ingwit
hther
equi
rement
sof company.
t
hisActi
nrespectofregi
str
ati
onoft
hecompany.

(
2)Notwithst
andi
ngsubsect
ion(1)
,onepersonmayform andincor
poratea
pri
vat
ecompanybycompl yi
ngwitht
herequi
rement
softhisActinrespect
ofpri
vatecompani
es.

(
3)Acompanymaynotbef
ormedori
ncor
por
atedf
oranunl
awf
ulpur
pose.

19.(
1)Noassoci ati
on,orpar
tnershi
pconsi
sti
ngofmor ethan20per sonsshall
be Associationand
part
nershipofmore
for
medf orthepurposeofcarryi
ngonanybusi nessforprofi
torgainbyt he than20member s
associ
ation,orpart
nershi
p,orbytheindi
vidualmember sthereof,unl
essit whenpermi t
ted.
i
sr egi
steredasacompanyundert hisAc t,orisformedinpur suanceof
someot herenactmentsinfor
ceinNigeri
a.

(
2)Not
hingi
nthi
ssect
ionshal
lappl
yto-

(
a)any co-
operat
ive soci
etyr
egister
ed underthe
pr
ovi
si
onsofanyenactmenti
nforceinNiger
ia;
or

(
b)anypartner
shi
pfort
hepur
poseofcar
ryi
ngon
pr
act
ice-

(
i)as l
egalpract
it
ioner
s,byper sons each of
whom i
salegalpract
it
ioner
,or

(
ii
)asaccount
ant
sbyper
sonseachofwhom i
s
 ent
it
ledbyl
awt
opr
act
iseasanaccount
ant
.

(
3)Ifatanyt i
met henumberofmember sofanassoci ati
onorpart
nership
exceeds20i ncont raventi
onofthissecti
onandi tcarr
iesonbusi
nessf or
moret han14day swhilethecont
ravent
ionconti
nues,eachper
sonwhoi sa
memberoft hecompany ,associ
ationorpart
nershi
pdur i
ngtheti
mei tso
carr
iesonbusi nessi sli
abletoafineasprescr
ibedbyt heCommissi
onf or
everydayduringwhi chthedefaul
tconti
nues.

20.(
1)Subj
ectt
osubsecti
on(2)
,ani
ndi
vi
dualshal
lnotj
oini
nthef
ormat
ionofa Capaci
tyofi
ndi
vi
dual
companyundert
hisActi
fhei
s- tofor
m company.

(
a)l
esst
han18y
ear
sofage;

(
b)ofunsoundmi ndandhasbeensof
oundbya
cour
tinNi
ger
iaorel
sewher
e;

(
c)anundi
schar
gedbankr
upt
;or

(
d)disqual
i
fiedundersecti
ons281and283oft
his
Actf
rom bei
ngadirect
orofacompany
.

(
2)Apersonshal
lnotbedi squal
i
fiedundersubsect
ion(1)(
a),i
ft woot
her
per
sonsnotdisqual
i
fiedundert hatsubsect
ionhavesubscr
ibedtothe
memorandum.

(
3)Acorporat
ebodyi
nli
qui
dat
ionshal
lnotj
oini
nthef
ormat
ionofacompany
undert
hisAct
.

(
4)Subjecttotheprovi
si
onsofanyenact mentr
egulat
ing t
her ight
sand
capaci
tyofal
ienst
ounder
takeorpart
ici
pat
eint
radeorbusiness,anal
i
en
oraforei
gncompanymayj
oininfor
mingacompany.

21.(
1)Ani
ncor
por
atedcompanymaybeacompany
- Ty
pesofcompani
es.

(
a)hav ingtheli
abi
li
tyofitsmember sl
i
mitedbythe
memor andum ofassoci
ati
ontotheamount,i
fany,
unpaidonthesharesrespect
ivel
yhel
dbythem (i
n
thi
s Act r ef
err
ed as “ a company l
i
mi t
ed by
shares”)
;

(
b)hav i
ngt heli
abi
li
tyofit
smember sli
mitedbythe
memor andum ofassoci
ati
ont osuchamountas
the member s may respect
ively undert
ake to
contr
ibut
et otheassetsoft hecompanyi nthe
eventofitsbei
ngwoundup( i
nt hi
sActreferr
edto
 as“
acompanyl
i
mit
edbyguar
ant
ee”
);or

(
c)nothavi
nganyli
mitontheli
abi
li
tyofi
tsmembers
(
int
hisActr
efer
redtoas“anunl
i
mi t
edcompany
”).

(
2)Acompanyofanyoft
heset
ypesmayei
therbeapr
ivat
ecompanyora
publ
i
ccompany
.

22.(
1)Pri
vat
ecompanyisonewhi
chi
sst
atedi
nit
smemor
andum ofassoci
ati
on Pr
ivat
ecompany
.
t
obeapriv
atecompany.

(
2)Subjecttotheprovi
sionsofthear
ti
cles,
apr i
vat
ecompanymayr
est
ri
ctt
he
t
ransferofi
tssharesandalsoprov
idethat-

(
a)thecompanyshallnot,wit
houtt
heconsentofal
l
i
tsmember s,sel
lassetshav i
ngav al
ueofmor e
than 50% ofthe tot
alv al
ue ofthe company’
s
asset
s;

(
b)amembershal lnotsel
lthatmember’
ssharesi n
the company to a non-member,without fi
rst
off
eri
ngthoseshar
estoexist
ingmembers;and

(
c) a member ,or a gr oup of member s acting
together,shal
lnotselloragr eetosellmor ethan
50%oft hesharesi
nthecompanyt oaper sonwho
i
snott henamember ,unlessthatnon-
memberhas
offeredt obuyallt
heexi sti
ngmember s’i
nterests
ont hesamet er
ms.

(
3)Thet otalnumberofmember sofapr i
vat
ecompanyshal lnotexceed50,
notincludi
ngpersonswhoar ebonafideintheemploy
mentoft hecompany,
or wer e,whi l
ei nt hat employ
ment and hav e continued aft
er t
he
determinati
onofthatemployment,t
obemember softhecompany.

(
4)Wheretwoormorepersonshol
doneormor eshar
esi
nacompanyj
oint
ly,
t
heyshal
l
,fort
hepur
poseofsubsect
ion(
3),
betreat
edasasi
ngl
emember.

(
5)Apr
ivat
ecompanyshal
lnot
,unl
essaut
hor
isedbyl
aw,
inv
itet
hepubl
i
cto-

(
a)subscr
ibe f
orany shar
e ordebent
ure oft
he
company
;or

(
b)depositmoneyforfi
xedperi
odsorpay
abl
eatcal
l
,
whetherornotbear
ingi
nter
est
.
23.(
1)Subjecttosubsecti
on( 2),wheredef aul
tismadei ncompl y
ingwithanyof Consequencesof
defaul
tincomplyi
ng
theprovi
sionsofsecti
on22oft hisActinrespectofapri
vatecompany ,
the wit
hcondi t
ions
companyshal lcease t o be entit
led t
ot he pri
vil
eges and exempti
ons consti
tut
ingapriv
ate
conferr
edonpr ivat
ecompani esbyorundert hi
sActandt hi
sActshall comp any.
appl
yt othecompanyasi fitwer enotapr i
vat
ecompany .

(
2)Ifa Cour t,on the appl
ication ofthe companyoranyot herperson
i
nterested,issatisf
iedthatt hef ai
l
uretocompl ywiththeprovi
sionsof
secti
on22oft hi
sActwasacci dentalorduetoinadver
tenceortosome
othersuffi
cientcauseort hatonot hergroundsiti
sjustandequitabl
eto
grantreli
ef,thecourtmay,onsucht ermsandconditi
onsasmayseem t o
be justand expedi ent
,or dert hatthe companybe reli
eved f
rom the
consequencesment ionedinsubsect i
on(1).

24.Anycompanyot herthanapriv
atecompanyshallbeapubl
iccompanyandi
ts Publ
i
ccompany
.
memorandum ofassoci
ati
onshall
stat
ethati
tisapubl
iccompany.
25.Anunl
i
mitedcompanyshal
lberegi
ster
edwithasharecapi
talnotbel
owthe Unl
i
mit
edcompany
.
mini
mum i
ssuedshar
ecapi
talper
mit
tedundersect
ion27(
2)(a)ofthi
sAct
.

26.( 1)Wher eacompanyi st obef ormedf orthepromot ionofcommer ce,art

,
science,rel
igi
on,sports,cult
ure,educati
on,resear
ch,char ityorot
hersimil
ar
objects,andtheincomeandpr opertyofthecompanyar etobeappliedsol
ely
Companyl
i
mit
edby
towardst hepromot i
onofi tsobjectsandnopor ti
ont hereofistobepaidor guarant
ee.
transferr
eddirect
lyori ndi
rectl
ytot hemember softhecompanyexceptas
permittedbyt hisAct,t hecompanyshal lnotber egisteredasacompany
l
imi t
edbyshar es,butmayber egister
edasacompanyl imi t
edbyguarant
ee.

(
2)Anypr ov ision i
nt he memor andum orar t
icl
es ofassociat
ion orin any
resol
uti
onoft hecompanypur porti
ngtogiveanypersonarighttopart
ici
pate
i
nt hedivisibleprof
it
soft hecompanyorpur porti
ngtodivi
det hecompany ’
s
undert
akingi ntosharesorint
eresti
svoid.

(
3)Acompanyl i
mit
edbyguar
ant
eeshal
lnotbei
ncor
poratedwit
htheobject
ofcar
ryi
ngonbusi
nessf
ort
hepur
poseofmaki
ngprof
itsfordi
str
ibut
ionto
members.

(
4) Thememor andum ofa companyl
i
mited byguarant
eeshallnotbe
r
egi
ster
edwi
thouttheaut
hor
it
yoft
heAt
tor
ney‐
General
oftheFeder
ati
on.

(
5)The At torney-Gener
aloft he Feder
ati
on shallwit
hint hi
rtydays grant
authori
tytot hepromoter
sofacompanyl i
mi t
edbyguar ant
eewher ethere
arenoobj ectionstothememor andum orothercogentreasonstodecline
tograntappr ovalt
oregi
sterthecompanyasonel i
mitedbyguarant
ee.

(
6)Wher ef ur
therinfor
mat i
on i
srequir
ed bythe Attorney
-Gener
alofthe
Federati
onfrom thepr omot
ersofacompanyl i
mitedbyguar ant
ee,t
he
thi
rt
y-dayperi
odshallbegi
nonrecei
ptofal
lrel
evanti
nformati
on.
 MEMORANDUM OFASSOCI
ATI
ON

27.(
1)Thememor
andum ofas
soc
iat
ionofev
erycompanyshal
lst
ate- Requirementswi t
h
respecttothe
memor andum ofa
(
a)t
henameoft
hecompany
; company .

(
b)thattheregi
ster
edof
fi
ceoft
hecompanyshal
lbe
si
tuat
edinNigeri
a;

(
c)t henatureofthebusi nessorbusi nesseswhich
thecompanyi saut hori
sed tocar r
yon,or ,i
fthe
companyi snotf
or medf orthepurposeofcarryi
ng
onbusiness,t
henat ureoftheobjectorobject
sfor
whichi
tisestabl
ished;

(
d)t he r
est
rict
ion,i
fany
,on t
he power
s oft
he
company;

(
e)thatthecompanyi
sapri
vat
eorpubl
i
ccompany
,
asthecasemaybe;
and

(
f)t hatthe l
iabi
l
ityofits membersi
sli
mited by
shares,byguar
anteeorunl
imi
ted,
ast
hecasemay
be.

(
2)I
fthecompanyhasashar
ecapi
tal
-

(
a)t hememor andum ofas s
oci
ati
onshal lalsostate
theamountoft hemini
mum issuedshar ecapital
whichshallnotbel essthanN100, 000.00int he
caseofapr i
vatecompanyandN2, 000,
000.00,in
the case ofa publi
c company,wi th which the
company pr oposes t
o be registered,and t he
divi
si
onthereofint
osharesofafi
x edamount ;and

(
b)eachsubscri
bershal
lwri
teopposi
tehi
snamet
he
numberofshar
eshetakes.

(
3)Asubscriberofthememorandum whoholdsthewholeoranypar tofthe
sharessubscr
ibedbyhimintrustforanyot
herpersonshalldi
scl
osethat
factandthenameofthebenefi
ciar
yinthememorandum ofassoci
ati
on.

(
4)Thememorandum ofas
soc
iat
ionofacompanyl
i
mit
edbyguar
ant
eeshal
l
al
sost
atet
hat-
 (
a)t heincomeandpr opert
yoft hecompanyshallbe
applied solel
yt owar ds the promoti
on of i t
s
objects,andthatnopor t
ionther
eofshal
lbepaidor
transfer
reddirect
lyorindir
ectl
ytothemember sof
thecompanyexceptasper mitt
edby,orunderthi
s
Act ;
and

(
b)each memberunder t
akest o contr
ibut
et ot he
assetsoft hecompanyi nt heeventofi t
sbei ng
woundupwhi lehei samemberorwi thi
noney ear
afterheceasest obeamemberf orpaymentof
debtsandl i
abil
it
iesoft hecompany ,andoft he
costs ofwi nding up,such amountas maybe
requirednotexceedingaspecifi
edamountandt he
totalofwhichshallnotbelessthanN100,000.

(
5)Thememor andum ofassociat
ionshal
lbesignedbyeachsubscri
beri
nthe
presenceofatl
eastonewitnesswhoshall
at t
estt
hesignat
ure.

(
6)Thememor
andum shal
lbest
ampedasadeed.

NAMEOFCOMPANY

28.Subjectt
otheprov
isi
onsofsect
ion27oft
hisAct
,thef
orm ofmemor
andum Form of
memor andum of
ofassoci
ati
onof
- association.

(
a)acompanyl
i
mit
edbyshar
es,

(
b)acompanyl
i
mit
edbyguar
ant
ee,
and

(
c)anunl
i
mit
edcompany
,

shal
lbei
nsuchfor
m asmaybepr
escr
ibedbyr
egul
ati
ons
i
ssuedbytheCommissi
on.

29.(
1)Thenameofapr
ivat
ecompanyl
i
mit
edbyshar
esshal
lendwi
tht
hewor
d, Nameasst at
edi
nthe
memor andum of
“Li
mit
ed”
. associ
ation.

(
2)Thenameofapubl
i
ccompanyl
i
mit
edbyshar
esshal
lendwi
tht
hewor
ds,
“Publ
i
cLi
mit
edCompany
”.

(
3)Thenameofacompanyl
i
mit
edbyguar
ant
eeshal
lendwi
tht
hewor
ds,
“
Limi
tedbyGuar
ant
ee”
.

(
4)Thenameofanunl
i
mit
edcompanyshal
lendwi
tht
hewor
d,“
Unl
i
mit
ed”
.
 (
5)Acompanymayuset heabbrev
iat
ions,
“Lt
d”,“
PLC”“Lt
d/Gte”and“
Ultd”for
thewor
ds,“Li
mited”,“
Publi
cLimitedCompany”,“
Limit
edbyGuar antee”
and“
Unli
mit
ed”respect
ivel
yint
henameoft hecompany.

30.(
1)Ifacompany ,
throughi
nadvertenceorot her wise,onit
sfir
str egist
rati
onor Changeofnameof
company.
oni tsregistrati
onbyanewname, isr egisteredunderanamei dent
icalwi
th
thatbywhi chacompanyi nexi stencei spr evi
ouslyregi
stered,ornear l
y
resembl i
ngittobel i
kel
ytodecei ve,thef ir
st-ment i
onedcompanymay ,wi
th
theappr ovaloftheCommi ssion,changei tsname,andi ftheCommi ssi
on
directs,thecompanyconcer nedshal lchangei t
snamewi thinsixweeks
from t hedat eoft hedir
ecti
onorsuchl ongerper i
odast heCommi ssi
on
mayal low.

(
2)Ifacompanydefaul
tsincompl yingwi t
hadirectionundersubsection(
1),
suchcompanyshall
,wi
thoutprejudicetoanyot herlawfulacti
onwhicht
he
Commissi
onmayt akeagainstit
,bel i
ablet
oapenal tyasprescri
bedbyt
he
Commissi
on,f
oreverydayduringwhi chthedefaultconti
nues.

(
3)Anycompanymay ,byspeci alresol
uti
onandwi ththeappr ov
alofthe
Commi ssionsi gnif
iedinwr i
ti
ng,changei t
sname,pr ovi
dedt hatnosuch
approvalshal lbe r equi
red wheret he onl
ychange i nthe name ofa
companyi st hesubst it
uti
onoft hewor ds,“Publi
cLimit
edCompany ”,f
or
thewor d,“Li
mi ted”orv i
ceversaont heconv er
sionofapr i
vatecompany
i
ntoapubl iccompanyorapubl iccompanyi nt
oapr iv
atecompanyi n
accordancewi ththisAct.

(
4)Nothi
nginthi
sActprecludestheCommi ssionfrom r
equiri
ngacompanyt o
changei
tsnameifitdiscoversthatsuchanameconf li
ctswit
hanexisti
ng
tr
ademarkorbusinessnamer egist
eredi nNigeri
apriortotheregi
str
ati
on
ofthecompanyand t heconsentoft heowneroft hetrademar kor
busi
nessnamewasnotobt ai
ned.

(
5)Whereacompanychangesit
sname,theCommi ssionshallent
erthenew
nameontheregist
eri
npl
aceofthefor
mername, andissueacerti
fi
cat
eof
i
ncor
porat
ionalt
eredt
omeettheci
rcumst
ancesoft hecase.

(
6)Thechangeofnamedoesnotaffectanyri
ghtorobli
gati
onofthecompany
,
orrenderdef
ecti
veanylegalpr
oceedingbyoragai nstt
hecompany,and
anylegalproceedi
ng t
hatcould have been cont
inued orcommenced
agai
nstorbyi tinitsfor
mername,maybecont i
nuedorcommenced
agai
nstorbyiti
nitsnewname.

(
7)Anychangemadei nthenameofacompanyunderthi
ssecti
onshallbe
publ
ishedperi
odi
cal
l
ybytheCommi
ssi
oni
nanational
dail
ynewspaperand
onit
swebsite.
31.(
1)TheCommi ssionmay,uponrecei
ptofanapplicat
iondel
i
v er
edtoiti
nhard Reservat
ionofname.
copy ort hrough el
ectr
onic communicat
ion and on pay mentoft he
prescr
ibedfees,reser
veanamependi ngr egist
rat
ionofacompanyor
changeofnamebyacompanyuponconf irmati
onoft heavail
abi
li
tyof
suchname.

(
2)Ther eser
vat
ionment i
onedinsubsection(1)shal
lbedet erminedupon
receiptoftheapplicationundersubsecti
on(1),andshal
lbev ali
df orsuch
periodast heCommi ssionmaydeem f i
tnotexceedi
ng60day s,anddur i
ng
theper iodofreservationnoot hercompanyshallberegi
steredundert he
reservednameorunderanynamewhi ch,int
heopini
onoftheCommi ssi
on
near l
yresemblesther eservedname.

(
3) Notwi thst
andi
ng the pr ovi
sions of subsecti
ons ( 1) and (2),the
Commi ssionmayatanyt i
mebef oreacert
if
icateofincor
porati
onisissued,
wit
hdraw orcancelar eser v
ednamei fitdiscoversthatsuchnamei s
i
denti
calwi t
hthatbywhichacompanyi nexistenceisalr
eadyregi
stered,or
sonearlyresembl
esitastobel i
kelyt
odeceive.

(
4)I fanynamebecomesav ail
abl
ei ntheeventofachangeofnameor
other
wise,t
heCommissionshallhavethepowertoappr
ovet
henamef or
usebyanothercompanyafter60daysf r
om thedat
eofappr
ovalofsuch
changeofname.

(
5)TheCommi ssionmaywi
thdr
aworcancelappr
ovalforr
eser
v at
ionofname
wher
ei tisdiscover
edt
hattheappr
ovalwasf raudul
ent
ly,unlawf
ull
yor
i
mproperl
yprocured.

32.(
1)Acompanyshal
lhav
ear
ti
clesofassoci
ati
onpr
escr
ibi
ngr
egul
ati
onsf
or Art
icl
esof
t
hecompany
. associ
aton.
i

(
2)Unlessiti
sacompanyt owhichmodel ar
ti
clesappl
ybyv
irt
ueofsect
ion34
i
tshall
regi
sterar
ti
clesofassoci
ati
on.

(
3)Ar
ti
cl
esofassoci
ati
onr
egi
ster
edbyacompanyshal
lbe-

(
a)cont
ainedi
nasi
ngl
edocument
,and

(
b)di
vi
dedi
ntopar
agr
aphsnumber
edconsecut
ivel
y.

(4)Refer
encei
nthi
sActt
o a company
’s“
art
icl
es”ar
etoi
tsar
ti
clesof
associ
ati
on.
33.(
1)TheMi
nis
termaybyr
egul
ati
onspr
escr
ibemodel
art
icl
esofassoci
ati
onf
or PowerofMinist
ert
o
pr
escribemodel
compani
es. ar
ti
cles.

(
2)Diff
erentmodelar
ti
clesmaybepr
escr
ibedf
ordi
ff
erentdescr
ipt
ionsof
companies.

(
3)Acompanymayadoptal
loranyoft
hepr
ovi
si
onsofmodel
art
icl
es.

(
4)Anyamendmentofmodelar ti
cles byr
egul
ati
ons does notaf
fecta
companyr
egi
ster
edbef
oret
heamendmentt
akesef
fect
.

(
5)I
nthi
ssect
ion,
“amendment
”incl
udesaddi
ti
on,
alt
erat
ionorr
epeal
.

34.(
1)Ont
hef
ormat
ionofal
i
mit
edcompanyi
far
ti
clesar
e- Def
aul
tappl
icat
ionof
model
art
i es.
cl
(
a)notr
egi
ster
ed;
or

(
b)r egi
ster
ed,insof arast heydonotex cludeor
modifyther el
evantmodelar ti
cles,the rel
evant
modelarti
clesform par tofthecompany ’
sarti
cles
i
nt hesamemannerandt othesameext entasi f
those art
icl
es expr esslyincluded t he rel
evant
modelarti
clesint hef or
mi nwhi cht hosearti
cles
hadbeendul yr
egistered.

(
2)Inthissect
ion,t
he“r
elevantmodelart
icl
es”meanst hemodelart
icl
es
pr
escri
bedbyt heCommissionforacompanyoft hatdescr
ipt
ionasin
ef
fectatt
hedateonwhichthecompanyi
sr egi
ster
ed.

35.(
1)Unless a company’
s art
icles specif
ical
l
yrest
ri
ctt
he obj
ect
s oft
he Stat
ementof
company’
sobject
s.
company,i
tsobject
sareunrestr
icted.

(
2)Whereacompanyamendsi
tsar
ti
clest
oadd,r
emov
eoral
terast
atement
oft
hecompany’
sobj
ect
s-

(
a)i
tshal
lgi
venot
icet
otheCommi
ssi
on;

(
b)onr ecei
ptofthenot
ice,t
heCommi
ssi
onshal
l
r
egi
steri
t;and

(
c)theamendmentisnotef
fect
iveunt
ilaf
tert
heent
ry
oft
hatnot
icei
ntheregi
ster
.

(
3)Anysuch amendmentdoesnotaf fectanyrightorobl
igat
ion oft
he
companyorr
enderdef
ect
iveanyl
egal
proceedi
ngbyoragai
nsti
t.
 REGI
STRATI
ONOFCOMPANI
ES

36.(
1)Thememor andum ofassociat
ionshallbedeliv
eredtotheCommi ssi
on Regist
rat
ion
documents.
toget
her wi
th an appl
icati
on for r
egist
rati
on of the company,the
documentsr
equir
edbythissect
ionandastatementofcompli
ance.

(
2)Theappl
i
cat
ionf
orr
egi
str
ati
onshal
lst
ate-

(
a)t
hecompany
’spr
oposedname;

(
b)the r
egi
ster
ed offi
ce addr
ess and head of
fi
ce
addr
ess i
fdiff
erentfrom the regi
ster
ed of
fi
ce
addr
ess;

(
c)whetherthe l
iabi
li
ty ofthe member s ofthe
companyi
stobel i
mitedand,
ifso,whet
heriti
sto
beli
mit
edbysharesorbyguarantee;
and

(
d)whet
hert
hecompanyi
stobeapr
ivat
eorapubl
i
ccompany
.

(
3)I ft
heappl
icat
ionisdeli
ver
edbyaper sonasagentf
ort
hesubscr
iber
st o
thememorandum ofassoci
ati
on,
itshal
lst
atet
henameandaddr
essofthat
agent.

(
4)Theappl
i
cat
ionshal
lcont
ain-

(
a)i
nthecaseofacompanyt hathasashar
ecapit
al,
ast at
ementofi nit
iali
ssued shar
ecapit
aland
i
nit
ialshar
ehol
dings;

(
b)inthe case ofa companythati
sli
mit
ed by
guar
ant
ee,astat
ementofguar
ant
ee;

(
c)ast
atementoft
hecompany
’spr
oposeddi
rect
ors;

(
d)ast
atementoft
hepr
oposedr
egi
ster
edof
fi
ceof
 t
hecompany
;and

(
e)acopyoft heproposedarti
clesofassoci
ati
onto
the ext
entthatthese ar
e notsuppl i
ed by t
he
defaul
tappl
i
cati
onofmodel ar
t i
cles.

37.(
1)Thest atementofini
ti
ali
ssuedshar
ecapi
talandinit
ialshar
ehol
dings St atementofcapi
tal
andi ni
ti
al
requi
redtobedeliv
eredint
hecaseofacompanythathasasharecapital shareholdi
ngs.
shall
state-

(
a)thetot
alnumberofshar esofthecompanytobe
t
aken on for
mat i
on by the subscr
iber
stothe
memorandum ofassoci
ati
on;

(
b)t
heaggr
egat
enomi
nal
val
ueoft
hoseshar
es;

(
c)f
oreachcl
assofshar
es-

(
i)pr
escr
ibedpart
icul
arsoft
her
ight
sat
tached
tot
heshares,

(
ii
)thetot
alnumberofi
ssuedshar
esoft
hat
cl
ass,
and

(
ii
i)the aggr
egate nominalv
alue of i
ssued
shar
esofthatcl
ass;and

(
d)theamounttobepaidupandtheamount(
ifany)
tobeunpai
doneachshar e(
whetheronaccount
ofthenominalval
ueoftheshareorbywayof
premi
um).

(
2)Thest
atementofi
nit
iali
ssuedshar
ecapi
talandi
nit
ialshar
ehol
dingsshal
l
–
(
a)cont
ainsuchinf
ormat i
onasmaybepr escr
ibed
fort
hepurposeofi dent
if
yingthesubscri
ber
st o
thememorandum ofassoci
ati
on;and

(
b) wi
th respect t
o each subscr
iber t
o t
he
memor
andum-

(
i)thenumber,nominalval
ue(ofeachshar
e)
andcl
assofsharest obetakenbyhim on
for
mat
ion,
and

(
ii
)theamountt
obepai
dupandt
heamount(
if
 any)tobeunpaidoneachshar
e(whetheron
accountoft
henominalval
ueoftheshareor
bywayofpremium).

(
3)Whereasubscr
ibertot
hememor andum i
stotakeshar
esofmor et
hanone
cl
ass,t
heinf
ormationr
equi
redundersubsect
ion(
2)(b)i
srequi
redforeach
cl
ass.

(
4)Thet ot
alf
eespayablet
otheCommi ssioni
nconnecti
onwiththef
il
ingor
i
ncreaseofacompany ’
sissuedsharecapi
talundert
hisPartoft
hisAct
shal
lbeastheMini
stermaybyregul
ati
onspecif
y.

38.(
1)Thest at
ementofguarant
eerequi
redtobedel
i
ver
edi
nthecaseofa Stat
ementof
guarant
ee.
companythati
sli
mit
edbyguar
anteeshal
l-

(
a)cont
ainsuchinformationasmaybepr escr
ibed
f
orthepurposeofi denti
fyi
ngt hesubscri
ber
st o
t
hememor andum ofassociat
ion;and

(
b) that each member undertakes that
,ift he
companyi swoundupwhi l
ehei samember ,or
withi
noney earaft
erheceasest obeamember ,
heshallcontr
ibut
etotheassetsoft hecompany
suchamountasmayber equir
edf or
-

(
i)pay
mentoft hedebtsandliabi
l
iti
esofthe
companycont r
act
edbefor
eheceasest obe
amember ,pay mentofthecosts,char
ges
andexpensesofwindi
ngup,and

(
ii
)adj
ustmentoft
heright
soft
hecontri
but
ori
es
among t hemsel
ves, not exceedi
ng a
speci
fi
edamount.

39.(
1)The stat
ementofthe company’
s proposed di
rect
orsrequi
red t
o be St
atementof
pr
oposedDir
ect
ors.
del
i
ver
edtotheCommi
ssi
onshallcont
aintherequi
redpar
ti
cular
sof-

(
a)t
hepersonwhois,orpersonswhoare,tobet
he
f
ir
stdi
rect
orordi
rect
orsofthecompany;
and

(
b)whereappli
cable,t
hepersonwhoi s,orper
sons
who are,t o be the f
irst secr
etary or j
oint
secr
etar
iesoft
hecompany .

(
2)Therequi
redpar
ti
cul
arsar
ethepar
ti
cul
arst
hatar
erequi
redt
obest
atedi
n
thecaseofa-
 (
a)dir
ector
,int
hecompany’sregi
sterofdirect
orsand
r
egist
erofdi
rect
ors’
resi
denti
aladdresses;and

(
b) secr et
ary
,in t
he company
’s r
egi
ster of
secr
etari
es.

(
3)Thest at
ementshallal
socontai
naconsentbyeachoft hepersonsnamed
asadirector
,assecret
aryoroneofjoi
ntsecr
etar
ies,toactinther el
evant
capaci
tybutifal
lthepartner
sinafi
rm ar
etobej ointsecr
etar
ies,consent
maybegivenbyonepar t
neronbehal
fofal
loft
hem.
St
atementof
40.(
1)Thestatementofcompli
ancerequir
edtobedel
iv
eredtotheCommissi
on compl
i
ance
i
sastatementbytheappl
i
cantorhi
sagentt
hatt
herequi
rement
soft
hisAct
ast
oregistr
ati
onhavebeencompliedwi
th.

(
2)TheCommi ssi
onmayacceptt
hest
atementofcompl
i
anceassuf
fi
cient
evi
denceofcompl
i
ance.

(
3) Nothing i
nt hi
s sect
ion pr
eventst he Commi ssi
on fr
om accept i
ng
decl
arati
on ofcompli
ancewhich issigned bya legalpract
it
ionerand
att
estedbefor
ethecommissi
onerforoathsornot
arypubl
ic.

41.(
1)TheCommissi
onshal
lregi
stert
hememor
andum andar
ti
clesunl
essi
nit
s Regi
str
ati
on.
opi
nion–

(
a)t
heydonotcompl
ywi
tht
hepr
ovi
sionsoft
hisAct
;

(
b)t hebusinesswhi
chthecompanyi
stocar
ryon,or
theobjectsforwhi
chiti
sfor
med,oranyofthem,
areil
legal;

(
c)anyoft hesubscri
berstot hememor andum i
s
i
ncompetentordi squal
if
ied in accor
dance wit
h
sect
ion20ofthi
sAct ;

(
d)t her
eisnon-
compli
ancewi t
htherequi
rementof
anyotherl
aw ast
or egi
str
ati
onandincorpor
ati
on
ofacompany;
or

(
e)t heproposednameconf li
ctswi
thori sl
ikel
yto
confl
i
ctwi t
hanex isti
ngcompany ,t
rademarkor
busi
nessnameregisteredi
nNiger
ia.

(
2)Anypersonaggri
evedbythedeci
sionoft heCommissi
onundersubsecti
on
(1)
,maygi v
enoticet
otheCommi ssionrequi
ri
ngitt
oapplyt
otheCour tf
or
dir
ecti
onsandtheCommi ssi
onshall,wit
hin21daysofther
eceiptofsuch
noti
ce,appl
ytothecour
tfort
hedirecti
ons.
 (
3)TheCommi ssionmay,inordertosatisf
yitsel
faspr ovi
dedinsubsect
ion
(1)(c),byi nstr
umenti n wri
ti
ng,requir
e a person subscr
ibi
ng t
ot he
memor andum t o make and lodge witht he Commission,a st
atut
ory
decl
arati
ont otheeff
ectthatheisnotdisquali
fi
edundersecti
on20ofthis
Actf
rom joini
nginformingacompany .

(
4)Stepst
obet akenunderthi
sActt oincor
por
ateacompanyshal
lnotincl
ude
anyinv
itat
iontosubscr
ibeforsharesoronthebasi
sofapr
ospectus.

(
5)Uponregi
strat
ionoft
hememor
andum andar
ti
cles,t
heCommi
ssi
onshal
l
cer
ti
fyunderit
sseal
-

(
a)t
hatt
hecompanyi
sincor
por
ated;

(
b)i
nthecaseof-

(
i) alimitedcompany,thatt
hel
iabil
i
tyofthe
member s is l
i
mit
ed by shares or by
guarantee,or

(
ii
) anunli
mit
edcompany
,thatt
hel
i
abi
l
ityof
themembersi
sunl
i
mit
ed;and

(
c)thatt
hecompanyisapr
ivat
eorpubl
i
ccompany
,
asthecasemaybe.

(
6)Thecer ti
fi
cateofincor
porat
ionshallbepri
maf acieev i
dencethatallthe
requi
rementsoft hi
sAc ti
nrespectofregi
str
ati
onandmat t
ersprecedent
andincidentalt
oithavebeencompl i
edwithandt hattheassociat
ionisa
companyaut hori
sedtoberegist
eredanddul
yregister
edunderthisAct.

(
7)The Commi ssi
on may wi t
hdraw,cancelorr ev
oke a cer t
if
icat
e of
i
ncorporat
ion i
ssued underthi
s Actwherei tis discover
ed thatthe
cer
ti
ficat
ewasf r
audul
entl
y,unl
awful
lyori
mproper
lyprocured.

(
8)TheCommi ssi
onmaycausethepubl
icati
onoft
hewithdrawal
,cancel
l
ati
on
orrevocat
ionofcert
if
icat
esofincorpor
ati
onper
iodicall
yintheFederal
Gover
nmentGazet
te.

42.As f rom t he date of incor

por at
ion ment i
oned i nt he certif
icate of Effectofregi
str
ati
on.
incorporat
ion,thesubscr i
beroft hememor andum t ogetherwithsuchot her
personsasmaybecomemember soft hecompany ,
shal lbeabodycor porate
byt henamecont ainedint hememor andum,capabl eofexer ci
singal lt he
power sandper f
ormingall
functi
onsofani ncorporatedcompanyi ncludingt he
powert oholdl and,andhavingperpetualsuccession, butwi thsuchliabili
tyon
thepar toft hemember stocontribut
et ot heasset soft hecompanyi nt he
 ev
entofi
tsbei
ngwoundupasi
sment
ionedi
nthi
sAct
.

CAPACI
TYANDPOWERSOFCOMPANI
ES

43.(
1)Ex cepttotheext
entthatthecompany’
smemor andum oranyenactment Powersofcompanies
otherwise pr
ovi
des,every company shal
l
,f orthe f
urther
ance ofits prohi
biti
onof
donati
onsforpol
i
tical
business orobj
ects,have al
lthe powers ofa nat
uralperson offul
l purpose.
capacity.

(
2)Acompanyshal lnothav eorexercisepowerei t
herdir
ectlyorindir
ectl
yt o
makeadonat ionorgi ftofanyofi t
spr oper
tyorfundstoapol it
icalpart
yor
polit
icalassociation,orf oranypol i
ti
calpurpose,andi fanycompany ,in
breachoft hissubsect ionmakesanydonat ionorgi f
tofi tspropert
yt oa
polit
icalpartyorpol it
icalassociati
on,orf oranypol i
ti
calpurpose,t he
offi
cersindefaul tandanymemberwhov ot
edf orthebreachshallbejoi
nt l
y
andsev er
all
yl iabletor efundt othecompanyt hesum orv alueoft he
donat i
onorgif tandi naddi t
ion,ev
erysuchof fi
cerormembercommi tsan
offenceandi sliabletoaf i
neequaltot heamountorv alueofthedonat i
on
orgift.

44.(
1)Acompanyshallnot,carr
yonanybusinessexpr
essl
yprohi
bit
edbyits Efectoful
f tr
avi
res
act
s.
memor
andum andshal lnotexceedt
hepowersconf
err
eduponi tbyi
ts
memor
andum orthi
sAct .

(
2)A br eachofsubsect
ion(1),maybeasser t
edinanyproceedi
ngunder
sect
ions344-358ofthisActorundersubsecti
on(
4)oft
hissecti
on.

(
3)Not withst
andingthepr ov
isionsofsubsecti
on( 1),noactofacompany,
conveyanceort r
ansferofpropert
ytoorbyacompanyshal lbei
nval
idby
reasonoft hefactthatsuchact,conveyanceort r
ansferwasnotdoneor
madef orthefurt
heranceofanyoftheaut hor
isedbusinessoft
hecompany
orthatthecompanywasot herwi
seexceedingitsobject
sorpower
s.

(
4)Ont
heappl
i
cat
ionof
-

(
a)anymemberoft
hecompany
,or

(
b)t heholderofanydebent uresecuredbyaf l
oati
ng
chargeov eralloranyofthecompany ’spropert
yor
by the t rustee of the holder
s of any such
debentures,theCour tmaypr ohi
bit,byinjunct
ion,
thedoingof ,

anyact
,conveyanceortr
ansf
erofanypr
oper
tyi
n
br
eachofsubsecti
on(1)
.
 (5)Ift het ransact i
onssoughtt o bepr ohi bited in anypr oceeding under
subsect ion( 4)arebei ng,orar et obeper formedormadepur suantt oany
contractt owhi cht hecompanyi sapar ty,theCour tmay ,i
fitdeemst he
samet obeequi t
ableandi fallthepar tiest ot hecontractarepar t
iestothe
proceedi ngs, setasi deandpr ohibittheper f
or manceofsuchcont ract
,and
mayal l
ow compensat i
ont ot hecompanyort otheot herpar ti
est othe
contractf oranyl ossordamagesust ainedbyt hem byr easonoft he
setti
ngasi deorpr ohi bit
ionoft heper formanceofsuchcont ractbutno
compensat i
onshal l beallowedf orlossofant ici
pat
edpr ofit
stobeder i
ved
from theper formanceofsuchcont r
act .
45.(
1)Wher ether eispr ovisionint hememor andum ofassoci ati
onofacompany Effectofrel i
anceon
r
est
ri
cti
onsinthe
restri
cting the power s and capaci tyoft he companyt o carryon its memorandum.
authorisedbusi nessorobj ect,ther est r
icti
onmayber el
iedonandhav e
effectonl yfort hepur poseofpr oceedi ngs-

(
a)againstthecompanybyadi rect
orormemberof
thecompany ,orwher et hecompanyhasi ssued
debenturessecuredbyaf loati
ngchar geov eral
l
oranyoft hecompany ’sproperty,
byt heholderof
any oft he debentures ort he trustee f
ort he
holdersofthedebentures;

(
b)byt hecompanyoramemberoft hecompany
agai
nstt he pr
esentorfor
meroffi
cer
s ofthe
company f or fai
l
ure t
o obser
ve any such
rest
ri
cti
on;

(
c)bytheCommissi
onoramemberoft
hecompany
towindupt
hecompany
;or

(
d)fort hepurposeofr estr
ainingthecompanyor
other per
son from act i
ng i n br
each of t
he
memor andum ordir
ectingt hecompanyorsuch
persontocomplywit
ht hesame.

(
2)Aper sonmaynoti ntheproceedi
ngsrefer
redtoi nsubsection(1)(a),
(b)or
(c),
relyonar estr
icti
onoft hepowerorcapacityoft hecompanycont ained
i
nt hememor andum inanycasewher ehev otedinf avourof,orexpressl
y
orbyconductagr eedt ot hedoing ofanactbyt hecompanyort he
conveyancebyort othecompanyofpr opertywhi ch,itisall
egedi nthe
proceedings,
wasorwoul dbecontrar
yt otherestri
ction.

46.(
1)Subj
ecttotheprovi
si
onsofthi
sAct,thememorandum andarti
cles,when Ef
fectof
memor andum and
regi
ster
ed,shal
lhavetheef
fectofadeedbetweenthecompanyandi ts ar
ti
cles.
member sandoffi
cer
sandbetweenthemembersandofficer
sthemselves
 wher
eby they agr
ee to observ
e and per
for
m the provi
sions oft
he
memorandum andar t
icl
es,asal t
eredi
nso farast heyrelat
et ot
he
company,
itsmembers,oroff
icer
s.

(
2) Allmoney payabl
e by any member t othe company under t
he
memorandum orar
ti
clesshal
lbeadebtduef
rom hi
mtothecompanyand
shal
lbeofthenat
ureofaspecial
tydebt
.

(
3)Wher et hememor andum orar
ti
clesempoweranypersontoappoi
ntor
remov eanydir
ectororotherof
fi
cerofthecompany
,suchpowershal
lbe
enforceabl
ebyt hatpersonnot
withst
andi
ngthatheisnotamemberor
off
icerofthecompany .

(
4)Inanyact i
onbyanymemberorof fi
certoenf orceanyobl i
gati
onowed
undert hememor andum orar t
iclestohi m andanyot hermemberor
offi
cer,suchmemberorof f
icermay ,ifanyot hermemberorof fi
ceris
affectedbytheallegedbreachofsuchobl igat
ion,wit
hhisconsent,suein
ar epresent
ati
vecapacityonbehal fofhimselfandal lot
hermember sor
officerswhomaybeaf fectedot herthananywhoi sadef endantandthe
prov i
sionsofChapter13oft hisActshallapply
.

47.(
1)Acompanyshal l,onbeingsor equi redbyanymember,sendtohim acopy Member’
srightt
o
copi
esof
oft hememor andum andar t
icles,andacopyofanyenact mentwhich memorandum,etc.
al
tersthememor andum,subj ectt opay ment,i
nthecaseofacopyoft he
memor andum and oft he ar
ticles,oft he costofproducing t
he sai
d
document s(suchcostnott oex ceedN500orsuchot heramountt hatt
he
Commi ssionmaypr escri
be)orsuchl essersum asthecompanymay
prescri
beand,i nt hecaseofacopyofanenact ment,ofsuchsum not
exceedingthepubl i
shedpr i
cether eofasthecompanymayr equi
re.

(
2)Ifacompanydef aul
tsincomplyi
ngwitht hi
ssecti
on,t
hecompanyand
ever
yoff
iceroft
hecompanywhoi sindefaul
tisl
iabl
etosuchpenal
tyas
theCommissi
onshallpr
escr
ibebyregul
ati
on.

48.(
1)Wher eanalt
erat
ionismadei nthememorandum ofacompany ,ev
ery Copiesof
memor andum i
ssued
copyofthememorandum i
ssuedaft
ert
hedat
eofthealt
erat
ionshal
lbein toembody
accor
dancewi
ththealt
erat
ion. alt
erat
ions.

(
2)Whereanysuchalterat
ionhasbeenmade,t hecompanyatanyt i
meaf ter
thedat
eofthealt
erati
onissuesanycopyoft hememor andum whichisnot
i
naccordancewiththealter
ati
on,itshallbeli
abletosuchpenal t
yast he
Commissionshal
lprescri
bebyr egulat
ionf oreachcopysoi ssued,and
ever
yoffi
ceroft
hecompanywhoi sindefaul
tisli
abl
etot hel
ikepenalty
.

49.(
1)Acompanymaynotal t
erthecondi
ti
onscontai
nedini
tsmemorandum Rest
ri
cti
onon
al
ter
ati
onof
excepti
nthecasesandi
nthemannerandt
ot heext
entf
orwhi
chexpress memorandum.
 pr
ovi
si
oni
smadei
nthi
sAct
.

(
2)Onl ythoseprovi
sionswhicharerequi
redbysect
ion27orbyanyot her
speci
fi
cpr ov
isi
oncontai
nedint
hisAct,t
obestat
edinthememorandum of
thecompanyconcer ned,aredeemedt obeconditi
onscont
ainedinits
memor andum.

50.(
1)Thenameofthecompanyshal
lnotbealt
eredexceptwi
tht
heconsentof Al
ter
ati
onof
memorandum.
theCommi
ssi
oninaccor
dancewit
hsecti
on30.

(
2)Thebusinesswhi cht hecompanyisauthori
sedt o carr
yonor ,ifthe
companyi
snotf ormedf ort
hepur
poseofcarr
yingonbusiness,
theobj
ects
forwhi
chitisestabl
ished,maybealt
eredoraddedtoi naccor
dancewith
thepr
ovi
sionsofsection51.

(
3)Anyrest
ri
cti
ononthepowersoft
hecompanymaybeal
ter
edi
nthesame
wayasthebusi
nessorobj
ect
softhecompany
.

(
4)Thesharecapit
alofthecompanymaybealter
edinaccor
dancewi
tht
he
pr
ovi
sionsofsecti
ons128-130,
butnotot
her
wise.

(
5)Subjectt
osecti
on54,anyotherprovisi
onofthememorandum may
be
al
ter
edinaccor
dancewi
thsect
ion51,orasot
her
wisepr
ovi
dedinthi
sAc
t.

51.(
1)Wher eacompanyhasst at
edi t
sbusi
nessorobj ect
sinitsmemor andum, Modeofal t
erat
ionof
busi
nessorobj
ects.
suchacompanymay ,atameet i
ngofwhichnoticeinwrit
inghasbeendul y
givent oallmember s( whetherornott heyareent i
tl
edt o),byspecial
resoluti
onalt
ert hepr ov
isi
onsofi t
smemor andum wi t
hr espectt
ot he
businessorobjectsofthecompany:

Provi
dedthatifanappli
cat
ioni
smadet otheCourti
naccordancewitht
his
sect
ionforthealt
erat
iontobecancel
led,i
tshal
lnothaveeffectex
ceptin
sofarasiti
sconfir
medbyt heCour
t.

(
2)Anappli
cat
ionundert
hissect
ionmaybemadet
otheCour
tbyt
hehol
der
s
ofnotl
ess—

(
a)i nt
heaggregat
e,than15%innomi nalval
ueofthe
company’sissued share capi
talor any class
ther
eofor,i
fthecompanyisnotlimitedbyshares,
notlesst
han15%oft hecompany ’
smember s;
or

(
b)than15% ofthecompany’
sdebentur
esenti
tl
ing
t
hehol
der
st oobj
ectt
oalt
erat
ionsofi
tsobj
ect
s:

Pr
ovi
dedt
hatanysuchappl
i
cat
ionshal
lnotbemade
 byanypersonwho hasconsent
edt
o orv
otedi
n
fav
ouroft
heal
ter
ati
on.

(
3)Anapplicati
onundert
hissecti
onshall
bemadenotl atert
han28day saf
ter
t
hedateonwhi chther
esolut
ional
ter
ingthecompany ’
sbusinessorobj
ects
waspassed,andmaybemadeonbehal fofthepersonsent i
tl
edtomake
t
heapplicat
ionbysuchoneormor eofthem astheymayappoi nti
nwrit
ing
f
orthatpurpose.

(
4)On an appl icati
on undert hi
ssect ion,the Cour tmaymake an or der
confir
mi ngt heal t
erat
ioneitherwhol l
yori npar tandonsucht er
msand
conditi
onsasi tdeemsf i
t,andmayadj ourntheproceedingsinorderthatan
arrangementmaybemadet othesatisfacti
onoft heCourtfort
hepur chase
oft he interestofdi ssenti
ng member s,and the Courtmaygi ve such
dir
ectionsandmakesuchor der
sasi tconsidersex pedi
entforf
acili
tat
ingor
carryi
ngi ntoef f
ectanysuchar rangement ,butthatnopar toft
hecapi talof
thecompanyshal lbeexpendedinanycase.

(
5)The debentur
es enti
tl
ing the holder
sto objectto al
ter
ati
ons ofa
company’
sbusi
nessorobject
sshallbeanydebentur
esecur
edbyafloat
ing
char
ge.

(
6)Thespeci alresol
uti
onalt
eri
ngacompany ’
sbusinessorobj ect
sr equi
res
thesamenot i
cet othehol
dersofsuchdebent
uresast omember soft he
company,andi ndefaul
tofanyprov
isi
onregul
ati
ngt hegiv
ingofnot iceto
anydebentureholder,t
heprovi
si
onsofthecompany ’
sarti
clesregulat
ing
thegi
vi
ngofnot icetomembersshal
lappl
y.

(
7)Wher eacompanypassesar
esol
uti
onal
ter
ingi
tsbusi
nessorobj
ect
s
and—

(
a)applicat
ioni st
hereaft
ermadet otheCour tforits
confi
rmationunderthissect
ion,t
hecompanyshal l
for
thwithgi v
enot i
cet otheCommi ssionoft he
making oft he appli
cati
on,and thereaft
ert here
shal
lbedel i
ver
edt ot heCommi ssionwi thi
n15
daysfrom thedateofitsmaking—

(
i)acerti
fi
edtruecopyoftheorder
,inthecaseof
r
efusaltoconfi
rmtheresol
uti
on;and

(
ii
)acer t
if
iedtr
uecopyoft
heor der
,int
hecaseof
confi
rmati
onoftheresol
uti
ont oget
herwi t
ha
pri
ntedcopyoft
hememor andum asalt
ered;

(
b) no appl
i
cat
ion i
s made wi
th r
espect t
o
 confi
rmati
on t
o a Courtundert hi
s secti
on,t
he
companyshall
,wit
hin15daysf r
om theendofthe
peri
odformaki
ngsuchanapplicati
on,del
iv
ertot
he
Commi ssi
onacopyofther
esoluti
onaspassed.

(
8)I
ftheCommi
ssi
on—

(
a)issati
sfi
ed,apri
ntedcopyofthememorandum
asalter
edbyt heresol
uti
onshal
lfor
thwi
th be
del
iv
eredtoit
;

(
b)i
snotsat i
sfied,i
tshallgivenot
iceinwrit
ingtothe
companyofi tsdecisionandanappealf r
om its
decisi
onshal lt
hereaft
erlietot
heCour tatthesui
t
ofanyper sonaggr i
evedandsuchappealshal lbe
madewi thin21day sfrom t
hedateoft herecei
pt
byt he companyoft he noti
ce ofreject
ion,or
withi
n such ex tended ti
me as t he Courtmay
al
low.

(
9)TheCourtmayatanyt i
meex tendtheti
mef orthedel
i
veryofdocument
s
t
otheCommi ssionundersubsecti
on(7)(a)forsuchper
iodasthecourt
mayconsiderproper
.

(
10)Ifacompanydefault
singivi
ngnot i
ceordeli
veri
nganydocumentt ot he
Commissionasrequi
redbysubsect i
on(7)
,thecompanyandev eryoff
icer
ofthe company who isi n defaul
tisl i
abl
et o such penal
ty as the
Commissionshal
lprescr
ibebyr egul
ati
on,andforeverydayduri
ngwhi ch
thedef
aul
tconti
nues.

(
11) The v al
idity of an al teration of t he pr ovisi
on of a company ’
s
memor andum wi thr espectt ot hebusi nessorobj ectsoft hecompany
shallnotbequest ioned ont hegr ound t hati twasnotaut horised by
subsect i
on( 1)excepti nproceedi ngstakenf orthepur pose( whet herunder
thi
ssect ionorot herwise)bef or
et heexpirati
onof21day safterthedat eof
the resolution i
nt hatbehal f,and wher e such pr oceedings ar et aken
otherwiset hanundert hi
ssect ion,subsect i
ons( 6),(7),(8)and( 9)oft hi
s
secti
onshal lapplyinr el
ati
ont her etoasi ftheyhadbeent akenundert hi
s
secti
on,andasi fanyor derdecl ari
ngt heal ter
ationi nvali
dwer eanor der
cancelli
ngi tandasi fanyor derdi smissingt hepr oceedingswer eanor der
confi
rmi ngt healter
ation.

(
12)Forthepur
poseoft hi
ssecti
ononl
y,anyr
efer
encet
o“ member
”incl
udes
anypersonfinanci
all
yint
erest
edinthecompanywithi
nthecontextof
subsect
ion(
2)(b).
 Powert
oal
ter
52.(
1)Subjecttotheprovisi
onsofsection49andoft hi
ssect ionandofanypar t provi
sionsinthe
ofPar tB(whichpreservestherightsofminorit
iesincer t
aincases)any memorandum i n
provi
sioninacompany ’smemor andum,whichmi ghtlawful
lyhavebeeni n certai
nc ases.
arti
clesofassoci
ationinst
eadofi nthememor andum,maybeal teredby
thecompanybyspeci alresol
uti
on,butifanappl icati
onismadet ot he
courtfort
healter
ationtobecancel l
ed,t
healter
ationdoe snothaveeffect
exceptinsofarasitisconfi
rmedbyt heCourt
.

(
2)Thi ssect
iondoesnotappl
ywherethememorandum it
selfprov
idesforor
prohibi
tst
healter
ati
onofalloranyofthesaidprovi
sions,andshallnot
authori
seanyvari
ati
onorabrogat
ionoft
hespecialr
ightsofanycl assof
member s.

(
3)Sect ion51(2),(
3),(4),(7),(
8)and(9)(
whichrel
atet
omodeofal t
erati
onof
business orobjects)ex ceptsubsect
ion (
2)(b)ther
eof,shallapplyin
rel
ationtoanyal ter
ationandappl i
cati
onmadeunderthissecti
onast hey
applyi nr
elat
iontoalterati
onsandtoappli
cati
onsmadeunderthatsecti
on.

(
4)Thissecti
onappli
estoacompany ’
smemor andum,whet
herr
egi
ster
ed
bef
oreoraf
tert
hecommencementoft
hisAct
.

53.(
1)Subj ectt othepr ov
isi
onsoft hisActandt othecondi
ti
onsorother Al
ter
ati
onofar
ti
cles.
provi
sionscont ai
ned i
nitsmemor andum,acompanymay ,byspeci
al
resol
ution,al
teroraddtoit
sart
icles,incl
udingdel
eti
onormodi
fi
cat
ionof
theprovisi
onsstatedi
nsecti
on27( 1)(a)-(d).

(
2)Anyal t
erat
ion oraddit
ion made inthe arti
cles shal
l,subj
ecttothe
prov
isi
onsoft hi
sAct,beasv al
idasifori
ginal
lycont ai
nedther
einandbe
subj
ect,
inli
kemanner,toalt
erat
ionbyspeci
alresolut
ion.

54.Excepttotheextentt owhichamemberofacompanyagr eesinwri

ti
ngatany Li mit
ati
onofli
abi
li
ty
tocontr
ibut
etoshare
ti
met obeboundt hereby
,andanythi
ngtothecontr
aryinthememor andum or capit
ali
f
art
icl
esnot wi
thstanding,themembershal lnotbeboundbyanyal t
erat
ion memorandum,etc.
,
madei nt
hememor andum orar
ti
clesoft
hecompanyr equir
inghi
m onorafter alt
ered.
thedateofthealt
er ati
onto—

(
a)t
akeorsubscr
ibeformoreshar
est
hanhehel
dat
t
hedat
eonwhi chhebecameamember;or

(
b)incr
easehi
sli
abi
li
tytocont
ri
but
etot
heshar
e
capi
tal
oft
hecompany
;or

(
c)paymoneybyanyot
hermeanst
othecompany
.
 CHAPTER2-RE-
REGI
STRATI
ONOFCOMPANI
ES
Alt
erat
ionofst
atusby
55.Acompanymaybyr
e-r
egi
str
ati
onundert
hisPar
tal
teri
tsst
atusf
rom — re-
regi
str
ati
on.

(
a)apr
ivat
ecompanyt
oapubl
i
ccompany
;

(
b)apubl
i
ccompanyt
oapr
ivat
ecompany
;

(
c) a priv
atel
i
mit
ed company t
o an unl
i
mit
ed
company;

(
d)anunl
i
mit
edcompanyt
oal
i
mit
edcompany
;or

(
e) a publi
c l
i
mit
ed company t
o an unl
i
mit
ed
company
.

56.(
1)Apriv
atecompany(whet
herli
mitedorunl
i
mit
ed)mayber
e-r
egi
ster
edas Re-r
egist
rat
ionof
pri
vatecompanyas
apubl
iccompanyl
i
mitedbysharesif
— publi
c.

(
a)a specialresol
uti
on t
hati
tshoul
d be so r
e-
r
egi
ster
edispassed;

(
b)thecondi
ti
onsspeci
fi
edundersubsect
ion(
2)ar
e
met
,and

(
c)anappli
cati
onforr
e-regi
str
ati
oni
sdeli
veredt
o
t
heCommi ssi
oninaccordancewi
thsect
ion60,
t
oget
herwi
th—

(
i)t
heot
herdocument
srequi
redbyt
hatsect
ion,
and

(
ii
)ast
atementofcompl
i
ance.

(
2)Thecondi
ti
onsar
e—

(
a)t
hatt
hecompanyhasashar
ecapi
tal
;

(
b)thattherequi
rement
sofsect
ion57ar
emetas
r
egardsit
ssharecapi
tal
;

(
c)t
hattherequi
rementsofsect
ion58ar
emetas
r
egar
dsit
snetassets;

(
d)i
fsecti
on59appli
es,
thatt
her
equi
rement
soft
hat
sect
ionar
emet;and
 (
e)thatthecompanyhasnotprevi
ousl
ybeenr
e-
r
egist
eredasanunl
i
mit
edcompany.

(
3)Thecompanyshal lmakesuchchangestoit
snameandarti
cles,asar
e
necessar
yinconnect
ionwi
thit
sbecomingapubl
i
ccompany
.

(
4)Ift
hecompanyisunl
imit
editshal
lalsomakesuchchangesi
nit
sar
ticl
es
asarenecessar
yinconnect
ionwit
hi t
sbecomingacompanyli
mit
edby
shar
es.

57.(
1)Thefol
lowingr
equi
rement
sshallbemetatt
hetimethespecialr
esol
uti
on Requi
rementsast
o
shar
ecapit
al.
i
spassedthatt
hecompanyshouldber
e-r
egi
ster
edasapubliccompany—

(
a)thenominalval
ueofthecompany’
sall
ott
edshar
e
capi
talshal
lbe not l ess t
han t
he mi ni
mum
speci
fi
edi
nsection27(2);

(
b)thecompany’
sall
ott
edsharesshallbepai dupat
l
eastone-
quart
eroft he nominalv al
ue ofthat
shar
eandthewhol
eofanypr emium onit;

(
c)ifanysharei nthecompanyoranypr emi um onit
hasbeenf ul
l
yorpar tl
ypaidupbyanunder taki
ng
gi
venbyanyper sonthatheoranot hershouldwork
orper
f or
m ser v
ices(whetherforthecompanyor
anyotherperson),t
heundertakingshallhavebeen
per
for
medorot herwi
sedischarged;or

(
d)i fshar eshavebeenal l
ottedasfull
yorpart
lypaid
upast otheirnominalv alueoranypremium on
them ot her
wise t han i n cash, and t he
consi derat
ion f
ort he allotmentconsi
sts of,or
i
ncl udes,anunder taki
ng t othecompany( ot
her
than one t o which paragraph (
c)appli
es),then
either—

(
i)t
heundertaki
ngshallhavebeenper
for
medor
other
wisedischar
ged,or

(
ii
)t her
e shallbe a cont
ract between the
companyandsomepersonpursuanttowhich
theundert
aki
ngi
stobeperfor
medwi t
hinfi
ve
yearsfr
om thet
imethespeci
alresoluti
onis
passed.

(
2)Shar
esal
l
ott
edi
npur
suanceofanempl
oyees’
shar
escheme,
byr
easonof
 whicht hecompanywoul d,butfort hissubsect
ion,bepr ecl
udedunder
subsection(1)(
b)from beingre-
register
edasapubl iccompany ,shal
lnot
ber egardedforthepurposeofdet erminingwhethertherequir
ement sin
subsection(1)(
b),(
c)and( d)ar
emet .

(
3)Nomor et hanone-t
enthoft henomi nalval
ueoft hecompany
’sall
ott
ed
share capitali
st o be di
sregarded undersubsecti
on (
2)and f
ort hi
s
purpose the al
lot
ted shar
e capi t
alist r
eat
ed as notincl
udi
ng shar
es
disr
egardedunderthesubsection.

(
4)Sharesdisr
egar
dedundersubsecti
on(2)aretr
eatedasnotf
ormingpar
tof
theall
ott
edsharecapi
tal
forthepurposesofsubsect
ion(
1)(
a).

(
5)Acompanyshal
lnotber
e-r
egi
ster
edasapubl
i
ccompanyi
fitappear
sto
t
heCommissi
onthat—

(
a)t hecompanyhasr
esol
vedt
oreducei
tsshar
e
capi
tal
;

(
b) t he reducti
on is suppor
ted by a solvency
statementinaccor
dancewithregul
ati
onsmadeby
theMi ni
ster
;and

(
c)theef f
ectoft
hereducti
onis,orwil
lbe,thatthe
nominalval
ue ofthe company’
s all
ott
ed share
capi
tali
sbelowtheminimum speci
fi
edinsection
27(2).

58.(
1)Acompanyappl
yi
ngt
ore-
regi
sterasapubl
i
ccompanyshal
lobt
ain— Requir
ementsast
o
netasset
s.

(
a)abal ancesheetpr
eparedasatadatenotmore
thansevenmont hbef
orethedat
eonwhi chthe
appl
icat
ioni
sdeli
ver
edtotheCommissi
on;

(
b)anunquali
fi
edreportbyt
hecompany
’saudi
toron
t
hatbal
ancesheet;
and

(
c)awr i
ttenstatementbythecompany ’saudi
torthat,
i
n his opinion atthe balance sheetdat e,the
amountoft hecompany ’
snetasset swasnotl ess
thantheaggr egat
eofi tscall
ed-upsharecapi tal
andundist
ributabl
ereser
ves.

(
2)Between the date ofthe bal
ance sheetand the date on which t
he
appl
icat
ionforre-r
egistr
ati
onisdel
iveredtotheCommi ssion,ther
eshall
be no change i
nt he company’
sfinancialposi
ti
on thatr esul
tsinthe
 amountofit
snetassetsbecomi
nglessthant
heaggr
egat
eofi
tscal
l
ed-
up
shar
ecapit
alandun-di
str
ibut
abl
ereser
ves.

(
3)I
nsubsect
ion(
1)(
b),
an“
unqual
i
fiedr
epor
t”means—

(
a)ift hebalancesheetwaspr epar
edf orafinancial
yearoft he company,a reportstati
ng wi t
hout
mat er
ialqual
ifi
cat
iontheaudit
or’
sopinionthatthe
balance sheethas been pr operl
y prepared in
accordancewi t
htherequi
rementsofthisAct;

(
b)i fthe balance sheetwas notpr epared fora
f
inanci
aly earoft he company,a reportst ati
ng
wit
houtmat erialquali
fi
cati
ontheauditor’
sopi ni
on
t
hatthebal ancesheethasbeenpr operlyprepared
i
naccordancewi t
ht heprovi
si
onsofthisActwhi ch
wouldhaveappl i
edi fithadbeenpr eparedf ora
f
inanci
alyearoft hecompany .

(
4)Fort hepurposeofanaudi t
or’
sreportonabal ancesheett
hatwasnot
preparedforafinanci
alyearofthecompany ,t
hepr ov
isi
onsofthi
sAct
applywithsuchmodifi
cat
ionsasarenecessar
y.

(
5)Fort hepurposesofsubsection(3),aquali
fi
cationi smater
ialunlesst he
auditorst
atesinhi
sreportthatthemat t
ergi
vingr i
set ot
hequalif
icationis
notmat er
ialf
orthepurposeofdet er
mining(
byr efer
encet ot
hecompany ’
s
balancesheet)whet
heratthedat eofthebalancesheett heamountoft he
company ’
snetasset swasnotl essthantheaggr egat
eofi t
scal led-up
sharecapital
andun-di
stri
butabl
er eser
ves.

(
6)I
nthi
sPar
t–

(
a) “net asset
s” means t
he aggregate of the
company ’
s asset
sless t
he aggregate of i
ts
l
iabil
i
ties,
and

(
b)‘
‘
un-
dist
ri
but
abl
ereser
ves’
’ar
eit
s—

(
i)shar
epr
emi
um account
,and

(
ii
)capi
tal
redempt
ionr
eser
ve;

(
c) the amount by whi ch it
s accumulated or
unr
eali
sedprofi
ts(sofarasnotprevi
ousl
yutil
i
sed
by capit
ali
sati
on) ex
ceed its accumulat
ed or
unr
eali
sedlosses(sofarasnotprevi
ousl
ywr i
tt
en
 of
finareduct
ionorr
eor
gani
sat
ionofcapi
taldul
y
made)
;and

(
d)anyot herreserv
et hatt
hecompanyispr ohi
bit
ed
fr
om distri
buti
ng byanyenact ment(otherthan
onecontai
nedi nthi
sPart)orbyi
tsar
ti
cles.

(
7)Therefer
enceinsubsect
ion(6)(
c)t
ocapital
i
sati
ondoesnotincl
udea
t
ransf
erofprof
it
softhecompanyt
oit
scapi
talr
edempt
ionreser
ve.

59.(
1)Thi
ssect
ionappl
i
eswher
etheshar
esar
eal
l
ott
ed— Recentall
otmentof
sharesfornon-
cash
consider
aton.
i
(
a)byt hecompanyi nt
heper i
odbetweent hedate
the bal
ance sheetrequir
ed by secti
on 58 is
prepar
edandt hepassingofther esol
uti
onthat
the company shoul
dr e-
regi
ster as a publ
ic
company;and

(
b)asful
lyorpar
tl
ypai
dupast othei
rnomi
nalv
alue
oranypremi
um ont
hem ot
herwiset
hani
ncash.

(
2)TheCommi ssi
onshal
lnotent
ert
ainanappli
cat
ionbythecompanyforr
e-
regi
str
ati
onasapubliccompanyunlesstherequi
rement
sofsecti
on57
havebeencompli
edwit
h,ort
heall
otmenti
sinconnecti
onwit
h—

(
a)ashareex
changeasdescr
ibedi
nsubsect
ions(
3)
-(
5);
or

(
b)a pr oposed mergerwit
h anot
hercompanyas
descr
ibedinsubsect
ion(
6).

(
3)Anal
l
otmenti
sinconnect
ionwi
thashar
eex
changei
f—

(
a)t he shar
esare all
ott
ed i
n connect
ion wit
h an
arr
angementunderwhichthewholeorpartofthe
consi
derat
ionforthesharesall
ott
edi sprovi
ded
by—

(
i)the tr
ansf
ert othe companyal
l
ott
ing the
shar
esofshar es(orshar
esofapar t
icul
ar
cl
ass)i
nanothercompany,
or

(
ii
)t hecancel
lat
ionofshar
es(orsharesofa
part
icul
arcl
ass)i
nanot
hercompany
;and

(
b)t
heal
l
otmenti
sopent
oal
lthehol
der
soft
he
 shares oft he othercompanyi n quest
ion (
or,
wherethear rangementappl
iesonl
ytosharesofa
part
icul
ar cl ass, to allthe hol
ders of the
company ’ssharesofthatcl
ass)t
otakeparti
nthe
arr
angementi nconnecti
onwithwhi
cht heshar
es
areall
otted.

(
4)Indet er
mini
ngwhet herapersonisahol
derofshar
esf
ort
hepur
posesof
subsecti
on(3)
,ther
eshallbedisr
egar
ded—

(
a)shareshel
dby,orbyanomi
neeof
,thecompany
al
l
otti
ngtheshar
es;and

(
b)shar
eshel
dby
,orbyanomi
neeof
—

(
i)t
heholdingcompanyoft
hecompanyal
l
ott
ing
theshar
es,

(
ii
)a subsi
diar
y oft
he company al
l
ott
ing t
he
shar
es,
or

(
ii
i)asubsidiar
yoft heholdi
ngcompanyoft
he
companyall
ott
ingt
heshares.

(
5)I ti
si mmateri
al,f
orthepurposesofdecidingwhetheranal l
ot mentisin
connecti
onwi t
hashar eex change,whetherornott hearrangementi n
connecti
onwi t
hwhi chthesharesar eall
ottedinv
olvesthei ssuetot he
companyal l
ott
ingtheshar
esofshar es(orsharesofapar t
icularcl
ass)in
theothercompany.

(
6)Ther eisaproposedmergerwithanot
hercompanyifoneofthecompanies
concernedproposestoacquir
ealltheasset
sandliabil
i
tiesoft
heotherin
exchangefortheissueofit
ssharesorothersecur
iti
estosharehol
der
sof
theother.

(
7)Fort
hepur
posesoft
hissect
ion—

(
a)the considerat
ion foran allotmentdoes not
i
ncludeanyamountst andi
ngtot hecreditofany
ofthecompany ’
sr eser
veaccounts,orofitspr
ofi
t
andlossaccount,thathasbeenappl i
edi npay
ing
up(toanyextent)anyofthesharesall
ottedorany
premium onthoseshares;and

(
b)“ar
rangement
”meansanyagreement,schemeor
arr
angementpur
suantt
oChapter27.
60.(
1)Anappl
i
cat
ionf
orr
e-r
egi
str
ati
onasapubl
i
ccompanyshal
lcont
ain— Appli
cat
ionand
accompanyi
ng
documents.
(
a)astat
ementofthecompany
’spr
oposednameon
r
e-r
egi
str
ati
on;
and

(
b)int hecaseofacompanywithoutasecret
ary,a
st
atementofthecompany
’spr
oposedsecr
etary
.

(
2)Theappl
i
cat
ionshal
lbeaccompani
edby
—

(
a)acopyofthespecialr
esol
uti
onthatt
hecompany
shoul
dre-
regi
sterasapubl
iccompany;

(
b)a copy oft he company
’s memorandum and
ar
ti
clesaspr
oposedtobeamended;

(
c)acopyoft
hebalancesheetandot
herdocument
s
r
efer
redt
oinsecti
on58( 1)
;and

(
d)ifsecti
on 59 appl
i
es,a copyofthev al
uat
ion
repor
t(ifany
)undersubsecti
on(2)(a)ofthat
secti
on.

(
3)Thest at
ementofcompli
ancerequir
edtobedeliver
edtoget
herwi
tht
he
appl
icati
onisastatementthattherequi
rement
soft hi
sPartastore-
regi
str
ati
onasapubli
ccompanyhavebeencompliedwit
h.

(
4)TheCommi ssi
onmayacceptthest
atementofcompli
anceassuf
fi
ci
ent
evi
dencethatthecompanyisenti
tl
edtober e-
regi
ster
edasapublic
company.

61.(
1)Thest atementoft hecompany ’
sproposedsecr
etar
yshal
lcont
aint
he St
atementof
requir
edpar t
icular
soft hepersonorper sonswhoisoraretobethe pr
oposedsecr
etar
y.
secretar
yorjointsecr
etar
iesofthecompany.

(
2)Therequi
redpart
icul
arsar
ethoser
equi
redt
obest
atedi
nthecompany
’s
r
egist
erofsecr
etari
es.

(
3)The st at
ementshallal
so contain consentbyt he per
son named as
secret
ary,oreachoft
hepersonsnamedasj oi
ntsecret
ari
es,toactinthe
rel
evantcapacit
yandi
fal
lthepartner
si nafir
m aretobejointsecr
etar
ies,
consentmaybegi v
enbyonepartneronbehalfofalloft
hem.

62.(
1)I f
,on an appl
icati
on forre-r
egist
rati
on as a publ
ic company,t he Issueofcer t
ifi
cat
eof
incorporati
ononre-
Commi ssi
oni
ssat i
sfi
edthatthecompanyi senti
tl
edt ober e-
regi
ster
ed, registr
ation.
thecompanyshal
lbere-r
egist
eredaccordi
ngl
y.
 (
2)TheCommissionshal
lissueacer
ti
fi
cat
eofi
ncor
por
ati
onal
ter
edt
omeet
t
heci
rcumst
ancesofthecase.

(
3)Thecert
ifi
cat
eshallst
atet
hati
tisi
ssuedonr
e-r
egi
str
ati
onandt
hedat
e
onwhi
chiti
sissued.

(
4)Upont
hei
ssueoft
hecer
ti
fi
cat
e—

(
a)t he company by v
irt
ue ofthe i
ssue oft
he
cer
ti
fi
catebecomesapubli
ccompany
,

(
b) the changes in t he company’s name,
memor
andum andar
ti
clest
akeef
fect
;and

(
c)wher etheapplicat
ioncontainedastatementof
proposedsecr
etary,
thepersonorpersons named
i
nt hestat
ementassecr etaryorjoi
ntsecret
ari
es
of the company ar e deemed t o have been
appoint
edtothatoff
ice.

(
5)Thecert
ifi
cat spr
ei i
maf aci
eevi
dencet
hatther
equi
rement
soft
hisActas
tor
e-r
egistr
ati
onhavebeencompli
edwi
th.

63.(
1)Apubl
i
ccompanymayber
e-r
egi
ster
edasapr
ivat
eli
mit
edcompanyi
f— Re-r
egist
rati
onof
publi
ccompanyas
pri
vateli
mited
(
a)a specialresol
uti
on t
hati
tshoul
d be so r
e- company .
r
egi
ster
edispassed;

(
b)thecondi
ti
onsspeci
fi
edundert
hissect
ionar
e
met
;and

(
c)anappli
cati
onforr
e-regi
str
ati
oni
sdeli
veredt
o
t
heCommi ssi
oninaccordancewi
thsect
ion66,
t
oget
herwi
th–

(
i)t
heot
herdocument
srequi
redbyt
hatsect
ion;
and

(
ii
)ast
atementofcompl
i
ance.

(
2)Thecondi
ti
onsar
ethat
—

(
a) where no appl
i
cation under sect
ion 64 f
or
cancel
l
ati
onoftheresol
uti
onhasbeenmade—

(
i)hav
ingr
egar
dtot
henumberofmember
s
 whoconsent
edt
o,orvotedinfavourof
,the
r
esol
uti
on,no such appli
cat
ion may be
made,
or

(
ii
)theper
iodwi
thi
nwhichsuchanappl
i
cat
ion
coul
dbemadehasex
pired;
or

(
b)wher
esuchanappl
i
cat
ionhasbeenmade—

(
i)t
heappl
i
cat
ionhasbeenwi
thdr
awn,
or

(
ii
)an or derhas been made confi
rming t
he
resol
uti
onandacopyoft hatorderhasbeen
deli
ver
edtotheCommissi
on.

(
3)Thecompanyshal
lmakesuchchanges—

(
a)i
nit
sname;
and

(
b)ini
tsmemor andum andart
icl
es,
asarenecessar
y
i
n connection with it
s becoming a pr i
vat
e
companylimitedbysharesor,asthecasemay
be,byguar
antee.

64.(
1)Wher easpeci alr
esol
utionbyapubli
ccompanyt
ober e-
regist
eredasa Appli
cati
ont oCourt
pri
vateli
mitedcompanyhasbeenpassed,anappl
icat
iont
ot heCourtfor t
ocancelresol
uton.
i
thecancel
lati
onoftheresolut
ionmaybemade—

(
a)byt heholdersofatleast5%innomi nalv
alueof
thecompany ’
sissuedsharecapi
taloranyclass
of t he company ’s issued shar e capital
(disr
egardinganysharesheldbyt
hecompanyas
treasuryshares)
;

(
b)i
fthecompanyi
snotl
i
mit
edbyshar
esatl
east5%
ofi
tsmembers;
or

(
c)byatleast50member soft
hecompany
,butnot
byaper sonwhohasconsentedtoorv ot
edin
fav
ouroftheresol
uti
on.

(
2)Theappl i
cat
ionshal
lbemadewi thi
n28day saf t
erthepassingoft he
resol
uti
onandmaybemadeonbehal foft
hepersonsenti
tl
edtomakei tby
suchoneormor eoft
hei
rnumberastheymayappointf
orthatpurpose.

(
3)Ont
hehear
ingoft
heappl
i
cat
ion,t
heCour
tshal
lmakeanor
derei
ther
 cancel
l
ingorconf
ir
mingt
her
esol
uti
on.

(
4)TheCour
tmay
—

(
a)makethatorderonsucht
ermsandcondi
ti
onsas
i
tdeemsfi
t;

(
b)i fitdeemsf it
,adjour
ntheproceedingsi
norder
that an ar rangement may be made t o the
satisfacti
onoft hecourtfort
hepur chaseofthe
i
nt erestsofdissent
ingmembers;and

(
c)givesuchdirect
ions,andmakesuchor ders,asit
consi
dersexpedi
entforfaci
l
itat
ingorcarr
yingint
o
eff
ectanysucharrangement.

(
5)TheCour
tor
dermay
,ift
heCour
tdeemsf
it
—

(
a)provideforthepur
chasebythecompanyofthe
shares of any of i
ts member
s and for t
he
reducti
onaccordi
nglyofthecompany’
scapit
al;
and

(
b) make such al t
erat
ion in t
he company’
s
memor andum ar
ticl
es as may be r
equi
red i
n
consequenceofthatprovi
si
on.

(
6)TheCour
tordermay,i
fthecourtdeemsfi
t,requi
rethecompanynott
o
makeamendmentt
oitsar
ti
cleswit
houtt
heleaveoftheCour
t.

65.(
1)Onmaki ng anapplicat
iontotheCour tto cancelther esolut
ion,the Noti
cet o
Commi ssionofCourt
appl
icants,ort heperson making theappli
cat
ion on theirbehalf,shal
l appl
icati
onororder.
i
mmedi at
elygive not
ice tothe Commi ssi
on,withoutpr ej
udice to any
prov
isionofrul
esofcour tastoser
viceofnoti
ceoftheapplicat
ion.

(
2)Onbei
ngserv
edwit
hnoticeofanysuchappl
i
cat
ion,t
hecompanyshal
l
i
mmedi
atel
ygi
venot
icet
ot heCommi
ssi
on.

(
3)Wit
hin15day
soft
hemakingoftheCourtorderontheappl
i
cat
ion,
orsuch
l
ongerper
iodast
heCour tmayatanyt i
medi rect
,thecompanyshal
l
del
i
vertot
heCommissi
onacopyoftheorder.

(
4)Ifdefaulti
smadei ncomplyi
ngwit
hsubsecti
ons(2)and(3)
,thecompany
and each of fi
cerofthe company isli
ableto such penal
ty as t
he
Commi ssi
onshallpr
escr
ibebyregul
ati
onforeverydayduri
ngwhi cht
he
defaultconti
nues.
66.(
1)An appli
cati
on f
orre-
regi
str
ati
on asaprivat
eli
mit
ed companyshall Appli
cat
ionand
accompanyi
ng
cont
ainastat
ementoft
hecompany’spr
oposednameonr
e-regi
str
ati
on. document s.

(
2)Theappl
i
cat
ionshal
lbeaccompani
edbyacopyoft
he—

(
a)resol
uti
onthatt
hecompanyshoul
dre-
regi
steras
apri
vat
elimi
tedcompany
;and

(
b) company’s memorandum and ar
ti
cles as
pr
oposedt
obeamended.

(
3)Thest at
ementofcompl
iancerequi
redtobedel i
ver
edtoget
herwit
hthe
appl
icati
oni
sast at
ementt hatt
her equi
rementsofthi
sPartastore-
regi
str
ati
onasapri
vat
eli
mitedcompanyhav ebeencompl
iedwit
h.

(
4)Thecommissionmayacceptt
hest
atementofcomplianceassuf
fi
cient
evi
dencet
hatt hecompanyi
sent
it
ledtober e-
regi
steredasaprivate
l
imit
edcompany .

67.(
1)I f
,onanappl i
cati
onforre-
regi
strat
ionasaprivat
elimitedcompany
,the Issueofcer t
ifi
cat
eof
incorporati
ononre-
Commi ssi
on i
s sati
sfi
ed t
hatt he company i
s entit
led t
o be so r
e- registr
ation.
regist
ered,t
hecompanyshallbere-r
egi
ster
edaccordi
ngly.

(
2)TheCommissionshal
lissueacer
ti
fi
cat
eofi
ncor
por
ati
onal
ter
edt
omeet
t
hecir
cumstance.

(
3)Thecer
ti
fi
cateshal
lst
atet
hati
tisi
ssuedonr
e-r
egi
str
ati
onandt
hedat
eon
whi
chiti
sissued.

(
4)Upont
hei
ssueoft
hecer
ti
fi
cat
e—

(
a)the company by v
irt
ue of t
he issue of t
he
cert
if
icat
ebecomesapriv
atel
i
mitedcompany,;

(
b) the changes in t he company ’
s name,
memor
andum andar
ti
clestakeef
fect
.

(
5)Thecert
if
icateispr
imafaci
eevidencethatt
her
equi
rement
soft
hisActas
tor
e-regi
strat
ionhavebeencompliedwit
h.

68.(
1)Apr
ivat
eli
mit
edcompanymayber
e-r
egi
ster
edasanunl
i
mit
edcompany Re-r
egistr
ati
onof
pri
vateli
mited
i
f— companyas
unl
imited.
(
a)al
lthemember
soft
hecompanyhav
eassent
edt
o
 i
tsbei
ngsor
e-r
egi
ster
ed;

(
b)thecondi
ti
onspeci
fi
edundersubsect
ion(
2)i
s
met
;and

(
c)anappli
cati
onforr
e-regi
str
ati
oni
sdeli
veredt
o
t
heCommi ssi
oninaccordancewi
thsect
ion69,
t
oget
herwi
th—

(
i)t
heot
herdocument
srequi
redbyt
hatsect
ion,
and

(
ii
)ast
atementofcompl
i
ance.

(
2)Thecondi
ti
oni
sthatt
hecompanyhasnotpr
evi
ousl
ybeenr
e-r
egi
ster
edas
l
imit
ed.

(
3)Thecompanyshal
lmakesuchchangesi
nit
snameandi
tsmemor
andum
andar
ti
cl
es—

(
a)asarenecessar
yinconnect
ionwi
thi
tsbecomi
ng
anunli
mit
edcompany;and

(
b)ifi
tistohav
eashar ecapi
tal
,asar
enecessar
yin
connect
ion with i
ts becoming an unl
imi
ted
companyhavingashar
ecapit
al.

(
4)Fort
hepur
posesoft
hissect
ion—

(
a)a t r
ustee i
n bankrupt
cyofa memberoft he
company is enti
tl
ed,tot he ex
clusi
on of t
he
member,to assenttot hecompany’sbecomi
ng
unl
imi
ted;and

(
b) the personalrepr
esent
ati
ve of a deceased
memberoft hecompanymayassentonbehalfof
t
hedeceased.

(
5)In subsecti
on (
4)( a)
,“at
rust
ee i
n bankr
upt
cyofa memberoft
he
company”incl
udes—

(
a)aper manentt
rusteeorani
nter
imt
rust
eeonthe
sequest
rat
edestat
eofamemberofthecompany
;
and

(
b)atrust
eeunderaprot
ectedtr
ust
eedeedgr
ant
ed
byamemberofthecompany.
69.(
1)Anappl
icat
ionforre-
regi
str
ati
onasanunl i
mit
edcompanyshallcont
aina Appli
cat
ionand
accompanyi
ng
st
atementofthecompany ’
sproposednameonre-
regi
str
ati
on. documents.

(
2)Theappl
i
cat
ionshal
lbeaccompani
edby
—

(
a)t heprescribedfor
m ofassenttothecompany’
s
being re-
regist
ered as an unl
i
mited company,
authent
icatedbyoronbehalfofallthemembers
ofthecompany ;and

(
b)a copy oft he company
’s memorandum and
ar
ti
clesaspr
oposedtobeamended.

(
3)Thest at
ementofcompli
ancerequi
redtobedeliver
edtogetherwi
tht
he
appl
icati
oni
sast atementthatt
her equi
rement
soft hi
sPar tastore-
regi
str
ati
onasanunli
mit
edcompanyhav ebeencompli
edwith.

(
4)Thest
atementshal
lcont
ainast
atementbyt
hedi
rect
orsoft
hecompany
—

(
a)thattheper
sonsbywhom oronwhosebehal ft
he
f
orm ofassenti s authent
icat
ed const
it
utet
he
wholemembershi
poft hecompany;and

(
b)i fanyofthemember shasnotaut hent
icat
edthat
form himself
,t hatthe direct
ors havetaken al
l
reasonabl
estepst osatisfythemselvesthateach
person who aut henti
cated it on behalf of a
memberwasl awful
lyempower edtodoso.

(
5)TheCommi ssi
onmayacceptt
hestat
ementofcomplianceassuf
fi
cient
evi
dencethatt
hecompanyi
senti
tl
edtobere-
regi
ster
edasanunlimi
t ed
company.

70.(
1)If,onanappl i
cat
ionf
orre-
regi
strat
ionofapriv
ateli
mit
edcompanyasan I
ssueofcer t
ifi
cat
eof
i
ncorporati
ononre-
unli
mited companytheCommi ssi
on i
ssatisfi
ed t
hatthecompany ,is r
egistr
ation.
enti
tl
ed t o be so r
e-r
egi
ster
ed,t he company shal
lbe re-
regi
stered
accordingl
y.

(
2)TheCommissionshal
lissueacer
ti
fi
cat
eofi
ncor
por
ati
onal
ter
edt
omeet
t
hecir
cumstance.

(
3)Thecer
ti
fi
cateshallst
atet
hati
tisi
ssuedonr
e-r
egi
str
ati
onandt
hedat
e
onwhi
chiti
sissued.
 (
4)Upont
hei
ssueoft
hecer
ti
fi
cat
e—

(
a)t he company by v
irt
ue ofthe i
ssue ofthe
cer
ti
fi
catebecomesanunli
mit
edcompany;
and

(
b) the changes in t he company’
s name,
memor
andum andar
ti
clest
akeef
fect
.

(
5)Thecerti
fi
cateisconcl
usi
veevi
dencethatther
equi
rement
soft
hisActas
t
ore-regi
strat
ionhavebeencompl
iedwith.

71.(
1)Anunl
i
mit
edcompanymayber
e-r
egi
ster
edasapr
ivat
eli
mit
edcompany Re-
regi
str
ati
onof
unl
i
mi t
edcompanyas
i
f—
l
imied.
t

(
a)aspecialr
esol
uti
ont
hati
tshoul
dber
e-r
egi
ster
ed
i
spassed,

(
b)thecondi
ti
onspeci
fi
edundersubsect
ion(
2)i
s
met
,and

(
c)anappli
cationforr
e-regi
strat
ioni
sdel
iv
eredt
o
t
hecommi ssioninaccordancewit
hsecti
on72,
t
oget
herwi
th—

(
i)t
heot
herdocument
srequi
redbyt
hatsect
ion,
and

(
ii
)ast
atementofcompl
i
ance.

(
2)Thecondi
ti
oni
sthatt
hecompanyhasnotpr
evi
ousl
ybeenr
e-r
egi
ster
edas
unl
imi
ted.

(
3)Thespeci
alr
esol
uti
onshal
lst
atewhet
hert
hecompanyi
stobel
i
mit
edby
shar
esorbyguar
antee.

(
4)Thecompanyshal
lmakesuchchanges—

(
a)i
nit
sname;
and

(
b)init
smemor andum andar
ti
cles,
asarenecessary
i
nconnect
ionwithit
sbecomingacompanylimited
byshar
esor,asthecasemaybe,byguar
antee.

72.(
1)Anappl i
cati
onforre-
regi
str
ati
onasal imi
tedcompanyshallcont
aina Appli
cat
ionand
accompanyi
ng
st
atementofthecompany’
sproposednameonre-
regi
str
ati
on.
documents.

(
2)Theappl
i
cat
ionshal
lbeaccompani
edby
—
 (
a)acopyoftheresol
uti
onthatt
hecompanyshoul
d
r
e-r
egi
sterasapriv
ateli
mit
edcompany
;

(
b)ifthecompanyistobeli
mit
edbyguar
ant
ee,a
stat
ementofguar
ant
ee;
and

(
c)a copy ofthe company
’s memor
andum and
ar
ti
clesaspr
oposedt
obeamended.

(
3)Thest at
ementofguar ant
eer equi
redtobedeliver
edi nthecaseofa
companythatistobelimit
edbyguar ant
eeshal
lstatethateachmember
under
takesthat
,ifthecompanyi swoundupwhi l
ehei samember ,or
wit
hinoneyearafterheceasestobeamember ,hewi l
lcontri
but
etothe
asset
softhecompanyt osuchamountasmayber equir
edfor—

(
a)pay mentoft he debt
s and l
iabil
it
ies ofthe
companycont
ract
ed befor
e he ceasesto be a
member;

(
b)paymentofthecost
s,char
gesandex
pensesof
wi
ndi
ngup;and

(
c)adjust
mentoft he r
ight
s ofthe cont
ri
but
ori
es
among themsel
ves,notexceedi
ng a speci
fi
ed
amount
.

(
4)Thest at
ementofcompliancerequi
redtobedeliver
edtogetherwi
tht
he
appl
icati
onisastatementt hattherequi
rement
soft hisPartastore-
regi
str
ati
onasali
mitedcompanyhav ebeencompli
edwith.

(
5)TheCommi ssi
onmayacceptthest
atementofcomplianceassuf
fi
cient
evi
dencethatthecompanyi
sentit
ledtober e-
regi
steredasalimi
t ed
company.

73.(
1)I
f,onanappl i
cationforre-r
egist
rat
ionofanunl imit
edcompanyasa I
ssueofcer t
if
icat
eof
i
ncorporati
ononre-
l
i
mitedcompany,theCommi ssioni
ssati
sfiedthatt
hecompanyisenti
tl
ed
r
egistr
ation.
t
obesor e-r
egi
stered,
thecompanyshal l
ber e-
regi
ster
edaccor
dingl
y.

(
2)TheCommissionshal
lissueacer
ti
fi
cat
eofi
ncor
por
ati
onal
ter
edt
omeet
t
hecir
cumstancesoft
hecase.

(
3)Thecer
ti
fi
cateshal
lstat
ethati
tisi
ssuedonr
e-r
egi
str
ati
onandt
hedat
e
onwhi
chiti
ssoissued.

(
4)Upont
hei
ssueoft
hecer
ti
fi
cat
e—
 (
a)t he company by v
irt
ue ofthe issue oft
he
cer
ti
fi
catebecomesali
mitedcompany;and

(
b) the changes in t he company’
s name,
memor
andum andar
ti
clest
akeef
fect
.

(
5)Thecerti
fi
cateispri
maf aci
eevi
dencet
hatt
her
equi
rement
soft
hisActas
t
ore-regi
strat
ionhavebeencompli
edwit
h.

74.(
1)Acompanywhi chonr e-
regist
rat
ionundersection71hasal r
eadyal
l
ott
ed Statementofcapi
tal
requir
edwhere
i
tssharecapi
tal,shallwithin15day safterther e-
regi
str
ati
ondeli
vera companyal r
eadyhas
st
atementoft
heshar ecapitalt
otheCommi ssi
on. sharecapit
al.

(
2)Thisdoesnotapplyiftheinfor
mati
onwhi
chwoul
dbeincl
udedinthe
st
atementhasal
readybeensentt
otheCommi
ssi
oni
nast
atementof—

(
a)capi
tal
andi
nit
ial
shar
ehol
dings;
or

(
b)capi
tal
cont
ainedi
nanannual
ret
urn.

(
3)Thest at
ementofcapi t
alshal
lst
atewi
thr
espectt
othecompany
’sshar
e
capi
tal
onr e-
regi
str
ati
on—

(
a)t
het
otal
numberofshar
esoft
hecompany
;

(
b)t
heaggr
egat
enomi
nal
val
ueoft
hoseshar
es;

(
c)f
oreachcl
assofshar
es—

(
i)pr
escr
ibedpar
ti
cul
arsoft
her
ight
sat
tachedt
o
t
heshares,

(
ii
)thet
otal
numberofshar
esoft
hatcl
ass,
and

(
ii
i)t
heaggr
egat
enomi
nal
val
ueofshar
esoft
hat
cl
ass;
and

(
d)the amountpai
d up and t
he amount(ifany)
unpai
doneachshare(
whetheronaccountoft
he
nominal
val
ueoft
heshareorbywayofpremium).

(
4)Ifdefaulti
smadei ncomplyi
ngwiththi
ssect
ion,thecompanyandeach
offi
cerofthecompanyareli
ablet
osuchpenal
tyast heCommissi
onshall
prescri
bebyregul
ati
onforev
erydayduri
ngwhi
cht hedef
aul
tconti
nues.
75.(
1)Apubliccompanyl
i
mi t
edbysharesmayber
e-r
egi
ster
edasanunl
i
mit
ed Re-r
egi
str
ati
onof
publ
iccompanyas
companywit
hasharecapi
tal
if— unl
imit
ed.

(
a)allt
hemembersofthecompanyhav
eassent
edt
o
i
tsbeingsor
e-r
egi
ster
ed,

(
b)thecondi
ti
onspeci
fi
edundersubsect
ion(
2)i
s
met
;and

(
c)anapplicati
onf orr
e-r
egistr
ati
onisdeli
veredt
o
t
he regi
strar i
n accordance wit
h secti
on 76,
t
oget
herwith—

(
i)t
heot
herdocument
srequi
redbyt
hatsect
ion,
and

(
ii
)ast
atementofcompl
i
ance.

(
2)Thecondi
ti
oni
sthatt
hecompanyhasnotpr
evi
ousl
ybeenr
e-r
egi
ster
edas
—

(
a)l
i
mit
ed;
or

(
b)unl
i
mit
ed.

(
3)Thecompanyshal
lmakesuchchanges—

(
a)i
nit
sname;
and

(
b)i
nitsmemor andum andarti
cles,
asarenecessary
i
n connect
ion wit
hi ts becoming an unl
imited
company.

(
4)Fort
hepur
posesoft
hissect
ion—

(
a)a t rustee in bankrupt
cyofa memberoft he
company i s entit
led,tothe ex
clusi
on of t
he
member ,t o assent t o t
he company’s re-
regi
strat
ion;and

(
b) the personalrepr
esent
ati
ve of a deceased
memberoft hecompanymayassentonbehalfof
t
hedeceased.

(
5)In subsecti
on (
4)( a)
,“at
rust
ee i
n bankr
upt
cyofa memberoft
he
company”incl
udes—
 (
a)aper manentt
rusteeorani
nter
imt
rust
eeonthe
sequest
rat
edestateofamemberofthecompany
;
and

(
b)atr
ust
eeunderaprot
ect
edtrust
eedeedgr
ant
ed
byamemberoft
hecompany.

76.(
1)Anapplicati
onforre-r
egi
str
ati
onofapubl
iccompanyasanunl i
mit
ed Appli
cat
ionand
accompanyi
ng
companyshallcont
ainastat
ementoft
hecompany
’sproposednameon documents.
re-r
egi
strat
ion.

(
2)Theappl
i
cat
ionshal
lbeaccompani
edby
—

(
a)theprescribedform ofassenttothecompany’
s
bei
ng re-regist
ered as an unl
imi
ted company,
aut
henticatedbyoronbehal fofal
lthemembers
ofthecompany ;and

(
b)a copy ofthe company
’s memor
andum and
ar
ti
clesaspr
oposedt
obeamended.

(
3)Thest at
ementofcompli
ancer equir
edtobedeliver
edtoget
herwi
ththe
appl
icati
onisastatementthatt herequi
rement
soft hi
sPartastore-
regi
str
ati
onasanunl
imit
edprivatecompanyhavebeencompli
edwit
h.

(
4)Thest
atementshal
lcont
ainast
atementbyt
hedi
rect
orsoft
hecompany
—

(
a)t
hattheper
sonsbywhom oronwhosebehal ft
he
f
orm ofassentis authent
icat
ed const
it
utet
he
whol
emember shi
pofthecompany,and

(
b)ifanyofthemember shasnotaut hent
icatedthat
form himsel
f,thatthe direct
ors havet aken al
l
reasonabl
estepstosatisfythemselvesthateach
person who authenti
cated it on behal f of a
memberwasl awful
lyempower edtodoso.

(
5)TheCommi ssi
onmayacceptt
hestat
ementofcomplianceassuf
fi
cient
evi
dencethatt
hecompanyi
senti
tl
edtobere-
regi
ster
edasanunlimi
t ed
company.

77.(
1)If
,onanapplicat
ionforr
e-r
egi
str
ati
onofapubliccompanyasanunl i
mit
ed I
ssueofcer t
ifi
cat
eof
i
ncorporati
ononre-
company,theCommi ssi
onissati
sfi
edthatt
hecompanyi senti
tl
edtobe r
egistr
ation.
sore-
regi
ster
ed,thecompanyshal
lbere-
regi
steredaccor
dingl
y.

(
2)TheCommi
ssi
onshal
lissueacer
ti
fi
cat
eofi
ncor
por
ati
onal
ter
edt
omeet
 t
heci
rcumst
ancesoft
hecase.

(
3)Thecer
ti
fi
cateshal
lstat
ethati
tisi
ssuedonr
e-r
egi
str
ati
onandt
hedat
e
onwhi
chiti
ssoissued.

(
4)Upont
hei
ssueoft
hecer
ti
fi
cat
ethe—

(
a)company,byvi
rt
ueofthei
ssueoft
hecer
ti
fi
cat
e,
becomesanunli
mit
edcompany;
and

(
b)changesinthecompany
’sname,memor
andum
andart
icl
est
akeeff
ect
.

(
5)Thecert
if
icateispr
imafaci
eevidencethatt
her
equi
rement
soft
hisActas
tor
e-regi
strat
ionhavebeencompliedwit
h.

CHAPTER3-FOREI
GNCOMPANI
ES

78.(
1)Subj ectt osect ions80-83oft hi
sAct ,everyforeigncompanywhi ch Foreigncompani
es
beforeoraf terthecommencementoft hisActwasi ncorporatedoutside i
ntendingtocar
ryon
businessinNi
geri
a.
Nigeria,andhav ingt heint
enti
onofcar ryingonbusi nessi nNi geri
a,shal
l
takeal lstepsnecessar yt oobtainincorporati
onasasepar ateent i
tyin
Nigeriafort hatpur pose,butuntilsoincorporated,thef orei
gncompany
shallnotcar ryonbusi nessinNi geri
aorex erciseanyoft hepower sofa
regi
st er
edcompanyandshal lnothav eapl aceofbusi nessoranaddr ess
forser vi
ceofdocument sorprocessesi nNi geri
af oranypur poseother
thant hereceiptofnot i
cesandot herdocument s,asmat terspreli
minaryto
i
ncor porati
onundert hi
sAct.

(
2)Anyactoft
hecompanyi
ncont
rav
ent
ionofsubsect
ion(
1)i
svoi
d.

(
3)Not
hingi
nthi
ssect
ionaf
fect
sthest
atusofanyf
orei
gncompany-

(
a)which bef
or ethe commencementoft hi
s Act
wasgr ant
edexempt i
onf r
om compl i
anceunder
theprovi
sionsofanypr ecedingCompaniesActs
thathadbeenappl icableinNi ger
iabeforethe
commencementoft hi
sAct ;and

(
b)exemptedunderanyt
reat
ytowhi
chNi
ger
iai
sa
part
y.
* Amendment by BFA 2023- S78(3)(c): Nothing in section 78 shall affect the status of any foreign company that
has been exempted under any other extant Act of the National Assembly in effect.
79.I
fanyf oreigncompanyf ailstocompl ywi tht her equir ement sofsect ion80of Penal ti
es.
thi
sActinsofarastheymayapplyt
ot hecompany,t
hecompanycommi tsan
off
enceandis,inadditi
ontobei
ngliabl
etoprosecuti
on,al
soli
abl
etosuch
penal
tyastheCommi ssi
onshal
lspecif
ybyregulat
ion,andev
eryoff
iceror
 agentoft hecompanywhoaut hor
isesorper mit
st hedefaultorfail
uret o
complyis,whetherornott
hecompanyi salsoconvict
edofanyof f
ence, l
iable
onconvicti
ont osuchpenaltyastheCommi ssi
onshallspeci
fybyregulat i
on,
andwher etheoffenceisacontinui
ngone,t hecompanyandev er
yof f
iceror
agentofthecompanyar eliabl
et oafurtherpenal
tyastheCommi ssionshal l
speci
fybyr egul
ati
onforeverydayduringwhichthedefaul
tconti
nues.

80.(
1)A forei
gncompanymayappl ytot heMini
sterf
orexempti
onfr
om the Powertoexempt
for
eigncompani
es.
provi
si
onsofsect
ion78ofthisActi
fthatf
orei
gncompanybel
ongstoone
ofthefol
l
owi
ngcategor
ies,
thati
s—

(
a)for
eigncompani esot herthant hosespeci
fi
edi n
paragr
aph( d)
,i nvi
tedt oNi geri
abyorwi tht he
approvaloftheFeder alGov er
nmenttoex ecute
anyspecif
iedindiv
idual pr
oject;

(
b)forei
gncompanieswhichar einNi
geriaforthe
executi
onofspecif
ici
ndivi
duall
oanproject
son
behalf of a donor count
ry or i
nternat
ional
organi
sati
on;

(
c)for
eigngover
nment
-ownedcompaniesengaged
sol
elyi
nexpor
tpr
omoti
onact
ivi
ti
es;
and

(
d)engineeri
ng consultants and technicalexperts
engagedonanyi ndivi
dualspeciali
stprojectunder
contr
actwi t
h any oft he gov er
nment si nt he
Federat
ionoranyoft hei
ragenci esorwi thany
otherbodyorper son,wher esuchcont r
acthas
beenapprovedbyt heFeder alGovernment.

(
2)An appli
cati
on f
orex emption undert hi
s sect
ion shal
lbe i
n wr
it
ing
addr
essedtotheMini
sterandshallsetout—

(
a)t henameandpl aceofbusi
nessoft
hef
orei
gn
companyout
sideNiger
ia;

(
b)thenameandplaceofbusinessort
hepr
oposed
name and pl
ace of busi
ness of t
he f
orei
gn
companyi
nNiger
ia;

(
c)thenameandaddressofeachdir
ector
,par
tneror
ot
herpr
inci
pal
off
iceroft
hefor
eigncompany;

(
d)a cert
if
ied copy ofthe char
ter
,statut
es,or
memor
andum andar t
icl
esofassociat
ionofthe
 company,or other instrument consti
tut
ing or
def
iningt
heconsti
tuti
onoft hecompanyandi fthe
i
nstrumenti
snotwr i
tt
eni ntheEngli
shlanguage,a
cer
tifi
edt
ransl
ati
onthereof;

(
e)t henamesandaddr essesofoneormor eper
sons
residenti
nNi ger
iaaut
horisedtoaccept,onbehal
f
ofthef orei
gncompany ,serv
iceofprocessesand
anynot i
cerequir
edtobeser v
edonthecompany ;

(
f)t hebusinessorproposedbusi
nessinNiger
iaof
the forei
gn companyand the dur
ati
on ofsuch
business;

(
g)parti
cul
arsofanypr
ojectpr
evi
ousl
ycarr
iedoutby
thecompanyasanex emptedfor
eigncompany;
and

(
h)suchot herpar
ti
cular
sasmayberequi
redbyt
he
Mini
sterorSecretarytot
heGover
nmentofthe
Feder
ati
on.

(
3)Wheret heMini
ster,upontherecei
ptofanappli
cati
onforexempti
on,isof
theopiniont
hatthecircumstancesaresuchastorenderi
texpedi
entthat
such an exemption shoul
d be granted,t
he Mini
ster
,subjectto such
condit
ionsashemaypr escri
be,exempttheforei
gncompanyf rom the
obli
gati
onsimposedbyorundert hisAct.

(
4)Everyexempti
ongrantedundert
hissecti
onshal
lspecif
ytheperi
odor,as
thecasemaybe,t heproj
ectorseri
esofproj
ects,forwhi
chitisgr
anted
andshalll
apseattheendofsuchper i
odorupont hecomplet
ionofsuch
proj
ectorser
iesofproj
ect
s.

(
5)TheMi nistermayatanyt i
mer evokeanyex emption gr
anted to any
companyi fhei softheopi
nionthatthecompanyhascont ravenedany
prov
isi
onoft hisActorhasfail
edtomeetanycondi t
ioncontai
nedint he
exempti
onor derorf
oranyot
hergoodorsuffi
cientreason.

(
6)TheMi nist
ershal
lcauseto bepubl
i
shed i
ntheFeder
alGov
ernment
Gazet
tethenameofanycompany
—

(
a)towhi chanexemptionhasbeengr
antedandt he
per
iodor,asthecasemaybe,thepr
ojectorseri
es
ofproj
ectsf
orwhichtheexempti
oni
sgr ant
ed;and

(
b)whi
ch ex
empt
ion has been r
evoked and t
he
 ef
fect
ivedat
eofsuchr
evocat
ion.

(
7)Everyexemptedcompanyshal
ldel
i
v ert
otheCommi
ssionuponpayment
ofaprescr
ibedfeeanot
iceofi
tsexempti
onwi
thi
n30daysofthegr
antof
suchexemption.

(
8)I
fanexemptedcompanyf ai
lstocompl
ywiththeprovi
sionsofsubsecti
on
(
7),i
tisliabl
et o such penal
tyas the Commissi
on shallspecif
yby
r
egul
ati
onforever
ydaydur i
ngwhicht
hedefaul
tconti
nues.

81.(
1)Everyexemptedfor
eigncompanyshal
ldel
iv
ertotheCommissi
on,i
nev
ery Annual
repor
t.
cal
endaryear
,areporti
nthef
orm pr
escri
bedbytheCommissi
on.

(
2)Anexemptedforei
gncompanyt hatfai
lstocomplywi
ththepr
ovi
sionsof
subsect
ion(1)
,isli
abl
et osuchpenaltyastheCommissi
onshal
lspeci
fy
byregul
ati
on,f
oreveryyearofdefaul
t.
Exemptedforei
gn
companytohav e
82.Subj
ecttot
hisActandsav
easmaybest at
edintheinstrumentofexempt
ion, stat
usofunregi
ster
ed
afor
eigncompanyexemptedpur
suantt
othisActshallhavethestat
usofan company.
unr
egi
ster
edcompanyandaccordi
ngl
y,t
hepr ovisi
onsofthi
sActappli
cabl
e
toanunregi
ster
edcompanyshallappl
yi nrelati
ontosuchanex empted
companyast
heyappl
yinr
elat
iontoanunregi
steredcompanyundert
hisAct
.

83.(
1)Aper sonwho, f
orthepurposeofobt aininganexempt ionorofcompl yi
ng Penalt
iesforfal
se
i
nformation.
wit
hanyoft heprov
isi
onsofsect i
on80oft hi
sAct,makesanyst at
ement
orpresentsanyinstr
umentwhi chisf alsecommi t
sanof fenceunlesshe
pr
ovest hathehastakenallreasonablest epstoascertai
nt hetr
uthofthe
st
atementmadeorcont ai
nedi ntheinstrumentsopr esented.

(
2)Anypersonwhocont
rav
enessubsect
ion(1)commitsanoffenceunder
thi
ssect
ioni
sli
abl
eonconvi
cti
ontoaf i
neorimpr
isonmentastheCourt
deemsfi
t.

84.Exceptaspr
ovi
dedundersect
ions80,
81and82oft
hisAct– Appl
icat
ionofcert
ain
sect
ionstofor
eign
companies.
(
a)nothi
ng shal
lbe constr
ued as aut
hor
isi
ng t
he
di
sregar
dbyanyex emptedfor
eigncompanyof
anyenactmentorr
uleofl
aw;and

(
b)nothi
ng i
nt hi
sChaptershallbeconstrued as
aff
ect
ing t
he right
s or l
i
abili
ty of a for
eign
companytosueorbesuedi nitsnameori nthe
nameofit
sagent.
 CHAPTER4–PROMOTERS

85.Anypersonwhounder takest
otakeparti
nformingacompanywithref
erence Personspromot
inga
toagivenpr oj
ectandseti tgoingandwhot akesthenecessar
ystepst o comp any.
accompli
shthatpurpose,orwho,wit
hregardtoaproposedornewlyf
ormed
company,under
takesapar ti
nraisi
ngcapit
alf
orit,i
sdeemedapr omoterof
thecompany:

Pr
ovidedthataper
sonacti
ngi
naprofessi
onalcapaci
tyf
orper
sonsengaged
inprocur
ingtheformat
ionofthecompanyshal lnotbedeemedtobea
promoter
.

86.(
1)Apr omoterstandsinaf iduci
aryrel
ati
onshi
ptothecompanyandshal l Dut
iesandl
iabi
l
iti
es
ofapromot
er.
observeut
mostgoodf ai
tht owar
dsthecompanyinanytransact
ionwit
hit
oronitsbehal
fandshal lcompensatethecompanyforanylosssuff
ered
byreasonofhi
sfail
uretodoso.

(
2)Apr omot er
,whoacquiresanypropert
yorinformati
onincir
cumstancesi
n
whichitwashi sdutyasafiduci
arytoacqui
reitonbehalfofthecompany,
shallaccountt
ot hecompanyforsuchpropertyandforanyprof
itwhi
chhe
mayhav emadefrom theuseofsuchpropert
yorinformati
on.

(
3)Anytransact
ionbet
weenapr omoterandt hecompanymayber escinded
bythecompanyunless,af
terful
ldi
sclosur
eofallmater
ialf
act
sknownt o
thepr
omot er
,suchtr
ansacti
onshallhavebeenenter
edintoorrat
if
iedon
behal
fofthecompanyby—

(
a)thecompany’
sboar
dofdi
rect
orsi
ndependentof
t
hepromot
er;

(
b)al
lthemember
soft
hecompany
;or

(
c)t he company ata gener almeet i
ng atwhich
neitherthepromot
ernort heholdersofanyshare
i
nwhi chheisbenefi
cial
l
yi nter
est
edshallvot
eon
the r esol
uti
on to enter i nt
o or r ati
fy t
hat
transacti
on.

(
4)No per i
odofl imit
ati
onshal lapplyto anyproceedi
ngbr oughtbyt he
companyt oenf
orceanyofi tsright
sunderthissecti
onbuti nanysuch
proceedi
ngt heCourtmayr eli
eveapr omoteri
nwhol eori npartandon
such terms as itdeems fitfrom li
abi
lit
yifin allthe ci
rcumstances,
i
ncludinglapseofti
me,theCourtdeemsitequit
abletodoso.

CHAPTER5-ACTSBYORONBEHALFOFTHECOMPANYI
NEXERCI
SEOF
COMPANY’
SPOWERS
 Div
isi
onofpowers
87.(
1)Acompanyshallactt
hroughitsmembersingeneralmeeti
ngori t
sboard betweengener
al
ofdi
rect
orsorthr
oughofficer
soragent
sappoint
edby ,orunderauthor
it
y meetingandboar
dof
der
ivedf
rom,themember singener
almeet
ingortheboardofdirect
ors. di
rector
s.

(
2)Subjecttothe provi
si
ons ofthi
s Act,the r
espect
ive power
s oft he
member sin generalmeeti
ng and the boar
d of dir
ectors shal
lbe
det
erminedbythecompany’
sart
icl
es.

(
3)Exceptasot her
wisepr
ovi
dedi nthecompany ’
sar t
icl
es,thebusinessof
the companyshal lbe managed byt he board ofdirector
s who may
exerciseallsuchpowersoft hecompanyasar enotbyt hi
sActort he
art
iclesrequi
redtobeexer
cisedbythemember singeneralmeeti
ng.

(
4)Unlessthear
ticl
esotherwiseprov
ide,theboardofdi
rector
s,whenacti
ng
wit
hinthepowersconf er
redupont hem bythi
sActort heart
icl
es,i
snot
boundtoobeyt hedirecti
onsorinstruct
ionsofthemember singeneral
meetingprov
idedthatt hedirect
orsact edingoodf ai
thandwi thdue
di
li
gence.

(
5)Notwi
thst
andingt
hepr
ovi
sionsofsubsect
ion(
3),t
hemember
singener
al
meeti
ngmay —

(
a)actinanymat t
erifthemember softheboardof
di
rector
saredisqual
i
f i
edorunabl
etoactbecause
ofadeadlockontheboardorother
wise;

(
b)inst
it
utelegalproceedi
ngsinthenameandon
behal
foft hecompany ,i
ftheboar
dofdi
rect
ors
ref
useorneglectt
odoso;

(
c)rat
ifyorconf
ir
m anyact
iont
akenbyt
heboar
dof
dir
ector
s;or

(
d)makerecommendat
ionstotheboar
dofdi
rect
ors
r
egar
dingact
iont
obet akenbyt
heboar
d.

(
6)Noal t
erat
ionoftheart
icl
esi
nval
i
datesanypr i
oractoftheboardof
di
rect
orswhichwoul
dhav
ebeenval
i
difthatal
ter
ati
onhadnotbeenmade.

88.Unl
essot
her
wisepr
ovi
dedi
nthi
sActori
nthear
ti
cles,
theboar
dofdi
rect
ors Del
egat
ionto
commit
teesand
may— managi
ngdir
ector
s.

(
a) exerci
se it
s powers thr
ough commi t
tees
consi
sti
ngofsuchmember
softhei
rbodyasthey
thi
nkfit
;or
 (
b)fr
om ti
met otime,appoi
ntoneormoreofits
memberstotheoff
iceofmanagi
ngdi
rect
orand
maydelegat
ealloranyofitspower
st osuch
managi
ngdir
ect
or.

LI
ABI
LITYFORACTSOFTHECOMPANY

89. Anyactoft hemember singeneralmeet

ing,t
heboar dofdir
ectors,ora Actsofthegener al
meeti
ng, boardof
managi
ngdi rectorwhil
ecarryingonintheusualwayt hebusi
nessoft he di
rect
ors, orof
company,shallbetr
eatedast heactoft
hecompanyitselfandt
hecompany managingdi r
ectors.
i
scrimi
nall
yandci vi
ll
yli
abletothesameext
entasifi
twer eanat
uralperson:

Pr
ovi
dedt
hat
—

(
a)thecompanyshal lnoti ncurcivi
lli
abil
it
yt oany
personifthatpersonhadact ualknowledgeatt he
ti
me oft he transact
ion in question thatt he
generalmeet i
ng,boardofdi r
ectors,ormanagi ng
dir
ector,asthecasemaybe,hadnopowert oact
i
nt hemat terorhadact edinani rr
egularmanner
or if,hav i
ng regardt o his positi
on wi t
h or
rel
ati
onshipt ot hecompany ,heoughtt o have
knownoft heabsenceofsuchpoweroroft hei
r
i
rregular
ity
;and

(
b)ifinfactabusinessisbeingcarriedonbyt he
company,thecompanyshal lnotescapeliabil
it
y
for act
s undert
aken i
n connection witht hat
busi
ness mer el
y because t he business i n
questi
onwasnotamongt hebusinessauthorised
bythecompany’smemorandum.

90.(
1)Ex ceptaspr
ovi
dedi
nsecti
on89ofthi
sAct
,theact
sofanyoff
iceror Actsofof
fi
cer
sor
agent
s.
agentofacompanyshal
lnotbedeemedtobeactsofthecompany,
unl
ess—

(
a)the company ,acti
ng thr
ough it
s member sin
generalmeeting,boardofdir
ector
s,ormanaging
di
rector, shall have expressl
y or i mpl
iedl
y
authori
sed such offi
ceroragentt o actinthe
mat t
er;or

(
b)t
hecompany
,act
ingasment
ionedi
npar
agr
aph
 (a)
,shallhaverepresentedtheof f
iceroragentas
havingitsauthor
it
yt oacti nthemat ter,i
nwhi ch
eventthecompanyshal lbecivil
lyliabletoany
personwhohasent eredintothet r
ansactionin
rel
iance on such r epresentat
ion unless such
personhadact ualknowl edgethatt heof f
iceror
agenthadnoaut horityorunlesshav i
ngr egardto
hispositi
onwi t
horr elati
onshiptot hecompany ,
he oughtt o have known ofsuch absence of
authori
ty.

(
2)Theauthori
tyofanof fi
ceroragentofthecompanymaybeconf err
edpr i
or
toanyacti
onbyhi m orbysubsequentr at
if
icat
ion,andknowledgeofsuch
acti
onbytheofficeroragentandacqui escencebyal lthemembersoft he
companyorbyt hedirectorsorbyt hemanagingdirect
orfort
hetimebeing,
shal
lbeequival
enttor ati
fi
cationbythemember singeneralmeeti
ng,board
ofdir
ect
ors,ormanagi ngdirector
,asthecasemaybe.

(
3)Nothinginthissecti
onshal
lderogat
efrom t
hevi
cari
ousl
iabi
li
tyofthe
companyfortheactsofi
tsser
vantswhil
eacti
ngwi
thi
nthescopeofthei
r
empl
oy ment
.

91.(
1)Anypr ovi
sion,whet
hercontainedint hearti
clesoft hecompanyori nany Whenprovi sion
exempt i
ng, off
iceror
contractwi t
hacompanyorot herwise,forex emptinganyof fi
ceroft he otherpersonf rom
companyoranyper sonemploy edbyt hecompanyasaudi t
orfrom,or liabil
it
ytot he
i
ndemni f
yinghim againstanyliabi
li
tywhi chbyv i
rt
ueofanyr uleoflaw companyi sv oid.
wouldot herwiseattachtohimi nrespectofanynegl igence,defaul
t,or
breachoft r
ustofwhi chhemaybegui l
tyinr elat
iontot hecompany ,is
void.

(
2)Not
wit
hst
andi
ngt
hepr
ovi
sionsofsubsect
ion(
1),
a—

(
a)personshal lnotbedepri
vedofanyexemptionor
ri
ghtt o bei ndemni
fi
edinrespectofany thi
ng
doneoromi tt
edtobedonebyhi m whil
eany
suchpr ovisionasment i
onedinthatsubsecti
on
wasi nforce; and

(
b)companymay ,i
npursuanceofanysuchpr ovisi
on
asment ionedi nsubsection( 1),i
ndemni f
yany
such officer or audit
or agai nst any li
abil
ity
i
ncurred byhi m in defending anypr oceeding,
whetherci vi
lorcr i
minal,inwhi chjudgmenti s
giv
eni nhisfavourorinwhi chhei sacquittedor
i
nconnect ionwi t
hanyappl i
cationundersect i
on
740oft hisActi nwhichr el
iefisgrantedtohi m
 byt
heCour
t.

92.Ex ceptasment i
onedinsection223oft hi
sAct ,regar
dingpart
icular
sint he Aboli
ti
onof
const
ruct
ivenot
iceof
registerofpar ti
cul
arsofcharges,aper sonisnotdeemedt ohaveknowledge regist
ered
ofthecont entsofthememor andum andar t
iclesofacompanyorofanyot her documents.
particulars,documents,ort
hecont entsofdocument smer el
ybecausesuch
particularsordocument sarer egi
steredbyt heCommi ssionorreferr
edtoi n
thepar t
icularsordocumentssor egister
ed,orareav ai
lablef
orinspecti
onat
anof ficeoft hecompany.

93.Aper sondeal
i
ngwi t
hacompanyorwi thsomeonederiv
ingtit
leunderthe Presumpti
onsof
regul
ari
ty.
company,i
sent
itl
edtomakethefol
lowingassumpti
onsandthecompanyand
thoseder
ivi
ngt
it
leunderi
tshal
lbeestoppedfr
om deny
ingthei
rtr
uththat
—

(
a)thecompany’
smemor andum andar
ti
cleshav
e
beendul
ycompli
edwi
th;

(
b)ev eryper sondescr i
bed i nt hepar ti
cularsf il
ed
witht heCommi ssi
onpur suantt osections 36( 4)
(c),319 and 337 oft his Actas a di r
ector,
managi ngdi r
ectororsecretaryoft hecompany ,or
represent edbyt hecompany ,acti
ngt hroughi ts
member si ngeneralmeet ing,boar dofdi rectors,
ormanagi ngdi rect
or,asanof fi
ceroragentoft he
company ,has been dul y appoi nted and has
author i
tyt oex erci
set hepower sanddi scharge
thedut iescust omaril
yex ercisedorper for medby
adi rector,managi ngdi rector,orsecr etaryofa
companycar ryi
ngonbusi nessoft hety pecar ri
ed
onbyt hecompanyorcust omar il
yex ercisedor
performed byan of ficeroragentoft he type
concer ned;

(
c)thesecret
aryofthecompany ,
andev er
yoffi
ceror
agentoft hecompanyhav i
ngaut hori
tytoissue
documentsorcer ti
fi
edcopiesofdocument son
behal
foft hecompany ,hasauthori
tytowar r
ant
the genuineness of the document s or the
accuracyofthecopi
essoissued;

(
d)adocumenthasbeendul yseal
edbythecompany
i
fitbearswhatpur port
st obet hesealoft he
companyat t
est
ed bywhatpur por
tst o be the
si
gnatur
esoft wo personswho,i n accordance
wit
h paragr
aph (b)
,can be assumed t o be a
di
rect
orandthesecret
aryofthecompany :
 Pr
ovi
dedt
hataper
sonshal
lnotbeent
it
ledt
o–

(
i)makesuch assumpt i
ons,ifhehad actual
knowledge tot he contr
ary or i
f,havi
ng
regar
dt ohisposit
ionwithorrel
ati
onshi
pto
thecompany ,heoughtt ohav eknownthe
contr
ary;and

(
ii
)assumet hatanyoneormor eofthedirectors
ofthecompanyhav ebeenappoi nt
edt oact
asacommi t
teeoft heboardofdi r
ectorsor
thatanof f
iceroragentoft hecompanyhas
thecompany ’
sauthorit
ymer el
ybecauset he
company ’
sar t
icl
espr ovi
dedthatauthorit
yt o
actinthemat terthatmaybedel egatedt oa
commi t
tee,anof f
iceroragent.
Li
abi
l
ityofcompany
94.Wher e,i
naccor dancewithsecti
ons89-93oft hi
sAct ,acompanywouldbe notaffect edbyfraud
l
iabletoat hi
rdpar t
yfortheactsofanyoffi
ceroragent ,t
hecompanyshal
l, orforgeryofoffi
cer.
exceptwher ethereiscollusi
onbetweentheof f
iceroragentandthethir
d
part
y,beli
ablenot wi
thst
andingthatt
heof
fi
ceroragenthasactedfr
audul
entl
y
orforgedadocumentpur port
ingtobesealedbyorsi gnedonbehal
fofthe
company .

COMPANY’
SCONTRACTS

95.(1)Cont
ract
sonbehal
fofacompanymaybemade,v
ari
edordi
schar
gedas For
m ofcont
ract
.
fol
l
ows—

(
a)anycontractwhichi fmadebet weenindi
vi
dual
s
wouldbebyl awr equi
redtobebydeed,orwhich
wouldbev ar
ied,ordischar
gedonlybydeedmay
bemade,v ari
edordi schar
ged,ast hecasemay
be,inwri
ti
ngasadeedi nthenameoronbehalf
ofthecompany ;

(
b)anycont r
actwhichi fmadebet weeni ndi
vidual
s
wouldbebyl aw requir
edt obei nwr i
ti
ng,signed
bythepar t
iestobechar gedt herewit
h,orwhi ch
couldbev ari
edordi schar gedonlybywr it
ingor
writ
ten evi
dence signed by t he part
ies to be
charged,maybemade,v ar i
edordi scharged,as
thecasemaybe,i nwr i
tingsi gnedinthenameor
onbehalfofthecompany ;and
 (
c)anycont r
actwhi chifmadebetweenindiv
idual
s
wouldbev ali
dal t
houghmadeoral
lyonl
yandnot
reducedintowr it
ingorwhi
chcouldbev ar
iedor
dischar
ged or all
y,may be made,v ari
ed or
dischar
ged,ast hecasemaybe,oral
lyonbehalf
ofthecompany .

(
2)Acont r
actmadeaccor dingtothi
ssecti
onshallbeef f
ect
ualinl
aw,and
shal
lbindthecompanyandi t
ssuccessorsandallotherpar
ti
esther
eto,
thei
rheir
s,executor
s,oradmini
str
ator
s,asthecasemaybe;andmaybe
vari
edordischargedinthesamemanneri nwhi
chi ti
sauthori
sedbythi
s
secti
ontobemade.

96.(
1)Anycont r
actorot hertr
ansacti
onpurporti
ngt obeenteredi ntobythe Pre-i
ncorpor
ati
on
cont
ract
s.
companyorbyanyper sononbehalfofthecompanypr i
ortoi t
sformati
on
mayber ati
fi
edbyt hecompanyaf t
eri t
sf ormati
onandt hereuponthe
companyshallbecomeboundbyandent itl
edtothebenefi
tt her
eofasifit
hasbeeni
nex ist
enceatthedateofsuchcont r
actorot
hertransacti
onand
hadbeenapar t
ytheret
o.

(
2)Pr i
ortorat
if
icati
onbythecompany ,t
heper sonwhopurpor
tedtoacti
nt he
name oron behal foft he companyshal l,i
nthe absence ofexpr
ess
agreementtot hecontr
ary,bepersonall
yboundbyt hecontractorother
tr
ansacti
onandent i
tl
edtothebenefi
tthereof.

97.(
1)Abi llofexchangeorpr omissor
ynoteisdeemedt ohav ebeenmade, Bill
sofexchangeand
pr
omissor
ynote.
accepted,orendorsedonbehalfofacompanyi fmade,orexpressedto
bemade,accept ed,orendorsed i
nt henameoft hecompany ,orif
expressedtobemade,accept edorendorsedonbehalforonaccountof
thecompanybyaper sonact
ingunderi
tsauthor
it
y.

(
2)Thecompanyandi tssuccessorsshallbeboundther
ebyifthecompanyis,
i
naccordancewit
hsect ions89-91, l
iabl
efortheact
soft hosewhomade,
accept
edorendor sedi tinitsnameoroni tsbehalforaccount,anda
si
gnatur
ebyadi r
ectorort hesecr
etaryonbehalfoft
hecompanyshal lnot
Cap.B8,
LFN,
2004.
bedeemedt obeasi gnaturebyprocurat
ionf
orthepurposesofsecti
on25
oftheBil
l
sofExchangeAct .

98.Acompanymayhav eacommons e
albutneednothaveone,andwher ea Commonseal
oft
he
company
.
companyhasacommonseal ,thedesi
gnand useoft hatsealshallbe
regul
atedbythecompany’
sart
icl
esanditshal
lhaveit
snameengr avedin
l
egibl
echaract
ersont
heseal
.

99.(
1)Acompanywhoseobjectsrequir
eorcompr i
set
hetransacti
onofbusi
ness Off
ici
alseal
foruse
abr
oad.
i
nforei
gncountri
esmay,ifauthori
sedbyitsar
ti
cles,haveforuseinany
t
err
it
ory,di
str
ict
,orpl
aceoutsideNiger
ia,anof
fici
alseal,t
hedesignand
 usewhichshal
lberegul
atedbythecompany’
sar t
icl
es,andshal
lindi
cat
e
onitsf
aceofthenameofev er
yter
ri
tor
y,di
str
ict
,orplacewherei
tistobe
used.

(
2)Acompanyhav ingsuchanof f
ici
alsealmay,bydeed,author
iseanyper
son
appoint
edforthepurposeinanyterri
tor
y,di
str
ict
,orplaceoutsi
deNigeri
a,
toaff
ixthesamet oanydeedorot herdocumenttowhi chthecompanyis
part
yinthatt
erri
tor
y,dist
ri
ct,
orplace.

(
3)Theaut hor
it
yofanysuchagentshal l
,asbet weent hecompanyandany
person deali
ng witht he agent
,cont i
nue dur ing the peri
od,ifany,
ment i
onedint heinst
rumentconferr
ingt heaut hori
ty,orifnoperi
odis
therementi
oned,thenunti
lnoti
ceoftherev ocat
ionordet er
minati
onoft
he
agent’
sauthori
tyhasbeengiventothepersondeal ingwithhim.

(
4)Thepersonaf
fi
xi
nganysuchof f
ici
alsealshal
l
,bywri
ti
ngunderhi
shand,
onthedeedorot
herdocumenttowhichtheseali
saf
fi
xed,
cert
if
ythedat
e
onwhichandpl
aceatwhichi
tisaff
ixed.

(
5)Int hecaseofcompaniest hathaveacommonseal,adeedorother
documentt owhichanof
fi
cialseali
sdul
yaf
fi
xedshal
lbi
ndthecompany
asifithasbeenseal
edwi
ththecommonsealoft
hecompany
.

100.(
1)Acompanymay ,bydeed,empoweranyperson,ei
thergener
all
yori
n PowerofAt
tor .
ney
respectofanyspeci
fi
edmat t
er,asi
tsat
tor
ney,toexecut
edeedsonit
s
behalfi
nanyplacewit
hinoroutsi
deNi
ger
ia.

(
2)Adeedsignedbyapersonempoweredasprovi
dedinsubsecti
on(1)shal
l
bi
ndthecompanyandhav ethesameeffectasitwoul
dhav eifi
twerea
deedsi
gnedbythecompany.

AUTHENTI
CATI
ONANDSERVI
CEOFDOCUMENTS
Aut
hent
icat
ionof
101.Adocumentorpr oceedi
ngrequi
ri
ngaut hent
icat
ionbyacompanymaybe document
s.
si
gnedbyadi rect
or,secr
etar
y,orotherauthori
sedofficerofthecompany,
andneednotbesi gnedasadeedunl essotherwisesor equi
redinthi
sPart
andthatanelectr
onicsignat
ureisdeemedt osatisf
yt herequi
rementfor
si
gningundert
hissecti
on.

102.(
1)Adocumentisval
i
dlyex
ecutedbyacompanyasadeedf
orthepurposes Execut
ionofdeedsby
company.
ofthi
sAct
,ifi
tisdul
yexecutedbyt
hecompanyanditi
sdeli
ver
edasa
deed.

(
2)Acompanymayex ecut
eadocumentdescr
ibedorexpressedasadeed
wi
thoutaf
fi
xi
ngacommonsealont
hedocumentbysignatureonbehal
fof
t
hecompanyby—
 (
a)adir
ect
oroft
hecompanyandt
hesecr
etar
yoft
he
company;

(
b)atl
eastt
wodi
rect
orsoft
hecompany
;or

(
c)adirect
orofthecompanyinthepresenceofat
l
eastonewit
nesswhoshal
lat
testt
hesignat
ure.

(
3)Adocumentmentionedinsubsecti
on( 2)thati
ssignedonbehalfofthe
companyinaccor
dancewiththatsubsecti
onhasthesameeffectasi
fthe
documentwasexecutedunderthecommonseal ofthecompany.

(
4)Whereadocumentistobesignedbyaper sononbehalfofmorethanone
company ,t
hedocumentshallnotbeconsi der
edt obesi gnedbythat
personforthepur
posesofsubsect
ion(2)or(3)
,unlessthepersonsi
gns
thedocumentseparat
elyi
neachcapaci
ty.

(
5)Thissecti
onappli
esinthecaseofadocumentmenti
onedi
nsubsect
ion(2)
thatisexecut
edbyt hecompanyi nthenameoronbehalfofanot her
person,
whetherornotthatper
soni
salsoacompany.

103.Wher eanywr i
tt
enlaworrul
eoflawrequi
resanydocumenttobeunderor Al
ter
nat
ivet
oseal
i
ng.
executed under the common seal of a company,or provi
des for
consequencesfornotseal
i
ng,t
hedocumentisdeemedtohavesati
sfi
edthe
provi
si
onsoft hatwri
tt
enlaworrul
eoflawi ft
hedocumentissi
gnedinthe
mannersetoutinsecti
ons101and102.

104.Acour tpr
ocessshal
lbeservedonacompanyi nt
hemannerprovi
dedby Servi
ceofdocument
s
oncompanies.
therul
esofcourtandanyotherdocumentmaybeser v
edonacompanyby
l
eavingitat
,orsendi
ngitbypostto,theregi
ster
edoff
iceorheadof
fi
ceof
thecompany.

CHAPTER6-MEMBERSHI
POFTHECOMPANY

105.(
1)Asubscri
berofthememor
andum ofacompanyshal
lbedeemedtohave Defi
nit
ionofmember
.
agr
eedtobecomeamemberofthecompany,andonitsr
egi
str
ati
onshal
l
beent
eredasthememberi
nit
sregist
erofmembers.

(
2)Ever
yotherper
sonwhoagr
eesi
nwr i
ti
ngtobecomeamemberofa
company
,andwhosenamei
sent
eredinit
sregi
sterofmember
s,i
sa
memberoft
hecompany
.

(
3)Int hecaseofacompanyhav i
ngasharecapit
al,eachmemberisa
sharehol
deroft
hecompanyandshal
lhol
datleastoneshar
e,ex
cepti
n
rel
ationt
oacompanyt
hathasonl
yoneshar
ehol
der.
106.(
1)Asf r
om thecommencementoft
hisAct
,ani
ndi
vi
duali
snotcapabl
eof Capaci
tyt
obea
member.
becomingamemberofacompanyifhei
s—

(
a)ofunsoundmi ndandhasbeensof
oundbya
cour
tinNi
ger
iaorel
sewher
e;or

(
b)anundi
schar
gedbankr
upt
.

(
2)Apersonundert
heageof18yearsshal
lnotbecount
edf
orthepur
poseof
det
ermini
ngthel
egalmi
nimum numberofmembersofacompany.

(
3)Acorpor
atebodyi
nli
qui
dat
ioni
snotcapabl
eofbecomi
ngamemberofa
company.

(
4)Wher e,atthecommencementofthisAct
,anyper
sonfal
li
ngwithinthe
pr
ov i
sionsofsubsect
ion(
1)i
samemberofacompanybyreasonofbei
ng
ashar ehol
deroft
hecompany,hi
sshar
evestsi
nhi
scommitt
eeortrust
ee,
asthecasemaybe.

(
5)Wher e,aft
erthecommencementoft hi
sAct,anyshar ehol
derpurport
st o
tr
ansferanyshar eorsharest oaper sonfall
ingwi t
hintheprovisi
onsof
subsection(1),t
hepurport
edt r
ansfershal
lnotv estthetit
lei
ntheshar es
i
nt hatper son,butthetitl
eremainsi nthepur por
tedt r
ansf
erororhi s
personalrepresent
ati
vewhohol dst hesharesi ntrustforthatperson
duringtheperiodofhi
sincapaci
ty.

107.Everymembershall,notwi
thstandi
nganyprovisi
onintheart
icl
es,havea Rightofmemberto
attendmeet
ingsand
ri
ghttoatt
endanygeneralmeeti
ngoft hecompanyandtospeakandvoteon vote.
anyresol
uti
onbef
orethemeeting:

Pr
ovidedthattheart
icl
esmayprov
idet hatamembershal
lnotbeent
it
ledto
att
endandv ot
eunlessal
lcal
l
sorot hersumspayabl
ebyhimi nr
espectof
sharesi
nt hecompanyhav
ebeenpaid.

108.Ifaper
sonf al
sel
yanddeceit
ful
lyimpersonatesanymemberofacompany Per
sonati
onof
members.
andther
ebyobt ai
nsorendeavourstoobt ai
nanybenef i
tduetoanysuch
member,hecommi t
sanoff
enceandi sl
iabl
eonconv i
cti
onto–

(
a)i
mpr
isonmentforater
m ofnotmoret
hansev
en
y
ear
sorafineasthecour
tdeemsf
it
;

(
b)paysuch addi
ti
onalfines as t
he Commi
ssi
on
mayspeci
fybyr
egulat
ion;and
 (
c)accounttotheaggrievedmemberf oranybenefi
t
whichhedirectl
yori ndi
rect
lyder
ivedasar esul
t
ofhisactofimpersonati
on.

109.(
1)Everycompanyshal
lkeepar
egi
sterofi
tsmember
sandent
eri
nthe Regi
st s.
erofmember
r
egi
stert
he—

(
a)namesandaddr essesofthemember s,andinthe
case ofa company hav i
ng a share capi
tal
,a
stat
ementoft hesharesandcl assofshares,if
any,held byeach member ,disti
nguishi
ng each
sharebyi tsnumbersol ongast heshar ehasa
number ,andoftheamountpai doragr eedtobe
consideredaspai
dont heshar
esofeachmember ;

(
b)dateonwhicheachper
sonwasr
egi
ster
edasa
member
;and

(
c)dat
eonwhi
chanyper
sonceasedt
obeamember
.

(
2)Theent
ryrequi
redundersubsect
ion(1)(a)or(
b)shal
lbemadewi t
hin28
day
softheconclusi
onoft heagreementwiththecompanytobecomea
memberor,inthecaseofasubscr iberofthememor andum,wi
thi
n28
day
softheregi
str
ati
onofthecompany .

(
3)Theentryrequir
edundersubsect i
on(1)(c),shal
lbemadewi t
hin28day s
ofthedateonwhi chtheper sonconcer
nedceasedt obeamember ,orifhe
ceasedtobeamemberot herthanasar esul
tofactionbythecompany ,
wit
hin28day sofpr oducingt othecompanyev i
dencesati
sfactor
ytot he
companyoft heoccur r
enceoft heev entwher ebyheceasedt o bea
member .

(
4)Wher
eacompanydefaul
tsincomply
ingwi
ththeprovi
si
onsoft
hissect
ion,
t
hecompanyandeachof
ficeroft
hecompanyisl
iabl
eto–

(
a)suchpenalt
iesastheCommi
ssi
onshal
lspeci
fy
byregul
ati
on;and

(
b)an addit
ional dail
y default fi
ne that t
he
Commissi
onshallspeci
fybyregul
ati
on.

(
5)Li
abil
it
yincur
redbyacompanyf r
om themaki ngordelet
ionofanentryin
i
tsregist
erofmember s,orfr
om af ai
lur
et omakeordel eteanyentr
y,is
notenfor
ceabl
eaftert
heexpirati
onof20y ear
sfrom t
hedat eonwhichthe
ent
rywasmadeordel etedor,
int hecaseofanysuchf ail
ure,f
rom t
hedate
onwhichthefai
lur
efir
stoccurred.
110.(
1)Theregi
sterofmember sshal
lbekeptatt
her
egi
ster
edof
fi
ceoft
he Locat
ionofr
egi
ster
.
company
,excepti
fthe—

(
a)workofmakingi
tupisdoneatanotheroff
iceof
thecompany
,itmaybekeptatthatotheroff
ice;
or

(
b)companyar r
angeswit
hsomeot herpersonf ort
he
makingupoft heregistert obeunder t
akenon
behalfofthecompanybyt hatperson,itmaybe
keptattheof f
iceoft hatot herpersonatwhi ch
theworkisdone,butther egist
ershallnotbekept
i
nt hecaseofacompanyr egister
edinNi geri
aat
aplaceoutsi
deNigeri
a.

(
2)Ev erycompanyshal lsendnoticetotheCommi ssionoft hechangein
l
ocati
onoft heregi
ster
,andacompanyi snotboundt osendnot i
ceunder
thi
ssubsect i
onwher ether egi
sterhasatallti
messi ncei tcameinto
exi
stenceor,i
nthecaseofar egi
steri
nexist
enceatthecommencementof
thi
sAct ,atal
ltimessincethen,beenkeptattheregist
eredoffi
ceofthe
company .

(
3)Wher eacompanyf ai
l
stocompl ywiththepr
ov i
sionsofsubsecti
on(2)
wit
hin28daysofthechangeofthelocat
ionofther egi
ster
,thecompany
andever
yoneofi
tsoffi
cer
sarel
iabl
eto–

(
a)suchpenalt
iesastheCommi
ssi
onshal
lspeci
fy
byregul
ati
on;and

(
b)an addit
ional dail
y default fi
ne that t
he
Commissi
onshallspeci
fybyregul
ati
on.

111.(
1)Ever
ycompanyhavi
ngmorethan50membersshal
l,unl
esstheregi
ster I
ndexofmember
sto
bekept
.
ofmembersi
sinsuchafor
m astoconst
it
utei
nit
selfanindex
,keepan
i
ndexoft
henamesofthemembersoft
hecompany.

(
2)Whereac ompanymak e
sanyalter
ati
onintheregi
st
erofme mbe
rs,the
c
ompanyshal
l
,wi
thi
n14daysaft
ert
hedatewhi
chtheal
ter
ati
oni
smade,make
s
uchnec
essar
yal
ter
ati
onsi
nthei
nde
x.

(
3)Theindexshall
,i
nrespectofeachmember,
contai
nsuf
fi
cienti
ndicat
iont
o
enabl
etheaccountoft
hatmemberinther
egist
ertober
eadil
yfound.

(
4)Thei
ndexshal
l
,atal
lti
mes,bekeptatt
hesamepl
aceast
her
egi
sterof
 member
s.

(
5)I fdef
aul
tismadei ncompl y
ingwit
ht hepr
ovi
sionsofthi
ssecti
on,t
he
companyandeveryoff
icerofthecompanyar
eli
abletosuchpenal
ti
esas
theCommissi
onshal
lspecif
ybyregul
ati
on.

112.(
1)Exceptwhent her egi
sterofmember si sclosedundert hepr ovi
sionsof Inspect
ionofr
egi
ster
andindex.
thi
sAct ,t
heregisterandt hei ndexofmember s’namesshal lbeopen
duri
ngbusinesshour s( subjecttosuchr easonabler estr
ict
ionsast he
companyingener almeet i
ngmayi mpose,thatnotl essthantwohour sin
each dayshallbe al l
owed f orinspecti
on)t ot he inspecti
on ofany
memberoft hecompanywi thoutcharge.

(
2)Amemberoranyper sonmay ,withthepermissionoft hecompanywhi ch
permission shallnotbeunr easonabl
ywi thheldrequi r
ea copyoft he
regi
ster,orofanypar t,onpaymentofsuchamountt heCommi ssionmay
prescri
beorsuchl esseramountt hecompanymaypr escr
ibeforevery
page requir
ed to be copied,and t he companyshal lcause anycopy
requir
edbyanyper sont obedul yendor
sedbyanof ficerofthecompany
and sentt ot hatpersonwi t
hinaper i
odof10day scommenci ngonthe
dayafterthedayonwhi chtherequir
ementisr ecei
vedbyt hecompany:

Pr
ovi
ded that the Commi
ssi
on may r
equi
re such copy wi
thout any
r
est
rict
ionorcharge.

(
3)Ifanyinspecti
onr equi
redunderthi
ssectionisref
used,ori fanycopy
requi
redunderthissectioni
snotsentwi thi
ntheprescri
bedperiod,t
he
companyandev er
yof fi
cerofthecompanyi sli
abl
einr espectofeach
defaul
ttosuchpenalti
esastheCommi ssi
onshall
specif
ybyr egul
ati
on.

(
4)Notwit
hstandi
ngtheprovi
sionsofsubsecti
on(3),t
heCourtmaybyorder
compelani mmediat
einspecti
onofther egi
sterandindexordi
rectt
hat
thecopi
esrequir
edshal
lbesenttothepersonsrequi
ri
ngthem.

113.Wher e,byvi
rtueofsection110( 1)(b),t
heregi
sterofmember siskeptatt he Consequencesof
agent
s’defaul
tto
offi
ceofsomeper sonot hert
hant hecompany ,
andbyr easonofanydef ault keepregi
ster.
ofthatperson,thecompanyf ai
lstocompl ywit
hsubsect i
ons112( 1)or( 2)
,
orwi thanyrequir
ement softhisActast otheproduct
ionoftheregist
er,t
hat
otherpersoni sli
abl
et othesamepenal ti
esasifthepersonwereanof ficer
oft hecompanywhowasi ndef ault
,andt hepoweroft heCour tunder
section112( 4)shal
lex tendt othemaki ngofor dersagainstthatother
personandhi soffi
cersandser vants.

114.Acompanymay ,ongi vi
ngnoticebyadverti
sementinadai lynewspaper Powertocl
ose
regi
ster
.
ci
rcul
ati
nginthedist
rictinwhichtheregi
steredoffi
ceoft hecompanyi s
si
tuat
ed,cl
osether
egisterofmembersoranypar tofi
tforanyti
meort i
mes
 notex
ceedi
ng,
ont
hewhol
e,30day
sineachy
ear
.

115.(
1)I
f— PowerofCourtto
rect
if
yregi
ster
.

(
a)thenameofanyper son is,wit
houtsuff
ici
ent
cause,ent
eredi
noromi t
tedfrom t
heregi
sterof
member sofacompany
,or

(
b)def
aulti
smadeorunnecessar
ydel
aytakespl
ace
i
nentryont heregi
stert
hefactofanyperson
hav
ingceasedt
obeamember ,

t
hepersonaggr
ieved,oranymemberofthecompany,ort
hecompany
,
mayapplyt
othecourtforr
ect
if
icat
ionoft
her
egi
ster
.

(
2)TheCourtmayr
efuset
heappl
i
cat
ion,oror
derr
ect
if
icat
ionoft
heregi
ster
andpaymentbythecompanyofanydamagesust ai
nedbyt heparty
aggr
iev
ed.

(
3)Onanappl i
cati
onundert hissection,t
heCourtmaydeci deanyquest i
on
rel
ati
ngt othetit
leofanyper sonwhoi sapar t
ytotheappl i
cat i
ontohave
hisnameent er
edi noromi ttedfrom theregi
ster
,whet hert hequesti
on
ari
sesbet weenmember soral l
egedmember s,orbetweenmember sand
all
egedmember sononehandandt hecompanyont heot herhand,and
general
lymaydeci deanyquest ionnecessar
yorex pedientbedecidedfor
rect
if
icat
ionofther egi
ster
.

(
4)Wherethecour tmakesanor derforrecti
ficat
ionoft her
egist
er,the
companyshal
l
,wi t
hin14day softhecourtorder,fi
leacopyoftheorder
andanoti
ceofthepart
icul
arsoftherect
if
icat
ionwi t
htheCommissi
on.

116.Ther
egi
sterofmembersshallbepri
maf aci
eevi
denceofmatter
swhi
char
e Regi
stert
obe
evi
dence.
bythi
sActdir
ect
edorauthor
isedtobeinsert
edi
ntheregi
ster
.
117.(
1)Pr i
ortot hewindi
ngupofacompany ,amemberofacompanywi th Li
abi
l
ityofmember
s.
sharesisli
abl
etocont r
ibutet
hebal
ance,i
fany,oft
heamountpayabl
ein
respectoftheshareshel dbyhi
mi naccordancewit
htheter
msoft he
agreementunderwhi chtheshar
eswereissuedorinaccor
dancewit
ha
callval
i
dlymadebyt hecompanypursuantt
oi t
sart
icl
es.

(
2)Wher eanycontr
ibuti
onhasbecomedueandpay ablebyr easonofacal l
,
vali
dlymadebyt hecompany,pur
suantt
othearti
clesorwher e,
underthe
ter
msofanyagr eementwi
ththecompany ,amemberhasunder t
aken
personall
i
abil
it
yt omakefut
urepaymentsinrespectofshar esissuedto
him,theli
abil
i
tyoft hemembershallconti
nuenotwithstandingthatthe
sharesheldbyhi m ar
esubsequent
lytr
ansfer
redorf orf
eitedundera
 provi
si
ontothatef
fecti
nthear
ti
cles,buthisl
i
abi l
i
tyceasesi
fandwhen
thecompanyhaver
eceiv
edpaymentinfull
ofallsuchmoneyinrespectof
theshar
es.

(
3)Subjecttosubsect
ions(1)and(2)
,nomemberorpastmembershal
lbe
l
iabletocont
ri
butetotheasset
softhecompany
,ex
cepti
ntheev
entofit
s
beingwoundup.

(
4)Intheev entofacompanybeingwoundup, ev erypresentorpastmember
shallbel i
abl
etocont ri
but
etotheassetsoft hecompanyt oanamount
suffi
cientforpay mentofi t
s debt
s and liabil
it
ies and forthe costs,
chargesandex pensesofthewindi
ngupandt headj ust
mentoft heri
ghts
ofthemember sandpastmember samongt hemsel ves,butsubj
ecttothe
fol
lowingqualif
icat
ions—

(
a)apastmemberisnotl
i
abletocontr
ibut
eifhehas
ceasedtobeamemberforaperi
odofoney earor
upwards bef
ore t
he commencement of t he
windi
ngup;

(
b)apastmemberisnotl i
abl
etocont r
ibut
eunlessi
t
appearst
otheCour tthattheexisti
ngmember s
areunabl
etosat
isfythecontr
ibut
ionsrequir
edto
bemadebythem inpursuanceofthissect
ion;

(
c)inthecaseofacompanyl imitedbyshares,no
contri
buti
oni srequi
redfr
om anymemberorpast
memberex ceedingtheamount,ifany
,unpaidon
thesharesi nrespectofwhichhei sliabl
easa
presentorpastmember ;

(
d)i
nt hecaseofacompanyl i
mitedbyguarant
ee,
no
contr
ibuti
oni srequi
redfrom anymemberorpast
memberex ceedingtheamountunder t
akentobe
contr
ibutedbyhi mtot heassetsofthecompany
i
nt heeventofitsbeingwoundup; and

(
e)anysum duef rom thecompanyt oamemberor
pastmember ,inhiscapacityasmember ,byway
ofdi vi
dendsorot herwiseshallnotbeset -off
againstthe amountf orwhich he isl iabl
et o
contri
buteinaccordancewiththi
ssectionbutany
suchsum i st o bet akeninto accountf orthe
purposesoff i
naladjustmentofther i
ghtsoft he
member s and past member s amongst
themselves.
 (
5)Fort hepurposesoft hi
ssecti
on,t
heexpr
essi
on“pastmember”incl
udes
the estate ofa deceased memberand where anyperson di
es aft
er
becomi ng l
iabl
easamemberorpastmember ,such l
iabi
l
ityshallbe
enforceabl
eagai nsthi
sestat
e.

(
6)Exceptascont
ainedi
nthi
ssect
ion,amemberorpastmemberisnot
l
i
abl
easamemberorpastmemberf oranyoft
hedebt
sandli
abi
l
iti
esof
t
hecompany
.

118.Ifapubli
ccompanyoracompanyl imitedbyguarant
eecarri
esonbusiness Li
abi
li
tyforcompany
debt
swher e
oritsobjects,wit
houthavingatleasttwomember sanddoessof ormore membershipisbel
ow
thansixmont hs,
everydi
rectororoff
icerofthecompany,dur
ingtheti
methat l
egalmini
mum.
itsocar r
iesonbusinesswi thonlyoneornomember ,isl
iabl
ejoint
lyand
several
lywiththecompanyf orthedebt softhecompanycont r
actedduri
ng
thatperi
od.
DISCLOSUREOFPERSONSWI THSI GNIFI
CANTCONTROL

119.(
1)Not withst
anding t
heprovisionsofsect
ion 120,ever
yperson with Discl
osureof
si
gnifi
cant contr
olover a company shall
,wi thi
n seven days of capacit
yby
sharehol
der.
becoming such a per
son,i ndicat
etothe company in wr
iti
ng t
he
part
icul
arsofsuchcont
rol.

(
2)Acompanyaf t
erreceiv
ingorcomi ngint
opossessionoft heinfor
mat i
on
requi
redundersubsect i
on( 1)
,shall
,notlat
erthanonemont hf r
om the
recei
ptoftheinformati
onoranychanget herei
n,noti
fytheCommi ssi
on
ofthatinf
ormationprovi
dedt hatacompanyshal li
nev er
yannualr et
urn,
discl
osetheinformati
onr equir
edundersubsection(1)inrespectofthe
yearforwhichtheret
urnismade.

(
3)TheCommi ssi
onshallmaintai
nar egi
sterofpersonswi
thsi
gnif
icant
contr
oli
nwhi chitshal
lent
ertheinf
ormati
onrecei
vedfr
om t
hecompany
oranychangetherei
nundersubsecti
on(2)
.

(
4)A companyshal
linscr
ibeagainstt
henameofev erymemberi nt
he
r
egist
erofmember sthe infor
mati
on r
ecei
ved i
n pur
suance oft
he
r
equir
ement
softhi
ssection.

(
5)I fdefaulti s made by any person orcompany in compl
yi
ng with
subsections(1),(2)and(4),t
hepersonorcompanyandev er
yoffi
cerof
thecompanyar el i
abletosuchfi
nesast heCommissi
onmaypr escr
ibe
byregulationforeverydayduri
ngwhichthedef
aul
tconti
nues.

120.(
1)Aper sonwhoi sasubstant
ialshar
eholderi
napubliccompanyshallgi
ve Obl igationof
disclosureby
not
icei n wri
ti
ng t
ot hecompanyst ati
ng hi
sname,addr essand full subst antial
par
ticul
ars ofthe shar
es held by him orhis nominee (nami
ng the sharehol derinpubl
i
c
company
.
 nomi
nee)byv
irt
ueofwhi
chhei
sasubst
ant
ial
shar
ehol
der
.

(
2)A per
sonisasubst anti
alshareholderinapubliccompanyifheholds
hi
mselforbyhi snominee,sharesint hecompanywhi chent
it
lehi
mt o
ex
erci
se atleast5% oft he unrestr
ict
ed vot
ing r
ight
s atanygeneral
meeti
ngofthecompany.

(
3)Apersonrequi
redtogi
veanot i
ceundersubsect
ion(
1),shal
ldosowi t
hin
14 days af
terthatperson becomes awarethathe is a subst
anti
al
shar
ehol
der.

(
4)Thenoticeshal
lbegiv
ennot wit
hst
andi
ngthattheper
sonhasceasedt
obe
asubstanti
alshar
eholderbefor
etheexpi
rat
ionoftheper
iodr
eferr
edtoi
n
subsect
ion(3).

(
5)Thecompanyshall,wi
thi
n14daysofreceiptofthenot
iceorofbecoming
awarethatapersonisasubst
anti
alshareholdergi
venoti
ceinwrit
ingto
theCommi ssi
onofthi
sfact
.

(
6)Ifanyper sonorcompanyf ail
stocomplywi t
hthepr ov
isi
onsoft hi
s
sect
ion,the per
son orthe company isli
ableto such fi
nes as t
he
Commi ssi
on may prescr
ibe by r
egul
ati
on foreach day the def
ault
cont
inues.

121.(
1)A person who ceasest o be a subst
anti
alsharehol
deri n a publ
i
c Personceasingt
obe
asubstanti
al
companyshal lgi
venoticeinwrit
ingt othecompanyst at
inghisname sharehol
dertonoti
fy
andthedat eonwhi chheceasedt obeasubst anti
alsharehol
derand company .
giv
efullpart
icul
arsofthecir
cumst ancesbyreasonofwhichheceased
tobesubstanti
alshar
eholder
.

(
2)Apersonrequi
redtogi
venoti
ceundersubsect
ion(1)
,shall
dosowi thin14
days af
terhe becomes awarethathe has ceased to be substant
ial
shar
eholder
.

(
3)Thecompanyshallwit
hin14day
sofrecei
ptofthenoti
ceorofbecoming
awarethatapersonhasceasedtobeasubst ant
ialshar
ehol
der,gi
ve
not
icei
nwr i
ti
ngt
ot heCommissi
onoft
hisfact
.

(
4)Ifanyper sonorcompanyf ail
stocompl ywi t
hthepr ov
isi
onsoft hi
s
sect
ion,the per
son orthe company isliableto such fi
nes as t
he
Commi ssi
on may prescr
ibe by r
egul
ati
on f oreach day the def
ault
cont
inues.

122.(
1)Apubl
i
ccompanyshal
lkeepar
egi
steri
nwhi
chi
tshal
lent
er— Regi
sterofi
nter
est
s
i
nshares.

(
a)i
nal
phabet
icalor
der
,thenamesofper
sonsf
rom
 whom i
thasr
ecei
vedanot
iceundersect
ion121;
and

(
b)agai
nsteachnamesoent ered,theinfor
mat
ion
gi
veninthenoti
ce,andwhereitrecei
vesanot
ice
undersect
ion121,thei
nformationgivenint
hat
noti
ce.

(
2)Ther egi
stershal
lbekeptatt heplacewheret
her egi
sterofmembers
requir
edtobekeptundersection110i
skeptandsubj
ecttothesamer
ight
ofinspect
ionastheregi
sterofmembers.

(
3)TheCommi ssionmay,atanytimeinwr i
ti
ng,requiret
hecompanyto
furni
shitwit
hacopyoft heregi
steroranypartoft her
egi
sterandt
he
companyshal lf
urni
shthecopywit
hin14daysafterthedayonwhicht
he
requi
rementi
sr ecei
ved.

(
4)Ifthecompanyceasest obeapubliccompany,i
tshal
lcont
inuet
okeep
t
her egist
erunti
ltheendoftheperi
odofsixyearsbegi
nni
ngwitht
heday
f
oll
owi ngthatonwhichi
tceasest
obesuchacompany .

(
5)Acompanyshal lnot,byreasonofanyt
hingdonef
orthepur
posesofthi
s
secti
on,beaffectedwi t
hnot i
ceof,orputonenquir
yasto,arightofa
persontoori
nr el
ati
ont oasharei
nthecompany.

(
6)Ifdefaul
tismadeincomplyi
ngwit
hthi
ssect
ion,t
hecompanyandev
ery
of
fi
cerofthecompanyar
eli
ablet
o–

(
a)suchfineastheCommi
ssi
onmaypr
escr
ibeby
regul
ati
on;
and

(
b)addi
ti
onaldail
ydefaul
tfinet
hatt
heCommi
ssi
on
shal
lspeci
fybyregul
ati
on.

123.Thematt
errelat
ingt
obenef ici
alint
erestsinsharesrequiredbysecti
on120 Regi
str
ati
onof
i
nter
estst
obe
shal
lbeenteredi
nadi f
ferentpartofther egi
sterofinter
estswhichshallbe di
scl
osed.
somadeupt hatt
heentri
esinscribedinitappearinchronol
ogical
order.

CHAPTER7-SHARECAPI
TAL

124.(
1)Where,aft
ert hecommencementoft hi
sAct ,
amemor andum deli
ver
edto Mi ni
mum i
ssued
shar
ecapi
tal
.
theCommi ssionundersection36st at
est hatt
heassoci at
ionto be
regi
ster
edi stoberegist
eredwit
hshares,t
heamountoft hesharecapi
tal
stat
edint hememor andum toberegist
eredshal
lnotbel essthanthe
minimum issuedsharecapit
al.
 (
2)Nocompanyhav i
ngashar
ecapitalshall
,af
tert
hecommencementofthi
s
Act,beregi
ster
edwit
hasharecapit
allessthanthemi
nimum i
ssuedshar
e
capit
al.

(
3)Wher e,att
hecommencementoft hi
sAct,theissuedsharecapitalofan
exi
sting companyisl essthan t
he mini
mum i ssued shar
e capital
,the
companyshal l
,notlat
erthansi
xmont hsaft
erthecommencementoft hi
s
Act,i
ssueshar estoanamountnotl essthanthemi ni
mum i ssuedshare
capit
al.

(
4)Subjectt
osubsection(3)
,wher
eacompanyisregi
ster
edwi
thshares,i
ts
i
ssuedcapi
talshal
lnotatanyt
imebel
essthant
hemi ni
mum i
ssuedshare
capi
tal
.

(
5)Whereacompanyt
owhi chsubsect
ions(
3)and(
4)appl
yfai
l
stocompl
y
wi
tht
heappl
i
cabl
esubsecti
on,
thecompanyis–

(
a)l
iablet o such f
ine as t
he Commi
ssi
on may
prescr
ibebyregul
ati
on;and

(
b)i
nadditi
on,li
abletoadailydefaul
tfineasthe
Commissionshal
lspeci
fybyregul
ati
onforev
ery
daydur
ingwhichthedef
aul
tconti
nues.

ALTERATI
ONOFSHARECAPI
TAL

125. A companyhavi
ng asharecapi
talmayin gener
almeet
ing and not Alt
erat
ionofshar
e
ot
herwi
se,
alt
ert
hecondi
ti
onsofi
tsmemorandum t
o— capi
talby
consol
i
dat
ion,
etc.

(
a)consol
idat
eanddi v
ideal
loranypar
tofi
tsshare
capi
talint
o shares ofl
argeramountthan i
ts
exi
sti
ngshares;
and

(
b)subdivi
deit
sshar esoranyofthem,int
osharesof
smaller amount t han i s f i
xed by t he
memor andum, but i n the subdivi
sion the
proport
ion between the amountpaid and the
amountunpai doneachr educedshareshallbe
thesameasi twasint hecaseofthesharefr
om
whichthereducedshareisderi
ved.

126.(
1)I
facompanyhav
ingashar
ecapi
tal
has— Noti
cerequiredwher
e
sharesconsoli
dat
ed,
etc.
(
a)consoli
datedanddi vi
dedit
ssharecapitalinto
shar
esoflargeramountt
hani
tsex
ist
ingshares,or
 (
b)subdi
vi
dedi
tsshar
esoranyoft
hem,

thecompanyshal
lwit
hinonemont
haftersodoing,gi
venoti
ceofitto
the Commissi
on speci
fyi
ng,t
he shares consol
i
dated,di
vided,or
subdi
vi
ded.

(
2)Ifdefaul
tismadeincomplyi
ngwitht
hissecti
on,
thecompanyandev er
y
offi
cerofthecompanyareliabl
etosuchfineastheCommi ssi
onmay
prescri
bebyregul
ati
on,
forever
ydayduri
ngwhichthedef
aul
tconti
nues.

127.(
1)A companyhav i
ngashar ecapital
,mayi ngener almeet ingandnot I ncr easeofi ssued
shar ecapi tal and
otherwi
se,incr
easei
tsissuedshar ecapit
albyt heal lot mentofnew not iceofi ncr ease.
sharesofsuchamountasitconsi
dersexpedi
ent
.*- NA omwe n2d mw ae yn st bt oy iBnucsr ei naesses i Fs sa uc ei ldi t asthi oa nr e Accat p2i t0a2l 3: s( 1B2F7A()1 )
(a) In gen meetings, OR (b) by a resolution of the BOD, subj to
conditions in the Articles or by the company in a general meeting
(
2)Whereacompanyi ncr
easeditsshar
ecapi tal
,i
tshall
,withi
n15day saf
ter
the passi
ng ofthe resol
uti
on author
ising the i
ncrease,gi
vet othe
Commi ssi
onnoti
ceoft hei
ncreaseandt heCommi ssionshal
lrecordt
he
i
ncrease.

(
3)Where,inconnect i
onwi tht heincreaseofshar es,anyapprovalisrequi
red
tobeobtainedunderanyenact mentot herthant hisAct,t
hecompanyshal l
giv
enoticeoft hatfactt
ot heCommi ssionwi t
hin15day safterthepassing
oftheresoluti
onaut hor
isingt heincrease, t
oget herwit
hanaf fi
dav i
tsworn
tobyadi r
ectoroft hecompanyt othatef fect,anduponr eceiptofthe
noti
ceandaf f
idavitbytheCommi ssi
on,t heper iodof15day sstatedin
subsecti
on( 2)isdeemedex t
ended,f oraper iodt er
minati
ngnol at
erthan
10day safterr ecei
ptoft heappr ovali srequi r
edt obeobt ainedbyt he
companyunderanenact mentot herthant hisAct .

(
4)Ifthecompanyhasnotobt ai
nedtherequir
edapproval
underanenact
ment
otherthant hi
sActwi thi
n48day soft hedat eonwhichitnoti
fi
edt he
Commi ssi
onundersubsecti
on(3),thecompanyshallfil
eanot
hernotice
andaf f
idavi
ttothateff
ectwit
htheCommi ssi
on,andshal
ldosoforevery
successiveperi
odof48day sthatelapsesaftert
hedateonwhichitfi
rst
notif
iedtheCommi ssi
onundersubsecti
on( 3)
.

(
5)IftheCompanyfai
lstoobtai
ntheappr
ovalthati
srequi
redtobeobt ai
ned
underanenactmentothert
hanthi
sActwithinni
nemont hsfr
om thedate
on which i
tfir
stnotifi
ed t
he Commissi
on undersubsection (
3),the
resol
uti
onincr
easi
ngt hecompany’
sissuedsharecapitalbecomesnull
andv oi
d.

(
6)The not i
ce to be given underthis sect
ion incl
udes the part
icul
ars
prescri
bed withrespecttot he classes ofshar es af
fected and the
conditi
onsubjectt
owhi chthenewshar eshav ebeenorar etobei ssued
andt henoti
ceshallbeaccompaniedbyapr i
ntedcopyoft heresolut
ion
 aut
hor
isi
ngt
hei
ncr
ease.

(
7)Ifdefaul
tismadei ncomplyi
ngwiththeprovi
sionsoft hi
ssect
ion,t
he
companyindefaul
tisli
abl
etosuchf
ineastheCommi ssionmaypr
escri
be
byregul
ati
onforever
ydayduri
ngwhichthedef
aul
tcontinues.

(
8)Whereacompanyi ncr
easesitsshar
ecapital
,itshal
lbebyanor dinar
y
r
esol
uti
onandshallamendit
smemor andum andart
icl
esofassoci
ati
onto
r
efl
ectt
henewissuedsharecapi
tal
.

128.(
1)Whereacompanyallot
snewshares,t
herebyincr
easi
ngi
tsi
ssuedshar
e Incr
easeofi
ssued
capit
aloni
ncreaseof
capi
tal
,thei
ncr
easeshal
lnott
akeeff
ectunless— shares.

(
a)atl
east25% oftheshar
ecapit
ali
ncl
udi
ngt
he
i
ncr
easehasbeenpai
dup;and

(
b)thedirect
orshavedel
iveredtotheCommi
ssi
ona
stat
utorydecl
arat
ionv
er i
fyi
ngthatf
act
.

(
2)Whereacompanyfail
stocomplywiththeappl
icablesubsect
ion,i
tshal
lbe
l
iabl
etosuchf i
neast heCommi ssionmaypr escr
ibebyr egul
ati
onfor
ever
ydaydur
ingwhichthedef
aultconti
nues.

129.I
fanunlimi
tedcompanyr
esol
vest
ober
e-r
egi
ster
edasal
i
mit
edcompany Powerf orunli
mited
companyt oprov i
de
undert
hisAct,
itmay
— reservesharecapital
onr e-
regi
str
ation.
(
a)incr
easet
henomi
nalamountofi
tsi
ssuedshar
e
capi
tal

byincreasingt henomi nalamountofeachofits

shares,
butsubj ecttothecondi
ti
onthatnopar
tof
theincreasedi ssuedcapit
alshal
lbecapableof
beingcalledupex ceptintheeventandforthe
purposeoft hecompanybei ngwoundup;or

(
b)provi
det hataspeci fi
edport
ionofitsuncal
l
ed
shar
ecapi t
alshallnotbecapabl
eofbeingcal
l
ed
upexceptint heeventandf
orthepur
posesofthe
companybei ngwoundup.

REDUCTI
ONOFSHARECAPI
TAL

130.(
1)Exceptasauthori
sedbythisAct
,acompanyhav
ingashar
ecapi
talshal
l Restri
cti
onon
reduct
ionofissued
notreducei
tsissuedshar
ecapit
al. sharecapit
al.

(
2)Fort
hepur
posesoft
hissect
ionandot
hersect
ionsr
elat
ingt
oreduct
ionof
 sharecapi
tal
,anyissueofsharecapit
alshal
lincl
udetheshar
epr
emium
accountandanycapitalredempt
ionreser
veaccountofacompany,and
‘
‘i
ssuedsharecapi
tal’
’shal
lbeconst
ruedaccor
dingl
y.

131.(
1)Subj ecttoconfi
rmati
onbytheCourt
,acompanyhav i
ngsharecapit
al Specialr
esol
uti
onfor
reducti
onofshare
may,ifsoauthor
isedbyit
sar
ti
cles,
byspeci
alr
esol
uti
onreducei
tsshare capit
al.
capi
talinanyway.

(
2)I
npar
ti
cul
ar,
andwi
thoutpr
ejudi
cet
osubsect
ion(
1),
thecompanymay
—

(
a)extingui
shorr educetheliabi
li
tyonanyofit
s
shar
esinrespectofshar
ecapit
alnotpai
dup,

(
b)ei t
herwit
horwi thoutext
ingui
shingorreduci
ng
l
iabi
li
tyonanyofi t
sshares,cancelanypaid-
up
sharecapi
talwhichi sl
ostorunr epr
esentedby
avai
labl
easset
s,or

(
c)ei t
herwit
horwi thoutext
ingui
shingorreduci
ng
l
iabil
i
tyonanyofi t
sshares,cancelanypaid-
up
sharecapi
talwhi
chisinexcessoft hecompany’
s
wants,

and t
he company may,ifand so faras i
s necessary,al
teri
ts
memorandum byreduci
ngtheamountofit
ssharecapitalandofi
ts
shar
esaccor
dingl
y.

(
3)Aspeci
alr
esol
uti
onundert
hissecti
onshal
lint
hisActber
efer
redt
oas“
a
r
esol
uti
onforr
educi
ngshar
ecapital
”.

132.(
1)Whereacompanyhaspassedaresol
uti
onforreduci
ngsharecapi
tal
,it Appli
cati
ont oCour
t
forOrderof
mayappl
ytot
hecour
tforanor
derconf
ir
mingthereduct
ion. Confi
rmation.

(
2)I
fthepr
oposedr
educt
ionofshar
ecapi
tal
inv
olv
esei
ther
—

(
a)dimi
nutionofl
i
abi
l
ityi
nrespectofunpai
dshar
e
capi
tal
;or

(
b)subj ectto subsecti
on (6),t
he paymentt oa
shareholderofanypai d-
upsharecapi
tal,andin
anyot hercaseiftheCourtsodir
ect
s,subsect
ion
(3)
,(4)and( 5)shal
lhaveeff
ect
.

(
3)Everycredi
torofthecompanywho,att hedatefixedbyt hecour
t,is
enti
tl
edtoanydebtorcl
aim whi
ch,
ift
hatdat
ewerethecommencementof
thewindi
ngupoft hecompany,woul
dbeadmissi
bleinproofagai
nstthe
 company
,isent
it
ledt
oobj
ectt
other
educt
ionofcapi
tal
.

(
4)TheCourtshal
lset
tl
eal
i
stofcr
edi
tor
sent
it
ledt
oobj
ect
,andf
ort
hat
pur
pose—

(
a) shallascertai
n,as f ar as possi
ble wi t
hout
requi
ri
ng an appli
cati
on from any credi
tor,the
names oft hose credi
tor
s and the nature and
amountofthedebtsorclai
ms; and

(
b)maypubl i
shnoticesf i
xingadayorday swi
thi
n
whichcredit
orsnotenteredonthel
istaret
ocl
aim
t
obesoent er
edorar et obeexcludedfr
om t
he
r
ightofobjecti
ngtothereduct
ionofcapi
tal
.

(
5)Ifacredi
torenteredonthelistwhosedebtorclaimisnotdischar
gedor
hasnotbeendetermineddoesnotconsenttothereducti
on,
theCourtmay
,
i
fitdeemsf i
t,di
spensewiththeconsentofthatcredi
tor
,onthecompany
secur
ingpaymentofhi sdebtorclai
m byappropri
ati
ng(astheCourtmay
dir
ect
)thefol
lowingamountifthecompany—

(
a)admitstheful
lamountoft hedebtorclai
m or,
t
houghnotadmit
ti
ngit,i
swil
li
ngtoprov
idefort
he
f
ull
amountofthedebtorcl
aim;or

(
b)doesnotadmi t,andisnotwil
l
ingtopr ov
idefor
,
thefullamountoft hedebtorclaim,ori fthe
amounti sconti
ngentornotascert
ained,thenan
amountf i
xedbyt hecour
taf
tert
heli
keenqui r
yand
adj
udicati
onasi fthecompanywerebeingwound
upbyt heCourt
.

(
6)Ifapr oposedr eductionofsharecapitali
nvolveseit
hert hedi
minuti
onof
anyl i
abili
tyinr espectofunpai dshar ecapitalort hepaymentt o any
shareholderofanypai d-upsharecapit
al,t
heCour tmay ,
ifhavi
ngregar
dt o
anyspeci alcir
cumst anceoft hecaseitconsiderspropertodoso,direct
thatsubsections(3)-( 5)shal
lnotapplyasregardsanyclassorcl
assesof
credi
tors.

133.(
1)TheCour
t,i
fsat
isf
ied— Cour
torder
conf
ir
mingreduct
ion.

(
a)wi t
hrespecttoeverycredi
toroft
hecompanywho
undersection 132 is ent
itl
ed t
o obj
ecttothe
reduct
ionofcapit
al,
thateit
her—

(
i) hi
s consent t
othe r
educt
ion has been
 obt
ained,
or

(
ii
)hisdebtorclaim hasbeen di
schar
ged or
det
ermi
nedorsecur
ed;and

(
b)thatthesharecapi
taldoesnotbyt hi
sreducti
on
f
allbel
ow t
hemi ni
mum i ssuedsharecapit
al,may
makeanor derconfi
rmingt hereducti
ononsuch
t
ermsandconditi
onsasi tdeemsfit
.

(
2)Wher
etheCour
tsoor
der
s,i
tmayal
so—

(
a)ifforanyspeci alreasonitconsider
sitproperto
doso,makeanor derdirecti
ngthatthecompany
shall
,dur i
ngsuchper i
od( commencingonorat
any ti
me af terthe date oft he order
)as i s
specif
iedint heorder,addt oit
snameasi t
slast
words“ andreduced”;and

(
b)makeanor derrequir
ingt hecompanyt opubli
sh
(asthecourtdir
ects)ther easonsforreduct
ionof
capit
alorsuchot heri
nformat ioni
nregardtoitas
the courtconsiders expedientwi t
hav i
ew to
givi
ngproperinf
or mati
ont ot hepubli
cand( i
fthe
courtdeems f i
t)t he causes which led t
ot he
reduct
ion.

(
3)Wherethe companyisordered to add t
oi t
sname the wor
ds,“and
r
educed”
,thosewor
dsshal
l,unti
ltheexpir
ati
onoftheper
iodspeci
fi
edin
t
heorder
,bedeemedtobepartofthecompany’sname.

134.(
1)TheCommi ssion,ondeli
ver
ytoittheor derofthecourtconf
irmingt
he Regist
rati
onofor
der
andmi nut
esof
reduct
ionofacompany ’
ssharecapit
al,
andmi nutesofthemeetingoft
he reduct
ion.
company(approvedbytheCourt)showing,wit
hrespecttothecompany’
s
sharecapi
tal
asal t
eredbytheor
der—

(
a)t
heamountoft
heshar
ecapi
tal
;

(
b)thenumberofshar
esint
owhichiti
stobedi
vi
ded,
andtheamountofeachshar
e;and

(
c)theamount(i
fany )att
hedateoftheregi
str
ati
on
deemed to be paid up on each shar
e,shall
regi
stert
heorderandminut
es.

(
2)Ont
her
egi
str
ati
onoft
heor
derandmi
nut
es,t
her
esol
uti
onf
orr
educi
ng
 shar
ecapi
tal
asconf
ir
medbyt
heor
dersor
egi
ster
edshal
ltakeef
fect
.

(
3)Anot
iceofther
egi
str
ati
onshal
lbepubl
i
shedi
nsuchmannerast
heCour
t
maydir
ect
.

(
4)TheCommi ssi
onshal
lcer
ti
fyt
her
egi
str
ati
onoft
heor
derandmi
nut
es,
and
thecer
ti
fi
cate—

(
a)maybeei t
hersi
gnedbytheRegist
rar
-Gener
alor
aut
hent
icat
edbyit
soff
ici
alseal
;and

(
b) shallbe prima f aci
e evi
dence that al
lthe
requir
ements oft hi
s Actwi t
hrespectt othe
reducti
on ofsharecapitalhavebeen compli
ed
with,andthatthecompany ’
ssharecapit
alisas
statedint
hemi nut
es.

(
5) The mi nut
es, when regi
stered, i
s deemed substi
tut
ed for the
corr
espondi
ng partof the company’s memorandum,and v
alid and
al
terabl
easifi
thadbeenori
ginal
l
ycontainedi
nit
.

(
6)Thesubsti
tut
ionofsuchminut
esforpar
tofthecompany
’smemor
andum
shal
lbedeemedanalter
ati
onofthememorandum.

135.(
1)Wher eacompany ’
sshar
ecapi t
ali
sr educed,amemberofthecompany Li
abil
it
yofmember s
(pastorpresent)isnotliabl
ei nrespectofanyshar etoanycallor onreducedshares.
contr
ibut
ionexceedinginamountt hedi ff
erence(
ifany
)betweenthe
amountoft heshareasfi
xedbyt hemi nutesandtheamountpai
donthe
shareorthereducedamount(ifany)
,whi chisdeemedtohavebeenpai
d
onit,ast
hecasemaybe.

(
2)Subsect
ions(
3)and(
4)shal
lappl
yif
—

(
a)acr edit
orent i
tl
edinr espectofadebtorcl aim,to
objecttot hereductionofshar ecapit
al,byr eason
ofhi signoranceoft hepr oceedingsforreduct i
on
ofshar ecapital,oroftheirnatureandef fectwith
respectt ohiscl ai
m,i snotent eredont hel i
stof
creditors;
and

(
b)afterther educt
ion ofcapital
,thecompanyis
unabl
e( wi
thinthemeani ngofsecti
on572)t
opay
theamountoft hecr
editor’
sdebtorclai
m.

(
3)Everypersonwhowasamemberoft hecompanyatthedateofthe
r
egi
str
ati
onoftheor
derf
orr
educt
ionandmi
nutes,
isl
i
abl
etocont
ri
but
efor
 thepaymentofthedebtorcl
aiminquesti
onanamountnotexceedingthat
which he woul
d have been l
iabl
et o contr
ibuteifthe company had
commencedt obewoundupont hedaybeforethatdat
e.

(
4)Ift hecompanyi swoundup,t heCour t,onappl
icati
onoft hecr edi
torin
questionandpr oofofignorancereferredtoinsubsecti
on( 2)(
a),may ,ifi
t
deemsf i
t,set
tl
eal i
stofper sonssol i
abletocontri
bute,andmakeand
enforcecall
sandor dersont hecont r
ibutori
esset
tledont heli
st,asifthey
wereor di
narycontri
butor
iesinawi ndi
ngup.

(
5)Nothi
ng inthi
ssect
ion af
fectt
her
ight
soft
hecont
ri
but
ori
esamong
t
hemsel
ves.

136.I
fanof
fi
ceroft
hecompany
—
Penaltyf
or
conceali
ngnameof
(
a)wil
ful
l
yconcealst
henameofacr edi
torent
it
ledt
o credi
tor,
etc.
obj
ectt
othereduct
ionofcapi
tal
,

(
b)wilf
ull
ymi sr
epresent
sthenat
ureoramountoft
he
debtorclai
m ofanycredi
tor
,or

(
c)ai
ds,abetsorispr
ivyt
o anyconceal
mentor
mi
srepr
esent
ati
on,

hecommitsanoffenceandisli
ableonconv
ict
iont
osuchf
inesast
he
Commissi
onshal
lspeci
fybyr
egul
ati
on.

MI
SCELLANEOUSMATTERSRELATI
NGTOCAPI
TAL

137.(
1)Wher ethenetasset sofapubl iccompanyar ehalforl
essofi t
scalled-up Dutyofdir
ector
son
shar
ecapi tal,thedir
ectorsshall
,notlat
erthan30day sfrom t heearli
est seri
ouslossof
capi
tal
.
dayonwhi cht hatfacti sknownt o adirectorofthecompany ,duly
conveneanex traor
dinarygeneralmeeti
ngoft hecompany ,foradaynot
l
aterthan60day sfr
om t hatdayforthepurposeofconsideringwhet her
any,andifso, whatstepsshouldbetakentodeal witht
hesituation.

(
2)Iftherei
sa f ai
lur
eto convene an ext
raor
dinar
ygeneralmeet
ing as
r
equir
edbysubsecti
on(
1),eachofthedir
ector
softhecompanywho—

(
a)al
l
owst
hef
ail
ure,
or

(
b)aftertheexpir
yoft heper
iodduri
ngwhicht
hat
meeti
ngshouldhav ebeenconvened,al
l
owsthe
f
ail
uretocont
inue,

i
sli
abl
eto such f
ines as t
he Commi
ssi
on shal
l
 speci
fybyr
egul
ati
on.

(
3)Not hi
ng i
nt his sect
ion aut
hori
ses t
he consi
derati
on,ata meet
ing
convenedinpursuanceofsubsecti
on(1),ofanymatterwhi
chcoul
dhave
beenconsi
deredatthatmeetingapar
tfr
om thi
ssect
ion.

CHAPTER8–SHARESANDNATUREOFSHARES

138.(
1)Subj
ecttot
heprov
isi
onsofthi
sAct,t
heri
ghtsandli
abi
l
iti
esat
tachi
ngt
o Ri
ghtsandli
abi
l
iti
es
t
heshar
esofacompanyoranyclasst
her
eofshal
l— at
tachedt
oshares.

(
a)be dependenton t he t
erms ofi
ssue ort
he
company’
sarti
cles;
and

(
b)notwi
thst
andi
ngany t
hingtothecontrar
yint he
ter
msort heart
icles,i
ncludet
herighttoatt
end
anygener
almeetingoft hecompanyandv ot
eat
suchameeti
ng.
Shar
esas
139.Thesharesorot heri
nter
est
sofamemberi nacompanyar eper
sonal t
ransf
erabl
epr
oper
ty.
proper
tyt
ransf
erabl
einthemannerpr
ovi
dedi
nar
ti
clesofassoci
ati
onoft
he
company.
Prohibi
ti
onofnon-
140.(
1)Unl essother
wisepr ovi
dedbyanyot herenact
ment,anyshareissuedbya voti
ngandweighted
companyshal lcar r
yt her i
ghtonapol latagener almeet i
ng oft he shares.
companyt oonev ot
ei nrespectofeachshare,andnocompanymayby
i
tsar ti
cl
esorot herwiseauthori
setheissueofshareswhi chcarrymor e
thanonev oteinrespectofeachshar eorwhichdonotcar ryanyr i
ghtto
vote.

(
2)Ifa companycontravenesanyoft hepr ovi
sionsofthissecti
on,the
companyandanyoffi
cerindefaultareliabl
etoadail
ydefaultf
ineasthe
Commissi
on shal
lspecifybyr egulat
ion and anyresol
uti
on passed i
n
cont
rav
enti
onofthi
ssectionshal
lbev oid.

(
3)Nothi
nginthissect
ionshal
laf
fectanyr
ightat
tachedt
oapr
efer
enceshar
e
undersect
ion168.

I
SSUEOFSHARES

141.Subjectt
oanylimi
tat i
onintheart
icl
esofacompanywi threspectt
ot he Powerofcompani
es
numberofshar es whi ch may be i
ssued,and any pr
e-empti
ver i
ghts toi
ssueshar
es.
prescri
bedint
heart
iclesinrel
ati
ontotheshar
es,acompanyhasthepower,
atsucht imesandf orsuchconsider
ationasitshal
ldetermi
net oissue
shares.
*amended by BFA 2023
S142 (1)- A private company shall not...
142.(1)Acompanyshal lnotinanyeventall
otnewlyissuedsharesunlessthey Pre-empti
veri
ght
sof
existi
ngshar
ehol
der
s.
areofferedinthefi
rstinst
ancetoallexi
sti
ngshareholder
softheclassbeing
issuedinproport
ionasnear l
yasmaybet othei
rexisti
ngholdi
ngs.

(
2)Theof
fert
oexi
sti
ngshar
ehol
der
sshal
lbebynot
icespeci
fyi
ng–

(
a)thenumberofsharest
owhi
cht
heshar
ehol
deri
s
ent
it
ledt
osubscr
ibe;

(
b)t
hepr
ice;
and
*amended by BFA 2023
(
c)areasonabl
etimeper i
odaf t
ertheexpir
ati
onof S142(2)(C)- that if the offer is not
accepted within 21 days of the
whi
chtheoffer
,ifnotaccept
ed,wil
lbedeemedto notice, the offer shall be deemed
bedecl
ined. declined

(
3)Ont herecei
ptofnot i
cef r
om t hesharehol
derthathedecli
nestoaccept
thesharesoffer
edoraf tertheexpirat
ionofthespecifi
edti
me,theboard
ofdirect
orsmay ,subj
ectt othet er
msofanyr esol
uti
onofthecompany,
disposeofthesharesatapr icenotlessthanthatspeci
fi
edint
heoffer
,in
suchmannerast heythinkmostbenef ici
altot
hecompany .

143.(1)Acompanymay
,wher
esoaut
hor
isedbyi
tsar
ti
cles,i
ssuecl
assesof Issueofcl
assesof
shares.
shar
es.

(
2)Sharesshallnotbet r
eatedasbei
ngoft
hesamecl
assunl
esst
heyr
ank
equall
yforal
lpurposes.

144.Wit
houtprejudicetoanyspecialri
ghtsprev i
ouslyconf
err
edontheholders I ssuewi t
hri
ght
s
attached.
ofexist
ingsharesorclassofshares,anyshar einacompanymaybei ssued
wit
hsuchpr eferr
ed,defer
redorot herspeci alri
ghtsorsuchrest
ri
ctions,
whetherwithr egardto divi
dend,return ofcapi t
alorother
wise,as the
companymaydet ermi
nebyor di
naryresol
ution.

145.(
1)Shar
esofacompanymaybei
ssuedatapr
emi
um. I
ssueofshar
esata
pr
emium.

(
2)Wher eacompanyi ssuessharesatapr emium,whetherforcash or
ot
herwise,asum equaltotheaggregateamountorval
ueofthepremium
onthosesharesshal
lbetransf
err
edt o,
“theshar
epremi
um account
”.

(
3)Theprov
isi
onsofthisActr
elati
ngtothereducti
onoft heshar
ecapit
alofa
companyshall
,exceptaspr ov
idedinthi
ssect ion,appl
yasi ft
heshare
premi
um accountwerepai
d-upsharecapi
talofthecompany .

(
4)Notwit
hstandi
nganythi
ngtothecontr
aryinsubsect
ion(
2),t
heshar
e
pr
emium accountmaybeappl
i
edbythecompanyi
n:
 (
a)pay i
ngupuni
ssuedsharesoft
hecompanytobe
i
ssuedtomember softhecompanyasful
ly
-pai
d
bonusshar
es;

(
b)wr i
ti
ngof ftheprel
i
minar
yexpenseofanewl
y
i
ncorpor
atedcompany;

(
c)writi
ngof
ft heexpensesof,orthecommissi
on
pai
donanyissueofsharesoft
hecompany
;or

(
d)provi
dingf
orthepremium payabl
eonredempt
ion
ofanyr
edeemableshar
eoft hecompany
.

146.I
tisunl
awf
ulf
oracompanyt
oissueshar
esatadi
scount
. I
ssueofshar
esata
di
scount
.

147.(
1)Nocompanyli
mitedbysharesshal
l
,aft
erthecommencementoft
hisAct I
ssueofredeemabl
e
pr
efer
enceshares.
i
ssueanypr
efer
enceshareswhicharei
rredeemabl
e.

(
2)A companyl i
mit
ed by shares may,i
fso authori
zed by i
ts art
icl
es,
i
ssueprefer
enceshar
eswhi chareli
abl
etoberedeemedsubjecttosuch
condi
ti
onsasmaybepr escribedi
ntheter
msofissueori
nt heart
icl
esof
thecompany.

148.(
1)Wher eacompanyhaspur port
edtoissueoral l
otsharesandt heissueor Val i
dati
onof
i
mproperl
yissued
all
otmentoft hoseshar eswasi nval
idbyr easonofanypr ov
isionoft hi
s shares.
Actoranyot herenact ment ,ofthear t
iclesort het er
msofi ssueor
all
otmentwer ei nconsistentwithorunauthor i
sedbyanysuchpr ovision,
thecompanymaywi thi
n30day sofanappl icat
ionmadebyahol der,
mor t
gageeoft hoseshar esorbyacr editoroft hecompany ,andby
specialresol
ution,v ali
datet heissueoral l
otmentoft hoseshar esor
confi
rmt hetermsoft heissueandallotment,asthecasemaybe.

(
2)Whereacompanyr ef
usestov al
idatet heissueoral l
otmentoftheshares
orconfi
rmt het er
msoft hei ssueandal l
otment,theCour tmay ,upon
appli
cat
ionmadebyahol der,amor tgageeoft hose shar esorbya
credi
toroft he company,and upon bei ng satisfi
ed thatin allthe
ci
rcumstances itisjustand equi tablet o do so,v al
idatethe issue,
al
lotmentofthosesharesorconfir
mt hetermsoft heissueandallotment,
asthecasemaybe.

(
3)Ineverycasewher ethecourtval
idat
esani ssue,al
lot
mentofshar esor
confi
rms t he terms ofan i ssue orallotmenti n accordance with
subsect
ion( 1),i
tshallmake,uponpay mentoft heprescr
ibedf ees,an
orderwhichispr oofofthevali
dat
ionorconfir
mat i
onandupont heissue
oftheor der,t
hoseshar esaredeemedt ohav ebeeni ssuedoral lot
ted
uponther el
evanttermsofissueorall
otment.
 *amended by BFA 2023
S149(1)- The powers to allot the shares of a
company are not exercised by the
directors of a company unless express authority to
do so has been vested in the board of directors by-
ALLOTMENTOFSHARES (a)the company in a general meeting; or
(b)the company's articles.
149.(
1)Thepowertoallotsharesisvest
edint
hecompany ,and,inrel
ati
ontoa Aut hori
tyt
oal
l
ot
shares.
pri
vat
ecompany ,thi
spowermaybedel egatedtothedirect
ors,subj
ect
toanycondi
ti
onordirecti
onthatmaybeimposedinthearti
clesorbythe
companyingeneralmeeti
ng.

(
2)Thepowertoal
lotshar
esofapubliccompanyi
ssubj
ectt
othepr
ovi
si
ons
oft
heI
nvestmentandSecur
it
iesAct. Cap.I
24,
LFN,
2004.

(
3)Thepowerstoall
otthesharesofacompanyarenotexerci
sedbythe
dir
ector
sofacompanyunlessex
pressaut
hor
it
ytodosohasbeenvest
ed
intheboar
dofdi
rect
orsby-

(
a)t
hecompanyi
nagener
almeet
ing;
or

(
b)t
hecompany
'sar
ti
cl
es.

(
4)Inthissect
ion,t
heref
erencetosharesi
ncludesanyr
ightt
osubscr
ibefor
,
ortoconver
tanysecur
ityint
o,shar
esinthecompanyothert
hansharesso
al
lot
ted.

(
5)Theaut horisat
iontothedi
rect
orsundert
hissecti
onmaybegi v
entobe
exerci
sedinapar ti
cul
ari
nst
ance,ortobeexer
cisedgener
all
y,andmaybe
uncondit
ionalorsubj
ectt
ocondi
tions.

150.(
1)Wi thoutpr
ejudi
cetotheprovisi
onsoft
heInvest
mentandSecur
it
iesAct
, Methodofappli
cati
on
andall
otment
.
the fol
lowi
ng pr ov
isi
ons applyinrespectofan appli
cat
ion foran
all
otmentofissuedsharesofacompany— Cap.I
24,LFN,2004.

(
a)i nt hecaseofapr i
vatecompanyorapubl i
c
companywher etheissueofsharesi snotpubl
ic,
there shal
l
,ifso requir
ed bythe company ,be
submi t
tedtothecompanyawr i
ttenappli
cati
on
signedbyt heper
sonwi shi
ngtopur chaseshar
es
i
ndicatingt
henumberofsharesrequired;

(
b)i nt he case ofa publ i
c company ,subjectto
conditi
ons i mposed by t he Secur i
ti
es and
ExchangeCommi ssionwheret heissueofshares
i
spubl i
c,thereshallberetur
nedt othecompanya
form ofappli
cati
onaspr escri
bedinthecompany ’
s
art
icl
es,dulycompl etedandsignedbyt heperson
wishi
ngt opurchasetheshares;and
 (
c)upont her eceiptofanappl icati
on,acompany
shal
l,wher ei t wholly or part
ly accept
st he
appl
ication,makean al l
otmentt otheapplicant
andwi thin42day saftertheall
otmentnoti
fyt he
appl
icantoft hef actofall
otmentandt henumber
ofsharesallott
edt ohim.

(
2)Anappli
cantundert
hissecti
onshallhav
etheri
ghtatanyti
mebefore
al
l
otment
,towit
hdrawhisappl
icat
ionbywri
tt
ennot
icet
othecompany.

151.Anal lot
mentofshar esmadeandnot i
fi
edtoanapplicanti
naccor
dance All
otmentas
acceptanceof
wit
hsect i
on150i sanacceptancebythecompanyoft heof
ferbythe contr
act.
appli
cantt
opur chasei
tsshar
esandthecont
ractt
akeseff
ectont
hedateon
whichtheall
otmentismadebythecompany.

152.Subjecttotheprovi
si
onsofsect i
ons160–163oft hisAct,
acompanymay, Paymenton
all
otment.
i
ni t
sar t
icl
es,makepr ovi
sionwithrespecttopay mentsonall
otmentofi
ts
shares.
153.(1)Anal l
otmentmadebyapubl iccompanybef orethehol
dingofthe Effectofi
rr
egul
ar
all
otment.
stat
utor
ymeet ingtoanappl i
cantincont r
aventionoftheprovi
si
onsof
thi
sAct,isvoi
dableattheinst
anceoft heappl
icant–

(
a)wi
thin one mont
h aft
er t
he hol
ding of t
he
st
atut
orymeeti
ngofthecompanyandnotlat
er,
or

(
b)wheretheallot
mentismadeaftert
hehol
dingof
thestat
utor
ymeeti
ng,wit
hinonemonthaf
terthe
dateoftheal
lot
ment,
andnotlat
er:
,

Provi
ded thatthe al
lot
mentshal
lbe so v
oidabl
e
notwit
hst
andingthatt
hecompanyi
sint
hecourseof
beingwoundup.

(
2)I fanydirectorofacompanyknowi nglycont r
avenes,permitsorauthorises
thecont r
av enti
onofanyoft hepr ovisionsoft hi
sActwi t
hr espectt o
allot
ment,he i sl i
ablet o compensat et he company and t he all
ottee
respecti
velyf oranyloss,damagesorcost swhi cht hecompanyort he
allot
teemayhav esustai
nedori ncur
redt hereby,butproceedi
ngst orecover
anysuch l oss,damages,orcost s shal lnotbe commenced af tert he
ex pi
rat
ionoft woyearsfrom thedateoft heallotment.

154.(
1)Wheneveracompanyli
mit
edbyshar
esmakesanyall
otmentofi
ts Returnasto
al
lotment.
shar
es,t
hecompanyshal
lwithi
nonemont
hther
eaf
terdel
iv
ertothe
*amended by BFA 2023
S154(1)- ... within 15 days thereafter...
Commi
ssi
onf
orr
egi
str
ati
on—

(
a)aret
urnoft
heal
l
otment
sint
hepr
escr
ibedf
orm,
st
ati
ng–

(
i) thenumberand nominalval
ueoft
he
shar
escompr
isedint
heallot
ment
,

(
ii
) thenames,addressesanddescr
ipt
ion
oftheal
l
ott
ees,and

(
ii
i) the amount,ifany ,paid ordue and
payabl
e on each shar e,whet her on
accountoft he nominalv al
ue oft he
shares or by way of any pr emium
payabl
einrelat
iontosuchshares;

(
b)int hecaseofsharesal
l
ottedasf
ull
yorpar
tl
y
pai
dupotherwi
sethani
ncash—

(
i)acontractinwr i
ting,const
itut
ingt heti
tl
eof
theallotteetot heal l
otmentt ogetherwith
anycont ractofsale,orforservicesorother
considerati
on inr espect of whi ch that
all
otmentwasmade,suchcont r
actsbeing
dulystamped,

(
ii
)ar etur
nst ati
ngt henumberandnomi nal
amountofshar essoal
lott
ed,theext
entto
whichtheyar etobetr
eatedaspaidup,and
theconsiderati
onforwhichtheyhav
ebeen
all
ott
ed,and

(
ii
i) with r espect t o public compani
es,
part
iculars of t he v al
uati
on of t he
considerat
ion in accor
dance wit
h sect
ion
162;and

(
c)suchotherdocument sandpar ti
cularsasmaybe
requi
red by t he Commi ssi
on,but wher ethe
Commi ssionr equi
rest hataddit
ionaldocuments
orpar t
iculars be submi t
ted i
tshal lgr
antthe
companyaddi ti
onalti
meofatl eastsevendays
withi
nwhi chtopr ovi
det headditi
onaldocuments
andparticular
s,andtheaddi t
ionalt i
megrant
edis
deemed t o beanex tensionoft heonemont h
 per
iodi
nsubsect
ion(
1).

(
2)Ifdefaultismadei ncompl y
ingwit
ht hi
ssection,eachoffi
cerofthe
companyi sli
abl
et osuchpenalt
yastheCommi ssi
onshallspeci
fyi
nthe
regul
ati
onforeverydaydur
ingwhicht
hedefaul
tconti
nues.

(
3)Incaseofdef aul
tindeli
veringt otheCommi ssionwi t
hinonemont hafter
theall
otmentanydocumentr equir
edt obedel i
veredbyt hi
ssection,the
companyoranyof fi
cerli
abl eforthedef ault
,mayappl ytot hecourtfor
rel
ief
,andt hecourt,i
fsatisfiedthattheomi ssiont odeli
verthedocument
wasacci dentalorduet oi nadvert
enceort hatitisjustandequi tabl
et o
grantrel
i
ef ,maymakeanor derex tendi
ngt het i
mef orthedel i
ver
yoft he
documentf orsuchper i
odast heCourtmayconsi derproper.

155.(
1)Ex ceptaspr ov idedi nsecti
on156,nocompanyshal lapplyanyofi ts Prohibi
ti
onof
paymentsof
sharesorcapi talmoneyei therdir
ectlyori ndirect
lyinpay mentofany commi ssi
ons,
commi ssion,di
scountoral l
owancet oanyper soninconsiderat
ionofhi s discount
soutof
subscribi
ngoragr eeingtosubscri
be,whet herabsolutel
yorcondi ti
onally
, sharesandcapit
al.
foranyshar ei nt he company ,orpr ocuring oragr eeing to procure
subscript
ions,whet herabsolute orcondi t
ional ,f
oranyshar ei nt he
company ,whet hert hesharesorcapi t
almoneyar esoappl i
edbybei ng
addedt othepur chasemoneyofanypr opertyacquiredbyt hecompany
ortot hecontractpr iceofanywor kt obeex ecutedforthecompany ,or
anysuchmoneyi spaidoutoft henomi nalpur chasemoneyorcont ract
pri
ce,orot her
wi se.

(
2)Not hi
ngi nthissect
ionaffect
st hepaymentofanybr oker
ageoragency
feesagreedbetweent hecompanyandabr okeroragentofthecompany,
forser
vicesprovi
dedbysuchbr okeroragentinconnect
ionwi
ththerai
sing
ofthecapit
albythecompany .

(
3)Av endorto,pr
omot erof,orot
herpersonwhorecei
vespaymenti
nmoney
orsharesfrom acompany ,shal
lhaveandisdeemedal way
stohavehad
powertoapplyanypar tofthemoneyorsharessorecei
vedinpaymentof
anycommi ssi
on,thepay mentofwhich,ifmadedir
ectl
ybythecompany,
wouldhavebeenlegalunderthi
ssecti
on.

156.(
1)Acompanymaypayacommi ssi
ontoanyper soni
nconsider
ati
onofhi s Powertopay
Commi ssi
onin
subscr
ibi
ngoragreeingtosubscri
be,
whetherabsolut
elyorcondi
ti
onally
, cert
aincases.
foranyshar ei
nt he companyorpr ocuri
ng oragreeing t
o procure
subscr
ipt
ion,whetherabsolute orcondit
ional,f
orany sharei nt he
companyif—

(
a)t
hepaymentoft
hecommi
ssi
oni
saut
hor
isedby
t
hear
ti
cles;
 (
b)thecommi ssi
onpaidoragr eedtobepaiddoes
notex ceed10% ofthepr i
ceatwhichtheshar
es
areissuedortheamountorr ateaut
hor
isedbyt
he
art
icles,whi
cheveri
slesser;

(
c)theamountorrat
epercentoft
hecommi
ssi
on
pai
doragr
eedtobepai
dis—

(
i)inthecaseofsharesof
fer
edtothepubl
i
cfor
subscr
ipt
ion,
discl
osedi
nthepr
ospect
us,
or

(
ii
)int hecaseofshar esnotof feredtothepubl i
c
forsubscr i
ption,disclosedi nthestatementi n
l
ieuofpr ospect us,ori nast at
ementi nthe
prescr i
bedf orm signedi nl i
kemannerasa
statementi nl i
euofpr ospect us,anddel iver
ed
tot heCommi ssionf orr egistrati
onbef orethe
pay mentoft he commi ssion,and wher ea
circularornot ice,notbei ng a pr ospectus
i
nv iti
ngsubscr ipti
onf ort heshar esisi ssued,
alsodi scl
osedi nthatci r
cul arornotice;and

(
d)thenumberofshareswhichpersonshaveagreed
fora commi ssi
on to subscri
be absol
utel
yi s
discl
osedi
nthemannerspecifi
edinthi
ssecti
on.

(
2)Ifdefaul
tismadei
ndeli
ver
inganydocumentr
equi
redt
obedel i
veredto
theCommi ssi
onundert
hissecti
on,t
hecompanyandev eryoffi
cerin
defaul
tisli
abl
etosuchpenal
tyastheCommissi
onshallspeci
fyinthe
regul
ati
on.

157.(1)Wher eacompanyhaspai danyamountbywayofcommi ssi

oni nrespect Stat
ementinbal
ance
sheetasto
ofanysharesinthecompany ,t
heamountsopai dorsomuchofi tashas Commi ssi
on.
notbeen writ
ten off,shallbe st
ated i
n everybalance sheetoft he
companyuntil
thewhol eamounthasbeenwr i
ttenoff.
(
2)I fdefaul
tismadei ncompl yi
ngwiththissect
ion,t
hecompanyandev ery
offi
cerofthecompanyi sliabl
etosuchpenaltyast heCommi ssionshall
specif
ybyregulat
ionforeverydayduri
ngwhichthedefaul
tcontinues.

CALLONANDPAYMENTFORSHARES

158.(
1)Subj ectt
otheter
msoft heissueoft
hesharesandoft hearticl
es,t
he Cal
lonshar
es.
dir
ectorsmaymakecal l
supont hemembersinr espectofanymoney
unpaidonthei
rshares(whet
heronaccountofthenomi nalvalueofthe
sharesorbywayofpr emi
um)andnotbyt heconditi
onsofallotmentof
 t
heshar
esmadepay
abl
eatf
ixedt
imes:

Pr
ovidedthatnocal lshal
lexceedonef ourt
hoft henominalvalueofthe
shareorbepay abl
eatlessthanonemont hf rom t
hedat efi
xedforthe
pay mentoft helastpr
ecedi
ngcal l
,andeachmembershal l(subj
ectto
receiv
ingatleast14days’
noticespecif
yingthetimeortimesandplaceof
pay ment)paytothecompanyatt hetimeort i
mesandpl acesospecif
ied
theamountcal l
edonhisshares,sohowev erthatacall
mayber evokedor
postponedast hedir
ect
orsmaydet ermine.

(
2)Acalli
sdeemedt ohav
ebeenmadeatthetimewhent
heresolut
ionoft
he
di
rectorsaut
hori
singt
hecal
lwaspassed,
andmayberequir
edtobepaid
byinstal
ments.

(
3)Thejointhol
der
sofashar
ear
ejoi
ntl
yli
abl
etopayal
lcal
l
sinr
espectof
theshare.

(
4) I
fasum cal l
edinrespectofashar eisnotpai dbef oreoront heday
appoint
edforpay ment,theper sonfr
om whom t hesum i sdueshal lpay
int
erestont hesum from t hedayappoi ntedforpay mentt othetimeof
actualpaymentatsuchr atenotex ceedingt hecurr entbankrateper
annum,ast hedir
ectorsmaydet er
mine,butt hedirectorsareatli
bertyto
waivepaymentofsuchi nterestwholl
yori npart
.

(
5)A sum whi chbyt het er msofi ssueofashar ebecomespay abl
eon
all
otmentoratanyf ix
eddat e,whet heronaccountofthenomi nalval
ueof
the shares orbywayofpr emium shall,f
ort he pur poses ofthese
provi
sions,isdeemedt obeacal ldulymadeandpay ableont hedateon
whichbyt het ermsofi ssuet hesamebecomespay abl e,andi ncaseof
non-pay ment ,allther elevantprov i
sionsofthisActast opay mentof
i
nterestandex penses,f orf
eitureorot her
wiseapplyasi fsuchsum had
becomepay ablebyv i
rtueofacal ldulymadeandnot i
fied.

(
6)Thedirectorsmay,iftheythinkf it
,receiv
ef rom anymemberwi l
li
ngto
advancet hesame,alloranypar tofthemoneyuncal ledandunpaidupon
anysharehel dbyhim,anduponal loranyoft hemoneysoadvancedmay
(unt
ilthe same woul d,butf orsuch adv ance,become payable)pay
int
erestatsuchr at
enotex ceedingt hecurrentbankrat
eperannum as
maybeagr eeduponbet weent hedi r
ector
sandt hememberpay ingsuch
sum i n advance (
unless t
he companyi n generalmeeti
ng otherwi
se
dir
ects).

159.Acompanyli
mit
edbysharesmay ,byspeci
alresol
uti
ondetermi
nethatany Reserveli
abil
i
t yof
companyhaving
port
ionofi
tssharecapi
talwhichhasnotbeenal readycall
edupar enot sharecapit
al.
capabl
eofbei
ngcall
edupex cepti ntheeventandforthepurposesofthe
companybei
ngwoundupandt hereupon,t
hatporti
onofitssharecapital
 shallnotbecapabl
eofbei ngcal
ledup,ex
cepti
ntheev
entandf
ort
he
purposesspeci
fi
edi
nsubsecti
on(
1).

160.Subj
ectt
ot heprovisi
onsofsect i
ons161and162, theshar
esofacompany Pay
mentf
orshar
es.
andanypremi um onthem shallbepaidupi ncash,orwherethear
ti
clesso
per
mit,byav al
uabl
econsider at
ionotherthancashorpar tl
yincashand
par
tl
ybyav aluabl
econsiderat
ionotherthancash.

161.(
1)Shar esarenotdeemedtohavebeenpaidforincashexceptt
otheex
tent Meani
ngofpay
ment
i
ncash.
thatthecompanyshallhav
eactuall
yreceivedcashforthem att
heti
me
of,orsubsequent
lyt
o,t
heagreementtoissuetheshar
es.

(
2)Wher esharesar ei ssuedtoaper sonwhohassol doragreedtosel l
propert
yorr enderedoragr eedtorenderservicestot hecompanyort o
personsnomi natedbyhi m,t heamountofanypay mentmadef orthe
propert
yorser v i
cesshallbededuct edfrom t heamountofanycash
paymentmadef orthesharesandonlythebalance( i
fany)shal
lbetreat
ed
ashav i
ngbeenpai dincashforsuchsharesnotwithstandi
nganyexchange
ofchequesorot hersecuri
ti
esformoney.

162.(
1)Wher eapubl i
ccompanyagr eesto acceptpay mentf oritsshar
es Paymentforshar
es
ofpubli
ccompanies
otherwisethanwhol
l
yi ncash,itshal
lappoi
ntani ndependentval
uerwho othert
hanincash.
shalldeter
mi net
hetruevalueoft heconsi
derat
ionot herthancashand
prepare and submi
tt ot he company a reporton t he val
ue ofthe
considerat
ion.

(
2)Thev al
ueri
sentit
ledtor equi
refr
om t heoff
icer
softhecompanysuch
i
nfor
mati
onandexplanat
ionashet hinksnecessar
ytoenabl
ehi
mt ocar
ry
outt
heval
uat
ionormaket herepor
tundersubsecti
on(
1).

(
3)Thecompanyshal l
,notmoret hant
hreeday saft
eritreceiv
esthev al
uer’
s
repor
t ,sendacopyofthereporttot
hepr oposedpurchaserofshares,and
i
ndicat etothepr
oposedpurchaserwhetherornotitintendstoacceptthe
considerati
onaspaymentorpartpaymentforit
sshares.

(
4)Apubl i
ccompanyshal lnotacceptaspay mentorpar tpaymentfori
ts
shares consider
ati
on ot
hert han cash unless t
he cash v
alue ofthe
considerat
ionasdeter
minedbyt heval
ueri
swor thatl
eastasmuchasmay
becr edi
tedaspai dupinrespectoft hesharesall
owedt ot
heproposed
purchaser.

(
5)Av al
uerwho,inhi
sreportorother
wise,knowingl
yorr
ecklesslymakesa
stat
ementwhichismi sl
eadi
ng,fal
seordeceptiveinamaterialpar
ti
cul
ar,
commi tsanoff
enceandisli
abl
et oimpri
sonmentforater
m of12mont hs
oraf i
neasshal
lbeimposedbythecourt,orbot
h.
 (
6)Fort hepurposesoft hi
ssection,“
val
uer”meansanaudit
or,avaluer
,
surveyor
,anengineeroraccount
antnotbei
ngapersoni
ntheemploy
ment
ofthecompanynoranagentorassoci ateoft
hecompanyoranyofi ts
dir
ectorsoroff
icer
s.

163.Wher
eiti
saut
hor
isedbyi
tsar
ti
cles,
acompanymay
— Powert
opaydi
ff
erent
amount
sonshar
es.

(
a)makear r
angementsonthei
ssueofsharesf
ora
dif
ference between t
he sharehol
der
s in the
amount sandtimesofpaymentofcall
sontheir
shares;

(
b)acceptfr
om anymembert hewholeorapartof
theamountremaini
ngunpaidonanyshar
esheld
byhim,al
thoughnopar
tofthatamounthasbeen
cal
ledup;or

(
c)paydi
vi
dendsinpropor
ti
ontotheamountpai
dup
oneachsharewhereal ar
geramounti
spaidup
onsomesharesthanonother
s.

164.(
1)Acompanyhasaf ir
standpar amountlienonev eryshare,(notbeinga Li
enonshar
es.
full
ypaidshare)foral
lmoney( whethercurrentlypay abl
eornot )call
edor
payableatafixedti
mei nrespectofthatshare, andt hecompanyal sohas
af i
rstandpar amountlienonal lshares( othert hanf ull
ypaidshar es)
standingregi
ster
edinthenameofasi ngleper sonf orallmoneypresent l
y
payablebyhim orhisestatetothecompany , butthedi r
ectorsmayatany
ti
medecl areanysharetobewhol lyorinpar tex emptf r
om theprov i
sions
ofthissubsecti
on.

(
2)Acompany’sli
en,i
fany,onashareshallext
endtoal
ldi
vi
dendspay
abl
e
on,
andanybonusshar
esissuedi
nrel
ati
ontosuchshar
e.

(
3)Acompanymaysel l
,i
nsuchmannerast hedirector
st hinkf
it,
anyshar eon
whicht hecompanyhasal i
en,butnosaleshal lbemadeunl essasum i n
respectofwhi chtheli
enexi
stsiscurr
entl
ypay able,norunti
ltheexpirati
on
of14day safteranot i
ceinwri
ti
ng,demandingpay mentofsuchpar tofthe
amounti nrespectofwhichtheli
enexist
sasi scur r
entlypayable,
hasbeen
givent otheregi
ster
edholderoftheshares,ortheper sonentit
ledtothem
byr easonofhisdeathorbankr
uptcy.

(
4)Fort hepurposeofgivingef f
ecttoanysuchsale,t
hedirector
smay
author
iseaper sontotransferthesharessol
dtothepurchaseroft
he
sharesandthepurchasershallberegi
ster
edasthehol
deroftheshar
es
comprisedi
nanysuchtransfer.
 (
5)Thepur chaseri
snotboundt oseet otheapplicat
ionoft
hepurchase
moneyandhi sti
tl
et otheshar
esi snotaffect
edbyanyi r
regul
ari
tyor
i
nval
idi
tyi
ntheproceedi
ngsi
nref
erencetothesal
e.

(
6)Thepr oceedsoft hesaleofanysharepursuanttot hi
ssectionshallbe
received bythecompanyand appl i
ed inpaymentofsuchpar toft he
amounti nrespectofwhicht hel
i
enexist
sasi spresentl
ypayable,andthe
residue,i
fany,shal
l(subj
ecttoali
kel
ienforsumsnotpr esent
lypayableas
existedupont hesharesbeforet
hesale)bepaidtot hepersonentit
ledto
thesharesatthedat eoft
hesale.

165.(
1)Ifamemberf ai
lstopayanycal lorinstal
mentofacal lontheday Forfei
tur
eofshar
es.
appoi
ntedforpayment,thedir
ect
orsmay ,thereafterduri
ngsucht
imeas
anypartofthecallorinst
almentremainsunpai d,serveanoti
ceonhim
requi
ri
ngpay mentoft hesum oft hecal lori nstal
mentasi sunpai
d,
toget
herwi
thanyinter
estwhichmayhav eaccrued.

(
2)Thenot i
ceshal lstat
eaf ur
therday(notearl
ierthant heex pirat
ionof14
daysf r
om t hedat eofser vi
ceoft henotice)onorbef or ewhichthe
paymentr equi
redbyt henoti
ceistobemade, anditshallstatethati
nthe
eventofnon- pay mentatorbef orethetimeappoi nted,t hesharesin
respectofwhicht hecal
lwasmadear eli
abletobef orfei
ted.

(
3)I
ftherequir
ementsofthenoticeasisment i
onedinsubsect i
ons(1)and
(
2)arenotcompl i
edwit
h,anyshareinrespectofwhi chnoti
cewasgiven
may,atanytimether
eaft
er,befor
ethepay mentrequiredbythenoti
ceis
made,beforf
eit
edbyaresolut
ionofthedir
ector
stot hateff
ect.

(
4)Af or
fei
tedshar
emaybesol dorot
herwi
sedi sposedofonsuchter
ms
andinsuchmannerasthedir
ect
orst
hinkf
it
,andatanyt i
mebefor
easale
ordisposi
ti
on,t
hef or
fei
tur
emaybecancel ledonsucht ermsast he
di
rector
sthi
nkfi
t.

(
5)Aper sonwhoseshar eshavebeenf orf
eitedceasestobeamemberi n
respectoft
hefor
feitedshar
es,butshall
,notwit
hstandi
ng,remainliableto
payt othecompanyal lmoneywhi ch,att hedat eoff orf
eit
ure,wer e
payablebyhimtot hecompanyi nrespectoft heshares,buthisliabil
i
ty
ceaseswhen thecompanyr eceivespay menti nful
lofal lmoneyi n
respectoft
heshares.

(
6)Astatut
orydeclar
at i
onthatthedeclar
anti
sadi r
ect
orort hesecretar
yof
thecompany,andt hatashareinthecompanyhasbeendul yf
orfei
tedon
adat est
atedint hedeclarati
ons,ispri
maf aci
eev i
denceoft hef act
s
stat
edinitasagai
nstallpersonsclai
mingtobeenti
tl
edtot heshares.

(
7)Thecompanymayr
ecei
vet
heconsi
der
ati
on,
ifany
,gi
venf
ort
heshar
eon
 anysal eordi spositi
onofi tandmayex ecuteatransferoft hesharein
favouroft heper sont owhom t heshar eissoldordi sposedof ,andhe
shallthereuponber egi st
eredast heholderoftheshare, andi
snotbound
toseet otheapplicati
onoft hepurchasemoney ,i
fany ,norshallhisti
tl
e
totheshar ebeaf fectedbyanyi rregul
arit
yorinval
idi
tyi ntheproceedi
ngs
i
nr eferencetothef orfeit
ure,sal
eordisposaloftheshar e.

(
8)Thepr ovi
si
onsoft
hissecti
onast oforf
eit
ureappl
yint
hecaseofnon-
paymentofanysum which,bythetermsofissueofashare,becomes
payableatafi
xedti
me,whetheronaccountofthenomi
nalv al
ueofthe
shareorbywayofpremi
um, asi
fthesamehadbeenpayablebyv i
rt
ueof
acalldul
ymadeandnoti
fi
ed.

CLASSESOFSHARES

166.(
1)Ifatanyt i
met heshar ecapit
alofacompanyisdivi
dedint
odi f
fer
ent Powert
ovar
yri
ght
s.
classesofsharesundersect i
on143,theri
ghtsatt
achedtoanycl ass
(unlessot
herwiseprovidedbyt het
ermsofissueofthesharesofthat
class)may,whetherornotthecompanyi
sbei
ngwoundup,bev ar
ied-

(
a)inaccor
dancewit
hthepr
ov i
sioni
nthecompany
’s
ar
ti
clesf
orthev
ari
ati
onofthoseri
ghts;
or

(
b)wher et hecompany’sarti
clescontai
nno such
provisi
on,wi t
ht he consent,i
n wr i
ti
ng,oft he
holdersoft hr
ee-quar
tersoftheissuedsharesof
thatcl ass,orwi t
ht he sancti
on ofa speci al
resolut
ionpassedataseparategeneralmeet
ingof
theholdersofthesharesofthecl
ass.

(
2)Toev erysuchsepar at
egener almeet i
ngasment i
onedinsubsect i
on(1)
,
thepr ov
isi
onsoft hisActr elat
ing to gener
almeet i
ngsappl y,butthe
necessaryquorum shallbetwoper sonsatleasthol
dingorrepresenti
ngby
proxyone-thir
doft hei ssuedshar esoftheclassandt hatanyholderof
sharesoftheclasspresentinpersonorbypr oxymaydemandapol l
.

(
3)Theright sconf
err
edupont heholdersoft hesharesofanycl assissued
wit
hpr eferr
edorotherr
ightsarenot,unlessotherwiseex pr
essl
ypr ovi
ded
bythet ermsofissueofthesharesoft hatclass,bedeemedt obev ari
ed
bythecr eat
ionori
ssueoffurt
hersharesr ngpar
anki ipassuwit
ht hem.

(
4)Anypr oposedamendmentofapr ovi
sioncontai
nedi nacompany ’
sar ti
cles
forthevari
ati
onoft herightsatt
achedt oaclassofshar es,ort
heinserti
on
ofanysuchpr ov
isi
oni ntot hearti
cles,shal
lbet reat
edasav ari
ationof
thoser i
ghtsandshal lrequiretheconsent ,i
nwr iti
ng,oft heholdersof
three-
quarter
soft hei ssuedshar esoft hatclass,ort hesancti
onofa
 speci
alresol
uti
onpassedatasepar
ategeneralmeeti
ngoft
hehol
dersof
theshar
esoft heclass,bef
oret
heprocedur
ef ort
heamendmentofthe
art
icl
escanproceed.

167.(
1)Wher ei npursuanceofsect ion166,t heri
ghtsattachedtoanyclassof Appli
cati
onfor
cancel
lat
ionof
sharesar eatanyt imev ari
ed,t hehol derofatleast15% oftheissued vari
ati
on.
sharesoft hatclass,beingper sonswhodi dnotconsentt oorvotein
favouroft heresoluti
onf orthev ariati
on,mayappl ytotheCourttohave
thev ariat
ioncancel l
ed,and,wher eanysuchappl i
cati
onismade,t he
vari
ationshallnothav eeffect,unlessitisconfi
rmedbyt hecourt
,andfor
thepur poseofthissection,anyshar einthecompany ’
ssharecapi
talt
hat
arehel dbyt hecompanyast reasur ysharesshallnotbet akeninto
accountf orthepur poseofcomput ingtheaggregatepercentofshares
heldbyhol dersseekingtomakeanappl i
cat
iontotheCourt.

(
2)Anapplicati
ontothecourtunderthi
ssecti
onshall
,inapr opercase,be
madewi thi
n21day safterthedateonwhichtheconsentwasgi venor
theresolut
ionwaspassed,ast hecasemaybe,andmaybemadeon
behal
foft hesharehol
dersenti
tl
edtomaket heapplicati
onorbysuch
oneormor eofthem astheymayappointi
nwri
tingf
ort hepurpose.

(
3)Ifonanysuchappl icat
iont hecour t
,afterheari
ngtheappl i
cantandany
otherper
sonsapplyingtoitt obehear dandappear i
ngtobei nterest edin
theappli
cati
on,issati
sfi
edt hatthev ari
ationwouldunfair
lyprejudicet he
sharehol
dersoftheclassr epresentedbyt heappli
cant,t
heCour t
,hav ing
regardtoallthecir
cumst ancesoft hecase,maydi sal
low thev ariati
on,
andshall
,ifnotsat
isfi
ed,conf i
rmt hevariati
on.

(
4)Thedeci
si
onoft
heCour
tonanysuchappl
i
cat
ioni
sfi
nal
.

(
5)Thecompanyshal l
,withi
n15day saf t
erthemaki ngofanor derbythe
Courtonanappl icati
ontoi tunderthi
ssection,for
war dacopyoft he
ordertotheCommi ssi
onandi fdefaulti
smadei ncompl yi
ngwi t
hthe
provi
si
onsoft hi
ssubsect i
on,thecompanyand each of f
icerofthe
companyi sli
abletosuchf ineast heCommi ssionshallspecif
yinthe
regul
ati
onforeverydayduringwhichthedefaultcont
inues.

(
6)Inthi
ssection,“
var
iat
ion”incl
udesabr
ogat
ion,andcognat
eex
pressi
ons
areconst
ruedaccordi
ngly
.

168.(
1)Not wi
thstandingt
hepr ovisi
onsofsection140,t
heart
icl
esmaypr ovi
de Ri ghtofapr
eference
sharetomorethan
thatpreferencesharesissuedaf t
erthecommencementoft hi
sActshal l onevote.
carryther i
ghtstoattendgeneralmeeti
ngsandonapollatthemeet i
ngs,
tomor et hanonev otepershar einthefol
lowi
ngcir
cumstances,butnot
otherwise,butuponanyr esol
ution—
 (
a)dur i
ngsuchper i
odast hepref
erent
ialdi
vi
dendor
anypartofitremainsinarrear
sandunpai d,such
peri
od start
ing f
rom a date notmor ethan 12
monthsorsuchl esserperi
odast hearti
clesmay
provi
de,aft
ertheduedateofthedivi
dend;

(
b)whi
chv
ari
est
her
ight
sat
tachedt
osuchshar
es;

(
c)t oremov e an audi
torofthe company orto
appoi
ntanotherper
soninpl
aceofsuchaudi
tor
;or

(
d)fort
hewindi
ngupoft hecompanyordur
ingt
he
wi
ndi
ngupofthecompany.

(
2)Not wit
hstandi ngthepr ovi
sionsofsection140,anyspecialresolutionofa
companyi ncreasingt henumberofshar esofanycl ass,mayv al
idlyr esol
ve
thatanyex i
stingcl assofpr eferencesharesshallcarrytherightt osuch
votesaddi ti
onalt oonev ot
epershar easi snecessaryinordertopr eserve
the ex i
sti
ng r atio which t
he v otesexercisabl
e byt he hol
dersofsuch
preferenceshar esatagener almeetingoft hecompanybeart ot het ot
al
votesex er
cisabl eatthemeet ing.

(
3)Fort hepurposesofsubsect i
on( 2),adivi
dendi sdeemedtobedueont he
dateappointedint hear
ti
clesfort hepaymentoft hedi
vi
dendforanyyear
orotherperiod,orifnosuchdat eisappointed,uponthedayimmediatel
y
fol
lowingt
heexpi rati
onofthey earorotherperiod,andwhet
herornotsuch
div
idendshallhavebeenear nedordeclared.

169.I
nconstr
uingt
heprovi
si
onsofacompany’
sarti
clesi
nrespectoft
heri
ght
s Const
ruct
ionofcl
ass
ri
ght
s.
at
tachedt
oshares,
thef
oll
owi
ngrul
esofconst
ruct
ionshal
lbeobser
ved—

(
a)unlessthecontraryint
enti
onappears,nodivi
dend
i
s payable on anyshar es unl
ess the company
r
esolvestodecl
ar esuchdivi
dend;

(
b)unl ess the contr
aryi nt
ention appear
s,a fixed
preferenti
aldi vi
dend pay able on any class of
shar es i
s cumul at
ive,and no di vi
dend shal
lbe
payabl eonanyshar er anki
ngsubsequentt othem
untilallt
hearrearsofthef ix
eddi vi
dendhavebeen
paid;

(
c)unlessthecontr
aryi
ntenti
onappear s,i
nawi ndi
ng
uparrear
sofanycumul ati
vepreferenti
aldiv
idend,
whetherearnedordecl
aredornot ,arepayableup
tot
hedat eofact
ualpaymenti
nt hewi ndingup;
 (
d)ifanyclassofsharesisex pr
essedtohavear
ight
t
oapr efer
enti
aldiv
idend,then,unl
esst
hecont
rary
i
ntent
ionappears,suchclasshasnof urt
herr
ight
t
opartici
patei
ndividends;

(
e)i fany cl ass ofshar es is ex
pressed to have
preferenti
alri
ghtstopay mentoutoft heassetsof
the companyi nthe ev entofwi nding up,t
hen,
unlesst hecontrar
yintentionappears,suchclass
has no f ur
ther ri
ght t o parti
cipat
e i n the
distr
ibuti
onofassetsint hewindi
ngup;

(
f)indeterminingther i
ght softhev ar
iousclassesto
shareinthedistri
butionoft hecompany ’spropert
y
onawi ndingup,nor egardshallbegi ven,unl
ess
thecont r
aryintent
ionappear s,towhet herornot
suchpr opertyrepresentsaccumul atedpr ofi
tsor
surpl
us whi ch woul d hav e been av ail
ablefor
div
idend whi l
et he company r emai ned a going
concern;and

(
g)subjecttothi
ssection,al
lsharesrankequal
lyi
n
al
lrespect
sunlessthecontrar
yi nt
enti
onappear
s
i
nthecompany ’
sart
icles.

NUMBERI
NGOFSHARES

170.Eachshar
einacompanyhav
ingashar
ecapi
talshal
lbedi
sti
ngui
shedbyi
ts Shar
estobe
appropr
iat
enumber
: number
ed.

Providedthat,i
fatanyt imeal ltheissuedshar esinacompany ,orallofit
s
i
ssuedshar esofapar t
icul
arcl ass,arefull
ypaidupandr ankparipassufor
allpurposes,noneoft hoseshar esneedt hereaf
terhaveadi sti
nguishi
ng
numbersol ongasi tremainsf ull
ypaidupandr anksparipassuf orall
purposeswi t
hal lsharesoft hesamecl assforthet i
mebeingissuedand
full
ypaidup.

SHARECERTI
FICATES

171.(
1)Ev erycompanyshall,wi
thi
nt womonthsaftertheall
otmentofanyofit
s I
ssueofshar
e
sharesandwithi
nt hr
eemont hsaft
erthedateonwhi chat r
ansf
erofany cer
ti
fi
cat
es.
suchshar esi
slodgedwi ththecompany ,complet
eandhav ereadyf
or
deli
verythecert
if
icat
esofal lshar
esallott
edort ransf
err
ed,unlesst
he
condit
ionsofi
ssueoft hesharesot
her
wisepr ov
ide.
 (
2)Everyper sonwhosenamei senter
edasamemberi nt heregi
sterof
member si senti
tl
ed,wi t
houtpayment,torecei
vewit
hint hr
eemont hsof
all
otmentorl odgmentoft r
ansf
erorwi t
hinsuchot herper i
odast he
condit
ionsofi ssuepr ovi
de,onecerti
fi
cat
ef oral
lhisshar esorseveral
cert
if
icateseachf oroneormor eofhissharesuponpay mentofafeeas
thedir
ectorsshalldetermine.

(
3)Everycert
if
icat
eissuedbyacompanyshal
lbeundert
hecompany ’
sseal
(wherethecompanyhasacommonseal )orot
herwi
sesignedasadeed
bythecompanyandshal lspeci
fyt
heshar
estowhichitrel
atesandt
he
amountpaidupont hem:

Pr
ovidedthatinrespectofshar
eshel djoint
lybyseveralper
sons,the
companyisnotboundt oi
ssuemorethanonecerti
fi
cat
e,anddeli
ver
yofa
cert
ifi
cat
eforsharestooneofsev eralj
ointhol
dersshallbesuff
ici
ent
del
iveryt
oallsuchhol
ders.

(
4)Ifashar ecert
if
icatei
sdefaced,l
ostordest
roy
ed,itmayber epl
acedon
sucht erm,ast oev i
denceandi ndemni
tyandt hepaymentofout -
of-
pocketex penses oft he company ofinv
est
igati
ng evi
dence as t
he
dir
ectorsthi
nkfit.

(
5)Ifanycompanyonwhi chanot icehasbeenser vedrequir
ingittomake
goodanydef aultincomplyi
ngwi ththepr ov
isionsofsubsect i
on(1)
,fail
s
tomakegoodt hedef aul
twithin10day saf tertheservi
ceoft henotice,
theCour tmay ,ont heapplicationoft heper sonentitl
edt ohavet he
cert
ifi
catedel
iveredtohim,makeanor derdirecti
ngthecompanyandany
off
icerofthecompanyt omakegoodt hedef aultwit
hinsucht i
measmay
bespecifi
edint he or
der,andtheor dermaypr ovi
dethatallcost
sofand
i
ncidentaltotheappl i
cati
onshal lbebor nebyt hecompanyorbyany *amended by BFA
2023
off
icerofthecompanyr esponsibleforthedef ault
. S171(7)- For the
purposes of this
(
6)Ifdefaul
tismadeincomplyingwiththi
ssect
ion,t
hecompanyandeach section, "
Certificate" may
off
icerofthecompanyi
sliabletosuchpenal
tyastheCommissi
onshall be in physical or
specif
yinther
egul
ati
onforeverydayduri
ngwhicht
hedef
aul
tconti
nues. electronic form

172.(
1)A certi
fi
cate,underthe common sealoft he company(
wher
et he Eff
ectofshar
e
cer
tif
icat
e.
companyhasacommonseal )orotherwi
sesi gnedasadeedbyt he
company,specif
yinganysharehel
dbyanymember ,isapri
maf aci
e
evi
denceoftheti
tleoft
hemembertotheshares.

(
2)Ifanypersonchangeshi sposit
iontohisdetr
imentingoodf ai
thonthe
conti
nuedaccuracyoft hest
atementsmadeinacer t
ifi
cat
e,thecompany
shal
lbe est opped f r
om deny i
ng the cont
inued accur
acy of such
stat
ementsandshal lcompensat
et heper
sonforanylosssuff
eredbyhim
i
nr eli
ance on them and which he woul
d nothave suffer
ed had t
he
 st
atement
sbeenorcont
inuedt
obeaccur
ate.

(
3)Nothi
ngi
nsubsect
ion(
2)shal
lder
ogatefr
om anyr
ightt
hecompanymay
hav
etobeindemni
fi
edbyanyot
herper
son.

173.Thepr oducti
ont oacompanyofanydocumentwhi chi sbylaw suffici
ent Probat
e,et
c.,
as
evi
denceofgrant
.
evidenceofpr obateofthewill
,orl
ett
ersofadmi ni
strat
ionoft heestate,or
confir
mat i
onasex ecut
or,ofadeceasedper sonhav i
ngbeengr antedt o
someper son,shallbeaccept
edbythecompanyassuf fi
cientev
idenceoft he
grant,not
withstandi
nganythi
nginit
sarti
clest
ot hecontr
ar y
.

174.(
1)Nocompanyhast
hepowert
oissuebear
ershar
es. Prohibi
ti
onofbear
er
shares.

(2)Forthepur posesofthi
sAct ,a“bearershar
e”meansashar ewhichis
repr
esentedbyacerti
fi
cat
e, war
rantorot
herdocument(
inanyfor
m orby
whatevernamecalled)whichstatesorindi
cat
esthatt
hebearerofthe
cert
if
icat
eistheowneroftheshares.

TRANSFERANDTRANSMI
SSI
ON

175.(
1)Thetransferofacompany ’
ssharesshal
lbebyi nstr
umentoft r
ansfer Transferofshares.
andexceptasex pressl
yprovidedinthear
ti
cles,t
ransf
erofsharesshall
be wit
hout r est
ri
cti
ons,and i nst
rument
s of transfer shal
lincl
ude
el
ect
ronicinstr
umentoftransfer.

(
2)Notwithstandi
ngany t
hingi
nt heart
iclesofacompany ,acompanyshal
l
notregist
era t r
ansferofshar es int he company
,unless a pr
oper
i
nstr
umentoft r
ansferhasbeendeli
veredtothecompany:

Provi
ded thatnothing i
nthi
ssecti
onshallprej
udiceanypowerofthe
companyt oregi
sterasshar
ehol
der
,anypersontowhom ther
ightt
oany
shar
einthecompanyhasbeent r
ansmit
tedbyoperati
onofl
aw.

(
3)Thei nstrumentoftr
ansferofanyshareshallbeexecutedbyoronbehal
f
ofthet r
ansfer
orandt r
ansferee,andt
hetransf
erorisdeemedtoremaina
holderoft heshareunt i
lthenameoft het r
ansfereeisent
eredinthe
regist
erofmember sinrespectoftheshar
e.

(4)Subjectto any rest

ri
cti
ons ofa company’s ar
ti
cles as may be
appli
cable,
anymembermayt ransf
eral
loranyofhi
ssharesbyinstr
ument
i
nwr iti
ngi nanyusualorcommonf orm oranyotherf or
m whichthe
dir
ector
smayappr ov
e.

176.(
1)Ont heappl
icat
ionofthetransfer
orofanyshareorinter
esti
nacompany, Entr
yinregi
sterof
tr
ansfer
s.
t
hecompanyshal lenter
,ini tsregi
sterofmember s,thenameoft he
t
ransfer
eeinthesamecondi tionsasiftheappl
icat
ionfortheent
rywere
 made bythe tr
ansfer
ee,and r
egi
steroft
ransf
eri
ncl
udes el
ect
roni
c
r
egi
steroft
ransf
er.

(
2)Unt
ilt
henameoft hetr
ansfer
eeisenteredi
nt heregi
sterofmember sin
r
espectoft
het r
ansf
err
edshares,thetr
ansf
eroris,sofarasitconcerns
t
hecompany,deemedtoremainthehol
deroftheshares.

(
3)Thecompanymayr ef
uset oregi
stert
hetransferofashare(notbei
nga
f
ull
ypai
dshare)toaper sonofwhom theydonotappr ov
e,andmayal so
r
efuset
oregi
stert
hetransferofashar
eonwhi chthecompanyhasal i
en.

(
4)Thecompanymayr
efuset
orecogni
seanyi
nst
rumentoft
ransf
erunl
ess—

(
a)afee,asthecompanymaydet er
mine,i
spai
dto
t
hecompanyinrespectoft
hei
nstr
ument;

(
b)t heinstr
umentoftransferi
saccompaniedbythe
certi
fi
cateoft hesharest owhichitrel
atesand
such ot her evi
dence as t he dir
ector
s may
reasonablyrequir
et o show t he ri
ght of t
he
transf
erortomakethetransfer
;and

(
c)theinst
rumentoft
ransf
eri
sinr
espectofonl
yone
cl
assofshares.

177.(
1)I facompanyref
usestoregist
erat ransferofanyshar
e,i
tshal
l,withi
n Not
iceofr
efusal
to
r
egi
ster
.
twomonthsaft
erthedat
eonwhi chthetransferwasl
odgedwit
hit,send
noti
ceoft
heref
usaltot
hetransferee.

(
2)Ifdef aul
tismadei ncomply
ingwit
hthi
ssect
ion,t
hecompanyandeach
off
icerofthecompanyi sl
iablet
osuchpenal
tyastheCommissi
onshal
l
specif
yintheregul
ati
on.

178.A t r
ansferoft heshar
eorot herinterestofadeceased memberofa Transferbypersonal
r
epr
esent
ati
ve.
companymadebyhi sper
sonalrepresentat
ivei
s,al
though thepersonal
representat
ivei
snothimsel
famemberoft hecompany
,asv al
i
dasi fhehad
beensuchamemberatt hetimeoft heexecut
ionofthei nst
rumentof
transfer
.

179.(
1)I ncaseoft hedeat hofamember ,thesurvivororsurvivorswher et he Transmissi
onof
shares.
deceasedwasaj ointholder
,orthelegalpersonalrepresentati
veoft he
deceasedwherehewasasol ehol
der,i
st heonlypersonr ecognisedby
thecompanyashav i
nganyt i
tl
etohisint
erestintheshares,butnot hingin
thi
ssecti
onshal lreleasetheest
ateofadeceasedj oi
nthol derfrom any
l
iabil
it
yinrespectofanyshar ewhi
chhadbeenj oi
ntl
yhel dbyhi m wi th
otherper
sons.
 (
2)Anyper sonbecomi ngent i
tl
edt oashar einconsequenceoft hedeathor
bankrupt cyofamembermay ,uponsuchev i
dencebeingpr
oducedasmay
ber equiredbyt hedirect
orsandsubj ectt othi
ssecti
on,el
ecteithertobe
regi
steredhi mselfashol deroftheshar e,ortohaveapersonnomi nated
byhi mr egister
edast hetransfer
eeoft heshare,butt
hecompanyshal l
, i
n
eit
hercase, havethesamer ighttodeclineorsuspendregi
str
at i
onast hey
woul dhav ehadi nt hecaseofat r
ansf erofthesharebyt hatmember
beforehisdeat horbankruptcy,asthecasemaybe.

(
3)Iftheper sonbecomi ngent
it
ledelect
stober egi
ster
edhimself ,heshal l
deli
verorsendt ot hecompanyanot i
ceinwr i
ti
ngsignedbyhi m st ati
ng
thathesoel ects,andifheelect
st ohaveanotherpersonregistered,he
shallt
esti
f yhiselecti
onbyexecut
ingtothatper
sonat r
ansferoft heshare
i
nt heprescribedform.

(
4)Al lt
he li
mit
ati
ons,r est
rict
ions and pr ov
isions oft his Actand t he
company’
sart
icl
esrelati
ngt otherightstotransferandt heregistr
ati
onof
tr
ansf
ers ofshare,are applicabl
et o anysuch not i
ce ort r
ansferas
menti
onedinsubsect
ion( 3)asi ft
hedeat horbankr uptcyoft hemember
hadnotoccur
redandt henoticeort r
ansferwer eatransfersignedbyt hat
member.

(
5)A per son becomi ng ent i
tl
ed to a share by reason oft he death or
bankruptcyoft hehol der
,isentit
ledt othesamedi vi
dendsandot her
advantagestowhi chhewoul dbeentitl
edifhewer etheregi
steredholder
oftheshar e,exceptt hatheisnot,unlessthear ti
clesother
wisepr ovi
de,
beforebeingr egi
steredasamemberi nrespectoft heshare,enti
tledin
respectofitt oexerciseanyr i
ghtconferr
edbymember shi
pinrelati
ont o
meet i
ngsoft hecompany :

Providedthatt hedirect
orsmayatanyt i
megi venot
icer equi
ri
nganysuch
persont oelecteithertoberegi
ster
edhimselfortot
r ansfert
heshar e,and
i
ft he notice is notcompl i
ed wit
h withi
n 90 days,the directors may
thereaft
erwi thholdpay mentofalldivi
dends,bonusesorot hermoney
payableinr espectoft heshareunti
ltherequi
rement softhenot icehave
beencompl i
edwi th.

180.(
1)Anypersonclaimingtobeinter
est
edi
nanyshar
e,di
vi
dendori
nter
eston Prot
ecti
onof
benef
ici
ari
es.
them,mayprotecthisint
erestbyser
vingont
hecompanyconcerneda
noti
ceofhi
sinterest
.

(
2)Thecompanyshallenter,ontheregi
sterofmember s,thefactthatsuch
not
icehasbeenser v
edandshal lnotr egi
steranytransf
erormakeany
pay
mentorr et
urninr espectoft
heshar escontrar
yt othetermsoft he
not
iceunti
ltheex pir
ation of42 days’not i
cetot heclai
mantt ot he
 pr
oposedt
ransf
erorpay
ment
.

(
3)I
ntheev
entofanydefaul
tbythecompanyi
ncomplyi
ngwiththi
ssect
ion,
t
hecompanyshal
lcompensat
eanypersoni
njur
edbythedef
ault
.

181.(
1)Whent heholderofanyshar eofacompanywi shest otransf
ertoany Cert if
icati
onof* a m e n d e d
persononl yapartoft hesharesr epresentedbyoneormor ecerti
fi
cates, t
ransfers. by BFA
theinstrumentoftransfertogetherwi thther elevantcer ti
fi
catesshallbe 2023
deli
veredtot hecompanywi thar equestthatt heinst r
umentoft r
ansferbe S181
Marginal
recognisedandr egister
edandacer ti
fi
cateoft ransfershal lincl
udea Note- "
certi
fi
cateissuedinelectr
onicform.*amended by BFA 2023 Instrument
S181(1)- ...and the instrument of transfer shall ... of transfer"

(
2)A companyt o which a r
equesti smade undersubsect
ion (
1),may
r
ecognise t
he inst
rumentoft ransferbyendorsi
ng on i
tthe words,
“
cert
if
icat
elodged”orwordstothelikeef
fect
.

(
3)Ther ecognit
ionbyacompanyofanyi nst
rumentoft r
ansferofsharesin
thecompanyshal lbetakenasar epresentati
onbyt hecompanyt oany
person acti
ng on t he f
aith oft he recognition t
hatthere have been
producedtot hecompanysuchdocument sasont hefaceofthem showa
primafacieti
tletothesharesinthet ransferornamedi nthei
nstrumentof
transf
er,butnotasar epr
esent at
iont hatthetransf
erorhasanytitl
etothe
shares.

(
4)Whereanypersonact sonthefait
hofaf al
serecogni
tionbyacompany
madenegli
gentl
y,thecompanyshal lbeunderthesamel i
abi
li
tyt
othat
per
sonasiftherecognit
ionhasbeenmadefraudul
entl
y.

(
5)Fort
hepur
posesoft
hissect
ion—

(
a)an i nstr
umentoft r
ansferis deemed to be
r
ecognised i
fit bear
st he wor ds,“
cer
ti
fi
cate
l
odged”orwordst
otheli
keeffect
;

(
b)t herecogni
ti
onofani
nstr
umentoft
ransf
eri
s
deemedtobemadebyacompanyi
f—

(
i)theper sonissuingthei
nstr
umentisaperson
authori
sedt oi ssuecert
if
icat
edinst
ruments
oftransfer
sont hecompany’
sbehal
f,and

(
ii
)t he r ecognit
ion is signed by a person
aut
hor i
sedt or ecognisetransf
ersofshares
ont hecompany ’
sbehalforbyanyof f
iceror
ser
v anteitheroft hecompanyorofabody
corporatesoaut hori
sed;and
 (
c)a recogni
ti
on i
sdeemed t
o besi
gned byany
per
sonif—

(
i)i t pur
port
st o be aut
hent
icat
ed by hi
s
si
gnatureorini
ti
als(
whet
herhandwri
tt
enor
not)
,and

(
ii
)i tisnotshownt hatt hesignatur
eori ni
ti
als
wasorwer eplacedt herebyanyper sonother
thanhim oraper sonaut hori
sedt ouset he
signat
ure or ini
tialsf or the pur pose of
transf
ersonthecompany ’
sbehal f
.

TRANSACTI
ONSBYCOMPANYI
NRESPECTOFI
TSOWNSHARES

182.(
1)Theprovi
si
onsofthi
ssect
ionappl
ywithrespecttother
edempt i
onbya Redempt i
onof
companyofanyr
edeemabl
eprefer
enceshareissuedbyitundersect
ion redeemable
prefer
enceshar
es.
147.

(
2)Theshar
esarenotredeemedunl
esst
heyar
eful
l
ypai
d,andr
edempt
ion
shal
lbemadeonl
youtof—

(
a)prof
itsofthecompanywhi
chwoul
dot
her
wisebe
av
ail
ablef
ordivi
dend;
or

(
b)thepr
oceedsofafr
eshissueofshar
esmadef
or
t
hepur
posesofther
edemption.

(
3) Bef orethe shares ar
er edeemed,t he pr
emium,i
fany,payabl
e on
redempti
on,shal
lbepr ov
idedforoutoft heprof
it
soft
hecompanyorout
ofthecompany’ssharepremium account.

(
4)Wher esharesarer edeemedot herwisethanoutofthepr oceedsofaf resh
i
ssue,thereshall
,outofpr of
it
swhi chwoul dotherwi
sehav ebeenav ail
able
fordivi
dend,bet ransferr
edt oar eserv
ef und,tobecal led“ t
hecapi tal
redemptionreserv
eaccount ”,asum equalt othenomi nalamountoft he
sharesredeemed,andt heprovisi
onsoft hisActrel
ati
ngt othereducti
onof
thesharecapitalofacompanyshal l,exceptasprovidedi nthi
ssect ion,
applyasi ft
hecapitalredemptionreservef undwerepaid-upshar ecapital
ofthecompany .

(
5)Subj ectt
ot hepr ovi
sionsofthi
ssecti
on,theredempti
onofpref
erence
shar
esmaybeef fectedonsuchtermsandinsuchmannerasarepr
ovided
bythear t
icl
esoft hecompanyori nthetermsofissueoftherel
evant
pref
erenceshares.
 (
6)Ther edempt
ionofprefer
enceshar
esunderthi
ssect
ionbyacompany
shal
lnotbet
akenasreduci
ngtheamountoft
hecompany’
sshar
ecapi
tal
.

(
7)Thecapi t
alr
edemptionreser
vef
undmay,
notwit
hst
andinganyt
hinginthi
s
sect
ion,beappl
iedbyt hecompanyi
npayingupunissuedsharesofthe
companyt obeissuedt omembersoft
hecompanyasf ul
l
ypai dbonus
shar
es.

(
8)Anyr edeemabl
eshareissuedbyacompanyisregar
dedasapr ef
erence
shar
eandt heprovisi
onsoft hi
sActwi
threspecttopref
erenceshares
shal
lapplyt
oall
redeemableshares.

183.(
1)I
nthi
ssect
ion– Prohibi
ti
onof
Fi
nancialAssi
stance
byCompanyf or
(
a)‘
financi
alassi
stancemeansagi f
t,guar ant
ee,any acquisi
ti
onofit
s
form ofsecur
it
yori ndemnit
y,al oanoranyf orm shares.
ofcredi
toranyot herf
inanci
alassistancegivenby
acompany ,thenetasset sofwhi char ether
eby
reducedbyupto50%, orwhichhasnonetasset s;

(
b)‘
net asset s’ means t he aggr egate of t he
company '
s asset s,l ess the aggr egate of i
ts
l
iabi
li
ti
es ("li
abil
it
ies"t oi ncl
ude anychar ges or
prov
ision f
orl i
abil
iti
es in accordance wi ththe
appl
icabl
eaccount ing standardsappl ied bythe
companyinr elat
iont oitsaccount
s) .

(
2)Subj
ectt
othepr
ovi
si
onsoft
hissect
ion—

(
a)wherea per son isacquir
ing ori spr oposing t
o
acquir
esharesi nacompany ,itshallnotbel awful
forthecompanyoranyofi t
ssubsi di
ariestogive
fi
nancialassist
ancedirect
lyori ndi
rectl
yf orthe
purposeoft hatacqui
si
tionbef or
eoratt hesame
ti
meast heacquisit
iont
akespl ace;and

(
b)wher eaper sonhasacqui redshar esinacompany
andanyl iabili
tyhasbeeni ncur
red( byt hatorany
otherperson) ,f
ort hepurposeoft hi
sacqui sit
ion,i
t
shallnotbel awfulforthecompanyoranyofi ts
subsidi
ari
est ogiv efi
nancialassistancedi r
ectlyor
i
ndi r
ect
ly f or t he pur pose of r educing or
dischar
gingt heliabil
i
tysoi ncurr
ed.

(
3)Not
hingi
nsubsect
ion(
1)oft
hissect
ionshal
lbet
akent
opr
ohi
bit
—
(
a) thelendi
ngofmoneybyt hecompanyinthe
ordi
nar
ycourseofi
tsbusi
ness,wher
ethelendi
ng
ofmoneyi spartoftheordi
narybusi
nessofa
company;

(
b) t heprovisi
onbyacompany ,i
naccor dancewi th
anyschemef orthetimebei nginforce,ofmoney
forthepurchaseof ,orsubscri
ptionfor,full
y-paid
sharesint hecompanyori tsholdingcompany ,
beingapurchaseorsubscr ipti
onbyt rusteesofor
forsharest o behel d byorf orthebenef i
tof
empl oy
eesoft hecompany ,incl
udinganydi r
ector
holdi
ng asal ari
ed employmentorof fi
cei nthe
company ;

(
c) t hemakingbyacompanyofl oanstoper sons,
otherthandirector
s,bonafi
deintheempl oyment
oft hecompanywi t
hav iew t
o enabli
ng those
personst o purchaseorsubscri
bef orfull
y-pai
d
sharesinthecompanyori tshol
dingcompany ,t
o
be hel d themsel ves by way of benef ici
al
ownership;

(
d)anyactort
ransact
ionot
her
wiseaut
hor
isedbyl
aw
i
ncl
udi
ng–

(
i)adistr
ibut
ionofacompany '
sassetsbywayof
di
videndlawful
lymadeoradistr
ibut
ionmade
i
nthecour seofthecompany'
swindi
ngup,
(
ii
)theal
l
otmentofbonusshar
es,

(
ii
i)areduct
ionofcapit
alconf
ir
medbyor
derof
t
hecourtundert
hisAct
,and
(
iv)ar
edempt
ionorpur
chaseofshar
es;

(
e) any
thingdonei npur
suanceofanor derofthe
courtunderaschemeofar r
angement;ascheme
ofmer geroranyot
herschemeorrestr
uct
uri
ngof
acompanydonewi tht
hesancti
onoftheCourt
;or

(
f) an assistance giv
en by a company wher eits
pri
ncipalpurposeingivi
ngtheassist
anceisnotto
reduce ordi schar
ge anyl i
abi
l
ityincur
red bya
person fort he purpose ofthe acquisi
ti
on of
 sharesi nthecompanyori tsholdi
ngcompany,or
ther educti
onordischar
geofanysuchliabi
l
ity
,but
ani ncidentalpar
tofsomel ar
gerpur
poseoft he
company ,andtheassi
stanceisgiv
eni
ngoodf ai
th
i
nt hei nt
erestsoft
hecompany .

(
4)Thi
ssect i
ondoesnotpr ohibi
tapri
vat
ecompanyf rom gi
vi
ngfi
nanci
al
assi
stanceinacasewheretheacqui
si
ti
onofsharesi
nquesti
oni
sorwas
anacquisi
ti
onofsharesinthecompanyor,i
fiti
sasubsi
diar
yofanot
her
pri
vat
ecompany ,i
nthatot
hercompany,
provi
dedthat
:

(
a) t hefinanci
alassi
stancemayonl ybegi v
eni fthe
companyhas netasset s which are nott hereby
reducedort otheex t
entthatt
heyarer educed,ifthe
assistanceisprovi
dedoutofdistr
ibutabl
epr ofi
ts;

(
b)thegi vi
ngofassistanceundert
hissect
ionmustbe
approvedbyspeci alresol
uti
onoft hecompanyin
generalmeet
ing;and

(
c)t hedirector
soft hecompanypr oposingtogi vethe
fi
nancialassistanceand,wher etheshar esacquired
ortobeacqui r
edar esharesinitsholdingcompany ,
thedirectorsoft hatholdingcompanyshal l,before
thef i
nancialassistanceisgiven,makeast atut
ory
declarati
oninaf orm prescri
bedbytheCommi ssi
on.

(
5)I
facompanyactsincontr
avent
ionoft hissect
ion,
thecompanyandever
y
off
iceroft
hecompanywhoi si
ndef aultshal
lbeli
abl
etosuchpenal
tyas
theCommissi
onshal
lspeci
fybyregulati
on.
Acqui
si
ti
onbya
(
6)ACompanymayacceptf rom anyshar
eholder
,asharei ntheCompany , companyofi
tsown
surrender
edtoitasagif
t,butmaynotex t
ingui
shorr educealiabi
li
tyin shares.
respectofanamountunpaidonanysuchshar e,ex
cepti naccordance
withsecti
on131ofthi
sAct.

184.(
1)A li
mit
ed li
abi
l
itycompanymaypur
chasei
tsown shar
esi
ncl
udi
ng
r
edeemabl
esharespr
ovi
dedthat-

(
a)acompanymayonlypur chasei
tsownshar
esi
f
soper
mit
tedbyi
tsar
ti
cles;

(
b)t he shareholders shal
l
,by specialr
esol
uti
on,
appr
ovet heacqui sit
ionbyt hecompanyofthe
shar
esthatitintendstopurchase;
 (
c)onlyfull
ypaidupsharesofacompanymaybe
pur
chased by t
he company,and the t
erms of
pur
chase shal
l pr
ov i
de for pay
ment for t
he
pur
chase;

(
d)wi thinsev
endaysaft
erthepassingoft hespecial
resoluti
on ref
err
ed to in paragraph ( b)
,t he
company shallcause to be published int wo
nati
onalnewspapers,a noti
ce oft he proposed
purchasebythecompanyofit
sownshar es;

(
e)within15daysaftert hepubl
icationintwonational
newspapers,thedirect or
soft hecompanyshal l
makeandf i
lewi t
ht heCommi ssion,ast at
utory
decl
arati
on ofsol vency ,tothe ef fectthatt he
companyi ssolv
entandcanpayi t
sdebt sast hey
fal
ldue,andthataft erthepurchaseofi tsshar es,
thecompanyshal lremai nsolv
entandcanpayi t
s
debtsastheyfal
ldue;

(
f)acompanymaynotundert hi
ssectionpur chase
i
tssharesif,asar esultofthepur chase,there
would no l
ongerbe any issued shares oft he
companyotherthanredeemablesharesorshar es
hel
dast r
easur
yshares.

(
2)Wi t
hinaper iodofsi xweeksf ol
lowingthepubl icat
ionintwonat ional
newspapers,anyoft hecompany ’
scredit
orsmaymakeanappl i
cationto
the Courtf oran or dercancell
ing the resolut
ion and a dissenti
ng
sharehol
derwhodi dnotvoteinf av
ouroft heshar ebuybackshallalso
havetheri
ghtt oseekanorderofcourtcancell
ingtheresol
uti
on.

(
3)Theabi
li
tyoft
hecompanyt oproceedwit
htheshar
ebuy
backshal
ldepend
ontheor
derofthecour
t,wher
eappl i
cabl
e.

(
4)Forthepurposeofdet
ermini
ngacompany’scredit
orsundert
hissect
ion,
ser
vicepr
ov i
der
swhosefeesarenoty
etdueshallbeexcl
uded.

(
5)Whereacompanyholdsshar
esast
reasur
yshar
es,t
hecompanyshallbe
ent
eredi
nther
egi
sterofmember
sasthememberhol
dingt
hoseshar
es.

185.Wher
eacompanybuysbackitsshar
es,paymentf
ortheshar
ebuy
backshal
l Paymentforshare
buyback.
bemadef
rom t
hedist
ri
butabl
eprofi
tsofthecompany
.
186.Acompanymaybuybacki
tsshar
es- Personsfr
om who
sharescanbebought
back.
(
a)f
rom t
heex
ist
ingshar
ehol
der
sorsecur
it
yhol
der
s
 onapr
opor
ti
onat
ebasi
s;

(
b)f rom the exist
ing shar
ehol
der
sin a manner
permi
ttedpursuanttoaschemeofarrangement
sanct
ionedbythecourt;

(
c)f
rom t
heopenmar
ket
;and

(
d)bypurchasi
ngthesecuri
ti
esissuedt
oempl
oyees
ofthecompanypursuanttoaschemeofst ock
opt
ionoranyot
hersi
milarscheme.

187.(
1)Acompanyshal lnotholdmorethan15% oft
henominalv
alueoft
he Li
mitonnumberof
shar
esacqui
red.
i
ssuedshar
ecapi
talofanycl
assofi
tsshar
esastr
easur
yshar
es.

(
2)Whereacompanybuy sbackmorethan15%oft heissuedshar
ecapi
tal
of
anyclassofit
sshares,t
hecompanyshall,befor
et heendof12months
begi
nningwit
hthedateonwhichthatcont
raventi
onoccurs–

(
a)r
eissue,

(
b)cancel
,or

(
c)rei
ssueandcancelsuchnumberofshar esthat
wil
lensuret
hatthecompanyhol dsnotmorethan
15%oft hei
ssuedsharecapi
talofanycl
assofits
shar
esast r
easuryshar
esupont hecompl
etionof
thet
ransact
ion.

(
3)Notwi thst
andi
ngany t
hingcontai
nedinsecti
on142,acompanyshallnot
exerciseanyrighti
nrespectofthet
reasuryshar
es(i
ncludi
nganyr
ightto
att
endorv oteatmeet i
ngs)andanypur por
tedexer
ciseofsuchar i
ght
shal
l bev oi
d.

(
4)Nodi vi
dendshallbepaid,andnoot herdistr
ibut
ion(whetheri
ncashor
other
wise)ofthecompany ’
sassets(incl
udinganydistr
ibuti
onofassets
tomember sonawi ndi
ngup)shallbemadet othecompany ,
inr
espectof
thetr
easuryshar
es.

(
5)Not hi
ngint hi
ssect i
onprevent
sanal l
otmentofsharesasf ull
ypai
d
bonussharesinr espectofthetr
easur
yshares,orthepaymentofany
amountpay abl
eont heredempti
onofthetreasur
yshares(i
ft heyar
e
redeemabl
eshar es)
.

(
6)Sharesal
lottedasful
l
ypai
dbonussharesinrespectofthetr
easury
shar
esshallbetr
eat
edasi
fpur
chasedbythecompanyattheti
met hey
 wer
eal
l
ott
ed.

188.(
1)Acont r
actwit
hacompanypr ovidingfortheacquisi
ti
onbythecompany Enforceabi li
tyof
contractt
oacquir
e
ofsharesinthecompanyisspecif
icall
yenforceabl
eagainstt
hecompany , shares.
exceptt othe ext
entthatthe companycannotper form the cont
ract
withoutther
ebybei
nginbreachofthepr ov
isi
onsofsection184.

(
2)Inanyactionbroughtonacont ractr
efer
redt oinsubsect
ion(1)
,the
companyshallhavet he bur
den ofprovi
ng thatperf
ormance ofthe
cont
racti
sprev
entedbytheprovi
si
onsofsecti
on184.

189.Wher
eshar
esar
ehel
dast
reasur
yshar
es,
thecompanymayatanyt
ime– Re-i
ssueofshar
es
acqui
red.
(
a)sel lthe shares (
orany oft
hem)f
ora cash
consi
derat
ion,or

(
b)t ransf
ert
he shares (
orany oft hem)fort he
purposeoforpursuantto an employ
ees’share
scheme.

190.(
1)A companywhi chisasubsi diarymayacquir
eshar esi ni
tsholdi
ng Acquisi
t i
onofshar
es
ofhol
dingcompany.
company wher et he subsidiary company i
s concerned as per
sonal
represent
ati
veort r
ustee,unlesst hehol
dingcompanyoranysubsi di
ary
ofitisbenefici
all
yinter
estedot herwi
sethanbywayofsecur i
tyforthe
purposesofat ransacti
onent eredintobyiti
ntheor dinar
ycourseofa
businesswhichincl
udest helendingofmoney.

(
2)Asubsi diarywhi chi s,atthecommencementoft hisAct,aholderof
sharesofi tsholdingcompanyorasubsi di
arywhichacquir
edsharesin
i
ts holding companybef oreitbecame a subsidi
aryoft hatholdi
ng
company ,maycont inuetoholdsuchsharesbut,subj
ecttosubsecti
on
(1),shal
lhav enor i
ghttov ot
eatmeeti
ngsoftheholdi
ngcompanyorany
classofshar eholdersoftheholdi
ngcompanyandshal lnotacqui
reany
futureshar esinitexceptonacapital
i
sati
onissue.

(
3)Wher eapubl i
ccompany ,oranomi neeofapubl i
ccompany,acqui
res
sharesinthecompany ,andt hosesharesareshowninabalancesheet
ofthecompanyasanasset ,anamountequalt otheval
ueoftheshares
shallbetr
ansfer
redoutofpr ofi
tsavail
abl
efordiv
idendt
oareservefund
andshallnotbeavai
lablefordist
ri
buti
on.

CHAPTER9–DEBENTURES

CREATI
ONOFDEBENTUREANDDEBENTURESTOCK
191.Acompanymaybor row moneyforthepurposeofi t
sbusi
nessorobj ects Powert oborrow
money ,t
ochar ge
andmaymor t
gageorchargeit
sundert
aki
ng,propert
yanduncal
ledcapit
al,or propert
yandt oissue
anypartt
her
eof,andi
ssuedebentur
es,debentur
estockandothersecurit
ies debentures.
whetherout
ri
ghtorassecur i
tyforanydebt,liabi
li
tyorobli
gati
onoft he
companyorofanythi
rdpart
y.

192.(
1)Ev erycompanyshall,wit
hin60day saf tert
heal lotmentofanyofi t
s Document softit
let
o
debentur
esor
debentur
esoraf t
erther egistrati
onoft het r
ansferofanydebent ures, cert
if
icat
eof
del
ivertotheregi
ster
edhol dert hereof,thedebent ureoracerti
fi
cateof debent ur
estock.
thedebentur
est ockundert hecommonsealoft hecompany( ifthe
companyhasacommonseal )orot herwiseex ecutedasadeedbyt he
company.

(
2)I
fadebentur
eordebent urestockcer t
ifi
cateisdefaced,l
ostordestr
oy ed,
thecompany,atther equestoft her egist
eredholderofthedebent ure,
shalli
ssueacer t
ifi
edcopyoft hedebent ureorr enew thedebenture
stockcer
ti
fi
cat
eonpay mentofaf eeast hecompanymaydet er
mineand
onsucht er
msast oev idenceandi ndemni t
yandt hepay mentoft he
company’sout-
of-pocketex pensesofi nvesti
gati
ngev i
dence,ast he
companymayr easonablyrequir
e.

(
3)I
fdefaul tismadei ncompl yi
ngwiththissect i
on,thecompanyandany
off
iceroft hecompanywhoi sindef ault
,isliabl
et osuchf i
neast he
Commi ssionshallspeci
fyint heregulati
on,andonappl icat
ionbyany
personent i
tl
edtohav et hedebenturesordebent urest ockcer t
if
icate
del
ivered t o hi
m,t he Courtmayor dert he companyt o deli
vert he
debentur eordebenturestockcert
ifi
cat eandmayr equir
et hecompany
and anysuch of fi
certo bearallthecost sofand i ncidentaltot he
appli
cat i
on.

193.Ev
erydebent
ureshal
li
ncl
udeast
atementont
hef
oll
owi
ngmat
ter
s— Stat
ement st
obe
i
ncludedin
debentur
es.
(
a)t
hepr
inci
pal
amountbor
rowed;

(
b)t hemaximum di scountwhi
chmaybeal lowedon
theissueorr e-
issueoft hedebent
ures,andthe
max i
mum premium atwhi chthedebenturesmay
bemader edeemabl e;

(
c)therateofandthedatesonwhichi
nter
estonthe
debent
uresi
ssuedshallbepai
dandthemannerin
whichpaymentshal
lbemade;

(
d)t hedateonwhichthepri
nci
palamountshal
lbe
repaidort
hemannerinwhi
chredempt
ionshallbe
effect
ed,whet
herbythepaymentofinst
alments
 ofpr
inci
pal
orot
her
wise;

(
e)i nthecaseofconv ert
ibl
edebent ures,thedate
and t erms on whi ch t he debentures may be
conver t
edintosharesandt heamount swhichmay
becr editedaspai dupont hoseshar es,andthe
dates and t erms on whi ch t he holders may
exercise any rightt o subscribe forshar es i
n
respectoft hedebenturesheldbyt hem; and

(
f)t he charges secur
ing t
he debent
ure and t
he
condit
ionssubjectto whi
chthedebentureshall
takeeffect
.

194.(
1)St at
ement smadeindebentur
eordebenturest ockcer
t i
fi
cat spr
esi i
ma Ef
fectofst
atement
s
i
ndebentur
es.
faci
eevidenceoftheti
tl
etothedebent
uresoft hepersonnamedther
ein
astheregist
eredhol
derandoft
heamount ssecuredthereby.

(
2)Ifanyper sonchangeshi sposi
ti
ontohisdetri
mentinr el
ianceingood
fai
thont hecont inuedaccur acyofanystat
ementmadei nthedebenture
ordebentur estockcer t
if
icate,t
hecompanyshallbeestoppedinfavourof
suchper sonf rom deny ingt hecont
inuedaccuracyofsuchst atements
and shallcompensat e such per
son foranyloss suffer
ed byhi m in
rel
iancet hereon,whi chhewoul dnothavesufferedhadt hestatement
beenorcont i
nuedt obeaccur at
e,butnothi
ngi nthi
ssubsect i
onshall
derogatef rom anyrightt hecompanymayhav et obei
ndemni fi
edbyany
otherperson.
Enfor
cementof
195.Acontractwi
thacompanytotakeupandpayf oranydebentur
eoft
he contr
actsrel
ati
ngt
o
companymaybeenf
orcedbyanor
derf
orspeci
fi
cperf
ormance. debentur
es.

TYPESOFDEBENTURES

196.Acompanymayi ssueper pet

ualdebentures,andaconditi
oncont ai
nedi n Perpet
ual
debent
ures.
anydebent ure,orinanydeedf orsecuri
nganydebent ures,shallnotbe
i
nv al
id by reason onlyt hatthe debentures are made i
rredeemable or
redeemableonl yont hehappeningofacont ingency
,howeverremote,oron
theex pi
rat
ionofaper iod,howeverl
ong,anyr ul
eofequit
yt othecontrary
notwit
hstanding.

197. Debentur
esmaybeissuedupont heter
mst hati
nli
euofredempt i
onor Converti
ble
debent
ures.
repayment
,theymay,atthe opt
ion ofthe hol
derorthe company ,be
convert
edint
oshar
esi
nthecompanyuponsucht ermsasmaybest atedin
thedebent
ures.
198.(
1)Debentur
esmayeitherbesecur
edbyachargeov
ert
hecompany
’s Securedorunsecur
ed
debentur
es.
pr
oper
tyormaybeunsecur
edbyanychar
ge.

(
2) Debentures maybe secured bya f i
xed char
ge on cer
tain ofthe
company ’
spropert
yoraf loat
ingchargeoverthewholeoraspeci f
ied
par
tofthecompany ’sundert
akingandasset
s,orbybothafixedcharge
oncert
ainpropert
yandaf l
oati
ngcharge.

(
3) A charge securi
ng debentur
es shal
lbecome enforceabl
e on the
occurr
ence oft he ev
ents speci
fi
ed i
nthe debent
ures orthe deed
securi
ngthesame.

(
4)Wherelegalproceedingsarebroughtbyadebenturehol
dertoenfor
cet he
securi
tyofaser iesofdebent uresofwhichheholdspart
,thedebenture
holdershallsueinar epr
esent ati
vecapaci
tyonbehal
fofhimselfandall
otherdebentureholdersofthatseries.

199.Acompanyli
mit
edbysharesmayissuedebentur
eswhi
char
e,oratt
he Redeemable
debent
ures.
opt
ionoft
hecompanyar
e,l
i
abl
etoberedeemed.

200.(
1)Whereei
therbef
oreoraf
tert
hecommencementoft hi
sAct
,acompany Powertore-i
ssue
redeemeddebentur
es
hasr
edeemedanydebent
ureprev
iousl
yissued,
unl
ess— i
ncer t
aincases.

(
a)anypr ovi
sion,ex
pressori mpli
ed,t
othecont
rary
i
s contai
ned int he ar
ti
cles orin anycont
ract
ent
eredint
obyt hecompany ;or

(
b)thecompanyhas,bypassingar esol
utiontothat
ef
fect or by some other act
,mani fest
ed its
i
ntent
ionthatt
hedebent
uresshallbecancel
led,

t
he company shallhave,and shal
lbe deemed
al
way st o hav
e had,power t o re-i
ssue the
debent
ures, ei
ther by re-i
ssui
ng t he same
debent
uresorbyissui
ngotherdebentur
esinthei
r
pl
ace.

(
2)On a r e-
issue ofr edeemed debentur
es,t
he person ent
it
led t
othe
debent
ures,shal
lhave,andshallbedeemedalwayst
ohavehad, t
hesame
pri
ori
ti
esasifthedebentureshadneverbeenr
edeemed.

(
3)Wher eacompanyhas,ei t
herbeforeoraf
terthecommencementoft his
Act,deposit
edanyofi t
sdebent ur
estosecureadv ances,from t
imet o
ti
me,oncur rentaccountorotherwi
se,t
hedebentur
eshal lnotbedeemed
tohav ebeenr edeemedbyr easononlyoftheaccountoft hecompany
havingceasedtobei ndebi
t,whil
stt
hedebent
uresremainedsodeposited.
 (
4)Ther e-issueofadebent ur
eort hei
ssueofanotherdebent
urei
nitsplace
undert hissecti
onshal
lbet reat
edast hei
ssueofanewdebentureforthe
purposesofst ampdut y,butitshal
lnotbesotreat
edforthepur
posesof
anypr ov i
sionl
i
mi t
ingt
heamountornumberofdebent urest
obeissued.

(
5)Anyper sonlendingmoneyont hesecuri
tyofadebent urere-
issuedunder
thi
ssect i
onwhi chappearst
obedul ystamped,maygi vethedebent ur
ein
evidenceinanypr oceedi
ngforenfor
cinghissecur i
tywi t
houtpay mentof
thestampdut yoranypenaltyinrespectthereof,unl
esshehadnot iceof
,
orbutf orhisnegli
gence,mighthavediscovered,thatthedebent ur
ewas
notdul ystamped,butinanysuchcaset hecompanyi sli
abletopayt he
properstampdut yandpenal
ty.

(
6)Nothi
nginthi
ssect
ionshal
lprej
udi
ceanypowert oissuedebentur
esin
pl
aceofanydebentur
epaidof forother
wisesati
sfi
edorex ti
ngui
shed
whi
ch,byit
sdebent
uresorthesecur
it
iesforthesame,isreserv
edt oa
company
.

201.(
1)Thet rusteeofadebent uretrustdeedshal lholdal
l cont r
act
s, sti
pul
ati
ons Rightsofdebent
ure
holders.
andunder taki
ngsgiv ent ohim andal lmor t
gages,char gesandsecur i
ti
es
vestedinhi minconnect i
onwi tht hedebent ur
escov eredbyt hedeed,or
someoft hosedebent ures,exclusivelyfort hebenef i
toft hedebenture
holdersconcerned( excepti nsof arast hedeedot herwisepr ovi
des)and
thetrusteeshallexerciseduedi l
igencei nr espectoft heenf orcementof
those cont r
acts,stipulati
ons,under takings,mor tgages,char ges and
securi
tiesandtheful fi
l
lmentofhi sf unctionsgener ally.

(
2)Adebent
urehol
dermaysue—

(
a)t hecompanywhi ch issued t
hedebent
ureshe
holdsforpaymentofanyamountpayablet
ohimin
respectofthedebent
ures;or

(
b)t het r
ust
eeoft hedebent uretrustdeedcov eri
ng
thedebentureshehol dsf orcompensat i
onf orany
breachoft hedutieswhi cht het r
usteeoweshi m,
andi nanysuchact i
on,itshal lnotbenecessar y
foranyotherdebent urehol deroft hesamecl ass,
oriftheacti
onisbr oughtagai nstthecompany ,t
he
trust
eeofthecov eringt r
ustdeed, tobejoi
nedasa
party
.

(
3)Thissecti
onappli
esnotwi
thstandi
nganyt
hingcontainedinadebentureor
tr
ustdeedorot
herinst
rument,butaprovi
si
oni nadebentureortrustdeed
i
sv ali
dandbi
ndingonallt
hedebent ur
eholder
soft heclassconcernedin
sof arasi
tenablesameet i
ngoft hedebentureholdersbyar esolut
ion
 support
edbythevot
esofthehol
dersofatleastt
hreequar
ter
sinval
ueof
thedebent
uresofthatcl
assinrespectofwhichv ot
esarecastonthe
resol
uti
ont
o—

(
a)releaseanytr
usteefrom li
abi
li
tyforanybreachof
hisdutiestothedebentureholderswhichhehas
alreadycommi t
ted,orgenerall
yfrom li
abil
it
yfor
allsuchbreaches(withoutnecessar
il
yspecifyi
ng
them)uponhi sceasi
ngt obetrust
ee;

(
b)consentt otheal
terat
ionorabrogat
ionofanyof
therights,power
sorr emedi
esofthedebenture
holdersand thetrusteeoft hedebentur
etrust
deed cov eri
ng their debent
ures (ex
cept the
power sandremediesundersecti
on233;or

(
c)consenttothesubstitut
ionfort hedebent
uresof
adi f
fer
entclassissuedbyt hecompanyorany
othercompanyorcor porati
on,orthecancell
ati
on
ofthedebenturesinconsiderati
onoftheissueto
thedebentureholder
sofshar escredi
tedasfull
y
paidinthecompanyoranyot hercompany.

202.(
1)The t er
ms ofany debent ur
e ort r
ustdeed may pr ovi
de forthe Meetingsof
debentur
eholder
s.
conveningofgeneralmeetingsoft hedebenturehol
dersandf orthe
passing,atsuchmeeti
ngs,ofar esol
uti
onbindingonallthehol
dersof
thedebenturesoft
hesamecl ass.

(
2)Whet herornotthedebent ureort rustdeedcontainsuchprovisi
onsas
arereferredtoi
nsubsect i
on( 1),theCommi ssi
onmayatanyt imedirect
a meet ing ofthe debentur e holders ofany class to be hel
d and
conduct edinsuchmannerast heCommi ssi
ondeemsf itt
oconsi der
anci
llaryorconsequent
ialdirecti
onasi tshal
ldeemsf i
t.

(
3)Not withstandi
ngany thingcont ai
nedinadebent uretrustdeed,orinany
debenture,contractorinst rument,t
hetrust eeofadebent uredeedshall,
onther equisit
ionofper sonshol di
ng,att hedateoft hedepositofthe
acquisi
tiondebent ur
escov eredbythetrustdeedwhi chcarryatleastone
-t
enthoft hetotalvoti
ngr ightsatt
achedt oal lt
heissuedandout standi
ng
debenturesoft hatclass,pr oceedtoconv eneameet i
ngoft hatclassof
debentureholders.

FI
XEDANDFLOATI
NGCHARGES

203.(
1)A “fl
oat
ingchar
ge”meansanequitabl
echargeoverthewholeora Meani
ngoffloati
ng
speci
fi
edpartoft
hecompany
’sunder
taki
ngsandasset
s,incl
udi
ngcash andfi
xedcharges.
 anduncall
edcapit
alofthecompanybot
hpresentandfut
ure,butsot
hat
thechar
geshallnotpr
ecludet
hecompanyf
rom deali
ngwit
hsuchassets
unti
l—

(
a)t hesecuri
tybecomesenf or
ceabl
eandt heholder
thereof
,pursuanttoapoweri nthatbehalfinthe
debentureorthedeedsecuri
ngthesame, appoi
nts
ar ecei
verormanagerorentersi
ntopossessionof
suchassets;or

(
b)theCourtappoi
ntsarecei
verormanagerofsuch
asset
sontheappli
cat
ionofthehol
der
;or

(
c)t
hecompanygoesi
ntol
i
qui
dat
ion.

(
2)Ont hehappeningofanyoft heev ent
sment ionedinsubsecti
on( 1)
,the
chargeshallbedeemedt ocrystal
li
seandbecomeaf i
xedequit
ablecharge
onsuchoft hecompany’sassetsasar esubjecttot hecharge,andifa
receiv
erormanageri swithdr
awnwi ththeconsentoft hechargee,orthe
chargee withdrawsfrom possession bef
or ethe charge hasbeen full
y
discharged,thechar
geshallthereuponbedeemedt oceaset obeaf ixed
chargeandagai ntobecomeaf l
oatingcharge.

204.Afixedchar geonanypr opert

yshal lhavepri
ori
tyov eraf loati
ngchar ge Pri
ori
tyoff
ixedover
fl
oati
ngcharge.
af
fecti
ngt hatproper
ty,unl
essthet ermsonwhi cht hefl
oati
ngchar gewas
gr
antedpr ohi
bit
sthecompanyf rom granti
nganylaterchar
gehav i
ngpr i
ori
ty
overthef l
oati
ngchargeandt heper soninwhosef avoursuchl atercharge
wasgr antedhadnoti
ceoft hatprohibi
ti
onatthetimewhent hechar gewas
gr
antedt ohim:

Prov
idedthatapersonisdeemedt ohavenot
iceofsuchpr ohi
bit
ionina
fl
oati
ngchargewhereanoticeindi
cat
ingt
heexi
stenceofsuchprohi
bit
ioni
s
regi
ster
edwitht
heCommi ssion.

205.(
1)Whenev erafixedorfl
oati
ngchargehasbecomeenforceabl
e,t
heCourt Powersoft
hecour
t.
mayappointarecei
verandinthecaseofafl
oat
ingchar
ge, ar
ecei
verand
manageroftheasset
ssubjecttot
hecharge.

(
2)Inthecaseofaf loat
ingcharge,theCour tmay ,not
withstandingthatthe
chargehasnotbecomeenf orceable,appointarecei
verormanageri fi
tis
sati
sfi
edthatthesecuri
tyoft hedebentureholderisinjeopar dy,andthe
securi
tyofthedebentur
eholdershal lbedeemedt obei njeopardyifthe
Courtissati
sfi
edthateventshav eoccurredorar eaboutt ooccurwhi ch
renderitunr
easonableinthei nt
erestsoft hedebenturehol derthatthe
companyshouldretai
npowert odisposeofi tsasset
s.
 (
3)Ar eceiv
erormanagershallnotbeappoi
ntedasameansofenf
orci
ng
debenturesnotsecur
edbyanychar
ge.

206.Wherearecei
verormanageri
sappoint
edbytheCourt
, adv
ert
isementt
othi
s Adv er
ti
sementof
appointmentof
eff
ectshal
lbemadebyt her ecei
verortherecei
verandmanageri nthe receiv
erand
Feder
alGover
nmentGazett
eandi nt
wodail
ynewspapers. manager .

Pref
erenti
alpayment
207.(
1)Wher ear ecei
verisappoi ntedonbehal foft hehol dersofanydebent ure todebentur
eholders
ofar egi
steredcompanysecur edbyaf loatingcharge,orpossessioni s i
ncertaincases.
taken by,oron behal foft hose debent ure holders ofanypr oper t
y
compr i
singofsubjectt ot hechar ge,theni ft hecompanyi snotatt he
ti
mei nthecour seofbei ngwoundup,t hedebt swhichi never
ywi nding
upar eunderthepr ovi
sionsr elati
ngt opr eferenti
alpayment sinsection
657t obepaidinpriori
tytoal l otherdebts,shal lbepaidoutofanyasset s
comingt othehandsoft her eceiverorot herper sontaki
ngpossessioni n
prior
it
ytoanycl ai
mf orprinci palorinterestinrespectoft hedebent
ures.

(
2)I
ntheappl
i
cat
ionoft
hepr
ovi
sionsr
elat
ingt
opr
efer
ent
ial
pay
ment
s—

(
a)secti
on657shal lbeconst r
uedasi fthepr ovisi
on
forpay mentofaccr ued holi
day remuner ati
on
becomi ng pay able on t he t erminat i
on of
empl oy
mentbef oreorbyt heeffectoft hewinding
-up orderorr esoluti
on,wer e a pr ovisi
on f or
paymentofsuchr emuner ati
onbecomi ngpay able
ont het er
minationofempl oymentbef oreorby
the effectofappoi ntmentoft he r ecei
veror
possessionbeingt aken;and

(
b)theper i
odsoft i
mement ionedi sreckonedf rom
thedateoft heappointmentoft hereceiverorof
possessionbeingtaken,ast hecasemaybe,and
i
fsuchdat eoccur
redbef oret hecommencement
ofthisAct ,t
heprovisi
onsr elati
ngt opreferenti
al
payment swhichwoul dhav eappl i
edbutf orthis
Act,shal
l bedeemedt oremaini nful
lforce.

(
3)Anypay mentmadeundert
hissect
ionshal
lberecoupedasfarasmaybe
outoft he asset
s oft
he company avai
l
abl
ef orpay mentofgeneral
credi
tor
s.

(
4)Notwit
hstandi
nganyprovisi
oninthi
sActoranyot
herl
awtothecont
rary
, *amended by BFA 2023
S207(4)- ...any other
thehol
derofaf ix
edchar geshallhav
epri
orit
yoverot
herdebt
soft he law to the contrary and
companyi
ncludi
ngpref
erenti
aldebt
s. without prejudice to
Section 204, the holder
of a fixed charge...
 DEBENTURETRUSTDEED

208.(
1)Ev er
ycompanywhi choffersdebenturestothepubli
cf orsubscr
ipt
ionor Execut
ionof
purchaseshal
l,befor
eissuinganyoft hedebentur
es, ex
ecuteadebenture debent
u r
etr
ustdeed.
trustdeedinrespectofthem andpr ocur
etheex ecuti
onoft hedeedby
thet r
ust
eeforthedebentureholder
sappoi nt
edbyt hedeed.

(
2)Nodebentur
etrustdeedshal
lcovermoret
hanonecl assofdebentur
es,
whet
herornott
het r
ustdeedi
srequi
redbyt
hissect
iontobeexecuted.

(
3)Whereat rustdeedisrequi
redt
obeex ecut
edbyt hi
ssect
ionbuthasnot
been executed,the Court
,on the appli
cati
on ofa debent
ure hol
der
concer
ned, may—

(
a)or
dert
hecompanyt
oex
ecut
eat
rustdeed;

(
b)dir
ectt
hataper
sonnominat
edbyt
heCour
ttobe
appoi
ntedasat
rust
ee;
and

(
c)gi
vesuchconsequent ialdi
rect
ionsasitdeemsfit
,
as tot he contents ofthe trustdeed and i
ts
execut
ionbyt hetrust
ee.

(
4)Fort
hepurposesofthi
sAct
,debent
uresshal
lbel
ongt
odi
ff
erentcl
asses
i
fdi
ff
erentr
ight
satt
achtot
hem inr
espectof
—

(
a)t
her
ateof
,ordat
esf
orpay
mentof
,int
erest
;

(
b)t hedat eswhen,ort heinst
almentsbywhi ch,the
principalofthedebentureshallber epai
d,unless
the di f
fer
ence is solely that the class of
debent uresshal
lber epaidduri
ngast atedperiod
oft imeandpar t
icul
ardebentur
esmayber epai
dat
differentdates dur
ing thatperi
od according to
select i
onsmadebyt hecompanyorbydr awings,
ballotorotherwi
se;

(
c) any right t
o subscri
be for or conv
ertthe
debent
uresint
osharesin,orot
herdebentur
esof
,
thecompanyoranyothercompany;
or

(
d)thepowersoft
hedebent
urehol
der
stor
eal
i
seany
secur
it
y.

(
5)Debentur
esfur
therbel
ongtodif
ferentcl
asses,i
ftheydonotr
ankequall
y
f
orpaymentwhenanysecur
it
yinvestedinthedebentur
ehol
der
sunderany
 tr
ustdeed i sreali
sed orwhen t he company i s wound up,if,int he
ci
rcumstancesment i
onedinsubsect i
on( 4)thesubjectmat t
erofanysuch
securi
tyortheproceeds,oranyasset sav ai
l
abletosat i
sfythedebentur
es,
i
sorar enottobeappl i
edinsat i
sfy
ingthedebent uresstri
ctl
yinproport
ion
totheamountofpr inci
pal,premiumsandar rear
sofi nter
esttowhi chthe
holder
softhem arerespecti
velyenti
tl
ed.

(
6)Adebent ur
eiscov
eredbyat
rustdeedi
fthehol
deroft
hedebent
urei
s
ent
it
ledt
o—

(
a)part
ici
pateinanymoneypay
abl
ebyt
hecompany
underthedeed;or

(
b)thebenef i
tofanymor t
gage,chargeorsecuri
ty
creat
edbyt hedeed,whet
heraloneortogether
withotherpersons.

(
7)I facompanyi ssuesdebent ur
esinci r
cumst ancesinwhi chthi
ssect i
on
requir
esadebent uretrustdeedt obeex ecuted,wit
houtsuchadeedhav i
ng
beenexecutedi ncompl i
ancewi ththissection,orifthecompanyi ssues
debentures undera t rustdeed whi ch cov er
st wo ormor e classes of
debentur
es,t hedirect
or soft hecompanywhoar eindefaultcommi tan
offenceandar eli
ablejointl
yonconv ict
iontosuchf ineasthecour tdeems
fi
tandi naddi t
ion,thedi r
ectorsofthecompanyshal lbejoi
ntl
ysev er
all
y
l
iabletosuchf i
nesast heCommi ssi
onshal l
specifyintheregul
ati
on.

209.(
1)Ev
erydebent
uret
rustdeed,
whet
herr
equi
redbysect
ion208ornot
,shal
l Contentsof
debenturet
rustdeed.
st
ate—

(
a)themax i
mum sum whichthecompanymayr
aise
byissui
ngdebent
uresofthesameclass;

(
b)themaxi
mum discountwhichmaybeal lowedon
thei
ssueorre-i
ssueofthedebentures,andthe
maxi
mum premium atwhichthedebenturesmay
bemaderedeemable;

(
c)thenat ur
eofanyassetov erwhichamor tgage,
chargeorsecur i
tyiscreatedbyt hetrustdeedin
favouroft he trust
ee fort he benefitoft he
debentureholdersequall
y,andexceptwher esuch
achar geisaf loati
ngchar ge,t
hei denti
tyofthe
assetssubjecttoit;

(
d)thenat
ureofanyassetov
erwhi
chamor t
gage,
char
georsecur
it
yhasbeenorwi
llbecr
eat
edin
 favourofanyper
sonotherthanthetrusteefort
he
benefitofthe debent
ure holder
s equal l
y,and
exceptwheresuchachar geisaf l
oatingcharge,
theident
it
yoftheasset
ssubjecttoit
;

(
e)whetherthecompanyhascr eatedorwillcr
eate
anymor t
gage,chargeorsecur i
tyforthebenefi
t
ofsome,butnotal l
,oftheholdersofdebent
ures
i
ssuedunderthetrustdeed;

(
f)anyprohibi
ti
onorr estr
ict
ionont hepowerofthe
company t o i ssue debent ures or create
mortgages,chargesoranysecur it
yonanyofits
assetsranki
ngi npr iori
tyto,orequall
ywit
ht he
debentur
esissuedundert het
rustdeed;

(
g)whet herthe company has powert o acquir
e
debentur
esissuedundert
hetrustdeedbefor
ethe
date oftheirredempti
on and tor e-
issue t
he
debentur
es;

(
h)therat
eof,andthedat
esonwhich,i
nter
estonthe
debentur
esissuedundert
hetrustdeedshallbe
paidandt hemannerinwhichpaymentmaybe
made;

(
i)t
hedat eordat esonwhi cht heprinci
palort he
debenturesissuedundert het r
ustdeedshallbe
repaid or r edeemed,and unl ess the whol e
pri
ncipalist o be repaidto allthe debenture
holdersatt hesamet i
me,themanneri nwhi ch
redemptioni sef fect
ed,whetherbyt hepayment
ofequali nst almentsofpr i
ncipalinrespectof
eachdebent ur e,orbythesel
ectionofdebentures
forredempt i
onbyt hecompany ,orbydr awing,
ball
ot,orother wise;

(
j)i
nt hecaseofconv ert
ibl
edebentures,t
hedates
and terms on which the debent
ures may be
convert
ed int
o shar
es and the amounts whi
ch
maybecr edit
edaspaidupont hosesharesint
he
ri
ghtofthedebentur
esheldbythem;

(
k)theci
rcumstancesinwhichthedebent
ureholders
areentit
ledtor eali
seanymor t
gage,chargeor
secur
ityvest
edint hetr
ust
eeoranyot herperson
 f
orthei
rbenefi
t(othert
hantheci
rcumstancesi
n
whi
chtheyareenti
tl
edtodosobythisAct)
;

(
l)t
hepowersoft hecompanyandt hetr
ust
eetocall
meeti
ngsoft hedebentur
ehol dersandt
heright
s
ofdebentur
ehol derstorequi
r ethecompanyor
thet
rust
eetocall suchmeeti
ngs;

(
m)whet hertheri
ghtsofdebentureholdersmaybe
al
tered orabrogat
ed and ifso,the conditi
ons
whichshallbefulf
il
led,andtheprocedurewhich
shallbefoll
owed,toeffectsuchanal t
erat
ionor
abrogati
on;

(
n)theamountorr at
eofr emunerati
ontobepai dt o
t
hetrusteeandtheper i
odforwhichi
tispaid, and
whetheritis paidi n pr
iori
tytothe principal
,
i
nter
est and costsi nr espect of debentures
i
ssuedunderthetrustdeed;and

(
o)prov
isi
onsf
ort
her
epl
acementoft
het
rust
eei
f
r
equir
ed.

(
2)Ifdebent ur
esar eissuedwithoutacov eri
ngdebent ur
etrustdeedbeing
executed,thestatementsrequir
edbysubsect ion(1)shal
lbei ncl
udedin
each debent ur
e orin a notef or
ming partoft he same documentor
endorsed thereon,and in applyi
ng thatsubsecti
on ref
erences tothe
debenturetrustdeedshallbeconstruedasr ef
erencestoalloranyofthe
debenturesofthesamecl ass.

(
3)Subsecti
on(
2)shallnotappl
yifthedebenturei
stheonlydebentureofthe
cl
asst owhi
chitbelongswhichhasbeenormaybei ssued,andtheri
ghts
ofthedebenturehol dermaynotbeal t
ered orabrogated wi
thouthis
consent.

(
4)Anydi r
ectorwhoi
ssuesadebent
urei
nvi
olat
ionofthepr
ovi
sionsoft
his
secti
oni sli
abl
etosuchfi
nesast heCommi ssi
onshal
lspeci
fyinthe
regul
ati
on.

210.(
1)Everydebent
urecov
eredbyadebent
uretr
ustdeedshal
lst
ate,ei
therin Contentsof
debenturecov
eredby
t
hebodyori nanoteformi
ngpartofthesamedocumentorendor sed tr
ustdeed.
t
her
ein—

(
a)themat t
ersr
equiredt
obest
atedinadebenture
t
rustdeedbysect
ion209(
1)(
a),(
b),(
f),
(h)
,(i
),(
j)
,
(
l)and(m);
 (
b)whet herthet rusteeoft hecov er
ingdebenture
trustdeed hol ds t he mortgages,charges and
secur i
ti
esvest
edi nhim bythet rustdeedint r
ust
fort hedebenturehol der
sequal ly,orintrustfor
someonl yoft hedebent ur
ehol ders,and ifso,
whi chdebent
urehol ders;and

(
c)whet herthedebentureissecur
edbyaf loati
ng
charge vested i
nt he t
rust
ee ofthe coveri
ng
debentur
et r
ustdeedori
nthedebent
urehol
ders.

(
2)Adebent urei
ssuedbyacompanyshal lstat
eonitsfaceinlegi
blepr
int
,
thatitisunsecur
edifnomor tgage,chargeorsecuri
tyisvestedinthe
holderofthedebent
ureorinanyot herpersonf
orhisbenefi
tassecuri
ty
forpaymentofpri
nci
palori
nter
est.

(
3)Anydirectorofacompanywhoi ssuesadebentur
ei nviol
ationofthe
pr
ovi
sions ofsubsecti
ons (
1)and (2)isli
abl
et o such f
ines as t
he
Commissionshal
lspeci
fyi
nther
egulati
on.

211.(
1)Whet herornotadebentur
eissecuredbyachar geov erthecompany ’
s Trust
eesfor
debentur
eholder
s.
property,t
heremaybecreatedi
nr el
ati
ont osuchdebentur
e,atrustdeed
appointi
ngt r
ust
eesf
orthedebentureholders.

(
2)I tisthedutyofsuchtrust
eetosaf
eguardtheri
ghtsofthedebent
ure
holdersand,onbehalfofandforthebenefi
tofthedebentur
eholders,
exerci
setheri
ghts,
powersanddi
scr
eti
onsconfer
reduponhi
m bythetr
ust
deed.

(
3)Char ges secur
ing t
he debent
ures may be creat
ed i
nfav
ouroft
he
debent
ureholder
sbyvest
ingthem i
nthetr
ustees.

(
4)Anypr ovisi
oncont ainedinat rustdeedorinanycontractwiththehol ders
ofdebenturessecur edbyat r
ustdeedi svoidi
fitwouldhavet heef fectof
exemptingat r
usteef rom,ori ndemnif
yinghim against
,li
abili
tyf orany
breachoft r
ustorfai l
uret
oshowt hedegreeofcar
eanddi li
gencer equired
ofhim ast rust
eehav i
ngr egardt othepowers,authori
ti
esordi scretions
confer
redonhi m byt hetr
ustdeed.

(
5)I nsubsecti
on(4),nothi
ngi sdeemedt oinv
ali
dateanyr el
easeot
herwise
val
idlygi
veninrespectofanythingdoneoromit
tedtobedonebyat rustee
ont heagr
eementt osuchreleaseofamajori
tyofatleastthr
eequar
tersin
valueofthedebent ur
ehol derspresenti
nperson,orwher eproxi
esar e
permitt
ed,bypr
oxyatameet i
ngsummonedf orthepurpose.
 (
6)Not withstandinganyprovi
sioncont ainedinthedebent uresortrustdeed,
the Courtmay ,on the appli
cati
on ofanydebent ur
e hol deroroft he
Commi ssion,r emove anyt r
ustee and appoi ntanotheri n his pl
ace if
sati
sfi
edt hatsucht rust
eehasi nterestswhichconf l
i
ct sormayconf l
ict
withthoseoft hedebentureholdersort hatforanyreasoni tisundesi
rable
thatsuchtr ust
eeshouldconti
nuet oact :

Prov
idedthatwher
eanysuchappli
cati
onismadebyadebenturehol
der
,
theCourtifi
tdeemsfi
t,mayordertheappl
i
canttogi
vesecuri
tyf
orthe
paymentofthecost
softhet
rust
eeandmaydi r
ectt
hatt
heappli
cat
ionbe
heardinChamber
s.
Disqual
if
icat
ionf
or
212.(
1)Aper soni
snotqual
i
fiedf
orappoi
ntmentasat
rust
eeofadebent
ure appoint
mentas
t
rustdeedi
fhei
s— tr
usteeofdebent
ure
tr
ustdeed.
(
a)anof f
icerorempl oyeeoft hecompanywhi ch
i
ssuesdebenturescoveredbythetr
ustdeedorof
acompanyi nt hesamegr oupofcompaniesas
t
hecompanyi ssuingdebent
ures;

(
b)l
esst
han18y
ear
sofage;

(
c)ofunsoundmindandhasbeensof
oundbya
cour
tinNi
ger
iaorel
sewher
e;

(
d)anundi
schar
gedbankr
upt
;or

(
e) disquali
fi
ed under sect
ion 283 fr
om being
appointed as a di
rect
orofa company,buta
corporati
onshallnotbedisqual
if
iedf
rom bei
ng
appointedasatrust
ee.

(
2)Ifatrusteebecomessubjecttoanyofthedisquali
fi
cati
onsmentionedi
n
subsecti
on(1)afterhehasbeenappoint
ed,heshalli
mmedi at
elyceaset
o
bequalif
iedtoactasatrust
eeofthedebent
uretrustdeed.

(
3)Anyper sonwho actsasat rusteeofadebent ur
etrustdeed whose
appoint
mentisinv
ali
dundersubsect i
on(1)orwhoi sdisqual
ifi
edfrom
acti
ng undersubsecti
on (2)
,commi t
s an off
ence and isl i
abl
e on
convi
cti
onastheCourtdeemsfit,
ortosuchfi
nesastheCommi ssi
onshall
speci
fyinther
egul
ati
on.
Li
abi
l
ityoft
rust
ees
213.(
1)Subj ectt
ot heprovi
si
onsoft hi
ssection,any
thingcontai
nedi nat r
ust fordebent
urehol
der
s.
deedf orsecuri
ngani ssueofdebentures,orinanycont r
actwi t
ht he
holdersofdebentur
essecuredbyatrustdeed,i
sv oi
difi
twoul dhavethe
eff
ectofex emptingatrust
eef r
om orindemnify
inghim againstli
abi
li
ty
 forbr eachoft r
ust,wher
ehef ail
st o show thedegreeofcar eand
dil
igencerequi
redofhim ast
rustee,havingregar
dt otheprovi
sionsof
thetrustdeedconfer
ri
ngonhi
m anypower ,
author
it
iesordi
scret
ion.

(
2)Subsect
ion(
1)doesnoti
nval
i
dat
e—

(
a)anyr el
easeval
idl
ygiveni
nrespectofanyt
hing
doneoromit
tedtobedonebyatr
usteebef
orethe
gi
vingoft
herel
ease;or

(
b)any prov
isi
on enabl
i
ng such a r
elease t
o be
gi
ven—

(
i)ont heagreementofamaj or
it
yofnotl ess
thanthreequart
ersi
nvalueoft hedebentur
e
holders pr
esentand voti
ng in person or,
wherepr oxi
esarepermitt
ed,bypr oxyata
meet i
ngsummonedforthatpurpose,and

(
ii
) eit
her wi
threspect t
o speci
fi
c act
s or
omissi
onsoronthetr
usteedyi
ngorceasi
ng
toact.

(
3)Subsect
ion(
1)doesnotoper
atet
o—

(
a) i nvali
date any pr ovi
si
on i n ef f
ect at the
commencementoft hi
sActi nanysucht r
ustdeed
orcont ract,providedthatanyper sonentit
ledto
thebenef itoft hatprovi
sion,orafter
wardsgiven
thebenef itther
eofundersubsection( 4)
,remains
atrusteeoft hetrustdeedinquesti
on;or

(
b)depr i
veanypersonofanyex empt
ionorrightto
be i
ndemnif
ied i
nr espectofanyt
hing done or
omit
ted to be done by him,while any such
pr
ovisi
onwasineffect
.

(
4)Whileanytr
ust
eeofat rustdeedremai
nsentit
ledt othebenef
itofa
pr
ovisi
onex
emptedbysubsect
ion(
3),t
hebenef
itofthatprov
isi
onmaybe
gi
ven—

(
a)t
oal
ltr
ust
eesoft
hedeed,
presentandf
utur
e;or

(
b)t oanynamedt r
ust
eeorproposedtr
ustee,bya
resol
uti
on,passedbyamajori
tyofatleastthr
ee-
quart
ersinvalueoft
hedebent
urehol
derspresent
 i
nper sonor,whereprox
iesar
eper mit
tedbypr oxy
ata meet i
ng summoned fort hatpur pose in
accordancewiththeprovi
si
onsoft hetrustdeed
or,ift he tr
ustdeed makes no pr ovisi
on for
summoni ngmeet i
ngs,ameetingsummonedf or
thatpurposei
nanymannerapprovedbyt heCourt.

214.(
1)Ex ceptasex pr
esslypr
ov i
dedi nthetermsofanydebent ure,debentures Rest
ri
cti
onson
tr
ansf
erabil
i
tyof
shallbetransferabl
ewithoutrestri
cti
onbyawr it
tent ransf erinanyusual debentures.
orcommonf orm,oranyot herform whichthedirectorsoft hecompany
mayappr ov e,andthatthet r
ansfereeisent
itl
edtot hedebent ur
eandt o
themoneysecur edther
ebywi thoutregardt
oanyequi ty,set-offorcross-
clai
m betweent hecompanyandt heorigi
nal
,oranyintermedi at
e,holder.

(
2)Thet ermsofanydebent ur
emayi mposerestr
icti
onsofanynatur
eont he
tr
ansf erabi
lit
yofdebent ur
es,incl
udingpowerf orthecompanytor ef
use
tor egisteranyt ransf
erand pr ovi
sionsforcompul soryacqui
sit
ionor
ri
ghtsoff i
rstref
usalinfavourofotherdebenturehol
ders,ormembersor
off
icersoft hecompany :

Providedt hatifanyr estri

cti
onisi mposedont herighttotransferany
debent ur
e,noticeoft herestri
cti
onshallbeendorsedont hefaceoft he
debent ur
eordebent urest ockcerti
fi
cateand intheabsenceofsuch
endor sement,therest
r i
cti
onshallbeinef
fect
iveasregardsanytransfer
ee
forvalue,whetherornothehasnot i
ceoftherest
ri
cti
on.

PROVI
SIONSASTOCOMPANY’SREGISTEROFCHARGES,DEBENTUREHOLDERS
ANDASTOCOPIESOFINSTRUMENTSCREATINGCHARGES

215.Ever
ycompanyshallcauseacopyofev eryinst
rumentcr eati
nganychar
ge Companyt okeep
copiesofi
nstr
ument
s
requi
ri
ngregi
str
ati
onunderthi
sParttobekeptatt heregister
edoff
iceoft
he creati
ngchar
ges.
company,but
,inthecaseofaser iesofunif
orm debentures,acopyofone
debentur
eoftheseri
esi
ssuffi
cient
.

216.(
1)Everycompanyshal lkeep,atther egi
ster
edof f
iceoft hecompany ,a Company’
sregi
sterof
char
ges.
regi
sterofchargesandent erthereinallchargesspecifical
lyaff
ecti
ng
propertyofthecompanyandal lfloati
ngchargesont heunder t
akingor
anypr oper
tyofthecompany ,gi
vingineachcaseashor tdescript
ionof
thepropert
ycharged,theamountofthecharge,and,exceptinthecaseof
securi
tiest
obearer,t
henamesoft hepersonsentit
ledthereto.

(
2)I
fanyoff
iceroft
hecompanyknowinglyandwil
lf
ull
yaut
hori
sesorpermi
ts
t
heomissionofanyent
ryr
equi
redtobemadeundert hi
ssubsect
ion,
heis
l
i
ablet
osuchf i
nesastheCommissionshall
specif
yint
heregul
ati
on.
217.(
1)Thecopi esofi nstrument scr eatinganychar ger equir
ingregistr
ation I nspect
ionofr
egi
ster
andcopiesof
undert hi
sPar twitht heCommi ssionandt her egist
erofchar geskept i nst r
ument.
undersect i
on216oft hi
sAct ,shal lbeopendur ingbusinesshour s(but
subjectto such reasonabl erest ri
ctions as the companyi n gener al
meet i
ngmayi mpose,sot hatatl eastt wohour sineachdayshal lbe
all
owedf orinspection)t oinspect i
onbyanycr editorormemberoft he
companywi t
houtf eeandt heregi sterofchar gesshal lal
sobeopent o
i
nspection by any ot herper son on pay mentofsuch f ee as t he
Commi ssionshalldet ermineorsuchl esssum asmaybepr escribedby
thecompanyf oreachi nspecti
on, ast hecompanymaypr escr
ibe:

Pr
ovidedthattheCommi ssi
onmayr
equestf
orandobt
ainsuchcopy
wi
thoutanyrest
ri
cti
onorchar
ge.

(
2)Ifi
nspect i
onofcopiesofi nst
rumentscreat
ingchar
gesoroftheregi
ster
i
sr efused,eachoffi
cerofthecompanywhoi si
ndefaul
tisl
iabl
etosuch
fi
nesast heCommi ssi
onshal lspeci
fyintheregul
ati
onforeveryday
duringwhicht her
efusalconti
nues.

(
3)I
fanysuchref
usaloccur
s,t
heCourtmaybyordercompelani
mmedi
ate
i
nspect
ionoft
hecopiesofi
nst
rument
sorregi
ster
.

218.(
1)A companywhichissuesorhasi
ssueddebent
uresshal
lmai
ntai
na Regi
sterofdebent
ure
hol
ders.
regi
steroft
hehol
der
s.

(
2)Ther
egi
stershal
lcont
aint
he—

(
a)namesandaddr
essesoft
hedebent
urehol
der
s;

(
b)pr
inci
pal
oft
hedebent
ureshel
dbyeachoft
hem;

(
c)amountorthehi
ghestamountofanypr emi
um
pay
abl
eonredempti
onofthedebent
ures;

(
d)issuepri
ceoft hedebent
ureandt
heamountpai
d
upont heissuepri
ce;

(
e)dateon whi
ch thenameofeach per son was
ent
eredont
heregist
erasadebent
urehol
der;and

(
f)date on whi
ch each per
son ceased t
o be a
debent
urehol
der
.

(
3)Theentr
yrequir
edundert
hissecti
onshal
lbemadewi t
hin30daysofthe
concl
usi
onoft heagr
eementwi t
hthecompanytobecomeadebent ure
hol
derorwit
hin30daysofthedateatwhi
chheceasestobeone.
 I
nspecti
onofregi
ster
219.(
1)Ev eryregi
sterofholdersofdebent uresofacompanyshall
,exceptwhen ofdebent
ures,
etc.
dulyclosed(butsubjecttosuchr easonablerest
ri
cti
onsast hecompany
mayi ngener almeetingimpose,sot hatatl
easttwohoursi neachday
shallbe allowed fori nspect
ion)
,be open t ot he i
nspecti
on oft he
regi
stered holderofsuchdebent uresoranyhol derofshar esint he
companywi t
houtfee,andofanyot herpersononpay mentofsuchf eeas
theCommi ssionshalldet er
mineorsuchl esssum asmaybepr escri
bed
bythecompany :

ProvidedthattheCommi ssi
onmayatanyt imedur i
ngworkinghour
s
requestforandobt
ainsuchcopywi
thoutanyr
estr
ict
ionorchar
ge.

(
2)Anysuchr egi
ster
edholderofdebentur
esoranyot herpersonmayr equi
re
acopyoft heregi
steroft
heholdersofdebentur
esoft hecompanyorany
partt
hereofonpaymentofsuchf eeastheCommi ssionshalldet
ermineor
suchlesssum asmaybepr escr
ibedbythecompany .

(
3)Acopyofanyt rustdeedforsecur
inganyissueofdebent ur
esshallbeduly
endorsedbyanof f
icerofthecompanyand f orwar
dedt oev er
yholderof
suchdebenturesathi srequestonpaymenti nt hecaseofapr i
ntedtr
ust
deed,ofthesum ofsuchf eeastheCommi ssionshalldeter
mineorsuch
l
esssum asmaybepr escr
ibedbythecompany ,or
,wher ethetrustdeed
hasnotbeenpr int
ed,onpay mentofsuchf eeast heCommi ssionshall
deter
mi neorsuchlesssum asmaybepr escribedbythecompanyf orever
y
pagerequir
edtobecopi ed.

(
4)I fi
nspect
ioni
srefused,
oracopyisr
efusedornotf
orwarded,t
hecompany
andev er
yoffi
cerofthecompanywhoisindefaul
tisli
abletosuchfi
neas
theCommi ssi
onshallspeci
fyi
ntheregul
ati
onforeverydayduringwhi
ch
thedefaul
tconti
nues.

(
5)Wher eacompanyisindefaul
t,aCour
tmaybyor dercompelanimmediat
e
i
nspecti
onoftheregi
sterordi
rectt
hatthecopi
esrequir
edshallbesentt
o
t
hepersonrequi
ri
ngthem.

(
6)Fort hepurposesoft hissecti
on,ar egi
steri
sdeemedt obedul ycl
osedin
accor dancewit
hprovisionscontainedinthearti
clesori
nt hedebenturesor,
i
nt hecaseofdebent urest ock,i
nt hestockcert
if
icat
es,orint hetr
ustdeed
orot herdocumentsecur i
ngt hedebenturesordebentur
est ock,dur
ingsuch
periods,notexceedi
ngi nthewhol e30day si
nanyy ear,asmaybet herei
n
speci f
ied.

220.Ontheappli
cat
ionofthet
ransf
erorofanydebentur
einacompany ,the Entr
yinregi
sterof
tr
ansfer
.
companyshal
lenteri
nitsr
egist
erofdebenturehol
dersthenameoft he
tr
ansf
ereei
nthesamemannerandsubjectt
ot hesamecondit
ionsasi
fthe
 appl
i
cat
ionf
ort
heent
rywer
emadebyt
het
ransf
eree.

221.(
1)Ifa companyr efusestoregist
era t
ransf
erofanydebent ure,the Noti
ceofref
usal
to
companyshal l
,wit
hint womonthsaft
erthedateonwhicht hetransf
er regi
ster
.
wasl odged wit
ht he company
,send tothe tr
ansf
eree not
ice ofthe
ref
usal.

(
2)Ifanydefaulti
smadei ncomplyi
ngwitht
hepr
ovi
sionsoft
hissecti
on,
the
companyandeachof fi
cerofthecompanyar
eli
abletosuchfineasthe
Commi ssionshal
lspecif
ybyregul
ati
on.

222.(
1)Subjectt othepr ovisi
onsoft hisPart,everychar gecr eatedbyacompany , Regi
str
ationof
char
gescr eat
edby
beingachar get owhi cht hissect i
onappl ies,shall,sof arasanysecur it
y compani es.
ont hecompany ’sproper tyorunder takingi sconf er red,bev oidagai nst
theliqui dat
orandanycr editoroft hecompany ,unl esst hepr escribed
parti
cul arsofthechar ge(includinganypr ovisionsi naf loatingchar ge
thatpr ohibi
tsorr estrictsthecompanyf rom gr antinganyf ur t
herchar ge
rankingi nprior
itytoorpar ipassuwi tht hef l
oatingchar ge)t ogetherwi t
h
theinst rument,ifany ,bywhi chthechar gei screat edorev idenced,hav e
beenorar edeliveredt oorr eceivedbyt heCommi ssi onf orregistrationin
themannerr equi r
edbyt hisActorbyanyenact mentr epealedbyt hisAct
within90day saf t
ert hedat eofi tscreation,butwi t houtpr ejudicet oany
contractorobl igationf orrepay mentoft hemoneyt herebysecur ed,and
whenachar gebecomesv oidundert hissect ion,t hemoneyt hereby
secur edshal li
mmedi atel
ybecomepay ableandr egi strati
onundert hi
s
sectionshal lgi
v er i
set oconst ructi
venot iceoft hemat ter
sst atedi nt he
parti
cul arsofchar ge

(
2)Thepr
ovi
si
onsoft
hissect
ionappl
ytoa—

(
a)chargeforthepur
poseofsecur
inganyi
ssueof
debent
ures;

(
b)char
geonuncal
l
edshar
ecapi
tal
oft
hecompany
;

(
c)chargecreatedorevi
dencedbyani nstr
ument
whi
chi fexecut
edbyanindiv
idualwoul
drequi
re
r
egistr
ati
onasabil
lofsal
e;

(
d)char geonl and,wherev
ersituate,oranyint
erest
therein,butnoti ncl
uding a chargef orr
entor
otherperiodical
sum i
ssuingoutofl and;

(
e)char
geonbookdebt
soft
hecompany
;
 (
f)f
loat
ingchar
geont
heunder
taki
ngorpr
oper
tyof
t
hecompany;

(
g)char
geoncal
l
smadebutnotpai
d;

(
h)char
geonashi
porai
rcr
aftoranyshar
einashi
p;
and

(
i)char
geongoodwi
l
l,oronanyi
ntel
l
ect
ual
proper
ty.

(
3)Wher eachar geaffect
sorr elatest opr oper t
ysituateinNi geri
aandi n
addit
iont oregistr
ationundersubsect ion( 1)
,registr
ati
onel sewherei n
Nigeri
aisnecessar ytomaket hechar gev ali
doref f
ectual,itshall
,subject
tot his subsecti
on,be suf fi
cient ev idence of compl iance wi t
ht he
requi
rements ofsubsect ion (
1) ,i
f,i nstead ofdel i
veryoft he ori
ginal
i
nstrumentcr eati
ngorev i
dencingt hechar ge,thereisdel iveredtoand
recei
vedbyt heCommi ssionwi thi
nt hepr escri
bedper i
odof90day s,or
suchextendedt i
meast heCourtmayal low,at r
uecopyofi tdulycertif
ied
assuchbyt hesecretarytothecompany .

(
4)Areferenceinanyenact mentt othedateofexecut i
onofani nst rumentfor
thepur posesofcomput ati
onoft i
mewi thi
nwhi chr egi
strati
oni stobe
eff
ectedwi thorwi t
houtpenal t
y,shallbeconst r
uedasar ef erencet othe
dateofpr esentat
ionofacopyoft heinstrumentt otheCommi ssionunder
thi
sAct ,andt i
meshallbecomput edaccor di
ngly,andifacer t
ifi
edcopyi s
del
iveredt otheCommi ssionundert hissubsection,theoriginalofi tshal
l
bepr oducedt ot heCommi ssi
onf ori nspecti
onandcompar ison,ifthe
Commi ssi
onsor equi
res.

(
5)Inthecaseofachar gecr eat edoutofNi geria,affecti
ngori nr elati
ont o
propert
ysi tuat
eout sideNi ger i
a,t hedel i
v eryt oandt her ecei
ptbyt he
Commi ssionofacopyv erifi
edi nt hepr escribedmanneroft heinst r
ument
bywhicht hechargeiscr eatedorev idenced, shallhav ethesameef fectfor
thepurposesoft hissect i
onast hedeliveryandr eceiptofthei nst r
ument
i
tself
,and90day safterthedat eonwhi cht hei nst
rumentorcopycoul d,i
n
duecour seofpost,andi fdispat chedwi thdi li
gence, havebeenr ecei vedin
Nigeri
ashall besubsti
tutedf or90day saf t
ert hedat eoft hecreationoft he
chargeast hetimewi thi
nwhi cht hepar t
icularsandi nst
rumentorcopyar e
tobedeliveredtotheCommi ssion.

(
6)Wher eachar geiscreatedi nNiger
iabutaffectsorr el
atestopr opert
y
outsi
deNigeri
a,theinstr
umentcreati
ngorpurpor t
ingtocreat
et hechar ge
maybe sentf orregist
rat
ion underthi
s section,notwit
hstanding that
fur
therproceedings may be necessaryto make t he charge v ali
d or
eff
ectualaccordi
ngt othel aw ofthecountr
yi nwhicht hepr opertyis
sit
uate.
(
7)Wher eanegoti
abl
einst
rumenthasbeengiventosecurethepaymentof
anybookdebt sofacompany ,t
hedepositofthei nst
rumentforthe
purposeofsecuri
nganadv ancetothecompanyshal lnot,undert
his
secti
on,bet
reat
edasachargeonthosebookdebt
s.

(
8)Theholdi
ngofdebenturesenti
tl
ingthehol
dert
oachar geonl andi
snot
,
f
orthepurposesoft
hissect
ion,deemedtobeanint
eresti
nland.

(
9)Wher easer i
esofdebent ur
escont aini
ng,orgiv i
ngbyr ef
erencetoany
otherinst
rument,anychar getot hebenefitofwhichthedebentureholders
ofthatseriesareenti
tledparipassui screatedbyacompany ,i
tis,f
ort he
purposesoft hi
ssection,suffi
cientiftherearedeliv
eredtoorreceivedby
theCommi ssi
onwithi
n90day saftert
heexecut i
onoft hedeedcontaining
thechargeor ,
ift
hereisnosuchdeed, aftertheexecuti
onofanydebent ure
oftheseries,t
hefoll
owi ngparti
culars—

(
a)t
het
otal
amountsecur
edbyt
hewhol
eser
ies;

(
b)t he dates ofthe r
esol
uti
ons aut
hori
sing t
he
i
ssuesoft heser
iesandthedateofthecoveri
ng
deed,ifany,bywhichthesecur
it
yiscreatedor
defi
ned;

(
c)agener
aldescr
ipt
ionoft
hepr
oper
tychar
ged;
and

(
d)t he names of t he trust
ees,if any
,f orthe
debenture holders, together wit
h t he deed
contai
ningthechar ge,or
,ifther
eisnosuchdeed,
oneoft hedebenturesoftheseri
es:

Provi
dedthat,wheremorethanonei ssueismadeof
debentur
esint heseri
es,t
hereshal lbesentt othe
Commi ssi
on,forentr
yinther egist
er,part
icul
arsof
thedateandamountofeachi ssue,butanomi ssi
on
to do this does not af
fect the vali
dit
y of the
debentur
esissued.

(
10)Whereanycommi ssion,all
owanceordi scounthasbeenpai dormade
ei
therdirectl
yori ndirectl
ybyacompanyt oanyper soninconsi derati
on
ofhis subscr ibi
ng oragr eei
ng to subscribe,whet herabsol utely or
conditi
onall
y,foranydebent ureofthecompany ,orprocuringoragr eei
ng
to procure subscr i
ptions,whet herabsol ut
e orcondi t
ional,forsuch
debentures,thepar t
icularsrequir
edtobesentf orregistr
at i
onundert his
secti
onshal lincludepar t
icular
sast ot heamountorr ateper centof
commi ssion,discountoral lowancepaidormade,butanomi ssi
ont odo
 t
hisdoesnotaf
fectt
hev
ali
dit
yoft
hedebent
uresi
ssued.

(
11)Thedepositofanydebentureassecuri
tyforanydebtoft
hecompany
shal
lnot,f
orthepurposesofsubsect
ion(10),bet
reat
edasthei
ssueof
thedebent
uresatadiscount
.

(
12)Thet otalfeespayabl
etot heCommi ssi
oninconnectionwi tht
hefil
ing,
regi
str
ationorr el
easeofachar gewiththeCommi ssionundert hi
sPar t
shal
lnotex ceed0.35%ofthev al
ueofthechargeorsuchot heramountas
theMinistermayspecif
yintheFederal
Gov er
nmentGazet t
e.
*amended by BFA 2023
(
13)I
nthi
sPar
t- -S222 (13)-
"cash" means...
“
char
ge”i
ncl
udesmor
tgage; "financial collateral"
means...
“bookdebt
”,f
orthepur posesofsubsecti
on( 2)(e)
, meansadebtdueort o
becomeduet ot hecompanyatsomef uturedat eonaccountofori n"financial
includes...
instruments"

connect
ion wi
th a pr ofessi
on,trade orbusi ness carri
ed on by t he
company,whetherenteredinabookornot ,andincludesar ef
erencetoa"security interest"
means...
chargeonafuturedebtoft hesamenatureal t
houghnoti ncurr
edorowi ng
attheti
meoft hecreationofthecharge,butdoesnoti ncludear ef
erence
toachargeonamar ketablesecur
it
yoronanegot iablei
nstrument;

“i
ntel
lectualproper
ty”
,forthepurposesofthissecti
on,meansanypat ent
oral icenceunderapat ent
,anyr egi
ster
eddesignordesignrightora
l
icence,anyt r
ademarkorl i
cenceunderatrademark,oranycopy
rightora
l
icenceunderacopy ri
ght;

"securi
tyfinanci
alcol l
ater
alar r
angement
" means an agr
eement or
arrangement,evi
dencedinwrit
ing,
where:

(
a)t
hepurposeoft heagreementorarr
angementi
s
t
osecurether el
evantfi
nanci
alobl
i
gati
onsowed
t
othecoll
ater
al-t
aker;

(
b)thecollateral
-pr
ovidercreatesorther
earisesa
securi
tyinterestinfinanci
alcol
lat
eraltosecur
e
thoseobli
gat i
ons;

(
c)thef inancialcol l
ateralisdel i
vered,transf
erred,
hel
d,r egisteredorot herwisedesignatedsoast o
beint hepossessi onorundert hecont rolofthe
col
lateral-t
akeroraper sonact i
ngoni tsbehalf;
anyr i
ghtoft hecol l
ateral
-provi
dert osubstit
ute
equiv
al entf i
nancialcoll
ateralorwi t
hdrawex cess
fi
nancialcol l
at er
alshallnotpr eventthef i
nancial
 col
lat
eralbeingi
nt hepossessi
onorundert
he
contr
olofthecol
l
ateral
-t
aker
;and

(
d)thecoll
ateral
-provi
derandthecol
l
ater
al-
takerar
e
bothnon-naturalper
sons.

(
14)Thissecti
ondoesnotapplyinrel
ati
ontoasecur
ityfi
nanci
alcol
l
ater
al
arr
angementoranychargecr
eatedorot
her
wisear
isi
ngunderasecuri
ty
fi
nanci
alcol
lat
eral
arr
angement
.

223.(
1)TheCommi ssi
onshallkeep,wi
threspecttoeachcompany ,ar
egist
erin Regi
sterofpar
ti
cul
ars
ofcharges.
theprescr
ibedform ofallthechargesrequi
ri
ngr egi
strati
onunderthis
Partand shall,on pay mentofsuch f ee as may be speci f
ied by
regul
ati
onsmadebyt heCommi ssion,ent
erintheregisterwit
hrespect
tosuchchargesinthecaseof—

(
a)achargetothebenefi
tofwhicht hehol
dersofa
ser
iesofdebent
uresareent
it
led,suchpart
icul
ars
asarespeci
fi
edinsect
ion222(9);and

(
b)anyot
herchar
ge—

(
i)i
ft he charge i
s a charge creat
ed byt he
company ,t
hedateofi t
scr eati
on,andi ft
he
chargewasachar geex i
sti
ngonpr opert
y
acquir
ed byt hecompany ,thedate ofi t
s
creati
onandt hedateoft heacquisi
tionof
thepropert
y,

(
ii
)theamountsecur
edbyt
hechar
ge,

(
ii
i)shor
tpar
ti
cul
arsoft
hepr
oper
ty,

(
iv)t
heper
sonsent
it
ledt
othechar
ge,
and

(
v)oraf loat
ingchar
ge,anot iceindicati
ngthe
exist
enceofanypr ovi
sionsint hecharge
thatprohibi
torrestri
ctthecompanyf r
om
granti
ng any furt
her char ge r anki
ng in
pri
orit
yt o orpar
ipassu wi tht he fl
oat
ing
charge.

(
2)Wher eachargeisregi
ster
edundert hi
sPart,t
heCommi ssi
onshalli
ssuea
regi
strat
ioncerti
fi
catesettingoutthepar t
iestothecharge,theamount
ther
ebysecur ed,with such otherparti
cular
s as t
he Commi ssi
on may
considernecessary,and thecerti
fi
cateis pri
maf aci
e evi
denceofdue
 compl
i
ancewi
tht
her
equi
rement
sast
oregi
str
ati
onundert
hisPar
t.

(
3)Theregisterkepti
npursuanceoft
hissect
ionshal
lbeopentoinspect
ion
byanyper sononpay mentofsuchf eesasmaybepr escr
ibedbyt he
Commission.

224.(
1)I tist
hedut yofacompanyt osendtotheCommi ssi
onf orregi
str
ation, Dutyofcompanyto
regi
sterchar
ges.
thepart
icularsofever
ychargecreat
edbyt hecompanyandoft heissues
ofdebent uresofaser iesr
equi
ringregi
strat
ionundersection222,but
regi
str
ationofanysuchchargemaybeef fectedont heappli
cati
onofany
personinterest
edther
ein.

(
2)Wherer egist
rat
ioniseffect
edontheappl
icat
ionofaper sonothert
han
thecompany ,thatpersonisenti
tl
edtorecoverfrom t
hecompanyt he
amountofanyf eesproperl
ypai
dbyhi m tot heCommi ssi
onont he
regi
str
ation.

(
3)Ifanycompanydef aul
tsinsendingt otheCommi ssionforr egistr
ati
on,
thepar
ticul
arsofanychar gecreatedbythecompanyoroft hei ssuesof
debent
uresofaser iesrequir
ingregist
rati
on,unlesst heregistr
ationhas
beeneff
ectedont heappli
cati
onofsomeot herperson,thecompanyand
eachoff
icerofthecompanywhoi sindefaultcommi tsanoffenceandar e
l
iabl
etosuchpenal t
yasmaybepr escri
bedbyt heCommi ssi
on.

225.(
1)Wher eacompanyacqui resanypropertywhichissubjecttoachargeof Dut yofcompany
acqui
ri
ngproper
tyt
o
anysuchki ndaswoul d,ifithasbeencr eatedbyt hecompanyaf t
erthe regist
ersubsi
sti
ng
acquisit
ionoft heproperty,havebeenrequir
edt oberegist
eredunderthi
s charges.
Part,thecompanyshal lcauset heprescri
bedpar ti
cul
arsoft hecharge,
togetherwi t
hacopy( certif
iedintheprescribedmannert obeacor r
ect
copy )oft heinstr
ument ,ifany,bywhi chthechar gewascr eatedoris
evidenced,t o bedelivered totheCommi ssion f
orr egi
str
ati
on inthe
mannerr equir
ed byt hisActwi t
hin90 day safterthedat eonwhi ch
acquisit
ioniscompl et
ed:

Providedt hat,i
fthepropert
yissi t
uateandt hechargewascr eat
edoutsi
de
Nigeria,90day safterthedateonwhi cht hecopyoftheinstrumentcould
i
nduecour seofpost ,andi fdespat chedwi t
hduedi li
gence,havebeen
recei
v edinNi geri
ashallbesubst i
tut
edf or90day saft
erthecompleti
onof
theacqui sit
ion,astheti
mewi thinwhicht hepart
icul
arsandthecopyoft he
i
nstrumentar etobedeliver
edt otheCommi ssi
on.

(
2)Ifdefaul
tismadei ncomply
ingwitht
hissect
ion,t
hecompanyandeach
offi
cerofthecompanyareli
abl
etosuchpenalt
yasmaybepr escr
ibedby
theCommi ssi
onforever
ydayduri
ngwhicht
hedefaultcont
inues.

(
3)I
tissuf
fi
cientcompl
i
ancewi
tht
hissect
ioni
nanycaseaf
fect
ingl
and
 register
edunderanyenactmentinaStat
e,wherethechargei
sr egi
ster
ed
beforet helandi
sacquir
edbyt hecompany,i
fatr uecopyofthecharge
dulycer ti
fi
edbyt heRegi
str
arofLandi sdeli
ver
edt ot heCommi ssi
on
withinthetimepr
escri
bedbythi
ssecti
on.

226.(
1)Wher e,att hedat eofcommencementoft hisAct ,acompanyhas Exi st
ingchar
ges.
proper tyonwhi cht hereisachar ge,parti
cular
sofwhi chwoul dr equir
e
registrati
onifithadbeencr eatedbyt hecompanyaf t
erthedat eofsuch
commencement ,then,unlesst hechar gehasbeendi schar gedort he
proper tyhasceasedt obehel dbyt hecompanypr iortot heex pir
ationof
sixmont hsfrom t hedateofsuchcommencement ,thecompanyshal l,
withint hatt
ime, causeparticular
soft hechar geaspr escribedbysect i
on
222t obedel iv
eredt otheCommi ssionf orregi
strati
ont ogetherwi ththe
document ,i
fany ,bywhicht hechar gewascr eatedoracopyt hereof,
certif
iedasr equiredbythatsect i
on.

(
2)Fai
lur
etocomplywit
hthepr
ovi
si
onsoft
hissect
iondoesnotaf
fectt
he
v
ali
dit
yoft
hecharge.

227.Wher eachar ge,parti

cular
sofwhi chrequireregistr
ati
onundersecti
on222, Chargestosecur
e
f
luct
uat
ingamounts.
isex pressed to secureallsumsdueort o becomedueorsomeot her
uncertainorf l
uctuati
ngamount ,t
hepar t
icular
sr equir
edundersection222
(9)shal lstat
et hemax i
mum sum deemedt obesecur edbysuchchar ge
(bei
ngt hemax i
mum sum cov er
edbyt hest ampdut ypaidt
hereon)andsuch
chargei sv oi
d,sof arasanysecur it
yont hecompany ’
spr
opertyisther
eby
conferred,asrespectsanyex cessoverthest at
edmax i
mum:

Providedthat,i fadditionalst ampdut yissubsequent l

ypaidonsuchchar ge;
andatanyt imet hereaf terpriortothecommencementoft hewindingupof
thecompany ,amendedpar t
icular
soft hesai dchar gestati
ngtheincreased
maxi mum sum deemedt obesecur edt her
eby( togetherwit
ht heor i
ginal
i
nstrumentbywhi cht hechar gewascr eat edorevidenced)aredeli
veredtothe
Commi ssi
onf orr egistrati
on,t hen,asf rom thedat eofsuchdel i
v er
y,the
charge,ifvalid,i seffect iv
et ot heextentofsuchi ncreasedmax i
mum sum
exceptasr egar dsanyper sonwho,pr i
ort ot hedat eofsuchdel i
v er
y,has
acquiredanypr opriet
ar yr i
ghtsin,orafixedorf l
oati
ngchar geon,t
hepr operty
subjecttothechar ge.

228.(
1)Thecompanyshallcauseacopyofeverycert
if
icat
eofr egi
str
ati
ongiven Endorsementof
cer
tif
icateof
undersect
ion223tobeendor sedonev er
ydebent ur
eorcer ti
fi
cat
eof registrat
ionon
debent
urestockwhichisi
ssuedbyt hecompanyandt hepaymentof debent ures.
whichi
ssecuredbyt
hechargesoregi
ster
ed:

Provi
dedthatnothi
nginthissubsecti
onshallbeconst
ruedasrequi
ri
nga
companyt ocauseacer t
if
icat
eofr egi
str
ati
onofanychar gegiv
entobe
endorsedonanydebentureorcert
if
icat
eofdebenturestocki
ssuedbythe
 companybef
oret
hechar
gewascr
eat
ed.

(
2)Ifanyper sonauthor
isesorper mi
tsthedeli
v er
yofanydebent ureor
certi
fi
cateofdebentur
est ockwhi
chundert
hepr ovi
si
onsoft hissecti
onis
requir
edt ohaveendor sedoni tacopyofacer ti
fi
cat
eofr egist
rati
on
withoutthecopybeingsoendorseduponit
,heis,wit
houtprejudi
cet oany
otherliabil
it
y,l
iableto such penal
ty as may be prescribed by the
Commi ssion.
Entr
iesofsat
isf
act
ion
229.I
ftheCommi
ssi
oni
ssat
isf
iedwi
thr
espectt
oanyr
egi
ster
edchar
get
hat
— ofcharges

(
a)thedebtf
orwhichthechar
gewasgivenhasbeen
pai
dorsati
sfi
edinwholeori
npar
t;or

(
b)par tofthepropert
yorundertaki
ngchar
gedhas
beenr el
easedfrom thechar
georhasceasedto
for
m par t of the company ’
s pr
opert
y or
undert
aking,

thecompanymay ,ent
eront her egi
steramemor andum ofsati
sfact
ionto
the extentnecessaryt o gi
v e eff
ectt her
eto and,wherei tentersa
memor andum ofsati
sfact
ionitshall
,i
frequir
ed,f
urni
shthecompanywi t
ha
copyoft heentr
y,andanysuchent ryshallhaveeff
ect,subj
ecttot he
requi
rementofanyotherenactmentast oregi
str
ati
on.

230.Thecour
t,onbei
ngsat
isf
iedt
hat–
Recti
ficat
ionof
regi
ster.
(
a)t heomi ssi
ontoregi
sterachar gewithi
nthet i
me
requir
ed by thi
s Actort hatt he omission or
mi sst
atementofanyparti
cularwit
hrespectt oany
suchchar georinamemor andum ofsat i
sfact
ion
was-

(
i)acci
dental
,orduet oinadver
tenceort
o
someothersuf
fi
cientcause,
or

(
ii
)isnotofanatur
etoprejudi
cet
heposi
ti
on
of credi
tor
s or sharehol
der
s of the
company;or

(
b)thatonothergr
oundsi
tisj
ustandequi
tabl
eto
gr
antr
eli
ef,

may ,ontheappl
icat
ionoft
hecompanyoranypersonint
erest
edandon
sucht er
msandcondi ti
onsasseemstot hecourtj
ustandex pedi
ent
,
orderthattheti
mef orr
egi
str
ati
oni
sextendedor,asthecasemaybe,
 t
hatt
heomi
ssi
onormi
sst
atementshal
lber
ect
if
ied.

231. (
1)Ifanyper sonobt ai
nsanor derfortheappointmentofar ecei
veror Regi str
ati
onof
appointmentor
der
,
manageroft hepr opert
yofacompany ,orappointssuchar ecei
veror et c.
managerunderanypowercont ai
nedinanyi nstrument,heshall
,within
sevendaysf r
om t hedat eoftheorderortheappoi nt
mentunderthesai d
powers,gi
venot iceoft hefacttotheCommi ssi
onandt heCommi ssi
on
shall
,onpay mentofsuchf eeasmaybespeci f
iedbyr egul
ati
ons,enter
thefacti
nther egisterofchar
ges.

(
2)Wher eaper sonappoint
edrecei
verormanageroft hepr opert
yofa
companyundert hepowerscontai
nedinanyi
nst
rument,ceasestoactas
suchr ecei
verormanager,heshal
l,onsoceasi
ng,gi
vet heCommi ssi
on
noti
cet othateffect
,andtheCommi ssi
onshal
lenterthenot i
ceinthe
regi
sterofcharges.

(
3)Ifanypersonmakesdefaul
tincompl
yi
ngwitht
her equi
rement
soft hi
s
secti
on,heisl
i
abletosuchpenalt
yastheCommissionshal
lspeci
fyby
regul
ati
on.

REALI
SATI
ONOFSECURI
TY

232.(
1)Adebenturehol
derisent
it
ledtoreal
i
seanysecur
it
yvest
edi
nhi
m ori
n Reali
sati
onof
debentur
ehol
der
’s
anyot
herper
sonforhi
sbenefi
tif
— securi
ty.

(
a)t he company failsto pay any i
nstal
mentof
i
nterest,ort
hewhol e,par
toftheprinci
palorany
premium,owi ng under the debentur
e or the
debenturetrust deed cover
ing t
he debenture,
withi
nonemont hafteri
tbecomesdue;

(
b)thecompanyf ai
l
st oful
fi
lanyoftheobli
gati
ons
i
mposedoni tbythedebentur
esorthedebent
ure
t
rustdeed;

(
c)thecir
cumstanceoccurwherebyt
heter
msoft he
debent
uresordebentur
et r
ustdeedentit
ledthe
hol
derofthedebent
uret
oreali
sehi
ssecuri
ty;
or

(
d)t
hecompanyi
swoundup.

(
2)A debent ur
eholderwhosedebent ur
eissecuredbyaf l
oat
ingcharge
vestedinhim ort
het r
usteeofthecover
ingdebent
uretr
ustdeed,orany
otherper
son,i
saddit
ional
l
y ,
ent
it
ledt
oreal
isehi
ssecuri
tyi
f—
 (
a)anycredit
orofthecompanyissuesaprocessof
executi
on against any of i ts asset
s or
commencespr oceedi
ngsforwindingupoft he
companybyor derofanycour tofcompetent
j
urisdi
cti
on;

(
b)thecompanyceasest
opayi
tsdebt
sast
heyf
all
due;or

(
c)t
hecompanyceasest
ocar
ryonbusi
ness;

(
d) the company suf fer
s, after the issue of
debentures oft he class concerned,losses or
diminuti
onsi nthev al
ueofi t
sasset swhichinthe
aggregateamountt omor ethanonehal fofthe
tot
alamountowi ngi nrespectofdebent uresof
theclassheldbyt hedebentureholderwhoseeks
to enforce his securi
tyand debent ur
es whose
holderranksbef orehimf orpaymentofpr i
ncipal
orinter
est;or

(
e) the cir
cumst ances occur whi ch ent i
tl
e a
debent
ure holder who r anks for paymentof
pri
nci
palorinterestinpriori
tytothedebentures
secur
ed byt he float
ing charges t
or eal
i
se his
secur
it
y.

233.(
1)Atanyt i
meafteradebent ureholderoracl assofdebentureholder
s, Remediesavail
ableto
debent
ureholders.
becomesent i
tl
edtor ealisehisortheirsecuri
ty,arecei
verofanyasset
subjectto a mort
gage,char ge orsecuri
tyinf avouroft he cl
assof
debenturehol
dersort het r
usteeoft hecover
ingtrustdeed,oranyother
person,maybeappoint edby—

(
a)t
hatt
rust
ee;

(
b)t he holder
s ofdebent
ures oft
he same cl
ass
cont
ainingpowert
oappoint;

(
c)debenturehol
der
shavingmor ethanonehal
fof
the t
otalamountowing inrespectofallthe
debent
uresoft
hesameclass;
or

(
d)t
hecour
tont
heappl
i
cat
ionoft
het
rust
ee.

(
2)Subj
ectt
oanycondit
ioni
mposedi
nthedebent
ureordebentur
etr
ustdeed,
adebent
urehol
der
,oratr
ust
eeint
hecaseofatrustdeed,
may—
 (
a)br i
ng an acti
on i
nar epr
esent
ati
ve capaci
ty
against the company f or payment and
enforcementoft
hesecur
it
y;or

(
b)r
eal
i
sehi
ssecur
it
yby
—

(
i)br
ingi
ngaf
orecl
osur
eact
ion,
or

(
ii
)commenci
ngawi
ndi
ng-
uppr
oceedi
ng.

(
3)Ar eceiverappointedunderthissect i
onhas, subjecttotheor dermadeby
the court,powert ot ake possessi on oft he assets subj ectt ot he
mor t
gage,char georsecur i
tyandsel lthoseasset sand,i fthemor t
gage,
chargeorsecur i
tyex t
endst osuchpr opertycol l
ectdebt sowedt ot he
propertyenforceclaimsv estedint hecompany ,compr omise,set tl
eand
enterintoarrangementsi nrespectofcl aimsbyoragai nstthecompany ,
on the company ’
s business withav iew to selli
ng iton t he most
favourableterms,grantoracceptleasesofl andandl i
cencesi nr espectof
patents,designs,copy r
ightort rademar ksandr ecoveranyi nstalment
unpaidont hecompany ’
sissuedshar es.

(
4)Wherearepresent
ati
veact
ionisbei
ngbr oughtundersubsect
ion(2)(
a),
t
heapprovalofthecour
tshallbeobt
ainedwher ethecompanyi sbei
ng
woundup.

(
5)The r emedies gi ven byt his sect
ion ar ein addi t
ion to,and noti n
substit
uti
onf or,anyot herpower sandremedi esconf err
edont hetrustee
oft he debentur et rustdeed oron t he debentur e holders,by t he
debenturesordebent uretrustdeed,andanypowerorr emedywhi chis
expressedinanyi nstrumentt obeexer cisabl
ei fthedebent ureholders
becomeent itl
edt or eal
isethei
rsecurit
y,isexercisableont heoccur rence
ofanyoft heev entsspeci f
iedundersect ion230( 1)oft hi
sActor ,inthe
caseofaf loati
ngchar geinsection203oft hisAct ,butamanageroft he
busi
nessorofanyoft heassetsofacompanymaynotbeappoi ntedfor
the benefi
tofdebent ur
e holders unless a recei verhas al so been
appointedandhasnotceasedt oact .

(
6)Thepr
ovisi
onsofsections550-563oft
hisActshal
lappl
ytor
ecei
ver
s
andmanagersundert
hisPart
.

(
7)Noprovi
sioninanyinst
rumentwhichpur
por
tst
oexcl
udeorr
est
ri
ctt
he
r
emediesgivenbyt
hissecti
onisv
alid.

234.Subj
ecttotheprov
isi
onsofthisPartofthi
sActandunlessthecontex
t Appl
icati
onofcer
tai
n
sect
ions.
other
wiseadmi
ts,
theprov
isi
onsofsect
ions171,
172,175,
177,180and181
 ofthisActr
elati
ngt osharecer
ti
ficatesandtr
ansferofshar
esshallappl
yin
respectofshar es as i
f“debentures”were subst
it
uted f
or“shares”and
“debent
ureholders”for“
shar
eholders”.

CHAPTER10- MEETI
NGSANDPROCEEDI
NGSOFCOMPANI
ES

235.(
1)Ev er
ypubliccompanyshal
l,wi
thi
naperiodofsixmonthsfr
om thedate St
atut
oryMeet
ing.
ofitsincorpor
ati
on,hol
d a gener
almeeting ofthe member
soft he
company(inthi
sActref
err
edtoas“thest
atutor
ymeeti
ng”)
.

(
2)Thedi r
ectorsshall
,atl
east21day
sbefor
ethedayonwhicht
hest
atut
ory
meeti
ngishel d,for
wardtoeverymemberofthecompanyacopyofthe
st
atut
oryreport.

(
3)Thestatut
oryrepor
tshallbecer
ti
fi
edbynotlesst
hantwodir
ect
orsorby
adi
rect
orandthesecret
aryofthecompanyandshal
lst
ate—

(
a)thet otalnumberofsharesall
otted,
disti
nguishi
ng
sharesal l
ottedasfull
yorpar tl
ypai d-
upt hanin
cash,andst ati
ngi
nthecaseofshar espar t
lypai
d-
up,theex tenttowhicht heyar
epai dup,andt he
considerati
onforwhi
cht heyhavebeenallot
ted;

(
b)thetot
alamountofcashrecei
vedbythecompany
i
nrespectofal
lthesharesall
ott
ed,dist
ingui
shed
asaf
oresai
d;

(
c)t henames,addr essesanddescri
pti
onsoft he
di
rector
s,audi
tor
s,managers,
ifany
,andsecr
etary
ofthecompany;

(
d)t heparti
cul
arsofanypr e-i
ncor
por
ati
oncontr
act
toget
herwiththepart
icul
arsofanymodi
fi
cat
ionor
proposedmodifi
cati
on;

(
e)any underwri
ti
ng cont
ractthathas notbeen
car
ri
edoutandther
easonsther
efor
;

(
f)thear
rear
s,i
fany
,dueoncal
l
sfr
om ev
erydi
rect
or;
and

(
g)t hepart
icular
sofanycommi ssi
onorbroker
age
paidortobepai di
nconnecti
onwitht
heissueor
saleofsharesordebent
urestoanydi
rect
ororto
themanager.
 (
4)Ther eportshallcontainanabst r
actofthereceipt
softhecompanyand
thepay ment smadef rom them uptoadat ewithi
nsevenday softhedate
oft her eport,exhi
biti
ng underdisti
nct
iveheadingsther eceipt
soft he
companyf rom shares,debent
uresandothersources,t
hepay mentsmade
from suchr ecei
ptsandpar ti
cular
sconcerni
ngt hebalancer emaini
ngin
hand,and an accountorest i
mat eofthepr eli
minar
yexpensesoft he
company .

(
5)Thest atut
oryreportshal
l
,sof arasi
trel
atestothesharesallott
edbythe
company ,andtot hecashr ecei
vedinrespectofsuchshar es,andtothe
receipt
sandpay ment softhecompanyoncapi talaccount
,becer ti
fi
edas
correctbytheaudit
ors.

(
6)Thedi r
ect
orsshal
lcauseacopyoft hest at
utor
yr epor
t,cert
if
iedas
r
equi
redbythi
ssect
ion,t
obedel
iv
eredtotheCommi ssi
onforregi
strat
ion
wi
thi
n14daysaft
ert
hesendi
ngofcopi
estothemember softhecompany .

(
7)Thedi rectorsshallcauseal ist
,showingthenames,descr
ipti
onsand
addressesoft hemember soft hecompanyandthenumberofshareshel
d
bythem r espect
ivel
y,t
obepr oducedatthecommencementofthemeeti
ng
andt oremai nopenandaccessi bl
etoanymemberofthecompanydur i
ng
thecontinuanceofthestatut
orymeeting.

(
8)Themember soft hecompanypr esentatthestatutor
ymeet ingar
eat
l
iber
tyt
odiscussanymatterr
elat
ingtotheformati
onoft hecompany ,i
ts
commencementofbusi
nessorari
singoutoft
hestatutoryrepor
t.

(
9)Anymemberwhowi shesar esol
uti
ontobepassedonanymat terar
ising
outoft hestatutoryreportshal
lgiv
ef ur
ther21days’noticefr
om thedat e
onwhi chthest atut
oryreportwasreceiv
edt othecompanyofhi sint
ention
toproposesuchar esoluti
on,i
nwhichcase, t
hestatutor
ymeetingshallnot
beheldunt i
ltheex pir
ationofthe21day s’not
icegiventothecompanyby
themember .

(
10)Thest atut
orymeeti
ngmaybeadj ournandatanyadjournedmeetingany
resol
utionofwhichnot i
cehasbeengi veni
naccordancewi ththeart
icles,
eit
herbef oreorsubsequentl
ytot
hef ormermeeti
ng,maybepassed,and
theadjournedmeetingshall
havet
hesamepower sast heorigi
nalmeeting.

236.Withoutprej
udicetot hepr ovi
si
onsofsection567ofthisAct,i
facompany Non-compl
i
anceand
fai
lstocompl ywithther equir
ementsofsection235ofthi
sAct,t
hecompany penalt
y.
andanyof fi
cerindef aultcommi t
sanof fenceandar eli
abl
et oafi
nefor
everyday during which t he def
aultcontinues i
n such amountas the
Commi ssi
onshallspecifyinit
sregul
ati
ons.
 GENERALMEETI
NG

237.(
1)Ex cepti
nt hecaseofasmal lcompanyoranycompanyhav i
ngasingle Annualgeneral
sharehol
der,everycompanyshalli
neachy earhol
dageneralmeeti
ngas meet i
ng.
i
tsannualgener almeeti
ngi naddi
ti
ontoanyot hermeet
inginthatyear,
andspecifythemeet i
ngassuchi nthenoti
cescall
ingi
t;andnotmor e
than15mont hsshallelapsebetweenthedat eofoneannualgener al
meet i
ngofacompanyandt henext:

Pr
ovi
dedt
hat
—

(
a)so long as a companyholds i
tsf ir
stannual
general meet
ing wi t
hin 18 mont hs of it
s
i
ncorporat
ioni
tneednotholditi
nt hatyearori
n
thefoll
owi
ngyear;or

(
b)ex ceptf
orthef i
rstannualgener almeeti
ng,t he
Commi ssi
onshallhavepowert oex tendthet i
me
withinwhi
chanyannualgener almeet i
ngshal lbe
held,byaperiodnotex ceedi
ngt hreemont hsso
thatnotmor et han 18 mont hs shallel apse
between the dat
e oft he l
astannualgener al
meet i
ngandthedateofanymeet ingsoex tended.

(
2)Ifdefaultismadei nhol di
ngameet ingofacompanyi naccordancewi th
subsect i
on( 1)
,theCommi ssion,may ,oni tsownoront heappli
cationof
anymemberoft hecompanycal l
, ordirectt hecal l
ingofagener almeet i
ng
ofthecompanyandgi vesuchanci ll
ar yorconsequent ialdi
rect
ionsast he
Commi ssi
on consi ders ex pedi
ent,i ncluding di rections modi f
ying or
supplement i
ng,i nr el
ati
on t ot he cal l
ing,hol ding,conduct ing oft he
meeting,t heoperati
onoft hecompany ’sar ti
cles,andt hatthedirecti
ons
thatmaybegi venundert hissubsect ionshal li
ncludeadi r
ecti
onthatone
memberoft hecompanypr esenti nper sonorbypr oxymayappl yt othe
courtforanor dertotakeadeci sionwhi chbi ndsall themember s.

(
3)Agener almeet i
ngheldi npursuanceofsubsect i
on( 2)is,subj ecttoany
dir
ecti
onoft heCommi ssion,deemedt obeanannualgener almeet i
ngof
thecompany ,but,wher eameet i
ngsohel disnotheldint hey earinwhi ch
thedefaulti
nhol di
ngt hecompany ’sannualgener
almeet ingoccur red,the
meetingsohel dshallnotbet r
eatedast heannualgeneralmeet i
ngf orthe
yearinwhichitisheldunl ess,atthatmeeti
ng,thecompanyr esolvest hati
t
shall
besot reated.

(
4)Whereacompanyr esolv
esthatameetingshal
lbetr
eat
edasit
sannual
gener
almeet
ing,acopyoft heresol
uti
onshall
,wi
thi
n15daysaft
ert
he
passi
ng,
befi
l
edwi t
ht heCommissi
on.
 (
5)Ifdef
aulti
smadei nholdingameet i
ngofthecompanyi naccor
dancewit
h
subsect
ion( 1)
,ori ncomplyi
ngwi t
hanydirectionoft heCommi ssi
on
undersubsecti
ons( 2)and(3),orincomplyingwi thsubsecti
on(5),t
he
companyandev er
yoffi
cerofthecompanyar eliabletoapenaltyi
nsuch
amountast heCommi ssi
onshallspeci
fyi
nit
sr egulat
ions.

238.Allbusinessest ransactedatannualgeneralmeetingsar edeemedspeci al Businesses

tr
ansactedatannual
business,ex cept declari
ng a di vi
dend,presentati
on of t he financial generalmeeti
ng.
statementsandt hereportsofthedir
ector
sandaudi t
ors,elect
ionofdirect
ors
intheplaceoft hoser et
iri
ng,theappoint
ment,f
ixi
ngoft heremunerationof
theauditors,appointmentofmember softheauditcommi t
teeanddisclosure
ofremuner at
ionofmanager sofacompany,whi
char eordinarybusi
ness.

EXTRAORDI
NARYGENERALMEETI
NG

239.(
1)Theboardofdi r
ect
orsmayconv eneanex t
raor
dinar
ygeneralmeet i
ng Extraor
dinar
ygener
al
whenevertheydeem fi
t,andifatanytimetheyar enotwi
thinNi ger
ia, meeti
ng.
suff
ici
entdi
rect
orscapabl
eofacti
ngtof or
m aquorum,anydirect
ormay
conveneanextr
aordi
narygener
almeet
ing.

(
2)Anext r
aor di
narygeneralmeet i
ngofacompanymayber equisi
ti
onedby
anymemberormember soft hecompanyhol ding atthedat eoft he
requi
siti
onnotl essthanone- tenthofthepaidupcapitalofthecompanyas
atthedat eofthedeposi tcar r
yingtherightofvoti
ng,orint hecaseofa
companynothav ingashar ecapi tal
,member soft
hecompanyr epresenting
notlesst hanonet enthoft hetotalvot
ingright
sofallthemember shav ing
atthesai ddatear i
ghttov oteatgeneralmeet i
ngsofthecompany ,andt he
dir
ectorsshal l
onr ecei
ptoft herequisi
ti
onimmedi at
elyproceedt oconv ene
anex t
raor di
narygeneralmeet i
ngoft hecompany ,
notwithst
andingany thing
i
ni t
sarticles.

(
3)Ther equisiti
onshal
lstatetheobj
ectsofthemeeti
ng,
andbesi
gnedbythe
requi
sit
ionistsanddeposi t
edattheregi
ster
edoffi
ceoft
hecompany,and
therequisi
tionmayconsi stofsever
aldocument
sinli
kefor
m eachsi
gned
byoneormor erequi
sit
ionists.

(
4)I fthedi r
ect
orsdonotwi thi
n21day sf rom thedateoft hedeposi
toft he
requisit
ionproceedtoconveneameet ing,therequi
sit
ioni
sts,oranyoneor
mor eoft hem repr
esenti
ngmor ethanonehal fofthet ot
alvoti
ngright
sof
alloft hem,mayt hemsel
ves convene a meet i
ng butanymeet ing so
conv enedshallnotbeheldaftertheex pir
ati
onoft hr
eemont hsfrom that
date.

(
5)Ameetingconvenedundert
hissect
ionbyar
equisi
ti
oni
storrequisi
ti
oni
sts
shal
lbeconvenedinthesamemanner ,asnear
lyaspossible,asthatin
 whi
chmeet
ingsar
etobeconv
enedbydi
rect
ors.

(
6)Anyr easonabl
eex pensesincur
redbytherequi
sit
ioni
storr
equi
sit
ionist
s
byr easonoft hefail
ureoft hedir
ect
orstoconveneameet i
ng,shallbe
repaidtotherequi
si
tioni
stsbythecompany.

(
7)Fort hepur
poseofthi
ssecti
on,thedir
ector
sar
e,i
nt hecaseofameeting
atwhicharesol
uti
onistobeproposedasaspeci
alresol
uti
on,deemednot
tohav edul
yconvenedthemeetingiftheydonotgivesuchnot i
ceasis
requi
redbysect
ion241ofthi
sAct.

(
8)Allbusinessest
ransact
edatanex
traor
dinar
ygener
almeet
ingar
edeemed
speci
al.

240.(
1)Wi t
ht heex
cepti
onofsmallcompaniesandcompanieshav
ingasingl
e Pl
aceofmeet
ing.
sharehol
der
,allst
atut
oryandannualgener
almeet
ingsshallbehel
din
Nigeri
a.

(
2)Apr ivat
ecompanymayhol
ditsgener
almeet
ingsel
ect
roni
cal
lyprov
ided *amended by BFA 2023
S240(2)- A company may
thatsuchmeet
ingsar
econduct
edinaccor
dancewit
hthearti
clesofthe hold its general
company . meetings...

NOTI
CEOFMEETI
NGS

241.(
1)Thenot
icerequir
edforal
lty
pesofgener
almeet
ingsi
s21day
sfr
om t
he Lengt
hofnoti
cefor
cal
li
ngmeeti
ngs.
dat
eonwhicht henot
icewassentout
.

(
2)Agener almeeti
ngofacompany ,notwi
thst
andi
ngthati
tiscal
l
edbya
shor
ternoti
cethanthatspecif
iedinsubsecti
on(1)
,isdeemedtohav
e
beendul
ycall
edifi
tissoagreedinthecaseof—

(
a)ameet ingcal
l
edastheannualgener
almeet
ing,
byal
lthemembersent
it
ledt
oatt
endandvot
e;and

(
b)any ot hergener almeet ing,by a maj ori
tyi n
numberoft hemember shav i
ngar ighttoattend
andv oteatt hemeet i
ng,beingamaj ori
tyt
ogether
holdingatl east95%i nnomi nalval
ueoft heshares
giv
ingar ighttoattendandv oteatthemeetingor,
i
nt he case ofa companynothav i
ng a share
capital,togetherrepresent
ingatl east95% oft he
tot
alv oting right
s att hatmeet i
ng ofal lt he
member s.

242.(
1)Thenoticeofameetingshal
lspeci
fythepl
ace,dateandtimeofthe Cont
ent
sofnot
ice.
meet
ing,andthegeneralnat
ureofthebusi
nesst obetransact
edin
 suff
ici
entdetailt
oenabl
et hosetowhom i
tisgi
ventodecidewhethert
o
att
endornot ,andwherethemeet i
ngist
oconsideraspecialr
esol
uti
on,
setoutthetermsoftheresolut
ion.

(
2)Inthecaseofnot iceofanannualgener almeet i
ng,ast atementt hatthe
purposei stotr
ansactt heordinarybusinessofanannualgener almeet i
ng
i
sdeemedt obeasuf fi
cientspecifi
cationt hatt hebusinessi sf orthe
declarat
ionofdividends,presentati
onoft hef inancialst
atement s,
r eport
s
oft hedirector
sandaudi tors,theelectionofdi rector
si nt heplaceof
thoser eti
ri
ng,f i
xing ofther emunerati
on oft heaudi tors,and,i fthe
requir
ement sofsect i
ons409and410oft hi
sActar ecompl iedwi th,t
he
remov alandelecti
onofaudi torsanddirect ors.

(
3)Nobusinessmaybetransact
edatanygener
almeet
ingunl
essnot
iceofi
t
hasbeendulygi
ven.

(
4)I nev erycaseinwhi chamemberi senti
tl
ed,pursuanttosecti
on254of
thi
sAct ,t
oappoi ntaproxyt oatt
endandv oteinsteadofhim,thenotice
shallcontain,astatementthatamemberhast her i
ghtt
oappointapr oxy
toat tendandv oteinsteadofhi m andthatt hepr ox
yneednotbea
memberoft hecompany ,andifdefaul
tismadei ncomplyingwiththis
subsect i
onasr espectsanymeet i
ng,eachoff
icerofthecompanyi sli
able
to apenal tyinsuchamountast heCommi ssionshallspecif
yini ts
regulati
ons.

(
5)Aner rororomi ssi
oni nanot i
cewi t
hrespectt ot heplace,date,ti
meor
gener alnat ureoft hebusinessofameet ing shallnoti nvali
dat
et he
meet ing,unl esstheof f
iceroft hecompanyr esponsibl
ef ortheerroror
omi ssion act ed in bad fai
th orfai
led to exerci
se care and dili
gence
prov i
dedt hatint hecaseofacci dentalerrororomi ssi
on,t heoffi
cer
responsi bleshalleffectthenecessarycorrectioneitherbefor
eordur ing
themeet ing.

243.(1)The f
oll
owi
ng per
sons ar
e ent
it
led t
orecei
ve not
ice ofa gener
al Personsent
it
ledt
o
noti
ce.
meeti
ng—

(
a)ev
erymember
;

(
b)ev er
yper son upon whom t he ownershi
p ofa
share devol
ves by reason ofhis being a l
egal
repr
esentati
ve,r
eceiv
erorat r
usteeinbankruptcy
ofamember ;

(
c)ev
erydi
rect
oroft
hecompany
;

(
d)ev
eryaudi
torf
ort
het
imebei
ngoft
hecompany
;
 and

(
e)thesecr
etar
y ,andCommi
ssi
oni
nthecaseof
publ
i
ccompanies.

(
2) Noot
herper
soni
sent
it
ledt
orecei
venot
iceofgener
almeet
ings.

244.(
1)Anot i
cemaybegi venbythecompanytoanymemberei t
herpersonal
l
y *amended
Ser
viceofnotice.
by BFA 2023
orbysendi
ngitbyposttohim ortohi
sr egi
ster
edaddr ess,or(
ifhehas
noregi
ster
edaddresswithi
nNiger
ia)t
ot headdress,suppli
edbyhi mto S244(1)- A notice may be
given by the company to
thecompanyf
orthegivi
ngofnoti
cetohim. any member-
(a) personally;
(
2)Wher eanot iceissentbypost ,ser v
iceoft henoticei sdeemedt obe (b) electronically;
eff
ectedbypr oper
lyaddressi
ng,pr
epay ing,andposti
ngal ett
ercontai
ning
thenotice, andt ohavebeenef f
ectedi nthecaseofanot i
ceofameet ing (c) by sending it by post
to him or to his regular
attheex pirationofsevenday saf terthel et
tercontaini
ngt hesamei s address; or
posted,andi nanyothercaseatt het i
meatwhi cht helet
terwouldbe
deli
veredi nt heordi
narycourseofpost . (d) where he has no
regular address in
Nigeria, to the address
(
3)Inaddi
ti
ont othenot
icegiv
enper
sonal
lyorbypost,not
icemayalsobe supplied by him to the
gi
venbyelectr
oni
cmai l
toanymemberwhohasprov
idedthecompanyan company for the giving of
notice to him.
el
ect
roni
cmai
laddr
ess.

(
4)Anoticemaybegivenbythecompanytothej
ointholdersofashar
eby
gi
vi
ngt henot
icet
othejoi
nthol
derf
ir
stnamedi
nt heregist
erofmember
s
i
nrespectoft
heshare.

(
5)Anot icemaybegi v
enbyt hecompanyt otheper sonsentit
ledt
oashar e
i
nconsequenceoft hedeathorbankr uptcyofamemberbysendi ngit
thr
ought heposti naprepaidlet
teraddressedt othem byname, orbyt he
ti
tl
eofr epresentat
ivesofthedeceased,ort rusteeofthebankrupt,orby
anylikedescript
ion,att
headdr ess,i
fany ,withi
nNi ger
iasuppli
edf orthe
purposebyt hepersonclai
mi ngtobesoent i
tl
ed, orunt
ilsuchanaddr ess
hasbeensosuppl i
edbygi vingthenot i
cei nanymanneri nwhicht he
samemi ghthavebeengivenifthedeathorbankr uptcyhadnotoccur red.

(
6)Inthissect
ion,
“regist
eredaddr
ess”
,meansanyaddr
esswhet
herphy
sical
orelectr
oni
csuppliedbyamembert ot
hecompany.

245.(
1)Fail
uretogiv
enoticeofanymeetingtoapersonenti
tl
edt or
ecei
vei
t Fai
l
uret
ogi
venot
ice.
i
nval
idat
esthemeetingunl
esssuchfai
lur
eisanacci
dentalomi
ssi
onon
t
hepartoft
hepersongivi
ngthenot
ice.

(
2) Fai l
uret o gi ve not
ice to a person ent
it
led t o it
,due t o a
misr
epresentat
ionormi sint
erpr
etat
ionoftheprovisionsofthi
sAct,or
t
hearti
cles,shallnotamounttoanaccident
alomissionforthepur
poses
 ofsubsect
ion(
1).

246.Inaddit
iontot
henot i
cerequi
redtobegiventothoseent
it
ledt
orecei
vei
tin Addi
ti
onal
not
ice.
accordancewit
ht hepr ov
isi
onsoft hi
sActev er
ypubli
ccompanyshall
,at
least21daysbeforeanygeneralmeeti
ng,
adverti
seanoti
ceofsuchmeet
ing
inatleastt
wodailynewspapers.

247.(
1)I fforanyreasonitisimpracti
cabletocallameet ingofacompanyorof PowerofCourtt o
or
dermeet
ings.
theboar dofdirect
orsinanymanneri nwhi chmeet i
ngsofthatcompany
orboar dmaybecal led,ortoconductt hemeet i
ngoft hecompanyor
boar dinthemannerpr escr
ibedbyt hear
ticlesorthisAct,t
heCour tmay ,
eitherofi t
sownmot i
onoront heapplicati
onofanydi r
ect oroft he
companyorofanymemberoft hecompanywhowoul dbeentitl
edt ov ote
att hemeet i
ng,inthecaseoft hemeetingoft hecompany ,andofany
directorofthecompany ,i
ncaseoft hemeet i
ngoft heboar d,or dera
meet ingofthecompanyorboar d,asthecasemaybe,t obecal l
ed,hel d
andconduct edi nsuchmannerast heCour tdeemsf it
,andwher eany
suchor derismade,maygi vesuchancill
ar yorconsequenti
aldi recti
ons
asi tdeemsex pedi
ent.

(
2)Thedi rect
ionsthatmaybegivenundersubsecti
on(1)i
ncludeadi r
ecti
on
thatonememberoft hecompanypr esenti
npersonorbyproxyi
nt hecase
ofameet i
ngoft hecompany,andonedi rect
orinthecaseoftheboar d
mayappl ytotheCourtforanordertotakeadecisi
onwhichshallbindall
themember s.

(
3)Anymeet i
ngcal l
ed,hel
dandconduct edinaccordancewi
thanor der
undersubsect
ion(1),i
sforal
lpurposesdeemedt obeameet i
ngoft he
companyoroft heboar
dofdir
ect
orsdulycal
led,
hel
dandconducted.

VOTI
NG

248.(
1)Atanygener
almeeting,
aresol
uti
onputt
othevoteshallbedeci
dedona Procedureofvot ing.
showofhands,unl
essapolli
s(befor
eoronthedecl
arati
onoftheresul
t*amended by BFA 2023
oftheshowofhands)demandedby— S 248(1)- ...shall be
decided on a show of
(
a)thechai
rman,wher
ehei
sashar
ehol
derora hands or electronic
voting, unless...
prox
y;

(
b)atleastt
hreemember
spr
esenti
nper
sonorby
pr
oxy;

(
c)amemberormember spr esenti
npersonorby
proxyandr epresent
ingatleastonetent
hofthe
totalv
oti
ngr ightsofallthemembershavingt
he
ri
ghttovoteatt hemeeting;
or
 (
d)anymemberormember sholdi
ngshar esinthe
companyconfer
ri
ngarighttovoteatthemeeting
bei
ng shareson whi
ch an aggregatesum has
beenpaidupequaltoatl eastone-t
ent hofthe
tot
alsum pai
duponallthesharesconferr
ingt
hat
ri
ght.

(
2)Unl essapol lisso demanded,adecl arati
onbyt hechai r
mant hata
resol
ut i
onhasonashow ofhandsbeencar r
iedunanimouslyorbya
parti
cularmaj or
it
y,orl ost
,andanent r
ytothateff
ecti
nthebookcont aini
ng
themi nutesofthepr oceedingsofthecompany ,i
saconclusi
veevidenceof
thefact,withoutproofoft henumberorproporti
onofthev ot
esrecordedin
favourof,oragainst,theresolut
ion.

249.(
1)Anyprovi
sioncont
ainedi
nacompany
’sar
ti
clesi
svoi
difi
twoul
dhav
e Ri
ghtt
odemandpol
l
.
t
heef
fectof
—

(
a)excl
udingtherightt
odemandapollatagener
al
meet
ingonanyquestionot
hert
hant
heelect
ionof
t
hechairmanofthemeeti
ngort
headjour
nmentof
t
hemeet i
ng;or

(
b)maki ngineff
ecti
veademandf orapollonany
such quest
ion which i
s made by any ofthe
personsmenti
onedinsect
ion248ofthi
sAct.

(
2)Thei nstr
umentappoint
ingapr oxytov ot
eatameeti
ngofacompanyi s
alsodeemedalsotoconferauthor
it
ytodemandorjoi
nindemandi
ngapoll,
andforthepurposesofsubsecti
on(1),ademandbyapersonasproxyf
or
amemberi sthesameasademandbyt hemember
.

(
3)Not wit
hstandi
ngsect
ion248ofthi
sActandsubsections(1)and( 2)of
t
hissecti
on,ther
eshal
lbenor i
ghttodemandapol lont heelect
ionof
membersoftheaudi
tcommitt
eeundersect
ion404oft
hisAct.

250.(
1)Onapol lt
akenatameet i
ngofacompany ,orameet
ingofanyclassof Vot
ingonapol
l
.
membersofacompany ,amemberentit
ledtomorethanonevote,ifhe
vot
es,neednotuseal
lhisvot
esorcastallt
hevot
esheusesinthesame
way.

(
2)Ex ceptasprov
idedi
nsubsecti
on(4)
,ifapol
lisdul
ydemanded,
itshal
lbe
takeninsuchmannerasthechair
mandi r
ect
s,andther
esul
tofthepolli
s
deemed to be the r
esol
uti
on ofthe meeti
ng atwhich t
he pol
lwas
demanded.
 (
3)Int hecaseofanequali
tyofvot
es,whet
heronashowofhandsorona
pol
l,thechai
rmanofthemeeti
ngatwhichtheshowofhandstakespl
ace
oratwhichthepol
lisdemanded,shal
lbeenti
tl
edtoasecondorcasti
ng
vot
e.

(
4)A pol ldemandedont heelecti
onofachai rmanoronaquest ionof
adjournmentistakenimmediat
ely,andonanyotherquest
ioni stakenat
sucht i
meast hechair
manoft hemeet i
ngdi
rect
s,andanybusinessot her
thanthatuponwhi chapollhasbeendemandedmaybepr oceededwi th
pendingthetaki
ngofthepoll
.

251.(
1)Subjecttosect
ion252ofthi
sAct,ev
erymemberhasari
ghtt
oatt
end Rightofat
tendanceat
generalmeeti
ng.
anygeneralmeeti
ngofthecompanyinaccor
dancewi
tht
hepr
ovi
si
ons
ofsecti
on107.

(
2)Int
hecaseofj oi
nthol
ders,
thev ot
eoftheseniorj
ointholderwhotenders
avote,whetheri
npersonorbypr oxy
,shallbeacceptedt otheexcl
usion
ofthevotesoftheotherjointhol
ders,andforthispurposeseniorit
yis
det
erminedbyt heorderinwhi chthenamesst andint heregi
sterof
member s.

(
3)Amemberofunsoundmi nd,orinrespectofwhom anor derhasbeen
madebyanycour thavingjuri
sdi
cti
oninlunacy ,mayv ote,whetherona
showofhandsoronapol l,byhi
scommi t
tee,receiv ,cur
er atorbonis,or
otherpersoni nthenat ur
eofacommi tt
ee,r ecei
verorcur at
orboni s
appoint
edbyt hatcourt
,andanysuchcommi t
tee,recei
ver,curatorbonis
orotherpersonmayv ot
ebypr oxy
.

252.Everypersonwhoi sentit
ledtorecei
venot i
ceofagener almeeti
ngoft he Att
endanceat
meetings.
companyaspr ovidedundersecti
on251oft hisAct,i
senti
t l
edtoattendsuch
ameet ing.
253.Noobj ect
ionshallberai
sedt othequal
ifi
cationofanyv oterexceptatthe Objecti
onsasto
quali
fi
cati
ontovot
e.
meet i
ngoradj ournedmeet i
ngatwhi chthev ot
eobjectedt oisgi venor
tendered,andev eryvotenotdisall
owedatsuchmeet ingisv ali
df oral
l
purposesandanysuchobj ect
ionmadeinduet imeshallber ef
erredtothe
chair
manoft hemeet i
ng,whosedecisi
onisfinalandconcl
usive.

254.(
1)Anymemberofacompanyent i
tl
edt oattendandv oteatameet i
ngofthe Proxi
es.
companyisent i
tledt
oappoi ntanot herper son(whetheramemberor
not)as hi
s proxyt o at
tend and v otei nstead ofhim,and a proxy
appoint
edtoattendandvoteinsteadofamemberhast hesamer i
ghtas
themembert ospeakatthemeet ing,andunl esstheart
icl
esprovi
de,thi
s
sect
ionshallnotapplyint hecaseofacompanynothav i
ngashar e
capi
tal.

(
2)I
nev
erynot
icecal
l
ingameet
ingofacompanyhav
ingashar
ecapi
tal
,
 thereshallappearastatementthatamemberent i
tl
edt oattendandvote
i
sent i
tl
edt oappointapr oxyor ,wherethati sallowed,t woormor e
proxies,t
oat t
endandv otei
nsteadofhim,andt hatapr oxyneednotbea
memberandi fdefaul
ti smadei ncompl yi
ngwi t
ht hissubsecti
onas
respectsanymeet i
ng,eachoff
icerofthecompanyi sl i
abletoapenalt
yin
suchamountast heCommi ssi
onshallspeci
fyinitsregulati
ons.

(
3)Anypr ovi
sioncontai
nedinacompany ’
sarticl
esi svoidinsof arasit
wouldhavet heeff
ectofr equi
ri
ngtheinst
rumentappoi nt
ingapr oxyor
anyotherdocumentnecessarytoshowthev ali
dit
yoftheappoint
mentof
aproxy,t
ober ecei
vedbyt hecompanyoranyot herpersonmoret han48
hours before a meeting or adj
our
ned meet i
ng in order t
hat the
appoi
ntmentmaybeef fecti
veatthemeeti
ng.

(
4)If
,forthepur poseofanymeet i
ngofacompany ,i
nvitat
ionstoappointas
proxyaper sonoroneofanumberofper sonsspecif
iedintheinvi
tati
ons
areissuedatt hecompany’sexpenseonlyto someoft hemember s
enti
tl
edt or eceivenoticeofthemeetingandt ov otebypr oxyatt he
meeting,eachof f
icerofthecompanywhoaut hor i
sesorper mit
st hei
r
i
ssuei sliablet oapenal t
yinsuchamountast heCommi ssi
onshall
specif
yinitsr egul
ati
ons:

Provi
dedt hatanoffi
cerisnotli
abl
eundert hissubsecti
onbyreasononly
oft he issue to a memberathi sr equestin writ
ing ofa for
m of
appointmentnami ngtheproxyoralistofpersonswill
ingtoactasproxy
ifthef orm orlisti
sav ai
labl
eonr equesti nwr i
ti
ngt oeverymember
enti
tledtov ot
eatthemeetingbyproxy.

(
5)Av otegiveni naccor dancewiththetermsofani nstrumentofpr oxyis
valid notwithstanding the previ
ous death,insani
ty oft he princi
pal,
rev ocati
onoft hepr oxyoroft heauthori
tyunderwhi cht hepr oxywas
ex ecuted,t
het ransferoftheshareinrespectofwhicht hepr oxyisgiven,
wher eno i nti
mat ion in wr
iti
ng ofsuch death,insanity
,r evocati
on or
transferisrecei v
edbyt hecompanybef orethecommencementoft he
meet i
ngoradj ournedmeet i
ngatwhichtheproxyisused.

(
6)Thei nstrumentappointi
ngapr oxyshal
lbeinwr i
ti
ng,undert
hehandof
the appoi nt
erorhis at t
orney dul
y aut
hori
sed in wri
ti
ng and,i
ft he
appointerisacorporati
on,eit
herbydeed,orunderthehandofanoffi
cer
orattorneydulyaut
horised.

(
7)Theinstrumentappoi nt
ingapr oxyandt hepowerofat torneyorother
aut
hori
ty,underwhi chitissignedoracer t
ifi
edcopyoft hatpoweror
aut
hori
tyi s deposit
ed atthe regist
ered of
fice orhead of fi
ce ofthe
companyoratsuchot herpl
acewi t
hinNigeriaasi sspecifi
edforthat
pur
poseint henoticeconveni
ngt hemeeting,atleast48hoursbeforethe
 ti
mef orhol di
ngthemeet i
ngoradj ournedmeet ing,atwhichtheper son
namedi ntheinstr
umentproposestov ote,or,
inthecaseofapol l
,atleast
24hour sbef orethetimeappoi nt
edf ort hetakingoft hepoll,andi f
defaul
ted,
t heinst
rumentofproxyshallnotbet r
eatedasvalid.

(
8)Thi
ssect
ionappl
i
estomeetingsofanycl
assofmember
sofacompany
asi
tappl
i
estogener
almeet
ingsofthecompany
.

255.(
1)Acorporat
ion,
whet
heracompanywi
thi
nthemeani
ngoft
hisActornot
, Corporat
ion
repr
esentat
ionat
mayi
fiti
s— meetingsof
compani
es,
etc.
(
a) a member of anot her cor
porati
on,being a
company wi thinthe meaning oft hi
s Act,by
resolut
ionofi tsdi
rect
orsorothergoverni
ngbody,
authorisesuchpersonasi tdeemsf i
ttoactasit
s
representati
veatanymeet ingofthecompanyor
atanymeet ingofanycl assofmember softhe
company ;or

(
b)acr edi
tor(i
ncl
udi ngahol derofdebentures)of
anothercorporation,beingacompanywi thinthe
meani ngofthisAct ,byr esol
uti
onofitsdirect
ors
orot hergov
erningbody ,authori
sesuchpersonas
i
tdeemsf i
ttoactasi t srepr
esent
ati
veatany
meet ingofanycr edi
tor
soft hecompanyhel din
pursuance oft his Actorofany r ul
e made
thereunderori n pursuance oft he provisi
ons
containedinanydebent ureort r
ustdeed,ast he
casemaybe.

(
2)Aper sonauthori
sedaspr ovidedinsubsect
ion(1),i
sent i
tledtoexercise
thesamepower sonbehal fofthecorpor
ati
onwhichher epr esent
sast hat
corporati
onmi ghtexer
ciseifitwereanindivi
dualshareholder,cr
edi
toror
holderofdebenturesofthatothercompany.

256.(
1)Excepti nthecaseofacompanywi thonememberorprovi
dedi nthe Quor
um.
art
icles,nobusi
nessshallbetransact
edatanygener
almeeti
ngunl essa
quorum ofmember sispresentattheti
mewhenthemeeti
ngpr oceedsto
businessandthroughoutt
hemeet ing.

(
2)Excepti nthecaseofacompanywi t
honememberorpr ovi
dedi nt he
arti
cles,t
hequor um fort
hemeet i
ngofacompanyisonethirdofthet otal
numberofmember soft hecompanyor25member s(whicheverisless)
presentinpersonorbypr oxy
,butwherethenumberofmember si
snota
multipleofthree,thenthenumbernear esttoonethi
rd,butwher et he
numberofmember sissi
xorl ess,t
hequorum i
stwomember sandf orthe
 purposeofdet
ermi
ningaquor
um,al
lmember
sort
hei
rpr
oxi
esshal
lbe
counted.

(
3)Wher eamemberwi t
hdraw fr
om t hemeet i
ngf orwhatappearst othe
chai
rmant obei nsuff
ici
entreasonsandf ort
hepur poseofreducingthe
quorum,andt hequorum isnol ongerpresent,t
hemeet i
ngmaycont i
nue
wit
ht henumberpr esent,andtheirdeci
sionbindalltheshar
eholdersbut
wherethereisonl
yonemember ,hemayseekdi r
ecti
onoftheCourttotake
adecision.

(
4)Wher etherei saquor um att hebeginning,butnoquor um l
aterduet o
some shar eholdersl eavi
ng f orwhatappear st othe chair
man t o be
suff
ici
entreasons,t hemeet i
ngshal lbeadjournedtothesamepl ace,and
ti
me,i naweek’ st i
me,andi ft her
ei snoquor um sti
llattheadjourned
meeting,themember spr esentar ethent hequorum andt heirdecisi
on
shal
lbindal lshareholdersandwher eonlyonememberi spr
esent,hemay
seekdirect
ionoft heCour ttotakeadeci sion.

257.The compensati
on ofmanager
s ofa company shal
lbe di
scl
osed t
o Discl
osureof
remunerati
onof
membersofthecompanyatt
heannual
gener
almeet
ing. managers.

258.(
1)A resol
uti
onisanor di
naryresol
uti
onwheni thasbeenpassedbya Resol
uti
ons.
si
mplemaj ori
tyofvot
escastbymember softhecompanyas,bei
ng
ent
it
ledtodoso,vot
einpersonorbyproxyatagener
almeet
ing.

(
2)Ar esolut
ionisaspeci alr
esolut
ionwheni thasbeenpassedbyatleast
thr
ee- f
ourthsoft hev ot
escastbymember soft hecompanyas,vot
ei n
person orbypr oxyata gener almeeting ofwhich 21 day
s’noti
ce,
specifyi
ngt heintent
iontoproposetheresolut
ionasaspecialr
esol
uti
on,
hasbeendul ygiv
en:

Provi
dedt hat,ifitissoagreedbymaj or
it
yi nnumberoft hemember s
havingther i
ghttoat t
endandv oteatanysuchmeet i
ng,beingamaj ori
ty
togetherholdingatleast95% i
nnomi nalvalueofthesharesgi vi
ngt hat
ri
ghtor ,i
nt hecaseofacompanynothav ingasharecapi t
al,together
represent
ingatl east95%ofthet ot
alvoti
ngr i
ghtsatthatmeet i
ngofal l
themember s,ar esolut
ionmaybepr oposedandpassedasaspeci al
resolut
ionatameet i
ngofwhichlessthan21day s’
noti
cehasbeengi ven.

(
3)Atanymeetinginwhi chaspecialresolut
ionissubmitt
edt obepassed,a
decl
arat
ionofthechai r
manthatt heresoluti
oniscarri
edis,unlessapoll
i
sdemanded, concl
usiveevi
denceoft hef actwi
thoutproofofthenumber
orpr
oporti
onofthev otesr
ecordedi nfavouroforagai
nsttheresolut
ion.

(
4)Incomputi
ngthemaj
ori
tyofapol ldemandedonthequest
iont
hata
speci
alr
esol
uti
onbepassed,r
efer
enceshallbehadt
othenumberof
 v
otescastf
orandagai
nstt
her
esol
uti
on.

(
5)Fort
hepurposesofthi
ssect
ion,
noti
ceofameeti
ngisdeemedtobedul
y
gi
venandthemeet i
ngtobedulyheldwhenthenoti
ceisgiv
enandthe
meeti
ngheldi
nthemannerprovi
dedbythi
sActort
heart
icl
es.

(
6)Acompanymay ,
byit
sart
icl
es,pr
ovi
det
hatanymatternotrequir
edbythe
ar
ti
clesorthi
sActt obepassedbyaspeci
alresol
uti
on,shallbepassed
byanordi
naryresol
uti
on.

259.Allresol
uti
onsshallbepassedatgeneralmeeti
ngsandar
enoteffect
ive Wr
it
tenr
esol
uti
ons.
unl
esssopassed,butinthecaseofaprivatecompanyawr
it
tenr
esolut
ion
si
gnedbyal lthemember senti
tl
edtoat tendandv ot
ear
easv al
idand
eff
ecti
veasifpassedi
nageneralmeet
ing.

260.(
1)Subjecttoprovi
sionsofthi
ssecti
on,iti
sthedutyofacompany,onthe Circulat
ionof
member s’
requi
sit
ioninwr i
tingofsuchnumberofmember sasspeci
fi
edint hi
s resoluti
ons.
secti
onand( unl
esst hecompanyotherwi
seresol
ves)att
heexpenseof
thecompanyt o–

(
a)gi v eto member s oft he companyent it
led t
o
receivenoti
ceoft henex tannualgener
almeet i
ng
noticeofanyr esolut
ionsubmi tt
edbyamember
whichmaypr operlybemov edandisintendedto
bemov edatthatmeet ing;and

(
b)ci r
culat
et omember sent i
tl
edt orecei
venot i
ceof
generalmeetinganyst atementofnotmor ethan
1,
000wor dswit
hr especttot hemat t
errefer
redt o
i
nanypr oposedresoluti
onort hebusinesstobe
dealt with at that meet ing, and wher e t he
statementhasmor et han1,000wor dstoci r
culate
asummar yofit
.

(
2)Thenumberofmember
snecessar
yforar
equi
sit
ionundersubsect
ion(
1)
shal
lbe—

(
a)anyoneormor emembersrepresenti
ngatleas
t
one-t
wentiethoft hetot
alvoti
ngr i
ghtofallthe
member shav ingatthedateoft herequi
si
ti
ona
ri
ght tov ot
e at t he meet
ing to which the
requi
sit
ionrelates;
or

(
b)atl east100 members hol
ding shares i
nthe
companyonwhi chther
ehasbeenpai dupan
aver
agesum,permember,ofatleastN500.
(
3)Noti
ceofanysuchr esolut
ionshal
lbegiven,andanysuchst atementshal
l
becir
culat
ed,tomember softhecompanyent it
ledtorecei
v enoti
ceofthe
meeti
ng,byser vi
ngacopyoft heresol
utionorstatementoneachsuch
memberi nanymannerper mit
tedforser
viceofnoti
ceoft hemeet i
ng,and
not
iceofsuchr esolut
ionisgiventoanyothermemberoft hecompanyby
gi
vi
ng not i
ce oft he generaleffectoft he r
esoluti
on in any manner
per
mittedforgi
v i
ngnot i
ceofmeetingsofthecompany :

Pr
ovidedt
hatthecopyisser
ved,ornoti
ceoftheeff
ectoftheresol
uti
onis
gi
ven,asthecasemaybe,int hesamemannerandatt hesamet i
meas
noti
ceofthemeeti
ngand,whereitisnotpr
acti
cabl
eforittobeservedor
gi
venatthatt
ime,i
tshall
beservedorgiv
enassoonaspracticabl
e.

(
4)Acompanyisnotboundundert
hissect
iont
ogi
venot
iceofanyr
esol
uti
on
ort
oci
rcul
ateanystat
ementunl
ess—

(
a) a copy of t he requisit
ion si
gned by the
requi
si
ti
oni
sts(t
woormor ecopieswhi
chbetween
them contain t he signatures of all the
requi
si
ti
oni
sts) i
s deposited at t
he regi
ster
ed
offi
ceoft
hecompany —

(
i)i
nthecaseofar equisi
ti
onr
equir
ingnot
iceof
aresol
ution,atleastsixweeksbefor
et he
meeti
ng,and

(
ii
)inthecaseofanyotherr
equisi
ti
on,atl
east
oneweekbefor
ethemeeti
ng;
and

(
b)thereisdeposi t
edortenderedwi ththerequisiti
on,
a sum r easonably suf f
ici
ent t o meet t he
company ’
sex pensesingi v
ingef fecttoit,buti f
,
afteracopyofar equi
sit
ionr equiri
ngnot i
ceofa
resoluti
onhasbeendeposi tedatt heregister
ed
officeofthecompany ,
anannualgener almeet i
ng
i
scal l
edf oradat esixweeksorl ess,thecopy ,
thoughnotdeposi t
edwi t
hint hetimer equiredby
thi
ssubsect i
on,isdeemedt ohavebeenpr operly
depositedf ort
hatpurposes.

(
5)The companyi s al
so notbound undert hi
s secti
on to ci
rculat
e any
statementif
,ontheapplicat
ionoft hecompanyoranyot herpersonwho
claimst obeaggri
eved,t
hecour ti
ssat i
sfi
edthatt
her i
ghtsconferredby
thissecti
onarebeingabusedt osecureneedl
esspubli
cit
yfordefamat or
y
mat ter
,andtheCour tmayor derthecompany’scostsonanappl i
cati
on
 underthi
ssecti
ont obepaidinwhol eorinpartbytherequisi
ti
oni
st,
notwi
thst
andi
ngthatther
equi
sit
ioni
sti
snotpar
tyt
otheappl
i
cation.

(
6)Notwi t
hstandi
ngany thi
nginthecompany ’
sart
icl
es,t hebusinesswhich
maybedeal twithatanannualgeneralmeeti
ngincludesanyresolut
ionof
whichnot i
ceisgi v
eni naccor
dancewiththi
ssectionandf orpurposesof
thi
ssubsect i
on,noticeisdeemedtohavebeengi ven,notwi
thstandi
ngthe
accidentalomissi
oni ngivi
ngi
ttooneormor emember s.

(
7)Wherether
eisdef aul
tincomplyi
ngwiththepr
ovi
si
onsofthi
ssecti
on,
eachof
fi
cerofthecompanyi sl
iabl
etoapenalt
yinsuchamountasthe
Commissi
onshall
specifyi
nit
sregul
ati
ons.

261.Wher ebyanypr ovi

sioncontainedinthisAct ,specialnot i
ceisrequiredofa Resoluti
onsrequi
ri
ng
speci
alnot
ice.
resoluti
on,t heresol
ut i
onisnotef f
ecti
veunl essnot i
ceoft heintenti
ont o
mov ei thasbeengi vent othecompanyatl east28day sbef orethemeet ing
atwhi chitistobemov ed,andt hecompanyshal lgiveit
smember snoticeof
anysuchr esoluti
onatt hesamet imeandi nt hesamemannerasi tgives
noticeoft hemeet i
ng,ori fthatisnotpr act i
cable,shal lgi
v ethem not i
ce
thereof,eitherbyadv erti
sementi n a newspaperhav i
ng an appr opri
ate
cir
culation,orinanyot hermodeal l
owedbyt hear ti
cles,atleast21day s
beforet hemeet i
ng:

Providedthatif,aft
ernoti
ceoft hei
ntent
iontomov esucharesolut
ionhas
beengi ventot hecompany ,ameetingiscall
edforadate28day sorless
afterthenoticehasbeengi ven,t
henoti
ce,thoughnotgi
venwithi
ntheti
me
requiredbythissecti
on,
isdeemedt ohavebeenproper
lygi
ven.

262.(
1)Subjecttosect
ion51(7)(b)oft
hisAct,
aprint
edcopyofever
yresolut
ion Registr
ationand
copiesofcertai
n
oragreementtowhichthissect
ionappl
iesshal
l,wi
thi
n15daysafterthe resolut
ions.
passi
ngormaki ngoft heresol
uti
onoragreement,befor
wardedtot he
Commi ssi
on.

(
2)Wher e,pur suantt ot hepr ovi
sionsofsect i
ons49-52oft hi
sAct ,a
companybyspeci alresoluti
onal t
er stheprov i
si
onsofi tsmemor andum
andt heCommi ssi
oni ssat i
sfi
edt hatthealterati
oni snotincompliance
wit
ht heappl i
cablepr ovi
sionsoft hosesections,itmayr ef
usetof il
ea
copyoft her esolut
ioni ni
tsrecordsandshal lnotifythecompany,andany
personaggr ievedbyt herefusalmayappealt othecourtwithi
n21day s
fr
om t hereceiptoft henotif
icat
ion.

(
3)Acopyofev erysuchresol
uti
onoragr eementshal
lbeembodiedi
nor
annexedtoeverycopyofthear t
icl
esissuedaftert
hepassi
ngoft he
resol
uti
onormakingoft
heagreement.

(
4)Thi
ssect
ionappl
i
est
o—
 (
a)speci
alr
esol
uti
ons;

(
b)resolut
ionswhichhav
ebeenagr eedtobyal lthe
member sofa company ,butwhich,ifnotso
agreedt o,woul
dnothav
ebeenef f
ecti
ve,unless
theyhadbeenpassedasspecial
resolut
ion;

(
c)resolutions oragr eement s which hav e been
agreedt o byallthemember sofanycl assof
shareholder
sbutwhi ch,ifnotsoagr eedto, woul
d
nothav ebeenef fect
ive,unlesst heyhad been
passedbysomepar t
icularmajorityori nsome
parti
cular manner , and al l resoluti
ons or
agreement s which ef fecti
vely bind al lthe
member sofanyclassofshar ehol
der sthoughnot
agreedt obyall
thosemember s;and

(
d)resoluti
onsrequir
ingacompanytobewoundup
voluntar
il
y,passedundersect
ion620(
a)ofthi
s
Act.

(
5)Ifacompanyfai
lstocomplywithsubsect
ion(1)
,thecompanyandeach
of
fi
cerofthecompanyar eli
ableto apenalt
yi nsuchamountast he
Commissi
onshal
lspeci
fyi
nit
sregul
ati
ons.

(
6)I facompanyf ai
l
stocompl
ywithsubsecti
on(3)
,thecompanyandeach
of
ficerofthecompanyareli
abl
etoapenal t
yforeachcopyinrespectof
whichdefaulti
smadeinsuchamountast heCommi ssi
onshal
lspeci
fyin
i
tsregulat
ions.

(
7)Forthepurposesofsubsect
ions(
5)and(
6),al
i
qui
dat
ori
sdeemedt
obe
anof
fi
cerofthecompany.

263.Wher
ear
esol
uti
oni
spassedatanadj
our
nedmeet
ingof
— Eff
ectofresolut
ions
passedatadjourned
meetings.
(
a)acompany
,

(
b)thehol
der
sofanycl
assofshar
esi
nacompany
,
or

(
c)t
hedi
rect
orsofacompany
,

ther
esol
uti
onshall
,forallpur
posesbet r
eat
edashavi
ngbeenpassedon
thedateonwhichitwasi nfactpassed,andnotbedeemedtohavebeen
passedonanyearl
i
erdate.
 MI
SCELLANEOUSMATTERSRELATI
NGTOMEETI
NGSANDPROCEEDI
NG

264.(
1)Thechai rmanmay ,
wit
ht heconsentofanymeet ingatwhichaquor um i
s Adj
our
nment
.
present(andshalli
fsodi rectedbyt hemeet i
ng),adjour
nt hemeet i
ng
fr
om t i
met oti
meandpl acetoplace,butnobusinessshallbetransact
ed
atanyadj our
nedmeetingot herthanthebusinessleftunfi
nishedatthe
meet i
ngfrom whi
chtheadjournmenttookplace.

(
2)Whenameet i
ngisadjournedfor30day sormore,not
iceoftheadjour
ned
meeti
ngandthebusinesst obetransactedshal
lbegiv
enasint hecaseof
anori
ginalmeeti
ng,butifotherwiseitshal
lnotbenecessarytogiveany
not
iceofan adjournmentoroft hebusinessto bet r
ansacted atan
adj
ournedmeeti
ng.

(
3)I fwithi
nonehourf r
om theti
meappoi nt
edforthemeet ingaquorum is
notpr esent,themeetingifconv eneduponther equisi
ti
onofmember s
shallbedi ssolv
ed,butinanyot hercase,i
tshal
lst andadjour
nedt othe
samedayi nt henextweek,atthesamet i
meandpl aceortosuchother
dayandatsuchot hertimeandpl aceasthechai
rman,andi nhisabsence
thedirectors,
maydirect.

(
4)I fameet i
ngst andsadjournedundersubsecti
on( 3)anyt woormor e
member spresentattheplaceandt imet
owhi chitsost andsadjourned
shallf
orm aquor um andtheirdecisi
onshal
lbindal lsharehol
ders,and
whereonlyonememberi spresent,hemayseekt hedirect
ionoftheCourt
totakeadecisi
on.

(
5)Theprovi
sionsoft
hissect
iondonotappl
yto acompanywi
thone
member
.

265.(
1)Thechai r
man,oftheboar dofdirectorsshallpr
esideaschair
manat Powersanddut i
esof
thechair
manoft he
everygener
almeeti
ngofthecompany , andift
herei
snosuchchairman,if generalmeet
ing.
heisnotpresentwit
hinonehouraftert het
imeappointedfort
heholdi
ng
ofthemeet i
ngorisunwil
li
ngtoact,thedi r
ector
spresentshal
lel
ectone
amongt hemselv
estobechairmanoft hemeet i
ng.

(
2)I fatanymeeti
ngnodi rectori
swill
ingt
oactaschai
rmanornodir
ectoris
presentwi
thinonehouraf t
ertheti
meappoint
edforhol
dingt
hemeet i
ng,
themember spresentshallchooseoneamongthemsel
vestobechai
rman
ofthemeeting.

(
3)Thedut
iesandpower
soft
hechai
rmani
ncl
udesadut
yto—

(
a)pr
eser
veor
derandpowert
otakesuchmeasur
es
 asar
ereasonabl
ynecessar
ytodoso;

(
b)seet hatpr
oceedi
ngsar
econduct
edi
nar
egul
ar
manner;

(
c)ensurethatt
hetrueint
ent
ionofthemeet
ingis
car
ri
ed outinresol
vi
ng any i
ssue t
hatari
ses
bef
orei
t;

(
d)ensurethatal
lquest
ionst
hatar
isear
epr
ompt
ly
deci
ded;
and

(
e)acti
nthei
nter
estoft
hecompany
.

(
4)TheChai r
manshal
lcasthi
sv ot
eint
heinter
estoft
hecompanyasa
whol
e,buti
fhei
sashar
ehol
der,
hemaycasti
tinhi
sownint
erest
.

(
5)TheChair
manhaspowert
oadj
our
nameet
ingi
naccor
dancewi
thsect
ion
264(
1)ofthi
sAct
.

(
6)Thechairmanofapubl i
ccompanyshal
lnotactast
hechi
efexecut
ive
of
fi
cerofsuchcompany
.

266.(
1)Witht he except
ion ofa companyhav i
ng a si
ngl
e member
,ev
ery Minut
esof
pr
oceedi
ngsand
companyshall
causemi nut
esofal
lproceedi
ngs— ef
fect
.

(
a)ofgener
almeet
ings,

(
b)atmeet
ingsofi
tsdi
rect
ors,
and

(
c)atmeet
ingsofi
tsmanager
s,

t
obeent
eredi
nbookskeptf
ort
hatpur
pose.

(
2)Anysuchmi nut
ei fpurport
edtobesignedbythechairmanofthemeeti
ng
atwhi ch t
he proceedings were hel
d,orbyt he chai
rman ofthe next
succeedi
ngmeet i
ng, spr
i imafaci
eev i
denceoft
heproceedi
ngs.

(
3)Wher emi nuteshav ebeenmade,inaccordancewi ththeprovisi
onsofthis
secti
on,oft he proceedings atany generalmeet i
ng oft he company,
meetingofdi rect
orsormanager s,then,untilthecontrar
yi sproved,the
meeting is deemed t o have been duly held and conv ened,and all
proceedings had at t he meeti
ng t o have been dul y had,and al l
appointmentsofdirect
ors,managersorli
quidatorsaredeemedt obev al
i
d.

(
4)I
nthecaseofacompanyt
hathasonl
yonemember
-
 (
a)wher
ethatsi
ngl
emembert
akesanydeci
siont
hat–

(
i)maybe t aken byt
he companyi
n gener
al
meet
ings,
and

(
ii
)hasef f
ectasifagr
eedbyt
hecompanyi
n
gener
almeet
ing,

heshal
lpr
ovi
det
heboar
dwi
thdet
ail
soft
hatdeci
si
on;
and

(
b)ifaper sonf ail
st ocomplywi t
hthissectionhe
commi tsanof fenceandisliabl
etoapenal tyfor
eachdayt hedef aul
tcont
inuesinsuchamountas
theCommi ssionshallspecif
yinitsr egul
ati
ons,
andf ai
lur
et ocompl ywiththissectiondoesnot
affectthev al
idi
tyofanydeci si
ont akenbyt hat
singlemember .

(
5)Ifacompanyf ail
stocomplywit
hsubsect
ion(1)
,thecompanyandever
y
offi
cerofthecompanyar eli
abl
et oapenalt
yforeverydaythedef
ault
conti
nues in such amountas the Commissi
on shal
lspecif
yini t
s
regul
ati
ons.
I
nspecti
onofminut
e
267.(
1)Thebookscont ai
ningtheminutesofpr oceedingsofanygener almeet i
ng booksandcopi
es.
ofacompanyhel donoraf terthecommencementoft hisAct,shallbe
keptatt heregister
edoffi
ceoft hecompany ,andshal lduringbusiness
hours( subj
ectt osuchreasonabl erestr
ict
ionsast hecompanymayby
i
tsar t
iclesoringeneralmeetingimpose, butsot hatatleastsixhoursin
eachdaybeal lowedforinspection)beopent oinspecti
onbymember s
withoutcharge.

(
2)Anymemberi senti
tl
edtobefurni
shedwi
thi
nsevendaysaft
err
ecei
ptof
hi
sr equestinthatbehal
ftothecompany,withacopyofanysuch
minutescert
if
iedbythesecr
etaryatachargenotexceedi
ngN100for
ever
ypage.

(
3)Ifanyi nspecti
onr equi
redundert
hissecti
onisr efusedorifanycopy
requi
redundert hi
ssectioni
snotsentwit
hinrequiredtime,t
hecompany
andev eryoff
icerofthecompanyar
eliabl
einrespectofeachdefaul
ttoa
penal
tyi n such amount as the Commi ssi
on shal lspeci
fyini t
s
regul
ations.

(
4)Inthecaseofanysuchr efusalordefault
,theCour tmaybyordercompel
animmediat
ei nspect
ionoft hebooksi nr espectofallpr
oceedingsof
gener
almeeti
ngs,ordirectthatthecopiesrequiredbesenttotheperson
 r
equi
ri
ngt
hem.

268.Thepr
ovisionsoft
heforegoi
ngsect
ionsappl
ytoanycl
assmeet
ingsex
cept Cl
assmeet
ings.
whereexpressl
yexcl
udedbythisAct
.

CHAPTER11–DI
RECTORS

269.(
1)A Dir
ectorofacompanyr
egi
ster
edundert
hisActi
saper sondul
y Meani
ngofDi
rect
ors.
appoi
ntedbythecompanyt
odir
ectandmanagethebusi
nessofthe
company.

(
2)Thereisarebuttabl
epr esumpti
oninfav
ourofanypersondeal
i
ngwiththe
companythatallpersonswhoar edescr
ibedbythecompanyasdi
rectors,
whet
herasex ecuti
veorot her
wise,
isdul
yappoi
nted.

(
3)Wher eapersonnotdulyappoint
edactsorhol
dshimselfoutasadirect
or,
hecommi t
sanof f
enceandisl i
abl
eonconv i
cti
ontoimprisonmentfora
ter
m oftwoy ear
soraf i
neast heCourtdeemsfi
tforeachdayhesoact s
orhol
dsouthi mselfasadi r
ectororbothandshallberestrai
nedbythe
company.

(
4)Ifiti
sthecompanyt hathol
dshim outasadirect
or,i
tisli
abletoaf i
nein
suchamountast heCommi ssi
onshallspeci
fyinitsregul
ati
onsf oreach
dayithol
dshim out,andheandt hecompanymayber estr
ainedbyany
memberfrom soacti
nguntil
heisdulyappoi
nted.

270.(
1)Wi thoutpr ej
udicetotheprovi
si
onsofsections269and276oft hi
sAct, Shadowdi
rect
or.
andf ort hepur posesofsecti
ons279,301and307oft hi
sAct,“
di r
ect
or”
shal
li nclude any person on whose inst
ruct
ions and di
rect
ions the
Dir
ect orsar eaccustomedtoact.

(
2)Subj ecttosections301,306and307ofthisAct
,not
hingcont
ainedin
secti
on276oft hisActisdeemedtoder
ogat
ef r
om t
heduti
esorl
iabi
li
ti
es
ofthedulyappointeddi
rect
ors.

(
3)Wher eaper soninhisprofessi
onalcapaci
tygiv
esadvi
ceandadi r
ector
actsonit,thatshal
lnotbeconst r
uedt omakesuchaper sonunderthis
Actaper soni naccordancewithwhosedi r
ect
ionsorinstr
uct
ionsthe
dir
ect
orofacompanyi saccustomedt oact.

APPOI
NTMENTOFDI
RECTORS

271. (1)Ev
erycompany
,notbei
ngasmal
l
,companyshal
lhav
eatl
eastt
wo NumberofDi
rect
ors.
di
rect
ors.
 (
2)Subjectt
osubsection(1),anycompanywhosenumberofdirector
sfall
s
belowtwoshall,wit
hinonemont hofi
tssofall
i
ng,appoi
ntnewdi r
ect
ors
andshallnotcarr
yonbusi nessaft
ert
heexpir
ati
onofonemont h,unl
ess
suchnewdi r
ector
sar eappoint
ed.

(
3)Adi rectorormemberofacompany ,notbeingasmal lcompany ,who
knowst hatacompanycar ri
esonbusinessafterthenumberofdirector
s
hasf al
lenbelowt woformorethan60day sisliabl
eforalll
i
abi
li
ti
esand
debtsincurr
edbyt hecompanyduri
ngthatperiodwhent hecompanyso
carr
iedonbusi ness.

272.Subj
ecttosecti
on271ofthisAct,
thenumberofdi
rectorsandthenamesof Appoi
ntmentoff
ir
st
di
rect
ors.
thefi
rstdirect
orsshal
lbedeterminedi
nwr i
ti
ngbyt hesubscribersoft
he
memor andum ofassoci
ati
onoramaj or
it
yofthem ort hedir
ectorsmaybe
namedi ntheart
icl
es.

273.(
1)Themember satt heannualgener
almeet
ingmayr
e-el
ectorr
eject Subsequent
appoi
ntmentsof
di
rect
orsandappoi
ntnewones. di
rector
s.

(
2)Int heeventofal lthedi r
ector
sand shar ehol
dersdy i
ng,anyoft he
personalr
epresentati
vesappl ytotheCour tforanor dertoconvenea
meet i
ngofallthepersonalrepr
esentativ
esofthesharehol
dersenti
tl
edto
att
endandv oteatagener almeetingt oappoi
ntnewdi r
ector
stomanage
thecompany ,andiftheyf ai
ltoconv eneameet i
ng,t
hecr edi
tor
s,ifany
,
maydoso.

274.(
1)TheBoar dofdirect
orsmayappointnew di
rect
orstofi
l
lanycasual Casualvacancy.
vacancyar
isi
ngoutofdeat
h,r
esi
gnat
ion,
ret
ir
ementorremoval
.

(
2)Whereacasualv acancyisfi
ll
edbyt hedirect
ors,t
heper sonmaybe
appr
ovedbythegeneralmeet
ingatthenextannualgeneralmeet
ing,and
i
fnotsoappr
oved,heshall
immediat
elyceasetobeadirector
.

(
3)Thedirectorsmayincreasethenumberofdi rect
or si
fitdoesnotexceed
the maximum al l
owed byt he ar
ticles,butt he generalmeeting may
i
ncreaseorr educethenumberofdi rectorsgenerall
y,andmaydet er
mine
i
nwhatr otati
onthedirect
orsshallr eti
re,provi
dedt hatsuchreducti
on
shal
lnotinvali
dateanypri
oractofther emov eddirect
or.

275.(
1)Apubl
i
ccompanyshal
lhav
eatl
eastt
hreei
ndependentdi
rect
ors. I
ndependentdi
rector
s
i
npubli
ccompani es.
*amended by BFA 2023
(
2)Inapubli
ccompany,anyper
sonwhonominat
escandidat
esfortheboard S275(1)- A public company shall
have at least one-third of the
who woul
d compri
se a major
it
yofthe members oft he boar
d shal
ltotal number of its directors as
independent directors
nomi
nateatl
eastt
hreeper
sonswhowoul
dbeIndependentdir
ector
s.
S275(2)- In a public company,
any person who nominates
(
3)I
nthi
ssect
ion,“
independentdi
rect
or”meansadi
rect
oroft
hecompany candidates for the board
who would comprise a majority
of the members of the board shall
nominate at least one-third
number of persons who would be
Independent directors.
 who,orwhoserel
ati
veseit
hersepar
atel
yortoget
herwi
thhi
m oreach
ot
her,
dur
ingthet
woy ear
sprecedi
ngt
heti
meinquesti
on-

(
a)wasnotanempl
oyeeoft
hecompany
;

(
b)di
dnot-

(
i) make t
o or r
eceiv
ef r
om t he company
payment
sofmorethanN20,
000,000,
or

(
ii
)own mor et han a 30% shar e orot her
ownershi
pinterest
,dir
ect
lyorindir
ect l
y,i
nan
enti
tythatmade t o orr ecei
ved from t he
company pay ment s of mor e t han t he
amountstatedi nsubpar
agraph( i
)oractas
apartner
,di
rectororoffi
cerofapar tner
ship
orcompanyt hatmadet oorr ecei
v edfrom
thecompanypay mentsofmor ethansuch
amount;

(
c)didnotowndir
ect
lyorindi
rectlymor
ethan30%of
thesharesofanytypeorcl assofthecompany
,
and

(
d)was notengaged di
rect
ly ori
ndi
rect
ly as an
audi
torf
ort
hecompany.

276.Whereaper sonnotdulyappoi
ntedasadir
ectoract
sassuchonbehal fof Li
abil
it
yofaperson
wherenotdul
y
thecompany,hisactdoesnotbindthecompanyandheispersonal
l
yl i
able appoi
nted.
forsuchact
ion,butwhereiti
sthecompanywhichhol
dshi
m outasdirector
,
thecompanyi sboundbyhisact
s.

277.(
1)Theshareholdi
ngquali
fi
cati
onfordi
rect
orsmaybefi
xedbyt
hear t
icl
es Sharequal
i
ficat
ionof
Dir
ector
s.
ofassociat
ionoft hecompanyandunl esssofi
xednosharehol
ding
qual
i
ficat
ionshall
berequi
red.

(
2)I tisthedutyofever
ydi r
ectorwhoisbyt hearti
clesofthecompany
requi
redtohol
daspecifi
edsharequali
fi
cat
ion,
andwhoi snotalreadyso
quali
fi
ed,t
oobtai
nqual
ifi
cati
onwithi
ntwomont hsaft
erhisappoi
ntment.

(
3)Theof fi
ceofdir
ectorofacompanyi sv acatedifthedir
ect
ordoesnot,
wit
hint wo months f r
om the date ofhi s appoint
ment,obt
ain hi
s
qual
if
icati
onoraftertheexpi
rat
ionoft hesaidperi
od,heceasesatany
ti
metohol dhi
sshareholdi
ngquali
fi
cat
ion.

(
4)A per
sonv
acat
ingof
fi
ceundert
hissect
ioni
sincapabl
eofbei
ngr
e-
 appoi
nted a di
rector of t
he company unt
ilhe has obt
ained hi
s
shar
eholdi
ngqual
if
icat
ion.

(
5)I f
,aftertheexpi
rati
onoftheperiod,anyunquali
fi
edper sonactsasa
dir
ectorofthecompany,heisli
abletoapenal t
yinsuchamountast he
Commi ssionshal
lspeci
fyinit
sr egulat
ionsforeverydaybetweent he
expir
ationoft
hesaidper
iodort
hedayonwhi chheceasedtobequal i
fi
ed,
asthecasemaybe, andthel
astdayonwhi chiti
sprovedthatheactedas
adirector
.

278.(
1)Anyper sonwho i sappoi
ntedorto hi
sknowledgeproposedto be DutyofDir
ectorsto
discl
oseageand
appoi
nteddirect
orofapubli
ccompanyandwhoi s70ormorey ear
sold mul t
ipl
edi
rector
ship
shal
ldi
sclosethi
sfactt
othemembersatthegener
almeet
ing. tothecompany .

(
2)Anypersonwhoi sproposedt
obeappoi nt
edadi r
ectorofapublic
companyshal
ldi
scl
oseanyposi
tionhehol
dsasadi rect
orinanyother
publ
i
ccompanyatthemeet i
ngi
nwhichheisproposedforappoi
ntment
asadir
ect
or.

(
3)Anyper sonwhof ai
lstodi scl
osehi sageormul ti
pledi
rect
orshi
pas
requi
redunderthi
ssect i
onshall,withoutprej
udicetotheprovi
si
onsof
secti
on307( 4)ofthisAct,beli
ablet oapenaltyinsuchamountast he
Commi ssi
onshallspeci
fyinitsr
egulations.
Pr
ovi
sionsast
o
279.(
1)Ifanyperson, bei
ngani nsol
v entper
son,actsasdirectorofordi
rectl
yor i
nsolventpersons
i
ndirect
lyt akespar tin,ori sconcerned inthemanagementofany act ingasdi r
ector
s.
company ,hecommi t
sanof fenceandisliableonconv ict
iont
oaf ineas
theCourtdeemsf it
,orimprisonmentforat erm atleastsixmonthsbut
notmor ethant woyears,orboth.

(
2)I
nthi
ssect
ion,
“company
”incl
udesanunr
egi
ster
edcompany
.

280.(
1)Wher
e— Rest
rai
ntof
fr
audul
entper
sons.

(
a)aper sonisconvi
ctedbyaHi ghCourtofany
off
ence in connecti
on wit
h the promot
ion,
for
mationormanagementofacompany
,or

(
b)i
nthecourseofwi
ndi
ngupacompany
,itappear
s
t
hataperson—

(
i)hasbeengui l
tyofanyof
fenceforwhichhei
s
l
iabl
e(whetherhehasbeenconvict
edornot
)
undersect
ions668–670oft hi
sAct,or

(
ii
)has been gui
l
tyofanyof
fence i
nvol
vi
ng
 f
raud,

thecourtshal
lmakeanor derthatthatpersonshallnotbeadi r
ectorof
orinanyway ,
whetherdi
rectl
yori ndi
rect
ly,beconcernedortakepartin
themanagementofacompanyf oraspecifiedper
iodnotexceeding10
years.

(
2)The period ofdi squal
if
icat
ion ref
err
ed toi n subsect
ion (1)shal
l
commenceafterthesentencefortheoffencehasbeenserv edoronthe
dat
ethefi
nefortheoffenceispai
d.

(
3)Inthi
ssecti
on,the“ Hi
ghCourtandthecour t”
,wher eusedinr
elati
onto
t
hemakingofanor deragai
nstanypersonbyv i
rt
ueofsubsecti
on( 1)(
a),
i
ncl
udethecour
tbef orewhi
chheisconv i
cted,aswellasanycourthavi
ng
j
uri
sdi
cti
ontowi ndupt hecompany ,andi nrelati
ontot hegr
antingof
l
eavemeansanycour thavi
ngjuri
sdict
iont owi ndupt hecompanyas
r
espect
swhichleaveissought
.

(
4)Aper sonintendingt
oappl yfort
hemaki ngofanor derunderthi
ssect i
on
bythecour thavi
ngjuri
sdicti
ontowi nd-upacompanyshal lgiveatleast
10day s’noti
ceofhisintenti
ontot heper sonagainstwhom theorderi s
sought,andont heheari
ngoft heapplication,t
helastment i
onedper son
mayappeari npersonandgi v
eevidenceorcal lwi
tnesses.

(
5)Anappl icat i
onf ort hemaki ngofanor derundert hissectionbyt hecour t
hav i
ngj urisdicti
ont owi nd-
upacompany ,maybemadebyt heof fi
cial
receiver,thel iquidatoroft hecompanyorper sonwhoi sorhasbeena
memberorcr edit
oroft hecompany ,andont hehear ingofanyappl icati
on
foranor derundert hissectionbytheof ficialr
ecei verortheliquidator
,or
ofanyappl i
cationf orleaveunderthi
ssect ionbyaper sonagainstwhom
anor derhasbeenmadeont heappl icationoft heof fi
cialreceiveror
l
iquidator ,theof fi
cialreceiverorliquidat orshal lappearand cal lthe
attenti
onoft hecour ttoanymat t
erwhi chseem t ohi mt oberelevant,and
mayhi msel fgiveev idenceorcallwi
tnesses.

(
6) An or der may be made by v ir
tue of subsect i
on (1) (b) ( i
i)
,
notwithstandi
ngt hatthepersonconcer nedmaybecr i
minal
lyliablein
respectoft hemat ter
sont hegroundofwhi chtheor deristobemade,
andf orthepurposesoft hesaidparagraph(b)(
ii)
,“offi
cer”i
ncludesany
personi naccordancewithwhosedi r
ectionsori
nstructi
onsthedi rect
ors
ofthecompanyhav ebeenaccustomedt oact.

(
7)Ifanyper sonactsincontr
aventi
onofanor dermadeunderthissect
ion,
he commi tsan off
ence and inr espectofeach of fence,i
sl i
abl
e on
convi
cti
ont oafi
neastheCour tdeemsf itortoimpri
sonmentforaterm of
atl
eastsixmonthsormor ethantwoy ears,orboth.
281.A per
sonmaybeappoi ntedadir
ect
orf
orl
i
fepr
ovi
dedt
hatheshal
lbe Appoi
ntmentof
di
rect
orforl
i
fe.
r
emovableundersect
ion288oft
hisAct
.
282.Subjecttotheprovisi
onsoft hi
sAct,apersonmaybeappoi nt
edadi r
ect
orof Ri
ghttoappoi
nta
di
rect
oratanyage.
apubl i
ccompanynot wit
hstandingthathei s70y earsormor eofagebut
speci
alnoticeshallberequir
edofanyr esoluti
onappoint
ingorapprovi
ngthe
appoint
mentofsuchadi r
ectorforthepurposesofthi
ssecti
on,andthenoti
ce
giv
ent othecompanyandbyt hecompanyt oitsmembersshallst
atetheage
ofthepersontowhom i tr
elates.

283.Thef
oll
owi
ngper
sonsshal
lbedi
squal
i
fiedf
rom bei
ngdi
rect
or— Di
squali
fi
cati
onf
or
di
rect
orshi
p.

(
a)aninf
ant
,thati
s,aper
sonundert
heageof18
y
ear
s;

(
b)al
unat
icorper
sonofunsoundmi
nd;

(
c)aper sonsuspendedorr
emov
edundersect
ion*amended by BFA 2023
S283(c)- a person removed under section 288 of this
288ofthi
sAct; Act, where such removal was on the grounds of fraud,
dishonesty or unethical conduct

(
d)aper sondi
squal
i
fiedundersect
ions279,280,
284ofthi
sAct
;and

(
e) a cor por
ati
on other t
han it
sr epr
esent
ati
ve
appoi
ntedtotheboardf
oragiv
ent er
m.

284.(
1)Theof
fi
ceofdi
rect
orshal
lbev
acat
edi
fthedi
rect
or— Vacat
ionofof
fi
ceof
di
rect
or.

(
a)ceasest
obeadi
rect
orbyv
irt
ueofsect
ion277of
thi
sAct;

(
b)becomesbankr
uptormakesanyar
rangementor
composi
ti
onwit
hhiscr
edi
tor
s;

(
c)becomes prohi
bit
ed f
rom bei
ng a di
rect
orby
reasonofanyordermadeundersecti
ons280-
281ofthi
sAct;

(
d)becomesofunsoundmi
nd;
or

(
e)resi
gns hi
s of
fi
ce bynot
ice i
n wr
it
ing t
othe
company
.

(
2)Wher
e a di
rect
orpr
esent
s hi
msel
fforr
e-el
ect
ion,a r
ecor
d ofhi
s
 at
tendanceatthemeet
ingsoft
heboarddur
ingt
heprecedi
ngoneyearshal
l
bemadeav ai
labl
etomembersatthegener
almeet
ingwhereheistobere-
el
ected.

285.(
1)Unlesst hearti
clespr ov
ide,atthefir
stannualgener almeetingofthe Rot
ati
onofdi
rect
ors.
companyal lthedi rector
sshal lret
ir
ef rom office,and attheannual
generalmeeti
ngi nev erysubsequentyearonet hirdofthedir
ector
sorif
thei
rnumberi snott hreeoramul ti
pleofthree,thenthenumbernearest
one-t
hirdshal
lreti
refrom offi
ce.

(
2)Thedi r
ectorstor et
ireineveryyeararethosewhohavebeenlongesti
n
offi
cesincet heirlastelect
ion,butasbet weenpersonswhobecame
dir
ector
sont hesamedayt hoset oret
ir
ear e(
unl
esstheyagr
eeamong
themselves)deter
mi nedbylot.

(
3)Thecompanyatt hemeet i
ngatwhi chadirectorretir
esi nthemanner
ment i
oned in subsecti
ons( 1)and ( 2),mayf i
llthev acated of f
iceby
electi
ngaper sont othatof fi
ceandi ndef
ault
,ther eti
ringdi rect
ori s,i
f
offeri
nghimselfforre-
electi
on, deemedtohavebeenr e-
el ected,unlessat
suchmeet i
ngiti sexpressl
yr esol
vednottof i
l
lsuchv acatedof ficeor
unlessar esol
utionforther e-elect
ionofsuchdirectorhav ebeenputt o
themeet i
ngandl ost.

(
4)No per son othert han a di r
ectorr etir
ing atthe meeting is,unl ess
recommended byt he di r
ectors,eligi
blef orelecti
on tot he office of
direct
oratanygener almeet i
ngunl essnotl essthant hr
eenormor ethan
21day sbef or
et hedat eappoi ntedfort hemeetingt her
eshallhav ebeen
l
ef tattheregi
steredof f
iceorheadof fi
ceoft hecompanynot i
ceinwr i
ti
ng,
signedbyamemberdul yqualifi
edtoat tendandv oteatthemeet i
ngf or
whi chsuchnot iceisgi ven,ofhi sintenti
ont oproposesuchper sonf or
electi
on,andalsonot iceinwritingsignedbyt hatpersonofhiswi l
l
ingness
tobeel ected.

286.Theactsofadir
ect
or,manager,orsecr
etar
ya r
eval
idnotwit
hstandi
ngany Vali
dit
yofact
sof
defectt
hatmayaf
ter
wardsbediscover
edinhisappoi
ntmentorquali
fi
cat
ion. di
rector
s.

287.(
1)Atageneralmeet i
ngofacompanyot hert
hanapr i
vat
ecompany ,a Modeofvoti
ngon
appoi
ntmentof
moti
onfortheappointmentoftwoormor epersonsasdirector
softhe di
rect
ors.
companybyasingleresolut
ionshallnotbemade,unlessr
esoluti
ont
hat
i
tshal
lbemadehasf irstbeenagreedtobythemeetingwithoutanyv
ote
bei
nggiv
enagainsti
t.

(
2)Aresolut
ionmovedi
ncont
rav
enti
onofthi
ssect
ioni
svoi
d,whet
herornot
i
tsbeingsomovedwasobj
ectedt
oattheti
me:

Pr
ovi
dedt
hat
—
 (
a)thi
ssubsect
ionshallnotbet
akenasexcludi
ng
t
heoper
ati
onofsect
ion286oft
hisAct
;and

(
b)wher ear esol
uti
on so mov ed is passed,no
provi
sionforautomati
cre-appointmentofr et
ir
ing
di
rectors in defaul
t of anot her appointment
appl
ies.

(
3)Fort hepurposesoft hissect
ion,amotion f
orappr
ovi
ng aperson’
s
appoint
mentorf ornominati
ngapersonf
orappoint
menti
streat
edasa
motionforhi
sappoint
ment .

(
4)Nothingint
hissect
ionappl
i
est
oar
esol
uti
onal
ter
ingt
hecompany
’s
ar
ti
cles.

REMOVALOFDI
RECTORS

288.(
1)A companymaybyor dinar
yr esol
uti
onr emoveadir
ectorbefor
ethe Remov
alofdi
rect
ors.
expir
ati
onofhi
speriodofof f
ice,not
withst
andi
ngany
thinginit
sarti
cles
orinanyagr
eementbetweenthecompanyandhi m.

(
2)Aspeci alnoti
ceisrequir
edofanyr esol
uti
ont or emov eadir
ect
orunder
thi
ssect i
on,ortoappoi ntsomeot herpersoni nsteadofadi r
ectorso
removed,atthemeet i
ngatwhi chheisremov ed,andonr ecei
ptofnoti
ce
ofani ntendedresolut
iont oremoveadi rectorundert hi
ssecti
on,the
companyshal limmedi at
elysendacopyoft henot i
cetothedirect
or
concernedand( whetherornothei samemberoft hecompany)andis
enti
tl
edt obeheardont heresol
uti
onatthemeet i
ng.

(
3)Wherenoticeisgivenofani nt
endedr esol
uti
ontor emov eadirectorunder
thi
s sect
ion and t he di
rectorconcer ned makes,wi t
hr espectt oi t
,
repr
esent
at i
onsinwr it
ingtot hecompany( notex ceedi
ngar easonable
l
ength)andr equeststheirnotif
icat
iontomember soft hecompany ,the
companyshal l
,unl
esst herepresentat
ionsarereceivedbyittoolateforit
todoso—

(
a)i nanynoti
ceoftheresol
uti
ongiv
ent omembers
of t he company, stat
e t he fact of the
repr
esent
ati
onshavi
ngbeenmade; and

(
b)send a copy oft he r epr
esent
ati
ons t o every
memberoft hecompanyt owhom not i
ceoft he
meetingissent(whetherbef or
eorafterrecei
ptof
therepr
esentat
ionsbyt hecompany )
,andi facopy
ofther epr
esentat
ionsi snotsentasr equi
redi n
 thi
s section because i
tisr eceiv ed t
oo late or
because oft he company’s defaul t
,the dir
ector
may( withoutpr ej
udi
cet ohisr ightt obehear d
oral
ly
)r equir
et hattherepresent ati
onsar er ead
outatthemeet ing:

Prov idedthatcopi esoft her epresentat

ionsneed
notbesentoutandt herepresentationsneednot
ber eadoutatt hemeet i
ngi f,ont heappl i
cation
eitheroft hecompanyoranyot herper sonwho
claimst obeaggr i
eved,thecour tissatisfi
edt hat
the r ights conferr
ed by t hi
s section ar e being
abused t o secur e needl ess publ i
city f or
def amat orymat terandt hecour tmayor dert he
company ’
s costs on an appl i
cati
on undert his
sect i
on t o be paidi n whole ori n par tbyt he
direct or
,notwithstandingthathei snotapar t
yt o
theappl i
cati
on.

(
4)Av acancycr
eat
edbyther
emov
alofadir
ect
orundert
hissect
ion,i
fnot
f
il
ledatthemeeti
ngatwhi
chheisremov
ed,maybef i
ll
edasacasual
v
acancy.

(
5)A per sonappoint
eddirect
ori nplaceofapersonr emovedunderthi
s
secti
onistr
eated,f
orthepurposeofdetermi
ningthetimeatwhichheor
anyotherdi
rectori
storeti
re,asifhehadbecomedi r
ectoronthedayon
whichthepersoninwhosepl aceheisappoi
ntedwasl astappoi
nteda
dir
ector.

(
6)Nothingint hi
ssect
ionist akenasdepriv
ingapersonremov edunderitof
compensationordamagespay abl
etohi
mi nrespectofthetermi
nati
onof
hi
sappointmentasadi rectororofanyappointmentterminati
ngwiththat
asdi
rector,orasderogatingf rom anypowertoremov eadi r
ect
orwhi ch
mayex i
stapartfr
om thi
ssect ion.

PROCEEDI
NGSOFDI
RECTORS

289.(
1)Thedirect
orsmaymeett ogetherforthedi
spatchofbusiness,adj
ourn Proceedingsof
dir
ectors.
andot her
wiseregul
atethei
rmeet ingsast heythi
nkfi
t,andt hefir
st
meetingofthedir
ector
sshallbeheldnotl
aterthansi
xmont hsaft
erthe
incor
porat
ionofthecompany.

(
2)Unl ess the ar
ti
cles pr
ovi
de ot
her
wise,anyquest i
on ari
sing atany
meetingisdecidedbyasi mplemajori
tyofv ot
es,andi ncaseofan
equal
ityofvot
es,thechai
rmanhasasecondorcasti
ngv ot
e.
 (
3)Adirect
ormay
,andt
hesecr
etaryontherequi
sit
ionofadi
rect
orshal
l
,at
anyt
imesummonameet
ingofthedir
ector
s.

(
4)Thedi r
ector
smayel ectachai
rmanoft heirmeeti
ngsanddet er
mi nethe
peri
odforwhichhei stoholdof
fice,buti
fnosuchchai rmaniselectedor
i
fatanymeet ingthechair
manisnotpr esentwit
hinfiveminut
esaf t
erthe
ti
meappoi nt
edf orholdi
ngsame,t hedir
ectorspresentmaychooseone
ofthem t
obechai rmanofthemeet i
ng.

(
5)Thedir
ectorsmaydelegat
eanyoft heirpowerstoamanagingdi r
ectoror
t
ocommi t
teesconsi
sti
ngofsuchmemberormember softheirbodyas
t
heythi
nkf i
tandthemanagingdi
rectororanycommi tt
eesoformedshal l
,
i
ntheex erci
seofthepower ssodelegated,confor
mt oanyr egulat
ions
t
hatmaybemadebyt hedi
rector
s.

(
6)A commi tt
eemayel ectachair
manofi tsmeet i
ng,and i
fno such
chai
rmanisel ected,orifatanymeet
ingt hechai
rmani snotpresent
wit
hinfi
vemi nutesaftertheti
meappoint
edf orhol
dingthesame,t he
members pr
esentmaychoose one oft hem to be chai
rman oft he
meeti
ng.

(
7)A commi tt
ee maymeetand adj ourn as i
tdeems proper
,and any
questi
onar i
si
ngisdet er
minedbyamaj or
it
yofv ot
esofthemember s
present
,andinthecaseofequal
i
tyofvotesthechai
rmanhasasecondor
casti
ngvote.

(
8)A r esol
uti
oni nwri
ti
ng,si
gnedbyal
lthedi
rector
sf orthetimebeing
enti
tl
edtor ecei
venoti
ceofameeti
ngofthedirect
ors,isasv al
idand
eff
ectualasi fi
thadbeenpassedatameet i
ngoft hedi
rector
sduly
convenedandheld.

(
9)I
nal
lthedi
rect
ors’
meet
ings,
eachdi
rect
ori
sent
it
ledt
oonev
ote.

290.(
1)Unl essthearti
clesprovi
deother
wise,thequor um necessaryfort
he Quorum.
transact i
onoft
hebusinessofdir
ectorsaretwowher ether
earenotmore
than si xdir
ect
ors,butwher ethere are moret han si
xdirect
ors,t
he
quor um isone-
thi
rdofthenumberofdi r
ectors,andwherethenumberof
direct or
sisnotamul ti
pleofthr
ee,thenthequor um isonethir
dt ot
he
near estnumber
.

(
2)Wher eacommi tt
eeofdi
rect
orsi
sappoint
edbytheboardofdi
rect
ors,
the
boar
d shallfi
xi t
squorum,butwher eno quorum i
sf i
xed,thewhole
commi t
teeshal
lmeetandactbyamajori
ty.

291.Wheret
heboardi
sunabl
etoactbecauseaquor
um cannotbef
ormed,t
he Fai
luret
ohav
ea
quorum.
gener
almeet
ingmayactinpl
aceoft heboar
dandwher eacommitt
eeis
 unabl
etoactbecauseaquor
um cannotbef
ormed,t
heboar
dmayacti
n
pl
aceoft
hecommi t
tee.

292.(
1)Ev er
ydirect
ori senti
tl
edtorecei
venoti
ceofthedir
ector
s’meeti
ngs, Not
iceofmeet
ing.
unlesshei
sdi squal
if
iedbyanyr
easonundert
heActf
rom conti
nui
ngwit
h
theoffi
ceofdirect
or.

(
2)Ther
eshal
lbegiven14days’not
icei
nwr i
ti
ngt
oal
ldi
rect
orsent
it
ledt
o
r
ecei
venot
iceunl
esspr
ovi
dedinthear
ticl
es.

(
3)Fai
lur
etogi
venot
icei
naccor
dancewi
thsubsect
ion(
2)i
nval
i
dat
est
he
meeti
ng.

(
4)Unl
essthear
ti
clesprov
ideother
wise,iti
snotnecessarytogivenoti
ceof
ameeti
ngofdirect
orstoanydirectorabsentfr
om Niger
ia,buti
fhehas
gi
venanaddr
essinNigeri
a,t
henoticeshallbesentt
osuchanaddr ess.

REMUNERATI
ONANDOTHERPAYMENTS

293.(
1)Ther emuner
ati
onofthedi
rect
orsisdeter
minedbythecompanyi n Remunerat
ionof
gener
almeeti
ngandsuchr
emunerat
ioni
sdeemedtoaccr
uef
rom day
-to- di
rect
ors.
day.

(
2)Thedi rector
smayal so bepai dt r
avell
ing,hoteland otherexpenses
properl
yincur
redbythem inattendingandr etur
ningfrom meet
ingsofthe
di
rectors,committ
eeoft hedirectors,generalmeet i
ngsofthecompany
orinconnecti
onwiththebusinessoft hecompany .

(
3)Whereremunerati
onhasbeenf
ixedbyt
hear
ti
cles,
iti
sal
ter
abl
eonl
ybya
speci
alresol
uti
on.

(
4)Acompanyisnotboundtopayremunerationt
odir
ect
ors,butwherethe
companyagr
eestopay,t
hedir
ect
orsshallbepai
dsuchremunerat
ionout
oft
hefundofthecompany.

(
5)Theamountofr emunerat
ionisadebtf rom thecompanysot hati
f
dir
ector
stakeof
fi
ceont hebasi
soft heart
icles,t
heyshallbeabl
etosue
thecompanyonaccountofthedebtorprov
ei tinl
iqui
dat
ion.

(
6)Adirect
orwhor ecei
vesmor emoneythanheisenti
tl
edt
o,isgui
l
tyof
mi
sfeasanceandisaccount
ablet
othecompanyf
orsuchmoney.

(
7)Ther
emuner
ati
onsofdi
rect
orsi
sappor
ti
onabl
e.

294.(
1)A managi
ngdir
ectorrecei
vessuchremunerat
ion(whet
herbywayof Remunerat
ionofa
managi
ngdi r
ect
or.
sal
ary
,commissi
on,par
tici
pati
oninpr
ofi
ts,orpart
lyinonewayandin
 anot
her
)ast
hedi
rect
orsmaydet
ermi
ne.

(
2)Wher eamanagingdirect
orisremovedforanyr
easonundersect
ion288
ofthi
sAct ,hemayclai
mf orbreachofcontr
acti
fthereisanyorwher
ea
contr
actcouldbei
nfer
redfrom t
heter
msoft hear
ti
cles.

(
3)Whereheperf
ormssomeser
viceswi
thoutacont
ract
,hei
sent
it
ledt
o
mentonaquant
pay um mer
it
.

295.(
1)I tisnotlawfulf
oracompanyt opayadi rectorremunerati
on( whet
heras Prohibi
tionoft
ax-
f
reepaymentsto
directororother
wise)fr
eeofi ncomet ax,orcalculat
edbyr efer
encetoor direct
ors.
varyingwi ththeamountofhi si ncomet ax,oratorwi t
ht herateor
standardr at
eofincomet ax,exceptunderacont r
actwhichwasi neffect
att hecommencementoft hisAct ,andpr ovi
desex pressl
y,andnotby
referencetotheart
icl
es,forpaymentorremuner at
ion.

(
2)Anypr ovi
si
oncontainedinacompany ’
sarti
clesorinanycontractother
thansuchacont r
actasment i
onedinsubsecti
on(1),ori
nanyr esol
ution
ofacompanyorofacompany ’
sdir
ector
sf orpaymenttoadi rect
orof
remunerati
onasment i
onedinsubsect
ion( 1)
,shallhav
eeffectasi fit
provi
dedforpayment ,asagrosssum subjecttoincometax
,oft henet
sum forwhichi
tactuall
yprov
ides.

(
3)Thi
ssectiondoesnotapplytoremunerat
ionduebefor
et hi
sActcomes
i
ntoef
fectori
nrespectofaperi
odbefor
eitcomesint
oeffect
.

296.(
1)I ti
snotlawfulforacompanyt omakeal oant oanypersonwhoisits Pr
ohibi
ti
onofl oanst
o
di
rect
orsincertai
n
di
rectorora di r
ectorofits holdi
ng company ,orto enteri
nto any ci
rcumstances.
guarant
eeorprovideanysecur
ityinconnect
ionwithaloanmadetosuch
apersonasearl
iermenti
onedbyanyot herperson:

Pr
ovi
dedt
hatnot
hingi
nthi
ssect
ionappl
i
es–

(
a)subj ecttosubsecti
on( 2)
,t oanythingdonet o
provi
de anysuch person as ment i
oned int hi
s
subsecti
on with funds t o meet ex pendit
ure
i
ncurredortobeincurredbyhimf orthepurposes
ofthecompanyorf orthepurposeofenabli
nghi m
toproperl
ydischar
gehi sdut i
esasanof f
icerof
thecompany;or

(
b)i nt he case of a company whose or dinary
businessincludest helending ofmoneyort he
gi
ving ofguar antees in connect
ion withloans
madebyot herper sons,toanythi
ngdonebyt he
companyi ntheordinarycourseofthatbusi
ness.
 (
2)Subsect
ion(1)(
a)doesnotauthor
isethemaki
ngofanyloan,ort
he
ent
eri
ngint
oanyguar
ant
ee,ort
heprovi
si
onofanysecur
it
yex
cept-

(
a)wi t
ht hepri
orapprovalofthecompanygi venata
generalmeeting atwhi ch t
he purposes oft he
expendit
ure,t
heamountoft heloanort heextent
oftheguaranteeorsecuri
ty,
arediscl
osed;or

(
b)oncondi ti
onthat,i
ftheappr ovalofthecompany
i
snotgi venasi nsubsect i
on(2)( a)atorbefore
thenextannualgeneralmeet i
ng,theloanshallbe
repai
d ort he li
abi
lit
y undert he guarant
ee or
securi
tyshallbe discharged,wi t
hin si
xmont hs
from t
heconclusi
onoft hatmeeting.

(
3)Wheretheapprovalofthecompanyisnotgivenasr equi
redbyanysuch
condi
ti
on,thedir
ector
sauthori
si
ngt hemakingoft heloan,theent
ering
i
ntotheguarant
eeortheprovi
si
onoft hesecuri
ty,
ar ejoi
ntl
yandseverall
y
l
iabl
etoindemnif
ythecompanyagainstanylossarisingfr
om it.

297.Acompanyshal lnotmaket oanydirectorofthecompanyanypay mentby Paymentbycompany

forl
ossofoffi
cet
o
wayofcompensat i
on forloss ofof f
ice,oras considerat
ion fororin beapproved.
connecti
onwit
hhisr et
ir
ementfrom off
ice,unl
esspart
icular
swithrespectt
o
theproposedpaymentandt heamounthav ebeendisclosedtomember sof
thecompanyandt heproposali
sapprovedbythecompany .

298.(
1)I finconnecti
onwi tht het r
ansferoft hewhol e,oranypar tofthe Paymentt odirector
forlossofoffi
ce,etc.,
undertaki
ng orpropert
yofa company ,itis proposed to make any ortransferofpropert
y
paymentt oadir
ectorofthecompanybywayofcompensat ionforl
ossof i
llegal.
offi
ce,orasconsiderat
ionf oror,inconnecti
onwi thhisreti
rementfr
om
offi
ce,thepaymenti sunl awfulunl esspar
ticul
arswi t
hr especttothe
proposaland the amounthav e been disclosed to member s ofthe
companyandt heproposal i
sappr ovedbythecompany .

(
2)Wher eapaymentdeclaredbythissecti
ontobei
ll
egali
smadet
oa
direct
orofacompany ,theamountr ecei
vedi
sdeemedtohav
ebeen
receiv
edbyhi
mintrustforthecompany.

299.(
1)Wher e,i
nconnect
ionwi
ththetransfertoanyper
sonofal
loranyoft
he Dir
ectorstodiscl
ose
paymentforlossof
shar
esinacompany ,
bei
ngatransferresul
ti
ngf
rom— off
ice,et
c.,i
ncertai
n
cases.
(
a) an of f
er made t
o t
he gener
al body of
shar
ehol
ders,

(
b)anof
fermadebyoronbehal
fofsomeot
herbody
 cor
porat
ewi t
hav i
ew tothecompanybecomi ng
i
ts subsi
diar
y or a subsi
diar
y of i
ts hol
ding
company,

(
c)anof f
ermadebyoronbehal fofanindiv
idualwi
th
av i
ew to hi
sobtaini
ngther ightt
o ex er
ciseor
contr
oltheexerci
seofatl eastone-thi
rdoft he
voti
ng power at any generalmeet i
ng of the
company,or

(
d) any ot her of fer which i s condit
ional on
accept
ancet o agivenex tentpaymenti sto be
madet o a direct
oroft hecompanybywayof
compensation f or l oss of of fice, or as
consi
derat
ion f or or i n connect
ion wi t
h his
ret
ir
ementfr om of
fice,

i
ti sthedutyoft hatdirect
ortodoal lthingsreasonabl
ynecessar
yt o
securethatparti
cular
swi threspecttot hepr oposedpaymentandt he
amount,areincludedinorsentwi t
hanynot iceoft heoff
ermadef or
thei
rshareswhichisgiventoanyshar eholder.

(
2)I
f—

(
a)anysuchdir
ect
orfai
lstodoallthi
ngsreasonabl
y
necessar
yasment
ionedint
hissect
ion,
or

(
b)anypersonwhohasbeenpr oper
lyrequi
redbyany
suchdirect
ortoincl
udethesaidparti
cular
sinor
sendthem wit
hanysuchnoti
cefail
ssotodo,

hei
sli
abletoapenal
tyi
nsuchamountast
heCommi
ssi
onshal
lspeci
fy
i
nit
sregul
ati
ons.

(
3)I
f—

(
a)ther equi
rementsofsubsect
ion(1)ofthi
ssect
ion
are notcompl i
ed wit
hi nrelat
ion t
o any such
payments;or

(
b)t hemakingofthepr oposedpaymentisnot,bef
ore
thetransf
erofanyshar einpursuanceoftheoffer,
approvedbyameet i
ngsummonedf orthepurpose
oft heholder
soft heshar esto whichtheof f
er
relat
esandofot herholdersofsharesofthesame
classasanyofthesai dshares,
 anysum r ecei
vedbyt hedi
rect
oronaccountoft
hepay mentisdeemedto
havebeenr eceiv
edbyhi mintrustf
oranyper
sonwhohassol dhisshar
es
asar esultoft heof f
ermade,and theexpensesincurred byhi
m in
di
stri
butingthatsum amongstt hoseper
sonsshallbebornebyhim and
notret
ainedoutoft hatsum.

(
4)Wher etheshar eholder sref
erredtoinsubsect ion( 3)(b)ar enotal lthe
member soft hecompanyandnopr ovisi
oni smadebyt hear t
icl
esf or
summoni ng orr egulating such a meet ing as i s ment ioned int hat
paragraph,theprovisionsoft hi
sActandoft hecompany ’sarti
clesrel
ating
togeneralmeet i
ngsoft hecompany ,f
ort hatpurpose, applytothemeet ing
eit
herwi thoutmodificationorwi t
hsuchmodi fi
cationast heCommi ssion
ont heappl i
cati
onofanyper sonconcer nedmaydi rectforthepur poseof
adapti
ngt hem totheci rcumstancesofthemeet ing.

(
5)I fatameet i
ngsummonedforthepurposeofapprovi
nganypay mentas
requi
redbysubsecti
on(3)(a),aquorum isnotpr esentand,aft
erthe
meetinghasbeenadj
our
nedtoal at
erdate,aquor
um isagai
nnotpresent
,
thepaymenti s,f
ort
hepurposesofthatsubsect
ionbedeemedt ohave
beenapproved.

300.(
1)Where,inpr
oceedi
ngsfortherecoveryofanypaymentwhi
chhasbeen Provi
sions
supplementar
yto
r
ecei
vedbyanypersoni
nt r
ustbyv i
rtueofsect
ion298and299(1)and sect
ions298t o299.
(
3)ofthi
sAct
,iti
sshownthat—

(
a)t he paymentwas made i n pursuance ofany
arr
angemententeredint
oaspar toft heagr
eement
forthetr
ansferinquest
ion,orwithinoney earbut
beforet
woy earsaft
erthatagreementort heoffer
l
eadingther
eto,and

(
b)thecompanyoranypersontowhom thetr
ansf
er
wasmadewaspri
vytothatar
rangement,

thepay
menti
sdeemed,excepti
nsofarast
hecont
rar
yisshown,t
obe
onetowhi
cht
hesubsect
ionsappl
y.

(
2)Ifi
nconnecti
onwi
thanysucht
ransf
erment
ionedi
nsect
ions298and
299oft
hisAct—

(
a)t hepr i
ceto bepaidforanyshar eheld bya
di
rectorofthecompanywhoseof fi
ceisto be
aboli
shedorwhoi stor et
ir
efrom offi
ceinthe
companyhel dbyhim i
si nexcessoft heprice
obtai
nableatthet
imebyotherholder
softhelike
 shar
es,
or

(
b)anyv al
uabl
econsi
der
ati
oni
sgi
vent
oanysuch
di
rect
or,

theexcessort
hemoneyv alueoftheconsi
derat
ion,ast hecasemaybe,
shal
l,forthepurposesoft hatsecti
on,bedeemed t o havebeen a
paymentmadet ohim bywayofcompensat i
onf orlossofof f
ice,oras
consi
derat
ionf
ororinconnecti
onwithhisr
eti
rementf r
om offi
ce.

(
3)Referencesi nsect
ions297-299oft hisActt opayment smadet oany
di
rectorofacompanybywayofcompensat ionforlossofoffi
ceoras
considerat
ionfororinconnectionwi t
hhisr eti
rementfrom of
ficedoes
notincludeanybonaf i
depay mentbywayofdamagesf orbreachof
contractorbywayofpensi oni nrespectofpastser vi
cesandf orthe
purposes oft hi
s subsect
ion,“pension”includes anysuperannuati
on
al
lowance, super
annuati
ongratuit
yorsimil
arpay ment.

(
4)Nothinginsect
ion298or299oft hisActshal lbet akentoprej
udi
cet he
operati
onofanyruleofl
awr equi
ri
ngdi scl
osuret obemadewi t
hrespect
toanysuchpay ment
sasar ement ionedt here,orwi t
hrespecttoany
otherli
kepaymentsmade,ortobemade, t
ot hedirector
sofacompany .

DI
SCLOSUREOFDI
RECTORS’
INTERESTS

301.(
1)Everycompanyshal lkeepar egi
stershowingasr espectseachdirect
or Registerofdi
rector
s’
ofthecompany( notbeingitsholdi
ngcompany )thenumber ,descri
pti
on shareholdi
ng,etc.
andamountofshar esin,debent
uresofthecompanyoranyot herbody
corporate,being the company ’
s subsidi
ary,holding company ,ora
subsidiaryofthecompany ’
sholdingcompany ,whichar eheldbyori n
tr
ustf orhim orofwhichhehasanyr ightt
obecomet heholder
:

Provi
dedthattheregi
sterneednotincl
udeshar esinanybodycor por
ate
whichisthewholl
y-ownedsubsidi
aryofanotherbodycor por
ate,andfor
thi
spurpose,abodycorporatei
swhol l
y-ownedsubsi di
aryofanotherifi
t
has no member s but t hat ot
her and t hat other’
s whol l
y-owned
subsi
diar
iesandit
sortheirnominees.

(
2)Whereanyshar eordebentur
efailtobeorceaset ober ecor
dedi nt
he
saidregi
sterinrel
ati
ontoanydir
ectorbyreasonofatransacti
onenter
ed
i
ntoaf t
erthecommencementoft hisActandwhilehei sadirect
or,t
he
regi
stershallal
soshowt hedateof,andpri
ceorotherconsiderat
ionfor
thetr
ansaction:

Prov
idedthatwheret
herei
sanint
ervalbet
weentheagreementf
orany
suchtransact
ionandthecompl
eti
ont her
eof
,thedateisthatofthe
 agr
eement
.

(
3)Thenat ureandextentofadirector’
sint
erestorr
ightinoroversharesor
debenturesrecor
dedi nrel
ati
ont ohimi nthesai
dr egi
stershal
l,i
fheso
requi
res,beindi
catedintheregister
.

(
4)Thecompanyshal l
notbyvir
tueofanythi
ngdoneforthepurposesofthi
s
sect
ion,beaf
fectedwit
hnoticeof,orputuponi
nquir
yast otheright
sof
anypersoni
nrelati
ontosharesordebentur
es

(
5)Thesaidregi
stershal
l
,subj ecttotheprovisi
onsofthi
ssecti
on,bekept
atthecompany ’
sregi
steredorheadof fi
ceandbeopent oinspect
ion
dur
ingbusinesshours(subj ecttosuchr easonabl
erest
ri
cti
onsast he
companymaybyi tsart
iclesori ngeneralmeet i
ngimpose,sothatat
l
easttwohoursineachdaybeal l
owedforinspecti
on)—

(
a)duri
ngt heper i
odbeginning14daysbef oret
he
dateoft hecompany ’
sannualgeneralmeeti
ng
and ending three days af
terthe date ofit
s
concl
usi
on,i tshal
lbeopent ot
heinspecti
onof
any memberorhol derofdebentures ofthe
company ;and

(
b)duri
ngt hatoranyotherperi
od,
itshal
lbeopento
theinspectionofanypersonacti
ngonbehalfof
theCommi ssi
on.

(
6)Incomputi
ngt
he14daysandthethr
eedaysmenti
onedinsubsect
ion(
5),
anydaywhi
chi
saSat
urday
,Sundayorapubl
i
chol
idayisdi
sregar
ded.

(
7) Without pr ej
udice tothe right
s conf
erred by subsect
ion (
5),the
Commi ssionmay ,atanyti
me,requestf
ortheproduct
iontoitofacopyof
ther
egister,
oranypar tt
hereof
.

(
8)The r egist
ershallalso be produced atthe commencementoft he
company’sannualgener
almeetingandremainopenandaccessi
bledur
ing
thecont
inuanceofthemeeti
ngtoanyper sonatt
endingt
hemeeti
ng.

(
9)I fdefaul
tismadei ncompl ying withsubsect i
on( 1)or(2),ori fany
i
nspecti
onrequir
edundert hi
ssectionisrefused,oranycopyrequir
edi snot
sentwithi
nar easonabletime,t he companyand each of fi
ceroft he
companyareliabl
et oapenal t
yi nsuchamountast heCommi ssionshall
speci
fyi nitsregulat
ions,and i fdefaulti s made in complying with
subsect
ion(8)
,thecompanyandev er
yof f
icerofthecompanyar el i
ableto
a penalt
yi n such amountas t he Commi ssion shal
lspeci f
yi ni ts
regul
ati
ons.
 (
10)Ifanyinspect
ionr
equi
redunderthissect
ionisr
efused,
theCour
tmay
,by
or
der,compelanimmedi
ateinspect
ionoftheregi
ster
.

(
11)Fort
hepur
posesoft
hissect
ion—

(
a)anyperson,i
naccordancewit
hwhosedi
recti
ons
orinst
ructi
onsthedirect
orsofacompanyar e
accust
omedt oact,
isdeemedt obeadi
rect
orof
thecompany;and

(
b)adir
ectorofacompanyi sdeemedt oholdorto
haveanyi nt
erestorri
ghtinorov er
,anyshareor
debenture,i
faper manentrepresentat
iveofthe
bodycor porateotherthanthecompanyhol ds
them orhast hati
nter
estorri
ghtinorov ert
hem,
andeither—

(
i)t
hatper
manentrepr
esent
ati
veisaccustomed
t
oacti naccor
dancewithhisdirect
ionsor
i
nst
ruct
ions,
or

(
ii
)he i s ent
it
led t
o exer
cise orcontr
olthe
exerci
seofonet hir
dormor eoft hevot
ing
poweratanygener almeeti
ngoft hatbody
corporat
e.

302.(
1)Itisthedutyofanydir
ectorofacompanyt ogi
venoti
cetothecompany Generaldutyt
ogi
ve
not
ice,
etc.
ofsuchmat t
ersr
elat
ingtohimsel
fasmaybenecessaryforthepurposes
ofsecti
ons301and303oft hisActexceptsofarasitrel
atestoloans
madebyt hecompanyorbyanyot herpersonunderaguaranteef
rom or
onasecurit
yprovi
dedbythecompany,toanoffi
cer.

(
2)Anynoticegivenforthepur posesoft hissecti
on,shal
lbeinwri
ti
ngandif
i
tisnotgivenatameet ingoft hedirector
s,thedir
ectorgi
vi
ngitshal
ldo
al
lthi
ngsr easonabl
ynecessar yt osecur ethati
tisbroughtupandread
att
henex tmeetingofdirectorsafteriti
sgiven.

(
3)Subsect
ion (
1)shal
l,t
otheex t
entto whi
ch i
tappli
esi
nrel
ati
on t
o
dir
ector
s,appl
ytot
heli
keex
tentf
orthepur
posesof—

(
a)sect
ion303ofthi
sActi
nrel
ati
ont
oof
fi
cer
sot
her
t
handir
ect
ors,
and

(
b)sect
ion303oft
hisActi
nrel
ati
ontoper
sonswho
ar
eorhaveatanyti
medur i
ngthepr
ecedi
ngfi
ve
 y
ear
sbeenof
fi
cer
soft
hecompany
.

(
4)Anypersonwhomakesdef aul
tincompl
yi
ngwit
ht hepr
ovi
sionsoft
his
secti
onisli
abletoapenalt
yinsuchamountastheCommi ssi
onshal
l
speci
fyi
nitsregul
ati
ons.

303.(
1)Subj
ecttotheprovi
sionsofthissect i
on,itisthedutyofadi r
ectorofa Di
sclosureby
di
rector
sofinter
est
s
companywhoi sinanyway ,whet herdir
ectlyorindi
rect
ly,i
nterest
edin i
ncont r
acts.
at r
ansacti
on or a proposed t r
ansaction witht he company ,to
i
mmediatelynot
ifyt
hedi r
ectorsofsuchcompanyi nwrit
ing,speci
fyi
ng
par
ti
cular
softhedir
ector’
sinterest.

(
2)Fort hepur poseoft hi
ssect ion,agener alnoticegiventot hedi r
ectors
ofacompanybyadi rectortot heef fectthathei samemberofa
specifiedcompanyorf i
rm andi stober egardedasi nter
estedi nany
transactionwhichmay ,afterthedat eoft henot i
ce,bemadewi ththat
companyorf i
rm,shallnotbedeemedt obeasuf fi
cientdeclarati
onof
i
nt er
esti nrel
ationtoanyt r
ansactionsomadeunl esstheparticular
sof
thet ransacti
onar ealsodi sclosedbyt hatdirectortotheboar dupon
being knownt ot hatdi r
ector,and t hatt hedi r
ectordoesal lthings
reasonabl ynecessarytobesur ethatitisbr oughtupandr eadatt he
nextmeet i
ngoft hedir
ect orsafteriti
sgi v
en.

(
3)Anydi
rectorwhof ai
lstocomplywit
ht hepr
ovisi
onsoft hi
ssect
ion
commi
tsan offenceand i
sliabl
eto af i
nein such amountasthe
Commi
ssionshal
lspeci
fyi
nit
sregul
ati
ons.

(
4)Nothingint
hissecti
onshallbetakent
oprej
udi
cetheoperat
ionofany
rul
eoflawrestr
ict
ingdi
rect
orsofacompanyfr
om hav
inganyint
eresti
n
contr
actswi
ththecompany.

304.(
1)Ev er
ycompanyt owhichthissect
ionappl
iesshal
l
,i nal
ltradecir
cul
ars, Parti
cularswith
respecttodirector
sin
show cardsandbusinesslett
ersonori nwhicht hecompany ’
sname t radecatalogues,et
c.
appearsandwhichareissuedorsentbythecompanyt oanyper sonin
Niger
ia,st
atei
nlegi
blechar
acter
swithr
especttoeverydi
rector—

(
a)hispresentf
orenameort
hei
nit
ial
s,andpr
esent
sur
name;

(
b)anyf
ormerf
orenameandsur
name;
and

(
c)hi
snat
ional
i
ty,
ifnotaNi
ger
ian:

Provi
dedthat,i
fspeci
alcir
cumst
ancesexi
stwhichtheCommissi
onisof
theopini
onrenderi
texpedi
entt
hatsuchanexempti
onshoul
dbegranted,
theCommi ssi
onmay ,subj
ectt
osuchcondit
ionsasitmayprescr
ibeby
 noti
cepubli
shedintheFederalGov
ernmentGazett
e,ex
emptacompany
fr
om theobl
igat
ionsimposedbythi
ssubsect
ion.

(
2)Thissect
ionappli
estoever
ycompanyi
ncor
por
atedundert
hisAct
,orany
enact
mentrepeal
edbyit
.

(
3)Ifacompanydefault
sincompl
yi
ngwit
hthi
ssect
ion,ev
eryof
fi
cerofthe
companyisli
abl
et oapenal
tyi
nsuchamountastheCommissionshal
l
speci
fyi
nit
sregul
ati
ons.

(
4)Fort
hepur
posesoft
hissect
ion—

(
a)“ini
ti
als”i
ncl
udesar
ecogni
sedabbr
evi
ati
onofa
f
orename;

(
b)r ef
erencestoaformerfor
enameorsur namein
thecaseofamar ri
edwomandonoti ncl
udethe
name orsur name by which she was known
prev
ioustothemar
ri
age;and

(
c) “ show car ds” means cards cont
aini
ng or
exhibit
ing ar
ticl
es deal
t wi
th,or samples or
represent
ati
ons.

305.(
1)Adi r
ectorofacompanystandsinafiduciar
yrel
ati
onshipt
owardsthe Dut
iesofdi
rect
ors.
companyandshallobser
veutmostgoodf ait
htowar
dst hecompanyin
anyt
ransact
ionwi
thitoroni
tsbehal
f.

(
2)Adi
rect
orowesf
iduci
aryr
elat
ionshi
pwi
tht
hecompanywher
e-

(
a)a direct
oris act
ing as agentofa par
ti
cul
ar
shar
eholder
;or

(
b)though,heisnotanagentofanyshar ehol
der
,
suchasharehol
derorotherper
soni
sdeal
ingwi
th
thecompany’
ssecuri
ti
es.

(
3)Adirect orshallactatallti
mesi nwhathebel i
evestobet hebestinter
est
s
ofthecompanyasa whol eso ast o pr
eserveitsassets,furtherit
s
business,andpr omotethepur posesforwhichitwasformed,andi nsuch
mannerasaf ai
thful
,dil
igent
,carefulandordinar
il
yskilf
uldir
ectorwould
actint hecircumst ancesand,indoingso,shallhaveregardtotheimpact
ofthecompany ’
soper ati
onsont heenvir
onmenti nthecommuni tywhere
i
tcar r
iesonbusi nessoperati
ons.

(
4)Themat
ter
stowhi
chadi
rect
orofacompanyi
stohav
eregar
dint
he
 per
formance ofhi
sf unct
ions i
ncl
ude the i
nterest
s oft
he company
’s
employeesi
ngener
al,
aswel last
heint
erest
sofi t
smembers.

(
5)A di r
ectorshallexerci
sehispower sforthepur posef orwhi
chhei s
specif
iedandshal lnotdosof oracollat
eralpurpose,andthepower
,if
exerci
sedf ortheri
ghtpurpose,doesnotconstit
uteabr eachofdut
y,i
fit
,
i
ncidentall
y,af
fect
samemberadv ersel
y.

(
6)Adi
rect
orshal
lnotf
ett
erhi
sdi
scr
eti
ont
ovot
einapar
ti
cul
arway
.

(
7)Whereadirect
ori
sall
owedtodel
egatehi
spower sunderanypr
ovi
si
onof
t
hisAct,suchadir
ect
orshal
lnotdel
egat
et hepowerinsuchawayand
mannerasmayamounttoanabdi
cati
onofduty.

(
8)Nopr ovi
sion,whet hercontainedintheart
icles,r
esolut
ionsofacompany ,
orany cont ract,shallr el
ieve any di
rectorf r
om t he dutyt o actin
accordancewi t
ht hissecti
onorr el
ievehimf rom anyli
abil
i
tyincur
redasa
resul
tofanybr eachoft hedut i
esconfer
reduponhi m underthi
ssection.

(
9)Anydutyi
mposedonadi r
ect
orundert
hissect
ioni
senf
orceabl
eagai
nsta
di
rect
orbythecompany
.

306.(
1)Theper
sonal
int
erestofadi
rect
orshal
lnotconf
li
ctwi
thanyofhi
sdut
ies Conf
li
ctsofduti
es
andi
nterest
s.
asadir
ect
orunderthi
sAct.

(
2)Adi
rect
orshal
lnot-

(
a)inthecourseofmanagementofaf
fai
rsoft
he
company
,or

(
b)i
ntheut
il
isat
ionoft
hecompany
’spr
oper
ty,

makeanysecr
etpr
ofi
torachi
eveot
herunnecessar
ybenef
it
s.

(
3)Adirect
ori
saccountabl
etothecompanyforanysecretpr
ofi
tmadebyhim
oranybenef
itder
ivedbyhi
m contr
aryt
otheprovi
sionsofsubsect
ion(
2).

(
4)Theinabil
it
yorunwill
i
ngnessofthecompanyt operf
orm anyf
uncti
onor
dut
yunderi t
sart
icl
esandmemor andum doesnotconst
it
uteadef
enceto
anybreachofdut
yofadirect
orunderthi
sAct.

(
5)Thedutynottomi susecorporateinformati
ondoesnotceasebyadi rector
oranoffi
cerhavi
ngr esi
gnedf r
om t hecompany,andheissti
llaccountable
andcanber estr
ainedbyani njunctionfrom misusi
ngthei nfor
mat i
on
recei
vedbyvir
tueofhispreviousposi t
ion.
 (
6)Whereadi rect
ordiscloseshi si
nter estsbeforethet
ransactionandbefore
thesecretprof
it
sar emadebef oret hegeneralmeeting,whichmayormay
notauthori
seanyr esult
ingpr of
it
s, hemayescapel i
abil
i
ty,buthedoesnot
escapeliabi
li
tyifhedi sclosesonlyaf t
erhehasmadet hesecretpr
ofit
s,
andinthiscase,heshal l
accountf ort heprofi
ts.

307.(
1)Thef actthataper sonholdsmor ethanonedi r
ect
orshipshal
lnot Multi
ple
di
rector
shi
ps.
derogat
efrom hi
sfiduciar
ydutiestoeachcompany ,i
ncl
udingadutynot
tousethepropert
y,opportuni
tyorinfor
mationobtai
nedint hecour
seof
themanagementofonecompanyf orthebenefi
toftheothercompany,
or
tohisownorotherperson’
sadvantage.
*amended b y BFA 20 23

(
2)Subj
ectsubsecti
on(3)
,aper
sonshal
lnotbeadi
rect
ori
nmor
ethanf
ive S307(3)- A pe rso n can on ly
be a dir ecto r in five p ubl ic
publ
i
ccompani es. companie s a nd wh ere the
person is a dir ector of mo re
than five p ubl ic comp an ies
(
3)Anyper sonwhoi sadirect
orinmorethanf i
vepubli
ccompani esshall
,atbef ore t he co mm ence me nt of
this Act, such a pe rso n sh al l
thenextannualgeneralmeetingofthecompaniesaftertheexpirat
ionofresign as a dir ector of al l but
twoy earsfrom thecommencementoft hi
sAct ,resi
gnf r
om bei nga five of th e com pan ies no t
lat er than the n ext a nnu al
dir
ect
orf rom al
lbutf
iveofthecompanies. general m eetin g of the
companie s a fter the
expiration o f two yea rs fr om
(
4)Anyper sonwhoact sasadi rect
orofapubliccompanyi ncontravent
ion the
Act.
comme ncem en t of thi s

oftheprov
isi
onsofthissecti
onisli
abletoadailypenal
tyinsuchamount
ast heCommi ssi
onshallspecif
yini t
sr egul
ati
onsandshal lr
efundto
eachofthecompanieseveryremunerat
ionandallowancespaidtohi
m as
adirect
ori
neachoft hecompanies.

308.(
1)Everydir
ect orofacompanyshallexerci
sethepowersanddi scharget
he Dut
yofcar
eandski
l
l.
duti
esofhi soffi
cehonest
ly,
ingoodf ait
handinthebestinterest
softhe
company ,andshallex
erci
sethatdegreeofcare,
dili
genceandski l
lwhi
ch
a r easonably prudent dir
ector woul d exerci
se in compar abl
e
ci
rcumst ances.

(
2)Fail
uret
otakereasonabl
ecareinaccor
dancewiththeprovi
sionsoft
his
sect
ion,
isagr
oundf oranact
ionf
ornegl
igenceandbreachofduty.

(
3)Eachdi
rect
ori sindi
vi
duall
yr esponsi
blefortheactionsoftheboardin
whi
chhepar t
icipat
ed,andt heabsencef rom theboard’sdeli
ber
ati
ons,
unl
essj
usti
fi
ed,doesnotrel
ieveadi r
ectorofsuchresponsi
bil
i
ty.

(
4)Thesamest andardofcareinrel
ati
ontot hedi
rect
or’
sdut i
estothe
companyshal
lberequi
redf
orbot
hexecut
iveandnon-
execut
ivedir
ect
ors:

Provi
dedthataddi
ti
onall
iabi
li
tyandbenefi
tmayari
seunderthemaster
andservantl
awinthecaseofanexecuti
vedir
ect
ori
fther
eisanexpr
ess
orimpli
edcontr
actt
othateff
ect.
309.(
1)Direct
orsar etrust
eesoft hecompany ’
smoney ,proper
ti
esandt hei
r Legalposi
ti
onof
di
rector
s.
powersandassuchshal laccountf
oral lthemoneyov erwhichthey
exer
cise control
,ref
und anymoneyi mproperlypai d away,and shal
l
exer
cisetheirpowershonestl
yintheint
erestoft hecompanyandal lthe
shar
eholders,andnotint
heirownorsecti
onal i
nterests.

(
2)Adi r
ect
ormay,whenact
ingwit
hinhi
sauthor
it
yandt hepowersofthe
company
,ber
egar
dedasagent
softhecompanyunderPar
tII
Ioft
hisAct.

PROPERTYTRANSACTI
ONSBYDI
RECTORS
Subst
antialpropert
y
310.(
1)Subjecttot
heexcept
ionsprovi
dedbysect
ion311oft
hisAct
,acompany tr
ansact
ionsi nvol
ving
shal
lnotent
eri
ntoanarrangementwher
eby— di
rect
ors,cont r
oll
i
ng
member s,etc.

(
a)adi r
ectororc ont
rol
l
ingmemberofacompanyor
i
tsholdingcompany ,orapersonconnectedwith
suchadi r
ectororcontr
oll
i
ngmember ,acqui
resor
i
st oacquir
eoneormor enon-cashassetsofthe
requi
sit
evaluefrom t
hecompany;or

(
b)t hecompanyacqui r
esori st oacqui reoneor
mor enon- cashasset soft her equi sitevaluefrom
suchadi rectororcont roll
ingmemberoraper son
so connect ed,unl ess the ar rangementi sf irst
appr oved by a r esoluti
on oft he company i n
gener al meet ing af t
er bei ng i nf ormed of al l
mat erialfact srel
at i
ngt othet ransact ionandi fthe
dir
ect or,cont r
oll
ingmemberorconnect edper son
i
sadi rectorofi tsholdingcompanyoraper son
connect ed wi th such a di rect ororcont rolli
ng
member ,byar esoluti
oni ngener almeet ingoft he
holding company af ter being i nformed of al l
mat erialfact srel
atingtothet ransact ion.

(
2)Forthepurposeofsubsection(1)
,anon- cashassetisoft herequisi
te
val
ueif
,attheti
methearrangementinquesti
onisenteredint
o,i
tsvalueis
notl
essthananamounttheCommi ssionmaybyr egul
ationpr
escri
be”.

(
3)Apersonisacontr
oll
i
ngmemberofacompanyi ft
hatper
son,
eit
heral
one
orinanunderstandi
ngwit
hotherpersons,hasmorethan50% ofthe
vot
ingpowert
oelectorr
emovedi
rect
orsofthecompany.

(
4)Forthepurposesofthi
ssect
ionandsect
ions311and312oft
hisAct
,a
shadowdir
ectori
str
eatedasadir
ect
or.
311.(
1)Noappr ov
alshall
berequi
redtobegivenundersecti
on310ofthi
sActby Excepti
onsf
rom
secti
on310.
anybodycorpor
ateunl
essiti
sacompanywi t
hinthemeaningofthi
sAct
,
ori
fiti
sawhol l
y-
ownedsubsidi
aryofanybodycorpor
ate.

(
2)Secti
on 309 ofthisActdoesnotappl
yto an ar
rangementf
ort
he
acqui
sit
ionofanon-cashasseti
f—

(
a)theasseti stobeacqui
redbyahol dingcompany
fr
om anyofi t
swholl
y-ownedsubsidiari
esorfrom
aholdingcompanybyanyofi tswhol l
y-owned
subsi
diaryofa holding companyf rom another
wholl
y-owned subsi
diar
y oft hatsame hol ding
company ;
or

(
b)thearr
angementisenter
edi nt
obyacompany
whi
chi
sbeingwoundup,unlessthewi
ndi
ngupi
s
amember’
svol
unt
arywindi
ngup.

(
3)Secti
on310(1)(
a)doesnotapplytoanar
rangementwher
ebyapersonis
toacqui
reanassetfrom acompanyofwhi chheisamember ,ifthe
arr
angementi
smadewi t
hthatpersoni
nhi
scharact
erasamember.

312.(
1)Anar rangementent eredintobyacompanyi ncontr
aventionofsection Li
abil
it
iesar
isi
ng
fr
om contr
aventi
onof
310oft hi
sActandanyt ransact
ionenter
edintoinpur suanceoft he sect
ion310.
arr
angement( whetherbyt hecompanyoranyot herperson),i
sv oi
dable
attheinstanceoft hecompanyorv oi
dabl
ebyacourtoni t
sdecisionona
cl
aim bymember s,unlessoneormor eoft hecondit
ionsspeci f
iedin
subsecti
on( 2)issatisf
ied.

(
2) Thecondi
ti
onsar
ethat
-

(
a)restit
uti
onofanymoneyorot herassetwhichis
the subj ect-
matt
er of the ar rangement or
transacti
onisnolongerpossi
bleort hecompany
hasbeeni ndemnif
iedinpur
suanceoft hi
ssect
ion
by any ot herperson f
orthe loss ordamage
sufferedbyit;

(
b)anyri
ghtacqui
redbonafideforval
ueandwi t
hout
act
ualnoti
ceoft hecontr
avent
ionbyanyper son
whoisapar t
yt othearr
angementortransacti
on
wouldbeaff
ectedbyit
sav oi
dance;
or

(
c)thearr
angementis,wit
hinar easonableperi
od,
r
ati
fi
edandaffir
medi nfullac
c or
dancewi t
ht he
r
equi
rement
sf or adv
ance approvals etouti n
 s
ect
ion311oft
hisAc
t.

(
3)Ifanar rangementi sent er
edintowithacompanybyadi rectorofthe
companyori ts holdi
ng companyora per son connected wit
h him in
contrav
entionofsect i
on310oft hi
sAct ,thatdirector
,contr
oll
ingmember
andper sonsoconnect ed,andanyot herdi rectorofthecompanywho
authori
sest hearrangementoranyt r
ansact i
onent eredintoinpursuance
ofsuchanar r
angement ,commit
sanof fenceandl i
abl
e—

(
a)toaccounttothecompanyf oranygai
nwhi chhe
hasmadeandanyl ossordamagesuf f
eredbythe
company,dir
ectl
yorindi
rect
lybythear
rangement
ortr
ansact
ion,

(
b)dir
ectl
yandder
ivat
iv
elyt
omember softhec
ompany
foranylos
sordamagesuff
eredbythem,

(c)jointl
yandsev er
all
ywithanyot herper sonli
able
undert hi
ssubsecti
on,toindemnifythecompany
for any loss or damage r esul
ting f r
om t he
arrangementortr
ansacti
on,
wher efoundguil
tyandconvictedofanof fenceguilt
y
oftheof fi
ce,di
squal
if
iedtoserveasadi rectorofthe
company .

(4)I
nanyac t
ionref
err
edtoint
hissect
ionthepl
ai
nti
ffhast
heri
ghttoobtai
nany
r
elev
antdocumentsfrom t
hedefendantandthewit
nes
sesatt r
ial
,andmay
r
equestcategor
ies ofdocumentsf r
om such per
son wi
thoutident
if
yi
ng
s
pecifi
cdocuments.

(5)Thissectioniswi
thoutprejudi
cetoanyl i
abil
ityimposedt hanbyt his
secti
on,andissubj
ecttosubsections(6)– (7)andt heliabili
tyunder
subsect
ion (
3)ari
ses whetherornott he arr
angementort ransact
ion
enter
edint
ohasbeenavoidedundersubsect
ion(1)oft
hissection.

(
6)Ifanar r
angementi senteredintobyacompanyandaper sonconnect
ed
withadi r
ectorofthecompanyori t
shol di
ngcompanyi ncontrav
enti
onof
secti
on310oft hisAct,thatdir
ectori
snotl iabl
eundersubsect
ion(3)i
fhe
shows t hathe t ook allreasonable steps to secur
et he company’
s
compliancewiththatsecti
on.

(
7)Thi
ssecti
onhaseffectwit
hrespecttorefer
encesinsecti
ons310,311and
312 ofthis Actt
o a person being “
connected”with a di
rect
orofa
company,andtoadirect
orbeing“associ
atedwith”or“cont
rol
li
ng”abody
cor
porat
e.
 (
8)Aper
soni
sconnect
edwi
thanot
herper
soni
fhei
s—

(
a)thatotherperson’
sspouse,chi
l
dorst
ep-
chi
l
d,
i
ncludi
ngil
legi
ti
matechi
l
d;

(
b)a body cor por
ate wi
th whi
ch t
he per
son i
s
associ
ated;
or

(
c)apersonacti
nginhiscapacit
yast rust
eeofany
t
rust
,thebenef
ici
ari
esofwhichincl
ude—

(
i)thedir
ector
,hi
sspouse,anychi
l
drenorst
ep-
chi
ldr
en,or

(
ii
)abodycor por atewi
thwhichhei sassociat
ed,
orofat rustwhoset ermsconf erapoweron
thetrust
eest hatmaybeex er cised f
ort he
benef
itoft he person,his spouse orany
chi
ldr
enorst ep-chi
l
drenofhi s,oranysuch
bodycorporate;or

(
d)apersonacti
nginhi
scapacit
yaspartnerofthat
di
rectororofany person who,by v i
rtue of
paragraphs(
a),(
b)or(
c),i
sconnect
edwi ththat
di
rector.
Pr
ohi
bit
ionofsecr
et
313.(
1)Adi r
ect orshal
lnotacceptabri
be,agi
ft
,orcommi ssi
oneitheri
ncashor benefi
ts.
kindfrom anypersonorashar ei
ntheprof
itofthatpersoninrespectof
anytransacti
oninvol
vinghiscompanyinordert
oi nt
roducehiscompany
todeal wit
hsuchaper son.

(
2)Ifadirect
orcont
ravenestheprov
isi
onsofsubsect i
on( 1)
,hecommi t
sa
breachofdut
yandt hecompanyshallrecov
erfrom thedir
ect
ort
heactual
gif
tandsuehim andtheotherper
sonf ordamagessustainedwi
thoutany
deducti
oninr
espectofwhatthedi
rectorhasret
urned.

(
3)Wherethegifti
smadeaf tert
hetr
ansactionhasbeencompl
etedi
naf or
m
ofunsoli
cit
edgiftasasi gnofgrat
itude,thedir
ect
ormaybeall
owedt o
keepthegift
,provi
dedhedeclar
esi tbeforetheboar
dandthatf
actshal
l
alsoappeari
nthemi nut
esbookofthedirector
s.

(
4)In al
lcases concer
ning secr
etbenefi
ts,t
he plea t
hatthe company
benef
it
edort
hatthegif
twasacceptedingoodfai
thisnotadef
ence.

MI
SCELLANEOUSMATTERSRELATI
NGTODI
RECTORS
314.(
1)Inalimit
edcompanythel
iabi
l
ityoft
hedi
rect
ors,
manager
sormanagi
ng Direct
orswith
unlimi
tedli
abil
it
yin
di
rect
or,
may,ifsopr
ovi
dedbythememorandum,beunl
i
mited. respectofali
mited
company .
(
2)Inal imit
edcompanyi nwhi cht hel i
abil
it
yofadi rector,manageris
unli
mited,thedirectorsandmanager softhecompanyandt hemember
who pr oposesaper sonf orelectionorappoi nt
mentt ot heof f
iceof
dir
ectorormanager ,shalladdt ot hatproposalast at
ementt hatthe
l
iabil
it
yoft heper sonhol di
ngt hatof fi
ceisunl i
mit
ed,andbef orethe
personaccept stheof f
iceoractsther ei
n,noti
ceinwri
tingt hathi
sli
abil
it
y
areunl i
mitedi sgi v
ent o him byt hepromot ersoft hecompany ,t
he
dir
ectors oft he company ,any manager s oft he company and t he
Secretaryofthecompany .

(
3)Ifanydi rector,manager,orpr omotermakesdefaulti
naddingsucha
statement ,orifanypr omot er,di
rector
,managerorsecr et
arymakes
defaultingi vi
ngsuchanot ice,heshallisl
iabl
et oapenaltyinsuch
amountast heCommi ssionshallspecif
yinitsregul
ati
onsandisalso
l
iablef oranydamagewhi cht hepersonsoelectedorappoint
edmay
sustainfrom thedef
ault
.

315.(
1)A limi t
edcompany ,i
fsoaut hor
isedbyitsar t
icl
es,may,byspeci
al Speci
alresol
uti
onof
l
imit
edcompany
resol
ution,al
teri
tsmemorandum soastorenderunli
mitedt
heli
abi
li
tyof makingli
abil
i
tyof
it
sdirectorsormanager
s,orofanymanagi
ngdirector
. di
rector
sunli
mited.

(
2)Uponthepassi
ngofanysuchspecialr
esolut
ion,thepr
ovi
sionsofi
tar
e
asval
i
dasiftheyhadbeenor
igi
nal
l
ycontainedintheMemorandum.

316.Wher
eacompany
—
Personall
iabi
l
ityof
di
rectorsandoffi
cer
s.
(
a)r eceives money by way ofl
oan f
orspeci
fi
c
purpose;

(
b)r ecei
ves money orotherpropert
y by way of
advancepaymentfort
heex ecut
ionofacontract
orproj
ect
;or

(
c)wi thint
entt
odef
raud,f
ail
stoappl
ythemoneyor
otherproper
tyf
orthepurposeforwhichi
twas
receiv
ed,

everydir
ectororot herof fi
cerofthecompanywhoi sindefaul
tis
personal
l
yl i
abletot hepar t
yf r
om whom themoneyorproper
tywas
recei
vedforar efundoft hemoneyorpr oper
tysorecei
vedandnot
appli
edfort hepurposef orwhichitwasrecei
vedandnothi
nginthi
s
secti
onaffectstheli
abil
i
tyoft hecompanyi
tsel
f.
317.(
1) Thepr ovi
si
onsoft hissect
ionappl yi nrespectofanyt er
m ofan Di rector
’scontr
actof
empl oymentformore
agreementwhereadirect
or’
sempl oymentwi t
hthecompanyofwhi chhe thanf i
veyears.
i
sadi rect
oror,wherehei st hedirectorofahol di
ngcompany ,hi
s
employmentwithi
nthegroup,i
st ocontinueormaybecont i
nued,t
hanat
theinstanceofthecompany( whetherundert heorigi
nalagreement
enteredint
oinpursuanceofitornot ),formoret hanfiv
ey earsduri
ng
whichtheemployment—

(
a)cannotbet
ermi
nat
edbyt
hecompanybynot
ice;
or

(
b)canbesot
ermi
nat
edonl
yinspeci
fi
edci
rcumst
ances.

(
2) Ref erencesinsubsecti
on (
1)t o employmentbei ng continued (
ori t
s
pot
entialtobecont i
nued)arer efer
encest oitsbeingcont i
nued(ori t
s
pot
entialtobeconti
nued)whetherundertheorigi
nalagr eementconcerned
orundera new agr eementent ered i
ntoi n pursuance oft he ori
ginal
agr
eementconcer nedpri
ortot heexpir
ationoft heoriginalagreementor
wit
hin6mont hsoftheexpir
ati
onoft heorigi
nalagreement .

(
3)A companyshal lnotincorpor
ate,inanagr eement
,suchat erm asis
mentioned i
n subsecti
on (1)unless the ter
m isfirstappr
oved by a
resol
uti
onoft hecompanyingener almeet
ingandinthecaseofadirect
or
ofaholdingcompany,byaresolut
ionofthatcompanyingener
almeeti
ng.

(
4)No appr ov
alisrequir
ed t
o be giv
en underthis sect
ion byany body
cor
porat
eunlessi
tisacompanywithi
nt hemeani
ngoft hi
sAct ,ori
fiti
sa
wholl
y-
ownedsubsi
diar
yofanybodycorporat
e.

(
5)A r esol
uti
onofacompanyappr ovi
ngsuchat erm asisment i
onedin
subsecti
on( 1),shal
lnotbepassedatagener almeeti
ngoft hecompany
unl
ess a wr i
tten memorandum setti
ng outthe proposed agr
eement
i
ncorporati
ng t he t
erm i
s avai
labl
ef ori
nspecti
on bymember s ofthe
companybot h-

(
a)atthecompany’
sregi
ster
edoff
icef
oratleast15
day
sendi
ngwitht
hedateofthemeet
ing;
and

(
b)att
hemeet
ingi
tsel
f.

(
6)At er
mi ncorporatedinanagr eementincontr
av ent
ionofthissecti
onist
o
theextentthatitcontravenesthesecti
on,voi
d,andt hatagreementandi
n
acasewher esubsect ion(2)appl
ies,t
heor i
ginalagreementsisdeemed
eachtocont ainat er
m entit
li
ngthecompanyt ot er
minateitatanyti
meby
thegivi
ngofr easonablenotice.

(
7)I
nthi
ssect
ion–
 (
a) “employ
ment ”includes empl
oyment under a
contr
actforser
vices;and

(
b)“ group”i nrel
ati
on to a dir
ect
orofa hol ding
company ,meansthegroupwhichconsi
stsofthat
companyandi tssubsi
diari
esandforpur
posesof
thissection,
ashadowdi rect
orshal
lbetr
eatedas
adi rect
or.

318.(
1)Ev
erycompanyshal
lkeepar
egi
sterofi
tsdi
rect
ors. Regi
sterofdi
rect
ors.

(
2)Theregi
stershal
lcont
ainther
equi
redpar
ti
cul
arsofeachper
sonwhoi
sa
di
rect
orofthecompany .

(
3)Ther egi
stershallbekeptav
ail
abl
efori
nspect
ionatt
hecompany
’s
r
egi
steredoff
ice.

(
4)Thecompanyshal
lgi
venot
icet
otheRegi
str
ar—

(
a)oft
hepl
aceatwhi
cht
her
egi
steri
skeptav
ail
abl
efori
nspect
ion,
and

(b)ofanychangeinthatpl
ace,
unl
essi
thasatal
lti
mesbeenkeptatt
he
company’sregi
ster
edoffi
ce.

(
5)TheRegi
stershal
lbeopent
othei
nspect
ionofany—

(
a)memberoft
hecompanywi
thoutchar
ge,
and

(
b)otherpersononpay
mentofsuchf
eeasmaybe
pr
escri
bed.

(
6)I fdefaul
tismadei ncompl yi
ngwithsubsecti
on(1)
,(2)or(3)ori
fdefault
i
smadef or14daysincompl y
ingwithsubsecti
on(4),ori
faninspecti
on
requir
edundersubsect i
on(5)isref
used,thecompanyandeachof fi
cerof
thecompanyi seachliabl
et oapenalt
yinsuchamountast heCommi ssi
on
shallspecif
yini
tsregulat
ions.

(
7)Inthecaseofaref
usalofi
nspecti
onofther
egi
ster
,theCour
tmayupon
appl
i
cati
on byanyperson aggr
ieved,byor
dercompelan immedi
ate
i
nspect
ionofi
t.

319. (1)A company

’sr
egi
sterofdi
rect
orsshal
lcont
ain,i
nthecaseofan Parti
cul
arsof
dir
ector
stobe
i
ndiv
idual
— regi
ster
ed.

(
a)f
ull
nameandanyf
ormernameornames;
 (
b)ser
viceaddr
ess;

(
c)nat
ional
i
ty;

(
d)busi
nessoccupat
ion(
ifany
);

(
e)dat
eofbi
rt
h;

(
f)phonenumber
;and

(
g)emai
laddr
ess.

(
2)Forthepur
posesofthi
ssecti
ona“for
mername”meansanamebywhi
ch
t
heindi
vi
dualwasfor
merlyknown.

(
3) Ther egi
stercont
ainpar
ti
cul
arsofaf
ormernamewher
ethef
ormer
name—

(
a)was changed ordi
sused bef
oret
he per
son
at
tai
nedt
heageof18y
ears,
or

(
b)hasbeenchangedordi
susedf
or20y
ear
sor
mor
e.

(4)Aperson’
sser
viceaddr
essmaybest
atedt
obet
hecompany
’sr
egi
ster
ed
off
ice.

320.(
1)Ev
erycompanyshal
lkeepar
egi
sterofdi
rect
ors’
resi
dent
ial
addr
esses. Regist
erofdir
ector
s’
resi
denti
aladdr
esses.

(
2)Ther egi
stershal
lstat
etheusualr
esi
dent
ialaddr
essofeachoft
he
company’
sdir
ector
s.

(
3)I fadir
ector’
susual residenti
aladdressisthesameast heservi
ceaddress
(asstatedinthecompany '
sregist
erofdirector
s),t
heregi
sterofdirect
ors’
resi
dentialaddressesneedonl ycontainanent r
ytothatef
fectprov
idedthe
servi
ceaddr essisnott hecompany ’sregi
ster
edof f
ice.

(
4)Ifdef
aultismadeincomplyi
ngwi ththissect
ion,t
hecompanyandeach
of
fi
cerofthecompanyareeachliabletoapenaltyi
nsuchamountasthe
Commissi
onshall
speci
fyi
nitsregulati
ons.

321.(
1)Acompanyshal
l
,wi
thi
n14day
sfr
om— Dutytonoti
fyt
he
commi ssi
onof
(
a)aper
sonbecomi
ngorceasi
ngt
obeadi
rect
or;
or changes.
 (
b)t heoccurrenceofanychangeint hepart
icul
ars
contai
nedini t
sregi
sterofdi
rect
orsorresi
denti
al
addresses,

gi
venoticet
otheCommi
ssi
onoft
hechangeandoft
hedat
eonwhi
chi
t
occur
red.

(
2)Not
iceofaper
sonhav
ingbecomeadi
rect
oroft
hecompanyshal
l-

(
a)contai
nast at
ementoft hepar t
icul
arsofthenew
di
rectorthatarerequiredt obei ncl
udedi nthe
company ’
sregi
sterofdirectorsandi t
sregist
erof
di
rector
s’resi
denti
aladdr esses,and

(
b)beaccompaniedbyaconsent
,byt
hatper
son,t
o
acti
nthatcapaci
ty.

(
3)Wher
e—

(
a)a company gives noti
ce ofa change ofa
di
rect
or’
s serv
ice address as st
ated i
n the
company’
sregi
sterofdi
rect
ors;
and

(
b)thenot i
ceisnotaccompani
edbynot i
ceofany
resul
ti
ngchangeint hepart
icul
arscontai
nedin
the company’
sregist
erofdi r
ect
ors’resi
dent
ial
addresses,

t
henot i
ceshallbeaccompaniedbyast
atement
thatnosuchchangei
srequi
red.

(
4)Ifdefaul
tismadei ncompl
yi
ngwit
hthi
ssecti
on,thecompanyandeach
off
icerofthecompanyareli
abl
etoapenal
tyforever
ydayduri
ngwhich
thedefaul
tcont
inues.

PARTI
CULARSOFDI
RECTORSTOBEREGI
STEREDANDNOTI
FIEDTOTHE
COMMI
SSI
ON

322.TheMi
nist
ermaybyr egul
ati
ons,v
arypar
ti
cul
arsr
equi
redtobecont
ainedi
n Powertomake
regul
ati
onson
acompany’
sregi
sterofdir
ect
orsandtonot
if
ytheCommissi
on. parti
cul
arsof
dir
ector
s.

RESTRI
CTI
ONONUSEORDI
SCLOSUREOFDI
RECTORS’
ADDRESSES

323.(
1)ThisChaptermakesprovi
si
onf
orpr
otect
ing,i
nthecaseofacompany Pr
otect
ed
di
rect
orwhoisanindi
vi
dual- i
nfor
mation.
 (
a)infor
mat
ionast
ohi
susualr
esi
dent
ialaddr
ess;
and

(
b)t heinf
ormat
ionthathisser
viceaddr
essi
shi
s
usual
resi
dent
ial
address.

(
2)informati
onins
ubs
ect
i
on(
1)i
sref
err
edt
oint
hisPar
tas“
prot
ect
ed
i
nformat
ion”.

(
3)Informati
ondoesnotceasetobeprotectedinformati
ononthei
ndiv
idual
ceasingtobeadirect
orofthecompany,andr efer
encesi
nthi
schaptert
o
adirect
orincl
ude,
tothatex
tent,
aformerdirector.

324.(
1)Acompanyshallnotuseordi
scl
osepr
otect
edi
nfor
mat
ionaboutanyof Restr
ict
iononuseor
di
sclosureof
i
tsdi
rect
ors,
except– prot
ectedinf
ormat
ion
bycompany
.
(
a)f
orcommuni
cat
ingwi
tht
hedi
rect
orconcer
ned,

(
b)inordertocomplywit
hanyr equi
rementofthi
s
Actastopar
ti
cul
arstobesentt
otheregi
str
ar,
or

(
c)i
naccor
dancewi
thsect
ion328.

(
2)Subsect
ion (
1)doesnotpr ohi
bitanyuse ordiscl
osur
e ofpr
otect
ed
i
nfor
mati
onwi t
htheconsentofthedi
rect
orconcer
ned.

325.(
1)TheCommi ssi
onshallomitprotectedinf
ormati
onf
rom t
hemat
eri
alon Protect
ed
i
nf or
mat i
on:
t
heregi
stert
hatisav
ailabl
eforinspecti
onwhere— restr
ict
iononuseor
discl
osurebythe
(
a)itiscontai
nedi
nadocumentdeli
veredtothe Commi ssion.
di
rect
orinwhi
chsuchi
nfor
mat
ioni
srequir
edt
obe
st
ated;and

(
b)inthecaseofadocumenthav i
ngmor ethanone
par
t,itiscontai
nedinapartoft hedocumentin
whichsuchinf
ormati
oni
srequi
redtobestated.

(
2)TheCommi
ssi
oni
snotobl
i
ged-

(
a)tocheckotherdocumentsor(asthecasemay
be)otherpar
tsoft hedocumenttoensur
ethe
absenceofpr
otect
edinf
ormat
ion;
or

(
b)toomitfrom themateri
althatisav
ail
abl
ef or
publ
i
cinspect
ionany
thingregi
ster
edbef
orethis
 Chapt
ercomesi
ntoef
fect
.

(
3)TheCommi
ssi
onshal
lnotuseordi
scl
osepr
otect
edi
nfor
mat
ionex
cept-

(
a)asper
mit
tedbysect
ion326;
or

(
b)i
naccor
dancewi
thsect
ion327.

326.(
1)TheCommi ssi
onmayusepr
otect
edi
nfor
mat
ionf
orcommuni
cat
ingwi
th Per
mitt
eduseor
di
scl
osurebythe
thedi
rect
orinquest
ion. Commission.

(
2)TheCommi
ssi
onmaydi
scl
osepr
otect
edi
nfor
mat
ion—

(
a)t oapubl
icaut
horit
yspeci
fi
edfort
hepur
posesof
thi
ssecti
onbyr egul
ati
onsmadebytheMinist
er;
or

(
b)t
oacr
edi
tref
erenceagency
.

(
3)TheMi
nist
ermaymakepr
ovi
sionbyr
egul
ati
ons—

(
a) speci
fying condi
ti
ons for t
he di scl
osur
e of
prot
ected inf
ormati
on i
n accordance withthi
s
sect
ion;and

(b)prov
idi
ngforthechargi
ngoff ees.
(
4)TheMinist
ermaymakepr ovisi
onbyr egulat
ionsr
equir
ingtheCommission,
onappli
cati
on,toref
rai
nf r
om discl
osingprotect
edinfor
mationr
elat
ingto
adir
ectortoacredi
tref
erenceagency.

(
5)Regul
ati
onsundersubsect
ion(
4)maymakepr
ovi
si
onast
o—

(
a)whomaymakeanappl
i
cat
ion;

(
b)the grounds on whi
ch an appl
i
cat
ion maybe
made;

(
c)thei
nfor
mationt
obei ncl
udedi
nanddocument
s
t
oaccompanyanappl
i
cat i
on;
and

(
d)howanappl
i
cat
ioni
stobedet
ermi
ned.

(
6)Pr
ovi
si
onundersubsect
ion(
5)(
d)mayi
npar
ti
cul
ar—

(
a)conf
eradi
scr
eti
onont
heCommi
ssi
on;
and
 (
b)provi
def oraquesti
ont oberef
erredt
oaper son
otherthantheCommi ssi
onforthepurposesof
deter
mi ni
ngtheappl
icati
on.

(
7)I
nthi
ssect
ion—

(
a)“cr
editr eference agency ” means a per son
carr
yingonabusi nesscompr isi
ngthefurni
shing
ofinformationr el
evantt othefi
nanci
alstanding
ofindiv
iduals,beinginformati
oncoll
ectedbyt he
agencyforthatpur pose;and

(
b)“publi
caut hori
ty”i
ncl
udesanyper son orbody
havingfuncti
onsofapubli
cnat
ure.

327.(
1)Thecour
tmaymakeanorderf
orthedi
scl
osur
eofpr
otect
edi
nfor
mat
ion Discl
osureunder
byt
hecompanyorbyt
heCommissi
onif– courtor
der.

(
a)t hereisev i
dencethatserv
iceofdocument sata
service address ot
herthan the di
rect
or’s usual
resident
ialaddressisnotef f
ect
ivetobringt hem
tothenot i
ceofthedirect
or;or

(
b)iti
snecessar yorexpedientforthei
nformati
onto
beprovi
dedi nconnect
ionwi t
ht heenf
orcementof
anorderordecr eeoft heCour tandtheCour ti
s
sat
isf
iedthatiti
sappropriat
et omaketheorder.

(2)Anorderf
ordi
scl
osur
ebyt
heCommi
ssi
oni
stobemadeonl
yift
he
company—

(
a)doesnothav
ethedi
rect
or’
susual
resi
dent
ial
addr
ess;
or

(
b)hasbeendi
ssol
ved.

(
3)Theor dermaybemadeont heappli
cat
ionofal i
quidat
or,cr
edi
toror
memberofthecompany
,oranyot
herper
sonappear
ingtothecour
ttohave
asuf
fi
cienti
nter
est
.

(
4)Theor dershal
lspecif
ytheper
sonst
owhom,andpur
posesf
orwhi
ch,
di
scl
osurei
sauthor
ised.

328.(
1)TheCommi ssionmayputadi
rect
or’
susualr
esi
dent
ialaddr
essont
he Cir
cumstancesi n
whichcommi ssion
publ
i
crecor
di f– mayputaddr esson
thepubl
icrecord.
(
a)communi
cat
ionssentbyt
heCommi
ssi
ont
othe
 dir
ect
or and requi
ri
ng a response wi
thi
n a
speci
fi
edper
iodremai
nunanswer
ed;or

(
b)t her
ei sevidencethatser
viceofdocumentsata
servi
ceaddr essprovi
dedinplaceofthedi
rect
or’
s
usualresidenti
aladdressi
snotef f
ecti
vetobri
ng
them tothenoticeofthedi
rect
or.

(
2)TheCommi
ssi
onshal
lgi
venot
iceoft
hepr
oposal
—

(
a)t
othedi
rect
or;
and

(
b)toeverycompanyofwhi
chtheCommissi
onhas
beennoti
fi
edthatt
hei
ndi
vi
dual
isadi
rect
or.

(
3)Thenot
iceshal
l-

(
a)stat
ethegr oundsonwhichitisproposedtoput
the di
rector
’s usualr
esi
dent
ialaddress on t
he
publ
icr ecor
d,andspecif
yaper i
odwi thi
nwhich
repr
esentati
onsmaybemadebef orethatisdone;
and

(
b) besentt ot hedi rect
orathisusualr esident
ial
address,unlessi tappear stothe Commi ssi
on
thatserv
iceatt hataddressmaybei neffecti
veto
bringittothedi rector
’snoti
ce,i
nwhi chcasei t
maybesentt oanyser viceaddr
esspr ovidedin
placeofthataddress.

(
4)TheCommi ssi
onshal
ltakeaccountofanyr
epr
esent
ati
onsr
ecei
vedwi
thi
n
thespeci
fi
edperi
od.

329.(
1)TheCommi ssi
on,ondecidi
ngthatadirect
or’
susualr
esident
ialaddr
ess Put
tingt
headdress
onthepubl
i
crecord.
i
stobeputont hepubl
icr
ecord,shal
lpr
oceedasifnot
iceofachangeof
r
egi
ster
edparti
cular
shadbeengiven–

(
a)st ati
ng thataddr
ess as t
he di
rect
or’
s ser
vice
address;
and

(
b) stat
ing t
hat t
he di
rect
or’
s usualr esi
dent
ial
addr
essist
hesameashisser
viceaddr
ess.

(
2)TheCommi
ssi
onshal
lgi
venot
iceofhav
ingdoneso—

(
a)t
othedi
rect
or;
and
 (
b)t
othecompany
.

(
3)Onr
ecei
ptoft
henot
icet
hecompanyshal
l—

(
a)ent
erthedir
ector’
susualr
esi
denti
aladdr
essinit
s
r
egi
sterofdi
rect
orsashisser
viceaddr
ess;and

(
b)st atei ni t
sr egi
sterofdi r
ectors’r
esi
dent
ial
addressesthathi
susualresi
denti
aladdr
essi
sthe
sameashi sservi
ceaddress.

(
4)I
fthecompanyhasbeennot i
fi
edbythedir
ect
orinquest
ionofamor
e
r
ecentaddr
essashi
susual
resi
dent
ial
addr
ess,i
tshal
l-

(
a)enterthataddr
essi
nitsregi
sterofdi
rect
orsast
he
dir
ector’
sservi
ceaddr
ess;and

(
b)giv
enot i
cetot her egi
str
arasonachangeof
r
egist
eredpar
ti
cular
s.

(
5)Ifacompanyf ail
stocompl ywit
hsubsect
ion(
3)or(4),t
hecompanyand
eachoffi
ceroft hecompanyar eli
abl
etoapenalt
yf orever
ydayduring
whichthedef aultconti
nuesinsuchamountast heCommi ssi
onshal
l
speci
fyi
nitsregulat
ions.

(
6)Adi rect
orwhoseusualresi
dentialaddresshasbeenputont hepubli
c
recordbytheCommissi
onundert hi
ssect i
onmaynotregi
steraserv
ice
addressothert
hanhisusualresident
ialaddressf
orfi
veyearsfr
om the
dateoftheCommissi
on’
sdecision.

CHAPTER12–SECRETARI
ES

330.(1)Excepti
nthecaseofasmal
lcompany
,ev
erycompanyshal
lhav
ea Secr
etar
ies.
secr
etar
y.

(
2)Wher eatthecommencementoft hisActapubl i
ccompanyhasnot
appoint
edasecr
etar
y,t
hecompanyshallnotl
aterthansi
xmont
hsaf
ter
thecommencementoft
hisActappoi
ntaSecr
etary
.

(
3)Anythi
ngrequir
edorauthori
sedt obedonebyoroft hesecr etarymay ,i
f
theoff
iceisvacantort
hereisforanyot herreasonnosecret arycapable
ofacti
ng,bedonebyorofanyassi st
antordeput ysecret
aryor ,i
fthereis
noassist
antordeputysecr
etarycapableofact i
ng,byorofanyof f
icerof
thecompanyauthori
sedgeneral
lyorspecial
lybythedir
ectors.
 (
4)Ifa publi
ccompanycont r
avenestheprovisi
onsofthi
ssecti
on,the
companyandt hedi
rector
soft hecompanyar eli
abl
etoafi
nei nsuch
amountast heCommi ssi
onshallspeci
fyand,int
hecaseofconti
nued
contr
avent
ion,
toadail
ypenaltyinsuchamountastheCommi
ssionshal
l
speci
fy.

331.Apr ov
isi
onrequiri
ngoraut hori
si
ngat hi
ngtobedonebyorofadi
rect
orand Avoidanceofact
s
donebyaper sonas
thesecret
aryisnotsat isf
iedbyi tsbeingdonebyoroft hesameperson dir
ectorand
acti
ngbothasdirectorandas, ori
nplaceoft
hesecret
ary
. secretar
y.

332.Iti
st hedutyofadi rectorofacompanyt otakeallr
easonablestepst
o Qual
if
icati
onofa
ensuret hatthesecr
etaryofthecompanyi sapersonwhoappear stohav
e Secr
etary
.
ther equisi
teknowledgeand ex peri
enceto di
schar
gethef unct
ionsofa
secretaryofacompany ,andinthecaseofapubl
iccompany,
heshal l
be—

(
a) a member of t he Insti
tut
e of Char
ter
ed
Secr
etar
iesandAdmini
str
ator
s;

(
b) al egalpracti
ti
onerwit
hint
hemeani
ngoft
he
Cap.L11,
LFN,
2004.
LegalPract
iti
onersAct
;

(
c) a member of any pr ofessi
onal body of
accountant
sestabl
i
shedfrom timetoti
mebyan
ActoftheNati
onalAssembly
;

(
d)any person who has hel
dt he off
ice ofthe
secr
etar
yofapubl i
ccompanyf oratleastthr
ee
year
soft hef
ivey
earsimmediatel
yprecedi
nghis
appoi
ntmenti
napubliccompany;or

(
e)abodycorpor
ateorf
ir
m consi
sti
ngofmembers
eachofwhom isqual
if
iedunderpar
agr
aph(a)
,
(b)
,or(
c).

333.(
1)Asecr et
aryi
sappoi
ntedbythedir
ect
orsand,
subj
ectt
othepr
ovi
si
onsof Appoint
mentand
removalofa
t
hissecti
on,mayber
emov edbythem. secr
etary.

(
2)Wherei
tisintendedt
oremovethesecret
aryofapubl
i
ccompany
,the
boar
dofdi
rect
orsshal
lgi
vehi
m not
ice—

(
a)st
ati
ngt
hati
tisi
ntendedt
oremov
ehi
m;

(
b)set
ti
ngoutt
hegr
oundsonwhi
chi
tisi
ntendedt
o
r
emovehi
m;
 (
c)givi
nghi
m aper
iodatleastsevenwor
kingday
s
wi
thi
nwhi
chtomakehi
sdef ence;
and

(
d)givinghi
m anopt i
ont
oresi
gnhi
sof
fi
cewi
thi
n
sev
enworkingday
s.

(
3)Wher e,f
oll
owingthenoticeprescri
bedinsubsect
ion(2),thesecr et
ary
doesnotwi t
hinthegiv
enper i
odr esi
gnhisoffi
ceormakeadef ence,the
boardmayr emov ehimf r
om offi
ceandshal lmakear eporttothenex t
generalmeeting,butwherethesecr et
ary,wit
houtresi
gning hisof f
ice,
makesadef enceandt heboarddoesnotconsi deritsuf f
ici
ent,i
ft he
ground—

(
a)onwhi chitisi
ntendedt oremovehi
mi sfraudor
seri
ousmi sconduct,theboardmayr emovehim
fr
om of f
iceandshal lreportt
othenex tgener
al
meeting;and

(
b)isot hert
hanf r
audorser i
ousmi sconduct
,the
boardshal
lnotremov ehim wi
thouttheapproval
ofthegeneralmeet
ing,butmaysuspendhim and
shall
repor
ttothenextgener
almeeting.

(
4)Notwithstandi
nganyprov
isi
onoflaw,whereasecret
arysuspendedunder
subsection(3)(
b)isr
emovedwit
ht heappr
ovaloft
hegeneralmeet i
ng,
the
removalmayt akeeff
ectfr
om sucht i
meast hegeneralmeetingmay
deter
mi ne.

334.Asecr
etarydoesnotowef i
duciarydutiestothecompany ,butwhereheis Fi
duci
aryi
nter
est
sof
asecr
etar
y.
act
ingasitsagentheowesfiduciaryduti
estoit,andassuchi sl
iabl
etothe
companywher ehemakessecr etpr of
it
sorletshi sdut
iesconfl
ictwit
hhis
per
sonalinter
ests,orusesconfidenti
alinf
ormat i
onheobt ai
nedf r
om the
companyforhisownbenefi
t.

335.(
1)Thedut
iesofasecr
etar
yincl
ude— Dut
iesofasecr
etar
y.

(
a)attendingthemeetingofthecompany ,t
heboard
ofdi rector
s and i
ts commi t
tees,renderi
ng al
l
necessar ysecr
etar
ialserv
icesinr espectofthe
meet ing and advi
sing on compliance,by the
meet ings, wit
h t he appl i
cable r ul
es and
regulati
ons;

(
b)maintai
ning t
he r
egist
ers and ot
herrecords
r
equir
edtobemaintai
nedbyt hecompanyunder
t
hisAct;
 (
c)r
ender
ingproperr
etur
nsandgivi
ngnoti
fi
cati
ont
o
t
heCommi ssi
onrequi
redundert
hisAct
;and

(
d) carry
ing out such admi
nist
rat
ive and other
secret
ari
aldut
iesasdi r
ect
edbyt hedirect
oror
thecompany.

(
2)Thesecretar
yshal
lnot,wit
houtt
heaut
hor
it
yoft
heboar
dexer
ciseany
powerv
estedint
hedi
rect
ors.

336.Everypubl
i
ccompanyshal lmai
ntai
nar egi
sterofsecr
etar
ieswhi
chshal
l Regi
sterof
secr
etari
es.
cont
aint
hepart
icul
arssetouti
nsecti
on337ofthisAct
.
337.(
1)A company ’
sr egi
sterofsecr
etar
ies shal
lcont
aint
he f
oll
owi
ng Part
icularsof
Secretari
estobe
par
ti
cul
arsi
nthecaseofani
ndi
vi
dual– regi
stered:
i
ndividuals.
(
a)f
ull
nameandanyf
ormernameornames;

(
b)addr
ess;
and

(
c)emai
laddr
ess.

(
2) Forthepurposesoft
hissect
iona“for
mername”meansanameby
whi
chtheindi
vidual
wasf
ormerl
yknown.

(
3)Theregi
stermaynotcont
ainpar
ti
cul
arsofaf
ormernamewher
ethe
for
mername—

(
a)was changed ordi
sused bef
oret
he per
son
at
tai
nedt
heageof18y
ears;
or

(
b)hasbeenchangedordi
susedf
or20y
ear
sor
mor
e.

(
4)Theaddr
essrequi
redtobestatedintheregisteri
saser v
iceaddr
ess
whi
chmaybestat
edtobethecompany’
sregi
steredoff
ice.

338. (
1)A company’
sr egi
sterofsecr
etar
ies shal
lcontai
nthe f
oll
owi
ng Part
icul
arsof
secr
etari
estobe
par
ti
cul
arsi
nthecaseofabodycor
porate,
orafirm— regi
ster
ed:cor
por
ate
secr
etari
esandfi
rms.
(
a)cor
por
ateorf
ir
m name;

(
b)r
egi
ster
edorpr
inci
pal
off
ice;
and

(
c)emai
laddr
ess.
 (
2)Ifallthepart
nersi
naf i
rm arejointsecr
etari
esi
tissuff
ici
enttostat
ethe
part
icular
sthatwouldberequiredifthefir
m werealegalpersonandthe
fi
rm hadbeenappoint
edsecretary
.

339.(
1)Acompanyshal
l
,wi
thi
n14day
s,f
rom— Dutytonoti
fyt
he
Commi ssi
onof
changes.
(
a)aper
sonbecomi
ngorceasi
ngt
obeasecr
etar
y,
or

(
b)theoccurr
enceofanychangei nthepar
ti
cul
ars
cont
ainedi
nitsr
egi
sterofsecr
etar
ies,

gi
venoticet
otheCommi
ssi
onoft
hechangeandoft
hedat
eonwhi
chi
t
occur
red.

(
2)Not
iceofaper
sonhav
ingbecomeasecr
etar
yoft
hecompanyshal
l-

(
a)cont
ainastatementoftheparti
cularsofthenew
secr
etar
ythatarerequir
edt obei ncludedi
nthe
company’
sregist
erofsecret
ari
es;and

(
b)beaccompaniedbyaconsent
,byt
hatper
son,t
o
acti
nthatcapaci
ty.

(
3)Ifdefaulti
smadei ncomply
ingwit
hthi
ssecti
on,thecompanyandeach
off
iceroft hecompanyareliabl
etoapenal
tyforeverydayduri
ngwhi ch
thedefaultconti
nuesinsuchamountastheCommi ssi
onshallspeci
fyin
i
tsregulati
ons.

340.TheMi
nist
ermay,byregulati
onsvar
ypar
ti
cul
arsrequi
redtobecontainedi
n Part
icularsof
secr
etariest obe
acompany’
sregi
sterofsecret
ari
esandt
obenotif
iedtotheCommission. regi
steredand
noti
fi
edt ot he
commi ssion: power
tomaker egulati
ons.

CHAPTER13-PROTECTI
ONOFMI
NORI
TYAGAI
NSTI
LLEGALANDOPPRESSI
VE
CONDUCT

ACTI
ONBYORAGAI
NSTTHECOMPANY

341.Subjecttotheprov
isi
onsoft hi
sAct,wher
eanirr
egular
it
yismadeinthe Onlycompanymay
courseofacompany’saff
air
soranywr ongi
sdonetothecompany
,onl
ythe sueforwrongorrat
if
y
i
rregul
arconduct
.
companycansuet oremedythatwrongandonl
ythecompanycanrat
if
ythe
i
rregul
arconduct
.
Proceduref
ormajor
342.(
1)Forthepurposesofthissect
ion,“majorassettransact
ion”meansa assettr
ansact
ion.
tr
ansact
ionorr
elat
edser
iesoftr
ansacti
onswhichincludesthe-
 (
a)purchaseorotheracqui
sit
ionout si
det
heusual
courseoft
hecompany’sbusiness;
and

(
b)saleorot hertr
ansferout si
det heusualcourseof
the company ’s business, of t he company ’
s
propertyorotherri
ghtst hev al
ueofwhi ch,onthe
dateoft hecompany ’
sdeci siontocompl etethe
transacti
on,is50% ormor eoft hebookv alueof
thecompany ’
sasset sbasedont hecompany ’
s
mostr ecentl
ycompi l
edbal ancesheet.

(
2)I
nunder
taki
ngamaj
orassett
ransact
ion-

(
a)t he board ofdir
ectors oft
he companyshal
l
recommendt het
ransact
ionanddir
ectthati
tbe
submi t
ted for approval to an annual or
extraor
dinar
ygeneralmeeti
ngofmembers;

(
b)not i
ceofthet r
ansact
ion,st
atingthatapurpose
oft hemeetingistoconsiderthetr
ansactionand
i
ncl udi
ngasummar yofthetr
ansactionandofthe
recommendat ionoftheboardofdir ect
orsonthe
transacti
on,shal
lbegiventoallmember senti
tl
ed
tonot i
ceofort oatt
endthemeet i
ngort ovoteon
thet r
ansact
ion;and

(
c)att hemeet i
ngt hemember sshal lapprovethe
transact
ion bya specialr esolut
ion,unl ess t
he
company ’smemor andum ofassoci ati
onpr ovi
des
foritsapprovalbyanordi
nar yresoluti
on,inwhich
casei ti
sapprovedbyanor dinaryresolut
ion.

343.Wit
houtprej
udicetotheright
sofmember sundersect
ions346–351and Prot ecti
onof
minor
it
y: i
njunct
ion
sect
ions353–355oft hi
sActoranyotherpr
ovisi
onsofthi
sAct,theCourt, anddeclarati
onin
ontheappli
cati
onofanymember ,maybyinj
uncti
onordeclar
ati
onr est
rai
n certai
ncases.
thecompanyoritsof
fi
cersfrom—

(
a)enter
ingintoanyt
ransact
ionwhi
chi
sil
l
egalor
ul
tr
av i
res;

(
b)purpor
ti
ngt odobyor dinar
yresol
uti
onanyact
whichbyitsart
icl
esort hisActrequi
redt
obe
donebyspeci
alr
esolut
ion;

(
c)anyactoromi
ssi
on af
fect
ing t
he appl
i
cant
’s
 i
ndi
vi
dual
right
sasamember
;

(
d)commi t
ti
ngfraudonei thert
hecompanyort he
mi nor
it
yshareholder
swher ethedir
ect
orsfai
lto
take appropr
iat
e action toredr
ess t
he wrong
done;

(
e)whereacompanymeet i
ngcannotbecall
edi n
ti
metobeofpract
icaluseinr
edressi
ngawr ong
donet
othecompanyortominori
tyshar
ehol
ders;

(
f)wherethedir
ector
sar el
ikel
ytoderiveapr of
itor
benefi
t,orhaveprofi
tedorbenefit
edf rom thei
r
negl
igenceorfr
om thei
rbreachofduty;
and

(
g)anyotheractoromi
ssi
on,wher
ethei
nter
estof
j
ust
icesodemands.

344.(
1)Wher eamemberi nstit
utesaper sonalact
iont
oenfor
ceari
ghtdueto Personaland
represent
ati
veact
ion.
hi
m per sonal
ly
,orar epresentati
veactiononbehal
fofhi
msel
fandot
her
aff
ectedmember stoenf orceanyr i
ghtduetothem,heortheyare
subjecttosubsect
ion(2),entit
ledto-

(
a)damagesforanyl
ossincur
redonaccountoft
he
br
eachoft
hatri
ght
;or

(
b)declar
ationori
njunct
iontorest
rainthecompany
ort
hedirect
orsf
rom doingapart
icularact
.

(
2)Wher e,inproceedi
ngsbroughtunderthi
ssection,theCourtf
indsthe
di
rectorsoranyoft hem l
i
ableforanywrongdoi
ng,theerr
ingdi
rect
oris
personal
lyl
iablei
ndamagest ot
heaggrievedmember .

(
3)Wher
eanymemberinsti
tut
esanacti
onunderthi
ssecti
on,
theCourtmay
awar
dcost
stohi
m personal
lywhet
herornothi
sacti
onsucceeds.

(
4)I
nanyproceedi
ngbyamemberundersect
ion343ofthi
sAct,t
heCourt
may
,ifi
tdeemsfit
,or
dert
hatt
hemembershall
giv
esecuri
tyf
orcost
s.

345.Fort
hepur
poseofsect
ions343and344oft
hisAct
,“member
”incl
udes- Def
ini
ti
onofmember
.

(
a) the personalr
epr
esent
ati
ve of a deceased
member;and

(
b) any person to whom shares hav
e been
t
ransf
err
edort
ransmi
tt
edbyoper
ati
onoflaw.
346.(
1)Subj ectt
ot hepr ov
isionsofsubsection(2),
anapplicantmayapplytot
he Commenci ng
der
ivat
iveacti
on.
Courtforleav etobringanactionint henameoronbehal fofacompany
oracompany ’
ssubsi di
ary
,ort oi nterv
eneinanact iontowhichthe
companyort hecompany ’
ssubsi diaryisapar t
y,f orthepurposeof
prosecuti
ng,def ending ordiscontinuing t
he act
ion on behal
foft he
companyort hecompany ’ssubsi
diary.

(
2)No actionmaybebroughtand no i
nter
vent
ionmaybemadeunder
subsect
ion(
1),
unl
esst
heCourti
ssati
sfi
edthat
—

(
a)acauseofact ionhasar i
senfrom anactualor
proposed actoromi ssi
on inv
olvi
ng negl
igence,
defaul
t,breachofdutyort r
ustbyadi rect
orora
formerdir
ectorofthecompany;

(
b)theappli
canthasgivenreasonablenot
icet
ot he
dir
ect
orsofthecompanyofhisintent
iont
oapplyto
theCour
tundersubsecti
on(1);

(
c)t he di
rect
ors ofthe company do notbring,
dil
i
gentl
y prosecut
e,def
end or discont
inue t
he
acti
on;

(
d)thenot
icecont
ainsafactualbasi
sforthecl
aim
andtheact
ualorpotent
ialdamagecausedtothe
company
;

(
e)t
heappl
i
canti
sact
ingi
ngoodf
ait
h;and

(
f)itappearsto be inthe bestint
erestoft he
companythattheacti
onbebr ought
,prosecut
ed,
def
endedordi
scont
inued.

(
3)Anacti
onunderthi
ssect
ionmaybeagai
nstt
hedi
rect
ororanyot
her
per
son(
orbot
h).

(
4)Inanyacti
onref
err
edt ointhissecti
ontheplaint
iffshal
lhavetheri
ghtto
obtai
nanyrel
evantdocument sfrom thedefendantandt hewit
nessesat
tr
ial
,andmayinpursuanceoft hatri
ghtrequestcategor
iesofdocuments
fr
om suchper
sonwithoutidenti
fyi
ngspecifi
cdocument s.

347.(
1)I nconnectionwi
thanacti
onbr
oughtori
nter
venedundersect
ion346of Powersoft
hecour
t.
thi
sAct ,thecour
tmay,atanyt
ime,makeanysuchorderororder
sasit
deemsf it
.
 (
2)TheCour
tmaymakeanor
der
—

(
a)authori
singtheappli
cantoranyotherper
sont
o
contr
oltheconductoftheact
ion;

(
b)gi
vi
ngdi
rect
ionsf
ort
heconductoft
heact
ion;

(
c)dir
ectingthatanyamountadjudgedpayablebya
defendantintheact
ioni
spaid,i
nwholeori npar
t,
dir
ectl
yt oformerandpr
esentsecuri
tyholder
sof
thecompanyi nst
eadoft
othecompany ;and

(
d)requi
ri
ngt hecompanytopayr easonabl
elegal
f
eesincurr
edbyt heappl
i
canti
nconnect i
onwit
h
t
heproceedings.

348.Anappl i
cati
onmadeoranact ionbroughtorinter
venedinundersect
ion6 Evidenceof
shar
eholder
s’
shallnotbest ay
edordismissedbyr easononl ythatitisshownthatan approvalnotdeci
siv
e.
all
egedbreachofari
ghtoradut yowedt othecompanyhasbeenormaybe
approvedbytheshar
ehol
dersofsuchcompany ,butevi
denceofapprovalby
thesharehol
dersmaybetakenintoaccountbyt heCourtinmakinganorder
undersecti
on347.

349.Anappl i
cati
onmadeoranact ionbr oughtorint
er v
enedinundersection346 Court’
sapproval
to
di
scont
inue.
shallnot be st ayed,discontinued,set tl
ed or dismissed for want of
prosecuti
onwi t
houttheappr ovaloft heCourtgivenuponsucht ermsast he
Courtdeemsf itand,ift
heCour tdeterminesthattherightsofanyappl i
cant
maybesubst anti
all
yaffectedbysuchst ay,discont
inuance,set
tlementor
dismissal
,theCourtmayor deranypar tytotheappl i
cati
onoractiont ogive
noti
cet otheappli
cant.

350. An appli
cantshal
lnotbe required to gi
ve securit
yforcostsin any Nosecuri t
yf orcost
s.
appli
cat
ionmadeoracti
onbroughtorinter
venedinundersecti
on346oft his
Act.
351.Inanappli
cati
onmadeoranact i
onbr oughtorinterv
enedinundersection I
nter
im costs.
346,thecourtmayatanyti
meor derthecompanyt opaytotheapplicant
int
eri
m cost
sbefor
ethefi
nal
dispositi
onoftheapplicati
onoract
ion.

352.I
nsect
ions346–351oft
hisAct
,“appl
i
cant
”means- Def
ini
ti
on.

(
a)ar egi
steredholderorabenefici
alowneranda
for
merr egist
eredhol
derorbenefi
cialowner
,ofa
securi
tyofacompany ;

(
b)adi
rect
ororanof
fi
ceroraf
ormerdi
rect
oror
 of
fi
cerofacompany
;

(
c)t
heCommi
ssi
on;
or

(
d)anyot herpersonwhoi nthedi
scr
eti
onofthe
Court
,isapr operper
sontomakeanappl
i
cat
ion
undersect
ion346.

RELI
EFONTHEGROUNDSOFUNFAI
RLYPREJUDI
CIALANDOPPRESSI
VE
CONDUCT

353.(
1)Anapplicat
iont
otheCour
tbypet
it
ionf
oranor
derundersect
ion354i
n Appl
i
cat
ion.
r
elat
iont
oacompanymaybemadeby—

(
a)amemberoft
hecompany
;

(
b)adirect
ororof
fi
cer
,for
merdi
rect
ororof
fi
cerof
t
hecompany;

(
c)acr
edi
tor
;

(
d)t
heCommi
ssi
on;
or

(
e)anyot herpersonwho,inthedi
scr
eti
onofthe
Court
,istheproperper
sont
omakeanappl
i
cat
ion
undersecti
on354.

(
2)I
nsect
ions354and355oft
hisAct
,“member
”incl
udes–

(
a) the personalr
epr
esent
ati
ve of a deceased
member;and

(
b) any person to whom shares hav
e been
t
ransf
err
edort
ransmi
tt
edbyoper
ati
onoflaw.

354.(
1)Anappli
cat
ionf
orreli
efonthegroundthattheaf
fai
rsofacompanyar
e Groundsuponwhi
ch
anappli
cati
onmaybe
bei
ngorhav
ebeenconductedinanill
egaloroppr
essi
vemannermaybe made.
madetot
heCourtbypeti
ti
on.

(
2)Anappli
cat
iont
otheCour
tbypet
it
ionf
oranor
derundert
hissect
ioni
n
r
elat
iont
oacompanymaybemadeby—

(
a)amemberoft
hecompanywhoal
l
egest
hat—

(
i)t
heaf
fai
rsoft
hecompanyar
ebei
ngorhav
e
 beenconduct edinamannerthatisoppressive
or unf air
ly pr ejudi
cial t
o, or unf air
ly
di
scri
mi nat
or yagai
nst,amemberormember s,
orinamannert hatisorhasbeenindisregar
d
oftheinterestsofamemberort hemember s
asawhol e,or

(
ii
)an actoromi ssion ora pr oposed actor
omi ssi
on,byoronbehal fofthecompanyora
resoluti
on,orapr oposedresoluti
on, ofaclass
ofmember s,was, i
sorwouldbeoppr essi
veor
unfairl
yprejudi
cialt
o,orunfai
rlydiscriminator
y
against,amemberormember sorwas,i sor
woul dbei namannerwhi chisi ndisregardof
thei nt
erestsofamemberort hemember sas
awhol e;or

(
b)anyoftheper
sonsmenti
onedundersect
ion353
(
1)(
b),
(c)and(
e)whoal
legest
hat—

(
i)theaf f
airsoft hecompanyhav ebeenorar e
beingconductedi namanneroppr essi
veor
unfai
rl
ypr ej
udicialt
oordiscr
imi
nator
yagainst
orinamanneri ndisregar
doftheint
erest
sof
thatperson,or

(
ii
)an actoromi ssi
on,ora pr oposed actor
omissionwas,i sorwoul dbeoppr essiveor
unfair
lyprej
udici
alt
o,orunf
air
lydiscriminatory
against,orwas ori sin disregar
d oft he
i
nterestsofthatper
son,or

(
c)t
heCommi ssi
oninacasewher eitappear
st oi
tin
t
heexerci
seofit
spower sundertheprovi
sionsof
t
hisActoranyot
herenactmentthat—

(
i)t
heaf f
airsoft hecompanywer eorarebei
ng
conducted i n a manner that was or is
oppressi
v e or unf ai
rl
y prej
udici
al t
o, or
unfai
rl
ydi scri
mi nat
oryagai
nstamemberor
member s,orwasori sindisregar
dofthe
publi
cinterest,or

(
ii
)anyactualorpr
oposedactoromi
ssi
onofthe
company ,i
ncl
udi
nganactoromissi
ononi t
s
behal
fwhi chwas,i
sorwouldbeoppressi
ve,
 or unfair
ly pr ej
udici
al to, or unf
air
ly
discr
imi
nator
yagai nstamemberormembers
i
namannerwhi chwasorisindisr
egar
dof
thepubl
ici
nterest.

355.(
1)IftheCourti
ssat
isf
iedthatapeti
ti
onundersect
ions353and354iswell Powersoft
heCour
t.
founded,itmaymakesuchorderororder
sasitdeemsf i
tforgi
vi
ngrel
i
ef
inrespectoft
hemattercomplai
nedof.

(
2)Withoutpr
ejudi
cet
othegener
ali
tyofsubsect
ion(
1),
theCour
tmaymake
anorder
—

(
a)t
hatt
hecompanybewoundup;

(
b)f orr
egul
ati
ngtheconductoft
heaf
fai
rsoft
he
companyi
nfutur
e;

(
c)forthepur
chaseoftheshar
esofanymemberby
ot
hermembersofthecompany;

(
d)fort
hepurchaseofthesharesofanymemberby
t
hecompanyandf orthereduct
ionaccor
dingl
yof
t
hecompany’
scapital
;

(
e)di rect
ing the company toi nst
itute,prosecute,
defend ordi scont
inue speci
fic proceedings,or
authori
singamemberort hecompanyt oinstit
ute,
prosecute, defend or di scontinue speci fi
c
proceedings i
nt he name oron behal foft he
company ;

(
f)v ar
yingorsetti
ngasideat ransact
ionorcontr
act
towhi chthecompanyisapar t
yandcompensating
thecompanyoranyot herpartytothet
ransact
ion
orcont r
act;

(
g)direct
ing an i
nvest
igat
ion t
o be made byt
he
Commissi
on;

(
h)appoi
nti
ngarecei
verorarecei
verandmanagerof
pr
oper
tyoft
hecompany ;

(
i)restr
aini
ng a per
son f
rom engagi
ng i
n speci
fi
c
conductorf
rom doi
ngaspeci
fi
cactorthi
ng;or

(
j)r
equi
ri
ngaper
sont
odoaspeci
fi
cactort
hing.
 (
3)Whereanor derthatacompanybewoundupi smadeunderthi
ssecti
on,
theprovi
si
onsoft hi
sActrelat
ingtowindingupofcompaniesshal
lappl
y,
withsuchmodi f
icat
ionsasarenecessary
,asiftheorderhadbeenmade
uponanapplicat
iondulyf
il
edintheCourtbythecompany.

(
4)Wher eanor derundert hi
ssect i
onmakesanyal t
erati
onoraddi ti
ontot he
memor andum orar ti
clesofacompany ,notwi
thstandingany t
hinginany
otherpr ovi
sionoft hi
sAct ,butsubjecttothepr ovi
sionsoft heorder,the
companydoesnothav epower ,wit
houtt heleaveoftheCour t,t
omakeany
furt
heral t
erati
onoraddi t
iontothememor andum andar t
icl
esinconsi
stent
witht he prov i
si
ons oft he orderbut ,subjecttot hi
s subsecti
on,t he
alt
eration oraddi t
ion shal lhave effectas ifithad been made bya
resol
utionoft hecompany .

(
5)Acerti
fiedtr
uecopyofanor dermadeundert hi
ssect i
onalteri
ngorgiving
l
eavet oalt
eracompany ’smemor andum orart
iclesshall
,wi t
hin14day s
fr
om themaki ngoftheorderorsuchlongerperi
odast heCour tmayallow,
bedeli
veredbyt hecompanyt otheCommi ssi
onf orregi
strati
on,andifthe
companydef aul
tsinsocompl ying,t
hecompanyandeachof fi
cerofitare
l
iabl
etoapenal tyastheCommi ssionshal
lspeci
fyi ni
tsregulati
ons.

356.Anypersonwhocontravenesorfai
lstocomplywit
hanor dermadeunder Penal
tyforfai
l
ureto
complywithorderof
sect
ion355thati
sapplicablet
ohim,commi t
sanoffenceandisli
abl
etoa t heCour
t.
penal
tyastheCommissionshal
lspeci
fyi
nitsr
egul
ati
ons.
I
nvest
igat
ionofa
357.(
1)TheCommi ssi
onmayappointoneormor ecompet
entinspect
orst
o companyoni
tsown
i
nvesti
gat
etheaffai
rsofacompanyandt
orepor
tont
hem i
nsuchmanner appl
i
cati
onorthatof
asitmaydir
ect. i
tsmembers.

(
2)Theappoi
ntmentmaybemade—

(
a)inthecaseofacompanyhav ingashar
ecapi t
al,
ontheappl
icat
ionofmember
sholdi
ngatleastone
-
tenthoft
heclassofshar
esi
ssued;

(
b)i nthecaseofacompanynothav i
ngashar e
capi
tal
,ontheappli
cati
onofatleastone-t
ent
hi n
numberofthepersonsonthecompany ’
sregi
ster
ofmembers;and

(
c)i n any ot
hercase,on t
he appl
i
cat
ion oft
he
company.

(
3)Theappl
i
cat
ionshal
lbesuppor
tedbysuchevi
denceastheCommi ssi
on
mayr
equi
refort
hepurposeofshowi
ngt hatt
heappl
icantorappl
i
cants
 hav
egoodr
easonf
orr
equi
ri
ngt
hei
nvest
igat
ion.

(
4)Wher eacompany ’
semploy ee,incompliancewi t
hani nspect
or’
srequest,
pr
ovi
dest heinspectorwit
h anyi nf
ormation concer
ning thecompany ’
s
af
fai
rs,the company shallpr otectthe empl oyee f
r om any for
m of
di
scr
iminat
ionorotherunf
airtreat
ment .

(
5)Anyempl oyeer eli
evedofhisempl oymentwi t
houtanyjustcause,ot
her
than f orreason ofdi scl
osure made pursuanttothe provi
sion oft
his
section,isent i
tl
edt oacompensat i
onwhi chiscalcul
atedasi fhehad
attained t
hemax i
mum ageofr et
ir
ementorhad ser ved t
hemaxi mum
period ofser vice,i n accor
dance with hist er
ms ofempl oymentor
condi t
ionsofservicetothecompany .

358.(
1)TheCommi ssi
onshallappoi
ntoneormor ecompet entinspect
orsto Otheri
nvest
igat
ions
ofcompany.
i
nvest
igatetheaff
air
sofacompanyandr eportonthem i
nsuchmanner
asitdir
ects,i
ftheCourt
,byorderdecl
aresthatit
saffai
rsoughtt obe
i
nvest
igated.

(
2)Notwit
hstandingtheprovi
sionsofsect
ions357andsubsecti
on( 1)ofthi
s
sect
ion,theCommi ssi
onmayappoi ntoneormor ecompetentinspect
ors
toinvesti
gatetheaf fai
rsofacompanyand r eportont hem insuch
mannerasi tdir
ects,ifitappearstoi tt
hatther
ear ecircumstances
suggesti
ngthat-

(
a)t hecompany ’
saf f
airsarebeing orhavebeen
conductedwithint
entt odefr
auditscredi
tor
sor
thecredit
orsofanyot herper
son,ori
namanner
whichisunf ai
rl
yprejudici
alt
osomepar tofit
s
member s;

(
b)anyact ualorpr
oposedactoromi ssionoft he
company (i
ncl
udi
ng an actoromi ssion on i
ts
behal
f)i
sorwoul dbesopr ej
udi
cial
,ort hatthe
company was formed for any fraudul
ent or
unl
awful
purpose;

(
c)personsconcer nedwi t
hthecompany ’
sformati
on
or the management of i t
s affai
rs have in
connecti
on t herewit
h been gui lty of fraud,
misfeasanceorot hermi sconducttowardsitor
towardsitsmember s;or

(
d)thecompany’
smember shavenotbeengiv
enall
t
heinf
ormati
onwi threspectt
oitsaffai
rswhi
ch
t
heymightr
easonabl
yexpect.
 (
3)Subsect i
ons (1)and ( 2)are wit
houtprej
udice tot he power
s oft he
Commi ssionundersection366,andthepowerconfer
redbysubsect i
on(2)
i
sexercisablewit
hr especttoabodycorpor
ate,
notwithstandi
ngthati
tisin
acour
seofbei ngv olunt
aril
ywoundup.

(
4)Ref
erencei
nsubsect
ion(
2)t
oacompany
’smember
,incl
udes,
—

(
a) any of t he per
sonalr
epr
esent
ati
ves of a
deceasedmember
;and

(
b)anypersontowhom shar
eshavebeent
ransf
err
ed
ort
ransmit
tedbyoper
ati
onoflaw.

359.(
1)I fanI nspectorappoi nted,undersect i
on357or358,t oi nvesti
gat
et he I
nspect
ors’powers
dur
ingi
nvesti
gati
on.
affai
rs ofa company t hinks itnecessar yf orthe pur poses ofhi s
i
nv est
igationtoi nvestigatet heaffair
sofanot herbodycor poratewhichis
oratanyt imebeent hecompany ’
ssubsi di
aryorholdingcompany ,ora
subsidiaryofitshol di
ngcompanyorahol di
ngcompanyofi tssubsi
diary
,
heshal lreportont heaf fair
soft heot herbodycor poratesof arashe
thi
nkst hatther esultsofhi sinvesti
gati
onofitsaffai
rsar er el
evanttothe
i
nv est
igationoft heaf fai
r soft hecompanyf i
rstment i
onedabov e.

(
2)Ani nspectorappointedundereit
hersecti
on357or358mayatanyt i
mei n
thecourseofhi sinvesti
gat
ion,wit
houtthenecessit
yofmakinganinteri
m
repor
t,inf
ormt heCommi ssionofmat t
erscomi ngtohi
sknowledgeasa
resul
toft he investi
gati
on tendi
ng to show thatan of
fence has been
commi t
ted.

360.(
1)Whenani nspectorisappoint
edundersecti
on357or358, i
tisthedutyof Product
ionof
document sand
bothpastandpr esentoff
icer
sandagent soft hecompany,andallpast evi
dencet o
and presentof f
icersand agentsofanyot herbodycorporatewhose inspectors.
aff
air
sar einvest
igatedundersect
ion359,t
o–

(
a)producet otheinspectorallinf
ormati
on,books
anddocumentsoforr elat
ingtot hecompanyor ,
ast hecasemaybe,t heot herbodycorporate,
which ar
e atthei
rdisposal,int hei
rcust
odyor
power;

(
b)appearbef
oret
hei
nspect
orwhenr
equi
redt
odo
so;
and

(
c)givetheinspect
oral
lassi
stanceinconnecti
on
wi
ththeinv
esti
gati
onwhi
chhei sreasonabl
yabl
e
t
ogive.
 (
2)Iftheinspect
orconsi dersthataper sonothert hananof f
iceroragentof
thecompanyorot herbodycor porateisormaybei npossessionof
i
nformat i
onconcerningitsaffai
rs,hemayr equirethatpersontoproduce
tohim suchi nf
ormat i
on,booksordocument sathi sdisposal
,underhis
custodyorpowerr elati
ngt othecompanyorot herbodycor por
ate,to
appearbef or
ehi m andgi vehim al lassi
st ancei nconnecti
onwi t
ht he
i
nvestigati
onwhichhei sreasonablyablet ogi ve,anditisthatperson’
s
dutytocomplywi t
ht herequir
ement .

(
3)Aninspectormayexami neonoaththeoffi
cersandagentsofthecompany
orot herbody corporate,and any such person as i
s ment i
oned in
subsecti
on(2)i
nr el
ati
ont otheaff
air
soft hecompanyorot herbody,and
administ
eranoathaccor di
ngl
y.

(
4)Int hi
ssect i
on,ar eferencetoof f
icersortoagent sincludespastand
presentoff
icersoragent s,ast
hecasemaybe, and“agent”inrelat
iont
oa
companyorot herbodycor por
ate,i
ncludesit
sbankersandsol i
cit
orsand
personsempl oyedbyi tasauditor
s,whetherthesepersonsar eorarenot
offi
cersofthecompany .

(
5)Ananswergivenbyapersontoaquestionputt
ohimi nexer
ciseofpower s
conf
erred bythi
s sect
ion (
whetheras ithas eff
ectinr elat
ion t
o an
i
nvesti
gati
onunderanyofsect i
ons357-359asappl iedbyanyot her
sect
ioninthi
sAct)maybeusedinevidenceagai
nsthi
m.

(
6)Wher eanyof f
iceroragentofthecompany,oranyot herpersonref
usesto
answerany quest ion putto him by the inspector,orpr ovi
de any
i
nformation,booksordocument sathisdi sposal,underhiscustodyor
powerwi threspecttotheaff
airsofthecompany ,orotherbodycorpor
ate,
theinspectormayappl ytoCourtforcontemptpr oceedingsagai
nstthe
off
icer,
agentorper son.

361.(
1)Ifani nspectorhasr easonabl
egroundsforbeli
evi
ngt hatadirector
,or Powerofinspect
ort
o
cal
lfordi
rect
ors’
pastdirector,
ofthecompanyorot herbodycorpor
atewhoseaf f
airsheis bankaccounts.
i
nv est
igati
ng mai ntai
ns orhas mai nt
ained a bank accountofany
descri
ption,whetheraloneorjoint
lywit
hanotherpersonandwhet herin
Nigeri
aorel sewhere,i
ntooroutofwhichther
ehasbeenpai d–

(
a)theemol ument sorpar toftheemol umentsofhis
off
iceassuchdi rector,part
icul
arsofwhi chhave
notbeendi sclosedi nthefinancialstat
ementsof
the companyorot herbodycor porat
ef orany
fi
nancialyear,contrarytothepr ovi
sionsofPartV SecondSchedul
e.
oftheSecondSchedul etot hi
sAct( inrel
ati
onto
parti
culari
naccount sofdir
ectors);
 (
b)anymoneywhi chhasresul
tedfrom orbeenused
i
nt hefinanci
ng ofan undiscl
osed tr
ansact
ion,
arr
angementoragreement;
or

(
c)anymoneywhi chhasbeeni nanywayconnect ed
with an actoromi ssi
on orser i
es ofact s or
omissions,which on the partoft hatdirector
consti
tutedmisconductwhetherfraudulentornot
towardst hecompanyorbodycor porat
eori ts
member s,theinspectormayrequi rethedirector
toproducet ohim al
ldocument sint hedir
ector ’
s
possession,orunderhiscontrol,relat
ingtot hat
bankaccount.

(
2)Forpur posesofsubsecti
on ( 1)(b)oft hissection,an “undi
scl
osed”
tr
ansacti
on,arr
angementoragreementi sonet hepart
icul
arsofwhichhave
notbeendi scl
osedi nthefinanci
alst atementofanycompanyori na
stat
ementannexedt her
etoforanyf i
nanci alyear,i
ncludi
ngthedisclosur
e
ofcontr
actsbetweencompaniesandt heirDirector
s.

362.(
1)Whenaninspect
ori
sappointedundersecti
on357or358toinv
est
igat
e Obstructi
onof
i
nspect or
stobe
t
heaf
fai
rsofacompany
,thefoll
owingappl
iesint
hecaseof– tr
eatedascontempt
ofcourt.
(
a)anyof
fi
ceroragentoft
hecompany
;

(
b)anyoffi
ceroragentofanotherbodycorpor
ate
whoseaf
fai
rsar
einvest
igat
edundersect
ion359;
and

(
c)anysuchper
sonasi
sment
ionedi
nsect
ion 360
(
2).

(
2)Secti
on360( 4)appl
i
eswi
thr
egar
dst
oref
erencesi
nsubsect
ion(
1)t
oan
off
iceroragent
.

(
3)I
fthatper
son—

(
a)refusestoproduceanybookordocumentwhich
i
tishisdutyundersect
ion360or361toproduce,
or

(
b)r ef
usest o appearbef
oret
hei
nspect
orwhen
r
equiredt
odoso,

t
hei
nspect
ormaycer
ti
fyt
her
efusali
nwr
it
ingandappl
ytot
heCour
tfor
 cont
emptpr
oceedi
ngsagai
nstt
heper
son.

(
4)TheCour tmayt hereuponenquir
ei nt
ot hecase,andaft
erhearingany
wit
ness who maybe pr oduced agai
nstoron behal fofthe alleged
off
enderand afterhear i
ng anyst at
ementwhi ch maybe offered in
defence,t
heCourtmaypuni shtheof fenderi
nlikemannerasifhehad
beenguilt
yofcontemptoftheCourt.

363.(
1)Thei nspectormay,andifsodi rectedbytheCommi ssi
onshall,make I
nspect
or’
srepor
t.
i
nter
im reportstot he Commi ssion,and on the concl
usion ofhis
i
nvest
igati
onshallmakeaf i
nalrepor ttoi
tandanysuchr eportshal
lbe
wri
tt
enorpr i
nted,
astheCommi ssionmaydirect
.

(
2)TheCommi ssi
onmaydirectthatacopyoft heinspect
or’
srepor
tbe
f
orwar
dedt
othecompanyatit
sregi
ster
edorheadof
fice.

(
3)Wher eani nspect
orisappoi
ntedundersecti
on357i
npursuanceofan
orderoftheCour t
,theCommi ssi
onshallfurni
shacopyofanyofits
repor
tst
ot heCourt.

(
4)I
nanyot
hercase,
theCommi
ssi
onmay
,ifi
tdeemsf
it
—

(
a)f
urnishacopyonr
equestandonpay
mentoft
he
prescri
bedf
eeto–

(
i)anymemberoft
hecompanyorot herbody
cor
por
atewhi
chi
sthesubj
ectoft
hereport
,

(
ii
)anypersonwhoseconducti
sref
err
edt
oin
t
hereport
,

(
ii
i)the audi
tor
s oft
hatcompany orbody
cor
por
ate,

(
iv)t
heappl
i
cant
sfort
hei
nvest
igat
ion,
and

(
v)anyot herpersonwhosef i
nancialinterests
appeartotheCommi ssi
ontobeaf fectedby
themattersdealtwi
thinthereport,whet her
as credit
ors of the company or body
corpor
ate,orot
herwi
se;and

(
b)causeanysuchr
epor
ttobepr
int
edandpubl
i
shed.

364.(
1)I
f,f
rom anyr
eportmadeundersect
ion363,i
tappearstot
heCommi ssi
on Powert obringci
vi
l
proceedingson
t
hatanycivi
lpr
oceedi
ngoughtinthepubli
cint
eresttobebr
oughtbythe company ’sbehal
f.
 companyoranybodycor
por
ate,t
heCommi
ssionmayit
sel
fbr
ingsuch
proceedi
ngsi
nthenameandonbehalfofthecompanyorthebody
corporat
e.

(
2)TheCommi ssi
onshalli
ndemnifyt
hebodycor porat
eagainstanycost
sor
expensesincurr
edbyitinorinconnect
ionwithproceedi
ngsbroughtunder
thi
ssection,andanycostsorexpensessoi ncurr
edshall
,ifnotot
herwise
recover
able,bedef
rayedoutoftheConsoli
datedRevenueFund.

365.(
1)If,fr
om anyr eportmadeundersect i
on363,itappearsthatanyper son Criminalproceedings
andot her
has,i
nrelationtothecompanyorany bodycorporatewhoseaffair
shav e proceedingsbyt he
beeninvesti
gatedbyv i
rtueofsecti
on359,beenguiltyofanyoffencefor Attorney-Generalof
whichhei scriminal
lyli
able,t
herepor
tshallbereferr
edtotheAt tor
ney- the Federat
ion.
General
oft heFederati
on.

(
2)I ft
heAttorney-GeneraloftheFederati
onconsidersthatthecaserefer
redto
himi sonei nwhi chapr osecuti
onoughtt obei nstit
uted,heshalldir
ect
acti
onaccor dingly
,andi tist hedutyofallpastandpr esentoff
icer
sand
agentsofthecompanyorot herbodycorpor
ate,(ot
herthant hedef
endantin
theproceedings),togiveallassist
anceinconnect i
onwi ththeprosecut
ion
whichtheyarer easonablyabletogiv
e.

(
3)I f
,f rom anyr epor tmadeundersect ion363,i tappear st otheCommi ssi
on
thatpr oceedi ngsought ,inthepubl ici nt
erest ,tobebr oughtbyanybody
corpor atedeal twi thbyt her eportfort herecov eryofdamagesi nrespectof
any f raud,mi sfeasance orot hermi sconducti n connect i
on wi tht he
promot ionorf ormat ionoft hatbodycor porateort hemanagementofi t
s
affairs,orf ort her ecoveryofanypr oper t
yoft hebodycor poratewhi chhas
beenmi sappliedorwr ongfull
yretained, i
tmayr eferthecaset otheAt torney-
Gener aloft heFeder ati
onf orhisopi nionast othebr ingingofpr oceedi ngs
fort hatpur posei nt henameoft hebodycor porateandi fpr oceedingsar e
brought ,itshal lbet hedut yofallpastandpr esentof ficersandagent soft he
company or ot her body cor por ate ( other t han t he def endant s in
proceedi ngs),t ogi vehim allassistancei nconnect i
onwi tht heproceedi ngs
whi cht heyar er easonabl yabletogive.

(
4)Cost sandexpensesincur
redbyabodycor porat
einorinconnect
ionwi
th
anyproceedi
ngsbroughtbyitundersubsection(3)shal
l,i
fnotot
herwi
se
recov
erabl
e,bedefr
ayedoutoftheConsol
i
dat edRevenueFund.

366.If,i
nt hecaseofanybodycor porateliabletobewoundupunderthisAct ,i
t Poweroft he
Commi ssi
onto
appearstotheCommi ssionfr
om ar epor tmadebyaninspect
orundersection presentwindi
ng-up
363thatitisexpedientinthepubli
cinterestthatt
hebodycorpor
ateshouldbe pet i
tion.
woundup,t heCommi ssionmay( unlesst hebodycor
porat
eisalr
eadywound
upbyt heCourt)presentapetit
ionfori ttobewoundupi ft
heCourtconsiders
i
tjustandequitabl
et odoso.
367.(
1)Theexpensesof ,andincident
alto,aninvesti
gationbyani nspect
or Expensesof
i
nvesti
gati
on.
appointed bythe Commi ssi
on underthe provi
sions ofthi
s Act,are
defrayedinthefir
sti
nstanceoutoftheConsol i
dat
edRev enueFund,but
the foll
owing per
sons are,tothe extentment i
oned,li
ableto make
repayment,–

(
a)anyper sonwhoi sconv ict
edonapr osecuti
on
i
nst i
tuted,asar esultoft heinv esti
gat
ionbyt he
Attorney-Gener
aloft he Feder ation,orwho i s
orderedt opaydamagesorr estor eanypropert
yin
proceedingsbroughtundersect ion365( 3),may ,
i
nt hesamepr oceedings,beor der edtopayt he
saidexpensest osuchext entasar especifi
edin
theor der;

(
b)anybodycor por
atei
nwhosenamepr oceedi
ngs
arebroughtundersecti
on365(3)isli
abletothe
extentoft heamountorv al
ueofanysumsor
propert
yr ecover
ed byitas a resul
toft hose
proceedi
ngs;or

(
c)unl ess,as t he resultoft he i nvest
igati
on,a
prosecut i
oni sinstit
utedbyt heAt t
orney-General
of t he Feder at
ion, t he appl icants f or the
i
nv esti
gation,wher ethei nspectorwasappoi nt
ed
undersect ion357, areli
ablet osuchext ent,ifany,
ast heCommi ssi
onmaydi r
ect,andanyamount
for whi ch a body cor poratei sl i
able under
paragraph( b),shallbeaf i
rstchargeont hesums
orpr opert
yment i
onedi nthatpar agraph.

(
2)Fort hepurposesoft
hissecti
on,anycostsorexpensesincurr
edbythe
Commi ssi
oninori nconnect
ionwithproceedingsbroughtbyv i
rt
ueof
secti
on364(2),i
str
eat
edasexpensesoftheinvesti
gat
iongiv
ingri
setot
he
proceedi
ngs.

(
3)Expensestobedefr
ayedbytheCommissionunderthi
ssect
ionar
e,sofar
asnotrecover
abl
earetobepai
doutoftheConsoli
datedRev
enueFund.

368.(
1)Acopyofanyr eportofani nspectorappoi
ntedundersecti
ons357and I
nspect
ors’r
eportto
beusedasevidence
358,cert
if
iedbyt heCommi ssiontobeat r
uecopy,isadmissi
blei
nany i
nlegalpr
oceedings.
l
egalproceedi
ngsasev i
denceoft heopini
onoftheinspect
orinr
elat
iont
o
anymat t
ercontainedinthereport.
 (
2)A documentpur port
ing to be such a certi
fi
cat
e as ment
ioned i
n
subsecti
on(1)shal
lbereceiv
edinev idenceandbedeemedtobesucha
cert
if
icat
e,unl
essthecontr
aryispr
ov ed.

369.(
1)Wher ei
tappearstotheCommissionthatthereisgoodr easonsot odo,i
t Appoi
ntmentof
i
nspector
sto
mayappointoneormor ecompetentinspectorstoinvestigat
eandr epor
tinvest
igateowner
shi
p
onthemember shipofanycompany ,andot herwisewi threspecttothe ofacompany.
company,forthepurposeofdeterminingthet rueper sonswhoar eor
havebeenfi
nancial
l
yinter
est
edinthesuccessorf ai
lur
e( r
ealorapparent
)
ofthecompanyorabl etocont
rolormat eri
all
ytoi nfl
uencet hepoli
cyof
thecompany.

(
2)Theappointmentofaninspect
orunderthissect
ionmaydefinethescope
ofhi
si nvesti
gat
ion,whetheri
nr espectofthemat terortheperiodto
whi
chitistoextendorotherwi
se,andinparti
cul
armayl i
mitinv
esti
gati
on
tomatt
ersconnectedwithpart
icul
arshareordebent
ure.

(
3)Wher eanappli
cati
onf oraninv estigat
ionunderthissectionwithrespect
toparti
cul
arshareordebentureofacompanyi smadet ot heCommi ssi
on
bymember softhecompany ,andt henumberofappl i
cant sortheamount
oftheshareshel
dbyt hem isnotl essthanthatrequir
edf oranappli
cati
on
fortheappoi
ntmentofani nspectorundersection357( 2)(a)and(b)-

(
a)t heCommission shallappointan inspect
orto
conductt
hatinvestigati
on,unlessitissati
sfi
ed
thatt
heappl
icati
onisv exat
ious;and

(
b)theinspector’
sappoi ntmentisnotexcludedfr
om
thescopeofhi si nvesti
gati
onanymat t
erwhich
theapplicat
ionseekst oincl
ude,exceptinsofar
as t he Commi ssion is sati
sfi
ed t hat i
ti s
reasonableforthemat tertobeinv
estigat
ed.

(
4)Subj ecttot hetermsofani nspect
or’
sappointment ,hispowersshall
extend t ot he invest
igat
ion of any cir
cumstances suggesti
ng t he
exist
enceofanar r
angementorunderstandi
ngwhi ch,thoughnotlegall
y
bindi
ng,i sorwasobser vedorli
kel
ytobeobservedi npracti
ceandwhi ch
i
sr el
ev anttothepurposesofhisi
nvesti
gati
on.

370.(
1)Forthepurposesofanyi
nvesti
gationundersect
ion369,theprovi
sionsof Provi
sionsappli
cabl
e
toinv
estigat
ion.
secti
ons 359-363applywit
ht henecessarymodifi
cat
ionstor ef
erences
totheaf
fair
softhecompanyort hoseofanybodycorporate,
that—

(
a) thesaidsectionsshallappl
yi nrel
ationt
oall
persons who are orhave been,orwhom t he
i
nspectorhasreasonabl
ecauset obelievet
obe
 orhav ebeen, f
inanci
all
yi nterestedi nthesuccess
orfailureort heapparentsuccessorf ail
ureofthe
company orany ot herbody cor porat
e whose
member shi
pi si nvestigated wi tht hatof t he
company ,orabl et o cont rolormat eri
all
yt o
i
nfluence t he policy thereof,i ncludi
ng persons
concer nedonl yonbehal fofot hers,astheyapply
i
nr elationtoof fi
cersandagent soft hecompany
oroft heot herbodycor porate,ast hecasemay
be;and

(
b)t he Commi ssi
on i s notbound t of urnish the
companyoranyot herpersonwi thacopyofany
report by an i nspect or appoi
nted under t his
sectionorwi thacompl et
ecopyt hereofi
fhei sof
the opinion thatt herei s good r eason fornot
divulgi
ngt hecont entsoft hereportoranypar t
thereof,butshal lkeepacopyofanysuchr eport
,
or,thepar t
sofanyr eport,asregardswhi chhei s
notoft hatopinion.

(
2)Theexpensesofanyi
nvest
igat
ionundersect
ion369shal
lbedef
ray
edout
oft
heConsol
idat
edRev
enueFund.

371.(
1)Whereitismadetoappeart otheCommissionthatt
hereisgoodr eason Powertor equi
re
i
nformationasto
toi
nvestigat
etheowner shi
pofanyshar
ei nordebentureofacompany personsinter
estedi
n
andthati ti
sunnecessarytoappoi
ntaninspectorforthepurpose,the shares,
etc.
Commi ssionmayr equi
reanypersonwhoi thasreasonabl
ecauset o
bel
iev
et o—

(
a)beort ohav ebeeni
nter
est
edi
nthoseshar
esor
debent
ures;

(
b)actortohaveactedinrelati
ontothoseshar
esor
debent
uresasal egalpracti
ti
oneroranagentof
someoneint
erest
edtherein;
or

(
c)giv
et otheCommissionanyi nformationwhicht he
personhasormi ghtr easonablybeexpect edt o
obtainastothepr
esentandpasti nteresti
nt hose
shares or debentures and t he names and
addressesofthepersonsi nterested,andofany
personswhoactorhav eactedont heirbehalfin
rel
ationtot
hesharesordebent ures.

(
2)Fort
hepur
posesoft
hissect
ion,
aper
soni
sdeemedt
ohav
eani
nter
esti
n
 ashar eordebentureifhehasanyr i
ghtt oacqui
reordisposeoft heshare
ordebentureoranyi nter
estther
einort ov ot
einrespectther
eof,orifhis
consentisnecessaryfortheexerciseofanyoft herightsofotherpersons
i
nterestedther
ein,orifot
herpersonsi nterest
edtherei
ncanber equir
edor
areaccustomedt oexerci
sethei
rrightsinaccordancewithhisi
nstruct
ions.

(
3)Anyper sonwhof ailstogiveanyinformati
onrequi
redofhim underthi
s
sect
ion,orwho,i
ngivinganysuchinformati
on,makesanystat
ementwhich
heknowst obef alse,orreckl
essl
ymakesanyst at
ementwhi chisfal
se
commi t
sanoffenceandliabl
etoapenal t
yastheCommi ssi
onshall
specif
y
i
nitsregul
ati
ons.

372.(
1)Wher e,inconnectionwi thani nvesti
gationundersect ion369or371,i t Powert oimpose
appearst otheCommi ssionthatt herei sdiffi
cultyinf indi
ng outt he rest
rict
ionson
rel
evantfactsaboutanyshar e(whetherissuedort obei ssued),andthat shares,etc.
thedif
ficul
tyisduewhol l
yormai nlytot heunwi ll
ingnessoft heper sons
concerned,oranyoft hem,t oassistthei nvesti
gationasr equir
edbyt hi
s
ActtheCommi ssionmayi nwr i
tingdirectt hatt heshar esshal l
,until
fur
thernoti
ce,besubjectt otherestri
cti
onsi mposedbyt hissecti
on.

(
2)Ifsharesar
edi
rect
edt
obesubj
ectt
other
est
ri
cti
onsi
mposedbyt
his
sect
ion—

(
a)any transferoft hose shares,orin case of
uni
ssuedshar es,anytr
ansferoft heri
ghttobe
i
ssuedtherewithandanyissuether
eof,
isvoi
d;

(
b)no vot
ing ri
ght
sar
e exer
cisabl
einr
espectof
t
hoseshares;

(
c)nof ur
thersharesshallbei
ssuedi
nri
ghtoft
hose
sharesorinpur suanceofanyoff
ermadetothe
holderofshares;and

(
d)exceptinal
i
quidat
ion,nopaymentshallbemade
ofanysumsduef r
om thecompanyont hose
shares,
whet
herinr
espectofcapi
talorother
wise.

(
3)Wher etheCommi ssiondir
ectsshar estobesubjecttorestr
ict
ionsunder
thi
ssection,orr efusestodi r
ectt hatshar
esshallceaset obesubj ect
ther
eto,anyper sonaggrievedtherebymayappealt otheCour t,andt he
Courtmay ,i
fitdeemsf i
t,di
rectthattheshar
esshallceasetobesubj ectto
thesaidrest
rict
ions.

(
4)Anydirecti
onororderoft
heCourtthatshar
esshal
lceaset
obesubj
ect
t
orest
ri
ctionsunderthi
ssect
ion,expr
essedtobemadewi thavi
ew to
 permi
tti
ng a t
ransferoft hose shares,may conti
nue t
he restr
icti
ons
menti
onedinsubsection(2)(c)and(
d),eit
heri
nwholeorinpart
,sof aras
theyr
elat
etoanyrightacquir
edoroffermadebefor
ethetr
ansfer.

(
5)Anyper
sonwho—

(
a)exer cisesorpur
portsto exer
ciseanyr i
ghtt o
disposeofshar
eswhich,t
ohisknowl edge,arefor
thet i
mebeingsubjecttorestr
ict
ionsundert his
secti
on,

(
b)v ot
esinrespectofsuchshares,
whet
herasholder
orproxy,orappointsapr oxytovot
ei nrespect
ther
eof,
or

(
c)bei
ngtheholderofsuchshar
es,f
ail
stonot
if
ythat
t
heyar
esubjecttothesai
drest
ri
cti
ons,

commi t
sanoffenceandi sl
i
abl
etoapenal
tyast
heCommi
ssi
onshal
l
speci
fyini
tsr
egulat
ions.

(
6) Wher eshar
esi nanycompanyareissuedincont
rav
enti
onoft
hesaid
restr
icti
ons,t
hecompanyandeachof f
icerofthecompanywhoarein
defaultcommitsanof f
enceandi
sli
abletoapenalt
yastheCommissi
on
shallspeci
fyi
nitsregul
ati
ons.

(
7)Aprosecuti
onshal
lnotbeinsti
tut
edunderthi
ssect
ionexceptbyorwi
th
t
heconsentoft
heAtt
orney
-Generaloft
heFeder
ati
on.

(
8)Thissect
ionappl
i
esi
nrel
ati
ont
odebent
uresasi
tappl
i
esi
nrel
ati
ont
o
shar
es.

373.Nothi
nginthi
sPartr
equi
resdi
scl
osur
etot
heCommi
ssi
onort
oani
nspect
or Savingsforlegal
practi
ti
onersand
appoi
ntedbyit
,bya— bankers.

(
a)l
egalpr
act
it
ionerofanypri
vil
egedcommunicat
ion
madetohimi nthatcapacit
y,exceptasr
egards
t
henameandaddr essofhiscli
ent
;or

(
b)company’
sbankerassuch,ofanyi
nfor
mat i
onas
totheaf
fai
rsofanyoft
heircust
omersotherthan
thecompany.

CHAPTER14-FI
NANCI
ALSTATEMENTS,
AUDI
TANDACCOUNTI
NGRECORDS
Companiest
okeep
374.(
1)Ev
erycompanyshal
lcauseaccount
ingr
ecor
dst
obekepti
naccor
dance account
ingr
ecor
ds.
 wi
tht
hissect
ion.

(
2) The account
ing recor
ds are suf
fi
cient to show and expl
aint
he
t
ransact
ionsofthecompanyandassuch, ar
eto—

(
a)di
scl
osewithreasonabl
eaccur
acy,atanyt
ime,
t
hefi
nanci
alposi
ti
onofthecompany;
and

(
b)enablethedi r
ectorst
oensur ethatanyf i
nanci
al
stat
ement spreparedunderthi
sPar tcomplywith
therequir
ement softhisActast ot hefor
m and
contentofthecompany ’
sfi
nancialst
atements.

(
3)Theaccount
ingr
ecor
dsshal
l
,inpar
ti
cul
ar,
cont
ain—

(
a)ent ri
esf r
om dayt odayofal lsumsofmoney
recei
vedandexpendedbyt hecompany,andt
he
mat t
ersi nr espectof which t
he r
ecei
ptand
expendit
uretookplace;
and

(
b)a r ecor
d oft
he asset
s and l
i
abi
l
iti
es oft
he
company.

(
4)I
fthebusinessofthecompanyi
nvol
vesdeal
i
ngi
ngoods,t
heaccount
ing
r
ecordsshallcont
ain—

(
a)stat
ementsofstockshel
dbythecompanyatt
he
endofeachy
earofthecompany;

(
b)al lst
atementsofstockt
aki
ngsfrom whichany
such stat
ementofst ock as i
s mentioned i
n
paragr
aph(a)hasbeenori
stobeprepar
ed;and

(
c)excepti nt he case ofgoods sol d bywayof
ordi
naryret
ailtr
ade,st at
ementsofallgoodssold
andpurchased,showi ngthegoodsandt hebuyer
s
andsell
ersinsuffi
cientdetai
ltoenabl
ealltheset
o
beident
if
ied.

(
5)Apar entcompanyt hathasasubsidiaryunder taki
nginrel
ati
ontowhi ch
subsecti
on( 4)doesnotapplyshalltaker easonabl
estepstosecurethat
theundertakingkeepssuchaccountingr ecordsast oenabl
ethedir
ectors
oft he parentcompany t o ensur
et hatany account srequi
red t
o be
preparedunderthisPartcomplywit
ht her equir
ementsofthi
sAct.

(
6)Eachpubl
i
ccompanyshal
lkeepi
tsaudi
tedaccount
sdi
spl
ayedoni
ts
 websi
te.

375.(
1)Theaccount
ingrecordsofacompanyshallbekeptatitsregi
stered Place,durat
ionand
form ofrecords.
of
fi
ceorsuchotherplacei
nNiger
iaast
hedirect
orst
hinkf
it
,andshallat
al
lti
mesbeopentoinspect
ionbyt
heoff
icer
softhecompany.

(
2)Subjectt oanydi r
ecti
onwithr especttothedisposalofrecordsgiven
underwi ndinguprulesmadeundersect i
on732oft hi
sAct ,accounti
ng
recor
dswhi chacompanyi srequiredbysecti
on374oft hi
sActt okeep
arepreservedbyitforsi
xyear
sf rom thedat
eonwhi cht
heywer emade.

(
3)Acompanymay ,i
nadditi
ontooriginalhar
dcopies, keepelect
roniccopies
orregistersofanydocumentorr ecorditisobli
gedt okeepormai ntain
undert hisAct ,andwher eacompanychoosest omai ntai
nel ect
ronic
copiesorr egistersofitsdocument sorrecords,thecompanyshal lgive
suff
ici
entconsi derati
ontothequal i
tyofthehardwar eandsof twaretobe
used,andt echnicalspeci
fi
cati
onssuchaspr otocol,securi
ty,anti
-v
irus
prot
ectionorencr ypti
on.

376.(
1)Ifacompanyf ai
lstocomplywit
hanypr ovisionofsection374or375(1)
, Penalt
iesfornon-
compliancewith
everyoffi
cerofthecompanywhoi si
ndef aultcommi tsanof f
enceunl
ess sect
ions374or375.
heshowst hatheactedhonestl
yandthatintheci rcumstancesinwhi
chthe
businessofthecompanywascar r
iedon,t
hedef aultwasexcusabl
e.

(
2)Anof f
icerofacompanycommi t
sanof fencei
fhef ai
l
stot akeall
reasonablest
epsf orsecuri
ngcompl i
ancebythecompanywit
hsecti
on
375oft hisAct,orhasintent
ional
l
ycausedanydefaul
tbythecompany
underit.

(
3)Apersonwhocommitsanoffenceunderthissect
ion,
isl
i
abl
etoapenal
ty
ast
heCommi ssi
onshal
lspecif
yinit
sregulati
ons.

377.(
1)Inthecaseofeverycompany,
thedir
ect
orsshal
l,
inrespectofeachy
ear Direct
ors’dut
yto
prepareannual
oft
hecompany,prepar
efi
nanci
alst
atementf
ortheyear. accounts.

(
2)Subjectt o subsecti
on (3)
,the f
inanci
alst
atement
srequi
red under
subsect
ion(1)shalli
ncl
ude—

(
a)st
atementoft
heaccount
ingpol
i
cies;

(
b)thebalancesheetorbal
ancesheetasatt
hel
ast
dayoft
hey ear
;

(
c)apr of
itandlossaccountor,int
hecaseofa
companynott radi
ng forprof
it
,an i
ncome and
expendi
tur
eaccountforthey
ear;
 (
d)not
esont
heaccount
s;

(
e)t
heaudi
tor
s’r
epor
t;

(
f)t
hedi
rect
ors’
repor
t;

(
g)astatementofthesourceandappl
i
cat
ionoff
und
orst
atementofcashfl
ow;

(
h)changesi
nequi
ty;

(
i)av
alue-
addedst
atementf
ort
hey
ear
;

(
j)af
ivey
earf
inanci
alsummar
y;

(
k)i nthe case ofa hol
ding company
,the gr
oup
f
inanci
alstat
ement
s;and

(
l)suchothermattersasarerequi
redinaccor
dance
wit
htheappl
icableaccount
ingst
andards.

(
3)Thef i
nancialstat
ementsofapr i
vatecompanyneed noti
ncl
udet
he
mat
ter
sstatedinsubsect
ion(
2)(
a),
(g),
(h)and(
i)
.

(
4)Thedi r
ector
sshal l
,att
heirfi
rstmeet
ingaft
ert heincor por
ati
onofthe
company,det
erminewhatdateineachyearf
inancialstatementsismade
up,andt
heyshallgiv
enot
iceofthedat
etotheCommi ssionwithi
n14days
oft
hedetermi
nation.

(
5)Inthecaseofahol di
ngcompany,thedi r
ect
orsshal
lensur
ethat,except
wherei
ntheiropi
niontherear
egoodr easonsagai
nsti
t,t
heyearofeachof
i
tssubsi
diar
iesshall
coinci
dewit
hthey earoft
hecompany.

FORM ANDCONTENTOFCOMPANY,INDI
VIDUALANDGROUPFI
NANCI
AL
STATEMENTS

378.(
1)Thef inancialstat
ementsofacompanypr eparedundersect i
on377of Form andcont entof
i
ndi vidual f i
nanci al
thisAct,shallcomplywiththerequirementsoft heFirstScheduletothi
s st atement s.
Act(sof arasapplicabl
e)withrespecttotheirform andcontent
,andwi t
h
theaccount ingstandardslaiddowni nt hest at
ement sofaccount i
ng Fir stSchedul e.
standardsissuedbyt heFinancialReporti
ngCounci lofNigeri
a,provi
ded * a m e n d e d b y BFA 2023

suchaccount ingstandardsdonotconf l
ictwiththepr ov
isi
onsoft hi
sAct S 3 7 8 ( 1 ) - F i n a n c i a l
ortheFirstScheduletothisAct. statements of a company
prepared under section
377 of this Act, shall
comply with the
(
2)Thebal
ancesheetshal
lgi
veat
rueandf
airv
iewoft
hest
ateofaf
fai
rsof requirements of the
accounting standards
prescribed in the
statement of accounting
standards issued by the
Financial Reporting
Council of Nigeria
 thecompanyasattheendoftheyear,andt
heprof
itandl
ossaccount
shal
lgi
veatrueandfai
rvi
ewoftheprofi
torl
ossoft
hecompanyforthe
year
.

(
3)The statementofthe source and appli
cat
ion off unds shal
lprov
ide
i
nformati
onont hegenerat
ionandut il
isat
ionoff undsbyt hecompany
duri
ngtheyear.

(
4)Theval
ueaddedstatementshal
lrepor
tthewealt
hcreatedbythecompany
duri
ngtheyearandit
sdist
ri
butionamongvari
ousinter
estgroupssuchas
theemploy
ees,gover
nment,cr
edit
ors,
propr
iet
orsandthecompany.

(
5)Thefi
ve-
yearfi
nanci
alsummar
yshal
lprovi
dear epor
tforacompar
ison
ov
eraper
iodoffi
veyear
sormor
eofvi
tal
f i
nanci
ali
nfor
mation. Fi
rstSchedul
e.

(
6)Subsect
ion(
2)ov
err
ides—

(
a)therequi
rement
soft
heFi
rstSchedul
etot
hisAct
;
and

(
b)al lotherrequir
ement s ofthis Actas tot he
mat t
ersto be incl
uded i nthe accounts ofa
company ori n notes tot hose account
s,and
accordi
ngl
y,theprovi
sionsofsubsections(7)and
(8)shal
lhaveeff
ect.

(
7)Ifthebalancesheetorprofitandlossaccountdrawnupi naccordance
withthose requi
rements would notprovi
de suffi
cientinformati
on to
complywithsubsection(
2),anynecessar
yaddit
ionalinfor
mat i
onshallbe
provi
dedinthatbalancesheet,pr
ofi
tandlossaccountori nanot etothe
account
s.

(
8)If,
owingtospeci alcircumstancesinthecaseofanycompany ,compli
ance
withanysuchr equirementi nrel
ationt othebal
ancesheetorpr ofi
tand
l
oss accountwoul d pr eventcompl i
ance wit
h subsect
ion (2),(
even if
addit
ionalinf
ormat i
onwer eprovidedi naccor
dancewithsubsecti
on( 4)
),
thedirect
orsshal ldepar tfr
om thatrequir
ementinprepari
ngt hebal
ance
sheetorprofitandl ossaccount( sof arasnecessar
y)inordertocomply
withsubsecti
on( 2).

(
9)Ifthedi rect
orsdepartfr
om anysuch requi
rement
,par
ti
cul
arsoft
he
depart
ure,thereasonsf
oritandi
tsef
fect
sshallbegi
veni
nanotetot
he
accounts.

(
10)Subsect
ions(1)-(
9)donotappl
ytogroupaccount
spr epar
edunder
sect
ion379(1)and(
2)appl
ytoacompany’
spr
ofitandlossaccount(
or
 r
equi
ret
henot
esot
her
wiser
equi
redi
nrel
ati
ont
othataccount
)if
—

(
a)t
hecompanyhassubsi
diar
ies;
and

(
b)t he profitand loss accountisframed as a
consol
idatedaccountdeali
ngwithal
loranyofthe
subsi
diari
es of the company as wel las the
company —

(
i)compli
eswiththerequi
rementsofthi
sAct
rel
ati
ng to consol
i
dated pr
ofitand loss
account
,and

(
ii
)showshowmuchoft heconsoli
dat
edpr
ofi
t
andl ossforthey earisdealtwit
hinthe
indi
vi
dual financi
al stat
ements of the
company .

(
11)Ifgroupf i
nanci
alstatement
sareprepar
edandadvantageist
akenof
subsect
ion(7),t
hatfactshal
lbedi
scl
osedinanotet
ot hegroupf
inanci
al
stat
ements.

379.(
1)I f
,att
heendofay earacompanyhassubsi diari
es,thedir
ectorsshal
l,
as Groupf
inanci
al
stat
ementsofhol
ding
wellasprepar
ingindividualaccountsofeachsubsidi
aryforthatyear
,al
so company.
prepar
egr oupfinancialstat
ement sbeingaccountsorstatementswhich
dealwit
ht hestateofaf fai
rsandpr of
itorl
ossoft heenti
recompanyand
thesubsi
diari
es.

(
2)Theprovisi
onsofsubsecti
on(1)donotapplyininst
ancesexemptedunder
account
ingstandar
dsissuedbytheFi
nancialReport
ingCounci
lofNiger
ia.

(
3)Agroupf
inanci
alst
atementmaynotdealwi
thasubsi
diar
y,i
fthedi
rect
ors
oft
hecompanyareoftheopi
niont
hat—

(
a)iti
simpracti
cabl
e,orwoul
dbeofnor ealv
aluet
o
t
hemember s,i
nviewoftheinsi
gni
fi
cantamount
s
i
nvol
ved;

(
b) i t woul
d inv
olve expense or del
ay out of
proport
ion t
o its val
ue t o members of t
he
company ;

(
c)theresul
twoul
dbemi sl
eadi
ng,orhar
mfultothe
busi
nessoft
hecompanyoranyofit
ssubsi
diar
ies;
or
 (
d)thebusinessoftheholdi
ngcompanyandt hatof
t
hesubsidiar
yar esodi f
fer
entthatt
heycannot
r
easonablybetr
eatedasasingl
eunder
taki
ng.

(
4)The gr oup fi
nanci
alst
atement
s ofa company shal
lconsi
stofa
consol
i
dated—

(
a)balancesheetdeal
i
ngwitht
hest ateofaf
fai
rsof
the company and al
lthe subsidi
ari
es of t
he
company;and

(
b)pr of
itandlossaccountoft
hecompanyandi
ts
subsi
diar
ies.

(
5)Ift hedi r
ectorsareoftheopinionthati tisbetterforthepur poseof
presenti
ngt hesameorequi val
entinfor
mat i
onaboutt hestat
eofaf f
airs
andpr ofitorlossoft hecompanyandi tssubsidiar
ies,andt hattoso
presentitmayber eadi
lyappr
eciat
edbyt hemember softhecompany ,t
he
groupfinancialst
atement
smaybepr eparedinafor m notconsist
entwith
subsection(1)andinparti
cul
arthegroupf i
nanci
alstatementmayconsi st
of—

(
a)mor ethan one setofconsol idated fi
nancial
statements deali
ng r espect
ivel
y wi t
h t he
companyandonegr oupofsubsidiariesandwith
othergroupsofsubsidi
aries;

(
b)separat
efinanci
alstat
ement
sdeal
i
ngwi
theach
ofthesubsidi
ari
es;
or

(
c)stat
ementsexpandingthei nf
ormati
onaboutthe
subsi
diar
iesi
ni ndi
vi
dualfinanci
alst
atement
sof
thecompany,orinanyotherform.

(
6)Thegroupfi
nanci
alst
atement
smaybewholl
yorpar t
lyi
ncor
por
atedinthe
i
ndiv
idualbal
ance sheetand pr
ofi
tand l
oss accountofthe hol
ding
company.

380.(
1)Thegr oupfinanci
alstat
ementsofaholdingcompanyshallcomplywith Form andcontentof
groupfinanci
al
therequir
ement softheFir
stSchedul
etothisAct
,sofarasappli
cableto stat
ement s.
groupf i
nancialstat
ementsint heform inwhichthoseaccountsar e
preparedwithrespecttothefor
m andcontentofthosest
atementsand Fi
rstSchedul
e.
anyaddi t
ionalinf
ormationto beprovi
dedbywayofnot estot hose
accounts.

(
2)Gr
oupf
inanci
alst
atement
stoget
herwi
thanynot
est
her
eonshal
lgi
vea
 tr
ueandfai
rv i
ewofthestat
eofaff
air
sandprofi
torl
ossofthecompany
andt
hesubsidi
ari
esdeal
twit
hbythosest
atement
sasawhole.

(
3)Subsect
ion(
2)ov
err
ides—

(
a)ther
equi
rement
soft
heFi
rstSchedul
etot
hisAct
;
and

(
b)alltherequirementsoft hisActast ot hematt
ers
tobei ncludedi ngroupfinancialst
atementsorin
notes t o those st atements and accor di
ngly
subsections( 4)and(5)shallhaveeffect.

(
4)Ifgroupfi
nancialst
atementsarenoti naccordancewit
htherequir
ement
s
ofthisActbynotpr ov
idi
ng suff
icientinf
ormat i
onincompliancewit
h
subsecti
on(2),anynecessaryaddi
tionalinf
ormat i
onshal
lbeprovidedi
n,
orinanoteto,thegroupfi
nanci
alstatements.

(
5)If,
owingt ospeci alci
r cumstancesinthecaseofanycompany ,
compli
ance
withanysuchr equirement sinrelat
iontoitsgroupfinanci
alstat
ements
wouldpr eventthest at ementsfr
om compl y
ingwithsubsecti
on(2),
(ev
enif
addit
ionalinformat i
onwer eprovidedinaccordancewi t
hsubsecti
on(4))
,
thedirectorsmaydepar tfrom thatrequi
rementinpr epar
ingthegroup
fi
nancialstatement s.

381.(
1)Subj
ecttosubsect
ion(4),acompanyisforthepurposesoft
hisAct Meani
ngofholding
company
,subsidiar
y
deemedtobeasubsidi
aryofanot
hercompanyi
fthecompany— andwhol
ly-
owned
subsi
diar
y.
(
a)isamemberoft hecompanyandcont
rol
sthe
composi
ti
onofi
tsboar
dofdi
rect
ors;

(
b)holdsmorethan50%i
nnomi
nal
val
ueofi
tsequi
ty
sharecapi
tal
;or

(
c)thefir
st-
ment
ionedcompanyisasubsi di
aryof
anycompanywhichi
sthatot
her
’ssubsi
diar
y.

(
2)Fort hepur posesofsubsecti
on( 1),thecompositi
onoft heboardof
dir
ectorsofacompanyi sdeemedt obecontrol
ledbyanothercompanyif
thatothercompanybyt heexerci
seofsomepower ,wit
houttheconsent
orconcurrenceofanyotherper
son, canappoi
ntorremovetheholder
sof
allormajori
tyofthedi
rect
ors.

(
3)Forpurposesofsubsecti
on(2)
,theot hercompanyisdeemedtohave
powertoappointadirect
orwit
hr especttowhichanyofthefol
l
owing
condi
ti
onsissat
isf
iedt
hat—
 (
a)aper soncannotbeappoi
ntedtoitwithoutt
he
exer
ciseinhisf av
ourbytheot hercompanyof
suchpowerasismenti
onedinthi
ssecti
on;

(
b)t heappointmentofaper sontothedirect
orshi
p
foll
ows necessaril
yf rom his appoi
ntment as
direct
oroftheothercompany;
or

(
c)t hedir
ect
orshi
pi sheld byt
heot
hercompany
i
tsel
forbyasubsidi
aryofi
t.

(
4)I
ndet
ermi
ningwhet
heronecompanyi
sasubsi
diar
yofanot
her
—

(
a)anyshar eheldorpowerexerci
sabl
ebyt
heother
i
naf iduciar
ycapacit
yistreatedasnothel
dor
exer
cisablebyit;

(
b)subjectt
opar agraphs(
c)and(
d),anyshar
ehel
d
orpowerexer
cisable–

(
i)by any person as nominee f
ort he ot
her
(
exceptwheretheotheri
sconcernedonlyi
na
f
iduci
arycapaci
ty)
,or

(
ii
)by ,orbyanomi neefor,asubsi di
aryorthe
other (not bei
ng a subsi di
ary which is
concerned onl
yinaf i
duciary capaci
ty)
,is
tr
eatedasheldorexerci
sablebyt heother
;

(
c)any share hel
d orpowerex ercisabl
e by any
person by vir
tue of t he provisions of any
debentur
esofthef i
rstmentionedcompanyorof
at rustdeed forsecuring any issue ofsuch
debentur
esaredisr
egarded;and

(
d)anyshar ehel dorpowerexer cisableby ,orbya
nomi neef or,theot herorit
ssubsidiary( notbeing
held orexer cisableasment ioned inpar agraph
(c))
,shallbet reatedasnothel dorexer cisabl
eby
theot her,iftheor dinar
ybusinessoft heot heror
i
tssubsi diary( ast hecasemaybe)i ncludest he
l
endi ngofmoneyandt hesharesar ehel dort he
poweri sexer cisabl ebywayofsecur it
yonl yfor
thepur posesofat r
ansact
ionent er
edi ntoi nthe
ordinarycour seoft hatbusi
ness.
 (
5)Fort
hepur
posesoft
hisAct—

(
a)acompanyisdeemedtobethehol di
ngcompany
ofanot
her
,ift
heotheri
sit
ssubsi
diary;
and

(
b)abodycor porateisdeemedt obet hewhol
ly
-
ownedsubsidiaryofanot
her
,ifithasnomember
exceptthatotherandthatother’
swholl
yowned
subsidi
ari
esareitsort
hei
rnominees.

(
6)I
nthi
ssect
ion,
“company
”incl
udesanybodycor
por
ate.

382.(
1)The addi t
ionalmatter
scont ained int he Second Schedule shal
lbe Addi t
ionaldi
sclosure
requi
redinnotesto
di
sclosedinthecompany ’
sf i
nancialstat
ement sfort
hey ear;andinthat fi
nancialst
atements.
Schedule,
wher eat
hingisrequiredt obestatedorshownori nf
ormat i
on
i
sr equi
redtobegiven,itisconst ruedtomeant hatthet hi
ngshal lbe SecondSchedul e.
st
atedorshown,ort heinformationist obegi veninanot etot hose
st
atements.

(
2)I
ntheSecondSchedul
etot
hisAct—

(
a)Part
sIandI Idealrespect
ivelywit
hthediscl
osur
e
ofpart
icul
arsoft hesubsidiari
esofthecompany
andit
sshareholders;

(
b)PartII
Ideals wit
ht he di
sclosur
e off
inanci
al
i
nfor
mati
onrel
atingtosubsi
diari
es;

(
c)Par
tIVrequi
resasubsi
diar
ycompanyt
odi
scl
ose
i
tsul
ti
mateholdi
ngcompany ;

(
d)PartV dealswiththeemol umentsofdi r
ector
s,
i
ncluding emoluments wai ved, pensi
ons of
di
rectorsandcompensationforlossofofficet
o
di
rectorsandpastdi
rect
ors;and

(
e)PartVIdealswit
hdi
scl
osureoft
henumberofthe
empl oy
eesofthecompanywhoareremuner
ated
athigherr
ates.

(
3)Whenev eritis stated i
nt he Second Schedule oft his Actt hatthis
subsect
ionappliest ocert
ainpart
icul
arsori nfor
mation,thepar t
icular
sor
i
nformationisannexedtotheannual r
eturnfi
rstmadebyt hecompanyaf t
er
copiesofitsfi
nancialst
atementshavebeenl aidbeforeitsshareholdersin
agener almeetingandi facompanyf ai
lstosat i
sfythisobl i
gation,the
 companyandeveryoff
icerofitar
eli
abl
etoapenal
tyast
heCommi
ssi
on
shal
lspeci
fyi
nit
sregul
ations.
SecondSchedul
e.
(
4)Itisthedutyofanydirect
orofacompanytogiv
enot i
cetothecompanyof
suchmat t
ersrelat
ingtohimsel
fasmaybenecessar yfort
hepur posesof
PartVoftheSecondSchedul etothi
sActandthisappli
est
oper sonswho
areorhav eatanyt imeintheprecedi
ngthreeyearsbeenofficersasit
appli
estodir
ectors.

(
5)A per son who makes def
aul
tin compl
yi
ng wit
hthe provi
sions of
subsect
ion(4)
,isl
i
abl
etoapenalt
yastheCommissi
onshal
lspeci
fyinits
regul
ati
ons.

383.(
1)Thegr oupf inancialst
atementsofahol di
ngcompanyf orayearshall Disclosureof
loansi nfavourof
complywi thPar tIoftheThir
dSchedule(sofarasappli
cabl
e)asregards directorsand
thedisclosureoft r
ansacti
ons,ar
rangementsandagreementsmentioned connect ed
ther
ein,including l
oans,quasiloans and otherdeal
ings i
nfavourof per sons.
dir
ectors. Thi
rdSchedul
e.

(
2)I nthecaseofacompanyot herthanaholdingcompany ,i
tsindi
vidual
accounts shal
lcompl
ywith Par
tIoft he Thi
rd Schedul
e( so f
aras Thi
rdSchedul
e.
appli
cabl
e)asregar
dsdi
scl
osurematter
scontai
nedintheSchedul
e.

(
3)Par ti
cul
arswhi
char erequir
edtobecont ai
nedinPartIoftheThi r
d Thi
rdSchedul
e.
Schedulei
nanyf i
nanci
alstat
ementsarerequi
redinr
espectofshadow
di
rector
saswell
asadi r
ect
orgivenbywayofnotes.

(
4)Wher ebyv irt
ueofsecti
on379(2)or(3),acompanydoesnotpr epar
e
gr
oupf i
nancialst
atement
sforayear
,itshal
ldisclosesuchmatt
ersinit
s
i
ndivi
dualstatementsaswouldhavebeendi sclosedingroupfinanci
al
st
atements.

(
5)Ther equirementsofthissect
ionapplywithsuchmodi f
icati
onsasare Thi
rdSchedul
e.
necessarytobringthem i
nli
newithPartIoftheThir
dScheduletothi
sAct
,
(i
ncludi
ngwi thpart
icul
arsofexcept
ionsinrespectofr
ecognisedbanksi
t
shal
l di
sclose)
.

384.(
1)Thegr oupf i
nancialstat
ementsofahol di
ngcompanyforayearshal l Disclosur
eofl oanst
o
offi
cersofthe
complywithPartIIoftheThirdSchedul
etothi
sAct,sof
arasappli
cable, companyand
asregardst r
ansacti
ons,arrangementsand agr
eement
smadebyt he st atementsof
companyori t
ssubsi di
aryforpersonswhoatanyt i
meduri
ngthatyear amount soutstandi
ng.
wereoff
icersofthecompanybutnotdi r
ect
ors. ThirdSchedule.

(
2)Inthecaseofacompanyot herthanaholdi
ngcompany,i
tsindi
vi
dual
account
sshallcomplywi
thPartI
IoftheThi
rdSchedul
etot
hisActsofar
asappli
cabl
e,asregar
dsmatt
erscontai
nedt
her
ein. Thi
rdSchedul
e.
 (
3)Subsections(1)and( 2)donotapplyinrel
ati
ontoanytr
ansact
ionor
agreementmadebyar ecogni
sedbankf
oranyofit
sof
fi
cer
sorforanyof
theoff
icersofi
tshol
dingcompany.

(
4)Parti
cul
arsr
equi
redbyPartI
IoftheThir
dSchedul
etobei
nanyaccount Thi
rdSchedul
e.
shal
lbegi
venbywayofnot
estotheaccount
s.

(
5)Wher ebyvirt
ueof379( 2)or(3),acompanydoesnotpr eparegroup
f
inanci
alst
atement
sforay ear,i
tshal
ldiscl
osethi
sfacti
nitsindi
vi
dual
f
inanci
alst
atement
sasrequir
edbysubsecti
on(1)
.

DI
RECTORS’
REPORTS

385.(
1)I
nthecaseofev
erycompany,ther
eshal
lbepr
epar
edi
nrespectofeach Di
rect
ors’
repor
t.
y
ear,
arepor
tbythedi
rect
ors—

(
a)containi
ngaf ai
rv i
ew oft
hedev el
opmentoft he
busi
ness oft he company and it
s subsi
diar
ies
duri
ngtheyearandofthei
rposit
ionatt
heendofi t
;
and

(
b)stati
ngt heamount,
ifany
, whi
chtheyrecommend
shoul
dbepai dasdivi
dendandtheamount( i
fany
)
whichtheyproposet
ocarrytor
eserves.

(
2)Thedirector
s’r
epor
tshallstat
ethenamesoft hepersonswho, atanyti
me
dur
ingt heyear
,wer
edirectorsoft hecompany,andt hef
inancialact
ivi
ti
es
ofthecompanyandi t
ssubsi diariesi
nt hecourseoft hey earandany
si
gnif
icantchangei
nthoseact i
vi
tiesintheyear.
Four
thSchedul
e.
(
3)Therepor
tshal
lal
sostatet
hematter
s,andgi
vet
hepar
ti
cul
ars,
requi
redby
Par
tIoftheFour
thSchedul
etot
hisAct.
Four
thSchedul
e.
(
4)PartIIoftheFour
thSchedul
etothi
sActappl
i
esasr egar
dsthematter
sto
best atedintherepor
toft hedir
ect
orsintheci
rcumstancesspeci
fi
ed
ther
ein. Four
thSchedul
e.

(
5)PartI
IIoft
heFourthScheduletothisActappliesasregardst
hemat tersto
bestatedinthedir
ectors’r
eportrel
ativet
ot heempl oyment
,traini
ngand
advancementofdisabledpersons,theheal
th,safet
yandwel fareatwor k
oftheemployeesofthecompanyandt hei
nvol v
ementofemploy eesinthe
aff
air
s,pol
icyandperformanceofthecompany .

(
6)I
nrespectofanyf
ail
uretocomplywi
ththerequi
rementsoft
hisActasto
t
hemat t
erstobestatedandthepar
ti
cular
st obegivenint
hedirect
ors’
 report
,everyper
sonwho wasadi r
ectoroft hecompanyi mmediately
beforetheendoftheperi
odprescr
ibedf orlay
inganddeli
ver
ingf
inancial
statement
scommi t
sanof f
enceandisli
abl eonconvi
cti
ontoapenaltyas
theCommi ssi
onshal
lspeci
fyi
nitsr
egulations.

(
7)I
nproceedi
ngsforascer
tai
ninggui
ltundersubsect
ion(6),i
tisadefence
fort
heper sontoprovethathetookallreasonablestepsforsecur
ing
compli
ancewitht
herequir
ementsi
nquestion.

PROCEDUREONCOMPLETI
ONOFFI
NANCI
ALSTATEMENTS

386.(
1)Acompany ’
sbalancesheetandever
ycopyofitwhichislai
dbefor
ethe Signingofbal
ance
companyi
ngener almeeti
ngordel i
ver
edtot heCommi ssi
onshallbe sheetanddocuments
tobeannexed
si
gnedonbehal
foftheboardbytwoofthedi
rector
softhecompany. thereto.

(
2)I
facopyoft
hebal
ancesheet—

(
a)islaidbef orethecompanyordel
i
veredtothe
Commi ssionwithoutbei
ngsi
gnedasrequi
redby
thi
ssection,or

(
b)notbei ngacopysol ai
dordeliv
ered,isissued,
cir
culatedorpubl i
shedi nacasewherethebalance
sheethasnotbeensi gnedassor equir
edorwher e
(t
hebal ancesheethav ingbeensosigned)thecopy
doesnoti ncludeacopyoft hesi
gnatureast he
casemaybe, t
hecompanyandeachof f
icerofitare
l
iablet oapenal t
yast heCommi ssi
onshallspecify
i
ni t
sr egulations.

(
3)Acompany ’sprofi
tandlossaccountand,sofarasnoti ncorporat
edinit
s
i
ndivi
dualbalancesheetorprof
itandlossaccount,anygroupaccountsof
a hol
ding company ,shal
lbe annexed tot he balance sheet,and t
he
audi
tors’r
epor tandthedirect
ors’repor
tshallalsobeat tachedtothe
bal
ancesheet .

(
4)Thebal ancesheetandthepr
ofi
tandl
ossaccountannexedtoitshal
lbe
approvedbyt heboardofdir
ector
sandsignedont heirbehal
fbyt wo
di
rectorsaut
hori
sedtodoso.

387.(
1)Int he case ofeverycompany ,a copyofthe company’
sfinancial Personsentit
ledto
receivef
inancial
st
atementsf ortheyearshall
,atleast21daysbeforethedateoft he st atementsasof
meeti
ngatwhi chtheyar
etobel ai
dinaccor
dancewi
thsecti
on388ofthis right .
Actbesenttothefoll
owingper
sons—

(
a)ev
erymemberoft
hecompany(
whet
herornot
 ent
it
ledt
orecei
venot
iceofgener
almeet
ings)
;

(
b) ev
ery holder of t
he company
’s debent
ures,
(
whetherornotsoenti
tl
ed)
;and

(
c)allpersonsot
herthanmembersanddebent
ure
holder
s,bei
ngper
sonssoent
it
led.

(
2)Inthecaseofacompanynothav i
ngasharecapit
al,subsecti
on(1)shal
l
notrequi
reacopyoft
hef i
nanci
alstat
ementstobesentt oamemberof
thecompanywhoisnotenti
tl
edtorecei
venoti
cesofgener almeet
ingsof
thecompany,ortoaholderofthecompany’sdebenturewhoi snotso
enti
tl
ed.

(
3)Subsect
ion(
1)shal
lnotr
equi
recopi
esoft
hef
inanci
alst
atement
stobe
sentt
o—

(
a)amemberofthecompanyoradebentur
ehol der
,
apersonwhoi
snotenti
tl
edtorecei
venoticesof
gener
almeeti
ngs,and ofwhose address the
companyi
sunaware;

(
b)mor et
hanoneoft hej
ointhol
der
sofsharesor
debent
uresnoneofwhom areent
it
ledt
orecei
ve
suchnoti
ces;
or

(
c)thosewhoar enotentit
ledinthecaseofjoi
nt
holder
sofsharesordebentur
es,someofwhom
arenotent
it
ledtor
ecei
vesuchnotices.

(
4)I fcopi
esofthefinanci
alstat
ement saresentl
essthan21day sbef
orethe
dateofthemeet i
ng,itis,not
wi t
hstandi
ngthatf
act,deemedtohavebeen
dulysentifi
tissoagreedbyal lthemembersenti
tl
edt oat
tendandvoteat
themeeting.

(
5)I fdefaul
tismadeincompl
yi
ngwithsubsect
ion(
1),t
hecompanyandeach
offi
cerofi tar
eli
abletoapenal
tyastheCommi ssi
onshal
lspeci
fyi
nits
regulati
ons.

388.(
1)I nrespectofeachy ear,thedirect
orsshal
l
,atadat enotl
aterthan18 Di rect
ors’dutyt
olay
anddeliverfi
nanci
al
monthsaf teri
ncor porat
ionoft hecompanyandsubsequent l
yonceat st atements.
l
eastinev eryyear,laybeforethecompanyi ngener
almeeti
ngcopi esof
thefi
nancialst
atement soft hecompanymadeupt oadatenotexceeding
ninemonthsprev i
oust othedateoft hemeet
ing.

(
2)Theaudi
tor
s’r
epor
tshal
lber
eadbef
oret
hecompanyi
ngener
almeet
ing,
 andbeopent
othei
nspect
ionofanymemberoft
hecompany
.

(
3)I
nr espectofeachyear
,thedir
ectorsshall
del
iverwi
ththeannualr
eturnto
theCommi ssionacopyofthebal ancesheet
,theprof
itandlossaccount
andt henot esont hestat
ement swhi chwerelai
dbef or
et hegeneral
meet i
ngasrequir
edbythissecti
on.

(
4)Inthecaseofanunli
mit
edcompany,t
hedirect
orsar
enotr
equi
redby
subsect
ion(
3)t
odel
i
veracopyoft
heaccount
sif—

(
a)atnot i
meduringtheaccount i
ngreferenceper i
od
has the company been,t oits knowl edge,the
subsidi
aryofacompanyt hatwast henlimitedand
atnosucht ime,t
oi tsknowl edge,hav etherebeen
heldorbeenexercisable,byoronbehal foft woor
mor ecompaniesthatwer ethenlimited,sharesor
power s whi
ch,ift hey had been hel d orbeen
exerci
sablebyoneoft hem,woul dhav emadet he
companyi t
ssubsidiary
; and

(
b)atno such t i
me has t
he company been t
he
hol
dingcompanyofacompanywhi chwast hen
l
imi
ted.

(
5)Refer
encesi
nthi
ssecti
ont oacompanyt hatwaslimitedatapar
ti
cul
ar
ti
mearetoabodycor
porat
e( underwhat
everl
awincorporat
ed)t
hel
i
abil
i
ty
ofwhosememberswasatthatti
mel i
mit
ed.

389.(
1)I finay earanyoft herequi
rementsofsect ion388( 1)or(3)arenot Penalt
yf ornon-
compliancewith
compli
edwi thbyanycompany ,ever
ypersonwhoi mmedi atel
ybefor
ethe sect
ion388.
endoft hatperiodwasadirectorofthecompany ,inrespectofeachof
thosesubsectionswhi
chisnotsocompl iedwith,i
sliabl
etoapenaltyas
theCommi ssionshal
lspeci
fyi
ni t
sregul
ations.

(
2)I fa person is charged with an offence i
nr espectofany oft he
requir
ementsofsection384( 1)or(3)
, i
tisadefenceforhimtoprovethat
het ookallreasonablestepsf orsecur i
ngthatthoser equi
rementsbe
compl i
ed wi
th beforet he end oft he peri
od all
owed forl ay
ing and
deli
veri
ngaccounts.

(
3)Inproceedi
ngsunderthissect
ionwit
hr especttoarequi r
ementt olaya
copyofadocumentbef oreacompanyingener almeeting,ortodeli
vera
copyofadocumentt otheCommi ssi
on,itisnotadef encetoprov ethat
thedocumenti
nquestionwasnotinfactpreparedasrequiredbythi
sPar t
ofthi
sAct.
390.(
1)I
f— Defaul
tor
deri
ncase
ofnon-
compli
ance.

(
a)inr espectofay ear,anyoft
her equir
ement
sof
secti
on388( 1)and(3)ofthi
sActhasnotbeen
compliedwithbyacompanybef or
et heendofthe
peri
odal l
owedf orlayi
nganddeliveri
ngfi
nancial
stat
ement s,
and

(
b)t hedi
rect
orsofthecompanyfailt
omakegood
thedefaul
twit
hin14daysaft
ert heser
viceofa
noti
ceonthem r
equi
ri
ngcompl
iance,

thecour tmayonapplicat
ionbyanymemberorcredi
torofthecompany
orbyt heCommi ssi
onmakeanor derdi
rect
ingt
hedirect
ors(oranyof
them)t omakegoodt hedefaul
twit
hinsuchti
measmaybespeci fi
edin
theorder .

(
2)Thecourtordermaypr ov
idethatallcost
sofand i
nci
dent
alt
othe
appl
i
cat
ionbebornebyt
hedirect
ors.

(
3)Not
hingi
nthi
ssect
ionaf
fect
sthepr
ovi
sionsofsect
ion389oft
hisAct
.

391.(
1)I fanyf i
nancialstatement sofacompany( ot
hert hanit
sgr oupfi
nancial Penalt
yforlayi
ngor
del
iver
ingdefecti
ve
statement)ofwhi chacopyi slai
dbef or
et heshar eholdersingener al fi
nancial
statements.
meet ing ordel ivered t
ot he Commi ssi
on do notcompl y wi
tht he
requirementoft hisActast ot hemat t
erstobei ncludedin,orinanotet o,
thosef i
nancialstatements,everypersonwhoatt het i
mewhent hecopyis
l
aid ordel i
vered i sadi rectoroft hecompanyi s,inr espectofeach
contraventi
on,liabletoapenal tyastheCommi ssionshallspecif
yinits
regulati
ons

(
2)I fanygr oupf i
nanci
alst atement sofwhi chacopyislai
dbeforeacompany
i
nagener almeet i
ngordel iv
er edt otheCommi ssiondonotcompl ywith
section388( 4)and( 5)orsect ion389andwi ththeotherr
equirementsof
thisActast ot hemat t
er stobei ncl
udedi norinanotetot hosefi
nancial
statement s,eachper sonwhoatt het i
mewhent hecopywassol ai
dor
deliver
ed wasadi rectoroft hecompanyi sl i
ableto apenaltyast he
Commi ssionshallspecifyinitsr egul
ati
ons.

(
3)Inproceedingsagai
nstaper sonf
oranof f
enceunderthissect
ion,i
tisa
def
encef orhimt oprovethathetookallreasonabl
estepsforsecuri
ng
compl
iancewi t
htherequi
rementsi
nquest
ion.

392.(
1)Anymemberofacompany,whet
herornotent
it
ledtohavecopiesofthe Sharehol
ders’r
ightto
obtai
ncopiesof
company
’sfi
nanci
alstat
ementssentto hi
m,and anyhol deroft he fi
nancial
statements.
company
’sdebent
ures(whet
herornotso ent i
tl
ed)i
sent i
tl
ed to be
 f
urni
shedondemandandwit
houtchar
gewi
thacopyoft
hecompany
’s
l
astf
inanci
alst
atement
s.

(
2)If,whenaper sonmakesademandf oradocumentwi t
hwhi chheis
enti
tl
edbythissect i
ontobef ur
nished, def
aul
tismadeincompl yi
ngwi
th
thedemandwi thinsev
enday saf t
eri t
smaking,thecompanyandeach
offi
cerareliablet oapenaltyast heCommi ssionshal
lspecifyini
ts
regul
ati
ons,unl essitisproved thatt heperson hasalreadymadea
demandf or
,andbeenf urni
shedwi t
h, acopyofthedocuments.

MODI
FIEDFI
NANCI
ALSTATEMENTS
Ent
it
lementt
odel
i
ver
393.(
1)Incert
aincasesacompany’
sdir
ect
orsmay,
inaccordancewithPar
t1of fi
nanci
alstat
ements
t
heSixthScheduletot
hisAct,del
i
vermodi
fiedfi
nancialst
atement
sin inmodif
iedform.
r
espectofayearasasmall
company. Sixt
hSchedule.

(
2)Forthepur
posesofsecti
ons395-397andtheSi
xthSchedul
etot
hisAct
, Si
xthSchedul
e.
“
del
iv
er”meansdel
ivert
otheCommi ssi
on.

394.(
1)Acompanyqual i
fi
esassmalli
nrel
ati
ontoi
tsf
ir
stf
inanci
aly
eari
fthe Qual
i
ficat
ionofa
smal
lcompany .
qual
i
fyi
ngcondi
ti
onsar
emetinthaty
ear.

(
2)Acompanyquali
fi
esassmal
linr
elat
iont
oasubsequentf
inanci
aly
eari
f*amended by BFA 2023

t
hequal
i
fyi
ngcondi
ti
ons— S394(2)- A company
qualifies as a small company
in relation to a subsequent
(
a)aremeti
nthaty
earandt
hepr
ecedi
ngf
inanci
al financial year if
the conditions qualifying it
y
ear; as a small company are met
in that
year and the preceding
(
b)aremetinthaty
earandthecompanyquali
fi
edas financial
year.
smal
li
nrelat
iont
otheprecedi
ngf
inanci
aly
ear;or

(
c)weremeti ntheprecedi
ngfi
nanci
aly
earandthe
companyqual
i
fiedassmalli
nrel
ati
ont
othaty
ear.

(
3)Thequali
fyi
ngcondi
ti
onsar emetbyacompanyi
nay
eari
nwhi
chi
t
sat
isf
iest
hefol
l
owingrequi
rement
s—

(
a)i
tisapr
ivat
ecompany
;

(
b)itstur
nov
erisnotmoret hanN120,
000,
000or
suchamountasmaybef
ixedbytheCommissi
on
fr
om ti
metoti
me;

(
c)i
tsnetassetsval
ueisnotmorethanN60,
000,
000
or such amount as may be f ixed by t
he
Commi ssi
onfr
om ti
metotime;
 (
d)noneofi
tsmember
sisanal
i
en;

(
e) none of its members i s a government,
gover
nmentcorpor
ati
onoragencyori
tsnominee;
and

(
f)i
nthecaseofacompanyhav ingshar
ecapi
tal
,the
di
rector
sbetweenthemselv
eshol datl
east51%
ofit
sequit
ysharecapi
tal
.

(
4)Foraper
iodthatisacompany’
sfinanci
alyearbutnotinfactay
eart
he
maxi
mum f
igur
esfort
urnov
ershal
lbepropor
tionat
elyadj
ust
ed.

(
5)The“ bal
ancesheett
otal
”meanst heaggr
egat
eoft
heamount
sshownas
asset
sinthecompany’
sbalancesheet
.

(
6)The “numberofempl oy
ees”means t
he average numberofper
sons
empl
oyedbythecompanyi
nthaty
ear
,det
erminedasfoll
ows—

(
a)f i
nd f
oreach monthinthe f
inanci
aly
eart he
numberofpersonsemploy
edundercontract
sof
serv
icebythecompanyi nthatmonth(whether
thr
oughoutt
hemonthornot
),

(
b)addt
oget
hert
hemont
hlyt
otal
s,and

(
c)divi
debyt
henumberofmont
hsi
nthef
inanci
al
year
.

(
7)Thi
ssect
ioni
ssubj
ectt
osect
ion393.

395.(
1)Aparentcompanyqual
if
iesasasmallcompanyi
nrelati
ontoaf
inanci
al Companiesqual
ify
ing
assmall
:parent
y
earonl
yifthegr
oupheadedbyi
tqual
i
f i
esasasmall
gr oup. compani
es.

(
2)A gr oup qual
if
iesassmallinrelat
ion t
otheparentcompany
’sf
ir
st
f
inanci
alyeari
fthequal
i
fyi
ngcondi
ti
onsaremeti
nthatyear
.

(
3)Agr oupqual
i
fiesassmalli
nr el
ati
ontoasubsequentf
inanci
aly
earoft
he
par
entcompanyifthequal
if
yingcondi
ti
ons—

(
a)aremeti
nthaty
earandt
hepr
ecedi
ngf
inanci
al
y
ear;

(
b)aremetinthatyearandthegr
oupqualifi
edas
smal
li
nrel
ati
ontothepr
ecedi
ngf
inanci
aly
ear;or
 (c)weremeti ntheprecedi
ngfinanci
alyearandthe
groupquali
fi
edassmal li
nrel
ati
ontothatyear
.
(
4)Thequali
fyingcondi
ti
onsaremetbyagr oupi
nay eari
nwhichi
tsat
isf
ies
t
hefol
l
owi ngrequi
rements—

(
a)i
tisapr
ivat
ecompany
;

(
b)i t
sturnov
erisnotmor
et hanN120,
000,
000or
suchamountasmaybefi
xedbytheCommissi
on
fr
om t
imetoti
me;

(
c)itsnetasset
sval
ueisnotmor
ethanN60,000,
000
or such amount as may be fixed by the
Commi ssi
on;

(
d)noneofi
tsmember
sisanal
i
en;

(
e) none of i
ts member
si s a gover
nment or
gover
nmentcor
por
ati
onoragencyori
tsnomi
nee;
and

(
f)inthecaseofacompanyhav i
ngshar
ecapital
,the
di
rect
orsbetweenthemsel
veshol
datleast51%of
i
tsequit
ysharecapi
tal
.

(
5)Theaggregat
efiguresareascer
tai
nedbyaggregat
ingt
herel
evantf
igur
es
det
ermi
nedinaccordancewit
hsecti
on394foreachmemberofthegr
oup.

(
6)Thef i
guresforeachsubsidi
aryundert
aki
ng ar
ethosei
ncl
uded i
nit
s
i
ndi
vi
dualaccount
sfort
her
elevantf
inanci
aly
ear
,if
—

(
a) it
sfinancialy
earendswitht
hatoft
hepar
ent
company,thatf
inanci
aly
ear
;

(
b)not,
itsfi
nancialy
earendi
nglastbef
oret
heendof
thefi
nancial
yearofthepar
entcompany;and

(
c) t
hose f i
gures cannot be obtai
ned wit
hout
di
sproport
ionat
e expense orundue del
ay,the
l
atestavai
labl
efi
guresshal
lbet
aken.

396.(
1)Thedi rect
orsofacompanymay( subjecttosection397wher ethe Modi fi
edindi
vidual
fi
nanci
alstat
ements.
company has subsidiar
ies) del
iv
er indivi
dual fi
nanci
al stat
ement s
modi
f i
edasf orasmal
lcompanyi nthecasesspecif
iedinsubsect
ions(2)
and(3),andPart1oft
heSi xt
hScheduleapplywit
hrespecttothedeli
very Si
xthSchedule.
 off
inanci
alst
atement
ssomodi
fi
ed.

(
2)Inrespectoft
hecompany’
sfi
rsty
earthedi
rect
orsmaydel
iverf
inanci
al
stat
ementsmodif
iedasf
orasmallcompany
,ifi
nthaty
eari
tquali
fi
esas
small.

(
3)Thedi
rector
smayi nrespectofacompany’
syearsubsequentt
othef
ir
st
del
i
verfi
nancial
stat
ementsmodifi
edasforasmallcompany,—

(
a)ifthecompanyqual
if
iesassmal
landi
tal
soso
qual
if
iedi
nthepr
ecedi
ngyear
;

(
b)althoughnotqual
ify
ingint
hatyearassmal l
,ifin
the precedi
ng yeari tso qual
if
ied and t he
direct
ors were ent i
tl
ed to deli
ver fi
nanci al
statementssomodifi
edinr
espectofthaty
ear;or

(
c)i
f,inthaty earthecompanyquali
fi
esassmal land
thedirectorswereent i
tl
edunderpar
agraph(b)to
deli
verf i
nancialstatementssomodifi
edf orthe
precedingy ear(al
thoughthecompanydi dnotin
thatyearqualif
yassmal l)
.

397.(
1)Thissecti
onappl
iestoahol di
ngcompanywhereinrespectofay ear Modifi
edf
inanci
al
stat
ement
sofholdi
ng
sect
ion379requi
resthepreparat
ionofgr
oupfi
nanci
alstatement
sf or company.
thecompanyandi
tssubsi
diar
ies.

(
2)Thedi rectorsoft hehol di
ngcompanymaynotundersect i
on396oft hi
s
Actdel i
verf i
nancialstatement
smodi f
iedasf orasmallcompany ,unl
ess
the group ( t
hati st o say,the holding companyand its subsidi
ari
es
together)isint hatyearasmal lgroupandt hegroupissmalli
fitquali
fi
es
undersect ion394oft hisAct( appl
yi
ngt hatsecti
onaspr ovi
dedunder
subsections( 3)and( 4)
,asifi
twer eallonecompany).

(
3)Thefi
gurestobetakenint
oaccountindet
ermi
ningwhet
hert
hegr
oupi
s
smal
larethegr
oupaccountfi
gur
es,t
hati
s—

(
a) wher e the group financial statements are
prepar
edasconsolidat
edf i
nancialstatements,t
he
fi
guresfort
urnov
erandbal ancesheett otal
;and

(
b)wher et he group fi
nancialstat
ements are not
preparedasconsol i
datedfinanci
alst
atements,the
correspondi
ngf igur
esgiveni nthegroupfinancial
statements,withsuchadj ustmentaswoul dhav e
beenmadei fthestatementshadbeenpr eparedin
 consolidatedform,andaggr egatedineithercase
witht her el
evantfiguresf orthesubsi diari
es(if
any)omi t
tedfrom thegr oupaccounts( excepti
ng
thosef oranysubsidiar
yomi ttedundersect i
on379
(3)(a)ont hegroundofi mpracti
cabil
i
ty).

(
4)I nt he case ofeach subsi diary omi t
ted f
rom the group financial
statements,t hef
iguresrelevantasr egardsturnov
er,andbalancesheet
totalaret hosewhi charei ncludedint hef i
nanci
alstat
ementsoft hat
subsidi
arypr epar
edi nrespectofi t
sr el
evantyear(wi
thsuchadj ustment
aswoul dhav ebeenmadei ft hosef i
gureshadbeeni ncl
udedi ngr oup
fi
nancialstatementspreparedinconsol i
datedf
orm).

(
5)Fort
hepur
posesofsubsect
ion(
4),
ther
elev
anty
earoft
hesubsi
diar
yis—

(
a)ifi
tsyearendswit
ht hatoft
heholdi
ngcompany
t
owhichthegroupf
inanci
alst
atement
srel
ate,
that
y
ear
;and

(
b)ifnot,t
hesubsi
diar
y’sy
earendi
nglastbef
oret
he
endofthey
earofthehol
dingcompany.

(
6)I fthedir
ect orsar
eentitl
edtodel
ivermodif
iedfi
nanci
alstat
ements,t
hey
mayal so deliv
ermodified gr
oup f
inanci
alstat
ements,and such gr
oup
f
inanci
alstatementsif—
Si
xthSchedul
e.
(
a)consol
idated,
maybeinaccor
dancewi thPartIIof
the Sixt
hSchedule(whi
leotherwisecompr ising
orcorr
espondingwit
hgroupfinancialstat
ement s
prepar
edundersect
ion379ofthisAct )
;and

(
b)notconsol i
dated,maybesuchas( togetherwith
any not es) gi v
e t he same or equi val
ent
i
nformationasr equi
redbyparagraph(a),
andPar t
II
Itothe Si xt
h Schedul et
ot hisActappl i
est o
modifi
ed gr oup f i
nanci
alstatements whet her
consol
idatedornot .

PUBLI
CATI
ONOFFI
NANCI
ALSTATEMENTS

398.(
1)Thissecti
onappliest ot
hepublicati
onbyacompanyoffullindi
vi
dualor Publ i
cati
onbya
companyoffull
groupfi
nanci
alstatements,r
equiredbysect
ion388t
obelaidbeforethe indivi
dualorgroup
companyingener almeeti
nganddel i
ver
edtotheCommission,i
ncl
uding financial
stat
ements.
thedir
ector
s’repor t
,unl
essdispensedwi t
hunderpar
agraph3oft he FourthSchedule.
Fourt
hSchedulet othi
sAct ,butdoesnotappl yt
ointerimf i
nancial
stat
ements.
 (
2)I fa companypubli
shes i
ndiv
idualfi
nanci
alstat
ement
s( modi
fi
ed or
other
wise)forayear,i
tshallpubli
shwiththem ther
elev
antaudi
tor
s’
repor
t.

(
3)Ifacompanyrequi
redbysecti
on379tothisActtopreparegr oupf
inancial
stat
ementsforay ear
,publ
ishesi
ndivi
dualfi
nanci
alst atementsforthat
year
,itshal
lal
sopubli
shwiththem i
tsgroupfi
nancialstatements(which
maybemodi f
iedf
inanci
alstat
ementsbutonlyiftheindi vi
dualf
inancial
stat
ementsaremodifi
ed)
.

(
4)Ifacompanypubl ishesgroupfinanci
alstat
ements(modi
fi
edornot )
wit
houtitsindivi
dualf i
nanci
alst
atements,i
tshal
lpubl
i
shwiththem t
he
r
elevantaudit
ors’report.

(
5)Ref erencesi nthissecti
ont otherelevantaudi
tor
’srepor
taretot he
Four
thSchedul
e.
auditors’reportundersecti
on404or ,inthecaseofmodi f
iedf
inancial
statement s( i
ndiv
idualorgr oup)
,the audit
ors’speci
alrepor
tunder
paragraph10oft heFourthSchedul
etot hi
sAct.

(
6)Ifdef
aultismadei ncomplyingwithanyprov
isionoft
hissecti
on,t
he
companyandeachof fi
cerofthecompanyareliabl
etoapenalt
yasthe
Commissionshal
lspeci
fyini
tsregul
ati
ons.

399.(
1)Thi s sect
ion appl
ies t
ot he publi
cati
on bya companyofabr idged Publ i
cat
ionof
fi
nancialst
atements,t
hatistosay ,anybalancesheetorprof
itandl oss abri
dgedfi
nanci
al
accountrel
atingtoayearofthecompanyorpur porti
ngtodealwit
hany st at
ements.
suchy ear
,otherwi
sethanaspar toff ul
lfi
nanci
alstatement
s(indi
vidual
orgroup)towhichsecti
on398oft hisActappli
es.

(
2)Ther ef
erenceinsubsecti
on( 1)toabalancesheetorpr ofi
tandl oss
account
,inr elat
ion tofi
nancialst
atements publ
ished by a hol
ding
company,incl
udes,“anaccountinanyfor
m pur por
ti
ngt obeabal ance
sheetorprofi
tandlossaccountforthegroupconsisti
ngoftheholding
companyandi t
ssubsidi
ari
es”.

(
3)Ift
hecompanypubli
shesabri
dgedfi
nanci
alstat
ement
s,i
tshal
lpubl
i
sh
wit
hthosest
atement
s,ast
atementi
ndi
cati
ng—

(
a) that the st
atement
s ar
e not f
ullf
inanci
al
st
atements;

(
b)whet herf ul
li ndi
vi
dualorful
lgr oup fi
nancial
stat
ement saccordi
ngastheabr
idgedstatements
dealsolel
ywiththecompany’
sownaf fai
rsorwith
theaffair
soft hecompanyandanysubsi di
ari
es
 havebeendel
iveredtotheCommi ssi
onor,i
nt he
caseofan unlimit
ed companyexempted under
sect
ion388(4),from therequi
rementtodeli
ver
fi
nanci
alstat
ement s,thatthe company i
s so
exempted;

(
c)whet herthecompany ’
sauditorshav emadea
repor
t under sect
ion 404 on t he company ’
s
fi
nanci
alstat
ementsf oranyyearwi t
hwhi chthe
abri
dgedfi
nanci
alstat
ementspurporttodeal;
and

(
d)whet heranyr eportso made was unquali
fi
ed
(meani
ngt hati
twasar eport
,wit
houtqual
if
icat
ion,
totheef f
ectthati ntheopi ni
on oftheperson
makingit
,thecompany ’sf
inanci
alstat
ementshad
beenproperl
yprepared)
.

(
4)Wher eacompanypubl i
shesabri
dgedfi
nanci
alstat
ements,i
tshallnot
publ
i
sh wit
hthose stat
ements anysuch r
eportofthe audi
tor
s as is
menti
onedi
nsubsect
ion(3)(c)
.

(
5)I fdef
aul
tismadei ncomplyi
ngwithanypr
ovi
sionoft
hissect
ion,t
he
companyandeachoffi
cerofthecompanyar
eli
abletoapenal
tyasthe
Commissi
onshal
lspeci
fyi
nit
sregul
ati
ons.

SUPPLEMENTARY

400.TheMini
stermayafterconsult
ati
onwi t
htheFinanci
alRepor
ti
ngCounci
lof Powertoalt
er
accounti
ng
Niger
iabyr
egulat
ionsinastatut
oryinst
rument
— requi
rements.

(
a)addt
othecl
assesofdocument
stobe—

(
i) compri
sed in a company’s financial
stat
ementsforayeart
obelai
dbef orethe
companyingener
almeeti
ngasrequir
edby
secti
on388,
or

(
ii
)deli
vered t
ot he Commi ssi
on undert
hat
sect
ion,and make pr ovisi
on as tothe
matter
stobei ncl
udedinanydocumentt o
beaddedtoeit
herclass;or

(
b)modi f
yther equi
rementsoft hi
sActast othe
matter
stobest atedinadocumentofanysuch
cl
ass,orreducetheclassesofdocument stobe
del
iv
eredtotheCommi ssionundersect
ion386.
 CHAPTER15–AUDI
T

401.(
1)Everycompanyshal
lateachannualgeneralmeeti
ngappoi
ntanauditor Appoi
ntmentof
oraudit
orst
oauditt
hefinanci
alstat
ementsofthecompany,andtohold audi
tor
s.
off
icefr
om t
heconcl
usionofthat,
until
theconcl
usi
onofthenext,
annual
general
meeti
ng.

(
2)Atanyannualgener
almeeti
ngar et
ir
ingaudi
tor
,howeverappoi
nted,
shal
l
bere-appoi
ntedwit
houtanyresol
uti
onbeingpassedunl
ess—

(
a)hei
snotqual
i
fiedf
orr
e-appoi
ntment
;

(
b)ar esoluti
onhasbeenpassedatt hatmeet
ing
appointi
ngsomeot herper
soninst
eadofhim or
provi
ding expr
essl
yt hathe shal
lnotbe r e-
appointed;
or

(
c)hehasgi
venthecompanynoticei
nwr
it
ingofhi
s
unwi
ll
i
ngnesst
obere-appoi
nted:

Providedt hatwherenoti
ceisgivenofani ntendedresoluti
ont oappoint
someper sonorper sonsinpl
aceofar et
iri
ngauditor,andbyr easonof
thedeat h,incapacit
yordisquali
fi
cati
onoft hatpersonorofal lthose
persons,ast hecasemaybe,t heresolut
ioncannotbepr oceededwi th,
theretir
ingaudi t
orshallnotbeaut omati
call
yr e-
appointedbyv irt
ueof
thi
ssubsect i
on.

(
3)Whereatanannualgeneralmeeti
ng,noaudi
tor
sar eappoint
edorr
e-
appoi
nted,
thedi
rect
orsmayappoi
ntaper
sontofi
l
lthevacancy.

(
4)Thecompanyshal l,wi
thi
noneweekoft hepowerofthedi r
ectorsunder
subsecti
on (3)becoming exer
cisabl
e,gi v
e noti
ce ofthatf acttot he
Commi ssi
on;andifacompanyf ai
lstogi venoti
ceasr equir
edbyt his
subsecti
on,thecompanyandev eryoffi
cerofthecompanyshal lbeli
able
toapenaltyastheCommi ssi
onshallspecif
yinit
sregul
ati
ons.

(
5)Subjecttoparagraphs(a)and(b),t
hefir
staudi t
orsofacompanymaybe
appointedbythedi r
ector
satanyt imebef or
et hecompanyi sent
it
ledto
commence busi ness and audit
ors so appointed hol
d of
fi
ce unti
lthe
conclusionofthenextannualgener
almeet i
ng,provi
dedthat
—

(
a)t hecompanymayatagener almeet
ingr emove
anysuchaudit
orsandappoi
ntinthei
rplaceany
other per
son who has been nominated for
 appoi
ntmentbyanymemberoft hecompanyand
ofwhosenominat
ionnoti
cehasbeengiv
entothe
membersofthecompanyatleast14daysbef
ore
thedat
eofthemeeti
ng;and

(
b)i fthedir
ectorsf ailt
oex erci
set
heirpower
sunder
thissubsection,t hecompanymay ,i
nagener al
meet i
ngconv enedf ort hatpur
pose,appoi
ntthe
fi
rstaudit
orsandt hereuponthesai
dpowersofthe
direct
orsceases.

(
6)Thedirect
orsmayf i
l
lanycasualvacancyi
ntheof
fi
ceofaudit
orbutwhi
le
any such vacancy cont
inues,t
he survi
vi
ng orcont
inui
ng audi
toror
audi
tors,i
fany,mayact.

402.(
1)Acompanyi sexemptfr
om ther
equirementsofthi
sActr
elat
ingt
othe Exemptionf
rom audi
t
requi
rement
.
audi
tofaccount
sinr
espectofaf
inancial
yeari
f-

(
a)ithas notcarr
ied on any busi
ness si
nce i
ts
i
ncor
por
ati
on;or

(
b)i tis a smal
lcompanywi
thi
nthe meani
ng of
secti
on394.

(
2)Acompanyi snotenti
tl
edtoanexempti
onundersubsecti
on(1)i
fitwas
atanyti
mewi thi
nthefi
nanci
aly
earinquest
ionaninsur
ancecompany,a
bankoranyothercompanyasmaybeprescr
ibedbytheCommissi
on.

403.(
1)Theprovi
sionsofanyActestabl
i
shingabodyofaccountant
sshallhave Qual
if
icat
ionof
Audi
tors.
eff
ecti
nrel
ationtoanyinv
esti
gati
onorauditf
orthepurposeofthisAct
andnoneofthefol
lowi
ngpersonsisqual
i
fiedf
orappoi
ntmentasaudi t
or
ofacompany,—

(
a)anof
fi
cerorser
vantoft
hecompany
,

(
b)apersonwhoi sapartnerofori
ntheempl
oyment
ofanoff
icerorser
vantofthecompany
,or

(
c)abodycor
por
ate.

(
2)Referencesi
nsubsecti
on(1)t
oanofficerorser
vantshal
lbeconst
ruedas
noti
ncludi
ngref
erencestoanaudi
tor
.

(
3)Inthe appl
icati
on ofsubsecti
on (1),the di
squal
ifi
cati
on ext
endsand
appl
i
est opersonswhoinr espectofanyper iodofanaudi twerei
nthe
employ
mentoft hecompanyorwer econnectedther
ewithinanymanner
.
(
4)Aper
sondoesnotqual
i
fyf
orappoi
ntmentasanaudi
torofacompanyi
fhe
i
s-

(
a)di squal
ifi
ed f
orappoint
mentasaudi torofany
otherbody corpor
ate which i
st hatcompany’
s
subsidi
aryorholdi
ngcompanyorasubsi diar
yof
thatcompany ’
sholdi
ngcompany ,orwoul
dbeso
disqual
if
iedift
hebodycorpor
atewereacompany;

(
b)adebtortot
hecompanyortoacompanyt hati
s
deemedtoberel
atedt
othecompanybyvirt
ueof
i
nter
est i
n shar
es, i
n an amount exceedi
ng
N500,
000;

(
c)ashar ehol
derorspouseofashar eholderofa
companywhose employee i
s an of
ficerofthe
company;

(
d)aper sonwhoisorwhosepar t
ner,employeeor
employ eri
sresponsi
bleforthe keepi
ng ofthe
regi
sterofhol
der
sofdebentur
esofthecompany;

(
e)anempl oyeeoforconsul
tanttot
hecompanywho
hasbeenengagedf ormor ethanoneyearinthe
maintenance ofanyoft he company’
sf i
nancial
records orpr epar
ati
on ofany ofi t
sf i
nancial
statements;or

(
f)undersubsect
ion(6)
,disquali
fi
edf orappoi
ntment
asauditorofanyotherbodycor poratewhichis
thatcompany’
ssubsi
diaryorholdingcompanyora
subsidi
aryoft
hatcompany ’sholdingcompany,or
wouldbesodisqual
if
iedifthebodycor por
atewere
acompany .

(
5)Not wit
hst
andi
ng subsect
ions (
1),(
3)and ( 4)
,a fi
rm is qual
i
fied f
or
appoint
mentasauditorofacompanyif,al
lthepar
tnersar
equalifi
edfor
appoint
mentasaudi
torsofthecompany
.

(
6)Aper sonshallnotactasaudi torofacompanywhenheknowst hatheis
disquali
fi
edforappoi nt
mentt othatoffi
ceandi fanauditorofacompany,
tohi sknowledge,becomessodi squal
if
iedduringhisterm ofoffi
ce,he
shallther
euponv acatehisoff
iceandgi venoti
cei nwri
ti
ngt othecompany
thathehasv acateditbyreasonoft hatdi
squal
ifi
cati
on.
 (
7)Apersonwhoact sasauditori
ncontravent
ionofsubsect
ion(6)
,orfail
s
wit
houtreasonabl
eexcusetogivenoti
ceofv acat
inghi
soff
iceasrequi
red
bythatsubsecti
oncommi tsanoffenceandi sli
ablet
oapenal t
yast he
Commi ssi
onshallspeci
fyi
nitsr
egulat
ions.

404.(
1)Theauditor
sofacompanyshal lmakear epor
tt oitsmembersont he Auditor
s’r
eportand
audi
tcommit
tee.
account
sexami nedbyt hem,andonev er
ybalancesheetandpr of
itand
l
ossaccount,andonal lgroupfi
nanci
alstat
ement s,copi
esofwhichare
tobelai
dbef or
et hecompanyi nageneralmeetingdur i
ngtheaudit
ors’
tenur
eofoff
ice.
Fi
ft
hSchedul
e.
(
2)Theaudit
ors’r
eportshal
lst
atethematterssetoutintheFif
thSchedul
ein
addi
ti
ontot hereportmadeundersubsecti
on(1),andtheaudit
orshal
lin
thecaseofapubl i
ccompany,makear epor
ttoanaudi tcommitt
eewhich
shal
lbeestabl
ishedbythepubl
iccompany .

(
3)Theauditcommi t
teerefer
redtoinsubsect
ion(2)shallconsi
stoffiv
e
memberscompr i
singofthr
eemembersandt wonon-executi
vedir
ect
ors,
themembersoftheauditcommitt
eearenotent
it
ledt
or emunerat
ion,
and
aresubj
ectt
oelecti
onannuall
y.

(
4)The audi
tcommitt
ee shal
lexami ne t
he audi
tor
s’repor
tand make
r
ecommendat
ionst
hereontotheannualgener
almeeti
ngasitmaydeem
f
it
.

(
5)Allmembersoftheauditcommit
teeshallbef i
nanci
all
yli
terat
e,andat
l
eastonemembershallbeamemberofapr ofessi
onalaccounti
ngbody
i
nNigeri
aest
abl
ishedbyanActoft
heNationalAssembly.

(
6)Anymembermaynomi nateanothermemberoft hecompanyt ot heaudi
t
commi t
teebygi
vingwrit
tennoti
ceofsuchnomi nationtothesecretar
yof
thecompanyatleast21daysbef or
etheannualgener almeeti
ngandany
nominati
onnotr
eceivedpri
ortothemeeti
ngasst ipulat
edisinval
i
d.

(
7)Subjectt
osuchot
heraddi
ti
onalf
uncti
onsandpowersthatt
hecompany’
s
art
icl
esmaysti
pul
ate,
theobj
ecti
vesandfunct
ionsoft
heauditcommi
tt
ee
areto—

(
a)ascertai
nwhethertheaccounti
ngandr eporti
ng
pol
ici
esoft hecompanyarei naccordancewith
l
egalrequir
ementsandagr
eedethical
practi
ces;

(
b) rev
iew the scope and pl
anni
ng of audi
t
r
equir
ements;

(
c)r
evi
ew t
hef
indi
ngsonmanagementmat
ter
sin
 conj
unct
ion with t he ext
ernal audi
tor and
depar
tmental
responsest
hereon;

(
d)keep underrevi
ew the ef
fect
iveness ofthe
company’
s sy
stem ofaccounti
ng and int
ernal
cont
rol
;

(
e)maker
ecommendationstot heboar
dwi t
hregard
t
otheappoi
ntment
,remov alandremunerat
ionof
t
heext
ernal
audi
tor
soft hecompany;and

(
f) aut hori
se t he int
ernal audit
or t
o carr
y out
i
nv estigationsint
oanyact ivi
ti
esofthecompany
whi ch may be ofi nt
erestorconcerntot he
commi ttee.
Cor
por
ate
405.(
1)Thechiefexecut
iveof
fi
cerandchieffi
nancialoff
icerofacompanyot
her responsi
bil
i
tyf
or
thanasmal lcompanyorper sonsper f
ormi ngsimilarf
unct
ionsshal
l fi
nancial
repor
ts.
cert
if
yineachaudit
edfi
nanci
alstatementthatthe-

(
a) offi
cer who signed the audit
ed financial
st
atementshasrevi
ewedthem,andbasedont he
of
fi
cer’sknowl
edgethe-

(
i)auditedf i
nancialstatementsdonotcont ain
anyunt r
uest atementofmat eri
alfactoromit
tostateamat eri
alf
act,whichwouldmaket he
stat
ement s mi sl
eading,int he l
ightoft he
cir
cumst ances underwhi ch such st
atement
wasmade, and

(
ii
)audi t
ed fi
nanci alstat
ement s and al
lot her
fi
nancial i nformation i ncl
uded i n t he
statements f air
ly present,in all mat erial
respects,t
hef inanci
alcondit
ionandr esul
tsof
oper at
ionoft hecompanyasofandf or
,t he
periods cov ered by t he audited fi
nanci al
statements;

(
b)of
fi
cerwhosi
gnedt
heaudi
tedf
inanci
alst
atement
s–

(
i)isresponsi
bleforest
abl
ishi
ngandmai nt
aini
ng
i
nternal contr
ols and has designed such
i
nternal contr
ols to ensure t
hat mat er
ial
i
nformationrelat
ingtot hecompanyandi t
s
subsidi
ari
esismadeknownt ot
heof fi
cerby
 otheroffi
cersoft hecompanies,par
ticul
arly
duri
ngtheper i
odinwhicht
heauditedf
inancial
statementrepor
tisbei
ngprepar
ed,

(
ii
) has ev aluated t
he effect
iveness of the
company ’
si nter
nalcont
rols withi
n 90 days
prior t
ot he date of i
ts audited fi
nancial
statement
s, and

(
ii
i)cert
if
iesthatt
hecompany’
sint
ernalcont
rol
s
areeff
ecti
veasoft
hatdate;

(
c) of fi
cer who signed the audi
ted fi
nanci
al
stat
ementsdiscl
osedtothecompany ’
saudit
ors
andauditcommit
tee–

(
i)allsi gnif
icantdef ici
enci
esi nthedesi gn or
oper ation ofi nter
nalcontrol
s whi ch could
adv ersely aff ect the company ’
s abili
tyt o
recor d, pr ocess, summar ise and r eport
fi
nanci aldat a,and has i denti
fied for t
he
company ’
saudi t
orsanymat eri
alweaknesses
i
ni nter nalcont r
ols,
and

(
ii
)whetherornot,thereisanyfr
audthati
nvol
v es
managementorot heremployeeswhohav ea
si
gni
ficant rol
ei nt he company ’
si nt
ernal
cont
rol;and

(
d)offi
cerwhosi gnedt hereport,hasindicat
edint he
report
,whet herornot ,t here were signif
icant
changesi ninternalcontrolsori not herfactors
thatcould signifi
cantl
yaf fectinternalcont r
ols
subsequent to t he dat e of their evaluati
on,
i
ncluding anycor rect
iveact i
onswi t
hr egardt o
signi
fi
cantdefici
enciesandmat eri
alweaknesses.

(
2)Wher eamanagi ngdirect
or,chieffinancialof
fi
cerorpersonperfor
ming
simi
larfuncti
onsfai
lst odischarget hedutyimposedonhi m underthi
s
sect
ion,hecommi t
sanof fenceandi sliableonconvi
cti
ontoapenaltyas
theCommi ssi
onshall
specifyinitsregulat
ions.

406.(
1)Itshallbeanof f
enceforanyofficer
,insi
der
,di
rect
orofacompany ,orany I mproperi
nfl
uenceon
conductofaudi
t.
otherpersonactingunderthedirect
ionofsuchoff
icer
,insi
derordir
ector,
totakeanyactiontoinfl
uence,coerce,mani
pul
ateormisleadanyexter
nal
audit
or engaged i nthe performance of an auditof t he f
inancial
 st
atement
softhatcompanyf
ort
hepur
poseofr
ender
ingsuchf
inanci
al
st
atement
smisl
eadi
ng.

(
2)A personwhocommi tsanoffenceundersubsecti
on(1)isli
ableon
conv
ict
iont
oapenal
tyastheCommissi
onshal
lspecif
yini
tsregul
ati
ons.
Cap.I
24,
LFN,
2004.
(
3)Fort hepur
posesofthi
sAct,“I
nsider
”shallhav
ethemeani nggi
ventoit
undertheI
nvest
mentsandSecuri
ti
esAct,oranysubsequentamendment
s
ther
eto.

407.(
1)Thecompany ’saudi
tor
sshal
l
,inprepar
ingthei
rrepor
ttocarr
youtsuch Audi
tors’
dut
iesand
powers.
i
nvest
igat
ionsasmayenabl
ethem t
of or
m anopini
onwhether–

(
a)properaccount
ingr ecordshav ebeenkeptbythe
companyand pr operr eturnsadequatefortheir
audithav
ebeenreceivedf rom br
anchesnotvi
sit
ed
bythem;or

(
b) the company’s bal
ance sheet and (i
f not
consoli
dat
ed)i
tsprofi
tandlossaccountar ein
agreement wi
th t
he accounti
ng recor
ds and
ret
urns.

(
2)I ft
heaudi t
orsareoft heopi
nionthatproperaccount
ingrecor
dshav enot
beenr ecei
vedfrom branchesnotv i
sit
edbyt hem,orifthebalancesheet
and(ifnotconsoli
dated)theprofi
tandl ossaccountarenotinagreement
withtheaccounti
ngrecordsandreturns,theaudi
tor
sshallst
atethatfacti
n
thei
rreport
.

(
3)Ev eryaudit
orofacompanyhasar ightofaccessatal lti
mest ot he
company’sbooks,accountsandvouchers,andbeentit
ledtorequi
refrom
the company’
s off
ice such i
nfor
mati
on and explanat
ions as he t
hinks
necessar
yfortheperf
ormanceoftheauditor’
sdut
ies. SecondSchedul
e.
Thi
rdSchedul
e.
(
4)I ftherequir
ementsofPartVandVIoft heSecondSchedul eandPart
sI
and IIoft heThir
d Schedul
et ot
hisActar enotcompl ied wit
hi nthe
accounts,i
tistheaudi
tor
s’dut
ytoi
ncludeinthei
rrepor
t,sofarastheyare
reasonabl
yabletodoso,astat
ementgivi
ngtherequi
redparti
cul
ars.

(
5)Theaudit
or s’shallconsi
derwhet
hertheinformati
ongiv
eninthedirect
ors’
r
epor
tfort hey earforwhichtheaccount
sar eprepar
edisconsist
entwi th
t
hoseaccounts, andiftheyar
eofopini
ont hatiti
snot
,theyshal
lstatethat
f
acti
ntheirreport.

408.(
1)Ther
emuner
ati
onoft
heaudi
tor
sofacompany
— Remunerat
ionof
audi
tor
s.
 (
a)int he case ofan audit
orappointed by t
he
di
rect
ors,
maybefixedbythedi
rect
ors;
or

(
b)shall,subj
ecttoparagr
aph( a)
,befixedbythe
companyingeneralmeet
ingorinsuchmanneras
thecompanyingener
almeeti
ngmaydet er
mine.

(
2)Fort
hepurposesofsubsecti
on(7),
“remuner
ati
on”i
ncl
udessumspai
dby
t
hecompanyinrespectoft
heaudit
ors’ex
penses.

409.(
1)A companymaybyor di
naryresol
uti
onremoveanaudit
orbef
orethe Removalofaudi
tor
s.
expir
ati
onofhist
erm ofoff
ice,
notwit
hst
andi
nganyt
hingi
nanyagr
eement
betweenitandhi
m.

(
2)Wherear esolut
ionremovi
nganaudi tori
spassedatageneralmeetingof
acompany ,thecompanyshal lwithi
n14day sgivenot
iceofthatfactin
theprescribedformt ot
heCommi ssi
onandifacompanyf ai
lstogivethe
noti
cer equiredbythissubsecti
on,thecompanyandeachof f
icerofthe
companyar el i
abl
et oapenaltyast heCommi ssi
onshallspecif
yinits
regul
ati
ons.

(
3)Nothinginthi
ssectionshal
lbetakenasdepri
vi
ngaper
sonr emoved
underitofcompensati
onordamagespayabl
etohimi
nrespectofthe
ter
minati
on ofhis appoi
ntmentas audi
tororofany appoint
ment
ter
minati
ngwit
hthatasaudit
or.

410.(
1)Acompany ’sauditorsareenti
tl
edtoat t
endanygeneralmeet i
ngoft he Audi
tor
s’r
ightt
o
at
tendcompany’
s
companyandtor ecei
veallnoti
cesofandothercommuni cat
ionsr el
ati
ng meeti
ngs.
toanygeneralmeet i
ngwhi chamemberoft hecompanyi sent itl
edto
recei
veandtobehear datanygeneralmeetingwhi
chtheyat tendonany
partoft
hebusinessofthemeetingwhichconcer
nsthem asaudi t
or.

(
2)Anaudi
torofacompanywhohasbeenr
emov
edi
sent
it
ledt
oat
tend—

(
a)thegeneralmeet
ingatwhi chhist
erm ofof
fi
ce
woul
dotherwi
sehaveexpi
red;and

(
b)anygener almeeti
ngatwhi chitisproposedt ofi
ll
thevacancycausedbyhi sremoval,andtor ecei
ve
allnot
icesof,andot hercommuni cati
onsrelati
ng
to,anysuchmeet i
ngwhi chanymemberoft he
companyi senti
tl
edtor ecei
ve,andt obehear dat
anysuchmeet i
ngwhi chheat t
endsonanypar tof
thebusinessofthemeet i
ngwhichconcer nshim
asformeraudit
orofthecompany .
411.(
1)Aspecialnot
icei
srequi
redf
orar
esol
uti
onatagener
almeet
ingofa Supplement
ary
prov
isionsr
elat
ingt
o
company— audi
tors.

(
a)appoint
ing as audi
tora per
son ot
hert
han a
r
eti
ri
ngaudi
tor;

(
b)f
il
li
ngacasual
vacancyi
ntheof
fi
ceofaudi
tor
;

(
c)re-appoi
nti
ngasaudit
oraret
ir
ingaudi
torwhowas
appoint
edbythedir
ector
stofil
lacasualvacancy
;
or

(
d)remov i
nganaudi
torbef
oret
heexpi
rat
ionofhi
s
t
erm ofoff
ice.

(
2)Onr ecei
ptofnot
iceofsuchanintendedresol
uti
onasisment
ionedi
n
subsecti
on(
1),
thecompanyshal
lfor
thwit
hsendacopyofi
t—

(
a)t ot
he per
son pr
oposed t
o be appoi
nted or
r
emov
ed;

(
b)inacasewi thi
nsubsect
ion(
1)(
a),t
other
eti
ri
ng
audi
tor
s;and

(
c)i nacasewi thi
nsubsecti
on( 1)(b)or( c),t
he
casualvacancywascausedbyt her esi
gnati
onof
anaudit
or,totheaudi
torwhoresi
gned.

(
3)Wherenoticei sgi
venofsuchar esol
uti
onasi smentionedinsubsection
(
1)(a)or( d)and thereti
ri
ng audit
or(or,t
heaudi t
orpr oposed to be
r
emoved)makes,wi t
hrespecttotheint
endedresolut
ion,r
epresent
ations
i
nwrit
ingtot hecompanynotexceedingareasonablel
ength,andrequests
t
hei
rnot i
fi
cationtomember softhecompany ,t
hecompanyshal l(
unless
t
herepresentati
onsarer
eceivedbyitt
oolat
eforittodoso)—

(
a)inanynoti
ceoftheresol
uti
ongiv
ent omembers
of the company, state the fact of the
repr
esent
ati
onshav
ingbeenmade;and

(
b)send a copy ofthe r
epr
esent
ati
ons t
o ev
ery
memberoft hecompanytowhom noti
ceofthe
meet
ingi
sorhasbeensent.

(
4)Ifacopyofanysuchr epresent
ati
onsisnotsentoutasr equi
redby
subsect
ion(3)becausetheywererecei
vedtool at
eorbecauseofthe
company ’
sdef
ault
,theaudit
ormay( wi
thoutpr
ejudi
cet
ohisr i
ghttobe
 hear
dor
all
y)r
equi
ret
hatt
her
epr
esent
ati
onsber
eadoutatt
hemeet
ing.

(
5) Copi es of t he r epresentati
ons need not be sent out and t he
representat
ionsneednotber eadoutatt hemeet i
ngif,ontheappli
cati
on
eit
heroft hecompanyorofanyot herpersonclaimingtobeaggr i
eved,t
he
courtissatisf
iedt hatther i
ghtsconf err
edbyt hissecti
onarebeingabused
tosecur eneedl esspubl ici
tyf ordef amatorymat ter
,andt heCour tmay
ordert hecompany ’
scost sont heappl i
cati
ont obepaidi nwhol
eori npart
bytheaudi tor
,notwi t
hstandingt hatheisnotapar tytotheappli
cati
on.

412.(
1)Anaudi torofacompanymayr esignhisoffi
cebydepositi
nganoti
cein Resi
gnati
onof
audi
tor
s.
wri
ti
ngt othateff
ectatthecompany ’sregi
ster
edoff
ice,andsuchnoti
ce
operat
est obri
nghisterm ofofficetoanendont hedat eofwhichthe
noti
ceisdeposit
ed,oronsuchlaterdateasmaybespeci f
ied.

(2)Anaudi
tor
’snot
iceofr
esi
gnat
ioni
snotef
fect
iveunl
essi
tcont
ains
eit
her
—

(
a)a st atementtot he effectthatt here ar
e no
ci
rcumstances connected with hisr esi
gnati
on
which he consi
ders should be broughtt othe
noti
ce of the member s or creditor
s of the
company ;
or

(
b)astatementofanysuchci
rcumst
ancesasar
e
ment
ionedabov
e.

(
3)Whereanoti
ceundert
hissecti
oni
sdeposi
tedatacompany’
sregi
ster
ed
of
fi
ce,t
hecompanyshal
lwithi
n14day
ssendacopyofthenoti
ce—

(
a)t
otheCommi
ssi
on;
and

(
b) ift he noti
ce contained a statement under
subsecti
on (2)(b),to everyperson who under
secti
on 387 oft hi
s Acti s ent
it
led t
o be sent
copiesofthefi
nancialstat
ements.

(
4)Thecompanyoranyper soncl
aimi
ngtobeaggr ievedmay,wit
hin14days
oftherecei
ptbythecompanyofanot icecontainingastat
ementunder
subsect
ion(
2)(b)
,appl
ytotheCour
tforanorderundersubsecti
on(5)
.

(
5)I fonsuchanappl i
cati
ontheCour ti
ssati
sfiedthattheauditori
susingthe
not i
cetosecur eneedlesspubli
cit
yfordefamatorymat ter
,itmay,byorder
,
directthatcopiesoft henoticeneednotbesentout ,andt heCourtmay
furtherorderthecompany ’
scostsont heappli
cationtobepai di
nwhol eor
i
n par tbyt he audi
tor,notwit
hstandi
ng thathe i s nota partytot he
 appl
i
cat
ion.

(
6)Thecompanyshall
,wit
hin14daysoft
heCour
t’
sdeci
sion,sendt
othe
per
sonsment
ionedi
nsubsect
ion(
3)—

(
a)ift
heCourtmakesanorderundersubsect
ion(5),
ast
atementset
ti
ngoutt
heeffectoft
heorder;and

(
b)i fnot,a copy oft he not
ice cont
aini
ng t
he
st
atementundersubsecti
on(2)(b)
.

(
7)Ifdefaul
tismadeincompl y
ingwitht
heprovi
sionsofsubsect
ion(
3)or
(6)
,thecompanyandeachof fi
ceroft
hecompanyareli
abletoapenal
ty
astheCommi ssi
onshal
lspecif
yini
tsr
egul
ati
ons.

413.(
1)Wher eanaudi t
or’
snot i
ceofr esi
gnati
oncontai
nsast at
ementunder Ri ghtofr
esigni
ng
audit
ortorequi
sit
ion
secti
on412( 2)(
b),ther
emaybedeposi tedwitht
henot i
cear equisi
ti
on companymeet i
ng.
si
gnedbyt heaudit
orcall
ingonthedi r
ector
softhecompanyf ort
hwi t
hto
convene an ext
raordi
nary generalmeet i
ng ofthe company f orthe
purpose of recei
ving and consi deri
ng such explanati
on of t he
ci
rcumstancesconnectedwi t
hhi sresi
gnati
onashemaywi sht oplace
beforet
hemeet i
ng.

(
2)Whereanaudit
or’
snoti
ceofresi
gnat
ioncont
ainssuchast
atement
,the
audi
tormayr
equestt
hecompanytoci
rcul
atet
oi t
smember
sbefor
e—

(
a)thegener
almeeti
ngatwhi chhist
erm ofof
fi
ce
woul
dotherwi
sehaveexpi
red;or

(
b)anygeneralmeeti
ngatwhi chitisproposedtofi
ll
the vacancy caused by hi s r esi
gnati
on or
convenedonhisrequi
sit
ion,astatementinwri
ti
ng
(not exceedi
ng a reasonablel ength) of t
he
cir
cumstancesconnect
edwi thhisresi
gnati
on.

(
3)I faresi
gni
ngaudit
orrequest
sthecir
culat
ionofastat
ementbyvir
tueof
subsecti
on(2)
,thecompanyshall(
unlessthest
atementi
srecei
vedbyit
toolat
efori
ttocomply
)—

(
a)i nanynoti
ceofthemeeti
nggiv
ent
omember sof
the company,stat
et he f
actoft
he st
atement
havingbeenmade;and

(
b)sendacopyofthestat
ementtoever
ymemberof
thecompanytowhom not
iceoft
hemeeti
ngisor
hasbeensent
.
 (
4)I fthedi r
ectorsdonotwi thin21day sfrom t
hedateoft hedepositofa
requisit
ionunderthissecti
onpr oceedtoconveneameetingforadaynot
mor et han 28 daysaf t
ert hedat eon which t
henoti
ceconv ening t
he
meet ingisgiven,everydir
ectorisliabl
etoapenalt
yast heCommi ssi
on
shallspecif
yinitsregul
ati
ons.

(
5)I facopyofthestatementment ionedinsubsecti
on( 2)isnotsentoutas
requi
redbysubsecti
on( 3)becausei twasrecei
vedt oolateorbecauseof
thecompany’
sdefault,t
heaudi t
ormay( wit
houtprejudicetohi
sr i
ghttobe
heardoral
l
y)r
equir
et hatthestat
ementber eadoutatt hemeeti
ng.

(
6)Copi esofast atementneednotbesentoutandt hestatementneednot
bereadoutatt hemeet ingi f
,ont heapplicat
ioneitherofthecompanyorof
anyotherpersonwhocl aimst obeaggr ieved,t
heCour tissati
sfi
edt hatthe
ri
ghts confer
red byt his section are being abused to secure needless
publi
cit
yf ordefamatorymat ter,andtheCour tmayor derthecompany ’
s
costsonsuchanappl icationt obepai di nwholeori npartbytheaudi tor,
notwit
hstandi
ngt hathei snotapar tytotheappl i
cati
on.

(
7)Anaudi torwhohasr esi
gnedhisof f
iceisentit
ledtoattendanysuch
meetingasi smentionedinsubsect
ion( 2)(a)or(b)andt orecei
veal
l
noti
cesofandot hercommunicat
ionsrelati
ngtoanysuchmeet i
ngwhich
anymemberoft hecompanyi senti
tl
edt orecei
ve,andtobeheardatany
suchmeetingwhi
chconcernshim asformeraudit
orofthecompany.

414.(
1)Wher
eacompanyhasasubsi
diar
y,t
hen— Powersofaudit
orsi
n
rel
ati
onto
subsi
diar
ies.
(
a)i ft
hesubsi di
aryisabodycor porat
e,i
ncorporat
ed
i
nNi geri
a,itisthedut yofthesubsidi
ari
esandi t
s
audit
orst o gi v
et he audit
ors of the holdi
ng
company such i nformati
on and explanati
on as
those auditor
s may r easonabl
yr equir
ef orthe
purposesoft hei
rdut i
esasauditorsoftheholdi
ng
company ;and

(
b) i nanyot hercase,i
tist hedut yoft hehol
ding
company ,ifrequi
redbyi t
saudi torstodoso,t o
takeallsuchstepsasar ereasonablyopentoitto
obtainfrom thesubsidi
arysuchi nf
ormati
onand
explanat
ionment i
onedinparagraph( a)
.

(
2)Ifasubsi di
aryorholdingcompanyf ai
lstocomplywi t
hthepr ovisi
onsof
subsect
ion(1)
,thesubsidi
aryorholdi
ngcompany,andeachofficerareli
able
toapenaltyast heCommi ssi
onshallspeci
fyi
ni t
sr egul
ati
ons,andi fan
audit
orfai
lswit
houtreasonableexcuset
ocomplywi t
hsubsection(1)(a),he
 i
ssol
i
abl
e.

415.(
1)Acompany ’
saudit
orshal
lint
heperfor
manceofhi sdut
iesexer
ciseal
l Liabi
li
tyofaudi
tor
s
fornegli
gence.
suchcar
e,di
li
genceandski
l
lasi
sreasonabl
ynecessaryi
neachparti
cul
ar
ci
rcumst
ance.

(
2)Whereacompanysuf f
erslossordamageasar esultofthefai
lur
eofits
audit
ortodischar
gethefiduci
arydut
yimposedonhi m bysubsect
ion(1)
,
theaudit
ori sli
ablefornegli
genceandthedirectorsmayi nsti
tut
ean
acti
onfornegli
genceagai
nsthimintheCourt
.

(
3)Ifthe director
sf ai
ltoi nst
it
ute an acti
on agai
nstthe audit
orunder
subsect
ion( 2)oft
hissecti
on,anymembermaydosoaf tert
heexpi
rati
on
of30day s’noti
cetothecompanyofhisi nt
ent
iontoinst
it
utesuchacti
on.

416.(
1)Anoffi
cerofacompanycommit
sanoff
encei
fheknowingl
yorreckl
essl
y Fal
sestat
ement
sto
audi
tor
s.
makestoacompany ’
saudit
orsastat
ement(whetherwri
tt
enoror al
)
whi
ch–

(
a)convey
sorpurportstoconveyanyi
nformat
ionor
expl
anat
ion which t
he audit
orsrequir
e,orar e
enti
tl
edt
orequir
e,asaudi
torsoft
hecompany;and

(
b)ismisleadi
ng,f
alseordecept
ivei
namat
eri
al
par
ti
cul
ar.

(
2)Apersonwhocommitsanoff
enceundert
hissect
ioni
sli
abl
etoapenal
ty
ast
heCommissi
onshall
speci
fyi
nit
sregul
ati
ons.

CHAPTER16-ANNUALRETURNS

417.Ever
ycompanyshal l
,onceatleastinever
yyear
,makeanddel iv
ert
ot he Annual
ret
urnby
Commi ssi
on an annualret
urnint he f
orm,and cont
aini
ng t
he mat
ters companyl
imit
edby
shar
esorguar
antee.
speci
fi
edinsect
ions418,419or420asmaybeapplicabl
e:

Provi
dedthatacompanyneednotmakear etur
nunderthi
ssect
ionei
theri
n
theyearofit
sincor
porat
ionor
,ifi
tisnotrequir
edbysecti
on237toholdan
annualgener
almeeti
ngduri
ngthefol
lowi
ngy ear
,int
haty
ear.

418.(
1)Theannualr etur
nbyacompanyhav ingshar esot herthanasmal l Annualretur
nby
companyhav ing
company shal lcont ai
n withr especttot he regi
stered offi
ce oft he sharesot herthan
company ,r egi
sters ofmember s and debent ure holder
s,shar es and smal lcompany .
debent ur
es,indebtedness,pastand pr esentmember s,dir
ectors and
SeventhSchedule.
secr
et ary,t
hemat t
ersspecif
iedinPar tIoft heSeventhSchedul etot hi
s
Act,andt heret
urnshallbeinthef or
m setouti nPartIIofthatScheduleor
asneart oitascircumstancesadmi t.
 (
2)Wherethecompanyhasconv ertedanyofi t
ssharesintostockandgi ven
not
ice ofthe conver
sion t
ot he Commi ssion,the li
streferred t
oi n Sevent
hSchedul
e.
par
agraph5ofPar tIoftheSev enthScheduletothisActshallstatethe
amountofstockhel dbyeachoft heexisti
ngmember sinsteadoft he
numberofsharesandt hepart
icularsr
elati
ngt osharesrequir
edbyt hat
par
agraph.

(
3)Ther et
urnmay ,inanyyear,i
fthereturnforei
theroft hetwoimmedi at
ely Sev
ent
hSchedul
e.
precedingyearshasgiven,
asatt hedateofthatr eturn,theful
lpart
icul
ars
requir
edbyt heparagr
aph5oft heSeventhSchedul et othisAct,
giveonly
suchpar ti
cul
arsrequi
redbyt hatparagraphasr elatet opersonsceasing
tobeorbecomi ngmember ssi ncethedat eoft hel astretur
nandt o
sharest r
ansferr
edsincet hatdat eint heamountofst ockheldbya
member .

419.Theannualreturnbyasmal lcompanyshallcontainthemat ter

sspecif
iedin Annualret
urnby
smallcompany.
PartIoft
heEi ghthScheduletothi
sActandt hereturnshallbeinthef
orm set
outinPartI
Ioft hatSchedul
eorasneartoitascircumst ancesadmit. Ei
ghthSchedule.

420.(
1)Theannualret
urnbyacompanyli
mit
edbyguarant
eeshal
lbeint
hefor
m Annual
returnby
companylimit
edby
prescr
ibedi
ntheNint
hSchedul
eorasneart
oitascir
cumst
ancesadmi
t. guar
antee.
Ni
nthSchedul
e.
(
2)Thereshallbeannexedtotheretur
nastatementcont
aini
ngparti
cul
ars
oft
hetotalamountoftheindebt
ednessofthecompanyinrespectofal
l
mort
gagesandchar geswhi charerequi
redto beregi
ster
edwi ththe
Commissionundert
hisAct
.

421. (
1)Theannualr et
urnshallbecompl eted,signedbyadi r
ectorandt he Ti meforcompleti
on
anddeli
veryofannual
secretary
,anddeli
veredtotheCommi ssionnotlaterthan42day safter ret
urn.
theannualgeneralmeet i
ngfortheyear ,whetherornott hatmeet i
ngi s
thef i
rstoronlygeneralmeetingofthecompanyi nt hatyear,butthe
companymayappl ytot heCommi ssionf orextensi
onoft imewi thin
whicht ofi
lei
tsannualret
urnforanygivencalendaryear.

(
2)Thi
ssect
iondoesnotappl
ytocompani
eswi
thonl
yonemember
.
Documentst
obe
422.(
1)Subjecttotheprov
isi
onsofsect
ion424oft
hisAct
,ther
eshal
lbe annexedt
oannual
annexedtot
heannualr
etur
n— ret
urn.

(
a)awr i
ttencopy,
cert
if
iedbothbyadi rectorandthe
Secretaryofthecompanyt obeat ruecopy,of
ever
ybal ancesheetandpr ofi
tandl ossaccount
l
aidbef oret
hecompanyi ngeneralmeet i
ngheldin
theyeartowhichtheret
urnrel
ates(includi
ngevery
documentr equir
edbyl aw tobeannexedt othe
 bal
ancesheet
);and

(
b)acopy ,cert
if
iedi
naccordancewithpar
agraph(a)
,
ofthereportoftheaudi
torson,andoft herepor
t
ofthedirect
orsaccompanyi
ng,eachsuchbalance
sheet
.

(
2)Ifanysuchbal ancesheetasment i
onedinsubsection( 1),ordocument
requiredbylawt obeannexeddoesnotcomplywiththerequi r
ementofthe
l
aw i nforceatt hedat
eoft heauditwit
hrespecttot hef orm ofbal
ance
sheetort he documents,ther
e shal
lbe made such addi t
ions t
o and
correcti
onsint hecopyaswoul dhav ebeenrequir
edt obemadei nthe
balancesheetordocumenti nordertocomplywithther equirement
s,and
thefactthatthecopyhasbeenamendedshallbestatedoni t
.

(
3)Anydocumentr equi
red t
o be annexed t
ot he annualretur
n maybe
del
iv
ered t
ot heCommi ssi
oneit
heri nhard copyort hroughelect
roni
c
communicati
ons.

423.(
1)Apr i
v atecompanyshal lsendwi t
ht heannualr et
urnr equir
edbysect i
ons Certi
fi
cat
ebypri
vate
418,419or420oft hisActacer ti
ficatesignedbot hbyadi r
ectorandthe companyandsmall
secretar yoft hecompanyt hatthecompanyhasnot ,si
ncet hedateofthe companyinannual
r
etur
n.
l
astr eturn,or ,i
nt he case ofa f ir
str et
urn,since t he date ofthe
i
ncor por at
ion oft he company ,issued anyi nvi
tation tot he publ
icto
subscr ibeforshar esordebent uresoft hecompany ,and,wher etheannual
ret
urndi sclosest hef actthatthenumberofmember soft hecompany
exceeds50, alsoacer ti
fi
catesosi gnedt hatt
heexcessconsi stswholl
yof
personswhoundersect ion22( 3)oft hisActarenoti ncl
udedi nreckoni
ng
thenumberof50.

(
2)A smal lcompanyshallin addi
ti
on t
othe cer
ti
fi
cat
er equir
ed under
subsecti
on(1),sendwiththeannualret
urnacerti
fi
cat
esi gnedbya
dir
ectorandt
hesecret
aryt
hat—

(
a)i
tisapr
ivat
ecompanyl
i
mit
edbyshar
es;

(
b)theamountofitsturn-
overf
orthaty
eari
snot
mor
et hanN120,
000,
000orsuchamountasmay
bef
ixedbyt
heCommi ssi
on;

(
c)itsnetasset
sval
ueisnotmor
ethanN60,000,
000
or such amount as may be fixed by the
Commi ssi
on;

(
d)noneofi
tsmember
sisanal
i
en;
 (
e) none of it
s member sis a gov
ernment
,a
gov
ernmentagentornomi
nee;
and

(
f)thedir
ectorsamongthem hol
datl
east51%oft
he
equi
tysharecapi
tal
ofthecompany
.
Except
ioni
ncer
tai
n
424.(
1)Anunl imi
tedcompanyshal
lbeexemptedf
rom t
her equi
rementsof casesofunl
imit
ed
secti
on422ofthi
sActast odocument
stobeannexedtot heannual compani
esandsmal
l
ret
urnif
,— compani
esfr
om
requi
rement
sof
secti
on422.
(
a)atnot i
medur i
ngt heperiodtowhi chther eturn
rel
ates has i t been,t o its knowledge,t he
subsidi
aryofacompanyt hatwast henl i
mi ted
andatnosucht ime,toit
sknowl edge,havet here
beenhel dorexerci
sablebyoronbehal foftwoor
more compani es thatwer el i
mited,shares or
power swhich,hadt heybeenheldorexer ci
sabl e
byoneoft hem, wouldhavemadet hecompanyi ts
subsidi
ary;and

(
b)atnosuchti
mehasi tbeenthehol
dingcompany
ofacompanythatwasthenl
i
mi t
ed.

(
2)Asmallcompanyi
sexemptedf
rom therequi
rementsi
mposedbysecti
on
422pr
ovidedt
hati
tcompl
ieswi
ththeprovisi
onofsect
ion394oft
hisAct
.

425.(
1)Ifacompanyr equi
redt
ocomplywithanyoft hepr
ov i
sionsofsect
ions Penalt
yf ornon-
compliancewith
417-423 sect
ions417-423.
fail
st odoso,t
hecompanyandev er
ydirect
ororoff
iceroft hecompany
arel
iabl
etoapenalt
yasmaybeprescri
bedbytheCommi ssion.

(
2)Forthepur posesofsubsect
ion (
1),“
off
icer
”incl
udesanyperson i
n
accor
dancewi t
hwhosedirect
ionsorinst
ruct
ionsthedi
rect
orsofthe
companyareaccust
omedtoact.

(
3)Fai
lur
etof i
l
eannualret
urnsf
oraconsecuti
veperi
odof10y earsisa
gr
oundforst
riki
ngt
henameofacompanyoffthecompani
es’
regi
ster
.

426.(
1)Acompanymay,ingener
almeeti
ng,decl
aredi
vi
dendsinrespectofany Declar
ati
onof
di
videndsand
y
earorot
herper
iodonl
yontherecommendati
onofthedi
rector
s. paymentofint
eri
m
di
vidend.
(
2)Thecompanymayf r
om ti
metoti
mepayt
othememberssuchint
eri
m
di
vi
dendsasappeartot
hedir
ect
orst
obej
ust
if
iedbyt
heprofi
tsofthe
company
.

(
3)Thegener
almeet
inghaspowert
odecr
easet
heamountofdi
vi
dend
 r
ecommended by t
he di
rect
ors,buthas no powert
oincr
ease t
he
r
ecommendedamount.

(
4)Wherether ecommendati
onofthedi r
ect
orsofacompanywit
hrespectto
thedeclar
ationofadivi
dendisvariedinaccor
dancewit
hsubsect
ion(3)
bythecompanyi ngener almeet
ing,astatementtot
hatef
fectshallbe
i
ncludedintherel
evantannual
ret
urn.

(
5)Subjecttothe pr
ovisi
ons ofthis Act
,dividends i
s payabl
etot
he
shar
ehol
der
sonlyoutofthedi
str
ibut
ableprof
it
soft hecompany.

427. (1)A companymaypaydi

vi
dendsonl
youtofpr
ofi
tsav
ail
abl
efort
he Di
str
ibut
abl
epr
ofi
ts.
purpose.

(2)Thepr ofit
sofacompanyav ail
abl
eforpay mentofdi vi
dendsar eits
accumulated,real
isedpr
ofi
ts(sofarasnotprev
iouslyuti
li
sedbydi st
ri
buti
on
orcapital
isati
on),less-it
saccumul at
ed,reali
sed losses(so farasnot
previ
ouslywr i
tten offi
nal awfull
ymade reduction orreorgani
sation of
capit
al)
.

428.Acompanyshal lnotdeclar
eorpaydi
vi
dendift
herearer
easonablegrounds Rest
ri
cti
onon
decl
arat
ionand
forbel
ievi
ngt hatthecompanyisorwouldbe,aft
erthepayment,unableto paymentofdiv
idends.
payit
sliabi
li
ti
esast heybecomedue.
Uncl
aimeddi
vi
dends.
429.(
1)Wheredi v
idendspaidbyacompanyr emai nunclai
med,t hecompany
shal
lpubl
ishintwonati
onalnewspapers, ali
stoftheunclai
meddi v
idends
andthenamesoft hepersonsenti
tl
edtot hedivi
dends,andattachtheli
st,
aspubli
shedint henat
ionalnewspapers,tothenoticethati
ssentt othe
membersoft hecompanyf oreachsubsequentannualgeneralmeet i
ngof
thecompany.

(
2)Af t
ertheexpir
ationofthreemont hsoft
hepubli
cat
ionandnot
iceref
err
ed
toinsubsect
ion(1),thecompanymayi nvestt
heuncl
aimeddi
vi
dendforit
s
ownbenef i
tini nvestmentsoutsidethecompanyandnoi nter
estshall
accrueonthedividendsagainstt
hecompany .

(
3)Wher edivi
dendshavebeensentt
omember sandther
eisanomissionto
sendt osomemember sduetothefaul
toft hecompany,t
hedividends
shallear
ninter
estatthecurr
entbankratef r
om t
hreemonthsafterthe
dateonwhichtheyoughtt
ohavebeenposted.

(
4)Fort hepur
poseofli
abi
l
ity
,thedateofpost
ingthedivi
dendwarranti
s
deemedtobethedat
eofpaymentandpr
oofofwhetheri
thasbeensenti
s
aquesti
onoffact
.
430.(
1)Thedi rectorsmay ,befor
er ecommendi nganydi vi
dend,setasideoutof Reserveand
capi
tal
i
sat
ion.
theprof
itsoft hecompanysuchsumsast heythinkproperasar eserveor
reser
veswhi chshal l
,atthedi scretionoft hedirector
s,beappl i
cablef or
anypurposet owhi chtheprofi
t soft hecompanymaybepr operl
yapplied,
andpendingsuchappl i
cati
onmay , atthediscr
etion,ei
therbeempl oyedi n
thebusinessoft hecompanyorbei nvestedinsuchi nvestments( ot
her
thansharesoft hecompany )ast hedi r
ectorsthinkfi
t,andt hedirect
or s
maywi t
houtpl acingthesamet or eserve,carr
yf orwar
danypr of
it
swhi ch
theymayt hinkpr udentnottodi st
ribute.

(
2)Thecompanyi ngener almeeti
ngmayupont herecommendat
ionofthe
director
sresol
vethatitisdesi
rabl
etocapit
ali
seanypartoft
heamount,f
or
thet i
mebei ng,standingtothecr edi
tofanyoft hecompany’sreser
ve
accountsort othecr editoftheprofi
tandlossaccountoravail
abl
efor
distri
buti
on.

(
3)Suchsum maybesetf reefordistr
ibut
ionamongthemember swhowoul d
havebeenentitl
edtodividendsint hesameproport
ionsoncondi t
ionthat
thesamebenotpai dincashbutbeappl i
edei
theronortowardspay i
ngup
anyamountunpai donanyshar esheldbysuchmember srespecti
vel
yor
payingupi nful
lunissuedshar esordebenturesoft hecompanyt obe
all
ottedanddi
str
ibut
edtocr edi
torsasfull
ypai
dup.

(
4)Thecompanymaydecidebyar esol
uti
on,whatpar
tshal
lbedistr
ibut
edi
n
cashori
nshar
esandt
hedirect
orsshall
giveef
fectt
osuchresol
uti
on.

(
5)Shar epremi
um accountandacapit
alr
edempti
onreserv
ef undmay,f
ort he
purposesofthi
ssubsection,onl
ybeappl
iedinthepayingupofunissued
sharestobei
ssuedtomember soft
hecompanyasful
lypaidbonusshares.

(
6) Wher ear esol
uti
onundersubsections(2)-( 5)ispassed,thedirectors
shallmakeal lappropri
ati
onsand appli
cati
onsoft heundi vided profi
ts
resol
vedtobecapi tal
isedther
eby
,andal lal
lotmentsandi ssuesoff ully
-
paidsharesordebent ures,i
fany,andgener all
ydoal lactsandt hings
requi
redt
ogi veef
fecttoit.

(
7)Thedi rect
orsshallhavepowertomakesuchpr ovi
sionbyt hei ssueof
f
ract
ionalcert
if
icat
esorbypaymentincashorotherwi
seast heythinkfiti
n
t
hecaseofshar esordebent
uresbecomi
ngdist
ri
butableinf
ractions.

(
8)Anyper sonmaybeaut hor
isedbythedirector
st oenteronbehalfofal
lthe
member senti
tl
edundert hi
ssecti
onintoanagr eementwi t
hthecompanyt o
prov
idefortheallot
mentt othem respecti
vely
,credi
tedasf ull
ypaidup,of
anyfur
thersharesordebent ur
estowhi chtheymaybeent i
tl
eduponsuch
capi
tal
isati
on,or(
ast hecasemayr equir
e)forthepaymentbyt hecompany
onthei
rbehalf,oftheamountoranypar toftheamountr emaini
ngunpaid
 onthei
rexist
ingshar
es,andanyagreementmadeundersuchaut
hor
it
yis
ef
fect
iveandbindi
ngonallsuchmembers.

431.I
funderhi
scontr
actofservi
ce,anemployeeisenti
tl
edtosharei
nthepr
ofi
ts Employees’
shares
andprofi
tshar
ing.
ofthecompanyasani ncenti
ve,heisentit
ledtoshareintheprof
it
softhe
company,whet
herornotdiv
idendshavebeendeclared.

432.(
1)Div
idendsarespecialdebt
sduetoandr ecover
abl
ebyshar
ehol
der
s Rightofthe
shareholder
stosue
wi
thi
n12y ear
s,andacti
onabl
eonl
ywhendeclar
ed. fordivi
dends.

(
2)Di v
idendsthatar
euncl
aimedafter12y
ear
sshoul
dbei ncludedint
he
prof
it
st hatshoul
d be di
str
ibut
ed tot
he ot
hershar
eholders oft
he
company.

433.(
1)Alldi
rect
orswhoknowi
nglypay,orarepar
tytothepaymentofdivi
dend Li
abili
tyforpay
ing
div
idendoutof
outofcapit
alori
ncont
rav
entionofthi
sPart,ar
epersonall
yli
abl
ejoi
ntl
y capit
al.
andseveral
l
ytoref
undt
othecompanyanyamountsopai d.

(
2)Such di rect
ors shal
lhav
ethe r
ighttor ecov
ert he di
vi
dend f
rom
shar
eholderswhor ecei
vei
twi
thknowledgethatthecompanyhadno
powertopayit.

CHAPTER17-COMPANYVOLUNTARYARRANGEMENTS

434.(
1)Thedi r
ector
sofacompanymaymakeapr oposalunderthi
sParttoit
s Thosewhomay
creditorsforacompositi
oni
nsati
sfact
ionofi t
sdebtsoraschemeof proposean
arr
angement
.
arrangementofi tsaff
air
s(i
nthi
sActr eferr
edt oineithercase,asa
"v
ol untaryar
rangement
").

(
2)Apr oposalundert hi
sPartisonewhi chprovidesf orsomeper son( "
the
nominee")toactinrel
ati
ontothevoluntaryarr
angementei t
herast rustee
orotherwiseforthepurposeofsuperv i
singitsimpl ement
ati
on,andt he
nominee shal
lbe a person who is qualif
ied to actas an insol
v ency
pract
it
ioneri
nrelat
iontothecompany.

(
3)Suchapr
oposal
maybemadewher
e—

(
a)anadminist
rat
ionorderisinfor
ceinrel
ati
ont
o
t
hecompany,bytheadmini
str
ator
;and

(
b)t
hecompanyi
sbei
ngwoundup,
byt
hel
i
qui
dat
or.

435.(
1)Thi
ssect
ionappli
eswher et
henomineeundersect
ion434i
snott
he Procedurewher e
nomi neeisnotthe
l
i
qui
dat
ororadmini
str
atoroft
hecompany. l
iquidatoror
admi ni
strat
or.
(
2)Thenomi
neeshal
l
,wi
thi
n28day
s(orsuchl
ongerper
iodast
heCour
tmay
 al
low)aft
erheisgi
vennot
iceofthepr
oposalf
orav
olunt
aryar
rangement
,
submitarepor
ttot
heCour
tstat
ing-

(
a)whether,inhi
sopini
on,meeti
ngsofthecompany
and ofits cr
edi
tors shoul
d be summoned to
consi
derthepr
oposal
;and

(
b)i f
,in his opi
nion,such meeti
ngs should be
summoned,thedateonwhich,
andt i
meandpl ace
atwhi
ch,heproposest
hemeetingstobeheld.

(
3)Forthepur
posesofenabli
ngthenomineet
oprepar
ehisrepor
t,t
heper
son
i
ntendi
ngt
omaket heproposal
shal
lsubmi
ttothenomi
nee-

(
a)adocumentsett
ingouttheter
msoft
hepr
oposed
vol
unt
aryar
rangement,and

(
b)ast
atementoft
hecompany
'saf
fai
rscont
aini
ng-

(
i)parti
cular
sofitscr
edit
ors,
itsdebt
sandot
her
l
iabil
it
ies and of it
s assets as may be
prescri
bed,and

(
ii
)ot
heri
nfor
mat
ionasmaybepr
escr
ibed.

(
4)TheCour tmay ,onanappli
cati
onmadebyt hepersonintendi
ngtomake
thepr oposal
,inacasewher et henomineef ai
l
edt osubmi ttherepor
t
requi
redbyt hissecti
on,di
rectthatthenomineeber eplacedassuchby
anotherpersonquali
fi
edtoactasani nsol
vencypract
it
ionerinrel
ati
onto
thecompany .

436.(
1)Apr
oposal
mayal
sobemadewher
ethenomi
neei
s— Summoningof
meet
ings.

(
a)nott hel
iqui
datororadmi ni
str
ator,
andithasbeen
report
edt otheCourtt hatsuchmeet i
ngsshould
besummoned,t hepersonmaki ngtherepor
tshal
l
(unl
ess the Courtot herwise di
rect
s) summon
those meeti
ngs f orthe time,dat e and pl
ace
proposedint
her epor
t,and

(
b)t hel
iqui
dat
ororadmi ni
str
ator
,heshal
lsummon
meeti
ngsoft hecompanyandofi t
scredit
orst
o
consi
dertheproposalforsuchatime,dat
eand
pl
aceashethinksfi
t.

(
2)Theper
sonst
obesummonedt
oacr
edi
tor
s'meet
ingundert
hissect
ion
 areev
erycredi
toroft
hecompanyofwhosecl
aim andaddr
esst
heper
son
summoningthemeeti
ngisawar
e.

CONSI
DERATI
ONANDI
MPLEMENTATI
ONOFPROPOSAL

437.(
1)Themeet i
ngssummonedshalldeci
dewhet
hertoappr
ovet
hepr
oposed Deci
sionsof
v
olunt
aryarr
angementwi
thorwit
houtmodi
fi
cat
ions. meeti
ngs.

(
2)Themodi fi
cati
onsmayi ncludeconfer
ri
ngthef uncti
onsproposedtobe
confer
red on the nominee on anot
herper son qual
ifi
ed to actas an
i
nsolvencypracti
ti
oneri
nr el
ati
ontothecompanybutshal lnotincl
udeany
modifi
cati
onbyv irt
ueofwhicht hepr
oposalceasestobeapr oposalsuch
asisment i
onedinsecti
on434.

(
3)Ameet ingsosummonedshal lnotappr
oveanypr oposalormodif
icat
ion
whichaff
ectsther
ightofasecuredcr
edi
torofthecompanyt oenf
orcehis
secur
it
y,exceptwi
ththeconcur
renceoft
hecredit
orconcerned.

(
4)Ameet ingsosummonedshal
lnotappr
oveanypr
oposalormodi
fi
cat
ion
underwhich-

(
a)anyprefer
enti
aldebtofthecompanyi
stobepai
d
other
wisethaninpr i
ori
tytosuchofi
tsdebt
sas
arenotpref
erent
ialdebt
s,or

(
b)apr eferenti
alcredi
toroft hecompanyi st obe
paidanamounti nr espectofapr efer
entialdebt
thatbearst othatdebtasmal lerproporti
ont han
i
s bor ne to anotherpr ef
erenti
aldebtby t he
amountt hatistobepai dinrespectoft hatother
debtprov i
dedthatthemeet ingmayappr ovesuch
apr oposalormodi ficat
ionwi t
ht heconcur rence
ofthepreferenti
alcr
edi t
orconcerned.

(
5)Subjecttotheprovi
sionsofthi
ssecti
on,eachoft
hemeet
ingsshal
lbe
conductedi
naccordancewit
htherul
es.

(
6)Af tertheconcl
usi
onofei t
hermeetingi
naccor dancewit
ht her
ules,the
chairmanofthemeetingshallr
epor
tther
esultofthemeeti
ngt ot
heCour t
,
and, i
mmediatel
yaft
erreport
ingtot
heCourt,
shallgivenot
iceoft
her esul
t
ofthemeetingtosuchpersonsasmaybeprescribed.

438.(
1)Thissecti
onappl
i
estoadecisi
on,undersect
ion437,
wit
hrespectt
othe Approval
of
ar
rangement
.
appr
ovalofapr
oposedv
olunt
aryar
rangement.

(
2)Thedeci
si
onhasef
fecti
f,i
naccor
dancewi
tht
her
ules—
 (
a)ithasbeent akenbybot
hmeet
ingssummoned
undersect
ion436;
or

(
b)subj
ecttoanyordermadeundersubsect
ion(4)it
has been taken by t he credi
tor
s’ meeti
ng
summonedunderthatsect
ion.

(
3)Ift
hedeci
si
ontakenbyt
hecr
edi
tor
s’meet
ingdi
ff
ersf
rom t
hattakenby
t
hecompanymeeti
ng,
amemberoft
hecompanymayappl
ytotheCourt
.

(
4)Anappl
i
cationundersubsect
ion(
3)shal
lnotbemadeaf
tert
heendof28
day
sbeginningwi
th—

(
a)thedayonwhi chthedeci
sionwast
akenbyt
he
cr
edi
tor
s’meet
ing;or

(
b)wherethedeci
sionofthecompanymeet
ingwas
t
akenonalat
erday,t
hatday.

(
5)Onanappl
i
cat
ionundersubsect
ion(
3),
theCour
tmay
—

(
a)orderthedecisi
onofthecompanymeetingto
hav
eeffecti
nst
eadoft
hedeci
sionoft
hecr
edit
ors’
meeti
ng;or

(
b)makesuchot
heror
derasi
tdeemsf
it
.

439.(
1)Thi
ssecti
onapplieswhereadeci
sionappr
ovi
ngav
olunt
aryar
rangement Effectofapproval
.
hasef
fectundersect
ion437.

(
2)Theor
deroftheCourtthatt
hedecisi
onofthecompanymeeti
ngshoul
d
hav
eeff
ecti
nsteadofthedeci
sionofthecr
edi
tor
s’meet
ing—

(
a)takeseff
ectasifmadebyt
hecompanyatt
he
cr
edi
tor
s’meet
ing;
and

(
b)bindsev
eryper
sonwho,i
naccor
dancewi
tht
he
r
ules—

(
i)wasenti
tl
edtovot
eatthatmeeti
ng(whether
ornothewaspr
esentorr
epr
esentedati
t)
,or

(
ii
)wouldhavebeensoentit
ledifhehadhad
not
ice ofi
t,as i
fhe were a par
tyt
othe
vol
untar
yar
rangement
.
(
3)Wher
ethear
rangement—

(
a)ceasest ohaveeffect
,anyamountpayabl
e,under
thearrangementtoaper sonboundbyv ir
tueof
subsecti
on(2)(b)(
ii
)hasnotbeenpai
d,and

(
b)di
dnotcomet
oanendpr
emat
urel
y,

thecompanyshal
latthatt
imebecomeli
abl
etopayt
othatper
sont
he
amountpayabl
eundert
hear
rangement
.

(
4)Wher
ethecompanyi
sbei
ngwoundupori
sinadmi
nist
rat
ion,t
heCour
t
may—

(
a)byor der
,st
ayallpr
oceedi
ngsi
nthewi
ndingupor
provi
defort
heappoint
mentoft
headmi
nistr
atort
o
ceasetohaveef
fect
;or

(
b)givesuchdi recti
onswi t
hr especttotheconduct
oft he winding up ort he admi ni
str
ati
on as i t
considers appr opri
ate f or f acil
it
ati
ng t he
i
mpl ementationoft heorderoft heCour tthatthe
deci
sion oft he companymeet ing should have
eff
ecti nst
ead oft he deci
sion oft he credi
tors’
meet i
ngont hev olunt
aryarr
angement .

(
5)TheCour
tshal
lnotmakeanor
derundersubsect
ion(
4)(
a)—

(
a)atanyt i
mebef oretheendof28daysbeginni
ng
withthef i
rstdayonwhi cheachofthereport
s
requi
redbysection435(2)hasbeenmadetothe
Court
; or

(
b)atanyti
mewhenanappl i
cati
onundersect
ion435
(3)oranappeali
nrespectofsuchanapplicat
ion
i
spendi ng,oratanyt i
mei ntheperiodwi t
hin
whichsuchanappealmaybebrought.
440.(
1)Subjectt
othissect
ion,anappl
icat
iontotheCour
tmaybemade,byany Chal
lengeof
deci
sions.
oft
hepersonsspeci
fi
edinsubsecti
on(2),
onthegr
oundt
hat-

(
a)av ol
untar
yar
rangementwhi chhaseffectunder
secti
on437unfai
rl
yprej
udicestheint
erestsofa
credi
tor
,memberorcont
ributor
yofthecompany ;
or

(
b)t
herehasbeensomemater
iali
rr
egul
ari
tyatori
n
r
elat
iont
oeit
heroft
hemeet
ings.

(
2)Theper
sonswhomayappl
yundersubsect
ion(
1)ar
e-

(
a)personsenti
tl
ed,inaccordancewi
tht
her
ules,t
o
v
oteateit
herofthemeetings;

(
b) persons who would have been ent
it
led,in
accor
dancewit
htherul
es,tovot
eatthecredit
ors’
meeti
ngift
heyhadhadnoti
ceofit;

(
c)t he nominees orpersons who repl
aced t
hem
undersect
ion435(4)or437(2);and

(
d)i ft
he company is bei
ng wound up orisi
n
admi
nist
rat
ion,
thel
i
quidat
ororadmini
str
ator
.

(
3)Anappl
i
cat
ionundert
hissect
ionshal
lnotbemade-

(
a)af t
ertheendof28day sbegi
nni
ngwi t
hthefir
st
dayonwhi cheachoft herepor
tsrequi
redunder
secti
on435(2)hasbeenmadet otheCourt
,or

(
b)onwhi cheachoft hereportsrequiredbysect i
on
435( 2)hasbeenmadet ot heCour tbut(subj
ectto
that),an appli
cati
on made by a per son withi
n
subsection(3)ont hegr oundt hatt hev ol
untar
y
arrangementprejudi
ceshisinter
estsmaybemade
afterthearrangementhasceasedt ohav eef f
ect,
unlessitcamet oanendpr ematurely
.

(
4)Whereonsuchanappli
cationtheCourtissat
isf
iedast
oei
theroft
he
gr
oundsment
ionedi
nsubsecti
on(1)
,itmay—

(
a)revokeorsuspendanydecisi
onapprovi
ngt he
vol
untar
yarrangementwhi
ch has ef
fectunder
secti
on437or,i
nacasefal
l
ingwit
hinsubsect
ion
 (1)(b),anydecisi
on taken bythe meet i
ng i
n
questi
onwhichhaseff
ectunderthatsect
ion;or

(
b)giveadirecti
ontoanyper sonf orthesummoni ng
of furt
her meet i
ngs to consi der any revi
sed
proposal
,t he person who made t he ori
ginal
proposalmaymakeor ,inthecasef all
ingwithi
n
subsecti
on( 1)(
b),afurt
hercompanyorcr edi
tors’
meetingtoreconsidert
heor i
ginalproposal
.

(
5)Wher eaf t
ergi
vingadirectionundersubsect i
on(4)(b)forthesummoni ng
ofmeet ingstoconsiderar evi
sedpr oposaltheCourtissati
sfi
edthatthe
personwhomadet heor i
ginal proposaldoesnoti
ntendtosubmi tarev
ised
proposal,theCourtshallrev oket hedir
ecti
onandr evokeorsuspendany
decision appr
oving t
hev ol untaryarrangementwhi ch haseffectunder
section437.

(
6)Wher
et heCour
t,onanappl
i
cat
ionundert
hissect
ionwi
thr
espectt
oany
meet
ing—

(
a)gi
vesadi
rect
ionundersubsect
ion(
4)(
b),
or

(
b) r evokes or suspends an appr
oval under
subsecti
on(4)(
a)or(5)
,

theCourtmaygi vesuchsupplement
aldi
rect
ionsasitdeemsfi
tand,in
part
icul
ar,di
rect
ions wi
threspecttothi
ngs done undert
he v
olunt
ary
arr
angementsinceitt
ookef
fect.

(
7)Exceptas provi
ded inthi
s sect
ion,a deci
sion t
aken ata meeting
summonedundersect
ion436isnotinv
ali
dat
edbyanyi rr
egul
ari
tyatorin
rel
ati
ont
othemeeti
ng.

441.(
1)If,
forthepurposeofobtai
ningtheapprovalofthemembersorcr
edi
tor
s Afal
se
r
epresent
ati
on,
etc.
ofacompanyt oaproposalforavolunt
aryarrangement
,aper
sonwhois
anoff
iceroft
hecompany —

(
a)makesanyf
alser
epr
esent
ati
on,
or

(
b)f
raudul
ent
lydoes,
oromi
tst
odoany
thi
ng,

hecommi
tsanof
fence.

(
2)Aper sonwhocontravenessubsect
ion(1),commit
sanof fenceandis
l
iabl
eonconvi
ctiont
oi mpri
sonmentforater
m ofoneyearorafineast
he
Courtdeemsf
itorboth.
442.(
1)Thissect
ionappl
i
eswher eav ol
untar
yarr
angementappr
ovedbyt
he I
mplementat
ionof
pr
oposal
.
meeti
ngssummonedundersect
ion436hast
akeneff
ect
.

(
2)Thepersonwhoperf
orms,i
nrel
ati
ont
othev
olunt
aryar
rangement
,the
f
unct
ionsconf
err
edbyvi
rt
ueof-

(
a)t
heappr
oval
ont
henomi
nee,
or

(
b)sect
ion435(4)or437(
3)onaper
sonot
hert
han
t
henominee,

shal
lbe known as t
he super
visor of t
he v
olunt
ary
ar
rangement
.

(
3)Ifanyofthecompany '
scredi
tor
soranyot herper
soni
sdissat
isf
iedby
anyact
,omissi
onordecisi
onofthesuper
visor
,hemayappl
ytotheCourt
,
and,
ontheappli
cat
ion,
theCourtmay-

(
a)conf
ir
m,r
ever
seormodi
fyanyactordeci
sionoft
hesuper
visor
;

(
b)gi
vehi
m di
rect
ions;
or

(
c)makesuchot
heror
derasi
tdeemsf
it
.

(
4)Thesupervi
sormayappl ytot heCour tfordir
ecti
onsinr el
ati
ont oany
par
ti
cul
armat t
erari
singunderthevoluntaryar
rangement,andisincl
uded
amongthepersonswhomayappl ytotheCour tforthewindi
ngupoft he
companyorforanadminist
rat
ionordertobemadei nrel
ati
ontoit.

(
5)TheCour
tmay
,whenev
eri
tis-

(
a)expedientt
o appoi
ntaper son t
o per
for
m t
he
f
unct
ionsoft
hesupervi
sor
,and

(
b)i ti
sinexpedi
ent
,di
ff
icul
torimpract
icabl
ef oran
appoi
ntmenttobemadewi t
houtt
heassistanceof
theCourt
,

make an or
derappoi nt
ing a person who is qual
i
fied t
o actas an
i
nsolv
encypract
it
ionerinrel
ati
ont ot hecompany,eit
herinsubst
it
uti
on
f
ortheexi
sti
ngsupervi
sorortofil
lav acancy
.

(
6)Thepowerconfer
redbysubsect
ion(5)i
sexerci
sabl
esoast oincr
easethe
numberofper
sonsperf
ormingthefunct
ionsofsuperv
isoror
,wherethere
 i
smorethanonepersonper
for
mingt
hosef
unct
ions,soast
orepl
aceone
ormor
eofthoseper
sons.

CHAPTER18-ADMI
NISTRATI
ONOFCOMPANI
ES

NATUREOFADMI
NISTRATI
ON

443.(
1)Aper
sonmaybeappoi
ntedasadmi
nist
rat
orofacompanyby
- Appointmentof
administ
rat
or.
(a)anadmi
nist
rat
ionor
deroft
heCour
tundersect
ion449oft
his
Act;

(
b)t
hehol
derofaf
loat
ingchar
geundersect
ion452oft
hisAct
;or

(
c)t
hecompanyori
tsdi
rect
orsundersect
ion459oft
hisAct
.

(
2)Whereanadminist
rat
orisappoi
ntedoutofCour
t,i
fiti
sanadmi
nist
rat
ion
t
hathasacross-
borderel
ement,anappli
cat
i lbemadeexpar
onshal teto
t
heCourtf
orappr
ov al
.

3)Anext
( r
acuriaadmini
str
atorappoint
edundersubsection( 1)(
b)may ,in
addi
ti
ontostat
utor
ynoti
cet ot
heCour tundersect
ion457,alsorequest
,in
anaccompanyngexpar
i teappl
icat
iontotheCourt,
af or
mal cour
torder.

444.(
1)Theadmi ni
str
atorofacompanymaydo al lsuch thi
ngs as may be Purposeof
admi
nist
rat
ion.
necessar
yf orthemanagementoftheaf f
air
s,busi
nessandpr oper
tyof
thecompany ,
andshall
perf
orm hi
sfunct
ionswit
htheobject
iveof-

(
a)rescui
ngthecompany
,thewhol
eoranypar
tofi
ts
undert
aki
ng,asagoi
ngconcer
n;

(
b)achi evi
ng a betterresul
tf orthe company’
s
credi
torsasawhol ethanwoul dbelikel
yifthe
companywer e wound up,wit
houtfi
rstbeing i
n
administ
rat
ion;or

(
c)real
isi
ngpr
oper
tyi
nordertomakeadi st
ri
buti
on
tooneormor
esecur
edorpref
erent
ial
credit
ors.

(
2)Notwithstandi
ngsubsection(1)(
b)and(c),t
her escueofthecompanyi s
thepr i
mar yobject
iveoft headminist
rat
ori nt heperfor
manceofhi s
funct
ions,exceptwher ehei softheopiniont hatitisnotreasonably
pract
icableorabetterresul
tcanbeachiev
edf orthecompany’scredi
tors
bypur suingsomeot hercourseinorderofpr i
orit
yasspecifi
edi nthat
subsection.
 (
3)Subj
ecttosubsect
ion(5),t
headmini
str
atorofacompanyshal
lperf
orm
hi
sfunct
ionsi
ntheint
erestsoft
hecompany’scr
edi
tor
sasawhole.

(
4)Theadmini
str
atorshallperf
orm hi
sf unct
ionswit
htheobj
ect
ivespeci
fi
ed
i
nsubsecti
on(1)(a)unlessheisoftheopiniont
hat-

(
a)itisnotr easonabl
ypr
act
icabl
etoachi
evet
hat
obj
ect
ive;
or

(
b)theobject
ivespecif
iedinsubsect
ion(
1)(b)woul
d
achi
eveabet t
erresultf
orthecompany’
scredi
tor
s
asawhole.

(
5)Theadminist
ratormayper f
orm hi
sfunct
ionswi
tht
heobj
ect
ivespeci
fi
ed
insubsect
ion(1)(c)onl
yifhe—

(
a)i s of the opi
nion thatiti s notreasonably
pract
icabl
eto achieve ei
theroft he object
ives
speci
fiedi
nsubsecti
on(1)(a)and(b);
and

(
b)doesnotunnecessar
il
yhar
mtheint
erest
soft
he
cr
edi
tor
softhecompanyasawhol
e.

(
6)Theadmi ni
str
atorshal
l
,withi
n60day sofhi
sappoi
ntmentpr
epar
ea
det
ail
edschedul
eofassetsandsubmi
tacopyt
otheper
sonbywhom he
wasappoi
nted.

445.Theadmini
str
atorofacompanyshal
lper
for
m hi
sfunct
ionsasqui
ckl
yand Standardof
performanceof
eff
ici
ent
lyasi
sreasonabl
ypr
acti
cabl
e. admi ni
str
ator
.

446.AnAdmini
str
atori
sanof
fi
ceroft
heCour
t,whet
herornothei
sappoi
ntedby Stat
usof
admini
str
ator
.
theCour
t.
447.(
1)Aper sonmaybeappoi
ntedasadmini
str
atorofacompanyonlyi
fheis Generalr
estr
ict
ions
onappointmentof
qual
i
fiedt
oactasani
nsol
vencypr
act
iti
oneri
nrelat
iont
othecompany
. administ
rat
or.

(
2)Aper sonshal
lonl
ybeappoi
ntedasadmi ni
str
atorofacompanywhi
chis
i
nadmi ni
str
ati
on,
subj
ectt
otheprovi
sionsofsecti
ons525-534and537-
541ofthi
sActaboutr
epl
acementandadditi
onaladmini
str
ator
s.

(
3)Apersonshal
lnotbeappoi
ntedasadmi
nist
rat
orofacompanywhi
chi
sin
l
i
qui
dationbyv
irt
ueof-

(
a)ar esol
uti
onforvol
untar
ywindi
ng-
up,subj
ectt
o
sect
ion475(3)(
b)ofthi
sAct
;or

(
b)awi
ndi
ng-
upor
der
,subj
ectt
osect
ions474and
 475oft
hisAct
.

(
4)Aper
sonshal
lnotbeappoi
ntedasadmi
nist
rat
orofacompanywhi
ch-

(
a)hasasal i
abil
i
tyinrespectofadeposi
twhichit
accepted i
n accor
dance withrel
evantbanki
ng
l
aws; and

(
b)is notan authori
sed deposi
ttakerwithi
nthe
meani
ngofbankinglawsandregul
ati
ons.

(
5)A personshal
lnotbeappointedasadmi ni
str
atorofacompanywhi
ch
ef
fectsorcar
ri
esoutcont
ractsofinsur
anceexceptwit
hthel
eaveoft
he
i
nsurancer
egul
ator
.

APPOI
NTMENTOFADMI
NISTRATORBYCOURT

448.Anadmi
nist
rat
ionor
deri
sanor
derappoi
nti
ngaper
sonast
headmi
nist
rat
or Admi
nist
rat
ionor
der
.
ofacompany.

449.ACourtmaymakeanadmi
nist
rat
ionor
deri
nrel
ati
ont
oacompany
,wher
eit Condi
ti
onsf
ormaki
ng
or
der.
issat
isf
iedt
hatt
he-

(
a)companyisori
sli
kel
ytobecomeunabl
etopay
i
tsdebt
s;and

(
b)admini
str
ati
on orderislikel
yto achi
evet
he
pur
poseofadmi
nistr
ati
on.

450.(
1)Anappl i
cati
ontotheCourtf
oranadmini
strati
onorderi
nr espectofa Appli
cati
ontoCourt
foradmini
str
ati
on
company(i
nt hi
sActref
err
edtoasan“administ
rat
ionappl
icati
on”)may order.
bemadeby —

(
a)t
hecompany
;

(
b)t
hedi
rect
orsoft
hecompany
;

(
c)oneormor
ecr
edi
tor
soft
hecompany
;

(
d)t hedesignatedoff
iceroft heFeder
alHighCourt
appointedtoactasar ecei
verundert
hisActorany
otherlaw;or

(
e)acombinat
ionoft
heper
sonsl
i
stedi
npar
agr
aphs
(
a)-(
d).
 (
2)Assoonasisreasonablypracti
cabl
eaft
ert
hemaki
ngofanadmi
nist
rat
ion
appl
i
cati
on,
theapplicantshall
notif
y—

(
a)anyCourtt
hathasappointedarecei
verandany
per
son who has appoi
nted a r
ecei
veroft he
company
;

(
b)apersonwhohas,whoisorwhomaybeent
it
led
t
oappointar
ecei
veroft
hecompany
;

(
c)aper sonwhoi sormaybeent i
tl
edtoappointan
administ
rat
orofthecompanyundersect
ion452of
thi
sAct ;
and

(
d)suchot
herper
sonsasmaybepr
escr
ibed.

(
3) An admini
strat
ion appl
i
cat
ion shal
lnot be wi
thdr
awn wi
thout t
he
per
missi
onoftheCourt.

(
4)I n subsect
ion (1)
,“cr
edi
tor
”incl
udes a cont
ingentcr
edi
torand a
pr
ospecti
vecredi
tor.

451.(
1)Onhear
inganadmi
nist
rat
ionappl
i
cat
ion,
theCour
tmay
— Power
sofCour
t.

(
a)maket
headmi
nist
rat
ionor
dersought
;

(
b)di
smi
sst
heappl
i
cat
ion;

(
c) adj ourn t he hear
ing condi
ti
onal
l
y or
uncondi
ti
onal
l
y;

(
d)makeani
nter
im or
der
;

(
e)treattheappli
cati
onasawinding-
uppet
it
ionand
makeanyor derwhicht
heCourtcoul
dmakeunder
secti
on574oft hi
sAct;
or

(
f)makeanyot heror
derwhi
ch t
heCour
tdeems
appr
opr
iat
e.

(2)Anappoi
ntmentofanadmi
nist
rat
orbyanadmi
nist
rat
ionor
dert
akes
eff
ect
—

(
a)atat
imeappoi
ntedbyt
heor
der
;or

(
b)wher
enot
imei
sappoi
ntedbyt
heor
der
,whent
he
 or
deri
smade.

(
3)Ani
nter
im or
derundersubsect
ion(
1)(
d)may
,inpar
ti
cul
ar—

(
a)r
est
ri
ctt
heexer
ciseofapoweroft
hedi
rect
orsor
t
hecompany
;or

(
b)makepr ovi
sion confer
ri
ng a discr
eti
on on t
he
Cour
toron a per son quali
fi
ed to actas an
i
nsol
vencypract
it
ionerinrel
ati
ontothecompany.

(
4)Thi
ssect
ioni
ssubj
ectt
osect
ion573oft
hisAct
.

452.(
1)Subjecttosect
ion450ofthi
sAct
,thehol
derofaf
loat
ingchargein Powert oappoi
ntby
holderoffl
oati
ng
respectofacompany’spr
opert
ymayappoi
ntanadmini
str
atorofthe charge.
company .

(
2)Forthepur
posesofsubsect
ion(
1),af
loat
ingchar
gequal
i
fiesi
fiti
s
cr
eat
edbyaninst
rumentwhi
ch—

(
a)st atesthatt
hissect
ionappl
i
est
othef
loat
ing
charge;

(
b)purport
st oempowert
heholderofthef l
oat
ing
char
ge to appoi
nt an admini
str
ator of the
company;or

(
c)pur por
tst oempowert heholderofthef l
oati
ng
chargetoappointar ecei
verwit
hint
hemeani ngof
thi
sPar torwher ethisPartisnotappli
cabl
e,the
rel
evantprovi
sionsofthisAct
.

(
3)Fort hepur
posesofsubsecti
on(1),aper soni
sthehol
derofaf l
oat
ing
charge i
nrespectofa company ’
s propertyi
fhe hol
ds one ormore
debentur
esofthecompanysecur
edby —

(
a)af l
oati
ngchargewhichr
elat
est
ot hewhol
eor
subst
anti
all
ythewhol
eoft
hecompany’
spr
opert
y;

(
b)a numberoffloat
ing char
ges whi
ch t
oget
her
r
elat
etothewholeorsubstant
ial
l
ythewholeof
t
hecompany’
spr
operty;
or

(
c)charges and ot
herf or
ms of securit
y which
t
oget
herrelat
etot hewholeorsubstanti
all
ythe
whol
eofthecompany ’
sproper
tyandatleastone
 ofwhi
chi
saf
loat
ingchar
ge.

(
4)Wi thoutprejudicetot hespeci fi
ct ermsoft hei nst
rumentcreati
ng a
charge,any cont r
ary or conf l
i
cting provisi
on of t his Act or other
enactments,theappoi nt
mentofar ecei
verormanagerbyt heholderofa
fl
oatingchargeist oal
lintentsandpur poseequi valenttotheappoint
ment
ofanadmi nistrator
,andt hepr ovi
sionsoft hisPar tareappli
cabletot he
personqualifi
edt oactasani nsolv
encypr acti
tionerandappointedunder
therelev
antinstrumentbyt heholderofaf l
oat i
ngchar ge.

453.(
1)Apersonshal
lnotappoi
ntanadmi
nist
rat
orundersect
ion452oft
hisAct Restr
ict
ionsonpower
toappoint
.
unl
ess—

(
a)hehasgi venatleastt
woworki
ngday s’wri
tt
en
not
icet
ot heholderofanypr
iorfl
oat
ingcharge
whi
chsati
sfi
essecti
on452(
2)ofthi
sAct;or

(
b)t he hol
derofanypr iorfloat
ing char
ge whi
ch
sati
sfi
essect
ion452(2)ofthisActhasconsent
ed
i
nwr i
ti
ngtothemakingoftheappointment.

(
2)Onefl
oat
ingchar
gei
spr
iort
oanot
herf
ort
hepur
posesofsubsect
ion(
1)
i
fit
—

(
a)wascr
eat
edf
ir
st;
or

(
b)i
st obetreatedashavi
ngpri
ori
tyi
naccor
dance
wit
hanagr eementtowhichthehol
derofeach
f
loati
ngchargewaspar
ty.

454.Anadmi
nist
rat
orshal
lnotbeappoi
ntedundersect
ion452oft
hisActi
f- Whennottoappoi
nt
admi
nist
rat
or.

(
a)afloat
ingchargeonwhicht heappoi
ntmentr el
ies
i
snotenf orceabl
e,aholderoftheunenforceable
chargemayappl yorj
oinasamer ecredi
torinan
administ
rat
ionappli
cat
ionundersect ion450of
thi
sAct ;

(
b)aprovi
sionall
iqui
dat
orofthecompanyhasbeen
appoi
ntedundersect
ion585oft
hisAct
;or

(
c)pri
ortothecommencementoft hisActandthe
comingint
oef f
ectofthi
sChapter,ar
ecei
veror
managerofthecompanyi
sinoff
ice.
455.(
1)Apersonwhoappoint
sanadmi
nist
rat
orofacompanyundersect
ion452 Noti
ceof
appoi
ntment
.
oft
hisActshal
lfi
l
ewitht
heCommissi
on-

(
a)anot
iceofappoi
ntment
;and

(
b)suchot
herdocument
sasmaybepr
escr
ibed.

(
2)Thenoticeofappoi
ntmentshal
lincl
udeastat
utor
ydecl
arat
ionbyoron
behal
foftheper
sonwhomakest heappoi
ntmentt
hat
—

(
a)t
heper sonistheholderofafloati
ngchar
gei
n
r
espectofthecompany’
sproper
ty;

(
b)each float
ing char
ge r
elied on i
n maki
ng the
appoi
ntmentisorwasenf orceabl
eonthedat
eof
theappoint
ment;and

(
c)the appoi
ntmentisin accor
dance wi
tht
his
Chapt
erandgener
all
ywi
ththi
sAct.

(
3)The not i
ce ofappoint
mentshal
lidenti
fythe admi
nist
rat
orand be
accompani
edbyastat
ementbyt
headminist
rat
or—

(
a)t
hatheconsent
stot
heappoi
ntment
;

(
b)t
hatinhi
sopini
on,thepurposeofadmi
nist
rat
ion
i
sli
kel
ytobeachi
eved;and

(
c)gi
vi
ngsuchot herinf
ormat
ionandopi
nionsas
maybepr
escr
ibed.

(
4)Theadmini
str
atormayathi
sdi
scr
eti
onel
ectt
oappl
yforf
urt
herdi
scr
eti
on
orr
eli
ef.

(
5)Forthepurposeofastat
ementundersubsect
ion(
3),anadmini
str
atormay
rel
yoni nf
ormati
onsuppliedbydi
rector
soft hecompany,unl
esshehas
reasont
odoubtitsaccur
acy.

(
6)Thenoti
ceofappoi
ntmentandanydocumentaccompany
ingi
tshal
lbei
n
t
heprescr
ibedf
orm.

(
7)A st
atutor
ydeclar
ati
onundersubsect
ion(
2)shal
lbemadedur
ingt
he
pr
escr
ibedper
iod.

(
8)A per son commit
s an of
fence,i
fin a st
atut
ory decl
arat
ion under
subsecti
on(2),
hemakesast
atementwhi
ch-
 (
a)i
sfal
se;
and

(
b)hedoesnotr
easonabl
ybel
i
evet
obet
rue.

456.Theappoi
ntmentofanadmini
str
atorundersecti
on450ofthisActt
akes Commencementof
appointmentof
eff
ectwhenther
equi
rement
sofsecti
on447ofthisActar
esat
isf
ied. administr
atorunder
sect
ion450.
457.(
1)Aper sonwhoappointsanadmi nist
rat
orundersect
ion450oft hi
sAct Noti
ficati
onof
appointment.
shallnoti
fythe administr
atorand such ot herpersons as may be
prescr
ibedassoonasisr easonablypract
icabl
eaf
tert
her equi
rement
sof
secti
on447ofthisActaresatisf
ied.

(
2)Apersonwhof
ail
s,wi
thoutr
easonabl
eexcuse,
tocompl
ywi
thsubsect
ion
(
1),
commi t
sanoff
ence.

458.(
1)Thi
ssect
ionappl
i
eswher
e- Inv
ali
dappoi
ntment
andindemni
ty.

(
a)aper sonpurport
sto appoi
ntanadmi
nist
rat
or
undersect
ion452oft
hisAct;
and

(
b)t
heappoi
ntmenti
sdi
scov
eredt
obei
nval
i
d.

(
2)TheCourtmayordertheper
sonwhopurport
edtomaketheappoi
ntment
t
oindemnifyt
hepersonappoint
edagai
nstli
abi
l
itywhi
char
isessol
elyby
r
easonofthei
nval
idi
tyoft
heappoint
ment.

APPOI
NTMENTOFADMI
NISTRATORBYCOMPANYORDI
RECTORSOUTOF
COURT

459.(
1)Acompanymayappoi
ntanadmi
nist
rat
oroutofCour
t. Powertoappoi
ntby
companyordir
ect
ors.

(2)Thedi
rect
orsofacompanymayal
soappoi
ntanadmi
nist
rat
oroutof
Court
.

460.(
1)Thi
ssect
ionappl
i
eswher
eanadmi
nist
rat
orofacompanyi
sappoi
nted— Restr
ict
ionsonpower
toappoint
.

(
a)undersect
ion450oft
hisAct
;or

(
b)on an admini
str
ati
on appl
i
cat
ion made byt
he
companyori
tsdir
ect
ors.

(
2)Anadmi ni
str
atorofthecompanyshallnotbeappointedundersect
ion
449ofthisActwithi
n12mont hsbeginni
ngwiththedateonwhi chthe
appoi
ntmentref
err
edtoinsubsect
ion(
1)ceasest
ohav eeff
ect.
461.(
1)I famor ator
ium foracompanyundert hi
sPar tandanysupport
ive Eff
ectofmorator
ium
ontheappoi
ntment
scheduleendsonadat ewhennov ol
unt
aryarrangementi
sineff
ectin ofadmini
str
ator.
respectoft
hecompany ,t
hissect
ionappl
i
esf ortheper
iodof12months
beginni
ngwiththatdat
e.

(
2)Thi
ssecti
onal soappl
iesfort
heperi
odof12monthsbegi
nni
ngwit
hthe
dat
eonwhi chav ol
untar
yarr
angementi
nrespectofacompanyends,
wheret
hearrangement-

(
a)wasmadedur i
ngamor
ator
ium f
ort
hecompany
undert
hisPar
t;and

(
b)endspr
emat
urel
y.

(
3)Whilethi
ssecti
onapplies,anadmi
nist
rat
oroft
hecompanyshal
lnotbe
appoint
edundersect
ion450ofthi
sAct.

462.Anadmini
strat
orofacompanyshal
lnotbeappoi
ntedundersect
ion459of Effectofnon-di
sposal
ofwi ndi
ng-uppeti
ti
on
thi
sActwhere- onappoi nt
mentof
admi
nist
rat
or.
(
a)apet i
ti
onf orthewi
ndi
ng-
upofthecompanyhas
beenpresentedandi
snoty
etdi
sposedof
;

(
b)anadmini
strat
ionappli
cat
ionhasbeenmadeand
i
snoty
etdisposedof;or

(
c)ar
ecei
veroft
hecompanyi
sinof
fi
ce.

463.(
1)Exceptwher etherei snosecur edcredi
torwhohas,ormi ghthav
et he Noti
ceofint
ent
iont
o
appoi
nt.
ri
ghtt oappoi ntanadmi nistr
atorundersecti
on452oft hi
sActora
recei
v eroranyot herper sonasenv i
sagedundersubsect
ion(2)
,aperson
whopr oposest omakeanappoi nt
mentundersect i
on469oft hi
sAct
shallgiveatl eastt hreewor ki
ngday s’wri
tt
ennoticebypost,per
sonal
deli
ver y
,handdel iveredmai l,oremailtoanypersonwhoi sormaybe
enti
tledtoappoi nt-

(
a)ar
ecei
veroft
hecompany
;and

(
b)anadmi
nist
rat
oroft
hecompanyundersect
ion450oft
hisAct
.

(
2)Aper
sonwhopr oposest
omakeanappoint
mentunderthi
ssectionshal
l
al
sogiv
esuchnoticeasmaybepr
escr
ibedt
osuchotherpersonsasmay
bepr
escri
bed.

(
3)Anot
iceundert
hissect
ionshal
l
-
 (
a)i
dent
if
ythepr
oposedadmi
nist
rat
or;
and

(
b)bei
nthepr
escr
ibedf
orm.

464.(
1)Aper
sonwhogi
vesnoti
ceofi
ntent
iontoappointundersecti
on458shal
l Fi
li
ngofnoti
ceof
i
ntent
iont
oappoi
nt.
f
il
ewi
tht
heCommissi
onassoonasi sr
easonablypract
icabl
eacopyof-

(
a)t
henot
ice;
and

(
b)anydocumentaccompany
ingi
t.

(
2)Thecopyf i
l
edundersubsect
ion(1)shal
lbeaccompani
edbyast
atut
ory
decl
arat
ionmadebyoronbehalfofthepersonwhopr
oposest
omakethe
appoi
ntment-

(
a)t
hatt
hecompanyi
sori
sli
kel
ytobecomeunabl
e
t
opayit
sdebt
s;

(
b)t
hatt
hecompanyi
snoti
nli
qui
dat
ion;

(
c)thatsofarasthepersonmakingthestat
ementis
able to ascert
ain, the appoi
ntment is not
prevent
edbysect i
ons453and454oft hi
sAct,
and

(
d) t
o such addi
ti
onalef
fect
,and gi
vi
ng such
i
nfor
mati
on,asmaybepr
escr
ibed.

(
3)Ast
atut
orydecl
arat
ionundersubsect
ion(
2)shal
lbe—

(
a)i
nthepr
escr
ibedf
orm;
and

(
b)madedur
ingt
hepr
escr
ibedper
iod.

(
4)A per son commits an of
fence i
f,i
n a st
atut
ory decl
arat
ion under
subsect
ion(
2),hemakesastat
ementwhich—

(
a)i
sfal
se;
and

(
b)hedoesnotr
easonabl
ybel
i
evet
obet
rue.

465.(
1)Anappoi nt
mentshallnotbemadeundersecti
on459ofthisActunl
ess Requir
ementsof
sect
ions463and464
t
he person who makes t he appoi
ntment has compl
i
ed with any tobecompli
edwith.
r
equi
rementofsect
ions462and463oft hi
sAct–

(
a)t
heper
iodofnot
icespeci
fi
edi
nsect
ion463(
1)of
 t
hisActhasexpi
red;
or

(
b)each person t
o whom notice has been gi
ven
undersect
ion463(1)oft
hisActhasconsentedin
wri
ti
ngt ot
hemakingoftheappointment.

(
2)Anappoi nt
mentshal
lnotbemadeundersect
ion460af t
ertheper
iodof
10wor ki
ngdaysbegi
nningwit
hthedat
eonwhi chthenoti
ceofint
enti
on
toappointi
sfi
l
edundersect
ion463(
1)oft
hisAct.

466.(
1)Aper sonwhoappoi
ntsanadmini
str
atorofacompanyundersect
ion459 Fi
li
ngofnoti
ceof
appoi
ntment
.
oft
hisActshal
lfi
l
ewiththeCour
t—

(
a)anot
iceofappoi
ntment
;and

(
b)suchot
herdocument
sasmaybepr
escr
ibed.

(
2)Thenoti
ceofappoi
ntmentshal
lincl
udeastat
utorydecl
arat
ionbyoron
behal
foft
heper
sonwhomakest heappoi
ntmentthat
—

(
a)t hepersonisenti
tl
edt omakeanappoi
ntment
undersect
ion459ofthi
sAct
;

(
b)t heappoi
ntmenti
sinaccor
dancewi
tht
hisPar
t;
and

(
c)sof arasthepersonmaki ngthestat
ementisable
toascert
ain,t
hest atement
smadeandi nfor
mation
giv
en inthest atutorydecl
arati
on f
il
ed withthe
noti
ceofintent
iont oappoi
ntremainaccur
ate.

(
3)The not i
ce ofappoint
mentshal
lidenti
fythe admi
nist
rat
orand be
accompani
edbyastat
ementbyt
headminist
rat
or—

(
a)t
hatheconsent
stot
heappoi
ntment
;

(
b)t
hatinhi
sopini
onthepur
poseofadmi
nist
rat
ion
i
sli
kel
ytobeachi
eved;
and

(
c)gi
vi
ngsuchot herinf
ormat
ionandopi
nionsas
maybepr
escr
ibed.

(
4)Forthepurposeofastatementundersubsect
ion(3)
,anadmini
str
ator
mayrel
yoni nf
ormat
ionsuppli
edbydir
ector
soft hecompanyunl
esshe
hasr
easont
odoubtit
saccuracy.
 (
5)Thenot
iceofappoi
ntmentandanydocumentaccompany
ingi
tshal
lbei
n
t
hepr
escri
bedfor
m.

(
6)Ast atut
orydecl
arat
ionundersubsect
ion(
2)shal
lbemadedur
ingt
he
pr
escri
bedperi
od.
Offencei
nrel
ati
ont
o
467.Apersoncommi
tsanoffenceif
,inast
atut
orydecl
arat
ionundersect
ion464 secti
on464.
(
2),
hemakesastatementwhich—

(
a)i
sfal
se;
or

(
b)hedoesnotr
easonabl
ybel
i
evet
obet
rue.

468.Whereaper
sonisnotent
it
ledtonoticeofi
ntent
iontoappoi
ntundersect
ion Wherepersonnot
enti
tl
edtonoti
ceof
455(1),
andsect
ion457ofthi
sAct,shall
notappl
y - i
ntenti
ontoappoi
nt.

(
a)thestat
utor
ydeclar
ati
onaccompanyingthenoti
ce
ofappoi
ntmentshalli
ncludethestatementsand
i
nformat
ionrequi
redundersecti
on464( 2)ofthi
s
Act;
and

(
b)sect
ion464(
2)(
c)oft
hisActshal
lal
sonotappl
y.
Commencementof
469.Theappoi
ntmentofanadmini
str
atorundersecti
on459ofthisActt
akes appoint
mentunder
eff
ectwhenther
equi
rement
sofsecti
on464ofthisActar
esat
isf
ied. sect
ion459.

Noti
fi
cati
onof
470.Aper
sonwhoappoi
ntsanadmi
nist
rat
orundersect
ion459oft
hisAct– admini
str
atorofhi
s
appoi
ntment.
(
a)shallnot i
fythe administ
rat
orand such other
persons as maybe pr escri
bed as soon as i
s
reasonabl
ypracti
cabl
eaf tertherequi
rementsof
secti
on464ar esat
isf
ied;and

(
b)commi t
sanoff
encei
fhefail
s,wi
thoutr
easonabl
e
excuse,t
ocomplywi
thpar
agraph(a)
.

471.Wher
e,befor
et herequi
rementsofsecti
on464oft
hisActar
esat
isf
ied,t
he Eff
ectof
admini
strat
ionorder
companyentersadmi ni
str
ati
onbyv i
rtueofanadmini
str
ati
onor
deroran onappointment.
appoi
ntmentundersecti
on450ofthi
sAct–

(
a)theappoint
mentundersect
ion459oft
hisAct
shal
lnott
akeeff
ect
;and

(
b)sect
ion467oft
hisActshal
lnotappl
y.
 ADMI
NISTRATI
ONAPPLI
CATI
ON–SPECI
ALCASES
Appl
icat
ionbyhol
der
472.(
1)Thi
ssecti
onappl
i
eswher
eanadmi
nist
rat
ionappl
i
cat
ioni
nrespectofa offl
oati
ngchar
ge.
company
—

(
a)ismadebyt heholderofaf l
oati
ngchar
gei
n
r
espectoft
hecompany’spr
oper
ty;
and

(
b)incl
udesastatementthattheappl
i
cat
ioni
smade
i
nrel
ianceonthissect
ion.

(
2)TheCour
tmaymakeanadmi
nist
rat
ionor
der
—

(
a)whetherornotsat
isf
iedthatt
hecompanyisori
s
l
ikel
ytobecomeunabl et
opayitsdebt
s;and

(
b)onl
yifsati
sfi
edt hattheappl
icantcoul
dappoint
anadmi
nist
ratorundersect
ion450ofthi
sAct.

473.(
1)Thi
ssect
ionappl
i
eswher
e— I
nterv
enti
onbyhol
der
offl
oati
ngchar
ge.

(
a)an admini
strati
on applicati
on inr espectofa
companyismadebyaper sonwhoi snotthe
hol
derofa f loati
ng char ge i
nr espectofthe
company
’sproperty;and

(
b)thehol derofaf loati
ngchargeinrespectoft he
company ’spropertyappli
estot
heCour ttohav ea
speci
fiedper sonappointedasadmi ni
stratorand
nottheper son specif
ied bytheadmi nistr
ati
on
appli
cant.

(
2)TheCour tshal
lgrantanappl
i
cati
onundersubsect
ion(
1)(
b)unlessthe
Courtdeemsi tri
ghttoref
usetheappl
i
cati
onbecauseoftheparti
cul
ar
ci
rcumstancesofthecase.

474.(
1)Thissect
ionappli
eswheret
heholderofafl
oati
ngchargei
nr espectofa Appl
icat
ionwher
e
companyin
company’sproper
tycoul
dappoi
ntanadminist
rat
orundersecti
on452of liqui
dati
on.
thi
sActbutforsecti
on452(
3)(b)ofthi
sAct
.

(
2) The holder of t
he f
loat
ing char
ge may make an admi
nist
rat
ion
appl
i
cat
ion.

(
3)IftheCourtmakesanadmi ni
str
ati
onor
deronhear
inganappl
i
cat
ion
madebyvi
rt
ueofsubsect
ion(
2),t
heCour
t—
 (
a)shal
ldi
schar
get
hewi
ndi
ng-
upor
der
;

(
b)shallmakeprov
isi
onf
orsuchmat
ter
sasmaybe
prescr
ibed;

(
c)maymakeot
herconsequent
ial
prov
isi
on;
and

(
d)shallspecif
ywhi ch ofthe power
s underthi
s El
event
hSchedul
e.
Chapter and Elevent
h Schedule are to be
exer
cisabl
ebytheadmi ni
str
ator
.

(4)Thi
sPar
tshal
lhav
eef
fectwi
thsuchmodi
fi
cat
ionsast
heCour
tmay
dir
ect
.

475.(
1)Thel
i
qui
dat
orofacompanymaymakeanadmi
nist
rat
ionappl
i
cat
ion. Administ
rati
on
appl
icati
onby
l
iqui
dator.
(
2)Ift
heCourtmakesanadmi nist
rat
ionorderonhear
inganappl
i
cat
ion
madebyv
irt
ueofsubsect
ion(
1),t
heCourt
—

(
a)shal
ldi
schar
geanywi
ndi
ng-
upor
deri
nrespectof
thecompany
;

(
b)shallmakeprov
isi
onf
orsuchmat
ter
sasmaybe
prescr
ibed;

(
c)maymakeot
herconsequent
ial
prov
isi
on;
and

(
d)shallspecif
ywhi ch ofthe power
s underthi
s
ChapterandTenthSchedul
earetobeexerci
sabl
e Tent
hSchedul
e.
bytheadminist
rat
or.

(
3)ThisChapt
ershal
lhav
eef
fectwi
thsuchmodi
fi
cat
ionsast
heCour
tmay
di
rect
.

476.(
1)Wher ethereisar eceiverofacompanybasedonappointmentbya Eff
ectofreceiv
ershi
p
basedon
hol
derofa f i
xed charge,the Cour
tshalldi
smi
ss an admini
str
ati
on appointmentbya
appl
icat
ioninrespectofthecompanyunl
ess— holderofafi
xed
charge.
(
a)thepersonbyoronbehal fofwhom ther
ecei
ver
was appointed consent
stot he maki
ng ofthe
admini
str
ationorder;

(
b)theCour tconsider
st hatt
hesecurit
ybyv i
rt
ueof
whichthereceiv
erwasappoi nt
edwoul dbeli
abl
eto
bereleasedordischar
gedundersection232or233
ofthi
sActi fanadministr
ati
onorderweremade;or
 (
c)theCour tconsi
der
sthatthesecur
itybyvi
rt
ueof
which the recei
ver was appoint
ed would be
chall
engeabl
eundersect
ion558or559ofthi
sAct.

(
2)Subsect
ion(1)appl
ieswhetherornottherecei
veri
sappoi
ntedbef
oret
he
makingoftheadminist
rat
ionappl
icat
ion.

EFFECTOFADMI
NISTRATI
ON

477.(
1)Apet
it
ionf
ort
hewi
ndi
ng-
upofacompanyshal
lbe— Di
smi
ssalofpending
wi
ndi
ng-
uppetit
ion.
(
a)di
smissedont hemaki
ngofanadmini
str
ati
on
or
derinrespectoft
hecompany
;and

(
b)suspendedwhi
l
ethecompanyisi
nadmi ni
str
ati
on
f
oll
owinganappoi
ntmentundersect
ion475of
t
hisAct.

(
2)Theprovi
si
onofsubsecti
on(1)(b)doesnotappl
ytoapeti
ti
onpresented
undergr
oundsofpubli
cinter
estasmaybepr escr
ibedf
rom t
imetot i
me
bytheChi
efJudgeorunderanenactment.

(
3)Exceptwi t
htheleaveoft heCour t,subsecti
on( 1)(a)and(b)doesnot
applytoapet i
ti
onpr esentedunderspeci albanki ngprovi
sionsoft he Cap.B3,
LFN,
2004.
BanksandOt herFinancialInst
itut
ionsAct ,Nigeri
anDepositI nsur
ance
Cap.N102,
LFN,
Corporat
ionActoranyl aw orr ulebyaf i
nancialservi
cesandmar kets 2004.
regul
ator
.

478.(
1)Whenanadmi nist
rat
ionordertakesef
fectinrespectofacompany,a Vacati
onofof
fi
ceby
recei
ver
.
r
ecei
verofthecompanyappoi nt
edbyahol derofaf l
oat
ingchar
georby
t
heCourtshal
lvacateoff
ice.

(
2)Withoutprejudi
cetopri
orit
yr ul
esunderthi
sAct,whereacompanyi sin
administ
rat
ion,anyr
ecei
verofpartofthecompany’
spropert
yappoi
ntedby
asecuredcredit
orshal
lvacateoff
icei
ftheadmini
str
atorr
equir
eshi
mt o.

(
3)Wher
ear
ecei
verv
acat
esof
fi
ceundert
hissect
ion-

(
a)hisr emunerat
ionshallbechargedonandpaidout
ofanypr opert
yoft hecompanywhi chwasinhis
custodyorunderhiscontroli
mmedi atel
ybef
orehe
vacatedoffi
ce;and

(
b)heneednottakeanyf
urt
herst
epsundersect
ion
561or562.
 (
4)I
ntheappl
i
cat
ionofsubsect
ion(
3)(
a)—

(
a) “ r
emunerati
on” incl
udes expenses pr oper
ly
i
ncurredandanyindemnit
ytowhichtherecei
veris
ent
it
ledoutoftheasset
softhecompany;

(
b)t hechargeimposedt akespr
ior
it
yov
ersecurit
y
heldbytheper
sonbywhom oronwhosebehal
fthe
recei
verwasappoi
nted;
and

(
c)t hepr
ovi
sionf
orpay
menti
ssubj
ectt
osect
ion
558.

479.(
1)Thi
ssect
ionappl
i
est
oacompanyi
nadmi
nist
rat
ion. Companyin
admi
nist
rat
ion.

(
2)Wher
eacompanyi
sadmi
nist
rat
ion,
no-

(
a)resol
uti
onshallbepassedf
ort
hewi
ndi
ng-
upof
t
hecompany;and

(
b)or dershal
lbemadef
ort
hewi
ndi
ng-
upoft
he
company.

(
3)Subsecti
on (2)(b)does notappl
yto an or
dermade on a pet
it
ion
pr
esentedunder
—

(
a)gr oundsofpubl
i
cint
erestasmaybepr escr
ibed
fr
om timetoti
mebytheChiefJudgeorunderany
enactment
;or

(
b)speci albanki
ngandf i
nanci
alprovisi
onsoft he
Banks and OtherFinancialI
nstit
uti
ons Act,the Cap.B3,
LFN,
2004.
Nigeri
anDepositI
nsuranceCorporati
onAct,orany Cap.N102,
LFN,
otherfi
nanci
alser
vicesandmar ket
srelat
edActs. 2004.

(
4)Ifapet i
ti
onpresentedunderaprovi
sionr ef
err
edt oinsubsect
ion(
3)
comest otheat
tent
ionoftheadmi
nist
rator
,heshallappl
ytot
heCourtf
or
di
rect
ionsundersecti
on500.

480.(
1)Thi
ssect
ionappl
i
est
oacompanyi
nadmi
nist
rat
ion. Moratori
um onot
her
l
egalprocess.

(
2)Wher
eacompanyi
sinadmi
nist
rat
ion,
nost
epshal
lbet
akent
o-

(
a)enfor
ce secur
it
y ov
ert
he company
’s pr
oper
ty
exceptwi
th—
 (
i)t
heconsentoft
headmi
nist
rat
or,
or

(
ii
)theper
missi
onoft
heCour
t;or

(
b)repossessgoodsinthecompany’spossessi
on
underahirepur
chaseagr
eementexceptwit
hthe
—

(
i)consentoft
headmi
nist
rat
or,
or

(
ii
)per
missi
onoft
heCour
t.

(
3)Al andl
ordshal
lnotexerciseari
ghtofforf
eit
urebypeaceabl
ere-
ent
ryi
n
r
elat
iontopr
emiseslett
ot hecompanyexceptwit
hthe—

(
a)consentoft
headmi
nist
rat
or;
or

(
b)per
missi
onoft
heCour
t.

(
4)No legalpr
ocess,incl
udinglegalproceedi
ngs,execut
ion,di
str
essand
di
li
genceshal
lbeinsti
tut
edorcontinuedagainstt
hecompanyorpr oper
ty
oft
hecompanyexceptwi t
hthe—

(
a)consentoft
headmi
nist
rat
or;
or

(
b)per
missi
onoft
heCour
t.

(
5)Wher etheCourtgivespermissi
onforatransact
ionunderthissect
ion,i
t
mayi mpose a condit
ion on ora requi
rementin connect
ion wit
ht he
t
ransact
ion.

(
6)I
nthi
ssect
ion,
“landl
ord”i
ncl
udesaper
sont
owhom r
enti
spay
abl
e.

481.(
1)Thissect
ionappl
ieswher
eanadmini
str
ati
onappli
cat
ioni
nrespectofa Whereadmi nist
rati
on
appl
i
cat i
onor
companyhasbeenmadeandt
heappli
cat
ionhas— administ
rati
onor der
notyetgranted.
(
a)noty
etbeengr
ant
edordi
smi
ssed;
or

(
b)beengrant
edbutt
headmi
nist
rat
ionor
derhasnot
y
ettakenef
fect
.

(
2)Thissecti
onal
soappli
eswhenacopyofanot i
ceinthepr
escr
ibedf
orm,
ofint
enti
ontoappointanadmi
nist
rat
orundersect
ion464ofthi
sActis
fi
l
edwi t
htheCour
t,unti
l
—
 (
a)theappoi
ntmentoft
headmi
nist
rat
ort
akesef
fect
;
or

(
b)t heperi
odoft hr
eebusinessdaysbegi
nningwith
thedateoffil
ingexpir
eswi t
houtanadminist
rat
or
havingbeenappoint
ed.

(
3)Thissect
ionalsoappl
ieswhenacopy,i
nthepr
escr
ibedf
orm,ofnot
iceof
i
ntenti
ontoappointanadmini
str
atori
sfil
edwi
ththecour
tundersect
ion
464(1)ofthi
sAct,unt
il
—

(
a)theappoi
ntmentoft
headmi
nist
rat
ort
akesef
fect
;
or

(
b)the peri
od speci
fi
ed in subsect
ion (
2)expir
es
wi
thoutanadmini
str
atorhavingbeenappoi
nted.

(
4)Theprov
isi
onsofsecti
ons475and476oft hi
sActshallappl
y,wi
thout
r
egar
dtoanyref
erencet
otheconsentoft
headmini
str
ator
.

(
5)Ifthereisarecei
verofthecompanyappoi ntedbytheholderofaf loat
ing
chargewhen t headministrat
ion appl
icati
on i
smade,t hepr ovi
sionsof
secti
ons480and481oft hi
sActshal lnotapplyunti
lthepersonbyoron
behalfofwhom therecei
v erwasappoi ntedconsent
stothemaki ngoft he
admi ni
str
ati
onorder
.

(
6)Thi
ssect
iondoesnotpr
eventorr
equi
ret
heper
missi
onoft
heCour
tfort
he-

(
a)present
ati
onofapeti
ti
onfort
hewindi
ng-
upoft
he
companyundersect
ion451ofthi
sAct
;

(
b)appoi
ntmentofanAdmi
nist
rat
orundersect
ion
452oft
hisAct
;

(
c)appoi
ntmentofarecei
veroft
hecompanybyt
he
hol
derofafl
oati
ngchar
ge;or

(
d) perf
orming by such a r ecei
ver
, whenev
er
appoi
nted,ofhi
sfunct
ions.

482.(
1)Ifacompanyi sinadmini
str
ati
on,ev
erybusi
nessdocumentissuedbyor Det
ail
stobestat
ed
ondocument
s.
onbehalfoft hecompanyort headmini
str
ator
,andallthecompany's
websi
tes,shal
lstat
e-

(
a)t
henameoft
headmi
nist
rat
or;
and
 (
b)t hatt
he aff
air
s,busi
nessand pr
oper
tyoft he
companyar
ebeingmanagedbyt
headminist
rat
or.

(
2)Anadmi ni
str
ator,off
icerofthecompanyorthecompanywho,wi t
hout
r
easonableexcuse,author
isesorper
mitsacontr
avent
ionofsubsect
ion
(
1),commitsanof f
ence.

(
3)I
nsubsect
ion(
1),
“busi
nessdocument
”incl
udes-

(
a)ani
nvoi
ce;

(
b)anor
derf
orgoodsorser
vices;

(
c)abusi
nessl
ett
er;
and

(
d)anor
derf
orm,whet
heri
nhar
dcopy
,el
ect
roni
coranyot
her
f
orm.

PROCESSOFADMI
NISTRATI
ON
Announcementof
483.(
1)Thi
ssect
ionappl
i
eswher
eaper
sonbecomest
headmi
nist
rat
orofa admini
str
ator
’s
company
. appoi
ntment.

(
2)Theadmi
nist
rat
orshal
lnotl
atert
han14day
s-

(
a)sendanot
iceofhi
sappoi
ntmentt
othecompany
;

(
b)publi
sh a not
ice ofhi
s appoi
ntmenti
nthe
pr
escr
ibedmanner
;

(
c)obt
ainal
i
stoft
hecompany
’scr
edi
tor
s;and

(
d)sendanoti
ceofhisappoi
ntmenttoeachcr
edi
tor
whosecl
aim andaddr
essheisawareof.

(
3)The admi ni
strat
orshallsend a noti
ce ofhis appoi
ntmenttothe
Commissi
on,publi
cisi
ngt henot
icebef
oret heendof14wor ki
ngdays
begi
nni
ngwiththedatespeci
fi
edi
nsubsecti
on(5)
.

(
4)Theadmini
strat
orshal
lsendanoticeofhi
sappoint
menttosuchpersons
asmaybepr escr
ibedbef
oretheendoft heprescr
ibedper
iodbegi
nning
wi
tht
hedatespecifi
edi
nsubsect
ion(5)
.

(
5)Thedate,fort
hepurposeofsubsect
ions(
3)and(
4)i
s,i
nthecaseofan
admi
nist
rat
orappoi
nted—
 (
a)byadmi
nist
rat
ionor
der
,thedat
eoft
heor
der
;

(
b)undersecti
on452ofthi
sAct,thedat
eonwhich
herecei
vesnoti
ceundersect
ion453and455of
thi
sAct;and

(
c)undersect
ion458ofthi
sAct,thedat
eonwhich
herecei
vesnoti
ceundersect
ion463and465of
thi
sAct.

(
6)TheCour
tmaydi
rectt
hatsubsect
ion(
2)(
d)or(
4)—

(
a)shal
lnotappl
y;or

(
b)shal
lappl
ywi
tht
hesubst
it
uti
onofadi
ff
erentper
iod.

(
7)Anot
iceundert
hissect
ionshal
l
-

(
a)cont
aint
hepr
escr
ibedi
nfor
mat
ion;
and

(
b)bei
nthepr
escr
ibedf
orm.

(
8)An admi ni
str
atorcommits an of
fence i
fhe fai
l
s,wi
thoutr
easonabl
e
excuse,
tocomplywi
tharequi
rementofthi
ssect
ion.
Admi
nist
rat
ort
obe
484. (
1) As soon as i sr easonabl
y pr act
icabl
e aft
er appoint
ment,t he providedwit
h
admi nist
rat
orofa companyshal l,bynot i
ceinthepr escr
ibed f
orm, statementofaf
fai
rs
requireoneormorerel
evantpersonstopr ov
idet
headministr
atorwit
ha ofcompany.
statementoftheaf
fai
rsofthecompany .

(
2)Thest
atementshal
l
-

(
a)bev
eri
fi
edbyast
atementonoat
h;

(
b)bei
nthepr
escr
ibedf
orm;

(
c)giv
eparti
cular
soft
hecompany
’spr
oper
ty,debt
s
andli
abi
l
iti
es;

(
d)gi
vethenamesandaddr
essesoft
hecompany
’s
cr
edi
tor
s;

(
e)speci
fyt
hesecur
it
yhel
dbyeachcr
edi
tor
;

(
f)gi
vet
hedat
eonwhi
cheachsecur
it
ywasgr
ant
ed;
 and

(
g) contai
n such ot
her i
nfor
mat
ion as may be
prescri
bed.

(
3)I
nsubsect
ion(
1),
“rel
evantper
son”meansaper
son-

(
a)whoi
sorhasbeenanof
fi
ceroft
hecompany
;

(
b)whot ookparti
nthefor
mationofthecompany
dur
ingtheperi
odofoneyearendi
ngwiththedat
e
onwhichthecompanyent
ersadmi
nist
rat
ion;

(
c)empl
oyedbyt
hecompanydur
ingt
hatper
iod;
and

(
d)who i sorhas,dur i
ng t
heper i
od ofoneyear
endi
ngwiththedateonwhichthecompanyent
ers
admini
str
ati
on,beenanofficeroremploy
eeofa
company.

(
4)Fort he purpose ofsubsecti
on (
3),a r
efer
ence to empl
oymenti
sa
r
efer
encetoempl oymentthroughacont
ractofemploymentoracont
ract
f
orserv
ices.

(
5)Aper soncommi t
sanof f
enceifhef ai
l
s,wi
thoutr
easonabl
eexcuse,t
o
compl
ywitharequi
rementoft
hissect
ion.

485.(
1)Apersonrequir
edtosubmitast
atementofaf
fai
rsshal
ldosobef or
ethe Peri
odwithi
nwhichto
submitst
atementof
endof11workingdaysbegi
nni
ngwitht
hedayonwhi chherecei
vesnoti
ce aff
air
s.
ofther
equi
rement.

(
2)Theadmi
nist
rat
ormay
-

(
a)revokear
equi
rementundersect
ion484(
2)oft
his
Act
;or

(
b)extend the per
iod speci
fi
ed i
n subsect
ion (
1),
bef
oreoraft
erexpir
ati
onoftheperi
od.

(
3)I
ftheadmi
nist
rat
orr
efusesar
equestt
oactundersubsect
ion(
2)(
b)—

(
a)theper
sonwhoser
equesti
sref
usedmayappl
yto
t
heCourt
;and

(
b) the Court may t
ake act
ion as speci
fi
ed i
n
subsect
ion(
2).
486.(
1)Theadminist
rat
orofacompanyshallmakeast at
ementset
ti
ngout Admini
strat
or’
s
pr
oposals.
pr
oposal
sforachi
evi
ngt
hepur
poseoftheadmi
nist
rati
on.

(
2)Ast
atementundersubsect
ion(
1)shal
l
,inpar
ti
cul
ar-

(
a)deal
wit
hsuchmat
ter
sasmaybepr
escr
ibed;
and

(
b)whereapplicabl
e,expl
ainwhyt headmini
str
ator
t
hinksthattheobj
ecti
vementionedi
nsecti
on444
(
1)(a)or(b)ofthi
sActcannotbeachi
eved.

(
3)Pr
oposal
sundert
hissect
ionmayi
ncl
ude-

(
a)a proposalfora vol
untar
yar r
angementunder
Chapter17ofthi
sAct,butthi
ssecti
oniswi
thout
pr
ejudicet
osecti
on435ofthisAct;
and

(
b)apr oposalforaschemeofar rangementand
compromiseorr econst
ruct
iontobesancti
oned
underr
elevantPart
softhisAct
.

(
4)Theadmi
nist
rat
orshal
lsendacopyoft
hest
atementofhi
spr
oposal
sto-

(
a)t
heCommi
ssi
on;

(
b)ev er
ycredi
toroft
hecompanyofwhosecl
aim and
addresshei
saware;and

(
c)ever
ymemberoft
hecompanyofwhoseaddr
ess
hei
sawar
e.

(
5)Theadmi
nistr
atorshal
lcomplywi
thsubsect
ion(
4)befor
etheendof30
day
sbegi
nningwiththedayonwhi
chthecompanyent
ersadmini
str
ati
on.

(
6)Theadmi ni
stratorisdeemedt ocomplywi t
hsubsecti
on(4)(c)i
fhe
publ
ishesinthepr escri
bedmanner,anoticeundert
aki
ngtoprovi
dea
copyofthestatementofproposal
sfreeofchargetoanymemberofthe
companywhoappl iesinwri
ti
ngtoaspeci
fi
edaddress.

(
7)Anadmi ni
str
atorcommitsanof f
encei
fhef
ail
s,wi
thoutr
easonabl
e
excuse,
tocompl ywi
thsubsect
ion(
5).

(
8)A periodspeci
fi
edinthi
ssect
ionmaybev
ari
edi
naccor
dancewi
th
sect
ion546ofthi
sAct
.
487.(
1)Subjecttothi
sPar
t,theadmini
str
atorshal
lsummonameet i
ngoft
he Cr
edi
tor
s’meet
ing.
cr
edi
torsoft
hecompanytobeknownas“ cr
edi
tor
s’meet
ing”
-

(
a)i
nthepr
escr
ibedmanner
;and

(
b)gi vi
ngtheprescr
ibedper
iodofnot
icetoev er
y
credi
torofthe company ofwhose cl
aim and
addresshei
saware.

(
2)Aperi
odprescr
ibedundersubsect
ion(
1)(
b)maybev
ari
edi
naccor
dance
wi
thsect
ion546ofthisAct.

(
3)Acr edi
tor
s’meet
ingshal
lbeconduct
edi
naccor
dancewi
tht
hepr
escr
ibed
r
ules.

488.(
1)Eachcopyofanadmi nist
rat
or’sstat
ementofproposal
ssenttoacr
edi
tor Requi
rementf
orini
ti
al
cr
edit
ors’
meeti
ng.
undersect
ion486(4)(b)ofthi
sActshallbeaccompaniedbyani
nvi
tat
ion
tocredi
tor
s’meet
ing(an“ini
ti
alcredi
tor
s’meeti
ng”)
.

(
2)Thedat
esetforani
nit
ial
credi
tor
s’meet
ingis42daysbegi
nni
ngwi
tht
he
dat
eonwhichthecompanyenter
sadminist
rat
ion.

(
3)Anadminist
ratorshal
lpr
esentacopyofhi
sst
atementofpr
oposal
stoan
i
nit
ial
credit
ors’meeti
ng.

(
4)A peri
odspeci
fi
edi
nthi
ssect
ionmaybev
ari
edi
naccor
dancewi
th
sect
ion546.

(
5)Anadmi ni
str
atorcommi
tsanof f
enceifhef ai
ls,wi
thoutr
easonabl
e
excuse,
tocompl ywi
thar
equi
rementoft
hissecti
on.

489.(
1)Sect
ion487( 1)ofthi
sActdoesnotapplywher
ethest
atementof Restr
ict
ionson
summoni ngofi
nit
ial
pr
oposal
sstat
esthatt
headmi
nist
rat
ort
hinkst
hat
- credi
tor
s’meeti
ng.

(
a)thecompanyhassuffi
cientpr
oper
tytoenabl
e
eachcr
edi
toroft
hecompanytobepai
dinf
ull
;

(
b)thecompanyhasinsuf
fi
cientpropert
ytoenablea
dist
ri
butiont
o bemadet o unsecur
edcr edi
tor
s
otherthanbyvi
rt
ueofthepr ovisi
onsofthisAct;
or

(
c)neit
heroft
heobj
ecti
vesspeci
fi
edinsecti
on444
(1)(
a)and(
b)oft
hisActshal
lbeachi
eved.
 (
2)TheAdmini
str
atorshal
lsummon an i
nit
ialcr
edi
tor
s’meet
ing i
fiti
s
r
equest
ed—

(
a)bycr
edit
orsoft
hecompanywhosedebtsamount
t
oatl
east10%ofthet
otal
debt
softhecompany;

(
b)i
nthepr
escr
ibedmanner
;and

(
c)wi
thi
nthepr
escr
ibedper
iod.

(
3)Ameet i
ngrequestedundersubsect
ion(
2),shal
lbesummonedf
oradat
e
wi
thi
nthepr
escribedper
iod.

(
4)Theperi
odpr escr
ibedundersubsect
ion(
3),maybev
ari
edi
naccor
dance
wi
thsect
ion545oft hi
sAct.

490.(
1)Ani ni
ti
alcr
edi
tors’meeti
ngt owhi
chanadmini
str
ator
’spr
oposal
sar
e Busi
nessandresul
t
ofi
nit
ial
credi
tor
s’
pr
esent
edshal
lconsidert
hem andmayappr
ovet
hem- meeti
ng.

(
a)wi
thoutmodi
fi
cat
ion;
or

(b)with modi
fi
cat
ion t
o whi
ch t
he admi
nist
rat
or
consent
s.

(
2)Aft
ertheconcl
usionofani
nit
ialcredi
tors’
meet i
ngtheadmini
str
atorshal
l
,
assoonasisreasonabl
ypr
acticable,
reportanydeci
siont
akento-

(
a)t
heCour
t;

(
b)t
heCommi
ssi
on;
and

(
c)suchotherper
sonsasmaybepr
escr
ibedbyt
he
Mini
ster
.

(
3)An admi ni
str
atorcommits an off
ence i
fhe f
ail
s,wi
thoutr
easonabl
e
excuse,
tocomplywi
thsubsecti
on(2).

491.(
1)Thi
ssect
ionappl
i
eswher
e- Revisionof
admi nist
rat
or’
s
proposal.
(
a)anadministr
ator
’spr
oposalshav
ebeenapproved
wi
thorwithoutmodif
icat
ionatanini
ti
alcr
edi
tors’
meet
ing;

(
b)t he admini
str
atorpr
oposes a r
evi
sion t
othe
pr
oposals;
and
 (
c) the admi
nist
rator thi
nks t
hat t
he pr
oposed
r
evisi
oni
ssubstanti
al.

(
2)Theadmi
nist
rat
orshal
l
-

(
a)summonacr
edi
tor
s’meet
ing;

(
b)sendast atementinthepr
escri
bedf
orm oft
he
proposedrevi
sionwit
hthenot
iceoft
hemeeti
ng
senttoeachcredi
tor
;

(
c) send a copy of the statement
,wi thi
nthe
prescr
ibed per
iod, t
o each member of t he
companyofwhoseaddr essheisaware;
and

(
d)pr
esentacopyoft
hest
atementt
othemeet
ing.

(
3)Theadmi nist
rat
ori
sdeemedt ohavecompl
iedwit
hsubsecti
on(
2)(c)i
fhe
publ
ishesanot i
ceunder
taki
ngtoprovi
deacopyoft hestat
ementfr
eeof
char
get oanymemberoft hecompanywhoappl
iesinwri
ti
ngtoaspecif
ied
addr
ess.

(
4)Anot
iceundersubsect
ion(
3)shal
lbepubl
i
shed-

(
a)i
nthepr
escr
ibedmanner
;and

(
b)wi
thi
nthepr
escr
ibedper
iod.

(
5)A credi
tors’meet
ing t
o whichapr
oposed r
evi
sioni
spr
esent
ed shal
l
consi
deritandmayapprov
eit-

(
a)wi
thoutmodi
fi
cat
ion;
or

(
b)wi
thmodi
fi
cat
iont
owhi
cht
headmi
nist
rat
orconsent
s.

(
6)Aftert
heconclusi
onofacr edi
tor
s’meeti
ng,theadmini
str
atorshal
l
,as
soonasisr
easonablypr
act
icabl
e,r
epor
tanydecisi
ont
akento-

(
a)t
heCour
t;

(
b)t
heCommi
ssi
on;
and

(
c)suchot
herper
sonsasmaybepr
escr
ibedbyt
heMi
nist
er.

(
7)An admi ni
str
atorcommi t
s an of
fence i
fhe f
ail
s,wi
thoutr
easonabl
e
excuse,
tocompl ywi
thsubsect
ion(
6).
492.(
1)Thi
ssect
ionappl
i
eswher
eanadmi
nist
rat
orr
epor
tst
otheCour
tthat
- Fail
uretoobtai
n
approvalof
administ
rat
or’s
(
a)ani
nit
ialcredi
tor
s’meeti
nghasfai
l
edt oapprov
e proposal
s.
t
headministr
ator
’spr
oposal
spr
esentedtoi
t;or

(
b)a cr edit
ors’meeti
ng has fai
led t
o appr
ovea
revi
sion of t he administr
ator
’s proposal
s
presentedtoit
.

(
2)TheCour
tmay
-

(
a)prov
idethattheappoi
ntmentofanadmini
str
ator
shal
lceasetohaveeff
ectf
rom aspeci
fi
edt
ime;

(
b) adj ourn t he hear
ing condi
ti
onal
l
y or
uncondit
ional
l
y;

(
c)makeani
nter
im or
der
;

(
d)make an or deron a petit
ion f
orwi ndi
ng-
up
suspendedbyvir
tueofsect
ion462( 1)(
b)ofthi
s
Act;or

(
e)makeanyot herorder,incl
udi
nganor dermaki
ng
consequent
ialpr
ov i
sion,thatthe Courtdeems
appropr
iat
e.

493.(
1)Theadmi
nist
rat
orshal
lsummonf
urt
hercr
edi
tor
s’meet
ingi
f- Fur
thercr
edi
tor
s’
meeti
ngs.

(
a)i ti srequest
ed i
nt he prescr
ibed mannerby
credit
orsofthecompanywhosedebt samountto
atleast10%ofthet
otaldebt
softhecompany ;
or

(
b)heisdir
ect
edbyt
heCour
ttosummonacr
edi
tor
s’
meet
ing.

(
2)Anadmi ni
str
atorcommitsanof f
enceifhefail
s,wit
houtreasonabl
e
excuse,
tosummonacr edi
tor
s’meet
ingasr
equi
redbythi
ssect
ion.

494.(
1)Acr
edi
tor
s’meet
ingmayest
abl
i
shaCr
edi
tor
s’Commi
tt
ee. Cr
edi
tor
s’Commi
tt
ee.

(
2)ACredi
tor
s’Commi
tt
eeshal
lper
for
mfunct
ionsconf
err
edoni
tundert
his
Act
.
 (
3)ACr
edi
tor
s’Commi
tt
eemayr
equi
ret
headmi
nist
rat
ort
o-

(
a)attendontheCommi
tt
eeatanyr easonabl
eti
me
ofwhichheisgiv
enatleastsev
enday s’not
ice;
and

(
b)providetheCommit
teewithi
nfor
mat
ionaboutt
he
exer
ciseofhi
sfunct
ions.

495.(
1)Any thingwhichisr equi
redorper
mit
tedbyorunderthi
sChaptert
obe Cor
respondence
i
nst
eadofcr edi
tor
s’
doneatacr edit
ors’
meet i
ngmaybedonebycorr
espondencebet
weenthe meeti
ng.
administr
atorandcredit
ors-

(
a)i
naccor
dancewi
tht
hepr
escr
ibedr
ules;
and

(
b)subj
ectt
oanypr
escr
ibedcondi
ti
on.

(
2)A referenceint hi
sChaptertoanythi
ngdoneatacr edit
ors’meeting
i
ncludesar ef
erencetoanythi
ngdoneinthecour
seofcorrespondencein
accordancewithsubsect
ion(1)
.

(
3)Arequi
rementtohol
dacredit
ors’
meet
ingi
ssat
isf
iedbycor
respondence
i
naccordancewit
hthi
ssect
ion.

FUNCTI
ONSOFADMI
NISTRATOR

496.(
1)Theadmi
nist
rat
orofacompanymaydoany t
hingnecessar
yorexpedi
ent Generalpowers.
f
ort
hemanagementoftheaf
fai
rs,
busi
nessandpropert
yofthecompany.

(
2)Anypr
ovisi
onofthi
sChapt
erwhichexpr
essl
ypermitst
headmi
nist
rat
ort
o
doaspecif
iedt
hingi
swit
houtpr
ejudi
cetosubsect
ion(
1).

(
3)Apersonwhodeal
swit
htheadmini
str
atorofacompanyingoodf
ait
hand
forv
alueneednoti
nqui
rewhet
hertheadmi ni
str
atori
sacti
ngwit
hinhi
s
powers.

497.The Admi
nist
ratorofa companyshallexer
cise t
he addi
ti
onalpower
s Addi
ti
onalpower
sof
admi
nist
rator
.
speci
fi
edi
nEleventhSchedul
etot
hisAct
.
El
event
hSchedul
e.

Powertor
emov eor
498.Theadmini
str
atorofacompanymayr emoveorappointadi
rect
oroft
he appoi
ntdi
rect
or.
company
,whetherornott
heappoi
ntmenti
stofi
l
lavacancy.
Powertocal
l
499.Theadmini
str
atorofacompanymaycal
lameet
ingofmember
sorcr
edi
tor
s meeti
ngsofmember
s
ofthecompany. andcr
edit
ors.
500.Theadmi ni
str
atorofacompanymayappl
ytot
heCour
tfordi
rect
ionsi
n Appli
cati
onf
or
di
recti
onofCour
t.
connect
ionwithhisf
unct
ions.
501.(
1)Acompanyi nadmi
nist
rat
ionoranof
fi
cerofacompanyi
nadmi ni
str
ati
on Managementpower
nottobeexerci
sed
shal
lnotexerci
se a managementpowerwit
houtthe consentofthe wit
houtconsentof
admini
str
ator
. admini
str
ator
.

(
2)Fort
hepur
poseofsubsect
ion(
1)-

(
a)“managementpower”meansapowerwhi
chcould
beexerci
sedsoast ointer
ferewi
tht
heexer
cise
oftheadmini
str
ator
’spowers;

(
b)i
tisimmater
ialwhet
herthepowerisconf
err
edby
anenact
mentoraninst
rument;and

(
c)consentmaybegener
alorspeci
fi
c.

502.(
1)Theadmini
str
atorofacompanymaymakeadi
str
ibut
iont
oacr
edi
torof Di
str
ibut
ion.
t
hecompany.

(
2)Sect
ion643appli
esinr
elati
ont oadi
str
ibut
ionundert
hissect
ionasi
t
appl
i
esinrel
ati
ontoawi
nding-up.

(
3)Apaymentshal
lnotbemadebywayofdistr
ibut
ionunderthi
ssecti
ontoa
cr
edi
toroft
hecompanywhoisnei
thersecurednorpref
erent
ialunl
esst
he
Cour
tgiv
espermissi
on.

Paymentsli
kel
yto
achi
evepurposeof
503.Theadmi ni
str
atormaymakeapay mentotherthaninaccordancewi
th admini
str
ati
on.
secti
on497orsubpar agr
aph( m)oft
heElevent
hScheduletothi
sActifhe
thi
nksitl
i
kelytoassi
stachiev
ementofthepur
poseofadmini
str
ati
on. El
event
hSchedul
e.

504.Theadmini
strat
orofacompanyshal
l,onhisappoi
ntmenttakecust
odyor Cust
odyandcont
rol
ofpr
oper
ty.
cont
rolofal
ltheproper
tyt
owhi
chhethinkst
hecompanyisenti
tl
ed.
505.(
1)Subjecttosubsect
ion(
2),theadmini
str
atorofacompanyshal
lmanage Managementof
af
fai
rsofcompany
.
i
tsaf
fair
s,busi
nessandpropert
yinaccor
dancewit
hany-

(
a)pr
oposal
appr
ovedundersect
ion492;

(
b)revi
si
onofthosepr
oposal
swhichismadebyhim
andwhi
chhedoesnotconsi
dersubst
ant
ial
;and

(
c)r
evi
si
on of t
hose pr
oposal
s appr
oved under
 sect
ion489.

(
2)Ifthe Courtgives dir
ecti
ons t
ot he admini
str
atorofa companyi n
connect
ionwit
hanyaspectofhi smanagementoft hecompany’
saffai
rs,
busi
nessorpropert
y,theadmini
str
atorshal
lcomplywit
hthedi
rect
ions.

(
3)TheCour
tmaygi
vedi
rect
ionsundersubsect
ion(
2)onl
yif
-

(
a)noproposalhasbeenappr
ovedundersect
ion492
oft
hisAct;

(
b)thedirect
ionsareconsi
stentwit
hanyproposalor
revi
sionapprovedundersecti
on486or491ofthis
Act;

(
c) the Cour tconsider
st hatt he dir
ections ar
e
requir
ed i n order t o ref
lect a change i n
circumstancessi
ncet heapprovalofproposal
sor
ar evi
si
onundersect i
on486or491oft hisAct;or

(
d) the Courtconsider
st hatt he di
rect
ions are
desir
ablebecauseofami sunder
standi
ngabout
proposal
sorar evi
sionapprovedundersection
486or491oft hi
sAct.

506.I
nperformi
nghisf
unct
ionsundert
hisPar
t,t
headmi
nist
rat
orofacompany Administ
rat
oras
agentofcompany.
actsasit
sagent
.
507.(
1)Theadmi ni
str
atorofacompanymaydisposeofort
akeact
ionrel
atingt
o Char
gedproper
ty:
fl
oat
ingchar
ge.
proper
tywhichissubjectt
oafloat
ingchar
geasifi
twerenotsubjectt
o
thecharge.

(
2)Wher epropert
yi sdisposedofinaccordancewithsubsecti
on( 1)
,the
holderofthefloati
ngchargeshallhavethesamepr i
ori
tyinrespectof
acquir
edpropertyashehadinrespectoft
heproper
tydi
sposedof.

(
3)Insubsecti
on(2),“
acquir
edpr oper
ty”meanspropertyofthecompany
whi
chdirect
lyori
ndi
rect
lyrepr
esentsthepr
oper
tydisposedof.

508.(
1)TheCour tmaybyor derenabl
etheadmi ni
str
atorofacompanyto Char
gedproper
ty:
non-
fl
oat
ingchar
ge.
disposeofproper
tywhichissubj
ecttoasecurit
yothert
hanafl
oati
ng
chargeasi
fitwerenotsubj
ectt
othesecur
it
y.

(
2)Anor
derundersubsect
ion(
1)maybemadeonl
y-

(
a)ont
heappl
i
cat
ionoft
headmi
nist
rat
or;
and
 (
b)wher etheCour tconsider
st hatdisposalofthe
propert
ywoul d li
kely promot ethepur poseof
administ
rat
ioninrespectofthecompany .

(
3)Anor derundert
hissectionissubj
ectt
othecondi
ti
onthatther
eshal
lbe
appl
i
edt owar
dsdischar
gingthesumssecur
edbythesecur
it
y-

(
a)t
henetpr
oceedsofdi
sposal
oft
hepr
oper
ty;
and

(
b)anyaddi t
ionalmoneyr equi
redtobeaddedtothe
net proceeds so as t o produce t
he amount
det
ermi nedbyt heCourtasthenetamountwhich
would ber eal
ised on asaleoft heproper
tyat
marketv al
ue.

(
4)Ifanor derundert
hissect
ionr
elat
estomor
ethanonesecur
it
y,appli
cat
ion
ofmoneyundersubsect i
on(3)shal
lbei
ntheorderoft
hepri
ori
tiesofthe
secur
it
ies.

(
5)Anadmi ni
str
atorwhomakesasuccessfulappli
cat
ionf
oranorderunder
thi
ssect
ionshallsendacopyoft
heordertot heCommissi
onbefor
et he
endof14daysstart
ingwi
tht
hedat
eoftheorder.

(
6)An admi ni
str
atorcommits an off
ence i
fhe f
ail
s,wi
thoutr
easonabl
e
excuse,
tocomplywi
thsubsecti
on(5).

509.(
1)TheCour tmaybyor derenabl
etheadmi ni
str
atorofacompanyt o Hi
re-
purchase
pr
opert
y.
di
sposeofgoodswhi char ei
nthepossessionoft hecompanyundera
hi
re-pur
chase agr
eementasi fallthe r
ight
soft he ownerundert
he
agreementwerevest
edinthecompany.

(
2)Anor
derundersubsect
ion(
1)maybemadeonl
y-

(
a)ont
heappl
i
cat
ionoft
headmi
nist
rat
or;
and

(
b)wher etheCourtconsi
dersthatdi
sposalofthe
goodswouldbelikel
ytopromotethepurposeof
admini
str
ati
oni
nrespectoft
hecompany.

(
3)Anor derunderthi
ssectionissubj
ectt
othecondi
ti
ont
hatthereshallbe
appli
edt owardsdischar
gingthesumspayabl
eunderthehire-
purchase
agreement-

(
a)t
henetpr
oceedsofdi
sposal
oft
hegoods;
and

(
b)anyaddi
ti
onalmoneyr
equi
redt
obeaddedt
othe
 net pr
oceeds so as t
o produce the amount
det
erminedbytheCour
tasthenetamountwhi ch
wouldbereal
i
zedonasaleofthegoodsatmarket
val
ue.

(
4)Anadminist
rat
orwhomakesasuccessf ulappli
cat
ionf
oranorderunder
thi
ssect
ionshallsendacopyoftheordertot heCommissi
onbefor
et he
endof14daysstarti
ngwi
ththedateoftheorder.

(
5)Anadmi ni
str
atorcommitsanof f
encei
fhef
ail
s,wi
thoutr
easonabl
e
excuse,
tocompl ywi
thsubsect
ion(
4).

510.(
1)Anadmi ni
str
ator
’sst
atementofpr
oposal
sundersect
ion486oft
hisAct Protect
ionfor
securedor
doesnoti
ncl
udeanyactionwhi
ch— pref
erenti
alcr
edi
tor
.

(
a)af f
ect
sthe r
ightofa secured cr
edi
toroft
he
companyt
oenforcehi
ssecur
it
y;

(
b)woul dresul
tinapr efer
ent
ialdebtofthecompany
beingpaidot herwisethaninpr i
ori
tytoitsnon-
prefer
enti
aldebts;or

(
c)wouldr esul
tinonepr
efer
enti
alcredi
toroft
he
companybeingpaidasmall
erproport
ionofhi
s
debtt
hananother
.

(
2)Subsect
ion(
1)doesnotappl
yto—

(
a)act
iont
owhi
cht
her
elev
antcr
edi
torconsent
s;

(
b)aproposalf
oravol
untaryar
rangementundert
his
Par
t,butwit
houtpr
ejudi
cetosecti
on714oft his
Act
;

(
c)a pr oposalfora schemeofar r
angementand
compromiseorr econst
ruct
ionto besanct
ioned
underrel
evantPar
tsoftheAct;or

(
d)apr oposalf
oracr oss-
bordermergerwi
thi
nthe
meaningofrelevantlegi
slat
ion,i
ncl
udi
ngbutnot
Cap.I
24,
LFN,
2004.
l
imi
tedtotheInvestmentsandSecuri
ti
esAct.

(
3)Theref
erencet
oast at
ementofpr
oposal
si nsubsect
ion(
1)i
ncl
udesa
r
efer
encetoast
atementasr
evi
sedormodi
fied.
511.(
1)Acr edi
torormemberofacompanyi nadmi
nist
rat
ionmayappl
ytot
he Chall
engeto
administ
rat
or’
s
Cour
tclai
mingthatt
headmi
nist
rat
or— conductofcompany
.

(
a)isactingorhasactedsounfai
rl
yastohar
mt he
i
nterest
s ofthe appli
cant
,whetheral
one orin
common wi th some oral lot
hermembers or
credi
tor
s;or

(
b)pr oposestoactinawaywhi chwouldunfai
rl
y
harmt heint
erest
softheappl
i
cant,whet
heral
one
orincommonwi thsomeorallot
hermembersor
credit
ors.

(
2)Acr edi
torormemberofacompanyi nadministrati
onmayapplytothe
Cour
tclaimi
ngthattheadmini
str
atori
snotper f orminghi
sfunct
ionsas
qui
ckl
yoraseff
ici
ent
lyasi
sreasonabl
ypract
icable.

(
3)TheCour
tmay
—

(
a)gr
antar
eli
ef;

(
b)di
smi
sst
heappl
i
cat
ion;

(
c)adj
our
nthehear
ingcondi
ti
onal
l
yoruncondi
ti
onal
l
y;

(
d)makeani
nter
im or
der
;or

(
e)makeanyot
heror
deri
tconsi
der
sappr
opr
iat
e.

(
4)I
npar
ti
cul
ar,
anor
derundert
hissect
ionmay-

(
a) r
egul
atet he admi
nist
rat
or’
s exer
cise of hi
s
f
uncti
ons;

(
b)requir
ethe admi
nist
rat
ort
o do ornotdo a
speci
fi
edt
hing;

(
c)requi
re a cr
editor
s’meet
ing t
o be hel
dfora
speci
fi
edpurpose;

(
d)provi
defort
heappoi
ntmentofanadmi
nist
rat
ort
o
ceasetohaveef
fect
;or

(
e)makeconsequent
ial
prov
isi
on.
 (
5)Anordermaybemadeonacl
aim undersubsect
ion(
1)whet
herornott
he
act
ioncompl
ainedof-
Tent
hSchedul
e.
(
a)i
swi thi
ntheadmi
nistr
ator
’spower
sunderTent
h
Schedulet
othi
sAct
; or

(
b)wastakeninrel
ianceonanor
derundersect
ion
505or506oft
hisAct.

(
6)Anordershal
lnotbemadeundert
hissect
ioni
fitwoul
dimpedeorpr
event
t
heimplementati
onof—

(
a)av ol
unt
aryar
rangementappr
ovedunderChapt
er
17ofPar
tB;

(
b)apr oposalforaschemeofar rangementand
compromiseorr econstr
uct
iont
o besancti
oned
underrel
evantPar
tsofthi
sAct;
Cap.I
24,
LFN,
2004.
(
c)apr oposalf
oracr oss-
bordermergerwi
thi
nthe
meaningofrelevantlegi
slat
ion,i
ncl
udi
ngbutnot
l
imi
tedtotheInvestmentsandSecuri
ti
esAct;
or

(
d)pr oposal
sorar evi
sionapprovedundersect
ion
491or492oft hisActmor ethan28daysbefore
the dayon which t
he appl
icat
ion f
orthe or
der
underthi
ssect
ionismade.

512.(
1)TheCour
tmayexami
net
heconductofaper
sonwho— Mi
sfeasance.

(
a)is,orpurpor
tst
o be,t
he admi
nist
rat
orofa
company
;or

(
b) has been, or has pur
por
ted t
o be, t
he
admi
nist
rat
orofacompany
.

(
2)Anexami
nat
ionundert
hissect
ionmaybehel
donl
yont
heappl
i
cat
ion
of
—

(
a)t
heof
fi
ci
alr
ecei
ver
;

(
b)t
headmi
nist
rat
oroft
hecompany
;

(
c)t
hel
i
qui
dat
oroft
hecompany
;
 (
d)acr
edi
toroft
hecompany
;or

(
e)acont
ri
but
oryoft
hecompany
.

(
3)Anappl
i
cat
ionundersubsect
ion(
2)shal
lal
l
eget
hatt
headmi
nist
rat
or
has—

(
a)misappl
i
edorr
etai
nedmoneyorot
herpr
oper
tyof
t
hecompany;

(
b)becomeaccountabl
eformoneyorot
herpr
oper
ty
ofthecompany
;

(
c)breachedaf
iduci
aryorot
herdut
yinr
elat
iont
o
t
hecompany;or

(
d)beengui
l
tyofmi
sfeasance.

(
4)Onanexaminat
ionundert
hissect
ioni
ntoaper
son’
sconduct
,theCour
t
mayor
derhi
mto—

(
a)r
epay
,rest
oreoraccountf
ormoneyorpr
oper
ty;

(
b)payi
nter
est
;or

(
c)contri
buteasum tot hecompany’
spropertyby
way of compensat
ion for br
each of dut
y or
misf
easance.

(
5)An appli
cati
on undersubsect
ion (
2)maybe made i nrespectofan
admini
str
atorwhohasbeendischar
gedundersect
ion523ofthi
sActonl
y
wit
hthepermissi
onoftheCourt
.

(
6)Insubsect
ion(
3),“
administ
rator
”incl
udesaper
sonwhopur
por
tsorhas
pur
portedt
obeanadministr
atorofacompany
.

CESSATI
ONOFADMI
NISTRATI
ON

513.(
1)Subjecttosubsecti
on(2)theappoi
ntmentofanadmi
nist
rat
orshal
l Automati
ccessat
ion
ceasetohaveeff
ectattheendoftheperi
odofoney
earbegi
nningwi
th ofadmini
str
ati
on.
thedateonwhi
chittakesef
fect
.

(
2)Thet
erm ofof
fi
ceofanadmi
nist
rat
ormaybeext
endedf
or-

(
a)aspeci
fiedperi
od,byanorderoft
heCour
tont
he
appl
i
cat
ionoftheadmini
str
ator;
or
 (
b)aper
iodnotexceedi
ngsi
xmont
hs,
byconsent
.

514.(
1)Anor
deroft
heCour
tundersect
ion513oft
hisAct- Whent omakeorder
undersect
ion513of
thi
sAct.
(
a)maybe made i nr espectofan admini
str
ator
whoset er
m ofoffi
cehasal r
eadybeenext
ended
byorderorbyconsent;and

(
b) shal
lnotbe made af t
er t
he expi
ry of t
he
admini
str
ator
’st
erm ofof
fi
ce.

(
2)Wher eanorderi
smadeundersecti
on513oft hisAct,t
headmini
str
ator
shall
,assoonasisr
easonabl
ypract
icabl
e,not
ifytheCommissi
onoft he
order
.

(
3)Anadmi nist
rat
orwhofai
ls,withoutr
easonabl
eexcuse,t
ocompl
ywi
th
subsect
ion(2)commi
tsanoffence.

515.(
1)I
nsect
ion513(
2)(
b)oft
hisAct
,“consent
”meansconsentof
— Meaningofconsent
forpurposesof
secti
on513( 2)(
b)of
(
a)eachsecur
edcr
edi
toroft
hecompany
;and thi
sAct .

(
b)i fthecompanyhasunsecureddebt s,cr
edit
ors
whosedebtsamountt o moret han50% oft he
company’
sunsecur
eddebts,wit
houtregardtothe
debt
sofanycredit
orwhodoesnotr espondtoan
i
nvit
ati
ontogi
veorwit
hholdconsent.

(
2)WheretheAdmi ni
str
atorhasmadeastatementundersect
ion486oft
his
Act
,“consent
”,i
nsection513(
2)(b)oft
hisAct
,means—

(
a)consentofeachsecur
edcr
edi
toroft
hecompany
;
or

(
b)ift
headmini
str
atort
hinksthatadistr
ibut
ionmay
bemadet
oprefer
enti
alcredi
tor
s,consentof—

(
i)eachsecur
edcr
edi
toroft
hecompany
,and

(
ii
)pref
erenti
alcredi
tor
swhosedebt samountt o
mor ethan 50% oft hepr ef
erent
ialdebt
sof
thecompany ,wit
houtr egardtothedebtsof
anycr edi
torwho does notr espond to an
invi
tat
iontogiveorwithholdconsent.
516.(
1)Consent
,fort
hepur
posesofsect
ion513(
2)(
b)oft
hisAct
,maybe— Form andext
entof
consent.

(
a)wr
it
ten;
or

(
b)si
gni
fi
edatacr
edi
tor
s’meet
ing.

(
2)Anadmini
str
ator
’st
erm ofoff
icemaybeext endedbyconsentonl
yonce,
pr
ovi
dedthati
tshal
lnotbeextendedbyconsentaf
ter-

(
a)expi
ry;
and

(
b)ext
ensi
onbyor
deroft
heCour
t.

(
3)Wher
eanadminist
rat
or’
sterm ofoff
icei
sext
endedbyconsent
,heshal
l
,
assoonasi
sreasonabl
ypract
icabl
e—

(
a)f
il
enot
iceoft
heext
ensi
onwi
tht
heCour
t;and

(
b)not
if
ytheCommi
ssi
on.

(
4)Anadmi ni
str
atorwhofai
l
s,wit
houtr
easonabl
eexcuse,t
ocompl
ywi
th
subsect
ion(3)commit
sanoff
ence.

517.(
1)Ont heapplicat
ionoft headmini
str
atorofacompany,t
heCourtmay Cessationof
administr
ati
onby
prov
idefortheappoint
mentofanadmi nist
rat
oroft
hecompanyt
ocease Courtonapplicat
ion
tohaveeff
ectfrom aspecif
iedt
ime. ofadmi ni
str
ator.

(
2)Theadmi ni
str
atorofacompanyshal
lmakeanappl
i
cat
ionundert
his
sect
ioni
f—

(
a)hethi
nkst
hepurposeofadmini
str
ati
oncannotbe
achi
evedi
nrel
ati
ontothecompany;

(
b)hethi
nksthecompanyshoul
dnothav
eent
ered
admi
nist
rat
ion;
or

(
c)a credi
tor
s’meet
ing r
equireshi
m t
o makean
appl
i
cati
onundert
hissect
ion.

(
3)Theadmi nistr
atorofacompanyshallmakeanappl
icat
ionundert
his
sect
ionift
he–
(a)admi nist
rat
ioni
spur
suantt
oanadmini
str
ation
order;and

(
b)admi
nist
rat
or thi
nks that the purpose of
admi
nist
rat
ionhasbeensuff
ici
ent
lyachiev
edin
 r
elat
iont
othecompany
.

(
4)Onanappl
i
cat
ionundert
hissect
iont
heCour
tmay
—

(
a) adj ourn t he hear
ing condi
ti
onal
l
y or
uncondi
ti
onal
l
y;

(
b)di
smi
sst
heappl
i
cat
ion;

(
c)makeani
nter
im or
der
;or

(
d)makeanyor deritconsi
der
sappropri
ate,whet
her
i
naddit
ionto,i
nconsequenceoforinplaceofthe
or
derappl
iedfor
.

518.(
1)Thissectionappl
i
eswhereanadmi ni
str
atorofacompanyi
sappoi
nted Ter
mi nati
onof
administr
ati
onwhere
undersect
ion443or448oft
hisAct
. obj
ectiveisachi
eved.

(
2)IftheAdmi ni
str
atorthi
nksthatthepurposeofadmi
nist
rat
ionhasbeen
suffi
ci
entl
yachievedinrel
ati
ontothecompanyhemayf i
l
eanoticei
nthe
prescri
bedfor
m wi t
hthe—

(
a)Cour
t;and

(
b)Commi
ssi
on.

(
3) The admi
nist
rat
or’
s appoint
mentceases to hav
e ef
fectwhen t
he
r
equi
rement
sofsubsect
ion(2)aresat
isf
ied.

(
4)Wher etheadmi
nist
rat
orfi
lesanot i
ce,heshal
l,wi
thi
ntheprescr
ibed
peri
od,sendacopytoever
ycredi
torofthecompanyofwhosecl
aim and
addresshei
saware.

(
5)Thepr escri
bedrulesmayprovidethattheadministratoristakentohave
compliedwi t
hsubsecti
on(4)if
,beforetheendoft hepr escri
bedperi
od,he
publ
ishes, i
ntheprescr
ibedmanner,anoticeundertakingtoprovideacopy
ofthenot iceundersubsecti
on( 2)toanycr edi
toroft hecompanywho
appl
iesinwr it
ingt
oaspecifi
edaddress.

(
6)Anadmi ni
str
atorwhofai
l
s,withoutr
easonabl
eexcuse,t
ocompl
ywi
th
subsect
ion(
4)commitsanoff
ence.

519.(
1)Ont heappli
cat
ionofacredi
torofacompany
,theCour
tmaypr
ovi
defor Cessationof
administrati
onby
theappoi
ntmentofanadmi nist
rat
oroft
hecompanytoceasetohave Courtonappl icat
ion
eff
ectataspeci
fiedt
ime. ofcreditors.
 (
2)Anappl
i
cat
ionundert
hissect
ionshal
lal
l
egeani
mpr
opermot
ive—

(
a)i nthe case ofan admini
str
atorappoi
nted by
admini
str
ati
onorder
,ont hepartoftheappli
cant
fort
heorder;
or

(
b)inanyot hercase,onthepartoft
heper
sonwho
appoi
ntedtheadminist
rat
or.

(
3)Onanappl
i
cat
ionundert
hissect
ion,
theCour
tmay
—

(
a) adj our
n t he hear
ing condi
ti
onal
l
y or
uncondi
ti
onal
l
y;

(
b)di
smi
sst
heappl
i
cat
ion;

(
c)makeani
nter
im or
der
;or

(
d)makeanyor deritconsi
dersappr
opri
ate,whet
her
i
naddit
ionto,inconsequenceoforinsteadofthe
or
derappl
iedfor.
Publi
cinter
est
520.(
1)Thissect
ionappl
ieswher
eawindi
ng-
uporderismadeforthewi
ndi
ng-
up windi
ng-up.
ofacompanyinadmini
str
ati
ononapet
it
ionpresent
edunder—

(
a)groundsofpubli
cinter
estasmaybepr escr
ibed
byt
heChiefJudgeorunderanenact
ment
;or

(
b)theBanksandOt herFinancialInsti
tut
ionsAct
, Cap.B3,
LFN,
2004.
Ni
geri
aDepositInsuranceCor porati
onActorany
Cap.N102,
LFN,
ot
herfi
nanci
alserv
icesandmar ketsrel
atedAct
. 2004.

(
2)Thissect
ionalsoapplieswhereapr ovi
sionalli
quidatorofacompanyin
admini
str
ati
oni sappoint
edfoll
owingthepr esent
ationofapeti
ti
onunder
anyoftheprov
isionsinsubsect
ion(1).

(
3)TheCour
tshallor
derthattheappoi
ntmentoft
headmi
nist
rat
orceases
t
ohaveef
fectorcont
inuetohaveeff
ect.

(
4)Wher
etheCour
tmakesanor
derundersubsect
ion(
3)(
b)oft
hissect
ion
i
tmayal
so—

(
a)specif
ywhi ch ofthe power
sundert he Tenth
Tent
hSchedul
e.
Schedul
etot hisActar
et obeexer
cisabl
ebyt he
admini
str
ator;and
 (
b)or
dert
hatthi
sPartshal
lhaveef
fecti
nr el
ati
onto
t
headmini
str
atorwi
thspeci
fi
edmodif
icati
ons.

521.(
1)Thi
ssect
ionappl
i
eswher
etheadmi
nist
rat
orofacompanyt
hinkst
hat
— Mov ingf r
om
admi nistr
ationto
creditors’volunt
ary
(
a)t hetotalamountwhicheachsecur
edcredi
torof l
iquidat i
on.
thecompanyi sli
kelytorecei
vehasbeenpaidto
him orsetasi
deforhim;and

(
b)adist
ri
buti
onismadet ounsecur
edcr
edi
tor
sof
t
hecompany,i
fther
ear
eany.

(2)Theadmi
nist
rat
ormaysendt
otheCommi
ssi
onanot
icet
hatt
hissect
ion
appli
es.

(
3)Onr
eceiptofanot
iceundersubsect
ion(
2),
theCommi
ssi
onshal
lregi
ster
t
henot
ice.

(
4)Aft
eranadmini
str
atorhassentanot
iceundersubsect
ion(
2),
heshal
l
,as
soonasi
sreasonabl
ypract
icabl
e—

(
a)f
il
eacopyoft
henot
icewi
tht
heCour
t;and

(
b)sendacopyoft henoti
cetoeachcr
edi
torof
whosecl
aim andaddr
essheisawar
e.

(
5)Ont
her
egi
str
ati
onofanot
iceundersubsect
ion(
3)t
he—

(
a)appoi
ntmentofanadmini
str
atori
nrespectoft
he
companyceasest
ohaveeff
ect;and

(
b)companyshal lbewoundupasi faresol
uti
onfor
voluntar
ywinding-upundersect
ion620ofthisAct
wer epassed ont hedayonwhi chthenoticeis
regist
ered.

(
6)Thel
i
qui
dat
or,
fort
hepur
posesoft
hewi
ndi
ng-
up,
shal
lbe—

(
a)a per son nominated by t
he cr
edit
ors ofthe
companyi ntheprescr
ibedmannerandwithi
nthe
prescr
ibedperi
od;or

(
b)theadmini
str
ator
,ifnoper
soni
snomi
nat
edunder
paragr
aph(a)
.

(
7)I
ntheappl
i
cat
ionoft
hisChapt
ert
oawi
ndi
ng-
upbyv
irt
ueoft
hissect
ion—
 (
a)sect
ion520oft
hisActshal
lnotappl
y;

(
b)t hi
ssectionappliesasift hereferencetothetime
oft he passing oft he r esol
ution forvoluntar
y
winding-
upwer ear eferencet ot hebeginningof
the date of r egist
rati
on of t he notice under
subsecti
on( 3);

(
c)sect
ions523,
532,
533and534shal
lnotappl
y;

(
d)subsection( 5)(b)shallapplyasi ftheref
erence
tothet i
meoft hepassingoft her esol
uti
onf or
vol
untary winding-up werear efer
ence tot he
begi
nningoft hedat eofregistr
ationofthenot i
ce
undersubsection(3);and

(
e)anycr editors’committeewhi chi si nexi st
ence
i
mmedi atel
ybef orethecompanyceasest obei n
administrat
ion shallcontinue in existence after
that ti
me as i f appointed as a l i
quidati
on
commi ttee by t he creditor
s at t he cr edit
ors’
meetingf orthepurposeoft hewinding-up.

522.(
1)Ift headmini
str
atorofacompanyt hinksthatthecompanyhasno Movingfrom
administ
rat
iont
o
propert
ywhichmi ghtper
mitdi
str
ibuti
ont oi
tscredi
tor
s,heshal
lsenda di
ssoluti
on.
noti
cetothatef
fecttotheCommission.

(
2)TheCour tmayont heappl
icat
ionoft headmini
strat
orofacompany,
di
scont
inuetheappl
i
cati
onofsubsect
ion(1)i
nrespectoft
hecompany
.

(
3)Onr
eceiptofanot
iceundersubsect
ion(
1)t
heCommi
ssi
onshal
lregi
ster
t
henot
ice.

(
4)Ont heregi
strat
ionofanot
icei
nrespectofacompanyundersubsect
ion
(3)theappointmentofanadmi
nist
rat
orofthecompanyceasestohav e
eff
ect.

(
5)Ifanadmi ni
str
atorsendsanoti
ceundersubsect
ion(
1),heshal
l
,assoon
asisreasonabl
ypr act
icabl
e—

(
a)f
il
eacopyoft
henot
icewi
tht
heCour
t;and

(
b)sendacopyoft henoti
cetoeachcr
edi
torof
whosecl
aim andaddr
essheisawar
e.
 (
6)Attheendoft hr
eemont hsbegi
nni
ngwi
ththedat
eofregi
str
ati
onofa
noti
ceinrespectofacompanyundersubsect
ion(3)t
hecompanyis
deemedtobedissol
ved.

(
7)Onanappl
icat
ioni
nrespectofacompanybyt
headmi
nist
rat
ororanot
her
i
nter
est
edperson,
theCourtmay—

(
a)ext
endt
heper
iodspeci
fi
edi
nsubsect
ion(
6);

(
b)suspendt
hatper
iod;
or

(
c)di
scont
inuet
heappl
i
cat
ionofsubsect
ion(
6).

(
8)Wher
eanor deri
smadeundersubsect
ion(7)inrespectofacompanyt
he
admi
nist
ratorshall
,as soon as i
sr easonabl
y practi
cabl
e,not
if
ythe
Commission.

(
9)An admi ni
str
atorcommi t
s an of
fence i
fhe f
ail
s,wi
thoutr
easonabl
e
excuse,
tocompl ywi
thsubsect
ion(
5).

523.(
1)Thi
ssect
ionappl
i
eswher
e— Dischargeof
admi ni
str
ati
onorder
oncessat i
onof
(
a)the Cour
tmakesan or derunderthi
sChapt er admi ni
str
ati
on.
prov
idi
ngfort
heappoint
mentofanadmi ni
str
ator
ofacompanytoceasetohaveef
fect
;and

(
b) t he admi ni
strat
or was appoi
nted by
admini
str
ati
onorder.

(
2)TheCour
tshal
ldi
schar
get
headmi
nist
rat
ionor
der
.

524.(
1)Thi
ssecti
onappli
eswheretheCourtmakesanor derundert
hisChapt
er Not
icetot
he
Commissi
onon
pr
ovi
dingf
ortheappoi
ntmentofanadmini
str
atort
oceaset ohaveef
fect
. cessati
onof
admi
nist
rat
ion.
(
2)Theadmini
str
atorshallsendacopyoft
heordert
otheCommi
ssi
onwi
thi
n
14daysbegi
nningwiththedateoft
heorder
.

(
3)Anadmi ni
str
atorwhofai
l
s,wit
houtr
easonabl
eexcuse,t
ocompl
ywi
th
subsect
ion(2)commit
sanoff
ence.

REPLACEMENTOFADMI
NISTRATOR

525.(
1)Anadmi
nist
rat
ormayr
esi
gnonl
yinpr
escr
ibedci
rcumst
ances. Resi
gnati
onof
admini
str
ator
.
(
2)Anadmi
nist
rat
ormayr
esi
gnonl
ywher
ehei
sappoi
nted—
 (
a)byadmini
str
ati
onor
der
,bynot
icei
nwr
it
ingt
othe
Cour
t;

(
b)undersecti
on452ofthisAct,bynoti
cei
nwr i
ti
ng
t
ot heholderofthefloat
ingchargebyvir
tueof
whichtheappoi
ntmentwasmade;

(
c)undersecti
on459( 1)ofthi
sAct
,bynot
icei
n
wri
ti
ngtothecompany;or

(
d)undersecti
on459( 2)ofthi
sAct,bynot
icei
n
wri
ti
ngtothedi
rect
orsoft
hecompany.
Remov al
of
526.TheCour
tmaybyor
derr
emov
eanadmi
nist
rat
orf
rom of
fi
ce. admini
strat
orf
rom
off
ice.

527.(
1)Theadmi ni
str
atorofacompanyshallvacateoffi
cei
fheceasestobe Admini
str
atorceasi
ng
tobequal
ifi
ed.
qual
i
fiedt
oactasaninsol
vencypr
act
it
ionerinrel
ati
ont
othecompany.

(
2)Whereanadmi
nist
rat
orvacatesof
fi
cebyv
irtueofsubsect
ion(1)heshal
l
gi
venot
icei
nwr
it
ing,i
nthecaseofanadmi
nistr
atorappoi
nted—

(
a)byadmi
nist
rat
ionor
der
,tot
heCour
t;

(
b)undersecti
on452ofthi
sAct,tot
hehol
derofthe
f
loat
ingchar
gebyvi
rtueofwhicht
heappoi
ntment
wasmade;

(
c)undersect
ion459(
1)oft
hisAct
,tot
hecompany
;
or

(
d)undersect
ion459(
2)oft
hisAct
,tot
hedi
rect
ors
oft
hecompany.

(
3)Anadmi ni
strat
orwhofai
l
s,wit
houtr
easonabl
eexcuse,t
ocompl
ywi
th
subsect
ion(2)commit
sanoff
ence.

528.Sect
ions529-535oft
hisActshal
lappl
ywher
eanadmi
nist
rat
or— Supply
ingvacancyi
n
off
iceof
administ
rat
or.
(
a)di
es;

(
b)r
esi
gns;

(
c)i
sremov
edf
rom of
fi
ceundersect
ion524oft
hisAct
;or

(
d)v
acat
esof
fi
ceundersect
ion523oft
hisAct
.
529.(
1)Wher etheadmini
str
atorwasappoint
edbyadmini
str
ati
onorder,t
he Replacementof
admi ni
str
ator
Courtmay repl
ace the admi
nist
rat
oron an appl
i
cati
on underthi
s appointedbyCour
t
subsect
ionmadeby— order.

(
a)aCr
edi
tor
s’Commi
tt
eeoft
hecompany
;

(
b)t
hecompany
;

(
c)t
hedi
rect
orsoft
hecompany
;

(
d)oneormor
ecr
edi
tor
soft
hecompany
;or

(
e)wher emorethanonepersonwasappoint
edtoact
j
ointl
yorconcurrent
lyastheadmi
nistr
atororany
ofthoseper
sonswhor emainsi
noff
ice.

(
2)Anappl
i
cat
ionmaybemadei
nrel
i
anceonsubsect
ion(
1)(
b)-(
d)onl
y
wher
e—

(
a)t
her
eisnoCr
edi
tor
s’Commi
tt
eeoft
hecompany
;

(
b) the Courti s satisf
ied that t
he Cr edi
tor
s’
Committeeorar emainingadmini
strat
orisnot
taki
ngreasonabl
est epst omakear epl
acement;
or

(
c)t
heCourti
ssati
sfi
edthatf
oranot
herr
easoni
tis
r
ightf
ort
heappl
icat
iont
obemade.
Replacementof
admi ni
str
ator
530.Anadmi ni
str
atorappoint
edundersect
ion452oft
hisActmayberepl
acedby appointedbyholder
theholderoft hef l
oat
ingchargebyv i
rt
ueofwhichtheappoint
mentwas offl
oatingcharge.
made.
531.(1)Anadmi nistr
atorappoi
ntedundersecti
on459(1)ofthi
sAct,maybe Replacementof
admi ni
str
ator
repl
acedbyt hecompany. appointedby
company .
(
2)Ar
epl
acementundert
hissect
ionmaybemadeonl
y—

(
a)witht
heconsentofeachpersonwhoist
heholder
ofafl
oati
ngchargeinrespectofthecompany’s
pr
oper
ty;
or

(
b)wher
econsenti
swi
thhel
d,wi
tht
heper
missi
onof
t
heCour
t.

532.(
1)Anadmi ni
str
atorappoint
edundersecti
on459(
2)oft
hisAct
,maybe Replacementof
admi ni
str
ator
r
epl
acedbythedir
ector
soft hecompany
. appointedby
 di
rect
ors.
(
2)Ar
epl
acementundert
hissect
ionmaybemadeonl
y—

(
a)witht
heconsentofeachpersonwhoist
heholder
ofafl
oati
ngchargeinrespectofthecompany’s
pr
oper
ty;
or

(
b)wher
econsenti
swi
thhel
d,wi
tht
heper
missi
onof
t
heCour
t.

533.TheCourtmayrepl
aceanadmi ni
str
atorontheappl
i
cat
ionofaper
sonl
i
sted Replacementof
admi ni
str
ator
insect
ion529(1)oft
hisActi
ftheCourtissati
sfi
edt
hat
— appointedby
admi ni
str
ati
onor
der
.
(
a) a per son who i s enti
tl
ed t
o repl
ace the
administr
atorundersect
ions525– 527ofthis
Actisnott aki
ng r
easonablest
epsto makea
repl
acement ;or

(
b)foranyotherreasonwhi
ch,i
ntheopini
onoft
he
Court
,iti
spropertomaket
herepl
acement.

534.(
1)Thi ssect
ionappl
i
eswhereanadmini
strat
orofacompanyisappointed Substi
tuti
onof
admini
stratorbya
undersect
ion452ofthi
sActbyt
heholderofafl
oat
ingchar
gei
nr espect competingfloat
ing
ofthecompany’
sproper
ty. char
ge-holder.

(
2)Thehol
derofapr i
orfl
oati
ngchargeinrespectofthecompany’sproper
ty
mayapplyt othe courtforthe admini
str
atorto be repl
aced byan
admi
nist
rat
ornominatedbythehol
derofthepriorfl
oat
ingcharge.

(
3)Af
loat
ingchar
gei
spr
iort
oanot
herf
ort
hepur
posesoft
hissect
ioni
fit—

(
a)wasf ir
stregist
eredwi t
ht he Commi ssi
onor ,in
defaultofr
egistr
ation,
itwasf i
rstcreat
ed;or
(
b)ist obet reatedashav ingpriori
tyinaccordance
wit
hanagr eementt owhi cht heholderofeach
fl
oatingchargewasapar ty
.

535.(
1)Thi
ssect
ionappl
i
eswher
e— Substit
utionof
administrator
appointedby
(
a)anadmi ni
str
atorofacompanyisappoi
ntedbya companyordi rect
ors
companyordi r
ector
sundersect
ion459oft hi
s bycreditors’meeting.
Act
;and

(
b)therei
snoholderofafloat
ingchar
gei
nrespect
oft
hecompany
’sproper
ty.
 (
2)Acr
edi
tor
s’meet
ingmayr
epl
acet
headmi
nist
rat
or.

(
3)A creditor
s’meeti
ng mayactundersubsect
ion (
2)onlyifthe new
admini
strat
or’
swri
tt
enconsentt
oacti
spresent
edtot hemeet
ingbefor
e
ther
eplacementi
smade.

536.(
1)Wher
eaper
sonceasest
obet
headmi
nist
rat
orofacompanybecause- Dischargef
rom
l
iabil
it
yonvacati
onof
offi
ce.
(
a)hevacatesoffi
cebyr
easonofr
esi
gnat
ion,deat
h
orot
herwise,

(
b)hei
sremov
edf
rom of
fi
ce,
or

(
c)hi
sappoi
ntmentceasest
ohav
eef
fect
,

he i
s di
scharged f
rom l
i
abi
l
ityi
nrespectofanyofhi
s act
ions as
Admini
str
ator
.

(
2)Thedi
schar
gepr
ovi
dedbysubsect
ion(
1)t
akesef
fecti
n—

(
a)thecaseofanadminist
rat
orwhodies,ont
he
f
il
ingwi
tht
hecour
tofnoti
ceofhi
sdeat
h;

(
b)t he case ofan administ
rat
orappoi nted under
secti
on450or457oft hisAct,atat i
meappoi nted
byr esolut
ionofthecr edi
tors’commi tteeor,if
therei s no committ
ee,by r esol
uti
on of t he
credit
ors;or

(
c)anyot
hercase,
atat
imespeci
fi
edbyt
heCour
t.

(
3)Forthepurposeoftheappl
icat
ionofsubsect
ion(
2)(b)i
nacasewher
ethe
Admi ni
str
atorhasmadeast atementundersecti
on488oft hi
sAct,a
resol
uti
onistakenaspassedifiti
spassedwitht
heapprov
al—

(
a)eachsecur
edcr
edi
toroft
hecompany
;

(
b)eachsecur
edcr
edi
toroft
hecompany
;and

(
c)prefer
ent i
alcr edi
tors whose debt s amountt o
moret han50% oft hepr eferenti
aldebt soft he
company ,disregar
dingdebt sofanycr edit
orwho
does notr espond to an i nvi
tat
ion to gi v
e or
wit
hhold appr oval
,wher et headmi nistrat
orhas
madeadi stri
buti
on to preferent
ialcreditorsor
thi
nks that a di stri
buti
on may be made t o
 pr
efer
ent
ial
credi
tor
s.

(
4)I
nthi
ssect
ion,
“di
schar
ge”
—

(
a)appli
estoliabi
l
ityaccr
uedbef
oret
hedi
schar
ge
t
akeseff
ect
;and

(
b)does notpreventthe exer
cise oft
he cour
t’
s
power
sundersect
ion500.

537.(
1)Thissecti
onappl i
eswhereapersonceasestobetheadmi
nist
rat
orofa Chargesandl
iabi
l
iti
es
onv
acati
onofoff
ice.
company,whet her by r
eason of resi
gnat
ion,r
emovalfrom off
ice,
cessat
ionofappoint
ment,deat
horotherwi
se.

(
2)Thef
ormeradmi
nist
rat
or’
sremuner
ati
onandexpensesshal
lbe—

(
a)chargedonandpayabl
eoutofpr
opert
yofwhich
he had custodyorcont
roli
mmediat
elybef
ore
cessati
on;and

(
b)payabl
einpr
ior
it
ytoanysecur
it
ytowhi
chsect
ion
510ofthi
sActappl
i
es.

(
3)Asum payableinrespectofadebtorl i
abil
i
tyarisingoutofacontract
,
i
ncl
udi
ngacontractforpost
-commencementfinancing,ent
eredi
ntobythe
f
ormerAdmi
nistr
atororapredecessorbef
orecessationshal
lbe—

(
a)char
gedonandpay ableoutofproper
tyofwhi
ch
thefor
merAdmi ni
str
atorhadcustodyorcont
rol
i
mmedi at
elybef
orecessat
ion;
and

(
b)payableinpri
ori
tyt
oanychar
gear
isi
ngunder
subsect
ion(
2).

(
4)I
nthi
ssect
ion—

(
a)“cessat
ion”meanst
hetimewhenheceasest
obe
t
hecompany ’
sAdmini
str
ator
;

(
b)“formerAdmi ni
str
ator
”meanst
heper
sonr
efer
red
t
oi nsubsect
ion(1);

(
c)subsection(3)appliest
oal i
abi
li
tyari
singundera
contr
actofempl oymentwhi chwasadopt edbythe
for
meradmi nist
ratorora pr edecessorbefore
cessat
ion;andforthatpurpose—
 (
i) action taken withi
n 14 day s af
ter an
Administ
rator
’s appoi
ntment shal
l not be
takentoamountorcont r
ibut
etotheadopt
ion
ofacontract,

(
ii
)noaccountshal lbetakenofal i
abil
i
tywhich
ari
ses,byref
erencetoany t
hingwhichisdone
orwhi choccursbeforetheadopt i
onoft he
contr
actofemployment,and

(
ii
i)noaccountshal
lbetakenofal i
abi
li
tyto
makeapaymentot
hert
hanwagesorsal
ary.

(
5)I
nsubsect
ion(
4)(
c)(
ii
i)
,“wagesorsal
ary
”incl
udes—

(
a)asum pay ableinr espectofaper i
odofholi
day
,
forwhichpurpose,t hesum shal lbet
reatedas
rel
ati
ngtotheper iodbyr efer
encetowhichthe
enti
tl
ementtoholi
dayaccr ued;

(
b)asum payableinr
espectofaperi
odofabsence
t
hroughi
l
lnessorot
hergoodcause;

(
c)asum pay
abl
einl
i
euofhol
i
day
;

(
d)i nrespectofaper i
od,asum whichwoul dbe
tr
eated as earni
ngs for t
hat per
iod for t
he
purposesofanenact
mentonsoci
alsecur
it
y;and

(
e) a contri
but
ion t
o an occupat
ional pensi
on
scheme.

GENERAL

538.(
1)I
nthi
sChapt
erar
efer
encet
otheappoi
ntmentof—
Joi
ntandconcur
rent
admini
str
ator
s.
(
a) an admi ni
str
ator of a company i
ncl
udes a
ref
erence tot he appoi
ntmentofa numberof
persons to actj oi
ntl
y orconcurr
ent
ly as t
he
Admi ni
str
atorofacompany ;
and
 (
b)aper sonasadminist
ratorofacompanyincl
udes
arefer
encetotheappointmentofaper
sonasone
of a number of per sons to act joi
ntl
y or
concurr
ent
lyastheadminist
rat
orofacompany.

(
2)Theappoi nt
mentofanumberofper sonstoactasadmini
str
atorofa
companyshal
lspeci
fywhi
chf
unct
ions,
ifany,
aret
obeperf
ormedby—

(
a)t
heper
sonsappoi
ntedact
ingj
oint
ly;
and

(
b)anyoral
loft
heper
sonsappoi
nted.

539.(
1)Thissect
ionappl
ieswheretwoormoreper
sonsar
eappoi
ntedt
oact Joi
ntAdmi
nist
rat
ors.
j
oint
lyast
headminist
rat
orofacompany
.

(
2)Areferencet
otheadmi ni
str
atoroft
hecompanyi
sar
efer
encet
othose
personsacti
ngj
oint
ly.

(
3)Ar
efer
encetotheadmini
str
atorofacompanyinsecti
ons523-534ofthi
s
Acti
sarefer
encetoanyoralloft
hepersonsappoi
ntedt
oactjoi
ntl
y.

(
4)Whereanoff
enceofomissi
oniscommi
tt
edbyt
headmi
nist
rat
or,eachof
theper
sonsappoi
ntedt
oactjoi
ntl
y—

(
a)commi
tst
heof
fence;
and

(
b)maybepr
oceededagai
nstandpuni
shedi
ndi
vi
dual
l
y.

(
5)Ther eferenceinsecti
on482 (1)(
a)ofthisActtothenameoft he
admini
strat
orisaref
erencet
othenameofeachoftheper
sonsappoi
nted
toactj
ointl
y.

(
6)Wher epersonsareappoint
edtoactj
oint
lyi
nrespectofonl
ysomeofthe
f
unctionsoftheadmi ni
str
atorofacompany,t
hissecti
onappl
iesonl
yin
r
elat
iontothosefunct
ions.

540.(
1)Thissecti
onappli
eswheretwoormor epersonsar
eappoi
ntedt
oact Concurrent
administr
ator
s.
concur
rent
lyast
headmini
str
atorofacompany.

(
2)A refer
encetot headmini
str
atorofacompanyi nthi
sChapteri
sa
r
efer
encetoanyoftheper
sonsappoi
ntedoranycombi
nati
onoft
hem.

541.(
1)Whereacompanyi sinadmini
str
ati
on,aper
sonmaybeappoint
edtoact Joi
ntandconcurr
ent
admini
str
ator
sacti
ng
asadmini
stratorjoi
ntl
yorconcur
rent
lywi
ththeper
sonorper
sonsact
ing wit
hadminist
rat
orof
astheadministr
atorofthecompany. company.
(
2)Wher eacompanyent eredadmini
str
ationbyadmi
nistr
ati
onorder
,an
appoint
mentundersubsecti
on(1)shallbemadebyt heCourtont he
appl
icati
onof
—

(
a)apersonorgroupl
i
stedi
nsect
ion450(
1)(
a)-(
e)
oft
hisAct
;or

(
b)theper
sonorper
sonsact
ingast
headmi
nist
rat
or
oft
hecompany
.

(
3)Whereacompanyent
eredadmini
strat
ionasaresul
tofappoi
ntmentunder
sect
ion443ofthi
sAct ,anappointmentundersubsect
ion(1)shal
lbe
madebythe—

(
a)holderoft
hefl
oat
ingchar
gebyv
irt
ueofwhi
cht
he
appoi
ntmentwasmade;or

(
b)Courtontheappl
i
cationoft
hepersonorper
sons
act
ingast
headminist
rat
oroft
hecompany.

(
4)Wher eacompanyent er
edadmi ni
str
ati
onbyv ir
tueofanappoi nt
ment
undersecti
on447ofthi
sAct,anappoi
ntmentundersubsect
ion(1)shallbe
madeeitherbytheCour
tontheappli
cati
onofthepersonorpersonsacting
astheadminist
rat
oroft
hecompanyor —

(
a)byt
hecompany
;and

(
b)wi t
ht heconsentofeachper sonwhoisthehol
der
ofaf loati
ngchargeinr espectofthecompany ’
s
propertyor,whereconsenti swit
hhel
d,withthe
permissionoftheCourt
.

(
5)Wher eacompanyent eredadmi ni
str
ati
onbyv i
rt
ueofanappoi ntment
undersect
ion452(2)oft
hisAct,anappointmentundersubsect
ion(
1)shal
l
bemadeei therbytheCourtont heapplicat
ionofthepersonorpersons
acti
ngastheAdminist
rat
orofthecompanyor —

(
a)byt
hedi
rect
orsoft
hecompany
;and

(
b)wi t
ht heconsentofeachper sonwhoisthehol
der
ofaf loati
ngchargeinr espectofthecompany ’
s
propertyor,whereconsenti swit
hhel
d,withthe
permissionoftheCourt
.

(
6)Anappoi
ntmentundersubsect
ion(
1)maybemadeonl ywi
ththeconsent
oft
heper
sonorpersonsacti
ngastheadmi
nist
rat
oroft
hecompany.
542.Anactoftheadmini
stratorofacompanyi
sval
i
dinspi
teofadef
ecti
nhi
s Presumpti
onof
vali
dit
y.
appoi
ntmentorqual
if
icati
on.

543.Arefer
enceint
hisChaptert
osomet
hingdonebyt
hedi
rect
orsofacompany Major
it
ydeci
sionof
di
rect
ors.
incl
udesarefer
encetothesamethi
ngdonebyamajor
it
yofthedir
ect
orsof
acompany .

544.(
1)Unlessotherwisepr
ovi
ded,aper
sonwhocommi tsanoff
enceundert
his Penal
ti
es.
Chapteri
sli
ableonconvi
cti
ontoafi
neofatl
eastN200,
000.

(
2)Aper
sonwhocommi
tsanof
fenceunder-
(
a)sect
ion455,

(
b)sect
ion467,

(
c)sect
ion470,

(
d)sect
ion482,

(
e)sect
ion483,

(
f)sect
ion484,

(
g)sect
ion486,

(
h)sect
ion488,

(
i)sect
ion493,

(
j)sect
ion491,

(
k)sect
ion508,

(
l)sect
ion509,

(
m)sect
ion514,

(
n)sect
ion516,

(
o)sect
ion518,

(
p)sect
ion522,
 (
q)sect
ion524,
and

(
r)sect
ion527,

i
sli
abl
eonconv
ict
iont
oadai
l
ydef
aul
tfi
neofnotl
esst
han
N5,
000.

545.(
1)Wher eapr
ovi
si
onofthi
sPartpr
ovi
desthataper
iodmaybev ar
iedi
n Ext
ensi
onoft
ime
l
imit
.
accor
dancewi
ththi
ssect
ion,t
heper
iodmaybev ari
edi
nrespectofa
company—

(
a)byt
heCour
t;and

(
b)ont
heappl
i
cat
ionoft
headmi
nist
rat
or.

(2)A ti
meper
iodmaybeext
endedi
nrespectofacompanyundert
his
sect
ion—

(
a)mor
ethanonce;
and

(
b)af
terexpi
ry.

546.(
1)Aperiodspeci
fi
edi nsecti
ons483(5)
,487(1)(b)
,or488(2)ofthi
sAct Vari
ati
onoft
ime.
maybevari
edinrespectofacompanybytheadmini
str
atorwi
thconsent
.

(
2)I
nsubsect
ion(
1),
“consent
”meansconsentof
—

(
a)eachsecur
edcr
edi
toroft
hecompany
;and

(
b)creditorswhosedebtsamountt omor ethan50%
of t he company ’
s unsecured debts, ift he
company has unsecur ed debts, di
sregar
ding
debtsofanycr edi
torwhodoesnotr espondtoan
i
nv i
tationt
ogiveorwithhol
dconsent.

(
3)Wher et
headmi
nist
rat
orhasmadeast
atementundersect
ion487oft
his
Act–

“
consent
”means—

(
a)consentofeachsecur
edcr
edi
toroft
hecompany
;
or

(
b)ift
heAdministr
atorthinksthatadist
ribut
ionmay
bemadetopreferent
ialcredi
tors,
consentof—
 (
i)eachsecur
edcr
edi
toroft
hecompany
,and

(
ii
)preferent
ial
credi
torswhosedebtsamountt o
moret han50%oft hetotalpr
eferent
ialdebt
s
ofthecompany ,disr
egardi
ngdebt sofany
cr
editor who does not r espond t o an
i
nvit
ationtogiv
eorwi t
hholdconsent.

(
4)Consentf
ort
hepur
posesofsubsect
ion(
1)maybe—

(
a)wr
it
ten;
or

(
b)si
gni
fi
edatacr
edi
tor
s’meet
ing.

(
5)Thepowert
oext
endundersubsect
ion(
1)—

(
a)maybeexer
cisedi
nrespectofaper
iodonl
yonce;

(
b)shallnotbeusedt
oext
endaper
iodbymor
ethan
28days;

(
c)shallnotbeusedtoext
endaper
iodwhi
chhas
beenext
endedbyt
heCour
t;and

(
d)shal
lnotbeusedt
oext
endaper
iodaf
terexpi
ry.

547.Whereaperiodisextendedundersecti
on545or546,ar ef
erencet
othe Peri
odextended
undersect
ions545or
per
iodshal
lbetakenasar ef
erencet
otheper
iodasext
ended. 546.

548.(
1)TheChi
efJudgeoft heFeder
alHi
ghCour
tmaybyor
deramenda Amendmentof
pr
ovi
sionaboutt
ime.
pr
ovi
si
onoft
hisChapt
erwhi
ch—

(
a)r equi
resany
thi
ngt
obedonewi
thi
naspeci
fi
ed
peri
odofti
me;

(
b) prevent
s anyt
hing f
rom bei
ng done af
ter a
speci
fi
edti
me;or

(
c)requir
esaspeci
fi
edmi
nimum per
iodofnot
icet
o
begiv
en.

(
2)TheChi
efJudgeshal
lmakepr
ocedur
alr
ulesr
elat
ingt
oadmi
nist
rat
ion.

(
3)Anor derorr
uleundert
hissect
ionshal
lbemadebyst
atut
oryi
nst
rument
publ
i
shedi nt
heFederal
GovernmentGazet
te.
549.(
1)I
nthi
sChapt
er— I
nterpret
ati
onoft
his
Chapter.

“admini
str
ator
”ofacompanymeansaper
sonappoi
ntedunderanyoft
hemeans
underthi
sChaptert
omanaget
hecompany’
saf
fai
rs,
businessandpr
opert
y;

“
company
”means—

(
a)acompanyr egi
steredundert
hisActoranyot
her
speci
all
egi
slati
onr el
ati
ngtocompani
es;or

(
b)anyot hercorporat
eenti
tywhi
chisr ecogni
sed
underr
ulesorordermadebyt
heMini
ster
;

“
corr
espondence”i
ncl
udes cor
respondence byt
elephoni
c orot
herel
ect
roni
c
means;

“
credi
tor
s’meet
ing”hast
hemeani
nggi
venundersect
ion487oft
hisAct
;

“
ent
ersadmi
nist
rat
ion”hast
hemeani
nggi
vent
oitundersubsect
ion(
2)(
a);

“
fl
oat
ingchar
ge”meansachar
gewhi
chi
saf
loat
ingchar
geoni
tscr
eat
ion;

“
inadmi
nist
rat
ion”hast
hemeani
nggi
vent
oundersubsect
ion(
2)(
b);

“
hir
e-pur
chase agr
eement”includes a condit
ionalsal
e agr
eement
,a chat
tel
l
easi
ngagreementandaretent
ionoftit
leagreement;

“holderofafl
oati
ngcharge”i
nrespectofacompany
’spr
oper
tyhast
hemeani
ng
givenundersect
ion452ofthi
sAct;

“
marketval
ue”meanstheamountwhi
chwoul
dber
eal
i
sedonasal
eofpr
oper
ty
i
ntheopenmarketbyawil
l
ingv
endor;

“pur
poseofadmi
nist
rat
ion”meansanobj
ect
ivespeci
fi
edi
nsect
ion444oft
his
Act;
and

“
unabl
etopayi
tsdebt
s”hast
hemeani
nggi
venbysect
ion572oft
hisAct
.

(
2)Fort
hepur
posesoft
hisChapt
er-

(
a)a company “ ent
ers admini
str
ation” when t
he
appoi
ntmentofanadminist
rat
ortakeseffect
;

(
b) a company is“i
n admini
str
ati
on” whi
l
et he
appoi
ntmentofanAdmi
nist
rat
orofthecompany
haseff
ect
;
 (
c)acompanyceasest obei nadministr
ati
onwhen
the appoi
ntment of an admini
strat
or of t
he
companyceasest
ohaveeffect
,and

(
d)acompanydoesnotceaset obeinadmi ni
strat
ion
merel
ybecausean admi ni
str
atorvacatesof f
ice
(
byreasonofresi
gnati
on,
deathorotherwise)oris
r
emov edf
rom off
ice.

(
3)I
nthi
sChapt
er,
aref
erencet
o-

(
a)athi
nginwri
ti
ngincl
udesar
efer
encet
oat
hingi
n
el
ect
roni
cfor
m; and

(
b)act
ioni
ncl
udesar
efer
encet
oinact
ion.

CHAPTER19—RECEI
VERSANDMANAGERS,

APPOI
NTMENTOFRECEI
VERSANDMANAGERS

550.(
1)Thefol
lowi
ngpersonsshallnotbeappoi
ntedoractasrecei
ver
sor Di
squali
fi
cat
ionfor
manager
sofanypr
opertyorunder
taki
ngofanycompany— appoi
ntmentasa
r
ecei
verormanager
.

(
a)ani
nfant
;

(
b)anyper sonf
oundbyacompet
entCour
ttobeof
unsoundmind;

(
c)abodycor
por
ate;

(
d)anundi schargedbankrupt,unl
esshei sgi
ven
l
eaveto actas a r ecei
verormanageroft he
pr
opert
yorunder takingoft hecompanybythe
Cour
tbywhi chhewasadj udgedbankr
upt
;

(
e)adi
rect
ororaudi
toroft
hecompany
;and

(
f)anyper sonconvict
edofanyof fenceinvol
vi
ng
fraud,dishonest
y,of f
ici
alcorrupti
on ormor al
turpi
tudeorwhoi sdisqual
if
iedundersecti
on280
ofthisAct.

(
2)Anyappoi
ntmentmadeincontr
avent
ionoft
heprov
isi
onsofsubsecti
on
(
1)i
svoidandifanyoft
hepersonsnamedinpar
agr
aphs(c)
,(d)
,(e)and
 (f
)actsasareceiv
erormanager,hecommi tsanof f
enceandisl
iabletoa
fi
neinsuchamountast heCommi ssi
onshal lspeci
fyinit
sregulati
ons,
andinthecaseofabodycor porat
eor ,i
nt hecaseofani ndi
vidual,t
o
i
mprisonmentforater
m notexceedingsixmont hsorafineastheCour t
deemsfit
.

(
3)Wher e any oft
he per
sons menti
oned i
n subsecti
on (
1)is att
he
commencementofthi
sActacti
ngasar ecei
verormanager,hemaybe
remov
edbyaCourtonanappl
icat
ionbyapersoni
nterest
ed.

551.Wher
eanapplicat
ionismadetotheCourtt
oappointarecei
veronbehal
f Poweroft hecourtto
appointoffi
cial
ofthedebent
ureholderorothercr
edit
orsofacompanywhi chisbeing recei
verfordebentur
e
woundupbyacourt,anof
fi
cialr
ecei
vermaybeappoint
ed. holdersandot her
cr
edi
tor
s.

552.(
1)Notwit
hstandingtheprovisi
onsofsect i
on233(1)(
d)theCourtmay,
on Appoi ntmentof
recei
versand
theappli
cati
onofaper soni nt
erest
ed,appoi
ntarecei
verorarecei
ver managersbyt he
andmanageroft heproper t
yorundertaki
ngofacompanyifthe— Court.

(
a)pr
incipalmoneyborr
owedbyt
hecompanyort
he
i
nterestisi
narr
ears;or

(
b)securi
ty orpr
oper
ty of t
he company i
sin
j
eopar
dy.

(
2)A recei
v erormanagerofanyproper
tyorundertaki
ngofacompany
appoint
edbyt heCourti
sdeemedtobeanof fi
ceroftheCour
tandnot
ofthecompanyandshal lacti
naccordancewiththedir
ect
ionsand
i
nstruct
ionsoftheCourt
.

553.(
1)Ar eceiv
erormanagerofanypr opert
yorunder taki
ngofacompany Recei ver
sand
managersappoi
nted
appointedoutofCour tunderapowercont ai
nedinanyi nstrumenti
s, outofCourt
.
subjecttosection554oft hi
sAct,deemedt obeanagentoft hepersonor
personsonwhosebehal fhei sappoi
ntedand,i fappoint
edmanagerof
thewhol eoranypar toft heundert
akingofacompany ,hei sdeemedt o
standinaf i
duciar
yr elat
ionshiptothecompanyandobser vet heutmost
goodf ait
htowar dsitinanyt r
ansact
ionwithitoronitsbehalf.

(
2)Suchamanager—

(
a)shal lactatal lti
mesi nwhathebelievestobet he
bestint erestsofthecompanyasawhol esoast o
preserv ei ts assets,furt
herits business,and
promot et hepurposesf orwhichitwasf ormed,
andinsuchmannerasaf ait
hful
,dili
gent,careful
andor dinari
lyskill
fulmanagerwoul dacti nt he
ci
rcumst ances;and
 (
b)i nconsideri
ngwhet herapar ti
cul
art r
ansaction
orcourseofact ionisint hebestinterestoft he
companyasa whol e,mayhav eregardt ot he
i
nterest
s of t he empl oyees,as wel las t he
member soft hecompany ,and,whenappoi nted
by,orasar epresentat
iveof ,aspecialclassof
member sorcr edit
orsmaygi v
especial,butnot
excl
usive,considerat
iontot hei nt
erestsoft hat
cl
ass.

(
3)Nothingcontainedinthearti
cles,orinanycontr
act,orinanyresolut
ion
ofa company ,shallreli
eve any managerf rom t he dut
yt o acti n
accordancewit
hsubsect i
on(2)orr el
iev
ehimfrom anyli
abil
it
yincurr
edas
aresultofanybreachofsuchdut y.

554.Ar eceiverormanageroft hepropert

yofacompanyappoi nt
edundera Powerofarecei v
eror
managerappoint
ed
powercont ai
nedinanyi nst
rument,orthepersonsbywhom oronwhose outofCourtt oapply
behalfar ecei
verormanagerhasbeensoappoi nt
edmayappl ytotheCourtt otheCourtf
or
fordirecti
onsinrelat
iontoanypar t
icul
armatterari
singinconnecti
onwith dir
ecti
ons.
theper formanceofhi sfuncti
ons,andonanysuchappl icat
iontheCourt
maygi ve such di
recti
ons ormake such orderdecl ari
ng the r
ight
s of
personsbef oret
heCour torother
wise,asi
tdeemsj ust.

555.(
1)Wher ear eceiv erormanageroft heproper tyofacompanyhasbeen Not i
fi
cationtothe
appoint
ed,t her eceiv
erormanagershal lwithin14day sgivenot i
ceof Commi ssionthata
his appoi
nt mentt ot he Commi ssion indicati
ng t he ter
ms ofand recei verormanager
hasbeenappoi nted.
remunerati
onf ortheappoint
ment ,andev eryinvoice,orderforgoodsor
busi
nesslet terissuedbyoronbehal fofthecompany ,r
eceiv
er,manager
orliqui
datoroft hecompany ,beingadocumentonori nwhi chthe
company '
snameappear s,shallcontai
nast atementt hatar eceiv
eror
managerhasbeenappoi nt
ed.

(
2)Ifdefaultismadeincomplyingwit
hthissecti
on,ther eceiver,manager
,
l
iquidatororanyoffi
cerofthecompanywhoi sindef ault,authori
sesor
permitst hedefaul
tast hecasemaybe,commi tsanof fenceandi s
l
iabletoapenal tyforever
ydaydur i
ngwhi chthedef aultcont i
nuesin
suchamountast heCommissionshal
lspeci
fyinit
sr egulati
ons.

DUTI
ES,
POWERSANDLI
ABI
LITI
ESOFRECEI
VERSANDMANAGERS

556.(
1)Aper sonappointedasar eceiverofanypr opertyofacompanyshal l, Dut
iesandpower
sof
subjecttother i
ghtsofpr i
orencumbr ances,takepossessionofand recei v
ersand
managers.
protecttheproperty
,recei
ver entsandpr ofi
tsanddi schar
geal lout-
goingsinrespectt
hereofandrealisethesecurit
yforthebenefitoft
hose
on whose behal fhe is appointed,butunl ess he is an appoint
ed
 manager,he does nothav
e powert
o car
ry on any busi
ness or
under
taki
ng.

(
2)Apersonappoi
ntedmanageroft
hewhol
eoranypartoftheundertaki
ng
ofacompanyshallmanagethesamewithav i
ew tothereal
isat
ionof
thesecur
it
yoft
hoseonwhosebehal
fheisappoi
nted.

(
3)Wi t
houtprejudicetosubsecti
on( 1)or(2),wher eareceiverormanager
i
sappoi ntedf orthewhol eorsubst anti
all
yt hewholeofacompany '
s
propert
y,thepower sconfer
redonhi m byt hedebenturesbyv irt
ueof
which he was appoi nted are deemed t oi nclude (
exceptt hey ar
e El
event
hSchedul
e.
i
nconsistentwi t
hanyoft heprovi
sionsoft hosedebentures)thepowers
specif
iedintheEl ev
enthScheduletot hi
sAct .

(
4)From thedat eofappoi
ntmentofar ecei
verormanager,thepowersof
thedirect
orsorliqui
dat
orsinamember s'vol
untar
ywindinguptodeal
withthepropert
yorundert
akingoverwhichheisappoint
ed,shal
lcease,
unlesstherecei
verormanagerisdi
schargedorthesecur
ityi
sreal
ised.

(
5)If
,ont heappoint
mentofar eceiv
erormanager,t
hecompanyi sbeing
woundupundert heprovi
sionrelati
ngtocr
edit
ors'
voluntar
ywi ndi
ngup,
orthepropert
yconcernedi sinthehandsofsomeot heroffi
cerofthe
Court
,theli
quidat
ororoff
icershallnotbeboundtoreli
nquishcontr
olof
suchpropert
yt other
eceiverormanagerexceptundert heorderofthe
Court
.

557.(
1)Ar ecei
verormanagerofanypr opertyorunder
taki
ngofacompanyis Li
abi
lit
iesofr
ecei
ver
s
andmanagerson
personal
lyliabl
eonanycontractent
eredintobyhim excepti
nsof
aras cont
racts.
thecontractother
wiseexpr
esslypr
ovides.

(
2)Asr egardscontract
senteredi nt
obyar ecei
verormanageri
nthepr oper
perf
ormanceofhi sfunct
ions, suchreceiverormanageri
s,subj
ecttot he
ri
ghtsofanypr iorencumbr ance,entit
ledt oanindemnit
yinrespectof
l
iabi
li
tythereonoutofthepr opertyoverwhi chhehasbeenappointedt o
actasar ecei
verormanager .

(
3)Ar ecei
verormanagerappointedoutofCour tunderapowercont ai
ned
i
nanyi nst
rumentisalsoentit
led,asr egardscontract
sent er
edintoby
him withtheexpr
essorimpliedaut hor
ityofthoseappoi nt
inghim,toan
i
ndemni tyinr
espectofli
abi
li
tyt her
eonf rom t
hoseappoi nt
inghimtothe
extenttowhichhei sunabl
et or ecoveri naccordancewithsubsecti
on
(2)
.

558.(
1)TheCourtmay,ontheappli
cati
onoft
hecompanyortheli
qui
dator,by PoweroftheCourtt
o
fi
xremunerat
ionon
or
derfi
xtheamounttobepai dbywayofremuner
ati
ontoanyper son appl
icat
ionof
who,
undert
hepowerscontai
nedinanyi
nst
rument,
hasbeenappointed l
iqui
dator.
 asar
ecei
verormanageroft
hepr
oper
tyoft
hecompany
.

(
2)Thepower
softheCourtundersubsect
ion(
1)shal
l,wher
enopr
evi
ous
or
deri
smadeundert
hatsubsect
ion—

(
a)extendtofi
xingther
emuner
ati
onf oranyperi
od
bef
orethemakingoft
heor
derortheappli
cat
ion;

(
b)beexerci
sablenotwi
thstandi
ngthattherecei
ver
ormanagerhasdiedorceasedt oactbeforethe
maki
ngoftheorderortheappli
cati
on;and

(
c)ext end,wher et herecei
verormanagerhasbeen
paidorhasr etainedashi sremunerati
onforany
peri
odbef oret hemaki ngoftheorderanyamount
i
n excess oft hatso fixed f
ort hatperi
od,to
requir
inghim orhi spersonalrepresent
ati
vesto
accountf ortheexcessorsuchpar tasmaybe
specifi
edintheor der:

Provided thatt he powerconferred by t

his par
agraph shal
lnotbe
exercisedasr espectsanyperi
odbef orethemaki ngoftheapplicat
ion
fort he orderunless,inthe opinion ofthe Courtther
e are special
cir
cumst ancesmaki ngitpr
operforthepowertobeexer ci
sed.

(
3)TheCourtmay,onanappl
icat
ionmadebythecompany,l
iqui
datororby
t
herecei
verormanager
,varyoramendanordermadeundersubsect
ion
(
1).

(
4)This secti
on appl
ies whet
herthe recei
verormanagerhas been
appoi
ntedbefor
eoraft
erthecommencementofthi
sAct
.

PROCEDUREAFTERAPPOI
NTMENT
I
nfor
mat
ionwher
e
559.(
1)Wher earecei
verormanageroft hewholeorsubstanti
all
ythewholeof recei
verormanager
thepropert
yofacompany( i
nt hi
ssecti
onandinsection560oft hi
sAct appoint
edinrespect
ofaf
loat
ingcharge.
refer
red t
o as "the r
eceiver"
)has been appointed on behalfofthe
holdersofanydebenturesoft hecompanysecuredbyaf l
oati
ngcharge,
then,subj
ecttotheprov i
sionsoft hi
ssect
ionandofsect i
on560oft hi
s
Act—

(
a)ther
ecei
vershal
limmediat
elysendnoti
cet
othe
companyofhi
sappoint
mentandt het
erms;

(
b)thereshall
,wit
hin14day saft
err
ecei
ptofthe
noti
ce,orsuchlongerper
iodasmaybeal
lowed
 bytheCour torbythereceiv
er,bemadeoutand
submitted t
ot he r
eceiverin accordance wi
th
secti
on 560 oft hi
s Act ,a statementint he
prescr
ibedform astot
heaf f
air
soft hecompany;
and

(
c)the recei
vershal
l,wi
thintwo mont
hs af
ter
r
ecei
ptofthest
atement
s,sendt
o—

(
i)the Commi ssi
on orCourta copyofthe
stat
ementandofanycomment sheseesfit
to make ther
eon and i
nthe case oft
he
Commi ssi
on also a summar y of the
stat
ementandofhiscomments,i
fany,

(
ii
)thecompanyacopyofanycommentsori
f
hedoesnott
hinkfi
ttomakeanycomment
,
anot
icet
othatef
fect
,and

(
ii
i)anytrusteesforthedebentur
ehol der
son
whosebehal fhehasbeenappointedand,so
farashei sawareoft hei
raddresses,t
oall
suchdebent ur
eholder
s,acopyoft hesaid
summar y.

(
2)Ther ecei
vershal lwithi
nt womont hs,orsuchl ongerper iodast heCour t
mayal lowaf t
ert heexpirati
onoft heper i
odof12mont hsf rom t hedat e
ofhi sappoi ntmentandofev er
ysubsequentper iodof12mont hs,and
withint womont hs, orsuchl ongerper i
odast heCour tmayal lowaf terhe
ceasest oactasr eceiverormanageroft hepr opertyoft hecompany ,
sendt otheCommi ssion,anyt rusteef ort hedebent urehol dersoft he
companyonwhosebehal fhewasappoi nted,t hecompanyand( i
fhei s
awar eoft heiraddr esses)al ldebenturehol ders( i
fhei sawar eoft hei
r
addr esses),anabst ractinthepr escri
bedf orm showi nghi srecei ptsand
payment sduringt hatper i
odof12mont hs,or ,wher eheceasest oact,
duringt heper i
odf rom theendoft heper iodt owhi chthelastpr eceding
abstr actrelat
esupt othedat eofhi ssoceasi ng,andt heaggr egate
amount sofhisr eceiptsandpay ment sdur ingal lprecedingper iodssi nce
hisappoi ntment.

(
3)Wherether ecei
verisappoi
nted underthepower
scont
ained i
nany
i
nst
rument
,thissect
ionhasef
fectwiththe—

(
a)omi ssi
on oft he r
efer
ences t
othe Cour
tin
subsect
ion(1)
;and
 (
b)substit
utionforthereferencest otheCourtin
subsecti
on( 2)
,ofref
erencest otheCommission
andi nanyot hercaser eferencest
ot heCourt
shal
lbet akenasreferr
ingt otheCourtbywhich
therecei
verwasappointed.

(
4)Subsect ion( 1)doesnotappl yinrelationtot heappoi nt
mentofar ecei
ver
ormanagert oactwi thanexi sti
ngr eceiverormanagerori npl aceofa
recei
v erormanagerdy ing orceasi ng t o act,exceptt hat,wher ethat
subsectionappl iestoar eceiverormanagerwhodi esorceasest oact
beforeithasbeenf ul
lycompl iedwi th,ther eferencesi npar agraphs( b)
and( c)tot hereceiv
ershal l
,subjecttosubsect ion(5),includer eferences
tohissuccessorandt oanycont i
nui
ngr ecei
v erormanagerandnot hingin
thissubsect i
onshal lbetakenasl i
mi tingthemeani ngoft heexpr ession
"thereceiver"whereusedi n,orinrel
at i
ont o,subsect i
on( 2).

(
5)Thissecti
onandsect
ion560ofthisAct,wher
et hecompanyi
sbei
ng
woundup,appl
ynotwi
thst
andingt
hattherecei
verormanagerandt
he
l
iqui
dat
oraret
hesameperson.

(
6)Not hinginsubsecti
on( 2)shal
lbetakent oprejudi
cethedutyofthe
recei
vertorenderproperaccount
sofhisr ecei
ptsandpay ment
stothe
personstowhom,andatt het
imesatwhich,hemayber equir
edtodoso
apartfr
om t
hatsub-secti
on.

(
7)I ftherecei
vermakesdefaul
tincomply
ingwit
ht herequir
ementsofthi
s
section,heisli
abl
et oapenalt
yforeverydayduringwhichthedefault
continues i
n such amountas the Commission shallspeci
fyini t
s
regulati
ons.

560.(
1)Thestatementsastotheaff
air
sofacompanyr equir
edbysecti
on559, Specialprov
isi
onsas
tostatement
tobesubmitt
edtotherecei
ver(orhi
ssuccessor)shal
l,showasatt
he submi t
tedtorecei
ver
.
dat
eoftherecei
ver
'sappoi
ntment-

(
a)thepart
icular
sort
hecompany
'sasset
s,debt
s
andl
iabi
lit
ies;

(
b)thenames,r
esi
dencesandoccupat
ionsofi
ts
credi
tor
s;

(
c)t
hesecur
it
ieshel
dbyt
hedi
rect
orsr
espect
ivel
y;

(
d)thedateswhent
hesecur
it
ieswer
erespect
ivel
y
giv
en;and

(
e)such f
urt
herorot
heri
nfor
mat
ion as maybe
 pr
escr
ibed.

(
2)Thest at
ementshallbesubmi t
ted,andv eri
fiedbyaf fi
davi
tofoneor
moreoft heper
sonswhoar e,atthedateoft hereceiver
'sappoint
ment,
thedir
ector
sandbyt hepersonwhois,atthatdat e,t
hesecretaryofthe
company,orbytherecei
verorhissuccessor,subjecttothedirect
ionof
thecourt
,mayrequi
retosubmitandv er
if
yt hestatementofwho—

(
a)ar
eorhav
ebeenof
fi
cer
soft
hecompany
;

(
b)havetakenpartint
hef or
mati
onofthecompany
atanyti
mewi thi
noney earbef
oret
hedateofthe
recei
ver
'sappoi
ntment;

(
c)areintheempl oy
mentoft hecompany,orhave
beenintheemploymentofthecompanywithi
nthe
year
,andareintheopini
onoftherecei
vercapabl
e
ofgi
vingthei
nformati
onrequir
ed;or

(
d)areorhavebeenwi t
hinthesai
dyearof f
icersof
orintheemploymentofacompanywhi chi s,or
wit
hinthe saidy ear was,an officer of the
companytowhicht
hest at
ementrel
ates.

(
3)Aper sonmakingthestatementandaffi
daviti
sall
owed,andshallbepai
d
byt herecei
ver(orhissuccessor)outofhi srecei
pts,suchcostsand
expensesincurr
edint heprepar
ationandmaki ngofthest at
ementand
aff
idavitas t
he receiverorhis successormayconsi derreasonabl
e,
subjecttoanappealtotheCourt
.

(
4)Wher et hereceiverisappoi nted underthepower scont ained i nany
i
nstrument,t
hissect i
onhasef fectwiththesubsti
tut
ionforref erencest o
theCourtofreferencestotheCommi ssionandref
erencestoanaf fidav
it,
ofrefer
encestoast at
utorydeclarati
onandinanyot hercaser eferences
totheCourtist akenasr efer
ri
ngt otheCour tbywhichther ecei verwas
appoint
ed.

(
5)Ifanyper sonwithoutr
easonabl
eexcusemakesdef aul
tincomplyi
ng
witht herequi
rementsofthi
ssecti
on,heisl
iabl
etoapenalt
yasmaybe
prescr i
bed bytheRegulati
on f
orev er
ydaydur i
ng whi
ch thedef
ault
continues.

(
6)References i
nt hi
s sect
ion t
othe r
ecei
ver
's successori
ncl
ude a
cont
inui
ngrecei
verormanager
.

ACCOUNTSBYRECEI
VERORMANAGER
 Del
i
ver
yto
561.(
1)Exceptwher esect ion559( 2)ofthisActappl i
es,everyreceiveror Commi ssi
onof
manageroft hepr oper t
yofacompanywhohasbeenappoi ntedunder accountsofr
ecei
ver
s
thepower scont ai
nedi nanyi nstr
umentshal l,wit
hinonemont horsuch andmanager
s.
l
ongerper iodsast heCommi ssionmayal low, aft
ertheexpir
ationoft he
peri
odofsi xmont hsf rom thedat eofhi sappoi ntment,andofev ery
subsequentper i
odofsi xmont hs,andwithinonemont haft
erheceases
to act as r eceiver or manager ,deli
v er tot he Commi ssi
on f or
regi
strati
onanabst racti nt heprescri
bedf orm showinghisreceiptsand
hispay mentsdur ingt hatper iodofsixmont hs,orwhereheceasest o
act,duringt heper iodf rom t heendoft heper i
odtowhi cht helast
preceding abst ractr elates,up t othedat eofhi sceasing,and t he
aggregate amountofhi sr eceipts and ofhi s payments dur i
ng all
precedingper iodssi ncehi sappointment.

(
2)Ev eryreceiverormanagerwhomakesdef aulti
ncompl yi
ngwi ththe
provi
sionsoft hi
ssecti
onisli
ablet
oapenaltyasmaybepr escr
ibedin
theregulat
ionforev
erydayduri
ngwhicht
hedefaul
tcont
inues.

DUTYASTORETURNS

562.(
1)I
fanyr
ecei
verormanageroft
hepr
oper
tyofacompanyhav
ing— Enforcementofdut
y
ofreceiv
ersand
manager stomake
(
a)madedef aul
ti nfi
li
ng,deliveri
ngormaki ngany ret
urns,etc.
retur
ns,accountorot herdocument ,oringiving
anynoticewhi chareceiverormanagerisbyl aw
requi
redtof i
le,del
iver
s,makes,gi vesorfailsto
makegoodt hedef aul
twi thin14day safterthe
servi
ceonhi m ofanot i
cerequi r
inghi
mt odoso,
or

(
b)beenappoi ntedundert hepowerscontainedin
anyinstr
umenthas,af t
erbeingrequi
redatany
ti
mebyt heliquidatorofthecompanysot odo,
fai
lstor enderpr operaccountsofhisr ecei
pts
andpay mentandt ov ouchthesameandt opay
over to the l i
quidator the amount properl
y
payabl
et ohim,

theCourtmay,onanappli
cati
onmadeforthatpur
pose,makeanorder
dir
ecti
ngtherecei
verormanager
,ast
hecasemaybet omakegoodthe
defaul
twit
hinsuchti
measmaybespecifi
edintheorder.

(
2)Inthecaseofanydef aul
tundersubsect
ion(1)(a)
,anappl
icat
ionmay
bemadebyanymemberorbyt heCommi ssi
on,andinthecaseofany
def
aultundersubsect
ion(1)(b),theappl
icat
ionshallbemadebyt he
 l
iquidat
or,andinei
thercaset
heordermaypr
ovi
det
hatal
lcost
sshal
lbe
bornebytherecei
verormanager
.

(
3)Nothingi
nthissect
ionshallbet
akentoprej
udi
cet heoper
ati
onofany
enact
mentimposing penal
ti
eson recei
ver
sinr espectofanydefaul
t
menti
onedinsubsect
ion(1)
.

CONSTRUCTI
ONOFREFERENCES

563.Anyr
efer
encei
nthi
sActt
o— Constructi
onof
refer
encesto
recei
versand
(
a)a r eceiverormanageroft he pr
oper t
y ofa manager s.
company ,ortoar eceiverther
eof,includes a
refer
ence toar eceiverormanager ,ort oa
recei
verofpar tonlyoft hatpropert
yandt oa
recei
veronlyoft he income arisi
ng from that
propert
yorfrom partthereof;
and

(
b)t heappoi ntmentofareceiverormanagerunder
power scont ai
nedinanyi nstrument,includesa
referencetoanappoi nt
mentmadeunderpower s
whi ch,byv i
rt
ueofanyenact ment ,areimpliedi
n
andhav eeff
ectasifcontai
nedi naninstr
ument .

CHAPTER20—WI
NDI
NGUPOFCOMPANI
ES

MODESOFWI
NDI
NGUP

564.(
1)Thewi
ndi
ngupofacompanymaybeef
fect
ed— Modesofwi
ndi
ngup.

(
a)byt
heCour
t;

(
b)v
olunt
ari
ly
;or

(
c)subj
ectt
othesuper
visi
onoft
heCour
t.

(
2)Theprovi
sionsoft
hisActwithrespectt
owi
ndi
ngupappl
y,unl
essthe
cont
rar
yappears,t
ot hewindingupofacompanybyanyoft hose
modes.

CONTRI
BUTORI
ES
Li
abi
l
ityas
565.I
ntheeventofacompanybei
ngwoundup,ev
erypr
esentandpastmember contr
ibutor
iesof
isli
abl
etocontri
but
etotheasset
softhecompanyasprovi
dedinsect
ion presentandp ast
member s.
117ofthi
sAct.
566.Thet er
m,"cont
ributor
y"meansev erypersonliabletocont ri
but
et othe Defi
niti
onof
cont
ributor
y.
assetsofacompanyi ntheev entofi tsbeing wound up,and f orthe
purposesofal
lproceedingspri
ortot hefinaldet
erminationofthepersons
whoar etobedeemedcont r
ibut
ories,theexpressionincludesanyperson
al
legedtobeacont r
ibut
ory.

567.(
1)Thel i
abi
li
tyofacontr
ibut
orycreatesadebtofthenat
ureofanor
dinary Natureofli
abi
li
tyof
contr
ibut
ory.
cont
ractdebtaccr
uingandduef rom hi
m atthet i
mewhenhi sl
iabi
li
ty
commenced,butpayableattheti
mewhencal lsaremadeforenf
orci
ng
thel
iabi
li
ty.

(
2)Anact i
ontorecoveradebtcreat
edbythi
ssect
ionshal
lnotbebrought
aft
ertheexpi
rati
onofsixy earsfr
om t
hedateonwhi chthecauseof
acti
onaccr
ued.

568.(
1)I facontr
ibutorydiesei
therbeforeorafterhehasbeenpl acedonthe Cont r
ibut
ori
esi
ncase
ofdeathofmember
.
l
istofcontri
butori
es,hispersonalrepr
esentati
ves,hei
rsanddev i
sees,
areli
ablei
nduecour seofadminist
rati
ont ocontr
ibut
etotheassetsof
thecompanyi ndischar
geofhi sl i
abil
it
yandt heyar econtri
but
ori
es
accordi
ngl
y.

(
2) Wheret he personalrepr
esent
ati
ves ar
e placed on t
he l
ist of
contr
ibut
ori
es,theheir
sordevi
seesneednotbeaddedbutt
heymaybe
addedasandwhent heCour
tdeemsfit
.

(
3)I
ft he personalr
epresent
ati
v es make defaultin payi
ng anymoney
order
ed t o be paid by them,pr oceedings may be t aken f
or
administ
eringthewholeoranypar toft heest ateoft hedeceased
contr
ibutory,
andforcompell
ingpaymentoutofi tofthemoneydue.

569.(
1)Ifacontr
ibut
orybecomesbankrupt,ei
therbef
oreoraf
terhehasbeen Contr
ibutor
iesi
ncase
ofbankrupt
cyof
pl
acedonthel
istofcont
ri
but
ori
es,then— member .

(
a)histrust
eeinbankruptcyshallr
epr
esenthimfor
thepurposesofthewi nding-
up,andshallbea
cont
ri
butoryaccor
dingl
y,andmaybecalled—

(
i)ontoadmitt
opr
oofagai
nstt
heest
ateoft
he
bankr
upt
,or

(
ii
)t oal
low tobepaidoutofhisassets,any
moneyduef rom t
hebankr
uptinrespectof
hi
sli
abil
it
yt ocont
ri
but
etotheassetsofthe
company;and

(
b)t
her
emaybepr
ovedagai
nstt
heest
ateoft
he
 bankr
upttheesti
matedvalueofhisli
abi
li
tyt
o
fut
urecal
lsaswel
lascal
lsalr
eadymade.

(
2)The pr ovi
sionsofthissect
ion extend and appl
ywi
th al
lnecessar
y
changestothecaseofani
nsol
v entperson.

CHAPTER21—WI
NDI
NGUPBYTHECOURT

JURI
SDI
CTI
ON

570.(
1)TheCour thav
ingj
uri
sdi
cti
ontowindupacompanyistheFeder
alHi
gh Juri
sdi
cti
onast
o
Courtwit
hinwhoseareaofjuri
sdi
cti
ontheregi
ster
edoffi
ceorhead windi
ngup.
of
ficeoft
hecompanyissi
tuat
e.

(
2)Fort hepurposeofthissect
ion,"
regi
ster
edof f
ice"or"headoff
ice"means
theplacewhichhasl ongestbeenthe pri
ncipalplaceofbusinessofthe
companydur ingthesixmont hsimmediatel
ypr ecedi
ngt hepresent
ati
on
ofthepeti
ti
onf orwi
ndingup.

CASESI
NWHI
CHCOMPANYMAYBEWOUNDUPBYCOURT

571.Acompanymaybewoundupbyt
hecour
tif— Ci
rcumstancesin
whichcompanies
maybewoundupby
(
a)thecompanyhasbyspeci
alr
esol
uti
onresol
ved Court
.
t
hatt
hecompanybewoundupbytheCourt
;

(
b)defaul
tismadei
ndeli
veri
ngthestatut
oryr
epor
t
t
ot heCommissi
on orin hol
ding t
hestat
utor
y
meeti
ng;

(
c)t henumberofmembersi
sreducedbel
owt woin
the case ofcompani
es wi
th moret han one
sharehol
der;

(
d)t
hecompanyi
sunabl
etopayi
tsdebt
s;

(
e)t hecondi
ti
onprecedentt
otheoper
ati
onoft
he
companyhasceasedtoexi
st;
or

(
f)theCourti
sofopi
niont
hati
tisj
ustandequi
tabl
e
t
hatthecompanyshoul
dbewoundup.

572.Acompanyi
sdeemedt
obeunabl
etopayi
tsdebt
sif— Defi
nit
ionofi
nabi
l
ity
topaydebts.

(
a)acredi
tor
,byassi
gnmentorot
herwise,t
owhom *amended by BFA 2023

t
he companyisindebt
ed i
n a sum exceedi
ng S572(a)- ...the company is indebted in a
sum to be determined by a Regulation
issued by the Commission, then due, has
served on...
 ₦200,000,t hendue,hasser vedont hecompany ,
byleavingitatitsr egist
eredof fi
ceorheadof fi
ce,
ademandunderhi shandr equir
ingthecompany
topayt hesum due,andt hecompanyhasf or
thr
eeweekst hereafterneglectedtopayt hesum
ortosecur eorcompoundf ori ttothereasonable
sati
sfactionoft hecreditor;

(
b) execut
ion or ot her pr
ocess issued on a
j
udgment,actororderofanyCourtinfav
ourofa
cr
edi
torofthecompanyi sret
urnedunsat
isf
iedi
n
whol
eorinpart;or

(
c) the Cour t
, after t
aking int
o account any
cont
ingentorprospect
iveli
abi
li
tyoft
hecompany,
i
ssatisfi
edthatthecompanyi sunabl
etopayits
debt
s.

PETI
TIONSFORWI
NDI
NGUPANDI
TSEFFECTS

573.(
1)Anappli
cationt
othecourtf
orthewindi
ngupofacompanyshallbeby Provi
sionsast
o
pet
it
ionpresent
edsubj
ecttothepr
ovisi
onsoft
hissect
ion,
by— appli
cati
onfor
windi
ngup.

(
a)t
hecompanyoradi
rect
or;

(
b)acredit
or,i
ncl
udi
ngacont
ingentorpr
ospect
ive
cr
edit
orofthecompany
;

(
c)t
heof
fi
cialr
ecei
ver
;

(
d)acont
ri
but
ory
;

(
e) a tr
ustee in bankr
uptcy to,or a per
sonal
r
epresentat
iveof
,acredi
tororcont
ri
but
ory;

(
f)t
heCommi
ssi
onundersect
ion366oft
hisAct
;

(
g)arecei
ver
,ifaut
hor
isedbyt
hei
nst
rumentunder
whi
chhewasappointed;
or

(
h)by allorany oft
hose par
ti
es,t
oget
heror
separ
atel
y.

(
2)Not
wit
hst
andi
ngany
thi
ngi
nsubsect
ion(
1)—

(
a)a cont
ri
but
oryi
s notent
it
led t
o pr
esenta
 pet
it
ionf
orwi
ndi
ngupacompanyunl
esst
he—

(
i)numberofmembersi
sreducedbel
owtwoin
thecaseofcompani
eswithmorethanone
shar
ehol
der
,or

(
ii
)shar esi
nrespectofwhichhei scontributory
orsomeoft hem,wereor igi
nal
lyallottedt o
him orhavebeenheldbyhi m,andr egistered
i
nhi sname,foratl
eastsixmont hsduringt he
18mont hsbeforethecommencementoft he
windingup,orhavedevolvedonhi mt hrough
thedeathofaformerholder;

(
b)awi ndi
ng-uppet iti
onshal lnot ,ift
hegr oundof
thepet i
tionisdef aultindel iveringthest at
utory
repor ttot he Commi ssion ori n holding the
statutorymeet ing,bepr esent edbyanyper son
exceptashar eholder,orbef oret heexpirati
onof
14day safterthel astdayonwhi chthemeet i
ng
shoul dhavebeenhel d;and

(
c)theCour tshal
lnothearawi ndi
ng-uppet it
ion
present
ed by a cont i
ngent or pr ospect
ive
credi
torunti
lsuff
ici
entsecuri
tyforcost shas
beengiven,andapr i
mafaciecasef orwinding
uphasbeenestabl
ishedt
oitssati
sfacti
on.

(
3) Wher e a company i s being wound up v olunt
aril
y or subj ect to
super vi
sion,a wi ndi
ng-up petit
ion may be presented by the of f
icial
receiverattachedt ot
heCour t,aswellasbyanyot herper sonauthorised
undert heot herprovi
sionsofthissecti
on,buttheCour tshallnotmakea
winding-up or deron anysuch pet i
ti
on unless i
tis sat i
sfi
ed thatt he
voluntarywi nding up orwinding up subj
ectto superv i
sioncannotbe
continued wi th due r egar
d t o the inter
ests of t he credit
ors or
contributori
es.

(
4) A cont ri
butor
y is entit
led t
o present a windi
ng-
up peti
ti
on
notwi
thstandi
ngthatt
heremaynotbeassetsav
ail
abl
eonthewi
ndingup
fordi
str
ibuti
ontocont
ribut
ori
es.

574.(
1)Onhear ingawi nding-uppet
it
ion,theCourtmaydismissit,adj
ournthe PowersofCourton
hear
ingpet
it
ion.
heari
ngcondi ti
onal
lyoruncondi t
ional
lyormakeanyi nt
erim order
,or
anyotherorderthatitdeemsfit
,buttheCourtshal
lnotref
uset omakea
windi
ng-upor deront hegroundonl ythattheassetsoft hecompany
havebeenmor t
gagedt oanamountequalt oori nexcessoft hose
 asset
s,ort
hatt
hecompanyhasnoasset
s.

(
2)Unlessi tappearst otheCourtthatsomeot herr emedi
esareav ail
able
andt hatthepetit
ioner
sareactingunreasonabl
yi nseeki
ngawi nding-up
orderinsteadofpursuingt
hoser emedies,t
heCour t,
onhear
ingapet i
tion
bycont ri
butorymember sofacompanyf orr
eliefbywindi
ngupont he
groundt hatitwouldbejustandequitablesotodo,shallmaketheor der
aspr ayedi fiti
soft heopini
ont hatthepetit
ionersareenti
tl
edt ot he
rel
iefsought .

(
3)Wher eapet it
ionispr esentedont hegroundofdef aul
tindeliver
ingthe
stat
utoryrepor tt
ot heCommi ssionorinholdi
ngt hestatutorymeeting,
theCourt,insteadofmaki ngawi ndi
ng-uporder,maydirectthedeliv
er y
ofthestatutoryreportortheholdingofameet i
ng,andor derthecoststo
bepaidbyt hepersonswho,i nt heopini
onoft heCourt,areresponsibl
e
forthedefault
.

575.Wher eawi nding-uppet i

ti
onhasbeenpr esentedandanact ionorot her Powert ostayor
rest
rai
nproceedi
ngs
proceedingagai nstacompanyi sinsti
tutedorpendinginanyCour t(i
nt his agai
nstcompany.
secti
onr eferr
edt oas" theCourtconcerned")
,thecompanyoranycr editor
orcont r
ibutorymay ,befor
ethemaki ngoft hewi ndi
ng-uporder
,appl yt o
the Courtconcer ned foran orderst ayi
ng proceedi
ngs and the Cour t
concerned may ,wi t
h or without imposing terms,st ay or restr
ai n
proceedings,ori fi tdeemsf i
t,ref
ert hecaset ot heCourthear i
ngt he
winding-
uppet iti
on.

576.In a windi
ng up bytheCourt,anydisposi
ti
on ofthepr oper
tyoft he Avoidanceof
di
sposi
ti
onsof
company ,i
ncludi
ng thi
ngs i
n acti
on and any t
ransferofshares,or propertyaft
er
al
ter
ationinthestatusofthemembersoft hecompany ,madeafterthe commencementof
commencementoft hewindi
ngupshall
,unl
esstheCourtotherwi
seorders, wi
ndingup.
bevoid.

577.Wher e a companyi s being wound up byt

he Court
,anyattachment, Avoi
danceof
at
tachment
s.
sequest
rati
on,dist
ressorexecut ionputi nf
orceagainstt
heestateor
eff
ectsofthecompanyaf terthecommencementofthewindi
ngupisvoi
d:

Prov
idedtheprovi
sionsofthi
ssectiondonotappl yt
oaf ixedchargeor
anyothervali
dlycreat
ed and per
fected secur
it
yint
erestotherthan a
fl
oati
ngchar
ge.

COMMENCEMENTOFWI
NDI
NG-
UP

578.(
1)Wher e,bef
orethepr
esentat
ionofapet i
ti
onforthewindi
ngupofa Commencementofa
companybyt heCour
t,aresoluti
onhasbeenpassedbythecompany windi
ng-
upbyt
he
Court
.
forvol
untar
ywindi
ngup,thewi ndi
ngupofthecompanyisdeemedt o
havecommencedatt het i
meoft hepassi
ngoft her
esolut
ion,and
 unlesstheCourt
,onpr oofoff r
audormist
ake,deemsitf
itt
odirect
otherwi
se,allproceedi
ngs taken i
nthe vol
untar
y wi
ndi
ng up are
deemedt ohavebeenvali
dlyt
aken.

(
2)I
nanyot hercase,t
hewindi
ngupofacompanybyt
hecour
tisdeemed
t
ocommenceatt het
imeoft hepr
esent
ati
onoft
hepeti
ti
onforthe
windi
ngup.

CONSEQUENCESOFWI
NDI
NG-
UPORDER
Copyofordertobe
579.Onthemakingofawindi
ng-
uporder,acopyoftheordershal
limmediat
ely for
wardedto
beforwardedbythecompany,orotherwi
seasmaybepr escri
bed,t
ot he Commi ssi
on.
Commi ssi
on,whi
chshal
lmakeami nutether
eofini
tsbooksrelat
ingt
ot he
company .

580.I
fawi ndi
ng-uporderi
smadeorapr ov
isi
onall
iqui
dat
orisappoi
nted,no Acti
onsstay
edon
windi
ng-
upor der
.
acti
onorproceedi
ngshallpr
oceedwi
thorcommenceagainstt
hecompany
exceptbyl
eaveoftheCourtgiv
enonsuchter
msast heCour
tmayimpose.

581.Anor derforwi
ndingupacompanyshal loper
ateinf
avourofal
lthe Ef
fectofwi
ndi
ng-up
or
der.
credi
tor
sandofallt hecontr
ibut
ori
esofthecompanyasifmadeonthe
joi
ntpeti
ti
onofacredit
orandofacontr
ibut
ory.
OFFI
CIALRECEIVER
Def
ini
ti
onofof
fi
cial
582.(
1)Forthepurposeofthi
sActandsofarasi tr
elatest
ot hewindi
ngupof recei
ver
.
companiesbyt heCourt,"
off
ici
alrecei
ver"meanst heDeput yChi
ef
Regist
raroftheFederalHi
ghCourtoranof fi
cerdesignat
edfort
hat
purposebytheChi
efJudgeoftheCourt.

(
2)Anysuchoff
icershall
,fort
hepur
poseofhi
sdut
iesundert
hisAct
,be
cal
led"t
heoffi
cialr
ecei
ver"
St
atementof
583.(
1)Wher et he Cour thas made a wi ndi
ng-up orderorappoi nted a company' saffai
rst
o
provi
sionalli
qui dat
ort hereshal l
,unlessthecour tdeemsf i
tt oor der besubmi t
tedtothe
otherwiseandsoor ders,bemadeoutandsubmi ttedtot heof ficial offi
cial
recei
ver.
recei
verast atementofaf f
air
soft hecompanyi ntheprescribedf orm,
veri
fi
edbyaf fi
dav it
,andshowi ngtheparti
cularsofit
sassets,debt sand
l
iabil
it
ies,thenames,r esidencesandoccupat i
onsofi t
scr editors,t he
securit
iesheldbyt hem r especti
vel
y,t
hedat eswhent hesecur it
ieswer e
respectiv
elygiven,thelistofmember sandt heli
stofchargesandsuch
furt
herorot heri nformat i
onasmaybepr escribedorast heof ficial
recei
vermayr equi r
e.

(
2)Thest at
ementshallbesubmi t
tedandveri
fi
edbyoneormor eoft he
per
sonswhoare,attherel
evantdat
e,t
hedir
ectorsandtheper
sonwhoi s
att
hatdatet
hesecretar
yofthecompany,
orbyt hepersonsment
ionedin
 thi
ssubsect
ionastheoff
ici
alrecei
ver
,subjectt
ot hedir
ectionoft
he
Court
,mayrequi
ret
osubmitandveri
fyt
hestatement
,ofpersonswho—

(
a)ar
eorhav
ebeenof
fi
cer
soft
hecompany
;

(
b)havet
akenpar
tinthef
ormati
onofthecompany
atanyti
mewithi
noney earbef
oretherel
evant
dat
e;

(
c)hav e been orarei nt he employmentofthe
companywi t
hinthesai dy ear
,and areinthe
opini
onoft heoffi
cialrecei
vercapabl
eofgiv
ing
theinf
ormationrequir
ed;

(
d)areorhav
ebeenwi t
hinthesaidyearoffi
cer
sof
orint
heempl oymentofacompanywhi chis,or
wit
hinthe saidyearwas,an of fi
ceroft he
companytowhichthestatementr
elates.

(
3)Thest atementshallbesubmi
tt
edwit
hin14daysfr
om t
her
elev
antdat
eor
wit
hinsuchext endedt i
meast heof
fi
cialr
ecei
verort
heCourtmay,for
speci
alreasons,appoint
.

(
4)Anyper sonmaki ngorconcur r
ingi nmakingthestatementandaffi
davit
requi
redbyt hissectionshal lbeal l
owedandshal lbepaidbytheoffi
cial
recei
verorpr ovi
sionalliqui
dator,asthecasemaybe,outoft heassetsof
the company such cost s and expenses incur
red in and aboutthe
preparat
ion and maki ng oft hest atementand affi
davi
tast heoffi
cial
recei
vermayconsi derr easonabl
e, subjectt
oanappealtotheCourt
.

(
5)Ifanyper son,withoutreasonabl
eexcuse,makesdefaul
tincompl yi
ng
wit
htherequirementsofthissecti
on,hecommit
sanof f
enceandi sl
iabl
e
t
oaf i
neof₦100f orev er
ydaydur i
ngwhicht
hedefaul
tcont
inues.

(
6)Anypersonstati
nghimselfi
nwrit
ingtobeacr edi
tororcont
ri
but
oryofthe
companyisenti
tl
edbyhimselforbyhisagentatallr
easonabl
eti
mes,ona
paymentoftheprescr
ibedfeetoinspectthestatementsubmit
tedunder
thi
ssect
ion,
andt oacopyoforextractf
rom i
t.

(
7)Anyper sonwhofalsel
ystatesthathei
sacr edi
tororcontri
but
oryisgui
lt
y
ofcontemptofcour
tandshal l
,ontheappl
icati
onoftheliqui
datororoft
he
off
ici
alrecei
ver
,bepunishedaccordi
ngl
y.

(
8)Inthi
ssect i
on,theexpressi
on"t
her elev
antdat
e"means,inacasewhere
aprovi
sionall
iquidat
orisappoi
nted,thedateofhi
sappointmentandina
casewherenoappoi ntmenti
smade, thedat
eofthewi
nding-uporder
.
584.(
1)Ifawi nding-upor derismade,t heof f
ici
alrecei
vershal
lassoonas Reportbyof
fi
cial
recei
ver.
pract
icableaf terreceiptofthestatementtobesubmitt
edundersect
ion
583 oft his Actorwher et he Courtorder
st hatno stat
ementbe
submitted,assoonaspr act
icabl
eaf t
erthedateoftheorder
,submi
ta
prel
iminar yreporttotheCour t—

(
a)astot heamountofcapitalissued,subscr
ibed
andpaidup, andt
heest
imatedamountofasset s
andl
iabil
it
ies;

(
b)i
fthecompanyhasf
ail
ed,ast
othecausesof
t
hefai
lur
e;and

(
c) whether
,in his opi
nion,f ur
ther i
nqui
ryis
desi
rabl
e as to any matter rel
ati
ng tothe
promoti
on,f
ormat
ionorfai
lureofthecompany
.

(
2)Theof f
icialrecei
vermay ,ifhet hinksfit
,makef urt
herreportsst
ati
ng
themanneri n whi ch t
hecompanywasf ormed and whether,i
n hi
s
opini
on,f raudhasbeencommi tt
edbyanyper sonini t
spr omoti
onor
formati
on,orbyanyof f
iceroft hecompanyi nrel
ati
ont othecompany
sincei
tsf ormationandt hereportsmayi ncl
udeanyot hermatter
swhich,
i
nhi sopinion,isdesir
abletobringt othenoticeoft
hecour t
.

(
3)I fanyf urtherreportunderthi
ssectionindi
catesthecommi ssi
onof
fraud,theCourtshallhavethefurt
herpowersprovi
dedinsect
ion613of
thisAct( whichconfersauthor
it
ytoorderpubli
cexaminati
onofcer t
ain
offici
als)
.

LI
QUI
DATORS

585.(
1)TheCour tmayappoi ntal iqui
dat ororli
qui
datorsforthepurposeof Appoi ntment ,
conducti
ngthepr oceedingsinwi ndi
ngupacompanyandper for
mi ng remune r
ationandt
it
le
ofli
quidators.
suchdutiesi
nr ef
erencet oitast hecourtmayi mposeandwher ethere
isav acancy
,theof fi
cialreceiv
ershal lbyvirt
ueofhi soff
ice,actas
li
qui
datorunti
lsuchtimeast hev acancyisfi
ll
ed.

(
2)Atanyt i
meaf tert
hepresent
ati
onofapeti
ti
onandbef orethemaki
ngof
awinding-uporder
,theappoint
mentshal
lbepr ovi
sionalandtheCour
t
making the appoi
ntmentmay l i
mitand rest
ri
ctthe powers ofthe
l
iqui
datorbytheorderappoi
nti
nghim.

(
3)I
ntheappl
icat
ionoft
hissect
ion—
 (
a)ifa pr ovi
sionalli
quidat
orist o be appoi
nted
befor
et he maki ng ofa winding-up or
der,the
off
ici
alrecei
ver,oranyotherf
itperson,maybeso
appoi
nted;

(
b)on t he maki
ng ofa windi
ng-up order,i
fno
li
qui
datorisappoi
nted,t
heoffi
cialrecei
vershal
l
byvi
rtueofhi
soffi
cebecometheliqui
dator
;

(
c)theof fici
alr
eceiveri
nhiscapacit
yaspr ovisional
li
quidator shall,and in any other case may ,
summonmeet ingsofcredi
tor
sandcont r
ibutories
oft he company t o be hel
d separatelyfort he
purpose of det ermi
ning whether or not an
applicati
on ist o be made t ot he cour tf or
appoi nt
ing a l
iquidat
orin place oft he official
receiver;or

(
d)i faper sonot herthantheof f
ici
alrecei
veris
appointedli
qui
dat or
,heisnotcapableofact
ingin
thatcapacit
yuntilhehasnoti
fiedhisappoi
ntment
tot he Commi ssion and gi
ven securi
tyint he
prescri
bedmannert othesati
sfact
ionoftheCourt
.

(
4)Ifmorethanonel i
quidatorofacompanyisappoint
edbytheCourt,t
he
Cour
tshalldecl
arewhet herany
thi
ngbythi
sActrequir
edoraut
hori
sedto
bedonebyal i
quidat
orist obedonebyal
loranyoneormoreofthem.

(
5)Al i
quidatorappoint
edbytheCourtmayresi
gn,or
,oncauseshown,be
remov edbyt heCourtandanyvacancyi
nt heoff
iceofali
qui
datorso
appointedshallbefi
ll
edbyt
heCourt.

(
6)Whereaper sonot herthantheoffici
alreceiverisappoint edali
quidat
or,
he shal
lr ecei
ve sal ar
yi n an amount ,orr emuneration by way of
per
centageorot herwise,astheCour tmaydi r
ectand,i fmor ethanone
per
son i s appointed as a liquidat
or,t heirr emuner ati
on shallbe
di
stri
butedamongt hem i
nsuchpr oport
ionsast heCour tdi r
ect
s.

(
7)Whereal iqui
dat
orofa company i
s appoi
nted,he shal
l,af
terhi
s
i
ndi
vi
dualname—

(
a)i fhei stheoffi
cialrecei
ver,bedescr
ibed as
"of
fici
alr
ecei
verandliqui
datorof(
addherename
ofthecompany)"
;and

(
b)i
nanyot
hercasebedescr
ibedas"
li
qui
dat
orof
 (
addher
enameoft
hecompany
)".

(
8)Theact
sofal i
qui
dat
orshallbeval
idnot
wit
hstandi
nganydef ect
sthat
mayafter
war
dsbediscov
eredinhi
sappoi
ntmentorqual
if
icat
ion.

(
9)I
fal iquidatorisappointedunderthi
ssection,al
lthepowersoft he
dir
ectorsshallcease,exceptsofarastheCourtmaybyordersanct
ion
thecontinuancethereof
.

586. I
nawi ndi
ngupbyt heCour
ttheli
qui
dat
orshallt
akeintohi
scust
ody,or Cust
odyof
company
'spr
oper
ty.
underhi
s contr
ol,al
lthe pr
opert
yand choses i
n acti
on t
o whi
ch the
companyisorappear
stobeenti
tl
ed.

587. Wher eacompanyi sbeingwoundupbyt heCour t,theCour tmay ,onthe Vest

ingofpr
opertyof
companyinl
iqui
dator
.
applicati
onoft hel i
quidator,byor derdirectt hatalloranypar toft he
proper t
yofwhat soeverdescr i
ptionbel ongingt ot hecompanyorhel dby
trusteesoni tsbehalfshallvestint hel i
quidatorbyhi soffi
cialname,and
thereupon,butsubj ectt ot he r equirements ofr egistr
ation underany
par t
icul
arenactment ,thepr opertyt owhi cht heor derr elatesshallvest
accor di
nglyandt heliqui
datormay ,aftergivi
ngsuchi ndemni t
y,i
fany ,as
theCour tmaydi r
ect,bri
ngordef endi nhisof f
icialnameanyact ionorother
l
egalpr oceedingwhichr el
atest ot hatpropertyorwhi chitisnecessar yto
bringordef endforthepurposeofef f
ectuall
ywi ndingupt hecompanyand
recov er
ingitspr
operty.

588.(1)Theli
quidat
ori
nawi ndingupbytheCourtshallhavepower
,wi
tht
he Power
sofl
i
qui
dat
or.
sancti
oneit
heroft
hecourtoroft
hecommitt
eeofi nspect
iont
o—

(
a) br i
ng or def
end any acti
on or ot her l
egal
proceedi
ng i
nt he name and on behalfoft he
company;

(
b)carr
yont hebusi
nessofthecompanysofaras
maybenecessar
yfori
tsbenef
ici
alwi
ndi
ngup;

(
c)appointal egalpr
actit
ioneroranyot
herr
elev
ant
pr
ofessionaltoassisthimintheperf
ormanceof
hi
sduties;

(
d)payanycl
assesofcr
edi
tor
sinf
ull
;

(
e)make any compr omise orar r
angementwi th
credit
orsorpersonsclai
mingt obecredi
tor
s,or
havingorall
egi
ngt hemselv
est ohaveanyclaim,
present or f utur
e, certai
n or cont i
ngent,
ascertai
nedorsoundingonlyindamagesagainst
 t
hecompany,orwher
ebyt
hecompanymaybe
r
ender
edl
iabl
e;and

(
f)compr omiseallcall
sandl i
abi l
it
iestocalls,debts
andliabili
tiescapabl
eofr esulti
ngi ndebts,andall
clai
ms,pr esentorf ut
ure,cer t
ainorcont i
ngent,
ascertained or soundi ng onl y in damages,
subsistingorsupposedt osubsi stbetweent he
company and a cont ributory or al leged
contri
but ory or ot her debt or or per son
apprehendi ng li
abi
li
tyt ot he company ,and al l
questionsi nanywayr el
atingt ooraf f
ect i
ngt he
assetsort hewi ndi
ngupoft hecompany , onsuch
termsasmaybeagr eed,andt akeanysecur i
tyfor
thedi schar geofanysuchcal l
,debt,li
abilityor
clai
m andgi veacompl et
edi schargeinrespectof
i
t.

(
2)Thel
iqui
dat
ori
nwi
ndi
ng-
upbyt
heCour
tshal
lhav
epowert
o—

(
a)sel lthepropert
yoft hecompanyofwhat ever
naturebypubli
caucti
onorpr iv
atecont
ract
,with
powert ot
ransf
erthewholethereoft
oanyperson
orcompanyort osel
lthesameinparcel
s;

(
b)doal lactsandtoexecute,i
nthenameandon
behalfofthecompany ,al
ldeeds,recei
ptsand
otherdocuments,andforthatpurposet ouse,
whennecessary,thecompany'
sseal( wher
ethe
companyhasaseal )
;

(
c) pr ov e,r ank and claim in t he bankr uptcy
,
i
nsolv encyorsequest r
ati
onofanycont ri
butory
foranybal anceagainsthisestate,andt oreceive
divi
dends i n the bankr upt
cy ,insolvency or
sequest rat
ion inrespectoft hatbal ance as a
separat edebtduef r
om thebankr uptorinsolvent
,
andr atablywiththeotherseparat
ecr edi
tors;

(
d)dr aw,accept ,make and i ndorse any bi
llof
exchangeorpr omissorynoteinthenameandon
behal fofthecompanywi ththesameef f
ectwith
respectt otheli
abili
tyofthecompanyasifthebil
l
ornot e had been dr awn,accepted,made or
i
ndor sedbyoronbehal foft hecompanyi nthe
cour seofitsbusiness;
 (
e)r ai
se on the securi
ty ofthe asset
s oft
he
companyanymoneyr equi
sit
e;

(
f)t ake out i n hi s off
ici
al name, l etters of
administrati
ont oanydeceasedcont r
ibutory,and
todoi nhi soffi
cialnameanyot heractnecessar y
forobtainingpay mentofanymoneyduef rom a
contri
but ory or his estate which cannot be
convenientlydonei nthenameoft hecompany ,
andinal lsuchcasest hemoneydueshal l
, forthe
purposeofenabl i
ngt heli
quidat
ortot akeoutt he
l
ettersofadmi ni
strati
onorrecoverthemoney ,be
deemedt obeduet otheli
quidat
orhimself;

(
g)appointanagenttodoanybusinesswhi
cht
he
l
iqui
datori
sunabl
etodohi
mself
;and

(
h)do al lotherthi
ngsasmaybenecessar yfor
wi
nding up t he af
fai
rs of t
he company and
di
str
ibuti
ngitsasset
s.

(
3)Theexerci
sebytheli
quidat
orinawindingupbytheCour tofthepowers
conf
erredbythi
ssecti
onshallbesubj
ecttothecontr
oloftheCourt,and
anycredi
tororcont
ri
butorymayapplyt ot
heCour twit
hr espectt
oany
exer
ciseorpr
oposedexerci
seofanyofthosepowers.

589.Ifduringthewi nding-upofacompanybyt hecourtaper sonotherthanthe Liqui

dat
ortogiv
e
infor
mati
on,t
ooffi
cial
offi
cialreceiv
eri sappointedli
quidat
or,heshallgi
vet heof fi
cialr
ecei
ver recei
ver
.
suchi nf
or mati
onandaccesst oandfacil
it
iesf
orinspectingthebooksand
document soft hecompany ,andgeneral
lyanyaidrequi si
teornecessary
forenablingthatof f
icert
operfor
m hisduti
esunderthisAct .

590.(
1)Subjecttothepr ovi
sionsofthisAct ,
thel i
quidatorofacompanybei ng Exerci
seandcontr
ol
ofli
quidat
or'
spowers.
woundupbyt heCour tshall
,intheadmi nist
rati
onanddi st
ri
butionof
the assets oft he company among i ts credi
tors,haveregar dto
direct
ionsgivenbyr esoluti
onoft hecr edit
orsorcont ri
but
ori
esatany
generalmeet i
ng,orbyt heCommi tt
eeofI nspectionanddirecti
ons
givenbyt hecredit
orsorcont r
ibutori
esatanygener almeeti
ngshall,i
n
case ofconf l
ict,overr
ide directi
ons gi ven by the Commi tt
ee of
Inspecti
on.

(
2)Thel i
quidatormaysummongener almeetingsoft hecreditor
sor
cont
ri
butoriesfort
hepurposeofascer
tai
ningthei
rwishes,
andi tshal
l
behisdut ytosummonmeet i
ngsatsucht imesast hecreditor
sor
cont
ri
butories by r
esol
uti
on ei
theratthe meet i
ng appoint
ing the
 l
iqui
dat
ororother
wise,
maydir
ect,orwheneverr
equestedinwr i
ti
ngto
dosobyonet enthinval
ueofthecredi
torsorcontr
ibutor
ies,asthe
casemaybe.

(
3)Theliqui
datormayappl
ytotheCour
tinthemannerprescr
ibedfor
di
rect
ionsinrel
ati
ont
oanypar
ti
cul
armat
terar
isi
ngundert
hewi ndi
ng
up.

(
4)Subjecttothepr
ovi
sionsofthi
sAct,theli
qui
dat
orshallusehisown
discr
eti
oninthemanagementoftheestat
eandit
sdist
ri
butionamong
thecredi
tor
s.

(
5)Anyper
sonaggri
evedbyanactordecisionofthel
iqui
dator
,mayappl
y
t
otheCourtf
orsuchorderasitdeemsjustandtheCourtmayconf
ir
m,
r
ever
se,ormodi
fytheactordecisi
on.

591.(
1)Ev eryliqui
datorofacompanybeingwoundupbyt heCour tshall
,in Paymentsby
l
iqui
dat
ori nt
o
such mannerand atsuch t i
mes as the Commi ssi
on direct
s,pay companies’
money srecei
vedbyhimint
ot hepubl
icfundoftheFeder at
ionkeptby l
iqui
dat
ionaccount
.
theCommi ssi
onforthepur
posesofthi
sActknownas" theCompani es
Liquidati
onAccount",andtheAccountant-
Generaloft heFeder at
ion
shallfurni
shhim wi
thacert
if
icat
eofrecei
ptfort
hemoneysopai d.

(
2)IftheCommi tt
eeofI nspect
ionsatisfi
est heCommi ssi
ont hatforthe
purposeofcar ryi
ngont hebusinessoft hecompanyorofobt ai
ning
adv ances,orforanyot herreason,iti sf ort he advantage oft he
creditor
sorcont r
ibutor
iesthattheliqui
dat orshoul dhaveanaccount
with any bank,t he Commi ssi
on shal l
,on t he appli
cation oft he
Commi tt
ee of Inspecti
on,aut hori
se the l iquidator t
o make hi s
pay mentsintoandoutofsuchbanki nNiger i
aast hecommi t
teemay
select,andther
eupont hosepayment sshal lbemadei nthepr escr
ibed
manner .

(
3)Iftheli
quidatorofacompanybei ngwoundup,atanyt i
mer et
ainsfor
mor ethan10day sanamounti nexcessofeither₦50,000orsuch
otheramountast heCommi ssionmayappr ov
e,andfai
lstosati
sfythe
Commi ssionast ot heneedf orther et
ent
ionofthatamountbey ond
thatti
me,t heli
quidatorshal
lpayint
erestontheamountsor et
ainedin
excess,attherateof20%perannum, andshal
lbeli
abl
eto—

(
a)disal
lowanceofthewhol
eorsuchpar
tofhis
r
emunerati
onastheCommi
ssi
ondeemsf
it
;and

(
b)r emov alfr
om of
fi
ce,andinaddi
ti
on,heshallbe
l
iablet o payanyexpensesoccasioned bythe
r
et ent
ion.
 (
4)Al i
qui
datorofacompanywhi
chisbei
ngwoundupbytheCour
tshall
notpayanysumsrecei
vedbyhi
m asli
qui
dat
ori
ntohi
spri
vat
ebanki
ng
account
.

592.(
1)Ev eryli
qui
datorofacompanybei ngwoundupbytheCourtshal
l,at Auditofl
iqui
dat
or'
s
account.
sucht imesasmaybepr escri
bed,butnotl
essthant
wicei
neachy ear
duringhistenureofoff
ice,sendt otheCommissi
onanaccountofhis
receiptsandpayment
sasl iqui
dator.

(
2)Theaccountshal
lbeinduplicat
eintheprescri
bedfor
m,andshal
lbe
v
eri
fi
edbyastatut
orydecl
arat
ionint
heprescri
bedfor
m.

(
3)TheCommi ssionshal
lcauset heaccountt obeaudit
ed,andf orthe
purposeoft heaudit
,theliquidatorshal
lfurni
shtheCommi ssi
onwi th
suchv ouchersandi
nformationast heCommi ssi
onmayr equi
re,
andt he
Commi ssi
onmayatanyt i
mer equir
etheproduct
ionof
,andmayi nspect
,
anybookoraccountkeptbyt heli
quidat
or.

(
4)Whent heaccounthasbeenaudi t
ed,onecopyshal
lbef i
ledandkeptby
theCommi ssi
on,andt heothercopyshallbewit
ht heCourtandeach
shal
lbeopentoinspectionbyanycredi
tororot
herpersonint
erest
ed,on
paymentoftheprescr
ibedfee.

(
5)TheCommi ssi
onshal lcausetheaccountwhenaudit
ed,orasummary
ofit
,tobepr i
nted,andshal lsendapr i
ntedcopyoftheaccountor
summarybyposttoeverycredit
orandcontri
but
ory.
Bookst
obekeptby
593.Everyli
qui
datorofacompanywhi chisbei
ngwoundupbyt heCourtshall
,li
qui
dat
or.
i
nt hemannerprescribed,keepproperbooksinwhi chheshallcausetobe
madeent r
iesorminut esofproceedingsatmeetingsandofot hermatters
asmaybepr escr
ibed,andacr edit
ororcontr
ibutorymay ,subj
ecttot he
contr
oloftheCourt,personall
yorbyhisagentinspectthebooks.

594.(
1)Wher et hel iqui
dat orofacompanybei ngwoundupbyt heCour thas Rel
easeofl
i
qui
dat
or.
reali
sedal lthepr oper tyofthecompany ,orsomuchofi tasmay ,inhis
opinion,ber eali
sedwi thoutneedl essl
ypr ot
racti
ngt hel i
quidati
on,and
hasdi st r
ibutedaf i
naldi vi
dend,ifany ,t ot hecr edi
tors,adjustedt he
ri
ghtsoft hecont ributoriesamongt hemsel ves,andmadea f i
nalreturn,
i
fany ,tot hecont ributories,
hasr esigned, orhasbeenr emov edfrom his
offi
ce,t heCommi ssionshal l
,ont heappl icati
onoft hel i
quidator
,cause
arepor tont heaccount soft hel
iqui dat
ort obepr epared.

(
2)TheCommi ssi
onshal
lconsi dert
her epor
trefer
redtoinsubsect i
on(1)
toget
herwi
thanyobj
ect
iont hatmayber ai
sedbyacr edi
tor,cont
ri
butor
y,
orpersoni
nter
est
edagainstt her
eleaseoftheli
quidat
or,andmaygr ant
 orwi
thhol
dther
eleaseasi
tdeemsf
itsubj
ectt
oanappealt
otheCour
t.

(
3)Ift
hereleaseofal iqui
datoriswit
hheld,t
heCour tmay,ontheappl
icat
ion
ofanycr edit
or,contr
ibutor
y,orpersonint
erested,makesuchorderasit
deemsj ust,chargi
ngt heli
quidat
orwiththeconsequencesofanyactor
defaul
twhi chhemayhav edoneormadecont rarytohi
sduty.

(
4)AnorderoftheCommi ssionreleasi
ngt hel
iquidatorshalldi
schargehim
fr
om al
lli
abil
it
yinrespectofanyactdoneordef aul tmadebyhi mint he
admi
nistr
ati
onoft heaffai
rsoft hecompany ,orot herwi
seinr el
ati
ont o
hi
sconductasl i
quidat
or,andtheor dermayber evokedonpr oofthatit
wasobtai
nedbyf r
aud,suppressionorconcealmentofanymat eri
alfact.

(
5)Wher et
heliqui
datorhasnotpr
evi
ousl
yr esi
gnedorbeenr
emov
ed,hi
s
r
eleaseshal
loperat
easaremovalf
rom hi
soffi
ce.

595.(
1)TheCommi ssi
onshal ltakecogni sanceoftheconductofliquidatorsof Contr
olover
l
iqui
dator
s.
compani eswhi char ebeingwoundupbyt heCourtandifal iquidat
or
does notf ai
thfull
y perf or
m hi s duti
es and duly observ e allthe
requirement simposedonhi m byanyenact ment,orother-wi sewith
respectt ot heper f
ormanceofhi sdut i
es,orifanycomplainti smade
tot heCommi ssionbyacr edit
ororcont ribut
oryinthatr egard,the
Commi ssionshal linquir
ei ntothemat t
er,andmayt akesuchact i
on
thereonasi tdeemsf i
t,incl
udingt hedir
ectionofalocalinvestigati
on
ofthebooksandv ouchersoft heli
quidator
.

(
2)TheCommi ssionmay,atanyt i
me,requiretheli
qui
datorofacompany
beingwoundupbyt heCour ttoansweranyi nqui
ryinrel
ati
ontoany
windi
ngupi nwhichheisengagedandi ftheCommi ssi
ondeemsfit
,it
mayapplytotheCourttoexaminetheliquidat
ororanyotherper
sonon
oathconcer
ningthewindi
ng-up.

COMMI
TTEEOFI
NSPECTI
ON,
SPECI
ALMANAGER
Powert
oappoi
nt
596.(
1)Whereawi ndi
ng-uporderismadebyt heCourt,theseparatemeet i
ngs commi t
teeof
of cr
editors and cont ri
butor
ies summoned f or the pur pose of inspecti
onaf t
er
meeti
ngofcr edi
tor
s
det
erminingwhet herornottoapplytothecourtforanor derappoi nti
ng andothers.
ali
quidatorinplaceoft heoffi
cialr
ecei
ver
,shalldet er
minewhet heror
notanapplicati
onshouldbemadet othecourtfortheappointmentofa
Commi t
teeofI nspecti
ont oactwi ththeli
quidator,andt odet ermine
whoaretobemember softheCommi tt
ee,i
ftheappoi nt
menti smade.

(
2)TheCourtmaymakeanyappoi nt
mentandor derrequiredtogiveeffect
toanydet erminati
onunderthissect
ionandi ft hereisadi ffer
ence
between the deter
minati
ons ofthe meeti
ngs oft he cr
edit
ors and
contr
ibut
ories i
nr espectofthe matter
s aforesaid,the courtshall
 deci
det
hedi
ff
erenceandmakeanyor
deri
tdeemsnecessar
y.

597.(
1)ACommi t
teeofI nspecti
onappoi ntedunderthisActshal lconsistof Powers,etc.of
commit
teeof
credit
orsandcontributor
iesofthecompanyorper sonsholdinggener al i
nspect
ion.
power sofatt
orneyf rom credi
tor
sorcont ri
butori
esi nt
hepr oporti
ons
asmaybeagr eedonbyt hemeet ingsofcredit
orsandcont ributor
iesor
as,incaseofdiff
erence,maybedet ermi
nedbyt heCourt.

(
2)ACommi tt
eeofInspecti
onshallmeetatt
hetimeappoi
nted,andthere
shal
lbeameeti
ngatl eastonceinever
ymonthdur
ingi
tsexist
ence,but
thel
iqui
dat
ororanymemberoft heCommit
teemayconveneameet ing
asandwhennecessary.

(
3)Ameet i
ngofaCommitt
eeofI
nspectionshal
lbedeemedconv enedifa
major
it
yofmembersarepr
esent,andatthemeeti
ngoft heCommi t
tee
ofI
nspecti
onmayactbyamajor
ityofthememberspresent.

(
4)A memberoftheCommi t
teeofInspect
ionmayr esi
gnbynot
icei
n
wr
it
ingsi
gnedbyhi
m anddel
iv
eredtothel
iqui
dat
or.

(
5)I fa memberoft he Commi t
tee ofInspecti
on becomes bankr upt,
compounds or ar ranges with hi
s credi
tors,i s absent from f i
ve
consecutiv
emeet i
ngsoft heCommi tt
eeofI nspectionwithoutleaveof
thosemember swho,togetherwithhi
mself,representthecr edit
orsor
contr
ibutori
es,asthecasemaybe,hi sof f
iceshal lther
euponbecome
vacant.

(
6)A memberoft heCommi tt
eeofInspect
ionmayber emovedbyan
or
dinar
yr esol
uti
onatameet i
ng of creditor
s i f he repr
esents
cr
edit
ors, or of contri
but
ori
esif herepresentscont
ri
butor
ies,of
whichsevenday s'not
icehasbeengiven,stati
ngt heobj
ectoft he
meeti
ng.

(
7)Onav acancyoccurringintheCommi tt
eeofI nspect
ion,t
hel i
quidat
or
shallimmedi at
elysummonameet i
ngofcr edi
torsorcontr
ibutori
es,as
thecasemayr equir
e,tof il
lthevacancy
,andt hemeet i
ngmay ,by
resolution,reappoint the same or appoi nt another credi
tor or
contributor
ytofillt
hev acancy:

Provi
ded thati ftheliqui
dator,having regardtot hepositi
on int he
windingup, i
soft heopini
ont hati
tisunnecessaryfort
hev acancytobe
fi
lledhemayappl ytothecour tandt heCour tmaymakeanor derthat
thev acancyshallnotbefil
led,orshallbefil
ledi
nthecircumstancesas
maybespeci f
iedintheorder.

(
8)Thecont
inui
ngmember
soft
heCommi
tt
eeofI
nspect
ion,i
fnotl
ess
 t
hant wo,mayactnot
wit
hst
andi
nganyv
acancyi
ntheCommi
tt
eeof
I
nspecti
on.

598.Where,i
nthecaseofwindingup,ther
eisnoCommi t
teeofI nspecti
on,t
he Powerswhereno
committeeof
Commi ssi
onmay,ontheapplicat
ionoftheli
qui
dator,i
fitdeemsf it
,doany i
nspecti
onis
thi
ngorgiveanydir
ecti
onorper missi
onwhichisbyt hi
sActaut hori
sedor appoi
nted.
requi
redtobedoneorgivenbytheCommi tt
eeofInspecti
on.

599.(
1)Wher etheof fi
cialreceiverbecomest heli
quidatorofacompany , Powertoappoi
nt
speci
almanager
.
whetherprovisi
onall
yorot herwise,hemay ,i
fsatisf
iedthatthenat ure
oftheestateorbusi nessoft hecompany ,i
nter
estsoft hecreditor
sor
contr
ibut
oriesgenerally,r
equiretheappoint
mentofaspeci almanager
oftheestateorbusi nessoft hecompanyot herthanhi mself,appl
yt o
theCourtforanor derappoi nt
ingaspecialmanagert oactdur i
ngsuch
ti
meast heCour tmaydi rect,wit
ht hepowers,includi
ngt hoseofa
recei
verormanager ,asmaybeent rust
edtohim byt heCour tandt he
Courtmaymakeanyor dernecessary.

(
2) A speci
almanager appoi
nted under t
his sect
ion shal
lreceive
r
emunerat
ionasfi
xedbytheCourtandshallgi
vesecuri
tyandaccount
i
nsuchmannerastheCommissiondi
rect
s.

600.Whereappli
cat
ionismadet ot
heCour tt
oappointar
ecei
veronbehal
fof Offi
cialr
eceiv
eras
r
eceiverfordebent
ure
thedebentur
eholdersorothercredi
tor
sofacompanybeingwoundupby hol ders.
theCourt
,theof
fici
alrecei
vermaybesoappoint
ed.

GENERALPOWERSOFCOURTI
NCASEOFWI
NDI
NGUPBYCOURT
Powert
ost
aywi
ndi
ng
601.(
1)TheCour tmay ,atanyt i
meaf t
eranor derf orwi ndi
ng-up,ont he -
up.
appli
cationeit
herofal iqui
dator,theoffi
cialreceiv
eroracr edit
oror
contri
butoryand on pr ooft othesat i
sfacti
on oft heCour tt hatal
l
proceedingsinrelat
iontot hewinding-
upoughtt obest ayed,makean
orderstayingt
hepr oceedingseitheral
togetherorforal i
mitedtime,on
suchtermsandcondi t
ionsast heCourtdeemsf it.

(
2)TheCour tmay ,atanyt i
meaf teranor derforwi ndingup,ont he
applicati
onei t
heroft heliqui
dat ororacredit
or,andaf t
erhavi
ngregard
tot he wishes oft he creditors and contr
ibutor
ies,make an order
di
rect i
ngt hatthewi ndingup,or deredbytheCour t,shal
lbeconducted
asacr edi t
ors'v ol
untarywi ndingup,andi ftheCour tdoesso,t he
windingupshal lbesoconduct ed.

(
3)Onanyappl i
cat
ionunderthissecti
on,theCour
tmay ,
bef
oremakingan
order,r
equir
etheoffi
cialr
eceivertofurni
shtotheCour
tar epor
twit
h
respecttoanyfact
sormat ter
swhi chareinhi
sopini
onrel
evanttot
he
appli
cati
on.
 (
4)Acopyofev eryordermadeunderthissect
ionshal
li mmediatel
ybe
for
wardedbyt hecompany ,orot
her
wiseasmaybepr escr
ibed,tothe
Commi ssi
on which shal
lmakea mi nut
e ofthe or
deri nitsbooks
rel
ati
ngtothecompany .

(
5)Ifdefaul
tismadeinlodgi
ngacopyofanor dermadeundert hissect
ion
withtheCommi ssi
onasrequi
redbysubsection(4),ever
yoffi
cerofthe
companyorotherpersonwhoauthori
sesorpermi t
st hedef
aultshal
lbe
l
iabletoapenal
tyasmaybepr escr
ibedbyregulat
ion.
Set
tl
ementofl
i
stof
602.(
1)Assoonasmaybeaf t
ermakingawindi
ng-uporder ,t
heCourtshal
l cont
ribut
ori
esand
settl
eal i
stofcontr
ibutor
ies,
andmayrect
if
ytheregisterofmembersin appl
icati
onofasset
s.
allcaseswhererectif
icat
ionisr
equi
redi
nunderthisAct ,andt
heCourt
shallcausetheasset softhecompanytobecollected,andappl
iedin
dischargeofi
tsli
abil
iti
es.

(
2)Whereitappear
stotheCour tt
hati twil
lnotbenecessar
ytomakecal
ls
onoradjusttheri
ghtsofcont ri
butori
es,theCourtmaydispensewi
th
theset
tl
ementofalistofcontr
ibutori
es.

(
3)I
nset t
li
ngtheli
stofcont
ri
butories,theCourtshalldi
sti
nguishbet
ween
personswhoar econt
ri
butor
iesi ntheirownri
ghtandper sonswhoare
contri
butor
iesasbeingrepresentativ
esoforl iableforthedebtsof
others.

603.TheCour tmay ,atanyt i

meaf termakingawi nding-
upor derrequi
rea Del i
ver
yofpr
oper
tyt
o
l
i
qui
dator
.
cont r
ibutor
yf orthetimebeingont heli
stofcontr
ibut
ori
esandanyt rustee,
receiver,banker,agent,oroffi
cerofthecompanyt opay,deli
ver
,conv ey,
surrenderort ransf
erimmedi at
ely
,orwi t
hinsuchtimeastheCourtdirects,
tot hel i
quidator,money,propert
y,orbooksandpaper sinhishands,t o
whicht hecompanyi spri
maf aci
eentit
led.

604.(
1)TheCour tmay ,atanytimeaf t
ermaki
ngawi nding- uporder,makean Payment sby
contr
ibut
oryt
o
orderonanycont r
ibutor
yf ortheti
mebeingont helistofcontri
but
ori
es companyandset-of
f
topay ,i
nt hemannerdi rectedbytheorderanymoneyduef r
om him or al
lowance.
fr
om t heest at
eoft heper sonwhom her epresentst othecompany ,
exclusiv
eofanymoneypay abl
ebyhim ortheest atebyv ir
tueofany
callunderthisAct.

(
2)TheCour
tmaki
nganor
derundert
hissect
ioni
nthecaseof—

(
a) an unli
mit
ed company ,may al l
ow to the
cont
ri
butor
ybywayofset -of
fanymoneyduet o
hi
m ortotheest
atewhichherepresent
sfr
om the
companyofanyindependentdeali
ngorcont
ract
 wi
ththecompany,butnotanymoneyduet ohi
m
asamemberoft hecompanyinrespectofany
di
vi
dendorpr
ofi
t;and

(
b)alimit
edcompany ,maymaket oanydir
ect
oror
managerwhose liabi
li
tyis unl
imi
ted orto hi
s
est
ate,
theal
lowancesinparagr
aph(a)
.

(
3)Inthecaseofanycompany ,l
imi
tedorunl
imi
ted,whenallthecredi
tor
s
arepaidinfull
,themoneydueonanyaccountt oacont r
ibut
oryfrom
thecompanymaybeal lowedtohim bywayofset -
offagainstany
subsequentcal
l.

605.(
1)TheCour tmay ,atanytimeaftermakingawi nding-upor derandei t
her PoweroftheCour
tto
makecal
l
s.
beforeorafterithasascertai
nedthesuf fi
ciencyoft heasset soft he
company,makecal lsonalloranyoft hecont ributori
esf orthet i
me
beingsettl
edont helistofthecont r
ibutor
iest ot heext entoft heir
l
iabil
it
y,for pay ment of any money whi ch t he Cour t considers
necessar
yt osatisf
ythedebtsandliabil
it
iesoft hecompany ,t
hecost s,
chargesandexpensesofwi ndingup,theadj ust mentoft herightsof
thecontr
ibutori
esamongt hemselves,andmakeanor derforpay ment
ofthecal
lsmade.

(
2)In maki
ng a callunderthis sect
ion,t
he Courtshal
lt ake i
nto
consi
der
ati
ontheprobabi
li
tythatsomeofthecont
ri
butor
iesmayfail
,
wholl
yorpar
ti
all
ytopayforthecal
l.

606.(
1)TheCour tmayorderanycontr
ibutor
y,purchaserorotherpersonfrom Powert oorder
paymentint
o
whom moneyi sduet othecompanyt o payitintot hecompany '
s companies'
l
iquidati
onaccountrefer
redt
oinsect i
on591oft hisActtot heaccount l
iqui
dati
onaccount
.
ofthel i
quidat
orinst
eadofdir
ectlytotheliqui
datorandt heordermay
beenf orcedinthesamemannerasi fithaddi r
ectedpay menttot he
l
iquidator.

(
2)Moneysandsecuri
ti
espaidordeliv
eredi
ntothecompany'
sliquidati
on
accountint
heeventofawindingupbytheCourtshal
lbesubjectinall
respect
stoanyr
elevantor
deroftheCour
t.

607.(
1)Anordermadebyt heCour
tonacont ri
but
oryshal
l,
subjecttoanyri
ght Orderoncontr
ibut
ory
tobeconclusi
ve
ofappeal
,beconcl
usiveev
idencethatmoney,i
fanytherebyappear
ing evi
dence.
tobedueororder
edtobepaid,isdue.

(
2)Al lotherpert
inentmattersst
atedintheor dershallbetakent obet rul
y
statedasagai nstal
lpersonsandinallproceedings,exceptproceedings
againstthelandofadeceasedcont r
ibutory,whent heordershallbeonly
primaf aci
eevi denceforthepurposeofchar ginghisland,unl esshis
 hei
rsordev
iseeswer
eont
hel
istofcont
ri
but
ori
esatt
het
imet
heor
der
wasmade.

608.TheCourtmayfi
xatimeortimeswithinwhi
chcredi
tor
saretoprovet
hei
r Powertoexcl
ude
cr
edit
orsnotprov
ing
debtsorclai
ms,orbeexcl
udedfrom thebenef
itofanydi
str
ibut
ionmade i
ntime.
befor
ethosedebt
sareprov
ed.

609.TheCourtshal
ladj
usttheri
ghtofthecont
ri
but
oriesamongt hemsel
ves Adjust
mentsofri
ght
s
ofcontr
ibut
ori
es.
anddi
str
ibut
eanysur
plusamongtheper
sonsent
it
ledther
eto.

610.(
1)TheCour tmay,atanyt i
meaftermaki ngawinding-uporder,makesuch
Inspect
ionofbooks
orderforinspection ofthe books and papers oft he companyby bycredit
orsand
credi
tor
sandcont ri
butori
esast heCour tdeemsj ust
,andbooksand contri
butor
ies.
papersint he possession oft he company may be i nspected by
credi
tor
sorcont r
ibutori
esaccordingl
y,butnotf
urtherorotherwise.

(
2)Not hi
ngint hi
ssecti
onshal
lbetakenasexcludi
ngorrestr
ict
ingany
statut
oryri
ghtsofagover
nmentdepar
tmentorper
sonacti
ngunderthe
authori
tyofagover
nmentdepar
tment.

611.TheCour tmay ,i
ntheev entoftheasset
sbeingi
nsuff
ici
enttosatisf
ythe Powert oordercost
s
ofwindi
ng-uptobe
l
iabi
lit
ies,makeanor derastothepaymentoutoftheasset
soft hecosts, pai
doutofassets.
chargesandexpensesi ncurr
edinthewindi
ngupinsuchor derofprior
it
y
astheCour tdeemsjust.

612. (
1)TheCour tmay ,atanyt i
meaf tertheappoi
ntmentofapr ovisi
onal Powert osummon
l
iquidat
orort hemaki ngofawi nding-upor
der,summonbef or eitany personssuspectedof
off
icerofthecompanyorper sonknownorsuspect edtohav ei nhis havingpropert
yof
company,et
c.
possessionanypr opert
yoft hecompanyorsupposedt obei ndebted
tothecompany ,oranyper sonwhot hecourtdeemscapableofgi vi
ng
i
nformation concerning t
he pr omotion,f
ormation,t
rade,deal ings,
aff
airsorpropert
yoft hecompany .

(
2)TheCourtmayexamineonoathanyper
sonsummonedconcer
ningthe
matt
ersundersubsect
ion(1)ei
therbywordofmouthoronwr it
ten
i
nter
rogat
ori
es,r
educehisanswerstowri
ti
ngandr
equir
ehimt osign
t
hem.

(
3)TheCour tmayrequireanyper sonsummonedundersubsect ion(1)
,to
producebooksand paper si nhi scust
odyorpowerr el
ating tothe
companybut ,wher et heper son cl
aimsa l i
en on booksorpaper s
producedbyhim,thepr oductioniswit
houtprej
udicet
ot heli
en, andthe
courtshallhavej urisdicti
on int he windi
ng up to det ermine al
l
questi
onsrel
ati
ngt othatl i
en.

(
4)I
faper
sonsummonedundersubsect
ion(
1),af
terbei
ngt
ender
eda
 reasonabl
esum forhisexpenses,ref
usestocomebef or
et heCourtat
thetimeappoi
nted,nothavinglawfulimpedi
ment(madeknownt othe
Courtattheti
meofi t
ssitti
ngandal lowedbyit
),t
heCour tmaycause
himt obeappr
ehendedandbr oughtbeforet
heCourtf
orexami nat
ion.

613.(
1)Wher eanor derismadef orwi ndingupacompanybyt heCourtandt he Powertoorderpubl
i
c
examinat
ionof
offici
alr eceiv
ermakesaf urtherreportundert hi
sActstat
ingthatinhis promoter
s,et
c.
opinionaf raudhasbeencommi ttedbyaper soninthepromot i
onor
format ionoft hecompany ,orbyanydi r
ectororotheroffi
ceroft he
companyi nrelati
ont othecompanysi nceitsfor
mation,t
heCourtmay ,
afterconsi derationoft her eport,directthatapersonwhohast aken
par tint hepr omot i
onorf or mationoft hecompany ,orhasbeena
directororof f
iceroft hecompany ,shallatt
endbeforetheCourtona
dayappoi ntedbyt hecourtf orthatpur pose,andbepublicl
yexami ned
ast ot hepr omot ionorformat ionort heconductofthebusinessoft he
company ,oras t o hi
s conductand deal i
ng as dir
ectororof fi
cer
thereof .

(
2)Theof f
ici
alreceivershal
ltakepar ti
nt heexami
nat
ion,andf orthat
pur
posemay ,ifspecial
lyauthor
isedbytheCommissi
onint hatbehalf
,
employalegalpracti
ti
oner.

(
3)Thel i
quidat
or,wheretheoff
ici
alrecei
veri
snottheli
quidat
or,anda
credi
tororcontr
ibutor
y,mayalsotakeparti
ntheexaminati
on,eit
her
personal
lyorbyalegalpr
act
it
ioner
.

(
4)TheCour
tmayputsuchquest
ionst
otheper
sonexami
nedast
heCour
t
deemsfi
t.

(
5)Thepersonexaminedshal
lbeexami
nedonoath,andshal
lansweral
l
suchquest
ionsastheCour
tmayputoral
lowt
obeputtohim.

(
6)Aper sonorderedt obeexami nedunderthi
ssectionshall
,athisown
cost,befor
ehisexami nat
ion,befur
nishedwithacopyoft heof f
ici
al
recei
ver'
sreport,andmay ,athisowncost,employalegalpr act
it
ioner
whoshal lbeatl i
bert
yt oputtohim suchquesti
onsast heCour tmay
deem justforthepur poseofenablinghimt oexplai
norqual i
fyany
answersgivenbyhi m:

Providedt hattheper sonappli

est ot heCour ttobeexcul patedf rom
chargesmadeorsuggest ed againsthi m,theof f
ici
alr ecei
vershal l
appearont hehear i
ngoft heapplicationandcal lt
heat tenti
onoft he
Courttoanymat terswhi chappeartot heoffi
cialr
eceivertober el
evant,
andift heCour tafterheari
nganyev i
dencegivenorwi tnessescalledby
theof fici
alreceiver,grantstheappl i
cat i
on,theCour tmayal l
ow t he
appl
icantsuchcost sasi nit
sdiscreti
oni tmaydeem f i
t.
 (
7)Notesoftheexaminat
ionshallbet akendowni nwr i
ting,andshal
lbe
r
ead overto orby,and signed by,theperson exami ned and may
,
t
hereaf
terbeusedi nevidenceagainsthim andshal lbeopent othe
i
nspect
ionofanycr
editororcont
ributoryatal
lreasonabletimes.

(
8)TheCour
tmay
,ifi
tdeemsf
it
,adj
our
ntheexami
nat
ion.

(
9)Anexami nati
onundert hi
ssecti
onmay ,
iftheCour tdir
ect
s,andsubj
ect
togeneralrulesmadeundersection616oft hi
sAct ,behel
dbeforeany
magistr
ate,andt hepower softhecourtundert hissecti
onast othe
conductoft heexami nat
ionbutnotast ocosts,maybeexer ci
sedby
themagistratebefor
ewhom theexaminationisheld.

614.TheCour t,atanytimeeit
herbefor
eoraftermakingawi ndi
ng-upor der,on Powert oarr
est
proofofpr obablecausef orbel
iev
ingthatacont r
ibut or
yisaboutt oquit absconding
Nigeriaorot herwiseabscond,r
emoveorconcealanyofhi spr oper tyfor contr
ibutor
y.
thepur poseofev adingpaymentofcal
ls,orofav oidingexami nationwi th
respectt otheaf f
airsofthecompany,maycauset hecontri
but oryt obe
arrested,andhi sbooks,papersandmov ableper sonalproper ty,t o be
seized,andhi m andthem tobekeptsafelyunt
ilthet imewhicht heCour t
mayor der
.

615.Apowerbyt hi
sActconfer
redonthecourtshallbeinaddi
tiontoandnotin PowersofCourt
cumulat
ive.
rest
rict
ion of existi
ng powers of i nst
it
uting proceedings agai
nst
contri
butor
yordebt orofthecompany,ortheest ateofacont r
ibut
oryor
debtor,f
ortherecover
yofanycal
lorothersums.

616.(
1)Prov i
sionmaybemadebyr ulesforenabl
ingorrequi
ri
ngal loranyof Delegat
ionto
l
iquidat
orofcer
tai
n
thepower sandduti
esconferr
edandi mposedont heCourtbythisAct
, powersofCourt
.
i
nr espectofthematt
ersfol
lowing,t
obeexercisedorperf
ormedbyt he
l
iquidatorasanoffi
ceroftheCour t
,andsubjecttothecont r
olofthe
Court,thati
stosay
,thepowersanddut i
esoftheCourti
nrespectof—

(
a)hol
dingandconducti
ngofmeeti
ngstoascer
tai
n
t
hewishesofcr
edit
orsandcont
ri
but
ori
es;

(
b) set t
li
ng of li
sts of cont
ri
but
ori
es and the
recti
fyi
ng of t
he regist
erof members where
requir
ed,andthecollect
ingandappl
yi
ngoft he
assets;

(
c)requi
ri
ngdel
iver
yofpr
oper
tyordocument
sto
t
heli
qui
dat
or;

(
d)maki
ngofcal
ls;
and
 (
e)f i
xingofatimewi
thi
nwhi
chdebt
sandcl
aims
shal
lbeprov
ed.

(
2)Not hing i
nt his sect
ion shallauthori
se the l
iqui
dat
or,withoutthe
specialleave oft he Court,torecti
fythe regi
sterofmember s,or
,
wit
houtei therthespeci alleav
eoft heCour tort hesanct
ionoft he
Commi t
teeofInspecti
on, t
omakeanycal l.

617.(
1)Iftheaff
airsofacompanyhavebeenf ul
lywoundupandthel
iquidat
or Dissol
uti
onof
company.
makes an appl i
cati
on inthat behalf
,the cour
t shal
lorder the
dissol
uti
on ofthe company and the company shal
lbe dissol
ved
accordi
nglyfr
om thedat
eoftheorder.

(
2)Acopyoftheordershal
l,wit
hin14daysfr
om thedat
ewhenmade,be
for
wardedbytheliqui
datortotheCommissi
onwhoshallmakei
nits
booksaminut
eoft hedi
ssolut
ionoft
hecompany.

(
3)I
ftheli
quidat
ormakesdefaultincompl
yingwit
htherequi
rement
sof
thi
ssect
ion,heshal
lbel
iabl
et oapenal
tyasmaybeprescr
ibedbythe
Regul
ati
onforever
ydayduri
ngwhichheisindef
aul
t.

ENFORCEMENTOFANDAPPEALSFROM ORDERS

618.Anor dermadebyacour
tunderthi
sActmaybeenfor
cedi
nthesame Powertoenf
orce
mannerasorder
smadei
nanyact
ionpendi
ngt
her
ein. or
ders.

619. Subjecttorul
esofCourt
,anappealfr
om anyor derordecisi
onmadeor Appeal
sfr
om or
der
s.
giv
eninthewindingupofacompanybyt heCourtunderthi
sAct ,shal
lli
ein
thesamemannerandsubj ectt
ot hesamecondi tionsasanappealf r
om
anyorderordeci
sionoft
hecour
tincaseswithi
nitsor di
nar
yjuri
sdicti
on.

CHAPTER22—VOLUNTARYWI
NDI
NGUP

RESOLUTI
ONSFORANDCOMMENCEMENTOFVOLUNTARYWI
NDI
NGUP

620.(
1)Anycompanymaybewoundupv
olunt
ari
ly— Cir
cumstancesi
n
whichcompanymay
(
a)whent heperi
od,ifany ,fixedforthedurati
onof bewound-up
vol
untar
il
y.
thecompanybyt hear ti
clesexpires,
ortheev ent,
i
f any ,occur
s,on occur r
ence of which the
arti
cles pr
ovi
ded t hatt he company i sto be
dissolv
edandt hecompanyi ngeneralmeet i
ng
haspassedar esoluti
onr equi
ri
ngthecompany
tobewoundupv oluntari
ly;
 (
b)ift
hecompanyresol
vesbyspeci
alr
esol
uti
on
t
hatt
hecompanybewoundup.

(
2)Refer
encesinthisActtoa"resol
uti
onforvol
unt
arywindi
ngup"means
ar
esolut
ionpassedunderanyofthepar
agraphsoft
hissect
ion.

621.(
1)I facompanypassesar esol
uti
onf orvoluntar
ywi ndi
ngupi tshal
l, Not
iceofresolut
ion
t
owi nd-
upvoluntar
il
y.
withi
n14day saft
erthepassingoft heresoluti
on,givenot
iceofthe
resol
uti
onbyadvert
isementintheFederalGov er
nmentGazetteortwo
dail
ynewspaper
sandt ot
heCommi ssi
on.

(
2)Ifdefaul
tismadei
ncompl yi
ngwi t
ht hissecti
on,thecompanyandeach
offi
cerofthecompanywhoi sindef aul
tisliabl
et oapenaltyi
nsuch
amountast heCommi ssi
onmayspeci fyinitsregulat
ionsandfort
he
purposesofthissubsecti
ont heliquidatorofthecompanyshal lbe
deemedt obeanoff
icerofthecompany .

622.Av ol
unt
arywindingupshallbedeemedtocommenceatt
het
imeoft
he Commencementof
vol
unt
arywi
ndi
ng-up.
passi
ngoftheresol
uti
onforvol
untar
ywindi
ngup.
623. I n case ofvol
untar
y wi ndi
ng up,t he company shal
l,from t he Effectofvol
unt
ary
winding-
upon
commencementofthewindingup,ceaset ocarryonit
sbusiness,except businessofcompany
.
sofarasmayberequi
redforthebenefi
cialwi
ndingupther
eof:

Provi
ded thatthe cor
por
ate st
ate and powers ofthe companyshall
,
notwi
thstandi
nganythi
ngtothecontrar
yinitsart
icl
es,conti
nueunt
ili
tis
di
ssolved.
Av
oidanceoft
ransf
er,
624.Atransf
erofshares,notbei
ngat r
ansf
ermadetoorwitht
hesanct
ionof etc,af
ter
theli
quidator
,andanyal t
erat
ioninthest
atusofthemembersoft he commencementof
company ,madeaft
erthecommencementofavolunt
arywi
ndi
ngup,shal
l volunt
arywi
ndi
ng-
up.
bevoid.

DECLARATI
ONOFSOLVENCY

625.(
1)Wher eonoraf t
erthecommencementoft hisAct ,iti
sproposedt owind Statut
orydecl
arat
ion
upacompanyv ol
untari
ly,t
hedi rect
or soft hecompanyor ,int hecase ofsolvencywhere
proposaltowi
nd-up
ofacompanyhav i
ng mor et hant wo di r
ect ors,themaj orityoft he volunt
aril
y.
di
rect or
s,may ata meet ing of t he di rectors make a st atut
ory
declarati
ont otheeffectthatt heyhav emadeaf ulli
nquiryi ntothe
aff
ai r
soft hecompanyandt hat,havingdoso,t heyhav ef ormedt he
opinionthatthecompanywi llbeabl et opayi tsdebtsinf ullwithi
na
period,notexceeding 12 mont hs from t he commencementoft he
windingup, asi
sspecifi
edint hedeclar at
ion.

(
2)Adeclarat
ionmadeundersubsect
ion(
1)doesnothav
eef
fectf
ort
he
pur
posesofthi
sActunl
essit—
 (
a)i s made wi thi
nt he fi
ve weeks immedi at
ely
precedi ng the date of t he passi
ng of t he
resolutionforwi ndi
ng-upthecompanyandt he
statutory decl arat
ion and r esol
ution ar e
deli
v ered tot he Commi ssion forregist
rat
ion
within15day saft
erpassingtheresol
uti
on;and

(
b)embodiesastatementofthecompany '
sasset
s
andli
abil
it
iesasatt helat
estpract
icabledat
e
bef
orethemakingthedecl
arat
ion.

(
3)Adi rect
orofacompanymaki ngadecl arati
onundert hissect i
onwi t
hout
hav i
ngreasonablegroundsf ort heopiniont hatthecompanywi llbeable
topayi t
sdebt sinf ul
lwi t
hint heper i
odspeci fi
edi nt hedecl ar
ation,
commi t
sanof fenceandi sl iableonconv i
cti
ont oaf ineast heCour t
deemsf i
tortoimprisonmentf oraterm oft hreemont hs,ortobot h,and
i
ft hecompanyi swound- upunderar esolutionpassedwi thintheper i
od
offiveweeksaf t
ermaki ngthedecl arati
on, andifit
sdebt sarenotpai dor
provided forinfullwithint he period stated int he declarat
ion,itis
presumed,unt i
lthecont raryi sshown,t hatt hedirectordidnothav e
reasonablegroundsforhisopi nion.

(
4)A winding-
up in anycase wher e a declar
ation hasbeen made and
del
iv
eredinaccordancewi tht
hissect i
on,shallinthi
sActber ef
err
edto
as"amember s'voluntar
ywinding-up"andawi ndingupi nanycase
whereadeclar
ationhasnotbeenmadeanddel iver
edasaf or
esai
dshal
l
i
nthisActbereferr
edt oas"acredi
tors'vol
untarywindingup".

(
5)Subsect
ions(
1)-(
3)shal
lnotappl
ytoawi
ndi
ngupcommencedbef
ore
t
hecommencementoft
hisAct
.

PROVI
SIONSAPPLI
CABLETOAMEMBERS'
VOLUNTARYWI
NDI
NG-
UP

626.Secti
ons627-633oft hisAct,subjecttot healternati
vepr ovisioni n Provisionsapplicable
sect
ion632oft hi
sAct,applyinr
elat
iontoamember s'voluntarywi nding toamember s'
voluntarywindi
ng- up.
up.
627.(
1)Thecompanyi ngeneralmeet
ingshallappointoneormor eliquidators Powert oappoint
l
iquidators.
forthepur
poseofwindinguptheaffair
sanddi str
ibuti
ngt heasset sof
thecompany,andmayf i
xther
emuner ati
ontobepai dtohi m orthem.

(
2)Ifal i
quidatorisappointedundert hi
ssect i
on,allt
hepowersofthe
di
rector
sshal lcease,exceptsofarast hecompanyingener
almeet
ing
ortheli
quidatorsancti
onst hecont
inuancethereof
.
628.(
1)Ifavacancyoccursbydeath,resignati
onorotherwiseintheoffi
ceofa Powertofi
l
lvacancy
i
noffi
ceof
l
iqui
datorappoint
edbyt hecompany ,thecompanyi ngeneralmeeti
ng l
iqui
dat
ors.
may,subjecttoanyarr
angementwi thitscr
edit
ors,fi
llt
hevacancyand
fort
hatpur poseageneralmeetingmaybeconv enedbyacont ri
butor
y
or,ifthere were mor el i
quidatorst han one,by t he conti
nui
ng
l
iqui
dators.

(
2)Thegeneralmeeti
ngshal
lbeheldinthemannerprov
idedbyt hisActor
by the art
icl
es,orin such manneras may ,on appl
ication by a
contri
but
oryorbyt hecontinui
ng l
iqui
dat
ors,bedetermined byt he
Court.

629.(
1)If,i
nthecaseofawi nding-upcommencedaf terthecommencementof Liqui
datortocall
cr
edi
tors'
meetingon
thisAct,theli
quidat
ori s,atanytime,oft heopinionthatthecompany i
nsol
vency.
willnotbeabl etopayi t
sdebt sinfullwithi
nt heperiodstat
edinthe
declarat
ion undersect i
on 625 oft hi
s Act ,he shalli mmedi
atel
y
summonameet ing oft hecreditor
s,and laybef or
et hemeet i
ng a
statementoftheasset sandliabil
it
iesofthecompany .

(
2)I
ftheli
qui
dat
orfai
lstocompl
ywitht
hissecti
on,hei
sli
abl
etoapenal
ty
insuchamountastheCommissi
onshal
lspecif
yini
tsr
egul
ati
ons.

630.(
1)Subj ecttotheprov i
sionsofsection632oft hisAct,int
heev entoft he Li
quidatort
ocall
general
meet i
ngat
wi ndi
ng up continui
ng formor et han oney ear
,theliquidatorshall endofeachyear.
summonagener almeet i
ngoft hecompanyatt heendoft hef i
rstyear
from thecommencementof t hewi ndi
ngup,andofeachsucceedi ng
year ,
oratthefi
rstconv eni
entdatewi t
hinthreemont hsfr
om t heendof
they earorsuchlongerper i
odast heCommi ssionmayallow,andshal l
l
aybef or
ethemeet i
nganaccountofhi sact sanddeali
ngsandoft he
conductoft hewindingupdur ingt hepr ecedingyear:Pr
ovidedt hatthe
accountshallbesentt oal
lthemember softhecompanynotl aterthan
14day sbef
orethedat eofthemeet i
ng.

(
2)I
fthel
iqui
dat
orfai
lst
ocompl
ywit
hthi
ssecti
on,hei
sli
abl
etoapenal
ty
i
nsuchamountastheCommi
ssi
onshal
lspeci
fyini
tsr
egul
ati
ons.
Fi
nalmeeti
ngand
631.(
1)Subjecttot heprovi
sionsofsect i
on632oft hi
sAct ,assoonast he di
ssol
uti
on.
aff
air
soft hecompanyar efullywoundup,t
hel i
quidat
orshallpreparean
accountoft he windi
ng up,showi ng how the winding up hasbeen
conductedandt hepropert
yoft hecompanyhasbeendi sposedofand
whent heaccounti sprepared,heshallcallagener almeet i
ngoft he
companyf orthepurposeofl ayi
ngbeforei
ttheaccount ,andgivingany
expl
anationthereof
.

(
2)The meeti
ng shal
lbe called by not
ice publ
ished inthe Federal
Gov
ernmentGazett
e and i
nt wo newspapersprinted i
n Ni
geri
a and
 cir
cul
ati
nginthelocal
itywheret
hemeet i
ngisbei
ngcall
ed,speci
fying
theti
me,placeandobjectof
,andpubl
ishedatl
eastonemonthbef ore
themeeti
ng.

(
3)Wi thinsevenday saf t
ert hemeet i
ng,theli
quidatorshallsendt ot he
Commi ssi
onacopyoft heaccount ,andshallmakear et
urntoitoft he
holdingofthemeet ing,it
sdat eandifthecopyi snotsentort hereturn
i
snotmadei naccor dancewi t
hthissubsecti
on,theli
quidatori
sliabl
et o
a penal t
yi n such amountas t he Commi ssion shallspecifyini ts
regulati
onsforev erydaydur i
ngwhi chthedefaul
tcontinues:

Prov
idedt hati
faquor um isnotpresentatt hemeeti
ng,t heliqui
dator
shal
l,inl
ieuofther et
urnherei
nbefor
ement ioned,makear etur
nt hatt
he
meetingwasdul ysummonedandt hatnoquor um waspresentandupon
suchar eturnbeingmade,t heprovisionsoft hi
ssubsecti
onast othe
makingoft her
eturnshallbedeemedt ohavebeencompliedwi t
h.

(
4)TheCommi ssion,onr ecei
vingtheaccountandtheappropri
ateret
urn,
shal
lfort
hwithr egi
sterthem,andontheexpir
ati
onofthreemonthsfrom
ther
egistr
ationofther etur
n,thecompanyisdeemeddissol
ved:

Provi
dedt hattheCourtmay,ontheapplicati
onoftheliqui
dat
ororof
anyotherper sonwhoappearstotheCour ttobeinter
ested,makean
orderdeferr
ingthedateatwhichthedissolut
ionofthecompanyisto
takeeff
ectforsuchti
meastheCour tdeemsf i
t.

(
5)Theper sononwhoseappl i
cationanorderoft heCourtundert his
secti
onismadeshal l,wit
hinsev endaysaf
tertheor deri
smade,del i
ver
totheCommi ssi
onacer t
if
iedtruecopyoftheorderf orr
egi
str
ation,
and
i
fthatpersonfai
lstodoso,hei sl i
abl
etoapenaltyforever
ydaydur ing
whichthedefaultcontinuesinsuchamountast heCommi ssionshall
speci
fyinit
sregulat
ions.

(
6)Ift heli
quidat
orfail
st o callageneralmeeti
ng ofthecompanyas
requir
edbyt hi
ssecti
on,hei sli
abletoapenal
tyinsuchamountast
he
Commi ssi
onshallspeci
fyinitsregul
ati
ons.

632.Wheresecti
on629ofthi
sActhasef f
ect,secti
ons640and641shallappl
y Alternati
veprovisi
ons
t
othewi ndi
nguptotheexcl
usionofthet wolastf
oregoi
ngsect
ions,asif astoannual andfi
nal
meetingsin
t
hewindingupwereacredit
ors'vol
untar
ywi ndi
ngupandnotamember s' i
nsolvencycases.
vol
untar
ywindi
ngup:

Provi
dedthatt
heliqui
dat
orshallnotberequi
redt
osummonameet ingof
credi
tor
sundersecti
on640ofthisActattheendofthef
ir
styearfr
om the
commencementoft hewindi
ngup,unlessthemeeti
ngheldundersecti
on
 629oft
hisActi
shel
dmor
ethant
hreemont
hsbef
oret
heendoft
haty
ear
.

633.(
1)Thel
iqui
dat
ori
namember
s'v
olunt
arywi
ndi
ngupshal
l– Booksandaccounts
dur
ingmembers'
(
a)keep– vol
untar
ywindi
ng-up.

(
i) properrecordsandbooksofaccountwith
respectt
ohi sact
sanddeali
ngs,t
heconduct
ofthewindingup,and

(
ii
i)al
lrecei
ptsandpay
ment
sbyhi
m;and

(
b)i
fhecarri
esont hebusinessofthecompany
,
keepadi
sti
nctaccountofthetr
adi
ng.

(
2)I nt heev entoft hewi ndingupcont inuingf ormor et hanay ear,t
he
l
iquidatorshal lsummonagener almeet ingoft hecompanyatt heendof
thef i
rsty earf rom t hecommencementoft hewi ndingupandofeach
succeedi ngy ear,oratt hef ir
stconv enientdat ewi thinthreemonthsofthe
endoft hey earorsuchl ongerper i
odast heCommi ssionmayallow,and
shalllaybef oret hemeet i
nganaccountofhi sact sanddeal i
ngsandof
theconductoft hewi ndingupdur i
ngt hepr ecedingy earandofthetradi
ng
duri
ngsucht i
meast hebusi nessoft hecompanyhasbeencar ri
edon,
andwi t
hin28day sther eaftershallsendacopyofsuchaccount stothe
Commi ssionf orregistration.

(
3)Assoonast heaf fai
rsoft hecompanyar efull
ywoundup,t hel i
quidat
or
shallprepareandsendt oeverymemberoft hecompanyf inalaccountsof
thewi ndingupshowi nghow t hewi ndinguphasbeenconduct ed,the
resultofthetradingduringsuchtimeast hebusinessofthecompanyhas
beencar ri
edon, andhowt heproper
tyoft hecompanyhasbeendi sposed
of,andt her
euponshal lconveneagener almeeti
ngofthecompanyf orthe
purposeofl ay i
ngbef oreitsuchaccount sandofgi vi
nganexpl anati
on
thereof.

(
4)Wi thin28daysafterthemeet i
ngreferr
edtoi
nt hei
mmediatel
yprecedi
ng
subsection,t
heli
qui datorshal
lsendt otheCommi ssi
onforregi
str
ati
on
copiesoft heaccount slai
dbef or
et hemeeti
ngandast atementofthe
holdingofthemeetingandofi t
sdat e:

Prov
idedthati
faquorum wasnotpr
esentatthemeetingt
heli
quidat
or,in
li
euofthestat
ementherei
nbef
orementioned,
shal
lsendastatementthat
themeeti
ngwasdulyconvenedandthatnoquorum waspr
esentther
eat.

(
5)Ther
ecor
ds,booksandaccount
sref
err
edt
oint
hissect
ionshal
lbei
n
 suchfor
m,ifany
,astheCommi ssionmayprescr
ibeandshal
lgiv
eat r
ue
andfai
rviewoft
hemat t
erst
hereinrecor
dedandoftheadmini
str
ati
onof
thecompany'
saf
fai
rsandofthewindingup.

(
6)Theaccount sr efer
redtoinsubsections(2)and(3),shal
lbeaudit
edby
theauditoroft hecompanypr iortobei nglai
dbef orethecompanyi n
generalmeetingi naccor
dancewi thsuchsubsectionsandt heaudit
ors
shal
lstateinar epor
tannexedtheretowhether,i
ntheiropi
nionandtothe
bestofthei
rinformation—

(
a)t hey have obt
ained al
lthe i
nformati
on and
explanati
onsnecessar
yforthepurposeofthei
r
audit;and

(
b)properbooksandr ecordshavebeenmai ntained
bythel i
quidatorinaccordancewiththisAct ,
and
suchaccount sar ei
naccor dancewitht hebooks
andr ecordsandgi v
ealltheinformationrequired
byt hisAct int hemannert herei
nr equiredand
giveat rueandf ai
rviewoft hemat t
er sstat
edi n
suchaccount s:

Pr
ovi
dedt
hatsuchaudi
tandaudi
tor
s'r
epor
tshal
lnotber
equi
redi
f—

(
i)thel i
quidat
or,oroneoft hel i
qui
dat
orsif
moret hanone,i sdul
yqualifi
edunderthe
prov
isi
onsoft hi
sActf orappoint
mentas
audi
torofapubl i
ccompany,and

(
ii
)onoraf terhisappointmentasliqui
dator
,
thecompanyr esol
vedbyspeci alr
esolut
ion
thatthe account
sshal lnotbe audit
ed in
accor
dancewi tht
hissubsecti
on.

(
7)Meet i
ngsr equir
edtobeconvenedundert
hissect
ionorsubsecti
on(6)
,
shal
lbeconv enedandhel
d,i
naccordancewit
htheprovi
sionsofthi
sAct
andtheregulat
ionsoft
hecompanyrel
ati
ngtogener
almeet i
ngs.

(
8)Thel i
quidatorshal
lpreservethebooksandpaper soft hecompanyand
oftheli
quidatorforfiv
ey earsfrom thedissol
uti
onoft hecompanybut
ther
eaf
termaydest r
oysuchbooksandpaper sunlesst heCommissi
on
shal
lotherwisedir
ect,inwhichev entheshallnotdest
roythesameuntil
theCommi ssionconsentsinwrit
ing.

(
9)Ifali
qui
dat
orf
ailt
ocomplywi
thanyoft
hepr
ovi
sionsofthi
ssection,he
i
sli
ablet
oapenaltyf
oreachi
nsuchamountast heCommi ssi
onshall
 speci
fyi
nit
sregul
ati
ons.

PROVI
SIONSAPPLI
CABLETOACREDI
TORS'
VOLUNTARYWI
NDI
NG-
UP

634.Theprovisi
onsofsect
ions635-641oft
hisActappl
yinr
elat
iont
oa Prov
isionsappl i
cable
credi
tor
s'v
olunt
arywi
ndi
ngup. tocr
edi t
ors'winding-
upvoluntari
l
y .

635.(
1)Thecompanyshal lcauseameet ingoft hecr edit
orsofthecompanyt o Meet
ingofcr
edi
tor
s.
besummonedf ortheday,orthedaynextf oll
owing,onwhi cht
hereis
tobeheldthemeet ingatwhichther esoluti
onf orvoluntar
ywindi
ngup
i
st o be proposed,and shallcause t he noticesoft he meeti
ng of
credi
tor
st obesentbypostt ot hecr edit
orssi mult
aneouslywiththe
sendi
ngoft henoti
cesofthemeet ingsoft hecompany .

(
2)Thecompanyshal lcausenoti
ceoft hemeet ingoft hecredi
tor
st obe
publ
ishedoncei ntheFederalGovernmentGazet teandonceatl eastin
twodailynewspaper sprint
edinNi geri
aandci rculat
inginthedistri
ct
wheretheregi
steredoffi
ceorpri
ncipalplaceofbusinessofthecompany
i
ssit
uat e.

(
3)Thedi
rect
orsoft
hecompanyshal
l—

(
a)causeaf ul
lstatementoftheposi
ti
onoft
he
company
'saff
air
s, i
ncl
udi
ng-

(
i) par
ti
cul
arsoft
hecompany
'sasset
s,

(
ii
) debtsandli
abi
li
ti
estoget
herwit
hal
istof
thecredi
tor
softhecompany,
and

(
ii
i) theestimatedamountoft heircl
aimsto
bef orwardedtoeachcr edi
tornotlat
er
than 14 days befor
et he date ofthe
meet i
ngtobehelddirect
orsandatwhich
thestatementshal
lbelai
d;and

(
b)appoi
ntoneoft
hem t
opr
esi
deatt
hemeet
ing.

(
4)Iti
sthedut
yoft
hedi
rect
orsoappoi
ntedt
oat
tendandpr
esi
deov
ert
he
meet
ing.

(
5)I fthemeet i
ngoft hecompanyatwhi cht heresoluti
onforvolunt
ary
windi
ngupi stobeproposed,i
sadj ournedandther esol
uti
onispassedat
an adjour
ned meeti
ng,anyr esolution passed att he meet
ing ofthe
credi
torsheldundersubsecti
on( 1)shallhav eeffectasifithadbeen
passedimmediatel
yafterthepassingoft heresoluti
onforwindi
ngupof
 t
hecompany
.

(
6)I
fdef
aul
tismadeby—

(
a)t
hecompanyi
ncompl
yi
ngwi
thsubsect
ion(
1)or
(
2);

(
b)thedirect
orsoft
hecompanyi
ncompl
yi
ngwi
th
subsecti
on(3)
;

(
c) any di
rect
or of t
he company appoi
nted t
o
presi
de,
incomply
ingwi
thsubsect
ion(4)
,

t
hecompany ,di
rect
orsordi
rect
or,asthecasemaybe, shal
lbeli
ableto
a penal
tyin such amountas the Commi ssi
on shal
lspecif
yi nits
r
egulati
onsandinthecaseofdef aul
tbythecompany ,eachoffi
cerof
t
hecompanyi sli
abl
etotheli
kepenalty
.

636.(
1)Thecredi
torsandt hecompanyatt heirrespectivemeet i
ngsment ioned Appoint
mentof
l
iqui
datorandcesser
insecti
on635oft hisActmaynomi nateaper sontobel iquidatorfor ofdi
rector
s'powers.
thepurposeofwi ndingupt heaffai
rsanddi st
ri
but i
ngtheasset soft he
company ,andift hecr edit
or sandt hecompanynomi natedi ff
erent
persons,t
hepersonnomi natedbyt hecr edi
torsshallbeliquidator,and
ifnopersonisnomi natedbyt hecreditorstheper sonifany,nomi nated
bythecompany ,shallbeliquidat
or:

Prov idedt hatinthecaseofdi fferentper sonsbeingnomi nat ed,any

direct or,memberorcr edi
toroft hecompanymay ,wi t
hinsev enday s
aftert hedateonwhi chthenomi nationwasmadebyt hecr edi t
or s,
appl yt otheCourtforanor derdirecti
ngt hatthepersonsnomi nat edas
li
qui dat orbythecompanyshal lbel i
quidatorinst
eadoforj oint l
ywi th
the per son nominated byt he credit
ors,orappoi nt
ing some ot her
per son t o be li
quidatorinstead oft he person appointed by t he
credi tors.

(
2)Ont heappoi nt
mentofaliquidator
,allt
hepower softhedi
rector
sshal
l
cease,exceptthereisaCommi t
teeofInspect
ion,ori
fther
ei snosuch
commi t
tee,thecredi
tor
sshallsancti
ontheconti
nuance.

637.(
1)Thecr edit
ors,atthemeet i
ngtobeheldundersect i
on635oft hi
sAct Appointmentof
commit
teeof
oratanysubsequentmeet i
ng,
may ,
ift
heyt hi
nkf i
t,setupaCommi ttee i
nspect
ion.
ofInspecti
onconsi st
ingofnotmor ethanf i
veper sons,andifsucha
commi tt
eei ssetup,thecompanymay ,eit
heratt hemeet i
ngatwhi ch
the r
esoluti
on forv olunt
arywindi
ng up is passed oratanyt i
me
subsequentlyingeneralmeeti
ng,appointsuchnumberofper sonsas
theythi
nkf i
ttoactasmember softhecommi tt
eenotexceedingfivein
 number
:

Provi
dedt hatthecreditorsmay ,iftheythinkfit,
resolvethatalloranyof
thepersonssoappoi ntedbyt hecompanyshal lnotbemember softhe
Commi tt
eeofI nspection,andi fthecr editor
ssor esolve,thepersons
mentionedi ntheresoluti
onshal lnot,unl
esst heCour totherwisedir
ects,
bequalif
iedt oactasmember softhecommi t
tee,andonanyappl i
cati
on
totheCour tundert hisprovisiontheCour tmay ,ifitthi
nksf it
,appoi
nt
otherper sons to actas such member si n place oft he persons
mentionedi ntheresoluti
on.

(
2)Subjectt otheprovisi
onsoft hi
ssect i
onandt ogeneralrulesmade
undert his Act
,the provisi
ons ofsect i
on 597 ofthis Act( except
subsection(1))
,shal
lapplywi threspecttoacommi tt
eeofi nspection
appointedunderthi
ssectionast heyapplywi
threspecttoaCommi ttee
ofInspecti
onappointedinawi ndingupbytheCourt.

638.The Commi t
tee ofI nspecti
on,ori ft her
eis no such committee,t
he Fixi
ngofliquidat
ors'
remuneration.
credit
ors,may f ixt he r emuner at
ion to be paidtot he li
qui
datoror
li
quidators.
639.Ifav acancyoccur s,bydeat h,resi
gnationorother
wise,i
nt heoff
iceofa Powertof i
llvacancy
i
nt heoffi
ceof
li
quidator,otherthanal i
quidatorappointedbythedirect
ionoftheCourt,l
iquidat
or.
thecreditorsmayf i
llthevacancy .

640.(
1)Wher et hewi ndi
ngupcont i
nuesf ormor ethanoney ear,t
heliqui
dator Li
quidatortocal
l
meetingsofcompany
shallsummonagener almeet
ingoft hecompanyandameet ingoft he andot her
sattheend
credit
orsatt heendoft hefi
rsty earfr
om t hecommencementoft he ofeachyear.
windingup,andofeachsucceedi ngyear,oratthefi
rstconvenientdate
withi
nt hreemont hsf rom t
heendofy ear,orsuchlongerperi
odast he
Commi ssionmayal low,andshalllaybeforethemeetingsanaccountof
hisactsanddeal ingsandoft heconductoft hewindingupdur i
ngt he
precedingy ear.

(
2)I
ftheliqui
datorfai
lst
ocomplywit
htheprov
isi
onsofthi
ssecti
on,hei
s
l
iabl
etoapenal tyinsuchamountastheCommissi
onshallspeci
fyi
n
i
tsregulat
ions.

641.(
1)Assoonast heaf
fair
soft hecompanyar eful
lywoundup, t
heliquidat
or Fi
nalmeeti
ngand
di
ssol
uti
on.
shallprepar
eanaccountoft hewindingup,showi nghowt hewi ndingup
has been conducted and t he propert
y oft he company has been
disposed of,and thereupon he shallcalla gener almeet i
ng oft he
companyandameet i
ngoft hecredit
orsforthepur poseofl ayingthe
accountbeforethemeet ingsandgi vi
nganyexpl anat
ionthereof.

(
2)Eachsuchmeetingshal
lbecal
ledbynoticepubl
ishedi
ntheFederal
Gover
nmentGazett
eandint
wodailynewspaper
sprint
edi
nNiger
iaand
 ci
rculati
ng int
he locali
tyofthe r
egist
ered of
fi
ce oft he company
,
specify
ingthet
ime,placeandobj
ectther
eof,andpubl
ishedonemont h
atleastbef
oret
hemeet ing.

(
3)Withinsev enday saf t
erthedat eoft hemeeting,orifthemeet i
ngsar e
nothel dont hesamedat e,afterthedateoft hel at
ermeet ing,the
l
iquidatorshallsendt otheCommi ssionacopyoft heaccount ,andshal l
makear eturntoitofthehol di
ngoft hemeetingsandoft heirdates,and
i
fthecopyi snotsentort hereturnisnotmadei naccor dancewi t
ht hi
s
subsection,theli
quidatorshallbeliablet
oapenal tyforev er
ydaydur i
ng
whicht hedef aultcontinuesinsuchamountast heCommi ssionshal l
specifyinitsregulat
ions:

Provi
dedt hat,ifaquor um isnotf or
medatei t
hersuchmeet i
ngsthe
li
quidatorshall,i
nli
euoft heretur
n,makeareturnthatthemeetingwas
dulysummonedandt hatnoquor um waspresent;anduponsucha
retur
nbei ngmadet hepr ovi
sionsofthi
ssubsecti
onast othemakingof
the retur
n ar e,inrespectoft hatmeeti
ng,deemed t o hav
e been
compl i
edwi t
h.

(
4)TheCommi ssi
on,onr eceiv
ingtheaccount,and, i
nr espectofeachsuch
meeti
ng,eit
herofther eturnsmentionedabov e,shallfort
hwithregister
t
hem,and on t he expir
ation ofthree months from t he regi
strati
on
t
hereof
,thecompanyshal lbedeemedt obedissolved:

Pr
ov i
dedt hatt
heCourtmay,
ont heappli
cati
onofthel
iqui
dat
ororofany
otherpersonwhoappearstot heCour ttobeint
erest
ed,makeanorder
deferri
ngt hedateatwhi
cht hedi ssol
uti
onofthecompanyi stotake
effectforsuchti
meastheCour tthi
nksfit
.

(
5)Apersononwhoseappl icati
onanor deroftheCour tundert hissection
i
smadeshall,withinsevenday saft
ert hemakingoft heorder ,deli
verto
t
heCommi ssionacer ti
fi
edt r
uecopyoft heorderforregi
stration,andif
t
hatpersonfail
st odosohei sl
iabl
et oapenal t
yaspr escribedint he
r
egul
ationf
orev erydaydur i
ngwhicht hedefaultcont
inues.

(
6)Iftheli
qui
datorfail
st ocal
lagener almeeti
ngofthecompanyora
meeti
ngofthecr edi
torsasr equi
redbythi
ssecti
on,heisl
iabl
etoa
penal
tyaspr
escri
bedi nther
egulat
ion.

PROVI
SIONSAPPLI
CABLETOEVERYVOLUNTARYWI
NDI
NG-
UP
Provi
sionsappli
cabl
e
642.Theprov
isi
onsofsect
ions643-648ofthi
sAct,appl
ytoev
eryv
olunt
ary toeveryvol
untary
windi
ngup,whet
heramembers'oracr
edi
tor
s'wi
ndingup. windi
ng-up.
643.Subj ectt otheprovisionsoft hisActast oprefer
enti
alpayment s,the Di
str
ibuti
onof
pr
opertyofcompany
.
proper tyofacompanyshal l,onitswindingup,beappli
edinsati
sfactionof
it
sl i
abi l
it
iesparipassuand,subj ecttosuchappl i
cati
onshall
,unlesst he
arti
clesot herwi
seprovide,bedistr
ibutedamongt hemembersaccor dingto
thei
rr ightsandint
erestsinthecompany .

644.(
1)Thel
iqui
dat
ormay— Power sofl
iqui
dator
i
nev eryvol
untar
y
winding-
up.
(
a)inthecaseofamember s'v
oluntarywi ndingup,
witht hesanction ofspecialr esolut
ion oft he
company ,and,i nt he case of a cr editors'
voluntarywindi
ngup,wi ththesanct ionoft he
courtor,thecommi t
teeofinspectionori fthere
i
snosuchcommi t
tee,ameetingoft hecreditors,
exerciseanyoft hepower sgivenbysect ion588
(1)(d),(e)and(f)oft hi
sActt oal i
quidatorina
windingupbyt heCour t;

(
b)wi t
houtsanct
ion,exerci
se any ofthe ot
her
powersgi
venbyt hi
sActt otheliqui
dat
orina
windi
ngupbytheCourt;

(
c)exercisethepoweroftheCourtunderthi
sActof
sett
lingal istofcont
ribut
ori
es,andt heli
stof
contribut
ori lbepr
esshal i
maf aci
eevidenceof
theliabil
it
yoft heper
sonsnamedt her
eintobe
contribut
ories;

(
d)exer
ciset
heCour
t'
spowerofmaki
ngcal
ls;

(
e)summongener almeetingsofthecompanyf or
the pur
pose ofobt
aining t
he sanct
ion ofthe
companybyspecialresolut
ionorforanyother
purposehemaythi
nkfit.

(
2)Theli
qui
datorshallpaythedebt
softhecompanyandshal
ladj
ustt
he
r
ight
softhecontr
ibutor
iesamongthemsel
ves.

(
3)Whereseveralli
quidat
orsareappoi
nted,anypowergi
venbythisAct
maybeexercisedbysuchoneormoreofthem asmaybedet
erminedby
anynumbernotlessthantwooft
heli
quidator
s.
PowerofCour
tto
645.If
,inanyvoluntarywindi
ngup,ther
ei snoli
qui
datoracti
ng,theCour
tmay appoi
ntandr
emov
e
appointa li
quidatorand in anycaset heCourtmay ,on causeshown, l
i
qui
dator
.
remov eal
iquidatorandappoi
ntanotherl
iqui
dat
or.
646.(
1)Thel i
quidat
ororanycont ri
butoryorcredi
tormayappl yt
otheCour
tto Powertoapplyto
Courttodet
ermine
determineanyquest ionarisi
ngi nthewi ndi
ngupofacompany ,to questi
onsorexerci
se
exerci
se,asr espect
st heenforci
ngofcal l
soranyot hermat
ter
,al
lor powers.
anyoft hepower swhichtheCour tmightexer
cisei
fthecompanywere
beingwoundupbyt heCourt.

(
2)I ftheCourtissati
sfi
edt hatthedeterminationofthequest
ionorthe
requir
edexerci
seofpoweri sj
ustandbenef i
cial,
itmaygiv
eeff
ectwholl
y
orpartial
lyt
otheappli
cati
ononsucht ermsandcondi t
ionsasitdeems
fi
t,ormakesuchotherorderasthecasemayr equir
e.

(
3)Acopyofanor dermadeundert hi
ssecti
onst ay
ingtheproceedi
ngsin
the windi
ng up,shal
lf or
thwit
h be forwarded by the company,or
other
wiseasmaybepr escr
ibed,t
ot heCommi ssi
on,whichshal
lmakea
minuteoftheor
derini
tsbooksrelat
ingt
ot hecompany.

647.Allcosts,charges and expenses properl

yi ncur
red i
nthe wi
ndi
ng up, Costsofvol
unt
ary
windi
ng-up.
i
ncludingtheremuner at
ionoft heli
quidator,shal
lbepayabl
eoutofthe
assetsofthecompanyi npri
orit
ytoallotherclai
ms.

648.Thev oluntar
ywi ndingupofacompanyshal lnotbart her ightofany Savingofri
ghtsof
credit
orsand
creditororcont r
ibutor
ytohav eitwoundupbyt heCour t,butwherethe contri
butor
ies.
applicantf orwindingupi sacont ribut
ory,anor dershallnotbemade
unlesst heCourti ssati
sfi
ed thatther ight
sofcont r
ibutor
iesshallbe
prejudicedbyt hemember s'orcredi
tors'vol
untar
ywi ndi
ngup,ast hecase
maybe.

CHAPTER23—WI
NDI
NGUPSUBJECTTOSUPERVI
SIONOFCOURT
Powert
oor
der
649.Ifacompanypassesar esolut
ionforvoluntarywi
ndi
ngup,t heCour
tmay wi nding-upsubj
ectt
o
onpeti
ti
onor derthatthev oluntar
ywindingupshallconti
nuebutsubj
ectto supervisi
on.
such supervi
sion oft he Cour t
,and wi t
h such li
bert
yf orcredit
ors,
cont
ri
butori
es,orot herst oapplytotheCour t,
andgeneral
lyonsuchterms
andcondit
ions,asthecour tdeemsf i
t.

650.A peti
ti
onf orthecont
inuanceofavoluntar
ywi ndingupsubjecttothe Effectofpeti
ti
onfor
winding-upsubj
ectt
o
supervi
sionoftheCour
tshall,f
ort
hepurposeofgi vi
ngjur
isdi
ctiont
othe supervisi
on.
Courtoveracti
ons,
bedeemedt obeapeti
ti
onf orwindi
ngupbyt heCour
t.

651.Awi ndi
ngupsubjecttot
hesuper
visionofthecourtshal
l,f
orthepurposes Appli
cationof
sect
ions576and577.
ofsecti
ons576and577oft hi
sAct ,bedeemedt obeawi ndi
ngupbyt he
Court.
652.(1)Wher eanorderismadeforawi ndi
ngupsubj ectt
osupervi
sion,the PowerofCourtt o
appointandr emove
Courtmay,bythesameoranysubsequentorder,appoi
ntanadditi
onal l
iqui
dator s.
l
iqui
dator
.
 (
2)A liqui
datorappoi ntedbyt heCourtundert hi
ssect i
onshallhavet he
samepower s,besubj ecttot hesameobl igat
ions,andinallrespects
stand int he same posi ti
on,as ifhe had been dul y appoi
nted in
accordance wi t
ht he provisi
ons of thi
s Act wi t
hr espect t
ot he
appointmentofliquidat
orsinav ol
untar
ywindingup.

(
3)TheCour tmayr emoveanyliqui
datorsoappoint
edbyt heCourtorany
l
iquidat
orcontinued underthe superv
isi
on order,and may fi
llany
vacancyoccasi
onedbyt her
emov al
,orbydeat
horr esi
gnat
ion.

653.(
1)Wher eanor
derismadef orawindi
ngupsubj ecttosuperv
ision,the Effectofsupervi
sion
order.
li
quidat
ormay,subjectto any r
est
rict
ions i
mposed by the Cour t
,
exerci
seal
lhi
spowers,wi
thoutt
hesancti
onorinter
vent
ionoftheCour t
,
inthesamemannerasift
hecompanywer ebei
ngwoundupv oluntari
ly:

Prov i
dedt hatthepower sspeci fi
edi nsecti
on588( 1)(d),(
e)and( f
)of
thisActshal lnotbeexer cisedbyt heli
quidat
orexceptwi ththesancti
on
oft heCour tor,inacasewher ebeforetheor derthewi ndi
ngupwasa
creditors'voluntar
ywi ndingup,wi t
hthesanct ionoft heCour torthe
commi tteeofinspect
ion, or(i
fthereisnosuchcommi t
tee)ameetingof
thecr editor
s.

(
2)Awi ndingupsubj ectt othesupervi
sionoftheCour tshallnotamountt o
Twel
vet
hSchedul
e.
awindingupbyt heCour tforthepurposeofthepr ovi
sionsofthisActas
speci
fi
edi nt heTwel vethSchedulet othisAct(dealingwi t
hpr ovisi
ons
whichdonotappl yinthecaseofwi ndingupsubjecttothesuper vi
sionof
theCour t)but,subj ectt othis,anor derfora wi ndingupsubj ectto
superv
isionshallforal lpurposesbeanor derforwindi
ngupbyt heCour t
:

Providedt hatwher etheor derf

orwindingupsubj ectt
osuper vi
sionofthe
Courtwasmadei nr el
ati
ont oacredit
ors'vol
untarywindingupinwhi cha
Commi tteeofI nspectionhadbeenappoi nted,t
heor dershallbedeemed
tobeanor derforwi ndingupbyt heCour tforthepur posesofsect i
on
597 oft his Act ,(exceptsubsection (1)oft hatsect ion)unless t
he
operati
onoft hatsectionisexcl
udedinav olunt
ar ywindingupbygener al
rul
esmadeundert hisAct .

CHAPTER24—PROVI
SIONSAPPLI
CABLETOEVERYMODEOF
WI
NDI
NG-UP

654.(
1)Theli
qui
datorshal
l,wi
thi
n14daysafterhi
sappoi
ntment,
publ
ishinthe Li
quidatort
ogiv
e
noti
ceof
Feder
alGov er
nmentGazett
eorintwodail
ynewspapersanddeli
verto appoint
ment.
theCommi ssi
onforregi
str
ati
onanot i
ceofhisappoint
mentinsuch
for
m astheCommi ssi
onmayfrom t
imetotimeappr
ove.

(
2)I
fthel
iqui
dat
orf
ail
stocompl
ywi
tht
her
equi
rement
sofsubsect
ion(
1),
 he isli
abl
eto a penal
tyas pr
escr
ibed byt
he Commi
ssi
on i
nthe
regul
ati
on.

655.Ineverywi ndi
ngup( subject,i
nt hecaseofi nsolventcompanies,tothe Debtsofall
descri
pti
onsmaybe
appli
cati
oni naccor dancewi t
ht hepr ovisionsoft hi
sActoft helaw of proved.
bankruptcy)
,alldebtspay ableonacont i
ngency ,andallclai
msagainstthe
company ,presentorfuture,certai
norcont ingent,ascertai
nedorsounding
onlyindamages,shal lbeadmi ssibl
et opr oofagai nstthecompany,ajust
esti
mat ebeingmade,sof araspossi ble,oft hev al
ueofsuchdebt sor
clai
msasmaybesubj ecttoanycont ingencyorsoundonl yindamages,or
forsomeot herreasonsdonotbearacer tainv al
ue.

656.Int hewindingupofani nsol v

entcompanyr egi
steredinNi geri
a,thesame Appl i
cati
onof
bankrupt
cyrul
esi
n
rulesshallpr evai
landbeobser vedwi thregardtot herespect i
ver i
ghtsof cert
aincases.
secur edandunsecur edcreditorsandt odebt sprov abl
eandt othevaluati
on
ofannui t
iesandf utureandcont i
ngentl i
abil
it
iesasar einf orceforthetime
beingundert helawofbankr uptcyinNi geri
awi t
hr espectt otheestatesof
per sonsadjudgedbankr upt,andal lpersonswhoi nanysuchcasewoul dbe
ent i
tledt
opr oveforandr eceivedi vi
dendsoutoft heasset soft hecompany
maycomei nundert hewi ndingupandmakesuchcl aimsagai nstthe
companyast heyrespecti
velyar eentit
ledtobyv ir
tueoft hissecti
on:

Pr
ovidedthatnothi
nginthissecti
onshallaff
ectt
hepowerofanysecur
ed
cr
editort
or eal
iseorot
herwisedealwit
hhissecuri
tydur
ingt
hewindi
ngup
ofaninsol
ventcompanyregist
eredinNiger
ia.

657.(
1)I
nawi
ndi
ngup,
ther
eshal
lbepai
dinpr
ior
it
ytoal
lot
herdebt
s— Pr
efer
ent
ial
pay
ment
s.

(
a) alllocalrates and char ges due f r
om t he
company at t he r el
ev ant date,and hav ing
become due and pay abl e within 12 mont hs
i
mmedi atel
ybeforet hatdat e,andal lpay
-as-you-
earntaxdeduct i
onsandot herassessedt axes,
propert
yorincomet axassessedonorduef rom
the company up t o t he annual day of
assessmentnextbef oret herelevantdate,andi n
thecaseofpay -
as-you-earnt axdeduct i
onsnot
exceedingdeductionsmadei nr espectofone
yearofassessmentand,i nanyot hercase,not
exceedingi
noney ear'
sassessment ;

(
b)deductions made f
rom t he remuner
ati
on of
employ
ees and cont
ribut
ions ofthe company ActNo.4,
2014.
undert
hePensionReform Act
;
ActNo.13,
2010.
(
c)cont
ri
but
ionsandobl
igat
ionsoft
hecompany
 undert
heEmpl
oyees'
Compensat
ionAct
;

(
d)al
lwagesorsal ari
esofanycler
korservanti
n
r
espectofser
vicesrender
edt
othecompany;

(
e)allwagesofanywor kmanorlabourer,whether
payabl
ef orti
meorforpieceofwork,inrespect
ofserv
icesrender
edtothecompany;and

(
f) al
laccr ued holi
day remunerati
on becomi ng
payablet o any clerk,serv
ant,wor kman or s

l
abour er(ori
nthecaseofhisdeatht oanyother
personi nhisri
ghts)ont heterminationofhis
employ mentbefore orby t he effectoft he
ActNo.13,
2010.
windinguporderorresol
uti
on.

(
2)Wher eanycompensati
onundert heEmpl oyees'CompensationActisa
weeklypayment
,theamountduei nrespectt
hereofshal
l,forthepur
pose
ofsubsecti
on(1)(e)
,betakent obet heamountoft hel umpsum f or
whichtheweeklypaymentcoul d,ifredeemable,ber edeemed,ifthe
employermadeanappli
cat
ionforthatpurposeundertheAct .

(
3)Wher eanypay mentonaccountofwagesorsal arieshasbeenmadet o
anyclerk,serv
ant,workmanorl aboureri
nt heempl oy mentofacompany
outoft hemoneyadv ancedbysomeper sonsf ort hatpur pose,that
personshal li
nawi ndinguphav ear i
ghtofpr iorityinr espectoft he
moneysoadv ancedandpai dupt otheamountbywhi cht hesum i n
respectofwhi cht hatcler
k,servant,workmanorl abourerwoul dhav e
beenent it
ledtopri
orit
yi nt
hewi ndi
nguphasbeendi mini
shedbyr eason
ofthepay menthav i
ngbeenmade.

(
4)Thedebt
sshal
l—

(
a) r ank equall
y among themselves aft
er the
expensesoft hewindi
ngupandshal lbepaidin
full
,unlesstheassetsareinsuf
fi
cientto meet
them,in which casetheyshal
labat ein equal
proport
ions;
and

(
b)i ft he asset
s oft he company avail
ablef or
paymentofgener alcredi
tor
sareinsuf f
ici
entt o
meett hem,have prior
it
y overthe claims of
holdersofdebent
uresunderanyf l
oatingcharge
createdbythecompanyandbepai daccordingly
 outofanypr oper
tycompr
isedi
norsubj
ectt
o
thatchar
ge.

(
5)Subj
ecttotheret
enti
onofsuchsumsasmaybenecessar ytodi
scharge
t
hecostsandexpensesofthewindi
ngup,t
hedebtsshallbedi
scharged
i
mmediatel
yift
heassetsoft
hecompanyaresuf
fi
cientt
omeetthem.

(
6)Not wit
hstandingt
heforegoi
ngandanyotherprov
isi
onsofthisActand
anyotherlawappli
cabl
einNigeri
awher
eitr
elat
estosett
lementofcl
aims
i
nthewi ndingupofacompany ,
clai
msof-

(
a)secured credit
ors,as defi
ned underthis Act,
shallr
ankinpr i
ori
tytoallot
herclai
ms,includi
ng
anypr ef
erenti
alpaymentundert hi
sActorany
otherdebtsincl
usiveofexpensesofwindingup;
and

(
b)t
heequi
tyhol
der
sshal
lrankl
ast
.

(
7)I
nthi
ssect
ion,
"ther
elev
antdat
e"means—

(
a)inthecaseofacompanyor deredtobewound
up compulsori
ly whi
ch had not pr evi
ousl
y
commencedtobewoundupv oluntar
il
y,t
hedate
oft
hewindi
ng-uporder
;and

(
b) i n any other case, the dat
e of t
he
commencementoft
hewi ndi
ngup.

EFFECTOFWI
NDI
NGUP ANDADMI
NISTRATI
ONONANTECEDENTAND
OTHERTRANSACTIONS

658.(
1)Wher eacompanyatanyt i
mewi thi
ntheperi
oddef i
nedinsubsection Fraudulent
prefer
ence.
(6)
, doesany t
hingorprocuresanythi
ngtobedonewhi chhastheeffect
ofput t
ingaper son,
beingoneoft hecompany '
scr
editor
sorasur et
yor
guarantorundue adv antage shallbe deemed a pref
erence ofthat
person, andbeinval
idaccordingl
y.

(
2)Notwit
hstandingsubsecti
on(1),aprefer
encegiventoanypersonisnot
i
nvali
dunlesst hecompanywhi chgav ethepref
erencewasi nfl
uenced
i
ndecidingtogiveitbyadesiretoproduceinr
elati
ontothatpersonthe
ef
fectmentionedinsub-sect
ion(1).

(
3)Acompanywhichhasgivenapr ef
erencetoaper sonconnectedwith
t
hecompany(
ot herwi
sethanbyreasononlyofbeingitsemployee)at
t
heti
methepreferencewasgiv
eni spresumed,unlessthecontr
aryis
 shown,t
ohav ebeeninfl
uencedindeci
dingt
ogi
vei
tbysuchadesi
re
asismenti
onedinsubsecti
on(2)
.

(
4)Thefactthatsomet hi
nghasbeendoneinpursuanceoftheorderofa
Courtdoesnot ,wit
houtmore,pr
eventthedoingorprocuri
ngoft hat
thi
ngfrom consti
tut
ingthegi
vi
ngofaprefer
ence.

(
5)Anyconv eyanceorassignmentbyacompanyofal lit
spr oper
tyto
tr
ustees i
nf urt
her
ance ofthe pr
efer
ence f
ort
he benefi
tofal li
ts
credi
tor
sisvoid.

(
6)Inthecaseofapr eferencewhichisgiv
ent oapersonwhoisconnected
witht he company ( otherwi
se than by reason onl
y of being i
ts*amended by BFA 2023
employ ee)
,ther elevantt i
mei stheperiodofy ear
sendingwi ththe S 6 5 8 ( 6 ) - . . . t h e r e l e v a n t
time is the period of two
onsetofi nsol
vency( whichexpressi
oni sdefi
nedbelow),andi nany y e a r s e n d i n g w i t h t h e o n s e t
othercase,therelevantt i
meist heperi
odofthreemonthsendingwith of insolvency...
theonsetofinsolvency .

(
7)Forthepurposeofthissecti
on,theonsetofinsol
vencyr efer
stothe
ti
meoft hepresent
ationofapetiti
onforwindingupint hecaseofa
windi
ngupbyorsubj ecttot
hesupervi
sionoftheCourtor,thepassi
ng
ofaresol
uti
onforwindingupint
hecaseofav olunt
arywindingup.

(
8)Thi
ssect
ionappl
iesi
nthecaseofacompanywher
e—

(
a)t
hecompanyent
ersadmi
nist
rat
ion,
or

(
b)t
hecompanygoesi
ntol
iqui
dat
ion.

659.(
1)Thi
ssect
ionappl
iesi
nthecaseofacompanywher
e— Transact
ionsatan
underval
ue.

(
a)t
hecompanyent
ersadmi
nist
rat
ion;
or

(
b)t
hecompanygoesi
ntol
iqui
dat
ion.

(
2)Wherethecompanyhasatar el
evantti
meent er
edi
ntoatransact
ionwi
th
anypersonatanunderval
ue,t
heliqui
datororadmi
nist
rat
ormayapplyto
theCourtf
oranorderundert
hissecti
on.

(
3)TheCourtshall
,onsuchanapplicat
ion,makesuchor
derasitdeemsfi
t
forr
estor
ingtheposi
ti
ontowhati twouldhavebeeni
fthecompanyhad
notent
eredint
othatt
ransact
ion.

(
4)Fort
hepurposesofthi
ssecti
on,acompanyent
ersi
ntoat
ransact
ion
wi
thaper
sonatanunderval
uei
fthecompany—
 (
a)makesagi fttothatperson orenter
sint
oa
tr
ansact
ion withthat person on t
erms that
provi
de for t he company t o recei
ve no
consi
derat
ion,or

(
b)enter
sintoat ransacti
onwi t
hthatpersonfora
consi
derat
ionthev al
ueofwhi ch,inmoneyor
money's wort
h,i s si
gnif
icantl
yless than t
he
val
ue,in money or money '
s worth,of the
consi
derat
ionprovidedbythecompany .

(
5)TheCour tshal
lnotmakeanorderundert
hissect
ioni
nrespectofa
t
ransact
ionatanunder
val
uei
fiti
ssat
isf
ied—

(
a) that the company whi
ch enter
ed int
o t
he
tr
ansacti
on di
d so i
n good f
ait
h and fort
he
purposeofcar
ryi
ngonit
sbusi
ness;and

(
b)t hatattheti
mei tdidsother
ewer ereasonabl
e
groundsforbeli
evingthatt
hetransact
ionwould
benefi
tthecompany .

(
6)Subjecttosubsect
ion(7),thet
imeatwhichacompanyent
ersint
oa
tr
ansacti
on atan under
valueisarel
evantti
meifthetr
ansact
ion i
s
enter
edinto—

(
a)withi
nt wo year
s endi
ng wit
ht he onsetof
i
nsolv
encyasdefi
nedi
nsubsect
ion(8)
;

(
b) bet
ween t he making of an admini
str
ation
appl
icat
ioninrespectofthecompanyandt he
making of an admini
strat
ion or
der on that
appl
icat
ion;
and

(
c)betweenthef i
li
ngwitht
heCour tofacopyof
noti
ceofintenti
ontoappointanadmi nist
rat
or
undersect
ions456or464oft hisActandt he
makingofanappoint
mentunderthispar
agraph.

(
7)Wher eacompanyent er
sintoatransact
ionatanunderval
ueatati
me
menti
onedinsubsect
ion(6)(a)
,thatti
mei snotarel
evanttimef
orthe
pur
posesofthi
ssecti
onunlesst
hecompany—

(
a)i
satthatt
imeunabletopayi
tsdebt
swi
thi
nthe
meani
ngofsect
ion572;or
 (
b)becomes unableto payi t
s debt
s wit
hint
he
meaningofthatsecti
oninconsequenceoft
he
t
ransact
ionorpr
eference,

butther equi
rementsofthi
ssubsect
ionarepr esumedtobesat isf
ied,
unl
ess the contrar
yis shown,inrelat
ion t
o anyt r
ansaction atan
underval
uewhi chisenter
edint
obyacompanywi thaper sonwhoi s
connectedwiththecompany.

(
8)Fort
hepurposesofsubsect
ion(6),t
heonsetofi
nsol
vencyi
s,i
nacase
wheret
hissecti
onappl
iesbyreasonof—

(
a)anadminist
rat
orofacompanybeingappoi
nted
byadminist
rat
ionorder,t
hedateonwhichthe
admi
nist
rati
onappl
icati
onismade;

(
b)anadmi ni
strat
orofacompanybeingappoi nted
undersecti
on456or464oft hisActf oll
owing
fi
li
ngwitht heCourtofacopyofanot i
ceof
i
ntent
iontoappointundert
hatsection,thedate
onwhichthecopyofthenot
iceisfi
led;

(
c)anadmi ni
str
atorofacompanybei
ngappoi
nted
otherwisethanasmenti
onedinparagr
aph(
a)or
(b),thedat eonwhichtheappointmentt
akes
effect;

(
d)acompanygoi ngintoli
quidat
ioneitherf ol
lowing
conversionofadmi nist
rati
onintowi ndingupor
at the t ime when t he appointment of an
administratorceasest ohaveeffect,thedat eon
whichthecompanyent eredadministration(or,i
f
rel
evant,t hedat eonwhi chtheappl icati
onf or
theadmi nistr
ationorderwasmadeoracopyof
thenoticeofi ntent
iontoappointwasf i
led);and

(
e)acompanygoi ngi
ntoliqui
dat
ionatanyot
her
t
ime,t he dat
e ofthe commencementofthe
windi
ngup.

660.(
1)Whereany t
hing madeordoneaf t
erthecommencementoft hi
sActi s Liabil
itiesandri
ghts
ofcer tainfr
audul
entl
y
voi
d undert hi
s Chapteras a fraudulentpr efer
ence ofa per son preferredpersons.
i
nter
estedinpropert
ymor t
gagedorchar gedt osecurethecompany '
s
debt
,thepersonprefer
redshall
,withoutprejudicetoanyliabi
li
ti
esor
ri
ghts ar
isi
ng apartfr
om t hi
s provisi
on,be subj ecttot he same
l
iabi
li
ti
es,andhav ethesamer i
ghts,asi fhehadunder t
akent obe
 personall
yliabl
eassur etyf orthedebt ,t
ot heext entofthechar geon
thepropertyort hevalueofhi sint
erest,whicheveri stheless,andt he
valueofthesaidper son'sint er
estshallbedet er
mi nedasatt hedateof
thet r
ansactionconst i
tutingt hef r
audulentpr eference,andshal lbe
determinedasi ftheinterestwer efreeofal lencumbr ancesot herthan
thosetowhi chthechar gef orthecompany 'sdebtwast hesubject.

(
2)Wher ef ort
hepur posesoft hissect i
on,appl i
cati
onismadet otheCourt
wit
hr espectto anypay menton t he gr ound thatthe paymentwas
fr
audul entpreference ofa suretyorguar antor,the courtshallhave
j
urisdicti
on to determineanyquest ionswi t
hr espectt othepay ment
ari
singbet weent heper sont owhom t hepay mentwasmadeandt he
suretyorguarantor,andt ograntreliefinr espectthereof,t
houghitisnot
necessar ytodosof orthepur posesoft hewi ndi
ngup,andf orthat
purposemaygi v eleavetobringint hesur etyorguar antorasathir
dparty
asint hecaseofanact i
onforther ecov eryoft hesum paid.

(
3|)Subsect
ion(
2)applies,wit
hthenecessar
ymodif
icati
ons,i
nrel
ati
ont
o
tr
ansacti
onsothert
hant hepaymentofmoney
,asitappli
esi
nrel
ati
ont
o
payments.

661.Whereacompanyi sbeingwoundupsubj ecttot

hesupervi
sionofthe Avoidanceof
att
achment s,on
Court
,anyattachment,sequest
rat
ionorexecuti
onputi
nforceagainstt
he winding-upsubj
ectt
o
est
ateoreffectsofthecompanyaf t
erthecommencementofthewi ndi
ng supervisi
onofthe
up,i
svoid. Court.

662.Wher eacompanyi sbeingwoundup,af l

oati
ngchar geont heundertaki
ng Effectoffl
oat
ing
char
ge.
or pr oper
ty of the company cr eated within three mont hs of the
commencementoft he windi
ng up shall
,unless iti s proved thatthe
companyi mmediatelyafterthecreat
ionoft hechar gewassol vent,be
inval
id,exceptt
ot heamountofanycashpai dtot hecompanyatt hetime
oforsubsequent l
yt othecreati
onof,andinconsi derati
onf or,thecharge,
togetherwithi
nter
estont hatamountatthecurrentbankr ate.

663.(
1)Whereanypartoft
hepr
oper
tyofacompanywhi
chi
sbei
ngwoundup Di
scl
aimerofoner
ous
pr
oper
ty.
consi
stsof-

(
a)unpr
ofi
tabl
econt
ract
s;or

(
b)anyot herproper
tythatisunsaleabl
e,ornot
r
eadil
ysaleabl
e,orissuchthati
tmaygiveri
seto
t
heper f
ormanceofanyoner ousactorali
abil
it
y
f
orthepay mentofanysum ofmoney,

t
heli
qui
dator,notwi
thst
andingt
hathehasendeavour
edtosel
litorhas
t
akenpossessionoftheproper
tyorexer
cisedanyactofownershi
pin
 rel
ationtheret
o,may,withtheleaveoftheCourt
,andsubjectt
othe
provisi
onsoft hi
ssect
ion,i
nwr it
ingsi
gnedbyhim,wit
hin12months
afterthecommencementoft hewindi
nguporsuchext
endedperi
odas
maybeal lowedbytheCourt
,discl
aimthepr
oper
ty:

Providedthat
,wherethepropert
yhasnotcometotheknowledgeofthe
l
iqui
dat orwit
hinonemont haft
erthecommencementofthewindi
ngup,
the powerundert hi
s sect
ion ofdiscl
aimi
ng t
he proper
ty may be
exercisedatanyt i
mewi thi
n12mont hsaft
erhehasbecomeawar e
ther
eoforsuchext endedperi
odasmaybeal l
owedbytheCourt.

(
2)Adi sclai
merundert hissect i
onshalloperat
etodetermine,asfr
om the
dateofthediscl
aimer,therights,i
nter
estandli
abi
li
ti
esofthecompany ,i
n
orinr espectoft he proper t
ydi scl
aimed,butshallnot,exceptitis
necessaryforthepur poseofr el
easingthecompanyf r
om anyl i
abi
li
ty,
aff
ecttheright
sorliabil
it
iesofanyot herper
son.

(
3)TheCour t
,befor
eorongrant
ingleav
et odi
sclai
m undersubsect
ion(1),
mayrequir
esuchnoti
cestobegivent oper
sonsinter
ested,andimpose
sucht
ermsasaconditi
onofgrant
ingleav
e,andmakesuchot herorderi
n
thematt
erastheCour
tdeemsjust
.

(
4)Thel i
quidat orisnotenti
t l
edt odisclaim anypr opert
yundert hissecti
on
i
nanycasewher eanapplicationinwr iti
nghasbeenmadet ohi m byany
personi nterestedinthepr oper tyrequiri
nghimt odecidewhet herornot
hewi l
ldisclaim, andtheli
qui datorhasnot ,within28day saf t
ertherecei
pt
oftheappl i
cationorsuchf urt
herper i
odasmaybeal l
owedbyt heCourt,
giv
enot icet ot heappli
cantt hathei ntendstoappl ytotheCour tforl
eave
todisclaim,and,i nthecaseofacont ract,i
fthel i
qui
dator,aft
ersuchan
appli
cation,doesnotwi thint hatper iodorf urtherperi
oddi sclai
mt he
contract,t
hecompanyi sdeemedt ohav eadopt edit.

(
5)TheCour tmay,ontheapplicati
onofanyper sonwhoi s,asagainstt he
l
iquidator,ent
it
ledtothebenefitorsubjecttotheburdenofacont racton
sucht ermsast opay mentbyort oeitherpart
y ,ofdamagesforthenon-
perf
or manceoft hecontract
,orot her
wi seast heCourtdeemsj ust ,and
anydamagespay abl
eundert heordert othatpersonmaybepr ov edby
him asadebti nthewindi
ngup.

(
6)TheCour tmay,onanapplicati
onbyanyper sonwhocl aimsanyi nterest
i
nanypr opert
ydiscl
aimedundert hi
ssection,orisunderanyl i
abili
tynot
dischargedbyt hisActi nrespectofanydi scl
aimedpr opert
y,andon
hearinganysuchper sonsasi tt
hinksfit
,makeanor derforthevestingof
thepr opertyinorthedel i
veryoft hepr opertytoanyper sonsent it
led
thereto,ortowhom i
tmayseem j ustthatthepr opert
yshouldbedel i
v ered
bywayof compensat i
onforsuchl i
abil
it
y,orat r
usteeforhim,andon
 suchtermsast heCour
tdeemsjustandonanysuchv esti
ngorderbeing
made,t heproper
tycompri
sedtherei
nshal
lv esti
ntheper sont her
ein
named i nt
hatbehalfwit
houtanyconveyance orassignmentfort he
purpose.

(
7)Wher ethepropert
ydiscl
aimedisofal easeholdnatur
e,theCourtshall
notmakeav esti
ngorderinf avourofanyper sonclai
mi ngundert he
company,whetherasanunder -l
esseeorasamor t
gageebydemi se,a
mortgagebywayoflegalchargeormortgage,asthecasemaybe, except
upontheter
msofmaki ngthatperson—

(
a)objecttothesamel iabi
li
ti
esandobl i
gati
onsas
thoset owhichthecompanywassubj ectunder
the lease i
nr espectoft he propert
y att he
commencementoft hewindingup;or

(
b)i
ftheCour tdeemsf i
t,subjectonl
yt othesame
l
iabi
li
ti
es and obl
igati
ons as ift he l
ease had
beenassi
gnedt ot
hatper sonatthatdate,

andi nei thereventi fthecasesor equir

es,asi fthel easehadcompr i
sed
onlyt hepr opertycompr isedi nthev estingor der,andanymor tgageeor
under -lesseedecliningtoacceptav esti
ngorderuponsucht ermsshal lbe
excludedf r
om allinter
estinandsecur i
tyupont hepr oper t
y ,andifthereis
noper soncl ai
mingundert hecompanywhoi swi ll
ingt oacceptanor der
uponsucht erms,theCour tshallhavepowertov estt heest ateandi nter
est
ofthecompanyi nt hepropertyinanyper sonl
iabl e,eitherper sonall
yori na
represent ati
vechar act
er,andei theraloneorj ointlywi tht hecompany ,to
performt helessee'scovenantsi nthelease,freedanddi schargedf rom al
l
estates, encumbrancesandi nter
estscreatedther ei
nbyt hecompany .

664.Anyper
soni nj
uredbyt heoper
ati
onofadiscl
aimerundersect
ion663is Per
sonsi
njur
ed.
deemedtobeacr edi
torofthecompanytotheamountoft hei
njur
y,and
mayaccordi
nglyprovetheamountasadebti
nthewindi
ngup.

665.(
1)Thi
ssect
ionappl
iesi
nthecaseofacompanywher
e— Suppl
iesofgas,
water
,elect
ri
cit
y,et
c.

(
a)t
hecompanyent
ersadmi
nist
rat
ion;

(
b) a company v ol
unt
ary arr
angement appr
oved
underChapt
er17hastakeneff
ect;

(
c)t
hecompanygoesi
ntol
iqui
dat
ion;
or

(
d)apr
ovi
sionall
iqui
dat
ori
sappoi
nted.
(
2)I
farequestismadebyorwi ththeconcur
renceoftheoff
iceholderf
or
t
hegivi
ng,aft
ertheeff
ecti
vedate,ofanyofthesuppl
iesmentionedin
t
henextsubsect
ion,
thesuppl
ier—

(
a)maymakei taconditi
onoft hegivi
ngoft he
supply t hat t he of f
ice-
hol
der personall
y
guarantees the payment of any char
ges in
respectofthesuppl
y;

(
b)shallnotmakeitacondi ti
onoft hegivi
ngoft he
suppl
y,ordoany thingwhi chhast heef f
ectof
makingitacondit
ionoft hegivi
ngoft hesuppl y
,
thatany out
standing charges i
nr espectofa
suppl
ygiventothecompanybef oretheeffect
ive
datear
epaid.

(
3)Fort he purpose ofsubsecti
on (2)
,"the off
icehol
der
"means the
admini
str
ator,t he nomi
nee,the super
v i
sor
,t he li
qui
dat
or or t
he
prov
isi
onall
iquidator
,ast
hecasemaybe.

(
4)Thesuppl
iesr
efer
redt
oinsubsect
ion(
2)ar
easuppl
yof—

(
a)gasbyagassuppl i
erwithi
nt hemeaning of
l
egisl
ati
on regul
ati
ng the pr
ovi
sion ofgas,if
appli
cabl
e;

(
b)electrici
tybyanel ect
ri
cit
ysuppli
erwit
hinthe
meani ngofl egi
slat
iondeal
ingwi
ththepr
ovisi
on
ofelect r
ici
ty;

(
c)waterbyawat erpr
ovi
derr
efert
olegi
slat
ioni
f
appl
icabl
e;and

(
d)communi cati
ons ser
vices bya providerofa
publ
icel
ectroni
ccommuni cati
onsserv
ice.

(
5)The"eff
ect
ivedat
e"f
ort
hepur
posesoft
hissect
ion,i
sthedat
eon
whi
chthe—

(
a)companyent
eredadmi
nist
rat
ion;

(
b)v
olunt
aryar
rangementt
ookef
fect
;

(
c)companywenti
ntol
iqui
dat
ion;
or

(
d)pr
ovi
sionall
iqui
dat
orwasappoi
nted.
 Cap.N97,
LFN,
2004.
(
6)Insubsecti
on( 3)
,theterm,"
communi cat
ionsservi
ces"doesnotincl
ude
elect
roni
ccommuni cati
onsservi
cestotheextentthattheyar
eusedt o
broadcast or otherwise t
ransmit pr
ogramme ser vi
ces withi
nt he
meaningoft heNigeri
anCommuni cat
ionsCommi ssi
onAct .

666.(
1)Wher eacr edi
torissuesexecuti
onagainstanygoodsorl andofa
Restri
ctionofri
ght
s
company ,
orat t
achesanydebtduetothecompany ,andthecompanyis ofcreditorasto
subsequentl
ywoundup,t hecredit
orshal
lnotbeent i
tl
edtoretai
nthe execution,et
c.,
on
benefi
toft heexecut i
onorat t
achmentagainstthel i
qui
datorinthe winding-upof
company .
windi
ngupoft hecompany,unlesshehascompl et
edt heexecuti
onor
att
achmentbef orethecommencementoft hewindi
ngup:

Pr
ovi
dedt
hat—

(
a)wher eanycredit
orhashadnot iceofameet i
ng
having been cal
led atwhich a r esol
ution for
vol
unt ar
ywindingupi stobeproposed,t hedat e
onwhi chthecredit
orsohadnot iceshall
,f ort
he
purposesofsubsect ion(1)
,besubst i
tutedf or
thedat eofthecommencementoft hewi ndi
ng
up,

(
b)ifapersonpurchasesingoodfai
thunderasale
bythesheri
ffanygoodsofacompanyonwhi ch
anexecuti
onhasbeenl evi
ed,heshallacqui
rea
goodti
tlet
othem againstt
heli
qui
dator,and

(
c)therightsconfer
redbyt hi
ssubsecti
onont he
l
iqui
datormaybesetasi debyt heCour
tinfav
our
ofthecr edi
torto such extentand subj
ectto
suchtermsasthecour tdeemsf i
t.

(
2)Fort hepurposesoft hi
ssecti
on,anexecutionagainstgoodsshallbe
takentobecompletedbyseizureandsale,
andanat t
achmentofadebti s
deemedt obecompl etedbyreceiptoft
hedebt,andanexecut i
onagainst
l
and is deemed to be completed byseizure and,inthe case ofan
equit
ablei
nter
est,
byt heappointmentofareceiv
er.

667.(
1)Subj ecttot hepr ovi
sionsofsubsect ion(3),whereanygoodsofa Dut yofsheri
ffast
o
goodstakenin
companyar et akeni nexecut i
onandbef orethesalet hereofort he execut
ion.
compl eti
onoft heexecut i
onbyt herecei
ptorrecov
eryoft hefullamount
oft helevy,noticeisser vedont hesherif
fthataprov i
sionalli
quidat
or
hasbeenappoi ntedort hatawinding-uporderhasbeenmadeort hata
resoluti
onforv olunt
arywi ndi
nguphasbeenpassed, thesher i
ffshall
,on
beingsor equir
ed, del
iverthegoodsandanymoneysei zedorr ecei
vedin
 partsati
sfacti
onoft heexecut
iontot
heliqui
dator,butthecost
soft he
executi
onshal lbeaf i
rstchargeonthegoodsormoneysodel iver
ed,
andtheliquidat
ormaysel lt
hegoods,
orasuffici
entpartther
eof
,forthe
purposeofsat i
sfy
ingthatchar
ge.

(
2)Subjecttot hepr ovi
sionsofsubsect i
on(3) ,wher eunderanexecut ionin
respectofaj udgmentf orasum exceedi ng₦100, 000,thegoodsofa
companyar esol dormoneyi spaidi nor
dert oav oidthesal e,t
hesher if
f
shalldeductthecost softheexecutionfrom t hepr oceedsoft hesal eor
themoneypai d,andr etai
nt hebalancef or14day sandi fwithinthat
ti
menot iceisser v
edonhi m ofapet itionf ort hewi ndingupoft he
companyhav ingbeenpr esentedorofameet i
nghav i
ngbeencal l
edat
whicht hereist obepr oposedar esolut
ionf orthev oluntarywindingup
ofthecompanyandanor derismadeorar esoluti
oni spassed,ast he
casemaybe, fort hewindingupoft hecompany ,t
hesher iffshal
lpayt he
balancet othel i
quidator
,whoshal lbeent it
ledtor etainitasagai nstthe
executioncreditor.

(
3)Theright
sconfer
redbythissecti
onontheli
qui
datormaybesetasi
de
bytheCourti
nfavouroft
hecr edi
tort
osuchext
entandsubj
ectt
osuch
ter
msast heCour
tdeemsfit.

(
4)I
nthi
ssect
ionandsect
ion666oft
hisAct—

(
a)"
goods"i
ncl
udeschat
tel
sper
sonal
;and

(
b)"sheri
ff
"incl
udesanyoffi
cerresponsi
blef
ort
he
executi
onofawritorot
herprocess.

OFFENCESANTECEDENTTOORI
NCOURSEOFWI
NDI
NGUP

668.(
1)Ifanyperson,
beingapastorpr esentof f
icerofacompanywhi chatthe Offencesbyoffi
cer
s
ti
meoft hecommi ssion oftheal l
eged offenceisbeing wound up, ofc ompanyin
l
iquidati
on.
whetherbyorundert hesupervisi
onoft heCourtorvolunt
aril
y,oris
subsequent
lyorder
edt obewoundupbyt heCourtorsubsequent l
y
passesaresol
uti
onf orvol
untarywi ndingup—

(
a)doesnot,tot hebestofhi sknowledgeandbel i
ef,
full
yandtrulydi scoverordeli
vertot hel
iquidat
or
allthe property ,landed and personal
,oft he
company ,and how and t o whom,f orwhat
consider
ationandwhen,t hecompanydi sposed
ofanypartt hereof,exceptsuchpar tashasbeen
disposedofi nt heor di
narywayoft hebusiness
ofthecompany ;
(
b)doesnotdel i
veruptotheli
quidat
or,orashe
di
rects,al
lsuchpartoftherealandper sonal
propert
yofthecompanyasisinhiscustodyor
underhiscont
rol
,whi
chheisrequir
edbyl awto
deli
verup;

(
c)doesnotdel i
veruptot heli
quidator
,orashe
di
rects,allbooksandpaper sinhiscustodyor
underhi s contr
olbelongi
ng tot he company
whichheisr equi
redbylawtodeli
verup;

(
d)wi t
hin 12 months immediat
elypreceding t
he
commencementoft hewindi
nguporatanyt ime
ther
eaft
er,concealsanypartofthepr oper
tyof
the company t ot he v
alue of ₦100,000 or
upwards,orconceal
sanydebtduetoorf rom t
he
company ;

(
e)wi t
hin 12 mont hs immediat
elyprecedi
ng the
commencementoft hewindi
nguporatanyt i
me
thereafter
,fr
audulentl
yremovesanypar tofthe
property of the company t o the value of
₦100, 000orupwar ds;

(
f)makesanymateri
alomi
ssi
oninanyst
atement
r
elat
ingt
otheaf
fai
rsoft
hecompany
;

(
g)knowingorbeliev
ingt
hatafalsedebthasbeen
prov
edbyanyper sonundert
hewindingup,f
ail
s
forthe peri
od ofone mont htoi nfor
m the
l
iqui
datort
hereof;

(
h)af tert he commencementoft he wi
ndi
ng up,
prev entsthepr oduct
ionofanybookorpaper
affectingorr el
ati
ngtothepr
opert
yoraff
air
sof
thecompany ;

(
i)within 12 mont
hs i
mmedi
atel
y pr
ecedi
ng t
he
commencementofthewi
ndinguporatanyt
ime
thereaf
ter
;

(
j)conceal
s,destr
oys,muti
lat
esorf al
sif
ies,oris
pri
vytotheconcealment
,destr
uct
ion,mutil
ati
on
orfal
sif
icat
ionofthebookorpaperaffect
ingor
rel
ati
ngtothepropert
yoraff
air
softhecompany
-
 (
i)makesorispri
vytothemakingofanyfal
se
entr
yi n anybook orpaperaffect
ing or
rel
ati
ng tothepropert
yoraf f
airsofthe
company,

(
ii
)fraudulent
lypartswith,al
ter
sormakesany
omi ssionin,orisprivytothefraudul
entl
y
par t
ing wi t
h, alt
ering or maki ng any
omi ssion in any documentaf f
ecti
ng or
relati
ng tot hepropertyoraffair
soft he
company ,

(
ii
i)atanymeet ing ofthe cr
edi
tor
s oft he
company ,at
temptstoaccountforanypart
ofthepropertyofthecompanybyfict
it
ious
lossesorexpenses,

(
iv)makesf al
serepresentati
onorotherf
raud,
obtai
nedanypr opert
yf ororonbehalfof
thecompanyoncr editwhichthecompany
doesnotsubsequentl
ypayf or
,

(
v)underthef alsepretencethatthecompany
i
s car r
ying on i t
s business,obtai
ns on
credi
t,fororonbehal fofthecompanyany
propert
y whi ch t
he company does not
subsequent l
ypayf or,or

(
vi) pawns,pl edges or di sposes of any
propertyoft hecompanywhi chhasbeen
obtainedoncr edi
tandhasnotbeenpai d
for,unl ess such pawning,pl edgi
ng,or
disposing isint he or
dinarywayoft he
businessoft hecompany;or

(
k)makesanyf alserepresentat
ionorot herf
raud
forthepurposeofobt aini
ngt heconsentofthe
credi
tor
soft hecompanyoranyoft hem t
oan
agreementwi t
hr ef
erencet ot heaff
airsofthe
companyort othewindingup,

commi
tsanof
fenceandi
s–

(
i) i
nthecaseoftheoffencesmentioned
r
espect
ivel
yinsub-
paragraphs(
iv),(
v)
 and ( v
i),li
able on convi
cti
on to
i
mprisonmentforater
m of12mont
hs,
and

(
ii
) i
nthecaseofanyot heroff
enceunder
t
hissubsect
ion,i
sliableonconvict
ion
t
oi mpri
sonmentf ora t erm oftwo
y
ears:

Prov i
ded i tis a good def ence t
o a char ge
underanyofpar agraphs( a) ,(
b),(c),(d),(f
)
and( i)( v
)and ( vi
)oft hissubsect ion,ifthe
accused pr oves thathe had no i ntentt o
defraud,and t o a char ge under any of
paragr aphs( h),(
i)and( j
),ifhepr oveshehad
noi ntentiont oconcealt hest ateofaf f
airsof
thecompanyort odef eatthel aw.

(
2)Wher e anyper son pawns,pledges ordi sposes ofanypr opertyi n
cir
cumst anceswhi chamounttoanof fenceundersubsect ion( 1)(j
)( i
)
and( vi
),ever
yper sonwhotakesi npawnorpl edge,orotherwisereceives
thepr opert
yknowi ngittobepawned,pl edgedordi sposedofi nsuch
cir
cumst ances,commi tsanof fenceandi sl i
ableonconv i
ctiont obe
punishedinthesamewayasi fhehadr eceivedthepropertyknowi ngitto
havebeenobt ainedincir
cumstancesamount i
ngtoanof fence.

(
3)Fort he pur
poses ofthis sect
ion,"of
fi
cer"incl
udes any per
son i
n
accor
dance wit
h whose dir
ecti
onsori nst
ruct
ionsthe dir
ector
sofa
companyhavebeenaccustomedt oact
.

669.Anof f
icerorcontr
ibutor
yofanycompanybei ngwoundupwhodest r
oys, Fal
sif
icat
ionof
books.
mutil
ates,al
ter
sorf al
sifi
esbooks,papersorsecurit
ies,ormakesori s
pri
vytot hemakingofanyf alseorf
raudul
ententr
yinanyr egi
ster
,bookof
accountordocumentbel ongingtothecompanywi t
hi ntentt
odef r
audor
decei
veanyper son,commi tsanoffenceandi sli
ableonconv icti
onto
i
mpr i
sonmentforat erm oftwoyear
soraf i
neastheCour tdeemsf i
t.

670.Apersonwho,beingattheti
meoft hecommi ssi
onoft heall
egedof
fence Fraudbyof f
icer
sof
compani esi
n
i
sanof f
icer
,ofacompanywhi chissubsequentl
yorderedtobewoundup l
iquidat
ion.
byt
heCour t
,orsubsequent
lypassesaresolut
ionforvolunt
arywi
ndi
ngup
—

(
a)hasbyf al
sepret
enceorbymeansofanyot
her
fr
aud i
nduced anyper
son t
o gi
ve cr
edi
ttothe
company;
 (
b)wi t
hint
enttodefr
audcredi
torsofthecompany,
madeorcausedt obemadeanygi f
tortr
ansferof
orcharge on,orhas cause orconnive atthe
lev
yingofanyexecuti
onagainstthepropertyof
thecompany;or

(
c)withint
enttodefr
audcr edit
orsofthecompany,
hasconceal
edorremov edanypartoftheproper
ty
ofthecompany,orwithintwomont hsbeforethe
dat
e ofany unsati
sfi
ed j udgmentoror derfor
paymentofmoneyobtainedagainstt
hecompany ,

hecommitsanoffenceandi
sli
abl
eonconv
ict
iont
oimpr
isonmentf
or
ater
m oft
woy ear
s.

671.(
1)I f
,whereacompanyi swoundup,i tisshownt hatpr operbooksof Liabil
it
ywhereproper
account
snotkept.
accountwer enotkeptbyt hecompanyt hroughouttheper i
odoft wo
yearsimmedi atelyprecedingt hecommencementoft hewi ndi
ngupor
the period bet ween t he i ncorporat
ion of t his company and
commencementoft he wi nding up,whi cheverist he shor t
er,each
offi
cerofthecompanywhoi sindef aul
t,unl
essheshowst hatheacted
honestl
yandt hati ntheci rcumstancesi nwhi chthebusi nessoft he
company was car ri
ed on t he defaul
twas excusabl e,commi t
s an
offenceand i sl i
ableon conv i
ction toaf i
neaspr escribed bythe
Commi ssionint heregulati
on.

(
2)Fort hepurposesoft hissect ion,pr operbooksofaccountshal lbe
deemednott ohav ebeenkepti nt hecaseofanycompanyi ftherehav e
notbeenkeptsuchbooksofaccount sasarenecessarytoexhibitand
explainthetransactionsandf i
nanci alposi
ti
onoft hetr
adeorbusinessof
thecompany ,i ncl
udi ng bookscont aini
ng ent
riesfrom dayt o dayi n
suffici
entdetailofal lcashr eceivedandcashpai dand,wherethet rade
orbusi nesshasi nvol v
eddeal ingi ngoods,statementsoftheannual
stockt aki
ngsand( excepti ncaseofgoodssol dbywayofor dinaryretai
l
trade)ofal lgoodssol dandpur chased,showingt hegoodsandt he
buy ersandsellersinsuf fi
cientdet ailstoenabl
et hosegoodsandt hose
buy ersandsellerstobei dentifi
ed.

672.(
1)If,int hecour seoft hewi ndingupofacompany ,itappearsthatany Responsibi
l
ityf
or
fr
audulentt
radi
ng.
businessoft hecompanyhasbeencar ri
edoni nar eckl
essmanneror
withi ntenttodef raudcr editorsoft hecompanyorcr edit
orsofany
other per son,or f or any f raudul
entpur pose,t he Court,on the
applicationoft heoffici
alr eceiv
er,ortheli
quidatororanycr edi
toror
contributoryoft hecompany ,may ,i
fitdeemspr opertodoso,declare
thatper sonswhower eknowi nglyparti
est othecar ryi
ngonoft he
 busi
ness i
nt hat manner
,is per
sonall
yr esponsi
ble,without any
l
imit
ati
onofli
abil
it
yforal
loranyofthedebt
sorot herli
abi
li
tiesofthe
companyastheCourtmaydir
ect
.

(
2)Wher etheCour tmakesadecl arati
onast or esponsibil
it
yfordebt sor
l
iabil
iti
esundersubsect ion(1),i
tmaygi veanydi recti
onitdeemspr oper
forthepur poseofgi vi
ngeffecttot hatdeclaration,andinparticul
arthe
Cour tmaymakepr ovi
sionformaki ngt heli
abi l
ityofanysuchper son
undert hedeclarati
onachar geonanydebtorobl i
gati
onduef r
om the
company t o hi
m,oron any mor tgage,char ge ori nter
esti n any
mor tgage,orchargeorasset soft hecompanyhel dbyorv estedinhim,
oranycompanyorper sononhi sbehal f
,oranyper sonclaimingas
assigneef rom orthroughtheper sonl i
abl
eoranycompanyorper son
acti
ngonhi sbehalf,andmaymakeanyf urtheror dernecessaryfor
enforcinganychargei mposedundert hissubsect i
on.

(
3)Whereanybusi nessofacompanyiscar riedonwi thsuchint entorf or
suchpurposeasi smenti
onedinsubsection( 1)(ot
herthanr ecklessl
y )
,
ever
yper son who wasknowi ngl
yapar tyt ot hecar r
ying on oft he
busi
nessint hatmanner,commit
sanof fence, andisli
abl
eonconv i
cti
on
toaf i
neast heCourtdeemsfitortoimpr i
sonmentf orat erm oft wo
year
sorbot h.

(
4)I
nit
soper
ati
on,
thi
ssect
ionshal
lhav
eef
fect
,sot
hat—

(
a)adeclarat
ionmaybemadenot wi
thstandi
ngthat
thepersonconcernedmaybecr i
minall
yli
ablein
respectofmat t
erswhichar egroundsf orthe
declar
ati
on and a decl ar
ati
on, if made, is
deemedt obeafinalj
udgmentoftheCourt;

(
b)theoff
ici
alrecei
verortheli
qui
dator,asthecase
maybe,ont hehear
ingofanappl i
cationtothe
Court
, may hi mself giv
e evidence or call
wit
nesses;

(
c)theexpr ession" assignee"includesanyper sont o
whom ori nwhosef avourbyt hedi r
ecti
onoft he
personl iabl
e,t hedebt ,obl i
gation,mortgage,or
chargewascr eated,issuedort ransfer
red,ort he
i
nterestcr eated,ot herthananyper sonbei ngan
assignee f orv aluable considerati
on given i n
good f aith and wi thoutnot ice ofany oft he
mat t
ersont hegr oundofwhi cht hedeclar at
ion
i
smade; and
 (
d) "val
uable consi
der
ati
on" shal
l not i
ncl
ude
consi
derati
onbywayofmarr
iage.

673.(
1)Subj ecttosubsecti
on( 3),if
,inthecour seoft hewindingupofa Wrongfult
radi
ng.
company ,i
tappear
st hatsubsecti
on(2)appli
esinr el
ati
ont oaper
son
who isorhasbeen a di rect
oroft he company ,the Court
,on the
appl
icati
onoftheli
quidator
, maydecl
arethatthatpersonistobeli
able
tomakesuchcont r
ibuti
on(ifany)tot
hecompany 'sassetsastheCourt
deemspr oper
.

(
2)Thi
ssubsect
ionappl
iesi
nrel
ati
ont
oaper
soni
f—

(
a)t
hecompanyhasgonei
ntoi
nsol
ventl
iqui
dat
ion,

(
b)atsomet imebeforethecommencementoft he
windingupoft hecompany ,thatper
sonknew or
oughtt o have concl
uded t hatthere was no
reasonable pr
ospectthatt he company would
avoidgoingint
oinsol
ventl
iquidati
on,and

(
c)thatper
sonwasadi
rect
oroft
hecompanyat
t
hatt
ime.

(
3)TheCour tshallnotmakeadecl arati
onundert hi
ssect i
onwi threspectto
any person i fi tis sat
isf
ied thataf t
ert he conditi
on speci fi
ed in
subsection( 2)( b)wasfir
stsati
sfiedinrelat
iontohim,t hatpersont ook
everystepwi thav i
ewt ominimisi
ngt hepotenti
allosstot hecompany '
s
credi
torsas( assuminghimt ohav eknownt hattherewasnor easonable
prospectt hatt hecompanywoul dav oidgoingintoinsolventli
quidati
on)
heoughtt ohav etaken.

(
4)Forthepurposesofsubsect
ions(2)and(3),t
hefactswhichadirect
orof
acompanyoughtt oknow orascertai
n,theconclusi
onswhichheought
toreachandthestepswhichheoughtt otakearethosewhichwoul dbe
known orascertai
ned,orreached ortaken,bya r easonabl
ydi l
igent
personhavi
ngboth—

(
a)t
hegeneralknowledge,skil
landexperi
encethat
may reasonably be expect ed of a per
son
car
ryi
ngoutt hesamef uncti
onsasar ecar
ried
outbythatdirect
orinrelati
ont othecompany;
and

(
b)t
hegener alknowl
edge,ski
llandexper
iencet
hat
thatdi
rectorhas.
 (
5)Therefer
enceinsubsect
ion(4)t
othefuncti
onsper
for
medi nrel
ati
onto
acompanybyadi r
ect
orofthecompanyincl
udesanyfunct
ionwhichhe
doesnotperf
orm butwhi
chhasbeenentr
ustedtohi
m.

(
6)Fort he purposes ofthis sect
ion,a company goes i
ntoinsol
vent
l
iquidati
on ifitgoes int
ol i
quidati
on ata t
ime when it
s asset
s are
i
nsuf f
ici
entfort hepaymentofi tsdebtsandotherl i
abi
li
ti
esandt he
expensesoft hewindi
ngup.

674.(
1)If,int hecour seofwi ndingupacompany ,itappear sthatanyper son Powerofcourtt o
assessdamages
whohast akenpar ti
nt hef ormationorpr omot ionoft hecompany ,or againstdel
inquent
anypastorpr esentdirector,managerorl i
quidator ,oranyof ficeroft he dir
ectors.
company ,hasmi sappliedorr et
ainedorbecomel i
ableoraccount able
foranymoneyorpr opert
yoft he company ,orbeen gui ltyofany
misfeasanceorbr eachofdut yi
nr elationtot hecompanywhi chwoul d
i
nv olvecivilli
abi l
it
yatt hesui toft hecompany ,theCour tmay ,ont he
applicati
onoft heofficialr
eceiver,liquidator,creditororcont ributory
,
exami neintot heconductoft hepr omot er,dir
ect or,li
quidatororof ficer
,
andcompelhi mt orepayorr estoret hemoneyorpr oper t
yoranypar t
thereofrespect ivel
ywi thint
erestatsuchr atesast heCour tdeemsj ust,
ort ocont ributesuchsum t ot heasset soft hecompanybywayof
compensat i
oni nrespectoft hemi sappl i
cati
on,r etainer,mi sfeasance
orbr eachoft rustast heCour tdeemsj ust.

(
2)Theprovi
sionsofthi
ssecti
onextendt
oanyrecei
verofthepropert
yofa
company,and,shal
l,i
nanycase,hav
eeff
ectnotwithst
andingthatt
he
off
encei
sonef orwhicht
heoff
endermaybecriminal
lyl
iabl
e.

(
3)Wher
eanor derf
orpaymentofmoneyismadeundert
hissect
ion,t
he
or
derisdeemedtobeafi
nalj
udgmentoft
heCour
t.

PROSECUTI
ONOFDELI
NQUENTOFFI
CERSANDMEMBERSOFACOMPANY
Pr
osecut
ionof
675.(
1)Ifitappearst otheCourt
,inthecour seofwindingupby ,orsubj ectt
o delinquentoff
icer
s
thesupervi
si onoft heCourt
,t hatanypastorpr esentofficer,orany andme mb er
s ofa
company .
memberoft hecompanyhasbeengui l
tyofanyof fenceinr elati
onto
thecompanyf orwhichheiscr iminal
lyli
abl
e,theCour tmay ,eit
heron
theappli
cationofanypersoni nterest
edinthewi ndinguporofi tsown
mot i
on,di
rectt heli
qui
datort
or ef
erthemattertot heAttorney -
General
oftheFederat i
on.

(
2)Ifitappearstotheli
quidat or,i
nthecourseofav ol
untarywindi
ngup,
thatanypastorpr esentof fi
cer,oranymemberoft hecompanyhas
beenguiltyofanyof f
encei nrel
ati
ont othecompanyf orwhichhei s
cri
minall
yl i
abl
e,heshal lreportthemat t
ertotheAttor
ney-Generalof
theFederati
onandshal lfurnishhim suchinf
ormati
onandgi vetohim
 suchaccesstoandfaci
li
ti
esforinspect
ingandtaki
ngcopiesofany
document,bei
ngi
nfor
mationordocumenti nt
hepossessi
onorunder
thecont
roloft
hel
iqui
dat
orandrel
atingtothemat
teri
nquestion,
ashe
mayrequir
e.

(
3)Whereanyr
eporti
smadeundersubsecti
on(2)totheAtt
orney
-Gener
al
oft
heFeder
ati
on,hemay
,ifhet
hinksfi
t,appl
ytotheCourtf
or–

(
a)an or der conf
err
ing on him or any person
designatedbyhimf orthepurposewi
threspect
tothecompanyconcer ned;

(
b)al
lsuchpower
sofinvest
igat
ingtheaf
fai
rsoft
he
companyasarepr
ovidedbyt hi
sActint
hecase
ofawindi
ngupbytheCourt.

(
4)Ifitappear st ot heCour t,inthecourseofav ol
unt arywindi
ngup,t hat
anypastorpr esentof f
icer,oranymemberoft hecompanyhasbeen
guil
ty,andt hatnor eportwithrespecttot hematt erhasbeenmadeby
the liquidator t o t he At tor
ney-General of the Feder at
ion under
subsection ( 2),t he Cour tmay ,on t he appli
cat i
on ofany per son
i
nterestedi nthewi ndinguporofi tsownmot i
on,di r
ecttheli
quidatorto
make such a r epor t
,and on a r eportbeing made accor dingly
,t he
provi
sionsoft hissect i
onshal lhaveef fectast hought hereporthad
beenmadeundersubsect ion(2).

(
5)If,anymat terisr eportedorr eferr
edt ot heAt torney -
Generaloft he
Feder ati
onundert hi
ssect i
on,andheconsi dersthatt hecasei sonei n
whichapr osecutionoughtt obei nstit
uted,theAt torney-Generalofthe
Feder ati
onshal li
nstituteproceedingsaccor di
ngly,andi tisthedut yof
theliquidatorandofev eryotheroffi
cerandagentoft hecompanypast
andpr esent(otherthant hedefendanti nthepr oceedi ngs)togivehim
allassi stance in connect ion wi t
ht he prosecut i
on whi ch he i s
reasonabl yabletogi v
e.

(
6)Fort
hepurposesofsubsect
ion(
5),t
hewor
d,"
agent
"inr
elat
iont
oa
companyi
ncl
udesany–

(
a)bankerorsol
ici
toroft
hecompany
;and

(
b)per
son employed bythe companyas audi
tor
,
whethert
hatpersoni
sorisnotanoffi
cerofthe
company.

(
7)Ifaper
sonf ai
lsornegl
ectstogi
veassist
anceinthemannerr
equir
ed
bysubsect
ion( 5)
,theCourtmay,ontheappli
cat
ionoftheAtt
orney-
 Generaloft he Federati
on,dir
ectt hatperson t
o complywi ththe
requir
ement soft hesubsecti
on(5),andwher eanysuchappli
cati
onis
madewi threspecttoal i
qui
dator,theCourt,may,unl
essitappears
thatthef ail
ureornegl ecttocompl ywasduet otheliqui
datornot
havinginhishandssuf f
ici
entassetsofthecompanyt oenabl
ehimt o
doso,di rectthatthecost softheappl i
cat
ionshallbebornebyt he
l
iquidatorpersonall
y.

SUPPLEMENTARYPROVI
SIONSASTOWI
NDI
NGUP

676.(
1)Thef ol
lowingper
sonsshallnotbecompet enttobeappoi
ntedortoact Disqual
if
icat
ionsf
or
appoint
mentas
asliqui
datorofacompany ,whetherinawi ndi
ngupby ,orunderthe l
iquidat
or.
supervi
sionoftheCour
t,orinav ol
untarywindi
ngup-

(
a)ani
nfant
;

(
b)anyonef
oundbyt
heCour
ttobeofunsound
mind;

(
c)abodycor
por
ate;

(
d)anundi
schar
gedbankr
upt
;

(
e)anydi
rect
oroft
hecompanyunderl
iqui
dat
ion;

(
f)anyper sonconv ictedofanyof fenceinvol
vi
ng
fraud,dishonesty
,of fi
cialcor
rupti
on ormor al
turpi
tude and inr espectofwhom t her
eisa
subsisti
ngor derundersection672and280of
thisAct.

(
2)Anyappoi nt
mentmadet hati
scont rar
yt osubsecti
on(1)isvoidandi f
anyofthepersonsnamedi nsubsection(1)(c)-(f
)actasal i
quidatorof
thecompany,hecommi t
sanof fenceandi sli
abletoafineasprescribed
bytheCommi ssi
onintheRegulati
onsi nthecaseofabodycor porateor,
i
nt hecaseofanindi
vi
dual,toi
mpr isonmentforat er
m notexceedingsix
monthsortoaf i
neastheCourtdeemsf itorboth.

677.Anypersonwhogives,agr eesorof f
erst ogi
vetoanymemberorcr edi
tor Corruptinducement
aff
ecting
ofacompanyanyv aluableconsiderati
onwi t
hav iew tosecur
inghisown appoi ntmentas
appoi
ntmentornominat i
on,ort osecuringorpreventi
ngtheappointment l
iquidator.
ornominat
ionofaper sonot herthanhimselfasthecompany '
sliqui
dator
,
commitsanoff
enceandi sl i
abletoaf i
neastheCour tdeemsfi
t.

678.(
1)Ifaliqui
dat
ormakesdef aulti
nfil
ing,del
iv
eri
ngormaki
nganyret
urn, Enforcementofdut
y
ofli
quidat
ortomake
accountorotherdocument,ori
ngi vi
nganynoti
cewhi
chheisbylaw returns.
 requi
redtofil
e,del
iver,makeorgiv
e,andfai
lstomakegoodt hedef
ault
withi
n14day saftertheser v
iceonhim ofanoti
cerequir
inghi mtodo
so,the Courtmay ,on an appl i
cati
on made tot he Cour tby any
contri
butor
yorcreditorofthecompanyorbytheCommi ssion,makean
orderdir
ecti
ngtheliquidat
ortomakegoodt hedef
aultwit
hinsuchtime
asisspecif
iedintheor der
.

(
2)Anyor derunderthissect
ionmaypr ovi
dethatthecostsofanyexpenses
i
ncidentaltot he appli
cat
ion shallbe bor
ne byt he li
quidator
,and
nothi
ngi nthissecti
onshallbetakentoprejudi
cetheoper ati
onofany
enactmenti mposingpenalt
iesonal i
qui
datorinrespectofanysuch
defaul
t.

679.(
1)Wher e a companyi s bei
ng wound up,whet herby ,orundert he Not i
fi
cati
onthata
companyisi
n
supervisi
onof,t
heCourtorv ol
unt
ari
ly,ev
eryinv
oi ce,
orderforgoodsor liqui
dati
on.
businesslett
eri
ssuedby,oronbehalfof,
thecompanyoral i
quidat
orof
thecompany ,orarecei
verormanageroft hepropertyofthecompany ,
beingadocumentonori nwhichthenameoft hecompanyappear s,
shallcontai
nastatementthatt
hecompanyi sbeingwoundup.

(
2)I
fdef
aul
tismadei
ncompl
yi
ngwi
tht
hepr
ovi
sionsoft
hissect
ion–

(
a)t
hecompany
,

(
b)anyof
fi
ceroft
hecompany
,

(
c)anyl
iqui
dat
oroft
hecompany
,and

(
d)anyr
ecei
verormanager
,

areliabl
et o a penal
ty as pr
escr
ibed by t
he Commi
ssi
on i
nthe
regul
ati
ons.

680.(
1)Inthecaseofawi
ndi
ngupbyt
heCour
toracr
edi
tor
s'v
olunt
ary Exempti
onfrom
stampduty
.
wi
ndi
ngup—

(
a)everyassur ancerelat
ingt oanypr opert
yoft he
company ,ort oanymor tgage,chargeorot her
encumbr ance orany r ightori nterestin any
propert
y,inanyev entformingpar toftheassets
ofthecompanyandwhi ch,aft
ertheexecutionof
theassur ance,ei
theratl aw ori nequityis,or
remainspar toft
heasset softhecompany ;
and

(
b)everypowerofat
torney,pr
oxypaper,wri
t,or
der
,
cert
if
icat
e,af
fi
davi
t,bondorotherinst
rumentor
 writ
ing r
elati
ng solel
yt ot he propert
y ofany
companywhi chisbeingsowoundup,ort oany
proceedi
ngunderanysuchwi ndi
ngup,shallbe
exemptedf r
om dutieschargeableunderanylaw
orenactmentrel
atingtostampdut ies.

(
2)Inthissect
ion,
"assur
ance"i
ncl
udesanydeed,
conv
eyance,
inst
rument
,
dischar
ge,assi
gnmentorsur
render
.

681.Wher
eacompanyi sbei
ngwoundup, al
lbooksandpapersoft
hecompany Booksofcompanyt
o
beev
idence.
andofthel
iqui
dator
sshall
,asbetweenthecontri
but
ori
esofthecompany,
bepri
mafacieevi
denceoft
hetrut
hofallmatter
spurpor
tedtoberecor
ded.

682.(
1)Whereacompanyi sbei
ngwoundupandisaboutt
obedi ssol
ved,t
he Disposal
ofbooks
andotherpaper
sof
books and paper
s ofthe companyand oft
he l
iqui
dat
ors maybe company.
di
sposedofinthefoll
owi
ngmanner-

(
a)i nthecaseofawi ndingupby,orundert
he
super
visi
onof
,theCour
tinsuchwayast
heCourt
dir
ect
s;

(
b)inthecaseofamembers'v
olunt
arywi
ndingup,
i
n such a way as t
he company by speci
al
r
esolut
iondi
rect
s;

(
c)inthecaseofacredi
tors'volunt
arywindi
ngup,
i
nsuchwayastheCommi tt
eeofInspecti
onor,i
f
t
her
ei snosuchcommi ttee,asthecredit
orsof
t
hecompany,maydi
rect.

(
2)Af t
erfiv
ey earsfr
om thedissoluti
onoft hecompanynor esponsi
bil
it
y
shal
lrestont hecompany,thel i
quidator
s,oranyper
sont owhom t he
cust
odyoft hebooksandpaper shasbeencommi tt
ed,byreasonofany
book orpapernotbei ng f
orthcomi ng t
o anyper
son cl
aiming to be
i
nter
estedtherei
n.

(
3)Pr ovi
sionsmaybemadebygener alrul
esforenabl
ingtheCommi ssi
onto
prevent,f
orsuchperi
od( notexceedingf i
veyear
sf r
om thedi ssol
uti
onof
thecompany )asitmayconsi derproper,t
hedestr
uctionofthebooksand
papersofacompanywhi chhasbeenwoundup,andf orenablingany
credit
ororcontr
ibut
oryoft hecompanyt omakerepresentati
onstoitand
toappealt ot
heCour tf
rom anydi recti
onwhichmaybegi venbyi ti
nthe
mat t
er.

(
4)A personwhoactsi ncont
rav
entionofanygener
alrul
emadef ort
he
pur
posesoft
hissect
ionoranydir
ecti
onoftheCommissi
on,i
sli
abl
etoa
 penal
tyaspr
escr
ibedbyt
heCommi
ssi
oni
ntheRegul
ati
ons.

683.(
1)Wher eacompanyi sbeing wound up,and t hewi nding up i
snot I nf
ormationasto
pendingl
iqui
dati
ons
concludedwi t
hinoney earaft
eritscommencement ,theli
quidat
orshal l
, anddisposalof
atsuchi nt
erval
sasmaybepr escribedunti
lthewi ndingupi sconcluded, unclai
medassets.
sendt otheCommi ssionast atementinthepr escri
bedf orm containi
ng
the prescri
bed parti
cular
s withr especttot he pr oceedings i
n,and
posi
tionof,theli
quidati
on.

(
2)Anyper sonst
atinghimselfinwr i
ti
ngt obeacr edi
tororcont r
ibutoryof
thecompanyi senti
tl
ed,byhimsel forhisagent ,atallreasonabl etimes
andonpay mentoft heprescribedfee,t oinspectt hest atement ,and
receiveacopyorext ractoft hestatement ,butaper sonwhof alsely
stateshimsel
ftobecr edi
tororcont r
ibutor
yisl iablet ocont emptof
Cour t
,andispunishableont heapplicati
onoft heliquidatororof fi
cial
receiver
.

(
3)I
faliqui
dat
orfai
lst
ocomplywit
htherequi
rementsoft
hissect
ion,heis
l
iabl
etoapenalt
yaspr
escr
ibedbytheCommissioni
ntheRegulat
ions.

(
4)Ifitappear sfrom anysuchst atementorot her
wiset hatal i
quidatorhas
i
nhi scust odyorunderhi scont r
olanymoneyr epresent i
nguncl ai
medor
undistri
butedasset soft hecompanywhi chhaveremai neduncl ai
medor
undistri
butedf orsixmont hsafterthedateofthei
rr eceipt,t
hel i
quidat
or
shallimmedi at
elypayt hesamet ot hecompaniesl iquidati
onaccount
ment ionedi nsect i
on591oft hisActandi senti
tledt oacer tifi
cateof
receiptint he prescri
bed for
m f ort he moneyso pai d,which isan
effectualdischarget ohim.

(
5)Fort
hepurposesofascer
tai
ningandgett
inginanymoneypay
abl
eint
o
t
hecompaniesli
qui
dati
onaccountundert
hissect
ion—

(
a)theCommi ssionmayatanyt i
meor deranysuch
l
iquidatortosubmi ttoi tanaccountv eri
fi
edby
aff
idavitoft hesumsr eceivedandpai dbyhi m
underori npursuanceoft hel i
quidat
ion,andmay
dir
ectandenf orceanaudi toftheaccountandi f
theliquidat
orf ail
stosubmi tt heaccountwi thi
n
such r easonabl e time as t he Commi ssion
dir
ects,heshal lbel i
ablet ocont emptofCour t
andmay ,ont heappl i
cat i
onoft heCommi ssion
totheCour tmadef orthepur pose,bepuni shed
accordingly
;and

(
b)theCour
tmay ,i
fdef
aul
tismadei nsubmit
ti
ng
t
heaccountr
efer
redt
oundert
hissect
ion—
(
i)bywar rantaddressedtoanypol iceof fi
cer,
causethel i
quidat
ort obear rest
ed,andal l
books,papersandmoneyorgoods,r elati
ng
tothe li
quidati
on in hi
s possession to be
sei
zedandhi m andthem tobesaf elykept
unti
lsuchti
meast heCourtmayor der,

(
ii
)atany t i
me by or deraddr essed tothe
Postmast er
-Generaloft he Nigeri
an Postal
Servicer equi
rethat,foraper iodofnotmor e
thant hreemont hs,lettersaddr essedtothe
l
iquidatorandsentt hrought hepost ,bein
courseofpost ,redir
ect ed,sentordel i
ver
ed
tooratanypl aceorpl acesment i
onedinthe
order,

(
ii
i)summont heliqui
datororhi swi fe,orany
personknownorsuspect edt o hav ei nhi s
possessionanybookorpaperr elatingt othe
l
iquidati
on, and any money or goods
belongi
ng tothe li
quidatororr epr esenti
ng
anyunclaimedorundistri
butedasset softhe
company ,orsummonanyper sonwhom t he
Courtdeemscapabl eofgi vingi nformat i
on
respecti
nganybook,paper ,money ,goodsor
other asset, and r equi r
e any per son
summonedundert hi
spar agrapht opr oduce
document si
nhiscustodyorunderhi scont rol
rel
atingtotheliqui
dator'
sdeal ingswi ththe
propert
yofthecompany ,

(
iv)wher eanyper sononexami nat
ionbeforei t
admi t
st hatheisi ndebtedt ot hecompany ,by
ordermadeont heapplicationoft heoffi
cial
receiverorliquidator,directpay menttot he
offi
cialrecei
verorl iqui
dator, asthecasemay
be,oft heamountadmi tted,oranypar t
,eit
her
i
nf ulldischarge oft he whol e amounti n
question ornotatsuch t ime and i n such
manneras t he Cour tdeems f i
t,with or
withoutcostsoft heexami nation,

(
v)examineonoath,eit
herbywordofmouthor
wri
tt
en int
errogator
ies, any per
son so
br
oughtbefor
ei tconcerni
ng t
he l
iqui
dat
or
 and hi
s deal
ings wi
tht
he pr
oper
tyoft
he
company,and

(
vi)ifanyper son on exami nati
on beforet
he
Courtadmitsthathehasi nhispossessi
on
any money pr operly pay abl
e i nto t
he
company'sl i
qui
dation account under thi
s
sect
ion,orderhim t o payanysuchmoney
i
ntothataccount
.

(
6)A personcl ai
mingto beenti
tl
edt o moneypai
di ntot
hecompany'
s
l
iqui
dati
onaccountunderthi
ssectionmayapplytotheCommi
ssionf
or
payment,andtheCommi ssi
on,i
ftheliqui
dat
orcert
ifi
est
hecl
aim,may
makeanor derforpay
mentaccor
dingl
y.

(
7)Anappealshal
lli
etotheCour
tbyanyper
sonclai
mingtobedissat
isf
ied
wit
hthedecisi
onoftheCommissi
oninr
espectofanycl
aim madeunder
t
hissect
ion.

684.Wher earesolut
ionispassedatanadjournedmeet i
ngofcr edit
orsor Resoluti
onspassed
atadj
ourned
cont
ribut
ori
es ofa company,the r
esol
uti
on shal
l,forallpurposes,be meet i
ngsofcredi
tor
s.
tr
eat
edashav ingbeenpassedonthedateonwhichitwasi nfactpassed,
andisnotdeemedt ohav
ebeenpassedonanyearli
erdate.

685.(
1)Ont hewi ndingupofacompany,whetherbytheCourtorv
olunt
ari
ly
, Powertomakeover
asset
stoemploy
ees.
theliquidatormay,subj
ectt
osubsect
ions(2)–(4)
,makeanypayment
whicht hecompanyhas,beforet
hecommencementoft hewindi
ngup,
decidedt omakeundersecti
on745ofthisAct
.

(
2)Thepowerwhi chacompanymayexer cisebyv ir
tueofsect ion745of
thi
sActmaybeexer ci
sedbyt heli
quidatoraftert hewindinguphas
commencedi f
,afterthecompany '
sli
abili
tieshavebeenf ull
ysatisf
ied
and provi
sion hasbeen madef orthecost soft hewi nding up,the
exerci
seoft hatpowerhasbeensanct i
onedbysuchr esoluti
onoft he
companyaswoul dber equi
redofthecompanyi t
selfbysect i
on745( 3)
ofthisActbef or
et hatcommencement ,asi fpar agraph( b)oft hat
subsecti
onwer eomi ttedandanyot herr equi
rementappl icabletoits
exerci
sebyt hecompanyhadbeenmet .

(
3)Anypaymentwhichmaybemadebyacompanyundert hi
ssectionmay
be made outofthe company
's asset
s whi
ch ar
e avai
labl
et othe
membersonthewindi
ngup.

(
4)Onawi ndi
ngupbyt heCour
t,t
heexerci
sebytheli
quidatorofhi s
powersunderthi
ssecti
onshal
lbesubj
ectt
otheCour
t'
scontrolandany
credi
tororcontri
but
orymayapplyt otheCour
twithrespectt o any
 exer
ciseorpr
oposedexer
ciseoft
hepower
.

(
5)Subsect
ions(
1)and(
2)shal
lhav
eef
fectnot
wit
hst
andi
nganyot
herr
ule
orl
aw.

SUPPLEMENTARYPOWERSOFCOURT

686.(
1)TheCour tmay ,ast o allmatter
sr elati
ng tot hewi nding up ofa Meet ingstoascer
tai
n
company ,haveregardtot hewishesoft hecr edi
torsorcont ributor
iesof wi shesofcredi
tor
s
andot her
s.
thecompany ,aspr ovedt oitbyanysuf fi
cientevidence,andmay ,ifit
deems f i
t,f orthe pur poses ofascer taining those wi shes,di rect
meet i
ngs oft he credit
ors orcont r
ibutori
es t o be cal l
ed,hel d and
conductedi nsuchmannerast heCour tdirectsandmayappoi nta
persontoactaschai r
manofanysuchmeet i
ngandt or epor ttheresult
totheCour t
.

(
2)Inthecaseofcr
edi
tor
s,r
egar
d shal
lbehad t
othev
alueofeach
cr
edi
tor
'sdebt
.

(
3)Inthecaseofcont
ri
but
ori
es,r
egar
dshallbehadtothenumberofv
otes
confer
redoneachcont
ri
but
orybyt
hisActorthear
ti
cles.

687.Inallproceedingsundert hi
sPar tofthisAct,allCour t
s,Judges,and Judici
alnot
iceof
si
gnatur
esofoff
icer
s
personsjudici
all
yacti
ng,andalloff
icer
s,j
udi
cialorminist
erial
,ofanyCourt ofCourt
.
oremploy edinenfor
cingtheprocessofanyCourt,shal
ltakejudici
alnoti
ce
ofthesignatureofanyoffi
cerofCourtandal
sooft heoffi
cialsealorstamp
ofaCour tappendedt oorimpressedonanydocumentmade,i ssuedor
si
gnedundert hisPartoft hi
sAct ,oronanyof f
ici
alcopyofanysuch
document .

688.(
1)Document spurporti
ngtobeor dersorcer t
ifi
catesmadeori ssuedby Judi ci
alnot
iceof
si
gnaturesofcert
ain
theAt t
orney-Generaloft heFeder ati
on ort heCommi ssi
onf ort he governmentoffi
cial
s.
purposesoft hisActandt obesi gnedbyt heAt t
orney-
Generaloft he
Federati
onort heAccount ant -
Gener aloftheFeder at
ion,orundert he
sealoft heCommi ssi
onorsi gnedbyanyper sonaut hori
sedi nthat
behalfbyt hem,and,inpr opercase,t obeseal edwher enecessar y
,
shallbe received i
n evidence and deemed t o be such or ders,or
cert
ifi
cateswithoutfur
therpr oof,unlessthecontraryisshown.

(
2) A certi
ficate signed by the Attorney-
Gener alfor the Federat
ion,
Accountant-Generalof t he Federati
on or under t he sealof t he
Commi ssiont hatanyordermade,cer ti
fi
cateissued,oractdone,isthe
order
,cer ti
ficate oractoft he At t
orney-Generaloft he Federat
ion,
Accountant-GeneraloftheFeder at
ionort heCommi ssi
on,ast hecase
maybe, shallbeconclusi
veoft hefactsocer t
if
ied.
689.(
1)Wher
eacompanyi sincour seofbei
ngwoundup,allmagist
ratesshall Speci
al
commissi
onersfor
becommi ssi
oner
sf orthepurposeoftaki
ngevidenceunderthisAct receiv
ingevi
dence.
andtheCourtmayr eferthewholeoranypartoftheexaminat i
onof
anywit
nessesunderthisActtoanyper
sonappoi
ntedcommi ssioner
.

(
2)Everycommissi
onershal
l,i
naddi t
iontoanypowerwhichhemight
l
awf
ull
yexer
ciseasamagistr
ate,haveinthemat
tersor
efer
redt
ohim
t
hesamepowersastheCourt
,of–

(
a)summoni
ngandexami
ningwi
tnesses;

(
b)requi
ri
ng the pr
oduct
ion or del
iv
ery of
document
s;

(
c)puni
shi
ngdef
aul
tsbywi
tnesses;
and

(
d)al
lowi
ngcost
sandexpensest
owi
tnesses.

(
3)Theexaminat
ionsot akenshallberet
urnedorr
epor
tedt
otheCour
tin
suchmannerasthatCourtdi
rects.

690.Anaf f
idavitr
equiredtobeswor nundert heprovi
sionsorf orthepurposes Affi
davi
tsinNi
geri
a
andelsewher
e.
ofthisPartoft hi
sActmaybeswor ninNigeri
aorelsewher einaccordance
withthepr ovi
sionsoft heOat hsActorunderanyot herenactmentorl aw Cap.N1,LFN,2004.
provi
ding f or the admi ni
strat
ion of oat hs and al l Courts,Judges,
commi ssioners,andper sonsact i
ngj udi
cial
lyshal
lt akejudici
alnoticeof
thesealorst amporsi gnat ur
es,ast hecasemaybe,ofanyCour t
,Judge,
person,consul ,orvice-consul,attached,appended,orsubscr i
bedtoany
suchaf f
idavit
,ortoanyot herdocumentt obeusedf orthepurposesoft hi
s
PartofthisAct .

PROVI
SIONSASTODI
SSOLUTI
ON
PowerofCour
tto
691.(
1)Whereacompanyhasbeendi ssolved,theCourtmay ,atanytimewi thin voi
ddi
ssolut
ionof
twoyearsofthedateoft hedissol
ut i
on,onanapplicati
onbei ngmadef or company.
thepurposebytheliqui
datorofthecompanyorbyanyot herpersonwho
appear
st otheCourttobei nt
erested,makeanor der,uponsucht ermsas
theCourtmaydeem f it
,declari
ngt hedissol
uti
ont ohav ebeenv oid,and
ther
euponsuchpr oceedingsmaybet akenasmi ghthav ebeent akeni f
thecompanyhadnotbeendi ssolv
ed.

(
2)Apersononwhoseappli
cat
iontheorderwasmade,shal l
,wi
thi
nseven
daysaft
erthemaki
ngoft
heorderorsuchfurthert
imeastheCourtmay
al
low,deli
vert
otheCommissi
onf orregi
str
ationanoff
icecopyofthe
 or
der,andift
hatper
sonfail
stodosohei sliabl
etoapenal
tyas
pr
escri
bedbyt
heCommissi
onint
her
egul
ati
ons.

692.(
1)TheCommi ssi
onmaystr
ikeof
fthenameofacompanyf
rom t
he Powerof
Commi ssi
ontost
ri
ke
regi
sterofcompani
esi
f— offdef
unctcompany.

(
a)a specialresolut
ion hasbeen passed bythe
companythatthenameoft hecompanybestruck
offt
heregi
ster
;

(
b) an appl i
cati
on has been made to the
Commissi
ont hatthenameofthecompanybe
st
ruckof
ftheregist
er;

(
c)adv ert
isementhasbeenmadei nt
hreenati
onal
dail
ynewspaper swithi
n28day sofpassi
ngt he
resol
uti
on,call
ing f
orobject
ions,i
fany,tot he
appli
cation;
and

(
d)t
heCommi
ssi
oni
ssat
isf
iedt
hat—

(
i)thereasonsgivenf
ortheappli
cat
ionar
e
suff
ici
entt
ojust
if
ythest
ri
kingof
f,

(
ii
) the company has not commenced
business and has no undischar
ged
obli
gations,
and

(
ii
i)noreasonabl
eobjecti
onhasbeenr ecei
ved
withi
n 28 days oft he publ
icat
ion ofthe
advert
isementmentionedi nsubsecti
on(1)
(c)
.

(
2)Anyper sonaggr i
evedbythestri
kingoffofthenameoft hecompany
underthissubsecti
onmayappl ytot heCourt,atanyt i
mebef or
et he
expi
rati
onoft woyearsfr
om t
hedat eofthestr
ikingoff
,andi ft
heCourt
i
ssat i
sfi
edthatiti
sjustt
orestor
ei tt
otheregist
er,t
heCour tmayorder
thenameoft hecompanytobesor est
ored.

(
3)Wher et heCommi ssi
onobser vesorhasr easonabl
ecauset obelieve
thatacompanyi snotcarry
ingonbusi nessorhasnotbeeni noperation
for10 yearsorhasnotcompl ied wit
h provisi
onsoft hisActf ora
consecuti
ve per
iod of10 y ear
s,t he Commi ssion may cause t
o be
publi
shed,inatleastthreenationaldailynewspapers,anot i
ceofi ts
i
ntenti
ont ost
ri
keoffthecompanyf rom theregist
er.
 (
4)WheretheCommi ssi
ondoesnot,wi
thi
n90daysofthelastpubl
icat
ion,
r
ecei
veanyresponsef
rom t
hecompanythati
tiscar
ryi
ngonbusinessor
i
noperat
ion,
itmaystr
ikeof
fthenameofthecompany.

(
5)Wher eacompanyhasbeenst ruckoffinaccor
dancewi
ththeprovi
sions
ofthi
ssecti
on,theCommi ssi
onshal lcausetobepubl
ishedinatleast
thr
eenati
onaldail
ynewspapers,thenameanddat eoft
hestri
kingoffof
thecompany,pr
ovidedt
hat—

(
a)t heli
abil
it
y,i
fany,ofeverydir
ector,managi
ng
offi
cer and member of t he company shall
conti
nueandmaybeenf orcedasifthecompany
hasnotbeenstr
uckoff
;and

(
b)nothi
ngint
hissubsect
ionshallaff
ectthepower
oft
heCourttowindupacompanyt henameof
whi
chhasbeenstr
uckofftheregist
er.

(
6)Anycompany ,memberorcr editoraggr ievedbyt hest rikingof ffrom t he
regi
sterundersubsect i
on( 4)mayappl ytot heCour t,atanyt i
mebef ore
theexpi rati
onof10y earsf rom t hepubl i
cati
onoft henot iceunder
subsect i
on( 5), f
oranor derr estoringt hecompanyt ot her egi
ster ,
andi f
theCour ti ssat isfiedt hat,att het imeoft hest r
ikingof f,thecompany
wascar r
yingonbusi nessori noper ation,ort hatot her wiseiti sjustt o
restor
ei ttot her egi ster,t
heCour tmayor derthenameoft hecompany
tober est oredt ot her egi
st er,andanor derundert hissubsect ionmay
incl
udeanydi rections,t heCour tdeemsf it,andpr ov i
sionmaybemade
therei
nf orpl acingt hecompanyandal lot herper sonsi nt hesame
positi
on,asnear lyasmaybe,asi fthenameoft hecompanyhadnot
beenst ruckof fther egister,andupondel iveryofanof ficecopyt ot he
Commi ssionf orr egistrati
on, t
heor dershal lhaveef fectaccor dingt oits
tenor,andmayber egisteredaccor dingl y
.

(
7)Any notice t
oal i
quidatorto be sentundert hi
s secti
on may be
addressedtotheli
quidatorathi
slastknownplaceofbusiness,
andany
l
etterornot i
cetobesentundert hissecti
ont oacompanymaybe
addressedtothecompanyati tsr
egist
eredorheadoffi
ce.

693.Wher eacompanyi sdissol v

ed,allpropertyandr i
ghtswhatsoevervested Propert
yofdi
ssol
ved
companytobe
inorhel dont rustforthecompanyi mmedi atel
ybef oreitsdissol
uti
on, decl edasbona
ar
incl
uding leasehold property( butnoti ncludi
ng pr opert
y held by the vacanti
a.
companyont rustforanyot herperson)shal l
,subjectandwi t
houtprej
udice
toanyor derwhichmayatanyt i
mebemadebyt heCour tundersecti
on691
or692oft hisAct ,bedeemedt obev estedi ntheSt atewithoutfur
ther
assurance,asbonav acantia.
 CENTRALACCOUNTS

694.(
1)Thereshallconti
nuet obeanaccountcall
edtheCompaniesLiqui
dati
on Companies
Account,keptonbehal foftheCommi ssi
onbytheAccountant-
General l
i
qui
dati
onaccount
oftheFeder ati
on,intowhichshallbepaidallmoneyreceiv
edbyt he defi
ned.

Commi ssioninr espectofproceedi

ngsundert hi
sActi nconnecti
on
wit
ht hewindingupofcompani es.

(
2)Allpay
mentsoutofmoneystandi
ngtot hecredi
toft
heCommissionin
theCompaniesLiqui
dat
ionAccountshallbemadebytheAccountant
-
Generali
nthepr
escri
bedmanner.

695.(
1)I ft
hecashbal ancest andingt ot hecreditoftheCompani esLiquidat
ion Invest
mentofsur
plus
f
undsinGover
nment
Accounti sin excess oft he amountwhi ch inthe opinion oft he securi
ti
es.
Commi ssion isr equired fort he ti
me bei ng to answerdemands i n
respectofcompani es'estates,theCommi ssionshallnoti
fytheexcess
totheAccount ant-Generaloft heFederationandt heAccountant-
Gener al
oft he Federati
on,may i nvestt he excess orany par tthereof,in
Gov er
nmentsecur i
ti
es,tobepl acedtot hecreditofsuchaccountashe
maydeem f i
tint hecircumst ances.

(
2)I fany par toft he money so i nvest
ed i
s,int he opinion ofthe
Commi ssion,requiredt oansweranydemandi nrespectofcompani es'
estates,t heCommi ssionshallnoti
fytheAccount ant-
Generalofthe
Federationt heamountsor equir
ed,andtheAccount ant
-Generaloft
he
Federationshal lthereuponr epaytotheCommissionsuchsum asmay
ber equiredtot hecr editoftheCompaniesLi
qui
dat i
onAccount ,andfor
thatpur posemaydi rectthesaleofsuchpar
toft hesecur i
ti
esasmay
benecessar y.

(
3)Thedividendsoni nvestmentsunderthissecti
onshallbepaidtosuch
accountast heAccount ant-
GeneraloftheFederati
onmaydi rect
,and
regar
d shallbehad t otheamountt husder i
ved i
nf i
xing t
hef ees
payabl
ei nrespectofproceedingsi
nthewindingupofcompani es.

696.(
1)TheCommi ssionshallkeepanaccountoft hereceipt
sandpay ment sin Separat
eaccountsof
part
icul
arest
ates.
thewindingupofeachcompany ,and,whent hecashbal ancest anding
tothecreditoftheaccountofanycompanyi si nexcessoft heamount
which,i
nt heopinionoftheCommi tt
eeofI nspecti
on, i
sr equir
edf orthe
ti
mebei ngtoanswerdemandsi nr espectoft hatcompany '
sestate,the
Commi ssionshall,ontherequestoft hecommi tt
ee,investtheamount
notsor equir
edi nGov er
nmentsecur it
ies,tobepl acedt othecr editof
thesai
daccountf ort
hebenefitofthecompany .

(
2)I
fanypar
toft
hemoneysoi
nvest
edi
s,i
ntheopi
nionoft
heCommi
tt
ee
 ofI
nspecti
on,requir
edtoansweranydemandsi nrespectoft
heestate
of t
he company ,t he Commi
ssion shall
,on the request of t
hat
committ
ee,rai
sesuchsum asmayber equi
redbythesaleofsuchpart
oft
hesaidsecurit
iesasmaybenecessary.

(
3)Thediv
idendsoninvest
ment
sundert
hissect
ionshal
lbepai
dtot
he
cr
edi
tofthecompany
.

(
4)Wher et
hebalanceatt hecreditofanycompany'
saccountint hehands
oftheCommi ssionexceeds₦1, 000,
000andtheliquidat
orgivesnoti
ce
totheCommi ssionthattheexcessi snotr
equir
edf orthepurposesof
theli
qui
dati
on,thecompanyi senti
tl
edtoint
erestont heexcessatthe
curr
entbankrate.

RETURNSBYOFFI
CERSOFCOURT
Ret
urnsbyof
fi
cer
sin
697.Theof fi
cersoft heCour t
sactinginthewindingupofcompani esshall wi
ndi
ng-
up.
maket ot heCommi ssionsuchr et
urnsofthebusinessofthei
rr espect
ive
Courtsandof f
ices,atsuchtimes,andinsuchmannerandf orm asmaybe
prescribed,andf rom t
hoser et
urnstheCommi ssi
onshallcausebookst o
bepr eparedwhi chshallbeopenedforpubl
ici
nformati
onandsear ches.

ACCOUNTSTOBEPREPAREDANNUALLY
Annualaccountsof
698.(
1)TheCommi ssionandeveryoff
icerbywhom f eesaretakenunderthi
s companywi nding-
up
Actinrel
ati
ont othewindi
ngupofcompani es,shal
lmaker et
urnsand anddisposal.
givei
nfor
mat i
ont otheAccountant-GeneraloftheFederat
ioninsuch Cap.C23,
LFN,
2004.
for
m ashemayr equi
reandtheaccount softheCommissionrel
ati
ngto
thewindi
ngupofcompani esshallbeauditedattheendofeachy eari
n
themannerprescri
bedbytheConstitut
ion.

(
2) TheAccount ant
-Gener
aloft heFederat
ionshall
,bef oret
heendof
eachy earinwhi chtheauditi smade,prepar ef
orsubmi ssi
ont othe
Presi
dentanaccountoft hewi ndi
ngupofcompani es,asaudi tedbythe
Accountant-Gener alforthe Federat
ion,showing inr espectofsuch
windi
ngup,t her ecei
ptsandexpenditureduringt
hepr ev i
ousy ear
,and
anyothermat terwhichthePr esi
dentortheMi ni
ster,ast hecasemay
be,mayr equire.

CHAPTER25—WI
NDI
NGUPOFUNREGI
STEREDCOMPANI
ES

699.Subjectt
othepr ov
isi
onsofthi
sPar
toft
hisAct
,anunr egi
steredcompany Winding-upof
unregist
ered
maybewoundupundert hisActandal
ltheprovi
sionsoft hisAct,wi
th company .
respecttowi ndi
ngupshallapplyt
oanunregi
ster
edcompany ,wi
ththe
foll
owingexcepti
ons—
(
a) t he pr i
nci
pal pl
ace of business of an
unr egi
ster
edcompanyshal
l,f
oral
lthepurposes
of t he windi
ng up,be deemed t o be the
register
edoffi
ceoft
hecompany;

(
b)anunregist
eredcompanyshal
lnotbewoundup
under this Act vol
untar
il
y or subject t
o
super
visi
on;

(
c)anunr
egi
ster
edcompanymaybewoundupi
f—

(
i)thecompanyisdissol
ved,orhasceasedt o
car
ryonbusi
nessori scarr
yingonbusiness
onl
yfort
hepurposeofwindi
ngupitsaf
fairs,

(
ii
)thecompanyi
sunabl
etopayi
tsdebt
s,or

(
ii
i)theCourtisofopi
nionthati
tisj
ustand
equit
abl
ethatt
hecompanyshoul
dbewound
up;or

(
d)anunregist
eredcompanyshal
l,f
orpurposesof
t
hisAct,bedeemedtobeunabl
et opayit
sdebts
i
f—

(
i)acr editor,byassi gnmentorot herwise,to
whom t he companyi sindebted in a sum
exceeding₦100, 000t hendue,hasser vedon
thecompany ,byl eavi
ngati t
spr i
ncipalplace
ofbusi ness,orbydel i
veri
ngtot hesecr et
ary
or some di r
ector,manager ,or pr inci
pal
offi
cer of t he company ,or by ot herwise
servi
ng i n such manneras t he Courtmay
approveordi rect,ademandunderhi shand
requi
r i
ngt hecompanyt opayt hesum sodue,
andt hecompanyhasf or21day saf t
ert he
servi
ceoft hedemandnegl ectedtopayt he
sum,ort osecur eorcompoundf oritt othe
sati
sfactionoft hecreditor
,

(
ii
)anyact ionorot herproceedingshasbeen
i
nstitut
edagainstanymemberf oranydebtor
demandduef rom thecompany ,orfrom hi
m
i
nhi scapaci t
yasamember ,andnot icein
writ
ing oft he i
nstit
uti
on oft he acti
on or
proceeding having been ser ved on t he
 companybyl eavingitatitspr i
ncipalplaceof
business,orbydel i
veri
ngi ttot hesecr etary
,
or some di rector,manager ,or pr i
ncipal
off
icer of t he company ,or by ot her wise
servi
ng t he not i
ce in such manneras t he
courtmayappr oveordirect,thecompanyhas
notwi t
hin28day saf t
erserviceoft henot ice
secured orcompounded f ort he debtor
demandorpr ocur edtheactionorpr oceedi ng
tobest ayed,orwi t
hinthatper i
odhasnot
i
ndemni fiedt hedef endantt ohisr easonabl e
sati
sfactionagai nsttheact i
onorpr oceeding,
andagai nstal lcosts,damagesandexpenses
tobei ncurredbyhi m byreasonoft hesame,
or

(
ii
i)execut i
on orot herpr ocess i ssued on a
j
udgment ,actoror derobt ainedi nanyCour t
i
nf avourofacr edi
toragai nstt hecompany ,
or any of i t
s member s or any per son
authori
sedtobesuedasnomi naldefendant
on behal f of the company ,i s returned
unsati
sfi
edandi tisotherwi sepr ovedtot he
sati
sfacti
onoft heCour tthatt hecompanyi s
unabletopayitsdebt s.

700.(
1)I
ntheev
entofanunr
egi
ster
edcompanybei
ngwoundup– Contributori
esi
n
winding-up
(
a)ever
yperson i
sdeemed to bea cont
ri
butor
y, unregistered
company .
whoisl
iabl
etopayorcont
ri
butet
ot hepayment
of–

(
i) anydebtorl
iabi
li
tyoft
hecompany

(
ii
) anysum f
ortheadj
ustmentofther
ight
s
ofthemembersamongthemsel
ves,

(
ii
i) thecost
sandexpensesofwi
ndi
ngupt
he
company,and

(
b)everycontri
but
oryisliabletocont
ri
butetothe
assetsofthecompanyal lsumsduefr
om hi
mi n
respectofanysuchl
iabil
ity
.

(
2)Int
heev entoft
hedeat
h,bankr
uptcy
,ori
nsol
vencyofanycontri
but
ory,
t
heprov
isionsofthi
sActwit
hrespectt
othepersonalr
epresent
ati
ves,
 hei
rs,and devisees ofdeceased cont
ri
butor
ies,and the t
rust
ees of
bankr
uptorinsolventcont
ri
butor
ies,
asthecasemaybe, shal
lapply.

701.Thepr ovi
sionsoft hisActwithrespecttostayi
ngandr est
rainingacti
ons PowerofCourtto
stayorrest
rai
n
andproceedi ngsagainstacompanyatanyt imeaft
erthepresent at
ionofa proceedi
ngs.
peti
ti
onf orwi ndingupandbef or
ethemaki ngofawinding-
upor dershal
l,i
n
thecaseofanunr egist
eredcompany ,wher et
heappl i
cati
ont ostayor
rest
rainisbyacr edi
tor,ext
endt oactionsandpr oceedi
ngsagai nstany
contr
ibutoryoft hecompany .

702.Whereanor derhasbeenmadef orwindingupanunr egi

steredcompany, Acti
onstay
edon
windi
ng-
uporder
.
noactionorproceedingshallbeproceededwi t
horcommencedagai nst
anycontri
butoryofthecompanyi nrespectofanydebtoft hecompany
exceptbyleaveoftheCourt,andsubjecttosuchter
msast heCourtmay
i
mpose.

703.Thepr ovisi
onsoft hisChapt eroft hi
sActwi threspecttounregistered Provi
sionsofthisPar
t
tobecumul at
ive.
compani esshallbei nadditi
ont oandnoti nr estri
cti
onofanypr ovision
undert hi
sAct ,containedwithrespectt owi ndingupcompani esbyt he
Court,andt heCourtorl i
qui
datormayexer ci
seanypowert odoanyacti n
thecaseofunr egi
steredcompani eswhichmi ghtbeexer ci
sedordonebyi t
orhimi nwi ndi
ngupcompani esformedandr egist
eredunderthi
sAct ,but
anunr egist
eredcompanyshal lnot,exceptintheev entofitsbei
ngwound
up,bedeemedt obeacompanyundert hisAct ,
andt henonlytotheextent
provi
dedbyt hi
sChapterofthisAct.

CHAPTER26—MI
SCELLANEOUSPROVISI
ONSAPPLYI
NGTOCOMPANI
ES
WHICHAREINSOLVENT
Act
ingasinsol
vency
704.Apersonact
sasani
nsol
vencypr
act
it
ioneri
nrel
ati
ont
oacompanyby pr
acti
ti
oner.
act
ingasit
s—

(
a) li
qui
dator
, pr
ovi
sional l
iqui
dat
or or of
fi
cial
r
ecei
ver
;

(
b)admi
nist
rat
ororadmi
nist
rat
iver
ecei
ver
;or

(
c) recei
v er and manager
,or as nomi
nee or
super
visor of a company ’s v ol
unt
ary
arr
angement .

705.(
1)Aper
soni
sonl
yqual
if
iedt
oactasani
nsol
vencypr
act
it
ionerwher
ehe Qual
i
ficat
ionof
i
nsol
vency
— pr
acti
ti
oner.

(
a)hasobtainedadegreei
nl aw,accountancyor
such other r
elev
ant disci
pli
ne f r
om any
 r
ecogni
sedUni
ver
sit
yorPol
ytechni
c;

(
b)hasami ni
mum offi
veyearspostquali
fi
cati
on
exper
ienceinmat
ter
srel
ati
ngtoinsol
vency;

(
c)isauthori
sedt osoactbyv i
rtueofacerti
ficate
ofmember shi
pissuedbyBusinessRecoveryand
I
nsolvencyPr acti
ti
onersAssoci at
ionofNiger i
a
(BRI
PAN) ,or hi s member ship of any other
prof
essional body r ecognised by t he
Commi ssion,bei
ngper mit
tedt oactbyorunder
therul
esoft hatbody;and

(
d)hol
dsanaut
hor
isat
iongr
ant
edbyt
heCommi
ssi
on.

(
2)TheCommi ssi
onmaypr
escri
beini
tsregulat
ionssuchot
heraddi
ti
onal
qual
if
icat
ionsasmaybeconsi
der
ednecessary
.

706.(
1)TheCommi ssi
onmay,byani nst
rumentororder,decl
areabodywhich Recogni
ti
onof
prof
essi
onalbodyby
appear
st oi ttof al
lwithin subsect
ion (
2) ,to be a recogni
sed theCommission.
prof
essi
onalbodyf
orthepurposesofthi
ssection.

(
2)Abodymayber ecognisedi
fitregul
atesthepracti
ceofaprof
essi
onand
maint
ainsandenforcesrul
esforsecuri
ngthatitsmembers–

(
a)ar
epermitt
edbyorunderther
ulest
o actas
i
nsol
vencypract
it
ioner
s;

(
b)ar
efi
tandpr
operper
sonst
oact
;and

(
c)meetaccept
ablerequi
rementsast oeducat
ion
andpr
acti
calt
rai
ningandexperi
ence.

(
3)Ref erences t
o member s ofa recogni
sed pr
ofessionalbody ar
eto
personswho,whet hermember softhatbodyornot ,aresubjectt
oit
s
rul
esi nthepracti
ceoftheprof
essi
oninquesti
on.

(
4) Ani nst rumentorordermadeundersubsect i
on(1)i nrel
ati
ontoa
pr
ofessionalbodymayber ev
okedbyaf ur
theror
derifitappear
stot
he
Commi ssionthatt
hebodynolongerf
all
swithi
nsubsecti
on(2).

707.(
1)Appl
icati
onmaybemadet othe Commissionforauthor
isat
iont
oact Appli
cati
onf or
aut
horisationt
oact
asaninsol
vencypr
act
it
ioner
,andtheappl
icati
onshall— asinsolvency
pr
act
it
ioner
.
(
a)bemadei nsuchmannerast
heCommi
ssi
onmay
speci
fy;
 (
b)cont ainorbeaccompani edwi t
hacer ti
ficateof
member shipi ssued by BRIPAN or any ot her
professi
onalbodyappr ovedbyt heCommi ssion
and such informati
on as t
he Commi ssion may
reasonablyrequir
eforthepurposeofdetermi ning
theapplicat
ion;and

(
c)be accompani
ed bythe pr
escr
ibed fee i
nthe
r
egul
ati
onsi
ssuedbytheCommission.

(
2)Atanyti
meafterr
ecei
vi
ngt heappl
icat
ionandbef
oredeter
mini
ngit,
t
he Commissi
on may requi
rethe appli
cantt
of ur
nish addi
ti
onal
i
nfor
mati
on.

(
3)Anappl
icat
ionmaybewi
thdr
awnbef
orei
tisgr
ant
edorr
efused.

708.(
1)TheCommi ssi
onmay ,onanappli
cati
ondul
ymadeandaf terbei
ng Commi ssiontonoti
fy
thepartyofthe
fur
nishedwit
hallsuchi
nfor
mat
ionasitmayr
equi
re,
grantorr
efuset
he ref
usalorwi t
hdrawal
appli
cati
on. ofauthori
sati
on.

(
2)TheCommi ssionshallgr
anttheapplicat
ioni
fitappear
stoi
tfrom the
inf
ormat
ionf urni
shedbytheApplicantandhavi
ngregar
dtosuchother
inf
ormat
ion,ifany,t
hattheAppl
icant—

(
a)isafi
tandproperper
sont
oactasani
nsol
vency
pr
act
it
ioner
,and

(
b)meet stheprescr
ibedr
equir
ementswithrespect
to education and pr act
ical tr
aini
ng and
exper
ience.

(
3)Anaut hor
isat
iongrant
edpursuanttotheappl
icat
ionshal
ltakeef
fect
f
rom t
hedateofgrantbytheCommissi
on.

(
4)Authori
sat
iongr
antedmaybewi t
hdrawnbytheCommissi
onifitappears
toitt
hattheholderoftheauthori
sati
onisnolongerafitandpr oper
per
sontoactasaninsol
vencypr
acti
ti
oner.

(
5)Anaut hor
isati
ongrantedmaybewi t
hdrawnbyt heCommissi
onatt
he
r
equestorwiththeconsentoft
hehol
deroftheaut
hori
sat
ion.

709.(
1)Wher et he Commissi
on refuses an appl
icati
on orwi thdraws an Reviewof
Commissi
on'
s
authori
sat
ion itshal
lwithi
n seven days noti
fyt he par
tyi n wri
ti
ng decisi
on.
stati
ngthereasonsfortherefusalorwithdr
awaloft heaut hori
sat
ion,
andt hepart
yaf f
ect
edwithi
n21day softhereceiptofthenot i
fi
cati
on
 mayappl ybysummonsonnot i
cetotheCour thavi
ngjur
isdicti
onin
i
nsolvencymat
ter
,forar ev
iewoft hedeci
sionoftheCommi ssionand
the Court
,upon heari
ng the summons,may r ef
use orgr antthe
summonsonsucht ermsasi tdeemsfi
t.

(
2)Anappealf
rom t
hedeci
sionoftheCourtshalll
iet
otheCour
tofAppeal
andt
hedecisi
onoft
heCour tofAppeali
sfinal.
CHAPTER27—ARRANGEMENTSANDCOMPROMI SE

710.I
nt hisChapter,theword"arr
angement "meansanychangeint
her i
ghtsor Defi
nit
ionof
li
abili
tiesofmember s,debent
ur eholder
sorcredit
orsofacompanyorany arrangement.
classoft hem orint heregulati
onofacompany ,ot
hert
hanachange
effected underany ot herprovisi
on ofthis Actorby the unani
mous
agreementofal lpart
iesaff
ected.

711.(
1)Wher eunderaschemepr oposedf oracompr omise,ar
rangementor Arrangementor
compromi
sebetween
reconstructi
onbetweent woormor ecompaniesort hemer gerofany twoormore
twoormor ecompanies,thewhol eoranypar toftheunder taki
ngor compani
es.
thepr opert
yofanycompanyconcer nedinthescheme( i
nt hissecti
on
referr
ed to as "t
he transferofcompany ")ist o be t
ransferred t
o
anothercompany ,theCourtmay ,ontheappli
cati
oninsummar yofany
oft hecompani est o beaf fect
ed,orderseparatemeet i
ngsoft he
compani estobesummonedi nsuchmannerast heCourtmaydi r
ect
.

(
2)Ifamaj or
it
yr epr
esenti
ngatleastthr
ee-quar
terinvalueoftheshareof
member sbeingpresentandvotingeit
herinpersonorbypr oxyateach
oftheseparatemeet i
ngs,agr
eet othescheme,anappl i
cationmaybe
madet otheCourtbyoneormor eofthecompanies,andtheCourtshal
l
sanct
ionthescheme.

(
3)Whentheschemei ssancti
onedbytheCour t
,itbecomesbi
ndi
ngonthe
compani
es,andt heCourtmay,bytheordersanctioni
ngt
heschemeor
byanysubsequentor
der,makeprov
isionfor—

(
a)thetransf
ertot het
ransf
ereecompanyoft he
whol
eoranypar toft
heunder taki
ngandofthe
pr
opert
yorli
abi
li
ti
esofanytransfer
orcompany
;

(
b)t heal lott
ingorappr opr
iat
ionbyt hetransferee
companyofshar es,debentures,pol
ici
esorot her
l
ikei nterestsinthatcompanywhi chundert he
compr omi seorarrangementar etobeallott
edor
appropr i
ated by thatcompany t o orf orany
person;

(
c)t
hecont
inuat
ion byoragai
nstt
het
ransf
eree
 company oflegalproceedi
ngs pendi
ng by or
agai
nstanyt
ransfer
orcompany;

(
d)t he di
ssolut
ion,wit
houtwi
ndi
ng up,ofany
t
ransf
erorcompany;

(
e)thepr ov
isi
ont
obemadef oranyper
sonswhoi n
such manneras t
he cour
tmaydi r
ect,di
ssent
fr
om thecompromi
seorarr
angement
;and

(
f)suchi ncidental
,consequenti
alandsupplemental
mat ter
s as ar e necessar
yt o secur
et hatthe
reconstructi
on or mer ger shal
lbe f ull
y and
effecti
velycarri
edout.

(
4)Anor
derundersubsect
ion(
3)(
d)shal
lnotbemadeunl
ess—

(
a)t hewhol
eoft heundert
akingandt heproper
ty,
asset
sandli
abili
ti
esofthet ransfer
orcompany
are bei
ng transfer
red into t he tr
ansfer
ee
company;
and

(
b)theCourtissat
isfi
edt hatadequat
epr ov
isi
onby
wayofcompensat ion orot her
wise have been
made wit
hr espectt ot he employees oft he
companytobedissolv
ed.

(
5)Whereanor derunderthi
ssecti
onpr ovidesforthetransf
erofpr oper
tyor
l
iabi
li
ties,thatpr oper
tyorliabil
it
ies shall,byv i
rt
ue ofthe or der
,be
tr
ansferredt oandbecomet hepr opertyorl i
abi
li
ti
esoft het ransf
eree
company ,andi nthecaseofanypr operty,ift
heor dersodirects,f
reed
fr
om anychar gewhi chisbyvir
tueoft hecompr omiseorarrangementt o
ceaset ohaveeffect.

(
6)Wher eanor deri smadeundert hissect i
on,everycompanyi nrelat
ionto
whicht heorderi smadeshal lcauseanof fi
cecopyoft heordertobe
del
iveredtot heCommi ssionforregist
rationwithi
nsev endaysaf t
erthe
makingoft heor der
,andanot i
ceoft heor dershallbepubli
shedi nthe
FederalGover nmentGazet teandinatl eastonenat i
onalnewspaperand
i
findef aul
tshal lbeli
abletoaf i
nei nsuchamountasmaybepr escri
bed
bytheCommi ssioninitsregulat
ions.

(
7)I
nthi
ssect
ion—

(
a)"proper
ty"i
ncl
udespr
oper
tyr
ight
sandpower
sof
ever
ydescri
pti
on;
 (
b)" l
iabi
li
ties"i
ncl
udesrights,powersandduti
esof
every descript
ion notwithst
anding t
hat such
ri
ghts,power s and duties are ofa personal
characterwhichcouldnotgener al
lybeassi
gned
orperformedv i
cari
ously
;and

(
c)"company"whereusedint hi
ssecti
ondoesnot
i
nclude any company ot
hert han a company
withi
nthemeaningoft
hisAct.

712.(
1)Wher easchemeorcont r
act,notbei ngat ake-ov erbidundert he Provi
sionsapplicable
toschemesor
InvestmentandSecur it
iesActi nvolvi
ngt het ransferofshar esorany cont r
actinvol
ving
class ofshar es in a company( i
nt his sect i
on r eferr
ed to as “the tr
ansferofsharesi na
transferofcompany ”
)toanot hercompany ,whet heracompanywi t
hin comp any.
themeani ng oft hi
sActornot( i
nt hissect ion r efer
red to as'the Cap.I24,LFN,2004.
transfereecompany ')has,wi thi
nf ourmont hsaf tert hemaki ngoft he
offerint hatbehal fbyt het ransfereecompanybeenappr ov
edbyt he
holdersofatl eastnine-tenthinv alueoft heshar esoft hecompany
(otherthanshar esalr
eadyhel datt hedat eoft heof ferbyanomi neefor
thetransf ereecompany ,orit
ssubsi diar y)
,thet ransfereecompanymay
atanyt imewi thi
nt womont hsaf tert heexpi r
ationoft hesai dfour
mont hs gi ve not i
ce int he prescr i
bed mannert o any di ssent
ing
sharehol derthatitdesir
est oacqui rehi sshar es.

(
2)Whenanot i
ceundersubsection( 1)isgiven,t
hetransfereecompanyi s,
unlessonanappl i
cati
onmadebyt hedissenti
ngshar eholderwithi
none
mont hfrom thedateonwhi cht henot i
cewasgi ven,unlesstheCour t
deemsf i
tto orderother
wise,ent it
led and bound to acquiret hose
shareson thet ermson whi ch,undert heschemeorcont ract,the
sharesoft he approvi
ng shar eholdersar eto be transferr
ed tot he
tr
ansfereecompany .

(
3)Whereshar esinthetransferorcompanyoft hesaidclassorclassesas
theshareswhoset r
ansferisi nvol
vedar eal r
eadyheldasspeci fi
edin
subsecti
on( 1)toav al
uegr eaterthanone- tenthoft heaggregateof
thei
rv al
ueandt hatoft heshar e( otherthant hosealreadyhel das
speci
fiedinthatsubsection)whoset ransferisinvol
ved,the pr
ovisi
ons
ofthi
ssectiondonotappl yunless—

(
a)t het r
ansfereecompanyof f
ersthesamet erms
to allholdersoft heshares(otherthan those
alreadyheld)whosetransf
erisi
nvolved,orwhere
thoseshar esincl
udesharesofdiff
erentclasses,
ofeachclassoft hem;and
 (
b) the hol ders who appr ove the scheme or
contractsbesi desholdingatleastnine-tent
hi n
val
ueoft heshar es(
otherthanthosealreadyheld
asafor esaid)whoset r
ansferisinvol
ved,shallbe
atleastt hree-quart
ersinnumberoft heholders
ofthoseshar es.

(
4)Wher e a noti
ce has been giv
en bythe t
ransf
eree companyunder
subsecti
on( 1)andtheCour thasnot,onanapplicat
ionmadebyt he
dissent
ing sharehol
der,or dered t
o the cont
rary,the tr
ansf
eree
companyshal l—

(
a)ont heexpi r
ationofonemont hf rom t hedat eon
which t he noti
ce has been gi ven or i f an
application to the Cour t by t he di ssenting
sharehol der i s t hen pendi ng af ter t hat
application has been disposed of ,transmi ta
copyoft henot i
cet ot het ransf erorcompany
togetherwi t
hani nst r
umentoft ransf erexecut ed
on behal foft he shareholderby any per son
appoi ntedbyt hetransfereecompanyandoni ts
behal fbythetransfereecompany ;and

(
b)payort r
ansfert
ot het ransferorcompanyt he
amountorot herconsiderati
onr epresenti
ngt he
pri
cepay abl
ebythet r
ansf ereecompanyf orthe
shares which by vi
rt
ue oft his secti
on that
company i s enti
tl
ed t o acqui re, and t he
tr
ansferorcompanyshal lthereuponr egi
sterthe
tr
ansferee company as t he hol derof t hose
shares.

(
5)Anysum r ecei
vedbyt hetransf
erorcompanyundert hi
ssecti
onshallbe
paidi nt
o a separ ate bank account,and such sums and anyother
considerati
onsor ecei v
edshallbeheldbyt hatcompanyontrustf
orthe
severalpersonsent it
ledtothesharesinrespectofwhicht
hesaidsums
orotherconsideration,wererespect
ivel
yreceived.

(
6)I
nthissecti
on,"di
ssenti
ngsharehol
der"i
ncludesasharehol
derwhohas
notassentedtotheschemeorcont r
actandanyshareholderwhohas
fai
ledorrefusedtotransfertothetr
ansfereecompanyinaccordance
wit
ht heschemeorcontract.

713.(
1)Thissect ion appl
ieswher
e,in pursuanceofanysuch schemeor Provi si
onsappli
cabl
e
todissenti
ng
cont
ract,sharesinacompanyaretransfer
redt
oanothercompanyori
ts shareholder
s.
nominee,andt hosesharest
ogetherwithanyothersharesi
nt hef
ir
st
 menti
oned company held by,orby a nomi nee forthe t
ransferee
companyorit
ssubsidi
aryatthedat
eofthetransfercompri
seorinclude
ni
ne-
tent
hi nval
ueofthesharesinthef
irstmentionedcompanyorofa
cl
assofthoseshar
es.

(
2)Thet ransfereecompanyshal l,wit
hi nonemont hf r
om thedateofthe
transfer(unlessonapr ev
ioust r
ansf erinpursuanceoftheschemeor
contractithasal readycompliedwi tht hisr
equirement
),gi
venoticeof
thatfactint heprescri
bedmannert ot hehol
deroftheremaini
ngshares
oroft her emaini
ngshar esofthatcl ass,asthecasemaybe,whohav e
notassent edt ot
heschemeorcont ract .

(
3)Aholdermay,wit
hinthr
eemonthsf
rom t
hegivi
ngofthenot
icetohi
m,
r
equi
rethet
ransf
ereecompanyt
oacqui
rethesharesi
nquest
ion.

(
4)I fashareholdergiv
esnot i
ceundersubsecti
on(3)withr espectt
oany
share,thetransf
ereecompanyi sentit
ledandboundt oacqui rethose
sharesont hetermsonwhi chundertheschemeorcont racttheshares
oftheappr ovi
ngshar ehol
dersweretransf
erredtoit
,oronsuchot her
termsasmaybeagr eedonast heCourtheari
ngtheappl
icat i
onofeit
her
thetransf
ereecompanyort heshar
eholderdeemsfit
.

714.(
1)Wi t
hav iew t oeffect
inganyar rangement ,acompanymaybyspeci al Arrangementonsal
e
ofcompany '
s
resolut i
onr esolvet hatthecompanybeputi ntomember s'vol
untary propert
yduri
ng
wi ndingupandt hatt heliqui
datorbeaut hor
isedt osellthewholeor members'vol unt
ary
par tofi t
sunder t
akingorasset stoanot herbodycor porat
e,whethera w i
nding-
up.
companywi t hi
nt hemeani ngoft hisActornot( inthi
ssect i
oncall
ed
"thetr ansfereecompany "
)inconsiderat
ionorpar tconsider
ationoff
ully
pai dshar es,andt odi st
ri
butethesamei nspeci eamongt hemember s
oft hecompanyi naccordancewi ththei
rrightsintheli
quidati
on.

(
2)Anysaleordi str
ibut
ioninpursuanceofaspecialresolut
ionunderthis
sect
ion i
sbi nding on thecompanyand al li
tsmember sand each
membershal lbedeemedt ohaveagr eedwitht
het r
ansfereecompany
toacceptthef ul
lypaidshares,debentur
es,pol
ici
es,cashorotherlike
i
nter
eststowhi chhei sent
it
ledundersuchdistr
ibut
ion:

Pr
ovi
dedt
hati
f—

(
a)wi thi
noney earfrom thedateofthepassingof
any special r
esoluti
on as i sreferr
ed to in
subsecti
on(1),anor derismadeundersect i
ons
353-355oft hisActdeal ingwit
hr el
iefonthe
grounds ofunfairl
y prej
udici
aland oppressi
ve
conductorf orthewi ndi
ngupoft hecompany
under a credit
ors'v ol
untary wi
nding up,the
 arr
angementforthesaleanddistr
ibut
ionshal
l
notbeval
idunl
esssanct
ionedbyt
heCour t
;or

(
b) any member of t he company ,by wr iti
ng
addr essed tot he liqui
dator and left at the
registeredoffi
ceorheadof fi
ceoft hecompany ,
within30day saf terthepassingofther esol
ution,
dissent si
nr espectofanyoft hesharesheldby
him,t he l
iquidator shalleither abstainfrom
carrying the r esoluti
on into effect or shal l
purchasesuchshar esatapr i
cetobedet ermined
i
nt hemannerpr ov i
dedbysubsect i
on(4) .

(
3)Any memberwho f ai
lsto si
gnif
y his dissentin accor
dance wi
th
subsect
ion(
2)i
sdeemedtohaveaccept
edt heresol
uti
on.

(
3)Iftheliqui
dat
orelectstopurchasethesharesofanymemberwhohas
expressed hi
s dissentin accor
dance wit
h subsecti
on (2) ,the pri
ce
payable shal
lbe determined byagreementint he case ofa pr iv
ate
companyi nwhichal i
ensdonotpar t
ici
pat
e,andi nthecaseofapubl i
c
company ora pr i
vate company i
n which al
iens parti
cipate,by the
Securit
iesandExchangeCommi ssi
on:

Provi
ded t
hati
nthe case ofa pr
ivat
e companyi
n whi
ch no al
iens
part
ici
pat
e—

(
a)suchpr i
ceisdeterminedbyest imati
ngwhatt he
memberconcer nedwoul dhav erecei
vedhadt he
wholeoft heunder t
akingoft hecompanybeen
soldasagoi ngconcer nf orcasht oawi ll
ing
buyerandt heproceeds,lessthecostofwinding
up,been di vi
ded amongst t he member si n
accordancewiththeirr
ights;and

(
b)t hepur chasemoneyi spaid bythecompany
bef or
et hecompanyi sdissolvedandberaised
byt heliquidatoror,i
ndefaultofanydi
rect
ionin
thespeci alresolut
ion,i
nsuchmannerashemay
thinkfitaspar toftheexpensesofthewinding
up.

(
5)Nothi
ngcont
ainedi
nthi
ssecti
onaut
hori
sesanyv
ari
ati
onorabr
ogat
ion
oft
heri
ght
sofanycr
edit
oroft
hecompany.

(
6)I fanycompany,ot
herwi
set
hanunderthissect
ion,sel
lsorresol
vesto
sellthe whol
e orpar
tofit
s under
taki
ng orassetsto anotherbody
 corporat
e i n consi derat i
on or par t consideration of any shar es,
debentures,polici
esorot herli
kei nterestint hatbodycor porat
e,and
resol
ves t o di
st r
ibutet he same i n speci e among member s ofthe
company( whetherinl iquidationorbywayofdi vi
dend) ,anymemberof
thecompanymaybynot icei nwri
tingaddr essedt ot hecompanyandl eft
attheregister
edof ficeorheadof fi
ceoft hecompanywi thin30day safter
thepassi ngoft her esolutionauthor i
singsuchdi stribution,requi
rethe
companyei t
hert oabst ainf rom carryi
ngt her esolutioni ntoef f
ectort o
purchaseanyofhi sshar esatapr icet obedet er minedi nt hemanner
provi
dedbysubsect ion( 4).

(
7)Not hi
ng contai
ned i
n subsect
ion (
6)author
ises any company t
o
purchaseitsownsharesormakeanydi st
ri
buti
onstoi t
ssharehol
der
s
exceptinaccor
dancewit
htheprov
isi
onsoft
hisAct.

715.(
1)Wher eacompr omi seorarr
angementisproposedbet weenacompany Powert o
compr omisewi
th
and its cr
editor
s orany cl ass ofthem,t he Cour tmay ,on t he credi
torsand
appl
icati
on,i
nasummar yway,oft
hecompanyoranyofi tscredit
orsor members.
member s or,int he case ofa company being wound up,oft he
l
iqui
dator,orderameet ingofthecredi
tor
sorcl assofcr edi
tors,orof
themember soft hecompany ,orclassofmember s,asthecasemay
be,t
obesummonedi nsuchamannerast heCour tdirect
s.

(
2)Ifamaj or
it
yr epresenti
ngatleastthreequar t
ersi nvalueoftheshar es
ofmember sorcl assofmember s,oroft heint er
estofcr edit
or sor
classofcr editor
s,ast hecasemaybe,bei ngpresentandv oti
ngei t
her
i
nper sonorbypr oxyatt hemeet i
ng,agreet oanycompr omiseor
arrangement ,thecompr omiseorar rangementmayber ef
err
edbyt he
Cour ttotheSecur it
iesandExchangeCommi ssionwhi chshallappoi nt
oneormor einspectorstoinvest
igatethef ai
rnessoft hecompromi se
orar r
angementandt omakeawr i
ttenreportoni ttotheCour twithina
ti
mespeci f
iedbyt heCourt.

(
3)Ift heCourtissati
sfi
ed ast ot hef ai
rnessoft hecompr omiseor
arrangement
,itshallsanction the same and t he compromise or
arrangementshal
lbe binding on allthe cr
editors orthe cl
ass of
credit
orsoronthemember sortheclassofmember sast hecasemay
be,andalsothecompanyori nthecaseofacompanyi nthecourseof
beingwoundup,ontheli
quidatorandcontri
butor
iesoft hecompany.

(
4)An or dermade undersubsecti
on (
3)shallhave no ef
fectuntila
cert
if
iedtruecopyoftheorderhasbeendeli
ver
edbyt hecompanyt o
theCommi ssi
onforregi
str
ati
onandacopyofev eryordershallbe
annexedtoev erycopyofthememor andum ofthecompanyi ssued
aft
ertheorderhasbeenmade.
 (
5)Ifacompanydefaultsi
ncompl y
ingwit
hsubsect
ion(4)
,thecompany
andeachoffi
cerofthecompanyisli
abl
etoapenalt
yaspr escr
ibedby
theCommissi
onintheregul
ati
ons.

(
6)Inthi
ssect i
onandsecti
on716oft hi
sAct,"
company
"meansany
companyl
iablet
obewoundupundert
hisAct
.

716.(
1)Wher eameeti
ngofcredi
tor
soranycl
assofcredi
tor
sorofmembers Infor
mat i
onast
o
compr omisewi
th
oranyclassofmembersissummonedundersect
ion715oft
hisAct
, credi
torsand
ther
eshall— member s.

(
a)wi thev erynoti
cesummoni ngt hemeet i
ngwhi ch
i
ssentt oacr edit
orormember ,besental soa
statement expl ai
ning t he ef fect of t he
compr omi se orar rangementand i n parti
cular
stati
nganymat eri
alinter
estsoft hedirectorsof
the company , whet her as di r
ector
s or as
member s oras cr edi
tors oft he company or
otherwise,andt heef fectofthecompr omi seor
arrangementi nsof arasitisdi ff
erentfrom the
effectont heli
keinterestofotherpersons;and

(
b)inev er
ynoti
cesummoni ngthemeet i
ngwhichis
given by adv er
ti
sement,be i ncluded such a
statement,oranot i
fi
cati
onoft heplaceatwhich
andt hemanneri nwhichcreditor
sormember s
entitl
edtoattendthemeet i
ngmayobt ai
ncopies
ofsuchast atement.

(
2)Wher ethecompr omiseorar r
angementaf fect
sther ight
sofdebent ur
e
holdersofthecompany ,t
hest at
ementshallgivethelikeexplanat
ionas
respectsthetr
usteesofanydeedf orsecur
ingtheissueoft hedebentur
e
asitisrequi
redtogiveasrespectsthecompany '
sdirector
s.

(
3)Wher eanoticegiv
enbyadv er
tisementincl
udesanoti
fi
cationt
hatcopies
ofast at
ementexpl ainingtheef f
ectsofthecompromiseorarr
angement
proposedcanbeobt ainedbycr edit
orsormember senti
tl
edtoattendthe
meet i
ng,everysuchcr edi
torormembershal l
,onmakingapplicat
ionin
themanneri ndi
catedbyt henot i
ce,befurni
shedbythecompanyf reeof
chargewithacopyoft hest at
ement .

(
4)Wher eacompanymakesdef aulti
ncompl yi
ngwi thanyrequi
rementof
thi
ssecti
on,thecompanyandev eryofficerofthecompanyareliabl
et oa
penalt
yaspr escri
bedbyt heCommi ssioninther egul
ati
onsandf orthe
purposeofthissubsect
ionanyliquidatorofthecompanyandanyt r
ustee
ofadeedf orsecuringtheissueofdebent ur
esoft hecompanyshal lbe
 deemedt
obeanof
fi
ceroft
hecompany
:

Provi
dedt hatapersonisnotl
iabl
eunderthi
ssubsect i
on,ift
hatper son
showst hatthedefaul
twasduet oref
usalofanyot herperson,beinga
dir
ectorort r
ustee f
ordebentur
e hol
ders,to supplyt he necessary
part
icul
arsast ohisi
nter
est
s.

(
5)Adi rect
orofthecompanyandanyt rusteefordebentureholdersofthe
companyshal lgivenoti
cetothecompanyofsuchmat ter
sr elat
ingto
hi
msel fasmaybenecessar yforthepur poseoft hi
ssection,andany
personwhodef ault
sincomply i
ngwi ththissubsectionisl i
abletoa
penaltyaspr
escribedbytheCommi ssionintheregul
ati
ons.

717.(
1)Nowi ndinguppet i
ti
onorenf orcementactionbyacredi
tor(secur
edor Morat or
ium on
credi
tor
svolunt
ary
unsecured)shallbeentert
ainedagainstanycompanyori t
sassetsthat windi
ngupina
hascommencedapr ocessofar r
angementandcompr omisewithits schemeof
credi
tor
sf orsixmont hsf rom thetimet hatthecompanybywayof arrangement .
affi
davi
tprovidesthefoll
owingdocument stotheCourt
:

(
a)adocumentsetti
ngoutthet
ermsi
ntendedt
obe
proposedtothecredi
tor
sinanar
rangementor
compr omi
se;

(
b)astatementofthecompany '
saff
airscontai
ning
thepart
icul
arsofthecompany'
scredit
orsandits
debtsandotherl
iabi
li
ti
esandofit
sassets;

(
c)suchot
heri
nfor
mat
ionast
heCour
tmayr
equi
re;
and

(
d) a statement that t
he company desir
es a
prot
ecti
onf rom awindingupprocesspendi
ng
the compl eti
on of t he ar
rangement or
compromise.

(
2)Not wit
hstandingtheprovisi
onsofsubsect ion(
1),asecur
edcredi
tor
may ,byapplicat
iontotheCour tf i
ledwit
hin30daysofnoticeofthe
arr
angementandcompr omise,dischar
get hesi
xmonthsmor at
ori
um
peri
odpr ovi
dedinsubsecti
on(1)if-

(
a)theassetofthecompanysoughtt obeenforced
by the credi
tor does not f
orm part of the
company's poolofasset st o be consi
dered
under the ar rangement and compr omise
proceedi
ng;
 (
b)theassetsoughttobeenf orcedbythecredi
tor
i
saper i
shabl
egoodsorcommodi ti
eswhichmay
depreci
ateordissi
pat
ebef oreexpir
ati
onofthe
sixmonthsmorator
ium per
iod;

(
c)thesecuredcredit
orenfor
cesitssecuri
tyover
the assets bef
ore recei
vi
ng notice of t
he
company's pr oposed ar rangement and
compromise;or

(
d)thecompanyconsentsi
nwr i
ti
ngf orasecur ed
credi
tortoenfor
ceit
sri
ghtoverthecompany '
s
assetwit
hinthesi
xmont
hsmor at
orium per
iod:

Provi
dedthatthecompany,upontheapprov
alorconsentshal
lfil
ea
fur
theraf
fi
davi
tupdat
ingt
heCourtoft
hedissi
pat
ionoft
hesaidasset
.

CHAPTER28— NETTI
NG

718.I
nthi
sChapt
er-
Defi
nit
ionof
appl
icabl
econcept
s.
"
fi
nanci
alr
egul
ator
yaut
hor
it
y"means-

(
a)t
heCent
ralBankofNi
ger
ia;

(
b)t
heSecur
it
iesandExchangeCommi
ssi
on;

(
c)t
heNat
ionalI
nsur
anceCommi
ssi
on;

(
d)t
heNat
ionalPensi
onCommi
ssi
on;
and

(
e)any ot her fi
nanci
al regul
atory aut hor
it
y
est
abl
ishedbyanActoft
heNationalAssembly;

"
cash"meansmoneycr
edit
edtoanaccounti
nanycur r
encyorasi
mil
arcl
aim
f
orrepay
mentofmoney
,suchasamoneymarketdeposi
t;

"
col
lat
eral
"meansany-

(
a)cashi
nanycur
rency
;

(
b)securit
iesofanyki
nd,i
ncl
udi
ngdebtandequi
ty
secur
it
ies;

(
c)guarantees,l
ett
ersofcr
edi
tandobl
igat
ionst
o
r
eimburse;and
 (
d) any assetcommonl
y used as col
lat
erali
n
Ni
ger
ia;

"
coll
ater
alar
rangement"meansanymar gi
n,coll
ater
al,securi
tyarrangementor
ot
hercredi
tenhancementrelat
edtoorformingpar tofanet t
ingagreement
orone ormor e qual
if
ied fi
nanci
alcontracts entered intot her
eunder
,
i
ncludi
ng-

(
a)apl edge,char
georanyot herform ofsecur
it
y
i
nterestincoll
ater
al,whet
herpossessor
yornon-
possessory;

(
b)at
it
let
ransf
ercol
lat
eralar
rangement
;

(
c)asecur
it
yint
erestcol
lat
eralar
rangement
;and

(
d)anyguar antee,lett
erofcreditorrei
mbursement
obl
igati
on by ort o a par tyto one ormor e
quali
fi
edfinancialcontracts,i
nrespectofthose
quali
fi
edfinancialcont
racts;

"i
nsol
ventpar
ty"meansthepart
yinrel
ationt
owhi
chani
nsol
vencypr
oceedi
ng
undert
helawsofNiger
iahasbeeninst
it
uted;

"l
iqui
dator"meanstheli
quidator,admi
nist
rator,nominee,super
visor,recei
ver
,
tr
ustee,conser
vat
ororotherindivi
dual
,personorent i
tywhichadmi nist
ersthe
affai
rsofaninsol
ventpar
tydur i
nganinsolvencyproceedingunderthel awsof
Nigeri
a;

"
net
ti
ng"meanst
heoccur
renceoft
hef
oll
owi
ng-

(
a)t erminati
on,l
iqui
dati
onoraccel erati
onofany
paymentordel i
very obl
igat
ion orent it
lement
underoneormor equal i
fi
edf inancialcontr
acts
enter
edi nt
ounderanetti
ngagr eement ;

(
b)cal culati
onorest i
mat i
onofacl ose-outv al
ue,
mar ketv alue,li
quidati
on val
ue orr epl
acement
val
uei nr espectofeachobl i
gati
onorent i
tl
ement
or gr oup of obl igati
ons or ent i
tl
ement s
ter
mi nated, liqui
dated or accelerated under
paragraph( a):

(
d)par
agr
aphconver
sionofanyvaluescal
cul
ated
orest
imat
edunderparagr
aph(b)int
oasingle
 cur
rency
;and

(
d)det er
mi nati
onoft henetbalanceofthevalues
calcul
ated underpar agr
aph (b),as conv
erted
underpar agr
aph( c)
,whetherbyoper
ati
onofset-
offorotherwise;

"
net
ti
ngagr
eement
"meansany–

(
a)agreementbet weent wo par t
iest hatprov
ides
fornetti
ng ofpr esentorf uture paymentor
del
ivery obli
gations or ent i
tlements ari
sing
under or in connect ion wi t
h one or mor e
quali
fi
edf i
nancialcont ractsenteredintounder
theagreementbyt hepar t
iestot heagreement
(a"masternett
ingagr eement ")
;

(
b)masteragreementbetween two part
ies t
hat
prov
idesfornet
ti
ngoft heamountsdueunder
two ormor e masternett
ing agr
eements( a
"master
-mast
ernet
ti
ngagreement")
;and

(
c)col
lat
eralar
rangementrel
atedtoorf
ormi
ngpar
t
ofoneormor eofthef
oregoing;

"
non-
insol
ventpar
ty"meanst
hepar
tyot
hert
hant
hei
nsol
ventpar
ty;

"
par
ty"meansaper
sonconst
it
uti
ngoneoft
hepar
ti
est
oanet
ti
ngagr
eement
;

"person"includespar tnerships,companies,regul
atedentit
iessuchasbanks,
i
nsur ance compani es and pension fund admini
strat
ors,oranyot herbody
corporate( including statutory corpor
ati
ons or statut
ory bodi
es) whether
organisedundert helawsofNi geri
aorundert hel
awsofanyot herjuri
sdict
ion,
andanyi nternati
onalorr egionaldevel
opmentbankorot herint
ernati
onalor
regi
onalor ganisation;

"qualifi
ed f i
nancialcontract"means any f i
nancialagreement
,cont ractor
transaction,incl
udinganyt ermsandcondi t
ionsincorporat
edbyr efer
encein
anyf inancialagreement,contractort
ransact
ion,pursuanttowhi
chpay mentor
deliveryobligat
ionsareduet obeperf
ormedatacer t
ainti
meorwithinacertai
n
periodoft imeandwhet herornotsubj ectt
oanycondi ti
onorcontingencyand
i
ncl udes-

(
a)acur
rency
,cr
oss-
cur
rencyori
nter
estr
ateswap;

(
b)abasi
sswap;
(
c)aspot,f
utur
e,f
orwar
dorot
herf
orei
gnexchange
t
ransact
ion;

(
d)acap,
col
larorf
loort
ransact
ion;

(
e)acommodi
tyswap;

(
f)af
orwar
drat
eagr
eement
;

(
g)acur
rencyori
nter
estr
atef
utur
e;

(
h)acur
rencyori
nter
estr
ateopt
ion;

(
i)anequityder
ivat
ive,suchasanequi
tyorequity
index swap,equityforwar
d,equi
ty opt
ion or
equit
yindexopti
on;

(
j)a derivat
iver el
ati
ng t
o bonds orotherdebt
securi
ti
esort oabondordebtsecur i
tyindex,
suchasat otalret
urnswap,
indexswap,f
orward,
opti
onorindexopt i
on;

(
k)acredi
tderi
vati
ve,suchasacredi
tdefaul
tswap,
cr
editdef
aultbasketswap,t
otalret
urnswapor
cr
editdef
aultopt
ion;

(
l)an energy der
ivati
ve,such as an elect
ri
cit
y
der
ivat
ive,oi
lderiv
ativ
e,coalder
ivat
iveorgas
der
ivat
ive;

(
m)aweatherderi
vat
ive,
suchasaweat
herswapor
weat
heropt
ion;

(
n)abandwi
dthder
ivat
ive;

(
o)af
rei
ghtder
ivat
ive;

(
p)anemi ssi
onsderiv
ati
ve,suchasanemi ssions
al
lowanceoremissi
onsreduct
iont
ransact
ion;

(
q)aneconomicst at
ist
icsder
ivat
ive,suchasan
i
nfl
ati
onder
ivat
ive;

(
r)apr
oper
tyi
ndexder
ivat
ive;
(
s)a spot
,futur
e,forward orot
hersecur
it
iesor
commodit
iestr
ansact
ion;

(
t)asecuri
ti
escontract,i
ncl
udingamarginloanand
an agreement t o buy,sell
,borrow or l end
securi
ti
es,such asasecur i
ti
esrepurchaseor
rever
se repurchase agreement, a secur i
ti
es
lendi
ng agreementora secur i
ti
esbuyorsel l
backagreement,includi
nganysuchcont ractor
agreementrelat
ingtomor t
gageloans,int
erests
in mor tgage l oans or mor t
gage-rel
ated
securi
ti
es;

(
u)acommodi ti
escont
ract,i
ncludi
nganagreement
tobuy ,sel
l,
borr
oworlendcommodi t
ies,
suchas
a commodi ti
es r epurchase or r ever
se
repurchaseagreement,acommodi ti
esl endi
ng
agreementoracommodi ti
esbuyorsel lback
agreement ;

(
v)acol
lat
eralar
rangement
;

(
w)an agr eementto cl
earorset tl
e secur
it
ies
tr
ansacti
ons or t
o act as a deposi
tor
yf or
secur
it
ies;

(
x)anyot heragr eement ,cont ractort ransaction
similart oanyagr eement, cont r
actort ransaction
referredt oinpar agraphs( a)-( w)wi threspectt o
oneormor eref erenceitemsori ndicesr elati
ng
to i nterest r at es, currencies, commodi t
ies,
energy pr oduct s,el ectr
icity,equi t
ies,weat her,
bonds and ot herdebti nstrument s,pr ecious
met als,quant i
tat ivemeasur esassoci atedwi t
h
an occur rence,ext ent of an occur rence,or
contingency associ at
ed wi th a f i
nancial,
commer ci
al or economi c consequence, or
economi corf inancialindi cesormeasur esof
economi corf i
nanci alri
skorv alue;

(
y) any swap, f orwar
d, option, contract for
dif
fer
encesorot herder
ivat
iveinr espectof,or
combinati
on of,one ormor e agreements or
contr
actsref
err
edt oi
nparagraphs(a)-(x);
and

(
z) any agr
eement
, cont
ract or t
ransact
ion
 designatedassuchbyt hef
inanci
alr
egul
ator
y
authori
tyundert
hisAct
;

"securi
tyint
erestcol
lat
eralar
rangement
"means" secur
it
yfinanci
alcol
later
al
arrangement"asdefi
nedi nChapter9(Debent
ures)ofthi
sActandi ncludes
charges;and

"ti
tl
et ransfercoll
ater
alarrangement"meansamar gin,col
lateralorsecuri
ty
arrangementr elat
edtoanet ti
ngagreementbasedont hetransferofti
tl
eto
collat
eral,whetherbyoutrightsal
eorbywayofsecur i
ty,i
ncludingasaleand
repurchaseagr eement,securi
ti
eslendi
ngagreement
,orsecur i
ti
esbuyorsel l
-
backagr eement .

719.A fi
nancialr
egulatoryauthoritymay,inrelat
iontot herel
ev antsectorit Powersofafi
nanci
al
regul
ator
yaut
hori
ty.
regul
ates,bynot iceissued undert hi
ssection,designat
eas" quali
fi
ed
fi
nancialcont
racts"anyagr eement,contr
actort ransact
ion,ort y
peof
agreement,contractort ransact
ion,in addi
tion t
ot hose li
sted i
nt hi
s
secti
on.

720.Aqual i
fiedf i
nancialcontr
actshal lnotbeandshal lbedeemednev erto Enforceabi l
ityofa
qual
ifiedfi
nanci al
have been v oid orunenf or
ceable byr eason oft he Gaming Machines cont ract.
(Pr
ohibition)Actoranyot herlawsr elatingtogames,gami ng,gambling,
Cap.G1LFN, 2004.
wageringorl ott
eries.
721.(1)Thepr ovisi
onsofanet ti
ngagr eementi senforceableinaccordance Enforceabi l
ityof
nett
ingagr eement s.
wit
ht heirterms,i ncl
uding againstan i nsolventpar t
y,and,wher e
applicabl
e,agai nstaguarantororot herpersonpr ovi
dingsecuri
tyfora
partyandshal lnotbestayed,avoidedorot herwiseli
mi t
edby-

(
a)anyact
ionoft
hel
iqui
dat
or;

(
b)anyot herpr ovi
sionoflawr
elati
ngt obankruptcy,
reorganisation, composit
ion wi th creditors,
receiver
shi poranyot heri
nsolvencyproceeding
aninsolv entpart
ymaybesubj ectto;or

(
c)anyotherprovi
sionoflawthatmaybeappli
cable
toani nsol
ventparty
,subjecttothecondi
tions
cont
ainedintheappli
cablenett
ingagr
eement.

(
2)Aftercommencementofi nsol
vencyproceedingsinrelat
iontoapar t
y,
theonlyobli
gati
on,ifany,ofeitherpar
tytomakepay mentordel i
very
underanett
ingagreementshallbeequaltoitsnetobl
igati
ontotheother
part
yasdet ermined i
n accordancewitht het er
msoft heappli
cable
nett
ingagr
eement .
(
3)Aftercommencementofi nsolv
encypr oceedingsinrelat
iont oapar ty
,
theonlyr
ight,
ifany,ofeit
herpar t
ytor ecei
vepay mentordeliver
yundera
nett
ingagreementshal lbeequalt oit snetentit
lementwi t
hr espectto
the ot
herpar t
yas det ermined in accordance withthe terms oft he
appli
cabl
enettingagreement .

(
4)Anypoweroft heliquidat
ortoassumeorr epudiat
ei ndiv
idualcontr
acts
or transact
ions wi ll not prevent the t ermination, l
iquidat
ion or
accel
erati
onofal lpaymentordel iver
yobl i
gationsorent i
tlementsunder
one ormor e qual i
fi
ed f i
nanci
alcont racts entered int
o underori n
connecti
onwi t
hanet t
ingagreement ,
andappl i
es,i
fatal l
,onlytothenet
amountduei nrespectofal lofsuchqual ifi
edf inanci
alcont r
actsin
accordancewiththeter msofsuchnet ti
ngagr eement .

(
5) The pr ovi
sions of a net t
ing agreement whi ch pr ovi
de f or t he
determinationofanetbal anceoft hecl ose-outv alues,mar ketv alues,
l
iquidation v al
ues or replacement v al
ues cal culated inr espect of
accelerated or t er
minated pay ment or del ivery obl i
gations or
enti
tlement sunderoneormor equalif
iedf i
nancialcont ract
sent eredi nto
i
snotaf fectedbyanyappl i
cableinsolvencylawl imitingther i
ghtst oset
off
, off
setornetoutobl i
gati
ons,paymentamount sort erminati
onv alues
owedbet weenani nsolv
entpar t
yandanot herparty.

(
6)Thel
iqui
dat
orofani
nsol
ventpar
tymaynotav
oid-

(
a)anyt r
ansfer
,substit
uti
onorexchangeofcash,
col
later
alorany ot heri nt
erests underorin
connecti
on with a nett
ing agreementf r
om t
he
i
nsolventpart
ytothenon- i
nsolventpart
y;or

(
b)anypay mentordeliver
yobligati
onincurr
edby
theinsolventpar
tyandowi ngtothenon-i
nsolv
ent
party under or in connecti
on with a netti
ng
agreementon t hegr oundsofi tconsti
tut
ing a
preference by t
he insol
ventpar t
yt othe non-
i
nsol v
entpar t
y,

unl
esst
her
eiscl
earandconv
inci
ngev
idencet
hatt
henon-
insol
ventpar
ty-

(
i)madesucht
ransf
er,

(
ii
)incur redsuchobli
gati
onwit
hact uali
ntentto
hinder,delay,ordefr
audanyentitytowhi ch
thei nsolv
entpartywasindebtedorbecame
i
ndebt ed,on oraf t
erthe datet hatsuch
transferwasmadeorsuchobl igati
onwas
 i
ncur
red.

(
7)Reasonabl
enot i
cetointerestedpar ti
es,i
ndivi
duals,personsorent it
ies
shallbe requi
red f
ort he realisat
ion,appropri
ation orliquidat
ion of
col
later
alunderacoll
ateralarrangementunlessot her
wiseagr eedbyt he
part
ies:

Provi
ded thatthis subsecti
on i
s wit
houtpr ejudi
ce to anyappl
icabl
e
provi
sionoflaw requi
ri
ngt hatr
eali
sat
ion,appropri
ati
onorl i
qui
dat
ionof
coll
aterali
sconductedinacommer ci
all
yreasonablemanner .

(
8)Fort
hepur
posesoft
hissect
ion—

(
a)anet t i
ngagr eementi sdeemedt obeanet ti
ng
agr eementnot withst
andi ng the factt hatt he
net ti
ng agr eement may cont ain pr ovisi
ons
relatingt oagr eement s,cont r
actsort ransact i
ons
thatar enotqual if
iedfinancialcontractsdef i
ned
i
nsect ion718,pr ov i
ded,howev er,that ,forthe
pur posesoft hissect i
on, suchnet t
ingagr eement
shal lbedeemedt obeanet ti
ngagr eementonl y
wi t
hr espectt ot hoseagr eements,cont ractsor
transact i
ons t hatf allwi thi
nt he def initi
on of
"qual i
fiedf i
nanci alcontract"inthi
sChapt er;

(
b)a col lateralar rangementi s deemed t o be a
collateralar rangementnot withstandi
ngthef act
thatsuch col later alarr
angementmaycont ain
prov i
sionsr elatingt oagr eement s,contr
act sor
transact ionst hatar enotanet t
ingagreementor
qual i
fied f i
nanci al contracts as def i
ned i n
sect i
on718oft hisAct,pr ovi
ded,howev er,that,
fort hepur posesoft hi
ssect ion,suchcollateral
arrangementshal lbedeemedt obeacol lateral
arrangement onl y wi th r espect t o t hose
agreement s,cont ractsort r
ansact i
onsthatf al
l
wi t
hint hedef i
ni t
ionof" net t
ingagr eement "or
"qualified f inanci al contract" as def i
ned i n
sect i
on718oft hisAct ;
and

(
c)anet t
ingagr
eementandallqual
if
iedf
inanci
al
contractsent
eredi
ntoshal
lconst
it
uteasingle
agreement.

CHAPTER29— MI
SCELLANEOUSANDSUPPLEMENTAL
 APPLI
CATI
ONOFTHI
SPART

722.(
1)Exceptasot
her
wisepr
ovi
ded,
Par
tBoft
hisAct
,appl
iest
o— Appli
cat
ionoft
his
Part
.
(
a)al
lcompani
esf
ormedandr
egi
ster
edundert
his
Act
;

(
b)al
lexi
sti
ngcompani
es;

(
c)al
lcompaniesi
ncorpor
ated,
for
medorr
egi
ster
ed
underot
herenact
ments;and

(
d)unr
egi
ster
edcompani
es.

(
2)Thi
sActdoesnotappl
ytouni
onsofwor
ker
sorofempl
oyer
s.

723.(
1)Exceptasot
her
wiseexpr
essl
ypr
ovi
dedi
nthi
sAct— Actt
oov erri
de
memor andum and
ar
ti
cles.
(
a)t he provisi
ons oft his Actshallhav e eff
ect
notwit
hstanding any thi
ng t o t he cont r
ary
contai
nedi nt hememor andum orar t
icl
esofa
company ,orinanyagr eementexecuted,byit,or
i
n any r esoluti
on passed by the company i n
generalmeet i
ng orby i t
s board ofdi r
ectors
whethert he same be r egist
ered,executed or
passed,ast hecasemaybe,bef or
eoraf terthe
commencementoft hisAct;and

(
b)anypr ov i
sioncontai
nedi nthememor andum or
arti
cles,agreementorr esoluti
onasinparagraph
(a)shall,tot heext
enttowhi chiti
srepugnantto
thepr ovisi
onsoft hi
sAct ,becomeorbev oid,as
thecasemaybe.

(
2)Anypr ovisionofthi
sActoverr
idingorint
erpr
etingacompany '
sarti
cles
shal
l,exceptaspr ovi
dedbythisAct,appl
yinrel
at i
ont
oar t
icl
esinforce
atthecommencementoft hisAct ,aswellast oart
icl
escomi nginto
for
ce t hereaft
er,and shal
lappl y al
so inrelati
on to a company '
s
memor andum asi tappl
iesi
nrelati
ontoit
sarti
cles.

724.I
nitsappl
icat
iont
oexi
sti
ngcompani
es,t
hisActshal
lappl
yint
hesame Appli
cati
onofActto
companiesregi
ster
ed
manner— underfor
mer
enact
ment s.
(
a)inthecaseofalimit
edcompany ,otherthana
companyl
imi
tedbyguarantee,asi
fthecompany
hadbeenf
ormedandregist
eredunderthi
sActas
 acompanyl
imi
tedbyshar
es;

(
b)i nthecaseofacompanylimit
edbyguar
antee,
as ift he company has been f
ormed and
regi
ster
edundert
hisActasacompanyl
imi
tedby
guarant
ee;and

(
c)inthecaseofacompany ,othert
hanal imit
ed
company
,asi fthecompanyhadbeenf ormed
and r
egi
ster
ed undert
his Actas an unl
imit
ed
company
:

Provi
dedthatreference,expressori mpli
ed,tothedateofr egi
strat
ion
shal
lbeconstruedasar ef
erencetot hedateatwhichthecompanywas
regi
ster
ed under t he Compani es Act,1912 as t he fi
rst Niger
ian
enactmentinr espectofcompani es,oras the case may be,any
enactmentr
elati
ngt ocompani esthereaf
teri
nforceinNiger
iabeforethe
commencementoft hi
sAct.

725.Thi
sActappli
estoev erycompanyregist
eredbutnotformedunderthe Appli
cat
ionofActto
companiesr
egist
ered
Compani
esAct,1912referr
edtoinsecti
on724oft hi
sActor,asthecase butnotf
ormed.
maybe,anyenact
mentr el
ati
ngtocompaniesinfor
ceinNiger
iabefor
ethe
commencementofthi
sAct : Cap.C20,
LFN,
2004.

Provi
dedthatr
eference,expr
essori
mpli
ed,tothedat
eofregist
rat
ionshal
l
be constr
ued as a refer
ence t
othe dat
e atwhich the company was
regi
ster
edundertheenact menti
nfor
ceinNigeri
aatthedatewheni twas
regi
ster
ed.

726.This Actappl
ies t
o ev eryunl
imit
ed companyr egist
ered as a l
imi
ted Appli
cationofActto
unli
mitedcompanies
companyundersecti
on52oft heCompani esandAlli
edMat t
ersAct,1990 regi
steredunder
orofanyenactmentr eplacedbythatsection,ast
hecasemaybe,i nthe formerenactments.
samemannerasi tappl i
est oanunli
mitedcompanyr egi
ster
edundert hi
s
Cap.C20,
LFN,
2004.
Actasal i
mit
edcompany :

Provi
dedthatrefer
ence,expr
essorimpli
ed,tothedat
eofregist
rat
ionshal
l
be constr
ued as a refer
ence tothe dat
e atwhich the company was
regi
ster
edasal i
mitedcompanyundersection52oft he1990Actorany
enactmentrepl
acedbythatsect
ion,
asthecasemaybe.

727.(
1)Thepr ovisionsoft hi
sActspeci fi
edint heSecondCol umn oft he Restr
ict
edinthis
Schedul
eapplicat
ion
Thirt
eenthSchedul et othi
sAct( whichrespect
ivelyrelatedtoallbodi
es ofActtounregist
ered
corporate,incorporatedinandhav i
ngapr i
nci
palpl aceofbusi nessin companies.
Nigeri
a,ot herthant hosement ionedinsubsection( 2)asi ft
heywer e
Thi
rt
eent
hSchedul
e.
compani esr egist
eredundert hisAct,butsubj ecttoanyl i
mi t
ati
ons
ment i
oned i nrelation t
ot hose provi
sionsrespect i
v el
yi nthe Thir
d
 Col
umnoft hatScheduleandt
osuchadapt
ati
onandmodif
icat
ions(i
f
any
)asmaybespeci f
iedbyor
dermadebytheMi
nist
erandpubli
shed
i
ntheFeder
alGov er
nmentGazett
e.

(
2)Thepr
ovi
sionsofsubsect
ion(
1)shal
lnotappl
ybyv
irt
ueoft
hissect
ion
t
oanybody—

(
a)incor
porat
ed underanyenact
mentot
hert
han
t
hisAct;

(
b)notf or
med fort hepurposeofcar ryi
ng on a
busi
ness which has f or its objects the
acqui
sit
ion of gain by the body or by the
i
ndivi
dualmember sther
eof;and

(
c)f
ort
het i
mebei
ngexempt
edbyt
hedi
rect
ionof
t
heMini
ster
.

(
3)Thissect
iondoesnotrepealorr evokeinwhol eorinpar tanyenactment
orotherinstr
umentconst i
tut
ingorr egulat
inganybodyi nrel
ati
ont o
whichthesaidpr ov
isi
onsar eappl i
edbyv irt
ueoft hissection,butin
rel
ati
on t
o anysuch body ,theoper ati
on ofanysuch enact mentor
i
nstrumentshallbesuspendedi nsof arasitisinconsistentwit
hanyof
thesai
dpr ov
isi
onsast heyapplyforthetimebei ngtothatbody .

ADMI
NISTRATI
ON

728.(
1)Theaddressoft heregisteredorheadoffi
ceofacompanygi ventothe Regist
eredandhead
Commi ssioninaccor dancewi thsecti
on36(2)(b)ofthi
sActorany off
iceofcompany.
changeint headdressmadei naccor
dancewit
htheprovi
sionsofthis
secti
on,shallbetheof fi
cet owhichal
lcommunicat
ionsandnot i
cesto
thecompanymaybeaddr essed.

(
2)Noticeofanychangeintheaddressofther egi
ster
edorheadof f
iceof
the companyshallbe given wit
hin 14 days ofthe change t
ot he
Commi ssi
onwhichshallr
ecordthesame:

Pr
ovidedthatapost
alboxaddr
essorapr
ivat
emai l
bagaddr
essshall
notbeacceptedbyt
heCommissi
onast
heregi
ster
edorheadoff
ice.

(
3)Ifacompanycar r
iesonbusinesswithoutcomply
ingwithsubsecti
on
(2)
,thecompanyandeachof fi
cerofthecompanyshallbel i
abletoa
penalt
y pr
escr
ibed i
nthe regulat
ions ever
y day dur
ing which t
he
companysocarri
esonbusi
ness.

(
4)Thef
actt
hatachangei
ntheaddr
essofacompanyi
sincl
udedi
nit
s
 annualr
etur
nshal
lnotbet
akent
osat
isf
ytheobl
igat
ioni
mposedby
thi
ssect
ion.

(
5)Whereacompanyi ncor por
atedbeforethecommencementoft hi
sAct
hasprovidedanaddressnotinaccordancewit
ht hi
ssecti
onorsecti
on
36oft hi
sAct ,ast
hecasemaybe,i tshal
lwit
hin14day saft
ersuch
commencementcompl ywiththerequir
ementsofthissecti
onandthe
fai
lur
eshal lbeanof fenceliabl
et o apenal
tyaspr escri
bedinthe
regul
ati
ons.

729.(
1)Ev
erycompany
,af
teri
ncor
por
ati
on,
shal
l— Publ
icat
ionofname
bycompany.

(
a)pai ntoraf f
ix,andkeeppai nt
edoraf fi
xed,it
s
nameandr egist
rati
onnumberont heout si
deof
ever
yof fi
ce orpl ace i
n which i
ts busi
ness i
s
carr
iedon,i naconspi cuousposit
ion,inlet
ter
s
easi
lylegi
ble;

(
b)haveitsnameengrav
edinlegi
blecharact
erson
i
tsseal
,wher
ethecompanyhasaseal;and

(
c) hav e i ts name and r egistr
ation number
ment ionedi nl egibl
echar actersinal lbusiness
l
et t
ers of t he company and i n all not i
ces,
adv er
tisement s,andot heroffi
cialpublicat
ionsof
the company ,and i n al lbills of exchange,
promi ssorynot es,endor sement s,cheques,and
ordersf ormoney orgoods pur port
ing to be
signedbyoronbehal fofthecompany ,andi nall
bill
sorpar cels,invoi
ces,receipts,andl et
tersof
creditoft hecompany .

(
2)Ifacompanymakesdef aulti
ncomply i
ngwithsubsect
ion(
1),i
tisl
iabl
e
toapenalt
ypr escr
ibedintheRegulat
ionsforevery
dayduri
ngwhichthe
defaul
tcont
inuesandev er
ydirect
orandmanageroft hecompanyare
l
iablet
otheli
kepenalty.

(
3)I
fanof
fi
cerofacompanyoranyper
sononi
tsbehal
f—

(
a)usesoraut
hori
sestheuseofanysealpurpor
ti
ng
tobeasealofthecompanywhereonitsnameis
notsoengr
aved,

(
b)issuesoraut hori
sest
heissueofanybusiness
l
etteroft hecompanyoranynot ice,orother
offi
cialpubl
icati
onofthecompany,orsi
gnsor
 authori
ses t
o be si
gned on behalf of the
companyanybil
lofexchange,pr
omissor
ynot e,
endorsement
,cheque ororderformoney or
goodswherei
nit
snamei snotmenti
onedinthat
manner ,
or

(
c)orissuesoraut hori
sestobeissuedanybil
lor
parcel
,invoi
ce,recei
pt,orl
ett
erofcredi
tofthe
company ,wherei
ni t
snamei snotmenti
onedin
themanner ,

heisli
ablet
oapenal typrescr
ibedi
ntheRegul
ati
onsandshallfur
therbe
per
sonall
yliabl
et otheholderofanysuchbil
lofexchange,promissory
not
e,cheque,ororderformoneyorgoods,
fort
heamountt her
eof,unless
i
tisdulypai
dbyt hecompany .

730.(
1)Anyf
eepai
dtot
heCommi ssi
onbefor
ethecommencementoft
hisAct
, Fees.
i
sdeemedt
ohavebeenv
alidl
ypai
dunderthi
sAct
.

(
2)Allf
eespaidtotheCommissi
on,andnotother
wisedirect
edbythisAct
for payment i
nto a par
ti
cul
ar account,shall be paid i
nto the
Consoli
dat
edRevenueFundoftheFeder
ati
on.

731.(
1)Anyr egister
,record,index,minutebookorbookofaccountr equi
redby For
m ofr
egi
ster
.
thi
sActt obemadeandkeptbyacompanymaybemadebymaki ng
entri
esi nboundbooksori nlooseleaves,whetherpastedornot,orina
photogr aphicf i
lm f orm,or may be ent ered or recorded by any
i
nf or
mat i
onstor agedev icethatiscapableofreproducingtherequir
ed
i
nf or
mat i
onini ntel
li
giblewr i
ttenfor
m wi t
hinar easonabletime,orby
recordingt hemat t
ersi nquest i
oninanyot hermanneri naccordance
withaccept edcommer ci
alusage.

(
2)Wher eanysuchr egister,record,index,mi nutebookorbookofaccount
i
snotkeptbymaki ngent r
iesinaboundbook,butbysomeot hermeans
i
ncluding el
ectronic means,adequat e precaut ions shal
lbe t aken for
guardi
ngagainstf alsif
icat i
onandf orfacil
itat
ingi t
sdiscoveryandwher e
defaul
tismadei ncompl y i
ngwi tht heprov i
sionsoft hissubsection,t
he
company and each of ficeroft he company i sliableto a penal ty
prescr
ibedinther egulationsandwher et heoff enceisacontinuingone, i
t
shall
,inaddi
tionbel iablet oaf inetobepr escr i
bedintheregulati
onsf or
everydayduringwhi cht hedef aultcontinues.

(
3)Thepowerconferr
edonacompanybysubsect ion(1)tokeepar egi
ster
,
orot
herrecordbyr ecordi
ngthematter
sinquesti
onot herwisethanby
maki
ngentriesinboundbooks,incl
udespowert okeept her egi
steror
ot
herrecor
dbyr ecordingthosemat
tersot
herwisethaninl egibl
eform,
 sol
ongast
her
ecor
dingi
scapabl
eofbei
ngr
epr
oducedi
nal
egi
blef
orm.

(
4)Ifanysuchr egi
sterorot herrecor
dofacompanyasi sment i
onedi n
subsection(2)oraregisterofhol
dersofacompany '
sdebent ures,iskept
bythecompanybyr ecordingthemat t
er sinquestionotherwiset hanina
l
egiblef orm,thedut yimposedont hecompanybyt hisActt oal l
ow
i
nspect i
onofort of urni
shacopyoft her egist
erorotherr ecordorany
partofit,shal
lbetreatedasadut ytoal l
owi nspecti
onof,ort of urni
sha
reproducti
onofther ecor
dingorofther elevantpartofi
tinal egiblefor
m.

732.(
1)TheChi efJudgeoft heFederalHighCourtorofanyCour tdesignated RulesofCourtf
or
winding-
upof
byanActoft heNat ionalAssemblyasbeingvestedwit
ht hejur
isdicti
on companies.
to hearcasesar i
singoutoft hi
sActmaymaker ulesofcour tfor
carry
ingintoeffectt heobject
soft hi
sActsof arastheyr el
atet othe
windingupofcompani esorgenerall
yinrespectofotherapplicati
ons
toacour tunderthisAct.

(
2)Forthepurposeofthissect
ion,r
ulesmadef ort
hepur poseofany
enact
mentpassedormadeonorbef ore,ortohaveeffectonorafter
,
thecommencementoft hi
sActshall,onitscommencement ,ensure
andhaveeffectwher
et heyarenotinconsi
stentwithrulesofcourt
madeordeemedtohavebeenmade, undert
hissect
ion.

733.(
1)Ev erybankingcompany ,insur
ancecompanyoradeposi t
,pr
ovidentor Certaincompaniesto
publishstat
ementin
benef i
tsocietyshall
,beforeitcommencesbusi ness,andal
soont he prescribedf
orm.
fi
rstMondayi nFebruaryandt hefi
rstTuesdayi
nAugusti neveryyear
during which itcarri
es on business,submittot he Commission a FourteenthSchedul
e.
statementint hefor
mi ntheFour t
eenthSchedul
et othi
sActorasnear
theretoascircumstancesmayadmi t
.

(
2)Acopyoft hestat
ementshal
lbeputupinaconspicuouspl
acei
nthe
r
egist
eredoffi
ceofthecompany,andinever
ybranchoffi
ceorpl
ace
wherethebusi
nessoft
hecompanyiscar
ri
edon.

(
3)Everymemberorcr
edi
toroft
hecompanyisenti
tl
edtoacopyoft
he
st
atement
,onpay
mentofasum pr
escr
ibedi
nther
egul
ati
on.

(
4)Ifdef ault,i
smadeincompl yi
ngwi
tht hissecti
on,thecompanyand
everydi rect
orand managerofthe companyi sliabl
eto a penalt
y
prescribed i
nthe r
egulat
ion f
oreveryday dur
ing whi
ch t
he defaul
t
continues.

(
5)Fort
hepurposesofthi
sAct,acompanythatcarr
iesonthebusi
nessof
i
nsur
anceincommonwi thanyotherbusi
nessorbusi
nessesi
sdeemed
t
obeaninsurancecompany.
 LEGALPROCEEDI
NGS,
ETC

734. (
1)Al lof
fencesundert
hisActmaybetri
edbyacourtofcompet
ent Prosecuti
onof
jur
isdi
cti
oni nt
heplacewheretheof
fencei
sal
legedtohavebeen offences.
commi t
ted.

(
2)Wherepr ovi
sioni
smadei nt hisActforacr i
minalsanct
iontobe
i
mposedi ncaseofanact,omi ssi
onordefaultwit
houtref
erencet
o
thedefaul
tbeinganof
fence,orwithoutr
eferencetoconvi
cti
onina
cour
t,asthecasemaybe,t
he–

(
a)ref
erencet
otheact,omissi
onordef
aul
tshal
lbe
constr
uedasr
efer
abletoanoff
ence;
and

(
b)expr
ession "of
fences"as used i
nthi
s sect
ion
shal
lhav e eff
ectinr el
ati
on t
o anysuch act
,
omissi
onordef aul
t.

735.(
1)I f
,on applicat
ion made t o a Judge oft he FederalHigh Courtin Producti
onof
document swhere
Chambersbyt heAt t
orney-
Generaloft heFederation,t
hereisshownt o offencessuspect
ed.
bereasonabl
ecauset obel
iev et
hataper sonhas,whi leanof f
icerofa
company,commi tt
edanof fenceinconnectionwi t
ht hemanagementof
thecompany 'saffai
rsandt hatevidenceoft hecommi ssionoft he
off
enceistobef oundi nanydocumenti nthepossessionorundert he
contr
olofthecompany ,anordermaybemade—

(
a)author
isi
nganyper sonnamedi ntheorderto
i
nspectthedocument soranyofthem forthe
pur
poseofi nv
estigati
ngandobtai
ningev
idence
oft
heof f
ence;or

(
b)requir
ingthesecret
aryoranyotheroffi
ceroft
he
company as may be named i nthe orderto
producethesaiddocuments,t
oaper sonandata
placenamedint heorder
.

(
2)Thepr ovisi
onsofsubsect ion(1)shallapplyal soi nrel
ati
ontoany
documentofaper soncarry
ingont hebusinessofbanki ngift
heyrel
ate
tot he company 's af
fai
rs,as itappl i
es t o any documenti nt he
possessionorundert hecont r
olofthecompany ,exceptt
hatnosuch
orderasi srefer
redtoinsubsection(1)(b)shal lbemadebyv i
rt
ueof
thi
ssubsect i
on.

(
3) In thi
s sect
ion,“document
”includes an inst
rument on whi
ch
i
nfor
mationi
srecor
dedbymeansoflett
ers,
figur
esormarks.
736.Wher eal imited companyi st he plai
ntif
fi n an acti
on orot herlegal Costsinact
ionsby
cer
tainli
mit
ed
proceedi
ngs,aj udgehav i
ngjuri
sdicti
oni nthemat t
ermay ,i
fitappearsby compani es.
credi
bletesti
monyt hatthereisreasont obeli
evet hatthecompanymaybe
unabletopayt hecostsoft hedef endanti fsuccessfulinhisdef ence,
requi
resuf f
ici
entsecuritytobegi venf orthosecost sandmayst ayall
proceedi
ngsunt ilt
hesecurit
yisgiven.

737.Whereproceedi
ngsareinst
it
utedundert hi
sActagainstanypersonbyt he Savi
ngf
orpr
ivi
leged
communi
cat
ions.
Attor
ney-
GeneraloftheFederation,nothi
nginthisActshal lbetakent o
requi
reanypersonwhohasact edasl egalpr
act
it
ionerforthedefendantto
discl
oseanypriv
il
egedcommuni cati
onmadet ohiminthatcapacity
.

738.(
1)I finanyproceedingf ornegli
gence,defaultorbreachofdut yort rust PowerofCourtt
o
gr
antrel
i
efincert
ain
againstanoff
icerofacompanyoraper sonempl oyedbyacompanyas cases.
auditor
,itappearstot heCourthear i
ngt hecaset hattheof f
iceror
personisormaybel iablebutthathehasact edhonest l
yandreasonabl y
andt hat
,havi
ngr egardt oallt
hecircumstancesoft hecase,including
thoseconnectedwithhisappointmentheoughtf ai
rlytobeexcused, the
Courtmay r eli
evehi m,ei t
herwhollyorpar tl
y,from li
abil
it
yonsuch
termsasitmaydeem f it.

(
2)Whenanysuchof ficerorpersonhasr easonableapprehensionthata
cl
aim maybemadeagai nsthiminr espectofanynegl i
gence,defaul
t,
breachofdutyort rust,hemayappl ytot heCourtforreli
ef,andthe
Courtont heappli
cationshallhavethesamepowert oreli
evehim as
underthi
ssectionitwouldhav ehadifithadbeenacour tbeforewhich
proceedi
ngsagainstthatpersonfornegligence,def
ault
,breachofduty
orbreachoftr
usthadbeenbr ought.

739.Wher eaper sont r

adesorcar r
iesonbusi nessunderanynameort it
leof Penal
tyfori
mproper
useofcert
ainwords.
whicht helastwor dorwor dsar e" Unli
mited","
Limited","Publ
icLimited
Company "or" Limit
edbyGuar antee"ortheirabbrevi
ations,heis,unless
dulyincorporatedasanunl i
mitedcompany ,aprivat
ecompanyl i
mitedby
shares,apubl i
ccompanyl i
mi t
ed byshar es,oracompanyl imited by
guarantee,respect
ivel
y,li
abl
etoapenal t
ypr escr
ibedint heRegulat
ionfor
everydaydur i
ngwhi chthenameort i
tl
eisused.

740.Thepr ovi
sionsofsecti
on672( 3)ofthi
sActwhi chimposesapenal t
yf or Extendedeffectof
penaltyforoff
enceof
cert
ain off
ences connect
ed withf r
audul
enttrading di
scovered on the fraudulentt
radi
ng.
windingupofacompanyshal lextendandappl
yt ocaseswher efr
audulent
tr
adingisdi scov
eredinci
rcumstancesothert
hanont hewindingupofa
company .
Appl
i
cat
ionoff
ines.
741.Acourti
mposingaf i
neunderthi
sActmaydir
ectthatthewhol
eoranypart
ther
eofbeappli
edinortowardspaymentofthecostsofthepr
oceedi
ngs,
orinortowar
dsr ewardi
ngthepersononwhosei nf
ormati
onoratwhose
 suitt
hefineisrecoveredandsubjectt
othedi
rect
ion,al
lfi
nesundert
his
Actshall
,notwi
thstandinganyt
hinginanyot
herenactment,bepai
dinto
theConsoli
dat
edRev enueFund.

742.(
1)TheCommi ssi
onmayappl ytotheCour
tfordir
ectionsi
nr espectofany Appli
cati
onbyt he
Commi ssiontothe
matterconcerni
ngitsduti
es,powersandfuncti
onsundert hisActand, Courtfordir
ecti
ons.
on anysuch appl i
cati
on,the Cour
tmaygi ve dir
ect
ions and make
fur
therorderasitdeemsfiti
nthecir
cumstances.

(
2)Notwithst
andi
ngtheprovi
sionofsubsect
ion(1)
,theCommissionmay
conductenqui
ri
eswit
hrespecttot
hecompl i
ancewit
hthepr
ov i
sionsof
thi
sActbyanypersonorcompany.

MI
SCELLANEOUS

743.(
1)TheCommi ssionmay ,wit
htheapprovaloftheMi
nist
er,byr
egulat
ion Alter
ati
onand
ororder
,publ
ishedint heFeder
alGovernmentGazett
e,addto,del
ete appli
cati
onof
Schedules,
tabl
esand
fr
om orother
wi sealt
erthewholeoranypartofanyoftheSchedul
es, forms.
Tabl
esorFormspr escri
bedorundert
hisAct.

(
2)Unti
lregul
ati
ons,rulesororder
sar emadeunder,
andf
orthepur
poseof
thi
s Act prescr
ibing forms for use,the for
ms inf or
ce at t
he
commencementoft hisActshallbedeemedtohavebeenmadeunder
i
tandshallhaveeffectaccordi
ngly.

744.(
1)Ifacompany ,havi
ngmadedef aul
tincompl y
ingwi thanyprovi
sionof Enforcementofdut
y
ofcompanyt omake
thi
sActr equir
ingittof
il
ewi t
h,deli
verorsendt ot heCommi ssionany ret
urnst o
ret
urn,accountorotherdocument,ortogiv
enot icetoitofanymatter
, Commi ssi
on.
fai
lstomakegoodt hedefaultwit
hin14day saf tert
heser v
iceofa
noti
ceont hecompanyr equir
ingittodoso,t heCour tmay,ont he
appli
cati
on ofanymemberorcr edi
toroft he companyoroft he
Commi ssion,orderthecompanyandanyof ficert omakegoodt he
defaul
twithintheti
measmaybespeci f
iedi
nt heor der.

(
2)Anyorderunderthissecti
onmayprovi
dethatal
lcost
soforinci
dental
tot
heapplicat
ionshallbebor
nebythecompanyorbyanyof
fi
cerofthe
companyresponsibl
ef ort
hedef
aul
t.

(
3)Nothi
nginthi
ssecti
onshal
lbetakent
oprej
udi
cetheoper
ati
onofany
enact
mentimposi
ngpenalt
iesonacompanyorit
soffi
cer
sinrespect
ofanysuchdef
aul
t.

745.(
1)Thepower sofacompanyi ncl
udeiftheywouldnototherwisedoso Powerofcompanyt o
provi
defor
apartfrom thi
ssection powerto makef orthebenefi
tofper sons employeeson
employed or for
mer l
y employed by the company or any of i
ts cessati
onortransf
er
subsi
diari
esprovi
sioninconnecti
onwiththecessat
ionorthetransf
er ofbusiness.
 toanypersonoft
hewhol
eorpar
toft
heunder
taki
ngoft
hecompanyor
subsi
diar
y.

(
2)Thepowerconf er
redundersubsecti
on(1)isexer
cisabl
eev
eni
fit
s
exer
cisei
snoti
nthebesti
nter
estofthecompany
.

(
3)Thepowerwhi chacompanymayexer ci
seundersubsect
ion(
1)i
s
exer
cisedbyt
hecompanyi
fsanct
ioned-

(
a)i
nacasenotf
all
ingwi
thi
npar
agr
aph(
b)or(
c),
by
ar
esol
uti
onoft
hecompany;

(
b)i
fsoauthor
isedbythememorandum orar
ti
cles,
ar
esol
uti
onofthedi
rect
ors;
or

(
c) ift he memor andum or arti
cles r
equir
et he
exercise oft he powerto be sancti
oned by a
resoluti
onot herthanasi mpleresol
utionofthe
company , with the sanct
ion of t hat ot
her
resoluti
on.

(
4)Anypay
mentwhi chmaybemadebyacompanyundert hissect
ionmay ,
i
fmadebeforethecommencementofanywindi
ngupoft hecompany ,
bemadeoutofprofi
tsoft
hecompanywhi
chareavai
lablefordi
vidend.

PARTC:THELI
MITEDLI
ABI
LITYPARTNERSHI
P

CHAPTER1— NATUREOFLI
MITEDLI
ABI
LITYPARTNERSHI
P

746.(
1)A l imited l
iabi
li
ty par
tner
shi
pis a body corpor
ateformed and Li
mitedliabi
li
ty
i
ncorporatedunderthisActandisalegalentit
yseparat
ef r
om the part
nershiptobe
par
tners. bodycorporate.

(
2)Al
imi
tedl
iabi
li
typar
tner
shi
pshal
lhav
eper
pet
ualsuccessi
on.

(
3)Anychangei nthepart
nersofali
mi tedliabi
li
typar
tner
shi
pdoesnot
aff
ect t
he exist
ence,ri
ghts or l
iabil
it
ies of the li
mit
ed l
iabi
li
ty
part
ner
ship.

747.Anyindiv
idualorbodycorporatemaybeapar tnerinali
mit
edliabi
li
ty Part
ner
s.
part
nershi
p provi
ded thatan i ndi
vidualshallnotbe capable of
becomingapartnerofali
mitedl
iabil
it
ypartner
ship,
ifhei
s—

(
a)ofunsoundmindandhasbeensof
oundbya
cour
tinNi
ger
iaorel
sewher
e;
 (
b)anundi
schar
gedbankr
upt
.

748.(
1)Ev
eryl
imi
tedl
iabi
li
typar
tner
shi
pshal
lhav
eatl
eastt
wopar
tner
s. Mini
mum numberof
part
ner
s.

(
2)Ifatanytimet henumberofpar tnersofal i
mitedl i
abil
itypartnershi
pi s
reduced below two and t he limited li
abili
ty partnership carr
ies on
businessformor et hansixmont hswhi l
ethenumberi ssor educed,t he
person,whoi stheonl ypart
neroft helimitedliabil
it
ypar tner
shipdur i
ng
thetimethatitcarr i
esonbusi nessafterthosesi xmont hsandhast he
knowledgeoft hef actthati
tiscar ryi
ngonbusi nesswi t
hhim al one,is
l
iablepersonall
yf ort heobli
gationsoft hel imitedl i
abil
itypartnership
i
ncur r
edduringthatper i
od.

749.(
1)Everylimi
tedl
iabi
li
typart
ner
shi
pshallhav
eatleasttwodesi
gnated Desi
gnat
edpar
tner
.
part
nerswhoareindi
vidual
sandatl
eastoneoft
hem shal
lberesi
dent
inNiger
ia:

Prov i
dedt hatincaseofal imitedliabil
it
ypartner
shipinwhichallthe
partnersar ebodiescorporateori nwhi choneormor epart
ner
sar e
i
ndiv i
duals and bodies corporate,atl easttwo indivi
dual
s who are
partnersoft helimit
edliabil
it
ypar tnershipornomi neesofthebodies
corporateshallactasdesignatedpar tner
s.

(
2)Subj
ectt
othepr
ovi
sionsofsubsect
ion(
1)—

(
a)i
fthei
ncor
por
ati
ondocument—

(
i)speci
fi
eswhoar etobedesi
gnat
ed par
tner
s,
t
he persons is desi
gnat
ed par
tner
s on
i
ncor
porati
on,
or

(
ii
)stat
esthateachofthepartner
sofali
mit
ed
li
abi
li
ty part
ner
shi
pi st o be desi
gnat
ed
part
ner,ever
ysuchpartnerisadesi
gnat
ed
part
ner;or

(
b)anypar tnermaybecomeadesi gnat
edpartnerin
accordancewitht heli
mited li
abi
li
typart
nership
agreementand a par t
nermay cease t o be a
designat
edpartnerinaccordancewitht
helimited
l
iabil
it
ypartner
shipagr
eement .

(
3)Ani ndi
vidualdoesnotbecomeadesi gnat
edpart
nerinanyl i
mited
l
iabi
li
typartner
shi
punl
esshehasgi venhi
spri
orwr
it
tenconsenttoact
assuchtot hel
imi
tedl
iabi
li
typar
tner
shi
p.
 (
4)Everylimit
edli
abil
it
ypar t
nershi
pshallfi
lewitht
heCommi ssi
onthe
part
icul
arsofeveryindiv
idualwho hasgivenhisconsentt
o actas
desi
gnatedpar
tnerwit
hin30day sofhi
sappoint
ment
.

(
5)Aper
sonceasest
obeadesi
gnat
edpar
tneri
fheceasest
obeapar
tner
.

750.Unl
essexpr
essl
ypr
ovi
dedot
her
wisei
nthi
sAct
,adesi
gnat
edpar
tneri
s— Li
abil
i
tiesof
desi
gnatedpar
tner
s.

(a)responsi
blefort
hedoingofal lacts,mattersandt hi
ngsasar e
requir
edtobedonebyt hel i
mit
edl i
abili
typartnershi
pinr espectof
compl i
anceoft heprovi
sionsoft hisActi ncluding f
il
ing ofany
document ,r
etur
n,st
atementandot herreportunderthisActandas
maybespeci fi
edinthel
imitedl
iabi
li
typartnershipagreement ;and

(
b)l
iabl
etoallpenalt
iesi
mposedont hel
imi
tedl
iabi
li
typar
tner
shi
p
f
oranycont
raventi
onofthosepr
ovi
sions.

751.Al i
mitedliabil
it
ypar t
nershipshal
lappoi
ntadesi
gnatedpartnerwit
hin30 Changesin
desi
gnatedpar
tner
s.
daysofav acancyarisi
ngf oranyr
easonandtheprovi
sionsofsect
ion749
(4)shallapplyinrespectofsuchnewdesignat
edpart
ner:

Provi
dedthati
fnodesi
gnatedpartneri
sappoint
ed,ori
fatanyt
imethere
i
sonlyonedesignat
edpar
tner,eachpart
neri
sdeemedt obeadesi
gnated
part
ner.

752.I
fdefaul
tismadei ncompl
yingwiththeprovisi
onsofsecti
ons749-751 Penalt
yfor
cont
ravent
ionof
theli
mit
ed l
iabi
li
typart
ner
ship and each ofitspart
ner
si sliabletoa sect
ions749-751.
penal
tyi
ntheamountastheCommi ssionshal
lspeci
fyini
tsregulat
ion.

CHAPTER2— I
NCORPORATI
ONOFLIMITEDLI
ABI
LITYPARTNERSHI
P
ANDINCI
DENTALMATTERS

753.(
1)Foral
imi
tedl
iabi
li
typar
tner
shi
ptobei
ncor
por
ated— I
ncorpor
ation
documents.
(
a)twoormorepersonsassoci
atedf
orcar
ryingona
l
awfulbusiness wit
hav iew to pr
ofit shal
l
subscr
ibe thei
r names to an incorporat
ion
document;
and

(
b)theincor
por
ati
ondocument sshal
lbefi
ledinthe
mannerandwiththefees,asmaybepr escr
ibed
bytheCommissionf
rom ti
met oti
me.

(
2)Thei
ncorpor
ati
ondocument
sshal
lbei
nthef
orm aspr
escr
ibedbyt
he
Commissi
onandshal
l—
 (
a)st
atet
henameoft
hel
imi
tedl
iabi
li
typar
tner
shi
p;

(
b)st at
et he pr
oposed busi
ness oft
he l
imi
ted
l
iabil
it
ypar
tner
ship;

(
c)stat
etheaddressoftheregi
ster
edof
fi
ceoft
he
l
imit
edli
abi
li
typart
ner
ship;

(
d)statethe name and address ofeach ofthe
per
sons who par t
ners ofthe li
mit
ed liabi
li
ty
par
tner
shi
poni ncorpor
ati
on;

(
e)stat
ethenameandaddr essoft hepersonswho
areto be desi
gnat
ed partners ofthe li
mit
ed
l
iabi
li
typar
tner
shi
ponincorporati
on;

(
f) contai
n ot her i
nformati
on concerni
ng t
he
proposed li
mited l
iabi
li
ty par
tner
shi
p as t
he
Commi ssi
onmaypr escr
ibe.

(
3)I
faper sonknowingl
ymakesastatementundersubsect
ion(2)whichis
f
alse,
hecommi tsanoff
enceandisli
ableonconvi
cti
ontoimprisonment
f
oraterm ofthr
eemonthsorafi
neast heCour
tdeemsf i
torboth.

754.(
1)Whent her
equir
ementsi
mposedundersect
ion753(1)and(
2)hav
e I
ncorpor
ationby
r
egist
rat
ion.
beencompl
iedwi
th,
theCommissi
onshal
l,
wit
hin14days—

(
a)r
egi
stert
hei
ncor
por
ati
ondocument
;and

(
b) give a cert
ifi
cate t
hat the l
imi
ted l
iabi
lit
y
par
tner
shi
pi si
ncorpor
atedbythenamespecif
ied
i
nthecert
if
icat
e.

(
2)TheCommi ssi
onmayacceptt hestat
ementdeli
ver
edundersect
ion
753(2)(c)assuffi
cientev
idencethatt
herequi
rementi
mposedunder
sect
ion753(1)(a)hasbeencompliedwit
h.

(
3)Thecert
if
icat
eissuedundersubsecti
on(1)( b)shal
lbesi
gnedbyt
he
Commissi
onandaut hent
icat
edbyit
soffi
cialseal
.

(
4)Thecer
ti
fi
cat
eshal
lst
ate—

(
a)t
henameoft hel
imit
edliabi
li
typar
tner
shi
pgi
ven
int
heincor
porat
iondocument;
 (
b) t
he l
imit
ed l
iabi
li
ty par
tner
shi
p'sr
egi
str
ati
on
number;

(
c)t
hedat
eofr
egi
str
ati
on;
and

(
d) that the limi
ted li
abil
it
y par t
nershi
p is
i
ncorporat
ed as a l
imi
ted l
iabi
li
ty par
tner
shi
p
underthi
sAct
.

(
5)Thecer t
if
icat
eshallbepri
mafaci
eevi
dencethatt
heli
mit
edl
iabi
li
ty
par
tner
shipisi
ncor
poratedbyt
henamespeci
fi
edini
t.

755.(
1)Ever
yli
mi t
edliabil
it
ypar
tner
shipshal
lhav
ear
egister
edof
fi
cetowhich Regist
eredoff
iceof
l
imitedli
abi
li
ty
al
lcommuni cationsandnoticesmaybeaddressedandwherethey part
nershi
pand
shal
lberecei
ved. changether
ein.

(
2)Adocumentmaybeser vedonal imit
edli
abi
li
typartner
ship,par
tneror
designatedpar t
neroft hepar t
nershi
pbysendingi tbypostundera
certi
fi
cat eofposti
ng, r
egi ster
edpostorbyanyot hermannerasmaybe
prescribed,atther egisteredof fi
ceoranyotheraddr essspecifi
call
y
declaredbyt hel
imitedl i
abilit
ypartner
shi
pforthepurposeinsuchf or
m
andmannerasmaybepr escribed.

(
3)Ali
mitedli
abil
it
ypar
tner
shi
pmaybyr
esol
uti
onchanget
hepl
aceofi
ts
r
egi
steredoff
ice.

(
4)Wher eali
mi t
edliabil
it
ypartner
shipchangest
heplaceofi
tsregi
ster
ed
address,t
hechangeshal lnott
akeeffectunl
essnoti
ceofthechange
hasbeendel i
veredt otheCommi ssi
onnotlat
erthan14daysaft
erthe
passingoftheresoluti
on.

(
5)Wher ealimitedl
iabi
li
typar t
nershi
pmakesdef aul
tincompl y
ingwit
h
theprovi
sionsofthi
ssect i
on,theli
mit
edliabi
li
typart
ner shi
pandeach
part
nershalleachbel i
abletoapenaltyforeverydayt hatthedef
ault
conti
nuesandt hepenaltyshallbeintheamountast heCommi ssi
on
shal
lspecifyi
ntheregulat
ions.

756.Onr
egi
str
ati
on,
ali
mit
edl
iabi
li
typar
tner
shi
pmay— Ef
fectofr
egi
str
ati
on.

(
a)sueandbesuedi
nit
sname

(
b)acqui r
e,own,hold and dev
elop ordisposeof
proper
ty,whet
hermovableorimmov abl
e,tangi
ble
orint
angibl
e;

(
c)i
fitdeci
dest
ohav
eone,hav
eacommonseal
,
;
 and

(
d)do and suff
ersuch ot
heracts and t
hings as
bodi
escorporat
emaylawful
lydoandsuffer
.

757.(
1)Ev er
ylimit
edliabi
li
typar
tner
shi
pshal
lhaveeit
herthewords,"l
imi
ted Name.
l
iabi
li
typar
tner
ship"ort
heacrony
m,"
LLP"asthelastwor
dsofit
sname.

(
2)Ali
mit
edl i
abi
li
typar
tner
shi
pshal
lnotber
egi
ster
edbyanamewhi
ch,
in
t
heopi
nionoftheCommissi
onis—

(
a)undesi
rabl
e;or

(
b)i denti
calortoo nearl
yr esembl
es thatofany
otherpart
ner
ship,busi
nessname,limitedli
abil
it
y
partner
shi
p,bodycorporat
e,oraregister
edtrade
mar k.

758.Theprovisionsofsect
ions30and31ofthisActar
eappl
icabl
einrelat
ion Reserv
ati
onand
changeofname.
tothe reservat
ion ofname orchange ofname ofa limi
ted l
iabi
lit
y
par
tnership.

759.Wher eaper soncarri

esonbusi nessunderanameort i
tl
eofwhi cht he Penal
tyforimproper
useofwords,li
mited
words " Li
mited Li
abi
lit
y Partnershi
p"or" LLP"orany cont r
action or l
iabi
li
typart
nershi
por
i
mi tati
onisorar ethelastwor dorwor ds,t
hatpersonoreachoft hose LLP.
personsshall,unl
essdulyincorporatedasl i
mitedl
iabi
li
typart
nership,be
l
iablet oapenaltyintheamountast heCommi ssi
onshallspeci
fyi nthe
regulati
on.

760.(
1)Everyli
mitedli
abi
li
typar
tner
shipshallensur
ethati
tsi
nvoi
ces,of
fi
cial Publ
icati
onofname
cor
respondenceandpubl
icat
ionsbear— ofl
imitedli
abi
l
ity
par
tner
shi
p.
(
a)t hename,addr essofi
tsr
egi
steredof
fi
ceand
regi
str
ation number of t
he limit
ed li
abi
li
ty
part
nership;
and

(
b)a st at
ementt
hati
tisr
egi
ster
ed wi
thl
imi
ted
l
iabi
li
ty.

(
2)Wher eal imitedli
abil
it
ypar t
nershi
pmakesdef aul ti
ncomplyingwith
thepr ovi
sionsofthissecti
on,theli
mitedl
iabili
typar t
ner
shipandevery
partnershal leachbel iabl
et oapenal t
yf orev erydaythedefault
continues int he amountas t he Commi ssion shallspeci
fyint he
regulati
on.
 CHAPTER3— PARTNERSANDTHEI
RRELATI
ONS

761.Ont hei ncorpor

ati
onofal i
mit
edliabil
it
ypartnershi
p,thepersonswho El
igi
bil
i
t yt
obe
subscr
ibed theirnames t othe i
ncorporat
ion documents shallbe its part
ners.
part
nersandanyot herpersonmaybecomeapar tneroft
heli
mitedliabi
li
ty
part
nershipinaccordancewit
hthel
imitedli
abil
it
ypar t
ner
shi
pagr eement.

762.(
1)Exceptasot herwi
sepr ovi
dedbyt hisAct,themut ualr
ightsanddut ies Rel
ati
onshi
poft
he
par
tner
s.
ofthepar t
nersofalimi t
edl iabi
lit
ypar t
nershi
p,andt hemut ualrights
anddut i
esofal i
mit
edl iabil
itypartnershi
pandi t spart
ners,shallbe
gover
nedbyt helimi
t edl i
abili
typar t
nershipagreementbet weent he
par
tners,orbetweenthelimitedliabil
it
ypartner
shipandi t
spartners.

(
2)Theli
mit
edl
iabi
li
typar
tner
shi
pagr
eementandanychanges,madei
nit
shal
lbe–

(
a)f
il
ed wit
ht he Commi
ssi
on i
nthe f
orm and
manner
;and

(
b)accompani
edbyt
hef
eesasmaybepr
escr
ibed.

(
3)Anagr eementinwr i
ti
ngmadebef orethei ncor porati
onofal imi
ted
l
iabi
li
typart
nershi
pbetweent hepersonswhosubscr i
bet hei
rnamesto
t
hei ncor
porati
ondocument smayi mposeobl igationsont hel
imi
ted
l
iabi
li
typart
nershi
pifthatagreementisrat
if
iedbyal lthepartner
saft
er
t
heincorporat
ionoft
hel i
mitedli
abi
lit
ypart
ner ship.

(
4)Intheabsenceofagr eementast oanymatter,t
hemutualright
sand
duti
esoft hepartner
sandt hemutualri
ght
sanddut i
esoft heli
mited
l
iabi
li
ty part
nership and the part
ner
s shallbe det
ermined by the
provi
sions r
elat
ing tot hatmatteras are setoutinthe Fift
eenth Fi
ft
eent
hSchedul
e.
Schedule.

763.(
1)Aper sonmayceaset obeapar t
nerofal i
mitedli
abi
li
typart
nershi
pi n Cessat
ionof
part
ner
shipi
nter
est
.
accordance wi
th an agreementwi t
hthe otherpart
ners or,int he
absenceofagreementwi ththeotherpart
nersastocessati
onofbei ng
apartner,bygi
vinganot i
cei nwrit
ingofatleast30daystot heother
part
nersofhisi
nt ent
iontoresi
gnaspar t
ner.

(
2)Aper
sonshal
lceaset
obeapar
tnerofal
imi
tedl
iabi
li
typar
tner
shi
p—

(
a)onhisdeat
hordi
ssol
uti
onoft
hel
imi
tedl
iabi
li
ty
par
tner
shi
p;or

(
b)ifheisdeclar
edtobeofunsoundmi
ndbya
compet
entcour
t;or
 (
c)i
fhehasappl
iedt
obeadj
udgedordecl
aredasan
i
nsol
vent
.

(
3)Wher e a person has ceased t
o be a partnerofa l i
mi t
ed l
iabil
it
y
par
tnershi
p( int hi
sActr efer
redt oas" for
merpar tner
"),thef
or mer
par
tnerist ober egar
ded,inrel
at i
ont oanyper sondeali
ngwitht he
l
imit
edl i
abil
it
ypar tner
shi
passt i
llbeingapartnerofthel
imitedl
iabil
it
y
par
tnershi
punl ess—

(
a)thepersonhasnot i
cethatt
hefor
merpart
nerhas
ceased to be a part
nerofthe l
imi
ted l
iabi
li
ty
part
nershi
p; or

(
b)noti
cethatt
heformerpartnerhasceasedtobea
part
neroft he l
imi
ted l
iabili
typart
nershi
p has
beendeli
ver
edtotheCommi ssi
on.

(
4)Thecessationofapar tnerfr
om thelimi
tedl
iabi
li
typar
tner
shi
pdoes
notbyitsel
fdischargethepartnerfr
om anyobli
gati
ontotheli
mit
ed
l
iabi
li
typart
nership,theotherpart
nersoranyotherper
sonwhichhe
i
ncurr
edwhi l
ebeingapar t
ner.

(
5)Wher eapar t
nerofal imitedli
abi
li
typart
nershi
pceasestobeapar t
ner
,
unlessot herwisepr ov
idedintheli
mitedli
abil
it
ypart
nershipagreement
,
thef ormerpar tneroraper sonent
itl
edtohisshareasar esul
tofdeath
ori nsolvencyoft hef or
merpar t
ner,isentit
ledtoreceivefrom the
l
imi tedli
abil
itypartnershi
p—

(
a)anamountequaltothecapi
talcontr
ibut
ionthe
for
merpar
tneract
ual
lymadetotheli
mitedliabi
li
ty
part
ner
shi
p;and

(
b)hisr i
ghttosharei ntheaccumul at
edpr of
itsof
theli
mitedli
abil
it
ypar t
nershi
p,aft
erthededuct i
on
of accumulated losses of the li
mited li
abil
it
y
part
nershi
p,determinedasatt hedat etheformer
part
nerceasedtobeapar tner.

(
6)Afor
merpartneroraper
sonent
it
ledtohisshareasaresul
tofdeathor
i
nsol
vencyofthefor
merpart
nershallnothaveanyr
ighttoint
erf
erein
t
hemanagementoftheli
mit
edli
abil
it
ypartner
shi
p.

764.(
1)Ever
ypart
nershal
linf
ormtheli
mit
edli
abi
li
typar
tner
shi
pofanychange Regist
rat
ionof
changeinpart
icul
ars
i
nhisnameoraddresswit
hin15daysoft
hechange. ofpart
ners.
(
2)Al
imi
tedl
iabi
li
typar
tner
shi
pshal
l—

(
a)wher e a person becomes orceases to be a
par
tner
,fil
eanot i
cewiththeCommi ssi
onwi t
hin
30daysf r
om t hedatehebecomesorceasest o
beapartner;
and

(
b)wher et
hereisachangei nthenameoraddress
ofapar t
ner
,fil
eanot icewiththeCommission
wit
hin30daysofthechange.

(
3)Anot
icef
il
edwi
tht
heCommi
ssi
onundersubsect
ion(
2)—

(
a)shal
lbei
nsuchf
orm andaccompani
edbysuch
f
eesasmaybepr
escr
ibed;

(
b)shal
lbesignedbythedesi
gnatedpar
tneroft
he
l
imit
edl
iabil
it
ypar
tner
shi
p;and

(
c)i
fitrel
atest
oanincomingpartner
,shal
lcont
aina
stat
ementbyt he par
tnerthathe consent
st o
becomingapar
tnerandsignedbyhim.

(
4)Wher edefaultismadebyanyl imi
tedl i
abili
typartner
shipincompl
yi
ng
wit
hsubsect ion(2),
theli
mi t
edli
abil
itypartnershi
pandev er
ydesi
gnated
part
neroft he l
imited l
iabi
li
typartnership shal
leach be li
abl
et oa
penalt
yf oreach day t he defaul
tcont inues int he amountas the
Commi ssionshallspeci
fyinitsr
egulati
ons.

(
5)Ifanypar
tnercontr
avenesthepr
ovi
sionsofsubsect
ion(
1),thepar
tner
shal
lbeliabl
et oapenaltyinsuchamountast heCommi ssi
onshall
speci
fyi
nitsregul
ati
ons.

(
6)Aper sonwhoceasest obeapar t
nerofal imit
edliabil
itypar tner
ship
may himsel ff i
le wit
ht he Commi ssi
on t he noti
ce r eferred toi n
subsecti
on( 3)ifhehasr easonabl
ecauset obeli
evet hatt hel i
mited
l
iabi
li
typar t
nershipmaynotf il
ethenot icewiththeCommi ssi onandi n
caseofanysuchnot i
cefil
edbyapar tner,theCommi ssionshal lobtai
na
confi
rmationt othiseff
ectf r
om thel i
mi t
edl i
abi
li
typar t
ner shipunless
theli
mitedliabi
li
typart
nershiphasalsof i
ledsuchnotice.

(
7)Wherenoconf i
rmati
onisgivenbyt heli
mitedl
iabil
it
ypar
tner
shi
pwi
thi
n
15day s,theCommissi
onshal lregist
erthenoticemadebyaperson
ceasi
ngt obeapart
nerunderthi
ssect i
on.
CHAPTER4— EXTENTANDLIMITATIONOFLI
ABI
LITYOFLI
MITEDLI
ABI
LITY
PARTNERSHI
PANDPARTNERS

765.A partnerofa li
mi t
ed li
abil
it
ypar tner
shi
pis,forthe purpose oft
he Par
tnerasagent
.
busi
nessofthel
imitedli
abil
it
ypar t
nershi
p,t
heagentoft
hel i
mitedli
abi
li
ty
part
ner
ship,
butnotofotherpartners.

766.(
1)Ali
mit
edli
abil
it
ypar
tner
shipi
snotboundbyany
thi
ngdonebyapar
tner Ext
entofl
iabi
li
tyof
l
imit
edli
abil
it
y
i
ndeal
ingwit
hapersonift
he— par
tner
shi
p.

(
a)part
nerinfacthasnoaut hor
it
ytoactf
orthe
l
imit
edliabi
li
typar
tner
shi
pi ndoi
ngapar
ti
cul
ar
act
;and

(
b)personknowsthathehasnoauthori
ty,doesnot
knoworbeli
evehimt obeapar
tnerofthelimi
ted
l
iabil
it
ypar
tner
ship.

(
2)Alimit
edli
abi
li
typartnershi
pisliabl
ei fapar
tneroft
hel
imi
tedli
abil
it
y
par
tner
shi
pi sli
abl
et oanyper sonasar esul
tofawrongfulactor
omissi
ononhispartinthecourseoft hebusi
nessoft
hel
imi
tedli
abil
it
y
par
tner
shi
porwithitsauthori
ty.

(
3)An obl i
gati
on ofthe l
imit
ed l
iabil
it
ypart
nership whet
herari
sing i
n
contr
actorotherwi
se,
shallbesolel
ytheobl
igat
ionoftheli
mit
edli
abil
it
y
part
nership.

(
4)Theli
abi
li
ti
esofal i
mitedli
abi
li
typart
nershi
pshal
lbemetoutoft
he
pr
oper
tyofthel
imi
tedli
abil
it
ypar
tner
ship.

767.(
1)Apartneri
snotper sonall
yli
abl
e,dir
ect
lyorindi
rect
lyf
oranobl
igat
ion Ext
entofl
i
abi
l
ityof
par
tner
.
ref
erredtoinsect
ion766( 3)sol
elybyreasonofbei
ngapart
nerofthe
l
imitedli
abi
li
typar
tner shi
p.

(
2)Thepr ovi
sionsofsecti
on766( 3)andsubsecti
on( 1)ofthissecti
on
shal
lnotaff
ectthepersonall
iabi
li
tyofapartnerforhisownwr ongful
actoromission,andapar t
nershallnotbeper sonal
lyli
ableforthe
wrongf
ulactoromi ssi
onofanyot herpar
tneroft heli
mitedli
abil
ity
part
ner
shi
p.

768.(
1)Aper sonwhobywor dsspokenorwr i
ttenorbyconduct ,r epr
esents Hol
dingout
.
himself
,orknowi nglypermitshimselftober epr
esentedtobeapar t
ner
i
nal imitedli
abili
typartner
shi pi
sliabletoanyper sonwhohasont he
fai
th of t he representat
ion given cr editto the li
mit ed l i
abil
it
y
part
nership,whethertheper sonrepresentinghi
mselforrepr esentedto
beapar t
nerdoesordoesnotknowt hattherepr
esentat
ionhasr eached
 t
heper
songi
vi
ngcr
edi
t:

Prov i
ded t hatwher e anycr edi
ti sr eceived byt he limit
ed liabil
it
y
partnershipasar esultofrepresentat i
oninsubsect i
on( 1)
,thelimited
l
iabili
typartnershi
pshal l
,wi
thoutpr ejudicetot hel
iabili
tyoftheper son
sor epresentinghimsel forrepresentedt obeapar tner,beli
ablet othe
extentofcr editr
eceivedbyitoranyf i
nanci albenef
itder i
vedthereon.

(
2)Whereafterapar tner
'sdeaththebusinessi sconti
nuedint hesame
l
imit
edliabi
li
typartnershi
pname,thecontinueduseoft hatnameorof
thedeceasedpartner'
snameasapar tthereofshal
lnotofitsel
fmake
hisl
egalrepresentati
veorhi sest
ateli
ablef oranyactoft heli
mit
ed
l
iabi
li
typart
nershipdoneaf t
erhi
sdeath.

769.(
1)Intheev entofanactcar ri
edoutbyal imitedli
abil
itypart
nership,orany Unli
mit
edliabi
l
ityi
n
caseoffr
aud.
ofitspartners,wi t
hi nt
entt odefraudcr edit
orsoft helimitedl i
abi
lit
y
part
nership oranyot herper son,orf oranyf r
audulentpur pose,the
l
iabil
it
yoft hel i
mi t
edl i
abil
it
ypar t
nershipandpar tnerswhoact edwith
i
ntentt o defraud creditor
s orf orany f raudul
entpur pose shallbe
unli
mitedforal loranyoft hedebtsorot herli
abili
ti
esoft hel i
mited
l
iabil
it
ypartnership:

Prov i
dedt hatwher eanyacti scarr
iedoutbyapar t
ner,thelimi
ted
l
iabili
typartner
shipisli
ablet
ot hesameext entasthepart
nerunlessi
tis
establi
shedbyt heli
mitedli
abili
typartnershipthattheactwascar r
ied
outwi t
houtt he knowledge ort he authorit
y oft he l
imit
ed li
abi
lit
y
partnershi
p.

(
2)Whereanybusi nessiscarr
iedonwi thsuchintentorforsuchpurpose
asmentionedinsubsecti
on(1),ever
ypersonwhowasknowi ngl
yapar t
y
tothecarryi
ngonoft hebusinessint hemannerst atedcommitsan
off
enceandi sliabl
eonconv icti
ontoimprisonmentf orat er
m which
mayextendtotwoy earsorafi
neast hecourtdeemsf i
tortoboth.

(
3)Wher ealimi tedl i
abil
itypartnershiporanypar t
nerordesignatedpart
ner
orempl oyeeoft helimitedliabili
typart
nershiphasconductedt heaf
fai
rs
ofthel i
mi tedliabili
typartner shi
pi naf r
audulentmanner,t henwit
hout
prejudi
cetoanycr i
mi nalproceedi ngswhichmayar i
seunderanyl awfor
thet i
mebei ngi nf orce,thel i
mitedli
abili
typart
nershipandanysuch
partnerordesi gnated par tnerorempl oyee shal
lbe l iableto pay
compensat iont oanyper sonwhohassuf f
eredanyl ossordamageby
reasonoft heconduct ,

buttheli
mitedli
abil
it
ypartnershipshal
lnotbel
iableifanysuchpart
ner
ordesignat
edpar t
nerorempl oyeehasactedfraudulent
lywit
houtthe
knowledgeoftheli
mitedl
iabil
itypart
ner
ship.
 CHAPTER5— CONTRI
BUTI
ONS

770.(
1)Apar tner’
scontr
ibuti
onmayconsi stoftangi
ble,i
ntangi
ble,movable, Form ofcont
ri
but
ion.
i
mmov abl
e or property or ot
her benefi
tt o the li
mited li
abil
ity
part
nership,i
ncl
udingmoney ,pr
omi ssor
ynotes,otheragreementsto
contr
ibutecashorpropert
y,andcontract
sforservi
cesperf
or medorto
beperformed.

(
2)Themonetar
yv al
ueofcontr
ibuti
onofeachpart
nershal
lbeaccounted
f
oranddi
sclosedint
heaccountsoftheli
mitedli
abi
li
typar
tner
shipin
t
hemannerasmaybepr escri
bed.

771.(
1)Aobl i
gati
onofapar tnertocont
ributemoney ,pr
opert
yorotherbenef
it Obli
gationto
cont
ribute.
orto per
form servi
cesf ora li
mi t
ed li
abil
it
ypar t
nershi
p shal
lbein
accor
dancewit
ht heli
mi t
edli
abil
it
ypar t
nershi
pagreement.

(
2) A cr
editorofalimit
edl i
abil
it
ypartner
shi
p,whichextendscreditor
ot
herwiseactsi
nreli
anceonanobl i
gati
ondescr
ibedinthatagr
eement,
wi
thoutnoticeofanycompr omisebetweenpar
tners,mayenforcethe
or
igi
nalobli
gati
onagainstsuchpart
ner.

CHAPTER6—FI
NANCI
ALDI
SCLOSURES

772.(
1)Thel imit
edliabi
li
typartnershi
pshal lmaint
ainsuchproperbooksof Maintenanceof
accountasmaybepr escri
bedrelati
ngtoitsaff
air
sforeachyearofit
s booksofaccounts,
otherrecor
dsand
existenceoncashbasi soraccrualbasisandaccordi
ngtodoubleentr
y audit
,etc
system ofaccount i
ngandshal lmai nt
ainthesameati tsregi
ster
ed
offi
cef orsuchperi
odasmaybepr escri
bed.

(
2)Everyli
mitedliabil
itypartnershi
pshal l
,withi
nsixmont hsfrom t
heend
ofeachfinancialyear,prepareastatementofaccountandsol vencyfor
thefi
nancialyearasatt hel astdayofthef i
nanci
alyearinsuchform as
may be pr escr i
bed,and t he statement shallbe si gned by the
desi
gnatedpar tnersofthel i
mitedli
abil
itypart
nershi
p.

(
3)Al i
mit
edl i
abi
li
typar
tnershi
pshal lfi
lewit
hint
hepr escr
ibedti
me,the
Stat
ementofAccountandSol vencyprepar
edundersubsecti
on(2)wi
th
theCommi ssi
onever
yy earint hefor
m andmannerandaccompani ed
bythefeesasmaybepr escr
ibed.

(
4)The account s ofli
mi t
ed li
abi
li
ty par
tnerships shal
lbe audit
ed in
accordancewithsuchrulesasmaybepr escri
bedandt heMini
stermay,
by regulati
on,exempt any class or cl asses of limi
ted li
abi
li
ty
part
nershipsfr
om therequir
ementsofthi
ssubsect ion.
 (
5)Wheredefaul
tismadei ncomplyingwit
hthepr ovisionsoft hi
ssect
ion,
theli
mit
ed li
abil
it
ypar t
nershi
p and each designat ed par
tnerofthe
l
imit
edliabi
li
typartnershipshalleachbel i
ablet oapenal t
yinsuch
amountastheCommi ssionshal
lspeci
fyini
tsr egulat i
ons.

773.(
1)A li
mit
ed li
abi
li
typart
nership shal
lfi
le an annualr
etur
n withthe Annual
ret
urn.
Commissi
onwithi
n60day sofclosureofi
tsfinanci
aly
earinthefor
m
andmannerandaccompaniedbysuchfeeasmaybepr escri
bed.

(
2)Wheredefaul
tismadei ncomplyingwit
hthepr ovisionsoft hi
ssect
ion,
theli
mit
ed li
abil
it
ypar t
nershi
p and each designat ed par
tnerofthe
l
imit
edliabi
li
typartnershipshalleachbel i
ablet oapenal t
yinsuch
amountastheCommi ssionshal
lspeci
fyini
tsr egulat i
ons.

CHAPTER7—ASSI
GNMENTANDTRANSFEROFPARTNERSHI
PRI
GHTS

774.(
1)Unlessot her
wiseprovi
dedinthelimi
tedli
abi
li
typar
tnershi
pagr eement, Part
ner
'st
ransf
erabl
e
t
her ightsofapartnertoashareoftheprofi
tsandlossesofal imit
ed inter
est
.
l
iabi
litypart
nershi
pandt orecei
vedi
stri
buti
onsinaccordancewi t
hthe
l
imitedliabi
li
typar
tnershi
pagreementaretr
ansfer
ableeitherwholl
yor
i
npar t.

(
2)Thet r
ansferofanyri
ghtbyanypar tnerundersubsect
ion(
1)doesnotby
i
tselfcauset hedisassociat
ion oft hepartnerora di
ssol
uti
on and
windingupoftheli
mitedliabi
li
typartner
ship.

(
3)Thet ransferofari
ghtunderthissecti
ondoesnot,byi
tsel
f,ent
it
lethe
transfereeorassi
gneet opar
tici
pateinthemanagementorconductof
theact i
vit
iesofthelimit
ed li
abil
it
ypar t
ner
shi
p,orgrantaccesst o
informat i
on concerni
ng the transact
ions of t
he li
mited li
abi
li
ty
par t
nership.

CHAPTER8—I
NVESTI
GATI
ON

775.(
1)Whereacour t,byor der,decl
arest hatt
heaf f
air
sofal imi t
edli
abil
it
yI nvest
igat
ionoft he
par
tner
shipoughttobei nvest
igat
ed, t
heCommi ssionshallappoi
ntone affai
rsofli
mited
l
iabil
it
ypartnership.
ormorecompet entpersonsasi nspector
st oi
nvesti
gatetheaffai
rsofa
l
imit
edliabi
li
typartnershipandt oreportther
eoninsuchmannerasi t
maydir
ect.

(
2)Notwi
thstandi
ngtheprov
isionsofsubsect
ion(
1),theCommissionmay
appoi
ntoneormor ecompet entper
sonsasinspector
stoinvesti
gat
e
theaff
air
sofal imit
edliabil
itypart
ner
shipandtor epor
tont hem i
n
suchmannerasitmaydirect.
 (
3)Theappoi
ntmentofi
nspect
orsundersubsect
ion(
2)mayonl
ybemade
i
f—

(
a)atl eastone-
fif
thofthetotalnumberofpartner
s
of the limit
ed liabi
li
ty part
nership make an
appli
cati
on along wit
h support
ing evi
denceand
securi
tyamountasmaybepr escri
bed;

(
b) t he l i
mited li
abil
it
y par t
nership makes an
applicati
ont hatt
heaf f
air
soft hel i
mitedl
iabi
li
ty
partnershi
poughtt obeinvest
igated;or

(
c)int he opi
nion ofthe Commi
ssi
on,t
her
e ar
e
ci
rcumst
ancessuggesti
ng—

(
i)t hatt he busi
ness ofthe li
mi t
ed li
abil
it
y
partnershi
pi sbei
ngorhasbeenconduct ed
with an i nt
ent to def
raud its credi
tors,
partnersoranyot herperson,orotherwise
foraf r
audulentorunl
awfulpurpose,

(
ii
)t hatt he business ofthe li
mited li
ability
partnershi
pisbei ngorhasbeenconduct ed
i
n a manner oppr essiv
e or unf airly
prej
udicialt
osomeoranyofi tspartners,or
thatt he li
mited li
abil
it
y partnership was
formed f or any f r
audulent or unl awf ul
purpose,

(
ii
i)thatthe affai
rs ofthe l
imit
ed li
abi
li
ty
par
tner
shi
par enotbeingconductedi
nli
ne
wit
hthepr
ovisi
onsofthisAct
,or

(
iv)t hat,on r ecei
pt of a r epor
t of t he
Commi ssi
on oranyot herinvest
igat
ing or
regulat
or y agency,t here are suffici
ent
reasons t o show thatt he af
fai
rs oft he
l
imi t
ed l i
abil
it
y partnershi
p ought to be
i
nv esti
gated.

776.Anappl icat
ionbyt hepar t
nersoft heli
mi t
edliabi
li
typar t
ner
shipunder Applicati
onby
par
tnersfor
secti
on775( 3)shallbesuppor tedbysuchev i
denceast heCommi ssion i
nvesti
gati
on.
mayr equiref orthepur poseofshowi ngthattheappl i
cantshavegood
reasonf orrequiri
ngt hei nvesti
gati
onandt heCommi ssionmay ,before
appoint
ingani nspector
,r equir
et heappli
cantstogivesecur i
ty,ofsuch
amountasmaybepr escribed,forpaymentofcostsoftheinvest
igat
ion.
777. Nof i
rm,bodycor
por
ateorot
herassoci
ati
onshal
lbeappoi
ntedasan Fi
rm,bodycor por
ate
orassoci
ationnotto
i
nspector
. beappointedas
i
nspector.

778.(
1)I fani nspectorappoi ntedbyt heCommi ssiont oinv estigatet
heaf fai
rs Powerofinspect
ors
tocarr
yout
ofal imitedl i
abi l
itypar t
nershipthi
nksi tnecessar yf ort hepurposesof investi
gati
oninto
hisinvestigationt o al soinvesti
gatet heaf f
airsofanent i
tywhichhas affair
sofrelat
ed
beenassoci atedi nt hepastori spr esentlyassoci atedwi t
hthel i
mited enti
ti
es,et
c.
l
iabili
typar tner ship oranypr esentorf ormerpar tnerordesi gnated
partneroft hel imitedliabi
li
typar t
nership,thei nspect orshallhavet he
powert odosoandshal lreportont heaf fair
soft heot herentit
yor
partnerordesi gnatedpar tner,sofarashet hinkst hatt heresul
tsofhi s
i
nv esti
gationar er elevanttotheinvestigati
onoft heaf fair
softhel i
mited
l
iabili
typartner ship.

(
2)Int hecaseofanyent i
tyorpar tnerordesignat
edpar t
nerref
err
edtoi n
subsection (
1),t he inspector shall not exerci
se the power of
i
nv esti
gati
ngint
o,andr eporti
ngon,i tsorhisaffair
swi t
houtobtai
ning
thepriorappr
ovaloftheCommi ssion.

(
3)Befor
egivingapprov
alunderthissubsect
ion,
theCommi ssi
onshal
lgi
ve
theenti
ty,part
nerordesignatedpar t
nerar easonabl
eopport
uni
tyto
showcausewhyt heapprovalshoul
dnotbeaccor ded.

779.(
1)Thedesi
gnat
edpar
tnerandpar
tner
soft
hel
imi
tedl
iabi
li
typar
tner
shi
p Product
ionof
documentsand
shal
l— evi
dence.

(
a)pr eser v
eandpr oducebefor
eani nspectororany
personaut hori
sedbyhi mi nt
hatbehalfwitht heor
appr ovaloftheCommi ssi
on,al
lbooksandpaper s
of,orr el
ati
ngt o,theli
mitedl
iabi
li
typartnershipor
theot herentit
y ,asthecasemaybe,whi char ein
theircustodyorpower ;and

(
b)givetheinspectoral
lassi
stancei
nconnecti
on
wit
htheinvest
igati
onwhichtheyar
ereasonabl
y
abl
etogi
ve.

(
2)Thei nspect
ormay ,wi ththeprevi
ousapprovaloftheCommi ssion,
requi
reanyentity
,otherthananentit
yref
err
edt oinsubsect
ion( 1),to
furni
shsuchinformati
ont o,orpr
oducesuchbooksandpaper sbef ore
him oranypersonaut hori
sedbyhimi nt
hatbehalf
,withthepr evious
approvalofthe Commi ssion,ashe mayconsidernecessary,i fthe
furni
shingofsuchi nf
ormat i
onortheproduct
ionofsuchbooksand
 paper
sisr
elev
antornecessar
yfort
hepur
posesofhi
sinv
est
igat
ion.

(
3)Theinspectormaykeepi nhiscust
odyanybooksandpaper sproduced
undersubsecti
ons(1)or(2)for30day sandthereaf
tershallr
eturnthe
samet othel i
mit
edl i
abili
typart
nershi
p,otherenti
tyori ndi
vidualby
whom oronwhosebehal fthebooksandpapersareproduced:

Providedthatthei
nspect
ormaycal lf
orthebooksandpapersiftheyar
e
needed again and t
hatifcert
if
ied copiesofthebooksand paper s
producedundersubsecti
on(2)aref urni
shedtotheinspect
or,heshall
retur
nt hosebooksandpaper
stot heenti
tyorper
sonconcerned.

(
4)Ani
nspect
ormay-

(
a)exami
neonoat
h—

(
i)anyoft
heper
sonsr
efer
redt
oinsubsect
ion
(
1),

(
ii
)wi t
hthepr i
orappr
ovaloftheCommission,
anyotherpersoni
nrelat
iontot
heaff
airsof
the

l
imi
tedl
iabi
li
typar
tner
shiporanyot
herent
it
y,
ast
hecasemaybe; and

(
b)admi ni
steran oath accordingl
y and forthat
purpose mayrequire anyoft hose per
sonst o
appearbefor
ehim personal
ly
;

(
c)i
fanypersonf
ail
swi
thoutr
easonabl
ecauseor
r
efusest
o—

(
i)pr
oducebef oreani
nspectororanyper son
author
isedbyhi minthatbehalf
,wi t
ht he
pri
orappr ovalofthe Commi ssion,any
bookorpaperwhi chitishi sdutyunder
subsecti
ons(1)or(
2)toproduce,

(
ii
)fur
nishanyi nf
ormati
onwhichishi
sdut
y
undersubsecti
on(2)t
ofur
nish,

(
ii
i)appearbef or
ethe i
nspect
orper
sonall
y
whenr equi
redtodosoundersub-
sect
ion
 (4)ortoansweranyquest
ionwhi
chisput
to him by t he i
nspect
or under t
hat
subsect
ion,
or

(
iv)t
osi
gnt
henot
esofanyexami
nat
ion,

theinspectorshallcert
ifyther ef
usalinwriti
ngandapplyt otheCourt
for contempt pr oceedings agai nst t
he person,t he Court may
thereuponenquireintothecase,andaf t
erhearinganywitnesseswho
maybepr oducedagai nstoronbehal foftheallegedoff
enderorany
statementwhi chmaybeof feredindefence,theCourtmaypuni sht
he
offenderinlikemannerasi fhehadbeengui ltyofcontemptofthe
court.

(
5)Thenot esofanyexaminati
onundersubsecti
on(4)shal
lbewri
tt
enand
signedbythepersonwhoseexami nat
ionwasmadeonoat handacopy
ofsuchnot esshallbegiventotheper sonsoexaminedonoathand
thereaf
terbeusedasevidencebytheinspect
or.

780.(
1)Wher eint hecour seofi nvestigati
on,t heinspectorhasr easonable Seizur
eofdocument
s
byi
nspect
or.
groundtobel iev
et hatthebooksandpaper sof ,orr elat
ingt o,the
l
imitedli
abil
it
ypar t
nership,otherent it
y,partnerordesi gnatedpar t
ner
ofsuch l i
mited li
abil
it
y par tnership may be dest r
oyed,mut i
lated,
alt
ered,f
alsi
fi
edorsecr eted,thei nspectormaymakeanappl i
cationto
theCourthavingjur
isdi
ction,foranor derf ortheseizureofsuchbooks
andpapers.

(
2)Aft
erconsi
der
ingtheappli
cat
ionandhear
ingthei
nspect
or,i
fnecessar
y,
t
hecourtmay,byorder
,aut
hori
sethei
nspect
orto—

(
a)enter,withsuchassi
stance,asmayberequir
ed,
theplaceorplaceswheresuchbooksandpapers
arekept;

(
b)searchthatplaceorthosepl
acesi
nthemanner
speci
fi
edintheorder
;and

(
c)sei ze books and papers whi
ch t
he i
nspector
considers necessar
yf or t
he pur
poses of his
i
nvestigati
on.

(
3)Thei nspect
orshallkeepinhiscustodythebooksandpaper sseized
underthissecti
onforsuchper i
odnotl at
erthantheconclusi
onoft he
inv
esti
gationasheconsi der
snecessaryandt her
eaf
tershallr
etur
nt he
samet otheconcernedent i
tyorper
sonf rom whosecustodyorpower
 theywer esei
zedandi nfor
mt hecourtofsuchr etur
n,prov
idedt
hebooks
andpaper sshal
lnotbesei zedforacont i
nuousper iodofmorethansi
x
mont hsandtheinspectormay,befor
er et
urni
ngt hebooksandpapersas,
placeident
ifi
cat
ionmar ksonthem oranypartthereof.

781.(
1)TheInspectormay,andifsodirect
edbytheCommi ssi
on,makei
nter
im I
nspect
or'
srepor
t.
r
eportst ot he Commi ssi
on,and shall
,on the concl
usi
on ofthe
i
nvesti
gati
on,makeaf i
nalreporttotheCommi ssi
onandanysuch
r
eportshallbepri
nted.

(
2)TheCommi
ssi
on—

(
a)shal lforwar dacopyofanyr eportotherthanan
i
nterim r eport,made by t he inspect
orst othe
l
imitedl i
abi l
it
ypar t
nershi
patitsregist
eredoffi
ce,
andal sot oanyot herenti
tyorpersondealtwit
hor
rel
atedt ot hereport;and

(
b)may ,ifi
tdeemsfi
t,f
urnishacopyofther epor
t,
onrequestandonpaymentofthepr
escribedfee,
toanypersonorenti
tyrelat
edtooraffectedby
ther
eport.

782.(
1)If
,from anyreportmadeundersect i
on781oft hi
sAct,i
tappearstothe Powert obringci
vi
l
proceedingson
Commi ssionthatanyciv
ilproceedi
ngsoughtinthepubli
cint
eresttobe l
imitedli
abil
ity
broughtbyt helimit
edl i
abil
it
ypartnershi
porany bodycorporat
e,the partner
ship'
sbehalf
.
Commi ssionmayi tsel
fbr i
ngsuchpr oceedingsinthenameandon
behalfoftheli
mitedli
abil
it
ypar t
ner
shiporthebodycorporat
e.

(
2)TheCommi ssionshalli
ndemni
fythebodycorpor
ateagai
nstanycostor
expensesincurredbyi ti
norinconnecti
onwi t
hproceedi
ngsbrought
underthi
ssect ion,andanycostorexpensessoincurr
edshall
,ifnot
other
wiser ecoverabl
e,bedefr
ayedoutoft heConsoli
dat
edRev enue
Fund.

783.(
1)If
,from anyrepor
tmadeundersecti
on781ofthi
sAct,i
tappearst
hata Criminalproceedings
andot her
personhasbeenconv i
ctedofanof f
enceforwhichheiscriminall
y proceedingsbyt he
l
iable,the r
eportshal
lbe refer
red tothe At
tor
ney-
Generaloft he Attor
ney -
General of
Federat
ion. theFeder at
ion.

(
2)Wher etheAttorney-
Gener aloft heFederati
onconsidersthatthecase
ref
erredtohimisonei nwhi chapr osecuti
onoughtt obeinsti
tuted,he
shalldi
rectacti
onaccor dingly,andal lpastandpr esentoffi
cersand
agentsoftheli
mi t
edliabi
litypartner
shiporotherbodycorporate,asthe
casemaybe,ot herthant hedef endantintheproceedi
ngs,shallgiveal
l
assi
stance in connect i
on wi th t he prosecut
ion which they ar e
 r
easonabl
yabl
etogi
ve.

(
3)Wher e,from anyr epor tmadeundersect ion781oft hi
sAct ,itappear st o
theCommi ssiont hatpr oceedi ngsought ,i nt hepubl ici nt erest,t obe
broughtbyanybodycor por atedeal twi thbyt her eportf ort her ecov ery
ofdamages,i nr espectoff raud,mi sfeasanceorot hermi sconducti n
connect ionwi ththe pr omot ionorf ormat i
onoft hatbodycor porateor
themanagementofi t
saf f
airs,orfort her ecov eryofanypr oper t
yoft he
bodycor poratewhi chhasbeenmi sappliedorwr ongf ul
lyr etained, itmay
referthecaset ot heAt t
or ney -Gener aloft heFeder ati
onf orhi sopi nion
ast ot hebr ingi
ngofpr oceedi ngsf ort hatpur posei nt henameoft he
bodycor porateifpr oceedingsar ebr ought ,allpastandpr esentof f i
cers
andagent soft hel i
mi t
edl iabili
typartner shiporot herbodycor porateas
thecasemaybe,ot herthant hedef endant si npr oceedings,t ogi vehi m
allassi stance in connect ion wi tht he pr oceedi ngs whi ch t hey ar e
reasonabl yabletogi v
e.

(
4)Costandexpensesi ncurredbyabodycor
por
ateinori
nconnect
ionwith
any proceedings broughtby itundersubsect
ion (
3)shall
,ifnot
other
wiser ecover
able,bedef r
ayedoutoftheConsoli
dat
edRev enue
Fund.

784.I
f,inthecaseofabodycor porat
el i
ablet obewoundupundert hisAct,it Powerof
Commi ssi
ont
o
appearstot heCommi ssionf r
om ar eportmadebyani nspectorunder presentwindi
ng-
up
secti
on781oft hi
sActt hatitisexpedi entinthepubli
cinterestt hatt
he petit
ion.
bodycorporateshoul
dbewoundup, theCommi ssi
onmay ,
unlesst hebody
corporat
eisalreadywoundupbyt hecour tpresentapetit
ionfori ttobe
woundupi ftheCourtdeemsi tj
ustandequi tabl
et odoso.

785.(
1)Theexpensesof ,andi ncidentalto,aninv esti
gati
onbyani nspector Expensesof
i
nvesti
gati
on.
appoint
edbyt heCommi ssionundert hef oregoingprovi
sionsoft his
Act,shallbedefrayedint hef ir
stinstanceoutoft heConsol idat
ed
RevenueFund,butthefoll
owi ngpersonsshal l
,totheextentmentioned,
beli
abletorepay—

(
a)anyper sonwhoi sconv i
ctedinapr osecut i
on
i
nstit
uted,asar esul
toft heinvest
igat
ionr eport
bytheAt torney-GeneraloftheFederati
on,orwho
i
s or dered t o pay damages or r est or
e any
propert
yi n proceedings broughtby v ir
tue of
secti
on 783 ( 3)oft hi
sAct ,mayi nt he same
proceedi
ngsbeor der
edt opaythesaidexpenses
tosuchext entasspeci fi
edintheorder;

(
b)abodycor
porat
einwhosenameproceedingsare
br
oughtasaf
oresai
disl
iabl
etot
heext entofthe
 amount or val
ue of any sums or proper
ty
recov
eredbyi
tasaresul
tofthosepr
oceedi
ngs;

(
c)unl ess as t he r esultoft he investigat i
on a
prosecut ioni sinstit
utedbyt heAt torney -
Gener al
of t he Feder at
ion, the appl i
cants f or t he
i
nv estigation,wher ethei nspectorwasappoi nted
undersect ion775( 3)oft hisAct,shallbel iableto
such ext ent ,i fany ,as t he Commi ssion may
dir
ect ,and any amount f or which a body
corpor ateisl i
ablebyv ir
tueofpar agraph( b) ,shall
be a f i
rstchar ge on t he sums or pr oper ty
ment ionedi nthatparagraph.

(
2)Fort hepur posesofthi
ssect
ion,anycostsorexpensesincur
redbythe
Commi ssi
oni norinconnect
ionwithproceedingsbroughtbyvir
tueof
sect
ion 781 ( 2)oft hi
s Act,shallbe treat
ed as expenses ofthe
i
nvestigati
ongi v
ingr
isetot
heproceedi
ngs.

(
3)Expensestobedefr
ayedbytheCommissi
onundert
hissect
ionshall
,so
farasnotr
ecov
eredther
eunder
,bepai
doutoft
heConsoli
datedRevenue
Fund.

786.Wher ealimitedli
abil
itypar tnershi
pisl iabl
et obewoundupundert hisAct Appl i
cat i
onfor
windingupoflimi
ted
oranyot herlawfort het i
mebei nginf orce,itappearst otheCommi ssion l
iabil
i
t ypart
ner
shi
p.
from a r eportundersect ion 781 t hati ti s expedientt o do so,t he
Commi ssionmay ,unl esst hel i
mitedl i
abili
typar t
nershipisal r
eadybei ng
woundupbyt hecour t,causet obepr esentedt othecour tbyanyper son
authori
sedbyt heCommi ssioni nthatbehal f
,apet it
ionf orthewindingup
oftheli
mi tedli
abil
it
ypar t
ner shi
pont hegr oundt hatiti
sj ustandequi t
able
thati
tshoul dbewoundup.

787.Acopyoft herepor
tofanyi nspectororinspect
orsappointedundert he I
nspect
or'
srepor
tto
beevi
dence.
prov
isionsoft hi
sAct,authenti
catedinsuchmanner ,asmaybepr escri
bed
shal
lbeadmi ssi
blei
nanyl egalproceedi
ngasev idencei
nr elat
iont oany
mattercontainedint
her eport.

CHAPTER9— FOREI
GNLI
MITEDLI
ABI
LITYPARTNERSHI
P

788.(
1)A f or
eign li
mited liabili
ty part
nership which bef ore oraf tert he Forei
gnli
mited
commencementoft hi
sActwasi ncor porat
ed out si
deNi geria,and l i
abil
i
typar
tner
shi
ps.
havingt heint
ent i
onofcar ryingonbusi nessinNi geri
a,shal lt
akeal l
stepsnecessar ytobei ncorporat
edasasepar ateent i
tyinNi ger i
afor
thatpur pose,butunt i
lso i ncor
porated,thef oreignlimited liabil
it
y
partnershi
pshal lnotcar ryonbusi nessi nNigeri
aorexer ciseanyof
thepower sofacor poratebodyr egi
steredunderthi sActandshal lnot
 haveapl aceofbusinessoranaddr essforservi
ceofdocument sor
processesinNiger
iaforanypurposeotherthanthereceiptofnot
ices
andot herdocuments,asmatterspreli
minarytoincorporat
ionunder
thi
sAct .

(
2)The Mini
stermay
,byregul
ati
on,exempta forei
gn l
imi
ted l
iabi
li
ty
part
ner
shi
pf r
om t
her
equir
ementofi ncor
por
ati
onundersubsecti
on
(1)
.

CHAPTER10— WI
NDI
NGUPANDDI
SSOLUTI
ON

789.Thewindingupofali
mitedl
iabi
li
typart
nershipmaybeeit
hervol
unt
aryor Windi
ngupand
by the Courtand l
imi
ted l
iabi
li
ty par
tnershi
p,so wound up may be di
ssol
uti
on.
dissol
ved.

790.Al
imi
tedl
iabi
li
typar
tner
shi
pmaybewoundupbyt
heCour
tif— Cir
cumst ancesin
whichli
mi t
edliabi
li
ty
part
nershipmaybe
(
a)allthepartner
sdeci
dethatt
helimi
tedli
abi
li
ty woundupbyt he
part
nershi
pbesowoundupbytheCourt
; Court.

(
b)foraperi
odofmor
ethansixmonths,thenumber
ofpart
nersoft
hel
imi
tedl
iabi
li
typart
nershi
pfal
ls
belowtwo;

(
c)thel
imi
tedl
iabi
li
typar
tner
shi
pisunabl
etopayi
ts
debt
s;

(
d)theli
mi t
edli
abil
itypart
nershi
phasact edagainst
t
hei nter
est
soft hesoverei
gntyandi nt
egri
tyof
Nigeri
aoragainsthersecuri
tyorpubl
icorder
;

(
e)t he li
mit
ed li
abi
li
ty par
tner
ship has made a
defaultin fi
li
ng with the Commi ssi
on, the
StatementofAccountand Solvencyorannual
returnf
orany10consecut
ivefi
nanci
alyears;
or

(
f)theCourtisoftheopini
onthatitisjustand
equi
tabl
ethatt
heli
mit
edl i
abi
li
typar
tner
shipbe
woundup.

CHAPTER11—MI
SCELLANEOUS

791.(
1)Aper sonwit
hsi gni
fi
cantcontr
olov
eralimit
edliabil
it
ypart
nershi
pshal
l Disclosureof
withi
nsevenday sofbecomi ngsuchaper son,indi
catetothelimi
ted si
g nif
icantcontr
oli
n
alimitedli
abil
it
y
l
iabil
it
ypar
tnershipi
nwr i
ti
ngthepart
icul
arsofsuchcontrol
. partnershi
p.
 (
2)Alimitedl i
abil
it
ypartnershipaf t
err eceivi
ngorcomi ngintopossession
ofthei nformationrequiredundersubsect i
on( 1)
,shall,notlat
erthan
onemont hf r
om ther eceiptoft hei nformationoranychanget herein,
noti
fyt heCommi ssi
onoft hatinformat i
on,pr ovidedt hatacompany
shal
linev eryannualr eturn,discloset hei nformat i
onr equi
redunder
subsection(1)inrespectoft hey earf orwhicht hereturnismade.

(
3)TheCommi ssionshallmaint
ainaregi
sterofpersonswithsigni
fi
cant
cont
rolinwhichitshal
lent
erthei
nformati
onreceivedf
rom theli
mited
l
iabi
li
typar
tnershi
poranychangether
einundersubsect
ion(2).

(
4)Alimi
tedli
abi
li
typart
nershi
pshal
linscr
ibeagainstt
henameofev er
y
memberi nthe r
egist
erofmember s,the i
nformati
on r
ecei
ved i
n
pur
suanceoft
herequir
ementsoft
hissecti
on.

(
5)Ifdef aulti
smadebyanyper sonorl i
mited li
abilit
ypar t
ner shipin
comply i
ng wit
h subsecti
ons (1),(2)and ( 4),the per son orl i
mi t
ed
l
iabil
it
ypar t
nershipandeachof f
iceroft helimit
edl iabil
it
ypar tnershi
p
i
sl i
abletosuchf inesastheCommi ssionmaypr escri
bebyr egulati
on
foreverydayduringwhichthedefaultconti
nues.

(
6)Ifdefaulti
smadebyanypar tnerincompl y
ingwi
thsubsecti
on( 1)orin
purportedcompl i
ance,makesanyst atementwhichheknowst obe
fal
sei namat eri
alparti
cul
arorr ecklesslymakesanystatementwhi ch
i
sf al
se, hecommi t
sanof f
enceandi sliabl
etoaterm ofi
mpr i
sonment
forsi
xmont hsorafineasthecour tdeemsf it
.

(
7)Ifdefaul
tismadebyanyl imit
edl i
abil
it
ypar t
nershi
pincomplyi
ngwit
h
subsecti
on(3),t
helimit
edliabil
it
ypartnershi
pandeachof fi
ceroft
he
l
imitedli
abil
it
ypart
nershi
pisliabletoapenal t
yinsuchamountasthe
Commi ssi
onshallspeci
fyinitsregul
ationsforeverydaydur
ingwhi
ch
thedefaul
tconti
nues.

792.Apartnermayl endmoneyt oandtransactotherbusinesswi

ththeli
mited Busi
ness
tr
ansacti
onsof
li
abi
li
typart
nershipandhast hesamer i
ghtsandobligati
onswithr
espectto part
nerwithli
mited
thel
oanorot hertransact
ionsasapersonwhoi snotapar t
ner
. l
iabi
li
typart
nership.

Powerof
793. Wher etheCommi ssionhasr easonablecauset obelievethatal i
mited Commi ssiontost
ri
ke
l
iabil
it
ypartnershi
pisnotcarr
yingonbusi nessoroper at
ion,i
naccor dance defunctl
imited
withtheprovisi
onsofthisAct
,thenameofl i
mitedliabi
li
typartner
shipmay l
iabil
it
ypar t
ner
shi
p
offregi
ster.
bestruckofftheregi
sterofl
imitedliabi
li
typar
tnershipsi
naccor dancewith
theproceduresprovi
dedundersection692ofthisAct .

794.TheCommissionmaymaker
ulesorr
egul
ati
onsconcer
ninganyoft
he Powert
omaker
ules.
f
oll
owi
ngmatters—
 (
a)thefeest
obepai
dtot
heCommi
ssi
onundert
his
Par
t;

(
b)thedut
iesoraddi
ti
onaldut
iestobeperf
ormedby
t
heCommi ssi
onfort
hepurposesoft
hisPart
;

(
c)t hefor
mst
obeusedf
ort
hepur
posesoft
his
Part
;and

(
d) generall
y the conduct and regul
ati
on of
r
egi
str
ation under t
his Par
t and any matt
er
i
nci
dentalt
heret
o.

PARTD— THELI
MITEDPARTNERSHI
P

CHAPTER1— NATUREOFLI
MITEDPARTNERSHI
P

795.(
1)Limit
edpart
nershi
psmaybefor
medi
nthemannerandsubj
ectt
othe Consti
tut
ionof
condi
ti
onssetouti
nthi
sPar
t. l
imit
edpar t
ner
shi
ps.

(
2)Al
imi
tedpar
tner
shi
pshal
lnotconsi
stofmor
ethan20per
sons.

(
3)A limited part
nershi
p shal
lconsistofoneormor epersonscal
led
generalpartner
s,whoshallbeli
ableforal
ldebt
sandobli
gati
onsofthe
fi
rm,andoneormor epersonscall
edlimi
tedpar
tner
s.

(
4)Eachl imit
edpar t
nershallattheti
meofenteri
ngint
ot hepart
ner
ship
contri
bute,oragreetocontri
bute,t
her
etoasum orsumsascapi t
alor
propertyvaluedatastatedamountandshal
lnotbeli
ablefort
hedebts
ofobligati
onsofthefirm,beyondtheamountsocont
ribut
edoragreed
tobecont ri
buted:

Provi
ded thata l
imited part
nershal
lis notunderobli
gat
ion t
o
contr
ibut
eanycapi
talorproper
tyt
othepar
tnershi
pwher
ethepart
ner
s
havesoagreedi
nwriti
ng.

(
5)Unlessot herwi
seagr eedi nwr i
ti
ngbythepar t
ners,alimit
edpartner
shallnot,duri
ngt hecont i
nuanceofthepartnershi
p,ei
therdir
ectl
yor
i
ndirectl
y,drawoutorr ecei
v ebackanypar
tofhiscontri
buti
onandifhe
draws,outorr eceiv
esbackanysuchpar t,isli
ableforthedebtsand
obli
gati
ons oft he par t
nershi
p up tothe amountso dr awn outor
recei
vedback.

796.Anindivi
dualorbodycorpor
atemaybeapart
neri
nal i
mitedpar
tner
ship: Part
ner
sinali
mit
ed
part
ner
shi
p.
Provi
ded thatan indi
vi
dualshal
lnotbecome a par
tnerofa limit
ed
part
nershi
p,ifhei
s—
 (
a)ofunsoundmindandhasbeensof
oundbya
cour
tinNi
ger
iaorel
sewher
e;or

(
b)anundi
schar
gedbankr
upt
.

CHAPTER2— REGI
STRATI
ONOFLI
MITEDPARTNERSHI
PAND I
NCI
DENTAL
MATTERS

797.(
1)Apartnershi
pcarr
yingonbusinessasali
mit
edpar t
nershi
pmustbe Li
mitedpart
ner
shi
pto
beregi
ster
ed.
r
egi
steredassuchi
naccordancewitht
hepr
ovi
sionsofthi
sPart
.

(
2)Apartner
shi
pnotregi
ster
edaspr escr
ibedinsubsect
ion(1)shal
lbe
deemedtobeageneralpart
nershi
pandev er
yli
mitedpart
nershal
lbe
deemedtobeagener
alpart
ner.

798.(
1)Anappli
cati
onforregi
str
ati
onasalimi
tedpar
tner
shi
pshal
lbei
nthe Appli
cati
onfor
regi
str
ati
on.
f
orm aspr
escri
bedbytheCommissi
onandshal
l—

(
a) speci
fyt he name under whi
ch t
he l
imi
ted
part
nershi
pistober
egist
ered;

(
b)besignedorot herwi
seauthent
icat
edbyoron
behal
fofeachpartner
,and

(
c)i
ncl
udeast at
ementcont
aini
ngt
hedet
ail
sli
sted
i
nsubsect
ion(2)
.

(
2)Theappl
icat
ionf
orregi
str
ati
onofali
mit
edpartnershi
pshal
lincl
udea
stat
ementsi
gnedbythepart
ner
swhi
chshal
lcontai
n—

(
a)t
henameoft
hel
imi
tedpar
tner
shi
p;

(
b)t
hegener
alnat
ureoft
hebusi
ness;

(
c)t
hepr
inci
palpl
aceofbusi
ness;

(
d)the f
ullname and addr
ess ofeach gener
al
par
tner

(
e)the f
ullname and addr
ess ofeach l
imi
ted
par
tner;

(
f)t
he ter
m ifany,forwhich the par
tner
shi
pis
ent
eredint
oandthedat
eofitscommencement;
 (
g)astat
ementt hatt
hepart
ner
shi
pislimi
tedand
thedescr
ipt
ionofever
yli
mit
edpar
tnerassuch;
and

(
h)thesum contr
ibuted,oragreedtobecontr
ibut
ed
byeachl
imitedpar t
nerandwhetherpai
d,ortobe
pai
dincashori nanotherspeci
fi
edfor
m.

799.(
1)Whent
herequi
rement
simposedbysecti
on798(
1)and(
2)hav
ebeen Cert
ifi
cat
eof
regi
str
ati
on.
compl
iedwi
th,
theCommissi
onshal
l,—

(
a)r
egi
stert
hel
imi
tedpar
tner
shi
p;and

(
b)i
ssueacer
ti
fi
cat
eofr
egi
str
ati
on.

(
2)Thecert
if
icat
eshal
lbesi
gnedbyt
heCommi
ssi
onandaut
hent
icat
edby
hi
soff
ici
alseal
.

(
3)Thecer
ti
fi
cat
eshal
lst
ate—

(
a)thenameoft heli
mitedpar
tner
shi
pgi
veni
nthe
appl
icat
ionf
orregi
str
ati
on;

(
b)t
hel
imi
tedpar
tner
shi
p'sr
egi
str
ati
onnumber
;

(
c)t
hedat
eofr
egi
str
ati
on;
and

(
d)thatthel
imit
edpart
nershi
pisregi
ster
edasa
l
imit
edpar
tner
shi
punderthi
sAct
.

(
4)Thecert
if
icat
eshallbepri
mafaci
eevi
dencethatal
imi
tedpar
tner
shi
p
cameint
oexistenceont
hedat
eofregi
str
ati
on.

800.(
1)I
fduri
ngthecont
inuanceofal
imi
tedpar
tner
shi
panychangei
smade Regist
rati
onof
changesin
oroccur
sint
he— part
nershi
p.

(
a)f
ir
m,

(
b)gener
alnat
ureoft
hebusi
ness,

(
c)pr
inci
palpl
aceofbusi
ness,

(
d)par
tner
sort
henameofanypar
tner
,

(
e)t
ermsorchar
act
eroft
hepar
tner
shi
p,
 (
f)sum cont
ri
buted ort
o be cont
ri
but
ed byany
l
imi
tedpar
tner
,or

(
g)li
abil
it
yofanypar t
nerbyreasonofhisbecoming
alimit
edpartneri
nsteadofageneralpart
nerora
generalpar
tneri
nsteadofali
mitedpart
ner,

astatementsignedbythefir
m speci
fyi
ngthenat
ureoft
hechangeshal
l
wi
thinsevendaysbedel
iver
edtotheCommissi
on.

(
2)Ifdef
aul
tismadeincompliancewit
ht her
equi
rementsoft
hissect
ion,
eachoft
hegener
alpartner
sisli
abl
et oafi
neasshallbepr
escri
bedby
theCommissi
oni
nitsregul
ati
ons.

801.(
1)Not i
ceofanyar rangementort r
ansacti
onunderwhi chaper sonwi ll Noti
ceofchangei n
st
atusofgeneral
ceaset obeageneralpart
nerinafirm andwi
llbecomeal imit
edpar t
ner partnerorassi
gnment
inthatfir
m orunderwhichtheshareofalimi
tedpartnerinafir
m willbe ofshareoflimi
t ed
assignedt oanypersonshall
,befil
edwi tht
heCommi ssionwithi
nf i
ve partner.
daysofsuchchange.

(
2)Unt i
lthe not
ice ofthe ar
rangementort r
ansacti
on ref
erred t
oin
subsect
ion (
1)i sfil
ed wit
ht he Commissi
on,t he ar
rangementor
tr
ansacti
onshallf
orthepurposesofthi
sPart,bedeemedt obeofno
eff
ect.

(
3)Ifdefaul
tismadei ncompl i
ancewi t
ht her
equir
ement
sofsubsecti
on
(1)
,eachofthegeneralpart
nersisli
abletoafi
neasshal
lbepr
escri
bed
bytheCommi ssi
oninitsRegulat
ions.

802.Thenameofal i
mit
ed partner
ship mustend wit
ht hewor ds"li
mi ted Nameofli
mit
ed
par
tner
shi
p.
partner
ship"(upperorlowercase,oranycombinat
ion),ortheabbr
eviati
on
"LP"(upperorlowercase,oranycombinati
on,
withorwi t
houtpunct
uation).

803.The pr ovisi
ons of sect
ion 30 (
Change of Name) and Secti
on 31 Reserv
ationofname
andchangeofname
(reser
vationofname)oft hi
sActshallbeappli
cabl
einrelati
ontothe ofli
mitedpart
nershi
p.
reserv
ationofnameandchangeofnameofal i
mitedpart
ner
ship.
Penalt
yforimproper
useofwords"li
mi t
ed
804.Whereanyper sonorpersonscarryonbusinessunderanynameort it
leof part
nershi
p"or"LP".
whi
ch t he wor ds "
Limit
ed Part
nership"or" LP"orany cont racti
on or
i
mitati
ont hereofisoraret hel
astwor dorwor ds,thatpersonoreachof
t
hoseper sonsshall,unl
essdulyregi
steredaslimit
edpar t
nershi
p,beliabl
e
t
o a penal t
yi n such amountas t he Commi ssi
on shallspecif
yi ni t
s
r
egulati
ons.

805.TheCommissi
onshal
lkeepatt
heregi
str
y,i
nproperbookstobepr ovi
ded Commi ssi
ont
okeep
regi
ster
.
fort
he pur
pose,a r
egist
erand i
ndex ofal
lthe li
mited par
tnershi
ps
 regi
ster
ed and of al
l st
atement
s r
egi
ster
ed i
n r
elat
ion t
o such
part
nershi
ps.

806.(
1)A l imit
ed par
tnershal
lnott ake partinthe managementofthe Modi f
icati
onof
generallawincaseof
partner
shipbusi
nessandshal
lnothav epowertobi
ndthefir
m pr
ovi
ded l
imitedpartner
ships.
that–

(
a)alimit
edpar tnermaybyhi mselforhisagent
,at
any ti
me inspectt he books oft he f
ir
m and
examine t he state and pr ospect
s of t he
part
nershi
p busi ness and adv i
se with the
part
nersthereon;and

(
b)ifali
mit
edpartnertakesparti
nthemanagement
ofthepart
nershipbusiness,heisliableforall
debt
sandobl i
gati
onsoft hefirmincurredwhil
e
hetakesparti
nt hemanagement ,ast houghhe
wereagener
alpartner.

(
2)Alimit
edpar t
nershipshal
lnotbedissolv
edbythedeathorbankr
uptcyof
alimit
edpartnerandt hel
unacyofal i
mitedpar
tnershal
lnotbeaground
forthedissol
uti
onoft hepart
nershipbytheCour t
,unl
essthelunat
ic'
s
sharecannotbeot her
wiseascert
ainedandreal
ised.

(
3)I
ntheeventofthedi
ssol
uti
onofali
mit
edpartnershi
pit
saf
fai
rsshal
lbe
woundupbythegener
alpar
tner
sunl
esstheCourtorder
sot
her
wise.

(
4)Subj
ectt
oanyagr
eement
,expr
essori
mpl
ied,
bet
weent
hepar
tner
s—

(
a)anydi ffer
ence ar
isi
ng as to ordinarymatter
s
connect
edwi t
hthepar t
nershi
pbusi nessmaybe
deci
dedbyamaj ori
tyofthegeneralpartner
s;

(
b)al imitedpartnermay ,wit
htheconsentoft he
general par
tners, assign his share in the
part
nershi
p and upon such an assignmentthe
assi
gneeshal lbecomeal i
mit
edpartnerwit
hall
theri
ghtsoftheassignor;

(
c)t heotherpart
ner
sshal
lnotbeent
itl
edtodi
ssolve
thepar t
nershi
pbyreasonofanyl i
mit
edpartner
suffer
inghisshar
etobechargedforhi
sseparate
debt;

(
d)apersonmaybeintr
oducedasapart
nerwithout
t
heconsentoft
heexi
sti
ngli
mit
edpar
tner
s;and
 (
e)ali
mit
edpart
nershal
lnotbeent
it
ledt
odi
ssol
ve
t
hepart
ner
shipbynot
ice.

807. The provi

sions of Part C of thi
s Act rel
ati
ng t
oli
mit
ed l
iabi
li
ty Appl
i
cat
ionofPar
tC.
part
ner
shipsshallapplytolimi
tedpar t
ner
shipexceptsof
arast
heyar e
i
nconsi
stentwiththeexpr
essprovi
sionsofthi
sPart.

808. Subjecttothepr ovi

sionsofthisAct ,t
hepr ov
isionsofthePar
tnershi
p Lawast opri
vate
par
tnershi
pstoapply
Act1890,exceptsof arastheyareinconsi
stentwiththeexpr
esspr
ovisi
ons wherenotexcluded
ofthi
sAct ,
shallapplytoli
mitedpar
t ner
ships. bythi
sAct.

809.(
1)Aper sonmayi nspectt hestatementsfil
edbytheCommissionupon I
nspect
ion,et
c.of
document.
paymentofsuchf eesasmay beprescri
bedbytheCommissionini t
s
regulati
onsandanyper sonmayr equir
eacerti
fi
cat
eoftheregist
rati
on
ofal i
mitedpartnershiporacopyofanext ractfr
om anyregister
ed
statement,tobecer ti
fi
edbytheRegistrar
.

(
2)Acer t
ifi
cateofregistrat
ionoracopyofanextractfr
om anystatement
regi
steredundert hisPart,i
fdulycer
ti
fi
edtobeat ruecopyundert he
handoft heRegistrar,whom i
tshal
lnotbenecessar
ytopr ov
etobet he
Registr
arshall
,inalllegalpr
oceedi
ngs,ci
vi
lorcri
minal,andi
nallcases
bereceivedinevidence.

810.Ifanyst at
ementr equir
ed to bef ur
nished underthisPartoft hisAct Liabil
i
tyforf
alse
st
atement.
cont
ainsanymat terwhichisfal
set otheknowl edgeofanypersonsi gni
ng
it
,such per son commi t
s an of f
ence and i sl i
abl
e on convicti
on to
impri
sonmentf oraterm ofnotmor et hanoney earorafineastheCour t
deemsf i
tandi naddit
ion,heshallbeli
abletopaysuchaddi ti
onalfinesas
theCommi ssionmayspecifybyregulat
ion.

PARTE:BUSI
NESSNAMES

CHAPTER1—ESTABLI
SHMENTOFBUSI
NESSNAMESREGI
STRY,
APPOI
NTMENTANDFUNCTIONSOFHEADOFOFFI
CEANDOTHEROFFI
CERS

811.Ther eshal
lbeest
abli
shedineachSt at
eoft heFederat
ion,aregist
ryof
businessnameswherether
eshallbekeptaregist
erintheprescr
ibedfor
m Est abli
shmentof
businessnames
inwhi chshal
lbeenter
edsuchmat ter
sasarer equi
redbyt hi
sActorany registryineachst
ate.
regulati
onmadeunderi
ttobeent
er edi
nit.

812.(
1)TheRegist
rar
-Generalappoi
ntedundersect
ion9oft
hisActshal
lbet
he Appointmentofhead
ofoffi
ceandother
Regi
str
arofBusinessNames. off
icersofbusi
ness
namesr egi
str
y.
(
2)Suitabl
estaf
foftheCommi ssionmaybeappoi
ntedfr
om t
imetoti
met o
beheadofof f
iceandotheroffi
cer
softheBusi
nessNamesRegist
ryin
each State of the Federati
on as may be necessar
yf or the
 admi
nist
rat
ionoft
hisPar
toft
hisAct
.

813.(
1)The Regist
rarshal
lcause business names t
o be r
egi
ster
ed i
n Funct
ionsoft
hehead
ofoff
ice.
accor
dancewi
ththepr
ovi
sionsoft
hispartofthi
sAct
.

(
2)Fort hepur poseoft her egistrati
onundert hisPar t
,oft hebusi ness
namesofaf i
rm,indivi
dualorcor porati
onatanyoft heof f
icesf or
businessnames,anyheadofof f
icemay ,subjectt oanydi rectionthat
theCommi ssi
onmaygi ve,perform anyactordi schargeanydut ywhi ch
theRegi st
rarmayl awfullyper f
orm ordischargeori srequi redbyt his
Actt operform ordischarge,and,subjectt othat ,anyreferencei nthis
Partt ot he Regist
rar,unl ess the contextot herwise admi ts,shall
accordingl
ybedeemedt oi ncludear ef
erencetoaheadofof fi
ce.

(
3) Wi t
houtpr
ejudi
cetothegenerali
tyoftheforegoi
ngpr ov
isionsof
subsect
ion(
1),ahead ofoffi
cemaybeassi gned t
ot heBusi ness
NamesRegistryinaStat
ef orthepurposeofr egi
ster
ing business
namesandkeepingar
egi
sterofbusi
nessnames.

CHAPTER2—REGI
STRATI
ONOFBUSI
NESSNAMES

814.(
1)Ev er
yi ndi
vi
dual,fi
rm orCor porat
ionhavingapl aceofbusinessin Regi
str
ati
onof
Nigeri
a and carr
ying on business undera busi
ness name shallbe busi
nessnames.
regi
steredinthemannerprovidedinthisPar
tif—

(
a)i nthecaseofaf ir
m,thenamedoesnotconsist
oft hetruesurnameofallpartner
swithoutany
additi
on otherthan t
he t
rue f
orenames ofthe
i
ndi vi
dual part
ners or the ini
ti
als of such
forenames;

(
b)i nt hecaseofani ndi
v i
dual,t
henamedoesnot
consi stofhistruesurnamewi thoutanyadditi
on
othert han hi
st rue forenames ort he i
nit
ial
s
thereof; or

(
c)i nt he case ofa company ,whet
herornot
regi
stered underthi
s Act
,the name does not
consist of its cor
por
ate name without any
addit
ion.

(
2)Not
wit
hst
andi
ngsubsect
ion(
1)wher
e—

(
a)theaddit
ionmerel
yindicatest
hatthebusinessis
carr
iedoninsuccessiontoaformerowneroft he
busi
ness,thataddi
tionshallnotofit
selfrender
 r
egi
str
ati
onnecessar
y;

(
b)twoormor eindi
vi
dualpar
tnershavethesame
surname,theaddi
ti
onofan"s"attheendoft hat
surname shal
lnotofi t
sel
fr enderregi
str
ation
necessar
y;and

(
c) the busi
ness i
s carri
ed on by a r
ecei
veror
managerappointed byanycour t
,regi
str
ati
on
shal
lnotbenecessar
y .

815.(
1)Ev eryindiv
idual,f irm orcompanyr equired underthis Actt o be Procedurefor
r
egi
str
ation.
register
edshall,wi t
hin28day saf tertheindivi
dual,f
ir
m orcor porati
on
commencest hebusi nessinr espectofwhi chr egi
str
ationisrequired,
furnishtotheRegi straratther egistryi
ntheSt at
ei nwhichthepr i
ncipal
placeofbusi nessoft hei ndividual,fi
rm orcompanyi ssituated,a
statementinwr iti
ngi nt heprescr ibedform,signedasr equir
edbyt hi
s
sectionandcont ai
ni ngthef ol
lowi ngparti
culars—

(
a)thebusinessnameor ,i
fthebusinessi
scarri
ed
onundert woormor ebusinessnames,eachof
thosebusinessnames;

(
b)t
hegener
alnat
ureoft
hebusi
ness;

(
c)theful
lpost
aladdr
essoft
hepr
inci
palpl
aceof
busi
ness;

(
d)thefullpost
aladdr
essofev
eryot
herpl
aceof
busi
ness;

(
e)wher
ether
egi
str
ati
ont
obeef
fect
edi
sthatofa
f
ir
m—

(
i)thepresentf orenamesand sur name,any
former f orenames or sur name, the
nati
onal
it
yand,i ft hatnationali
tyisnotthe
nati
onal
it
yofor i
gin,thenat i
onalit
yofori
gin,
theage,t
hesex, theusualr esidenceandany
otherbusinessoccupat i
onofeachoft he
i
ndivi
dualswhoar epar tners;and

(
ii
)thecorpor
atenameandr
egi
ster
edof
fi
ceof
suchcompanywhichi
sapar
tner
;

(
f)wher
ether
egi
str
ati
ont
obeef
fect
edi
sthatofan
 i
ndivi
dual,thepresentforenamesandsur name,
any f or
mer f orenames or sur names, t he
nati
onali
ty and,ift hat national
ityis not the
nati
onali
tyoforigin,t
henat ionali
tyofori
gin,the
age,thesex,theusualr esidenceandanyot her
busi
nessoccupationoftheindi v
idual
;

(
g)wheretheregi
str
ati
ont
obeef fect
edisthatofa
company
,thenameandr egi
steredof
ficeofthe
company
;and

(
h)t he dat
e ofcommencementoft
he busi
ness,
whetherbef
oreoraf
tert
hecomi
ngi
ntooper
ati
on
ofthi
sAct.

(
2)Wher ether egi
str
ati
ont obeef fect
edi sthatofani ndivi
dualorafir
m,
someoral lofwhosepar t
nersareindiv
iduals,thereshallbesubmit
tedto
the Regi
strarcopies oft he passportphot ographs oft he i
ndi
vidual
cert
if
iedi
namannerr equi
redbyt heRegist
rar.

(
3)Wher ether egist
rati
ont o beeffectedist hatofaf i
rm orindividual
car
ryingonbusi nessonbehal fofanot heri
ndividual,fi
rm orcorporati
on
whetherasnomi neeort rust
ee,thestatementr equiredbysubsection( 1)
tobef ur
nishedshal lcontai
nthefollowingpar t
icularsinaddit
iont othe
par
ti
cularsrequiredbythatsubsecti
on—

(
a)t hepr esentf
orenamesandsur name,anyf ormer
forenamesorsur name,t henati
onalit
yand,i ft
hat
nationali
tyis nott he nati
onal
ity ofor i
gin,the
nationali
tyofor i
ginandt heusualr esi
denceof
eachi ndivi
dualonwhosebehal fthebusi nessis
carriedon;and

(
b)t henameofeachfirm orcor
por
ati
ononwhose
behal
fthebusi
nessi
scarri
edon.

(
4)Wheret heregi st
rationtobeef fect
edi st hatofaf i
rm ori ndiv i
dual
carr
yingonbusi nessasgener alagentf oranyconcer ncar r
y i
ngon
busi
nessout sideNi geri
aandnothav i
ngapl aceofbusinessi nNi geria,
the statementr equired bysubsection (1)t o be fur
nished shal l,in
additi
ont othepar ti
cular
srequiredbyt hatsubsection,statethename
andf ullpostaladdressofeachsuchconcer n,provi
dedt hatinthecase
ofaf ir
m orindi vi
dualcarryi
ngonbusi nessasgener alagentf orthreeor
moresuchconcer ns,itshallbesuf fi
cientt ostatethef actt hatt he
busi
nessi ssocar ri
edonandt hecount r
iesinwhi chtheconcer nscar r y
onbusi ness.
 (
5)Astat
ementfur
nishedi
naccor
dancewi
thsubsect
ions(
1)-(
4)shal
lin
thecaseofa—

(
a)stat
ementf
urni
shedbyani
ndi
vi
dual
,besi
gned
byhim;

(
b)stat
ementf ur
nishedbyafir
m,besignedbyeach
i
ndivi
dualwhoi sapar t
nerandbyadi rectoror
the secret
ary of each Corpor
ati
on which is
part
ner;and

(
c)corporati
on,be si
gned by a di
rect
orort
he
secr
etary
:

Provided that,i
ft he st
atementi s accompani ed by a statut
ory
declarat
ionmadebyanyper sontotheeffectthatheisapartnerofthe
fi
rm orisadi r
ect
ororthesecret
aryofacor porat
ionwhichisapar t
ner
ofthef i
rm,thest
atementmaybesi gnedbyt hatpersonal
one.

(
6)Ast at
ementf urnishedinaccordancewi t
hsubsecti
ons(1)-( 4)byan
i
ndivi
dualwhoi sami nororbyaf ir
m ofwhichoneoft hepartner
sisa
minorshall
,inaddi t
iontotherequi
rementsofsubsecti
on(1),besigned
byamagi str
ate,legalpract
it
ionerorpol
iceoff
icerof
,orabov etherank
ofAssist
antSuper i
ntendentofPoli
ce.

(
7)Ifanindivi
dual
,firm orcorporationmakesdef aultincompl y
ingwiththe
provi
sionsofthissection,theindividual
,corpor at
ionorev erypar
tnerin
the fi
rm commi ts an offence and i sliabl
e on conv icti
on toaf ine
prescri
bedintheCommi ssi
on'sr egulat
ionsforev erydaydur i
ngwhi ch
thedef aul
tcontinues,andt heCour tshallorderast atementoft he
requir
edparti
cularstobef urnishedt otheRegi str
arwithinsuchti
meas
maybespeci fi
edint heorder.

816.(
1)Onr ecei
ptbyt heRegistr
arofthest at
ementofpar ti
cul
arsr
equir
edto Ent
ryofbusi
ness
nameinther
egist
er.
be furni
shed undersect i
on 815 oft his Act,he shal
l,subj
ectto
subsecti
on( 2)andt
othepr ovi
sionsofanyr egul
ati
onsmadeunderthi
s
Act,causet o beenteredi nther egi
sterthebusinessnameoft he
i
ndivi
dual,companyorf i
rm andfil
ethestatement.

(
2)The Regist
rarshalladd tothe busi
ness name i
nthe regist
erthe
i
dent
if
icati
onlet
ter
softheStatewhichshallbei
nbr
acketsattheendof
t
hebusinessname,andtheseshal
lform par
toft
hebusi
nessname.

817.(
1)Ont
heregi
str
ati
onofanyindi
vidual
,fi
rm orcor
porati
onundert
hisAct, Cert
ifi
cat
eof
regi
str
ati
on.
t
heRegi
str
arshal
lissueacer
ti
ficat
eintheprescr
ibedfor
m cont
aini
ng
 t
hebusi
nessnameoft
hei
ndi
vi
dual
,fi
rm orcor
por
ati
on.

(
2)On t he r
egistrat
ion ofanychange inthe part
icul
arsr egi
ster
ed i
n
respectofanyf ir
m,corporat
ionorindi
vi
dual
,theRegi st
rarmayi nhi
s
discreti
onei theramendt hecerti
fi
cateprev
iouslyissuedori ssuea
freshcerti
ficate.

(
3)Acer ti
ficat
eissuedundert hissecti
onshal lbesentbyr egist
eredpost
ordeliveredtoani ndiv
idual ,f
irm orcorporati
onregisteri
ng,whoshall
ther
euponexhi bitandt hereaftermaintainthesamei naconspi cuous
posi
tionatt hepri
ncipalplaceoft hebusinesssoregistered:

Pr
ovi
dedt
hat—

(
a)whereaf reshcerti
fi
catehasbeeni ssuedunder
subsect
ion( 2)
,theprovi
sionsofthi
ssubsection
shal
lapplytosuchfreshcerti
fi
cat
e;and

(
b)wher eanycert
ifi
catehasbeenl
ostordest
royed
orr enderedi
ll
egibl
e,acopyofsuchcerti
fi
cate
certi
fied byt
he Regist
rarmaybe exhi
bit
ed in
placeoftheori
ginal
.

(
4)Wher eani ndiv
idual,fi
rm orcor porati
onr egi
steredundert hisActhas
mor et han one place ofbusi ness,t he ori
ginalcer t
if
icate shal
lbe
exhibi
tedandmai ntai
nedasr equi r
edbysubsect i
on( 3)atthepr i
nci
pal
placeofbusinessandacopyoft hecer ti
fi
catecer t
if
iedbyt heRegist
rar
shallbeexhibit
edandt her
eaftermai ntai
nedi naconspi cuousposi t
ion
i
neachoft heotherplacesofbusi ness.

(
5)Ifanindivi
dual,f
ir
m orcompanymakesdef aul
tincompl y
ingwi t
ht he
provi
sions of subsecti
on (3) or subsecti
on (4),t he indi
vidual,
corpor
ationoreverypart
nerinthefir
mi sli
abletoapenal tyforev ery
daydur i
ngwhichthedefaul
tconti
nues,t
hepenaltyshal
lbedet er
mi ned
i
naccor dancewithregul
ati
onsmadebyt heCommi ssi
onfrom timet o
ti
me.

818.(
1)Whenev erachangei smadeoroccur sinthepar t
icul
arsrequi redby Regi st
rat
ionof
changes.
section815oft hi
sActtobef urni
shedinrespectofanyindivi
dual ,fi
rm
orcor porat
ionregi
ster
edundert hatsecti
on,otherthanparticularsas
tot heageofani ndi
vi
dual
,t heindi
vidual
,firm orcorporationshal l
within28day saft
ersuchchangenotif
yt hechangetotheregistrar.

(
2)Thenot
icerequi
redundersubsect
ion(
1)shal
lbei
nwr
it
ingsi
gnedas
pr
ovi
dedinsect
ion815ofthi
sAct.
 (
3)Ifanindivi
dual,f
ir
m orcorporationmakesdef aul
tincompl y
ingwiththe
provi
sionsofthissecti
on,theindivi
dual,cor
porati
onorev erypar
tnerin
thefir
mi sli
abletoapenal tyf oreverydaydur i
ngwhi cht hedefaul
t
conti
nues,t he penalt
y shal l be determined in accordance with
regul
ationsmadebyt heCommi ssi
onfrom ti
met oti
me.

CHAPTER3—REMOVALOFBUSI
NESSNAMEFROM REGI
STER

819.(
1)Ifani ndividual,f
ir
m orcor porat
ionr egisteredundert hi
sActceasest o Removalofname
carryonbusi ness,itshal lbet hedut yoft heindivi
dualori fhei sdead, from regi
ster
.
hisper sonalrepresentative,orofapar t
neri nthef ir
m att het i
mei t
ceasedt ocar r
yonbusi ness, thedirectororl i
quidat
oroft hecorporati
on,
withinthreemont hsaf terthebusi nesshasceasedt obecar ri
edon,t o
send bypostordel i
vert ot he Registrara not ice,stating t
hatt he
i
ndi v
idual,f
irm orcorpor ati
onhasceasedt ocarryonbusi ness.

(
2)Onrecei
ptofsuchanoti
ceasment i
onedinsubsect
ion(
1),
theRegi
str
ar
mayremovetheindi
vi
dual
,fi
rm orcor
porat
ionfr
om ther
egi
ster
.

(
3)Wher etheRegi strarhasr easonabl ecauset obeli
evethatanyi ndiv
idual,
fi
rm orcor por
ationr egisteredundert hi
sActisnotcarryingonbusi ness,
he maysend a not i
ce byr egistered posttot he i
ndi v
idual
,firm or
corporati
on,unl essanansweri sr ecei
vedtosuchnot i
cewi t
hint wo
mont hsfrom thedat et hereof,thei ndivi
dual
,fi
rm orcorporati
onmaybe
remov edfrom ther egister.

(
4)IftheRegist
rareit
herr eceiv
esananswerf r
om theindivi
dual,fi
rm or
cor
porat
iontot heeffectthatthei
ndivi
dual
,fi
rm orcorporat
ionisnot
car
ryi
ngonbusinessordoesnotwi thi
ntwomont hsfr
om thedat eoft
he
not
ice r
eceive an answer ,he may removet he i
ndi
v i
dual
,f ir
m or
cor
porat
ionfrom t
heregi st
er.

(
5)Ifanypersonwhosedut yi tisundersubsection(1)togi
venoti
cet hat
anyindi
vi
dual,f
irm orcor
por ati
onhasceasedt ocar
ryonbusi
nessf ail
s
tocomplywit
ht heprovi
sionsoft hatsubsect
ion,hecommit
sanoff ence
andisli
ableonconv i
cti
ont oaf ineinsuchamountast heCommi ssion
shal
lspeci
fyinitsr
egulat
ions.

CHAPTER4—MI
SCELLANEOUSANDSUPPLEMENTAL

820.(
1)Ev er
yi ndi
vidual
,f i
rm orcor porat
ion requi
red by thi
s Actt o be Publi
cati
onoft
rue
regi
steredshallinalltradecatalogues,tradecircul
ars,show car ds, name.
complimentarycards,not i
ces,bil
ls ofexchange,pr omissorynot es,
endorsements,cheques,ordersformoneyorgoods,i nvoices,recei
pts,
l
ettersofcredits,adver
tisements,businesslett
ersandot heroffi
cial
document si
ssuedorsentbyt heindi
vidualorfi
rmt oanyper son,have
 ment
ionedi
nlegi
blechar
act
ers—

(
a) in the case of an indi
vidual
,hi s pr
esent
for
enames or the ini
ti
alsthereof and pr
esent
surnameandanyf or
merf or
enamesorsur name
andhisnat
ional
it
y;and

(
b)int hecaseofaf ir
m,t hepr esentforenamesor
theinit
ial
st hereofandpr esentsurname,andany
for
merf orenamesorsur namesandt henati
onali
ty
ofallthepar tnersi
nt hef i
rm ori nthecaseofa
companybei ngapar t
ner,thecor por
atename; and

(
c)t
her
egi
str
ati
onnumberoft
hebusi
nessname.

(
2)Wi t
houtprej
udi
cetosecti
on19,theprovi
sionsofsubsect
ion(1)donot
appl
yi nrel
ati
ont o adocumentissued byaf i
rm withmor ethan20
part
nersi
fthefol
lowi
ngcondit
ionsar
emet-

(
a)thepar
tner
shipmaint
ainsati
tspr
inci
palpl
aceof
busi
nessali
stofnamesofallt
hepart
ners;

(
b)no partner
s'name appearsinthe document
,
excepti
ntextorasasi
gnator
y;and

(
c)thedocumentst at
esinl egibl
echaract
ersthe
addr
essoft hefir
m'sprincipalpl
aceofbusi
ness
andthattheli
stofthepartner'
snamesisopento
i
nspecti
onthere.

(
3)Wher eaf
ir
m maint
ainsali
stofthepar
tner
s'namesforthepurposesof
thi
ssecti
on,anypersonmayinspectt
helistdur
ingordinar
ybusiness
hours.

(
4)Anymemberoft hefi
rm,who,wi thoutreasonablejust
ifi
cation,refuses
orsancti
ons t
he ref
usalofan i nspecti
on requi
red bya per son in
accor
dancewit
hthissect
ion,commi t
sanof fenceandisliabletoaf ine
i
nsuchamountastheCommi ssi
onshal lspecif
yinit
sregulations.

(
5)Wher
eani ndi
vi
dualref
err
edtoinsubsect
ion(
1)i
sami
nor
,thewor
ds"
a
mi
nor"shal
lbeadded,i
nbracket
s,af
terhi
sname.

(
6)Ifanindi
vi
dual
,fi
rm orcorporat
ionfai
lstocomplywit
hthi
ssect
ion,t
he
i
ndivi
dualoreachpar tnerinthef i
rm isli
ableto apenal
tyi
nsuch
amountastheCommi ssionshal
lspecif
yinit
sregul
ati
ons.
821.Wher eanyfirm ori
ndivi
dualr equir
edundert hi
sActt ofurni
shast atement Li
abil
i
tyofper
soni
n
def
ault
.
ofpar t
icul
arsorofanychangei nparticul
ars,makesdef aultinsodoing,
therightsofsuchdef ault
erunderorar isi
ngoutofanycont ractmadeor
enteredint
obyoronbehal fofsuchdefaulterinrel
ati
ontot hebusinessin
respectofwhi chpar
ticularswher erequiredatanyt i
mewhi lehei sin
default
,shallnotbeenforceablebyactionorot herl
egalproceedingseit
her
i
nt hebusinessnameorot herwise:

Pr
ovi
dedt
hat—

(
a)t hedef aultermayappl yt oaHi ghCour ti nwhi ch
anysuchcont ractwoul dot herwi
sebeenf orceabl e
forr eliefagai nstt hedisabi l
it
yimposed byt his
sect i
on and a Hi gh Cour ti n which any such
cont ract woul d ot herwise be enf orceabl e,on
beingsat isfiedt hatthedef aultwasacci dent al,or
due t oi nadv ertence,orsome ot hersuf ficient
cause,ort haton ot hergr ounds itisj ustand
equi t
abl et o gr antr eli
ef,maygr antsuch r eli
ef
either gener ally as r egards al l cont racts
enf orceabl e by t he cour t or as respect any
par ti
cularcont ractandonsuchcondi ti
onsast he
cour tmayi mpose; and

(
b)not hingshal lprejudicether i
ghtsofanyot her
parti
esasagai nstt hedefaulterinr espectofsuch
contract,ifany act ion orpr oceedi ng shallbe
commenced by any ot her par ty agai nst the
default
ert oenfor cet her i
ghtsofsuchpar t
yi n
respectofsuchcont ract
,not hingshal lpreclude
the default
erf rom enf orci
ng i nt hataction or
proceeding by way ofcount erclaim,set -of
for
otherwisesuchr i
ght sashemayhav eagainstthat
partyinrespectofsuchcont r
act .

822.(
1)Ev eryi ndivi
dual,fi
rm orcorporati
oncar rying onbusi
nessundera Annual
ret
urns.
regi
steredbusi nessnameshal l
,notlaterthant he30t
hdayofJunei n
eachy ear,exceptt hecalendaryeari nwhi cht hebusi
nessnamei s
regi
stered,delivertotheCommi ssi
onar eturni naprescri
bedfor
m
showingt hepar ti
cular
soft heindiv
idual,fi
rm orcorporat
ionandthe
natur
eoft hebusinesscar
riedon.

(
2)Ther et
urnsshal
lbeaccompaniedbyt hefinanci
alstat
ementofthe
i
ndivi
dual
,fir
m orcor
porat
ion i
nt he busi
nessdur i
ng t
he pr
ecedi
ng
per
iodofJanuar
y1toDecember31.
 (
3)Theretur
nsandt
heaccompany ingfinancialstatementshallbesigned,
i
nthecaseofanindiv
idualorfi
rm consist
ingonl yofindi
vidual
s,bythe
i
ndivi
dual
sand i
nt hecaseofacor poration orapar tnerwho isa
cor
porati
on,
byadir
ectorandthesecretary
.

(
4)Ever
yindi
vi
dual,f
ir
m orcorporat
ionthatfai
lstocompl
ywi t
hanyoft he
pr
ovisi
onsoft
hissect
ionisli
abletoapenaltyandadai
lydefaul
tpenal
ty
pr
escri
bedint
heCommi ssion'
sregul
ations.

PARTF—I
NCORPORATEDTRUSTEES

CHAPTER1—I
NCORPORATEDTRUSTEES
I
ncor
por
ati
onof
823.(
1)Wher et wo ormor et r
usteesareappoi nted byanycommuni tyof t r
ust
eesofcertai
n
personsboundt ogetherbycust om,reli
gion, ki
nshipornat ional
ityorby communi ti
es,bodi
es
anybody orassoci ation ofper sons est abli
shed f orany r eli
gious, andassoci
ati
ons.
educational,l
iter
ary,scienti
fi
c,soci
al,development ,cultur
al,sporti
ngor
chari
tablepur pose,theymay ,i
fsoaut hori
sedbyt hecommuni ty,body
orassoci ati
on( i
nthisActr efer
redtoas" t
heassoci ation")applytothe
Commi ssioninthemannerpr ovi
dedf orregistr
ationundert hisActasa
corporatebody .

(
2)Upon being so r
egi
ster
ed by t
he Commission,the tr
ust
ees shal
l
becomeacorporat
ebodyinaccordancewi
ththeprovi
sionsofsect
ion
830oft
hisPart.

824.TheCommi ssionshal
ldeterminethecl
assi
fi
cati
onofassociati
onstobe Classi
fi
cat
ionof
associ
ati
ons.
regi
steredunderthisPar
tinaccordancewit
htheaimsandobj ectsoft
he
associati
on.
825.(1)Appl i
cat
ionundersecti
on823shal lbeinthefor
m prescri
bedbythe Methodof
appl
icat
ion.
Commi ssionandshal
lstat
et he—

(
a)name ofthe pr
oposed corporat
e bodywhich
mustcont
aint
hewor ds"Incorpor
atedTrust
ees
of
";

(
b)aimsandobj ect
soft heassociat
ionwhichshall
be f or the adv ancement of any reli
gious,
educational
, l i
terary
, sci entif
ic, soci al
,
development,cul tur
al,sport
ing or chari
table
purpose,andshallbelawful
;and

(
c) names,addresses and occupat
ions of t
he
secr
etar
yoft
heassociati
on,i
fany.

(
2)Ther
eshal
lbeat
tachedt
otheappl
icat
ion—
 (
a)two printed copi
es oft
he const
it
uti
on oft
he
associ
ation;

(
b)dulysignedcopiesoftheminut
esoft hemeeti
ng
appointi
ng the trust
ees and authori
sing t
he
appli
cationshowingthepeoplepresentandthe
votesscored;and

(
c)the i
mpressi
on ordrawi
ng oft
he pr
oposed
commonseal,
ift
her
eisone.

(
3)Theappl
icat
ionshal
lbesi
gnedbyt
heper
sonmaki
ngi
t.

(
4)TheCommi ssi
onmayr equi
resuchdeclarat
ionorotherevi
dencein
veri
fi
cati
onoft hestat
ementsandpar ti
cul
arsintheappli
cati
on,and
suchother,
inf
ormat
ionandev i
dence,
ifany,
asitmaydeem f
it
.

(
5)Ifanyper sonknowinglymakesanyf alsestatementorgivesanyfalse
i
nformationforthepurposeofincor
porati
ngt r
usteesunderthi
sPart,
he
commi t
sanof fenceandisl i
abl
eonconv ict
iontoimpri
sonmentforone
yearortoaf i
neastheCour tdeemsfit
.

826.(
1)Aper
sonshal
lnotbequal
if
iedt
obeappoi
ntedoractasat
rust
eei
f— Qual
if
icat
ionof
t
rust
ees.

(
a)hei
sani
nfant
;

(
b)heisapersonofunsoundmi
ndhav
ingbeenso
f
oundbyacour
t;

(
c)hei
sanundi
schar
gedbankr
upt
;or

(
d)hehasbeenconv i
ctedofanoff
enceinvol
vi
ng
fr
aud or dishonest
y wit
hinfi
vey ear
s of hi
s
proposedappoi
ntment.

(
2)I
fapersondisqual
if
iedundersubsect
ion(1)(
c)or(d)act
sasatrust
ee,
heshallbeli
ablet
oapenal t
yforever
ydayduringwhichhesoact
s,the
penal
tyshallbedeterminedinaccordancewithr
egulat
ionsmadeby
theCommi ssi
onfr
om timetotime.

827.Theconst
it
uti
onoft
heassoci
ati
onshal
linaddi
ti
ont
oanyot
hermat
ter— Const
it
uti
on.

(
a)st
atet
henameort
it
leoft
heassoci
ati
on;

(
b)t
heai
msandobj
ect
soft
heassoci
ati
on;
and
 (
c)makepr
ovi
sions,
inr
espectoft
hef
oll
owi
ng—

(
i)appoi
ntment,powers,dut
ies,t
enureofof
fi
ce
andreplacementofthetr
ustees,

(
ii
)theuseandcust
odyoft
hecommonseal
,if
ther
eisone,

(
ii
i)t
hemeet
ingsoft
heassoci
ati
on,

(
iv)t
henumberofmember softhegoverni
ng
body,if any,the pr
ocedur
e for their
appoi
ntmentandr
emoval
,andthei
rpowers,
and

wher
esubscript
ionsandothercontr
ibuti
onsaretobecol l
ected,
t
heprocedurefordisbur
sementofthef undsoftheassociat
ion,
t
hekeepingofaccountsandtheaudi
tingofsuchaccounts.

828.(
1)IftheCommi ssionissatisf
iedthattheappl i
cat
ionhascompliedwith Advert
isementand
obj
ecti
ons.
thepr ov
isi
onsofsect i
ons825-827oft hi
sAct,itshal
lcauset he
appli
cati
on to be published in a pr escri
bed form intwo dai l
y
newspaperscircul
ati
ng int he area wherethe associ
ati
on i
st o be
sit
uated and atleastone oft he newspapers shal
lbe a nati
onal
newspaper.

(
2)Theadv
erti
sementshal
linv
iteobj
ect
ions,i
fany
,tot
her
egi
str
ati
onof
t
hebody.

(
3)Theobject
ionshal
lstat
ethegroundsonwhichi
tismadeandshal
lbe
f
orwardedtoreachtheCommi ssi
onwit
hin28daysofthedat
eofthe
l
astofthepubl
icat
ionsi
nthenewspaper
s.

(
4)Ifobjecti
onsaremade,t heCommi ssionshallconsiderthem andmay
requir
etheobjecti
onsandappl i
cants,tofur
nishf ur
therinfor
mati
onor
explanati
on,
andmayuphol dorrej
ecttheobjecti
onsasi tdeemsfitand
i
nformt heappl
icantaccordi
ngly
.

829.(
1)If,af
tertheadvert
isement,noobject
ionisr ecei
vedwi thi
ntheperiod Regi
str
ationand
cer
ti
fi
cate.
speci
fi
edi nsect
ion828oft hi
sActor,wher eanyobj ecti
onisrecei
ved
andthesamei sreject
ed,theCommi ssi
on,havingr egardtoallthe
ci
rcumstances,mayassenttotheappl
icati
onorwi thholdit
sassent.

(
2)I
ft he Commissi
on assentstothe appl
icat
ion,i
tshal
lregi
stert
he
t
rusteesandi
ssueacertif
icat
eint
heprescri
bedfor
m.
830.(
1)From the dat
e ofr
egist
rat
ion,t
he t
rustees shal
lbecome a body Eff
ectofregi
str
ati
on
andcert
if
icat
e.
cor
por
atebythenamedescri
bedint
hecerti
fi
cate,andshal
lhav
e-

(
a)per
pet
ualsuccessi
on;

(
b)acommonseali
ftheysowi
sh;

(
c)powertosueandbesuedi
nit
scor
por
atename
assuchtr
ust
ees;
and

(
d)subjectt osect ion836oft hisPart,powert ohol d
andacqui r
e,andt ransfer,assi
gnordi sposeof
anypr oper ty,orintereststherei
nbel ongi ngt o,or
heldf ort hebenef itofsuchassoci ation,insuch
mannerand subj ectt o such restri
ct i
ons and
provi
si ons as t he t r
ustees mi ght wi thout
i
ncor por ati
on,holdoracqui re,t
ransfer ,assignor
otherwi sedi sposeoft hesamef orthepur poses
of such communi t
y,body or associ ation of
persons.

(
2)Thecer t
if
icat
eofi ncor
porat
ion shal
lv esti
nt hebodycorpor
ateall
propert
yandi nt
erest
sofwhatevernatureortenurebel
ongi
ngtoorheld
byanyper son i
nt r
ustforsuch communi ty
,bodyorassociat
ion of
persons.

(
3)Acer ti
ficat
eofincorporati
onwhengr antedshallbepr i
maf aci
eevi
dence
thatal lthepreli
minaryr equi
sit
ionsher ei
n contained and r
equi
red i
n
respectofsuchi ncorporati
onhav ebeencompl iedwi t
h,andthedateof
i
ncor porati
onment i
onedi nsuchcer ti
fi
cateshal lbedeemedt obethe
dateonwhi chi
ncorporati
onhast akenplace.

831.Wit
houtprej
udi
ce tothe pr
ovi
sions ofsect
ion 849 ofthi
s Act
,the Rel
atedassoci
ati
ons.
Commissi
onmaydir
ectt
hatforal
loranyoft
hepurposesofthi
sAct—

(
i)anassociati
onbet r
eatedasfor
mingpar
tofan
al
readyr
egist
eredassoci
ati
on;
and

(
ii
)anyt woormoreassociat
ionhavi
ngthesame
t
rust
eesbet
reat
edasasingl
eassoci
ati
on.

CHAPTER2—CHANGESI
NREGI
STEREDPARTI
CULARSOFI
NCORPORATED
TRUSTEES
832.(
1)Wher etheassociati
on i
sdesirousofchanging,al
ter
ing i
tsname, Changeofnameor
obj
ect
s.
objectsoranyofthem,thetr
usteesshallappl
ytotheCommi ssionin
theprescri
bedfor
m setti
ngoutthealt
erati
onsdesi
redandattachinga
copyoft heresol
uti
onapprovi
ngt hechangeanddulycert
if
iedbyt he
trust
ees.

(
2)TheCommi ssi
ononr ecei
ptoftheappl
icati
onshallconsi
deritand,i
f
sat
isf
iedt
hatthechangeoral
ter
ati
onisprimafaci
elawfulshal
l—

(
a)causet
heapplicat
iontobepubl
ishedi
ntwodail
ynewspaper
sin
t
hemannerspeci
fi
edinsecti
on828(
1)ofthi
sAct
;and

(b)dir
ectt hecorporati
ont odispl
ayforatleast28day sanoti
ceofthe
proposed change or al terati
on conspicuously mounted at the
corporationheadquarters,oratanybr anchof fi
ce,oranysuchplace
where a maj or
ity oft he member s arel ikel
yt o see i
t,as the
Commi ssionmayr equi
re.

(
3)Thepublicati
onandnoti
cesshallcal
lforobj
ecti
onswhich,i
fany,shal
l
stat
et he grounds of obj
ect
ion and be forwar
ded tor each the
Commi ssionnotl
atert
han28day saftert
helastofthepubl
icat
ionsin
thenewspapers.

(
4)Theprovi
sionsofsect
ion827andofsecti
on825(
1)ofthisPartofthis
Actshallapplytothissect
ion astheyappl
yto an appl
icat
ion for
regi
str
ati
on.

(
5)Ift
heCommi ssi
onassent
stot heappli
cat
ion,t
healt
erati
onsshallbe
madeandinthecaseofachangeofname,theCommissionshal
lissue
anewcer
ti
ficat
einthenewnamei npl
aceofthefor
mercerti
fi
cat
e.

833.Subjectto secti
ons827 and 828 oft hisPar
t,an associ
ati
on whose Alter
ati
onsof
provi
sionsofthe
trust
eesarei ncorpor
ated underthi
sPar tmayalterit
sconstitut
ion by consti
tuti
on.
resol
uti
onpassedbysi mpl
emaj or
ityofi
tsmembersandappr ovedbyt he
Commi ssi
on.
Repl
acementand
834.(
1)Whereabodyorassociati
onintendstor epl
acesomeoralli
tstr
ustees appointmentof
addi
ti
onalt
rust
ees.
orto appointaddi
ti
onaltr
ustees,itmaybyr esol
uti
onatagener al
meeti
ngdosoandappl yi
nthepr escr
ibedformfortheappr
ovalofthe
Commi ssi
on.

(
2)Uponsuchappli
cati
on,t
heprov
isi
onsofsecti
on832( 2)-(
4)ofthi
s
Actshal
lappl
ytothi
ssecti
onastheyappl
ytothechangeofnameor
obj
ect.

(
3)I
ftheCommi
ssi
on assent
stot
heappl
icat
ion,i
tshal
lsi
gni
fyi
ts
 assentinwrit
ingtotheboardorassociat
ionandt heappoi
ntment
shallbecomeval
idasfr
om thedat
eoft heresol
uti
onappoint
ingthe
tr
ustees.

835.Anychangeoral
ter
ationpurport
edt
obemadei
ncont
rav
ent
ionofsect
ion Changesin
contr
aventi
onof
832,
833or834ofthisPartofthi
sActv
oid. cert
ainprovi
sionsof
thi
spartofthi
sAct .

CHAPTER3—COUNCI
L,POWERS,
INCOMEANDPROPERTY

836.Theassoci ati
onmayappoi ntacounci l
,orgoverni
ngbody ,whi
chshal l Counci
lorgov
erni
ng
i
ncludet hetr
usteesandmay ,subj
ectt
otheprov
isionsofthi
sPart,assi
gn body.
toi t such admi ni
str
ati
ve and management functi
ons as it deems
expedi
ent .

837.Thepowersvest
edi nthetrust
eesbyorunderthi
sActshal
lbeexercised Exer
ciseofpower
sof
tr
ust
ee.
subj
ecttothedirect
ionsoft heassoci
ati
ons,ort
hecounci
lorgoverning
bodyappoi
ntedundersecti
on836oft hi
sPart.
Appl
icat
ionofincome
838.(
1)Theincomeandpropert
yofabodyorassoci
ati
onwhosetrust
eesare andproper
ty.
incor
porat
edundert
hisPar
toft
hisActshal
lbeappl
iedsol
elyt
owards
–

(
a)t
hepromoti
onoftheobject
soft
hebodyasset
f
ort
hinit
sconst
it
uti
on;
and

(
b)noporti
onf r
om itshallbepaidortransf
err
ed
di
rect
lyorindi
rect
ly,bywayofdivi
dend,bonus,
orother
wise by way ofpr of
itt
o any ofthe
membersoftheassociat
ion.

(
2)Nothi
nginsubsecti
on(1)(
b)shallpreventthepayment,i
ngoodfait
h,of
r
easonabl
eandpr operr
emuner at
iontoanof fi
cerorser
vantoft
hebody
i
nretur
nforanyservi
ceactual
lyrender
edt othebodyorassoci
ati
on:

Pr
ovi
dedt
hat—

(
a)withtheexcepti
onofex-of
fi
ciomember softhe
gover
ningcouncil,nomemberofacounci lor
gover
ning body shall be appoi
nted to any
sal
ari
edof f
iceoft hebodyoranyof f
iceofthe
bodypaidbyfees;and

(
b)noremuner
ati
onorotherbenef
itinmoneyor
money
'swor
thshal
lbegiv
enbythebodyt oany
memberofsuch counci
lorgov er
ning body
,
 exceptr epaymentofout -
of-
pocketexpenses,
reasonablerentforpremisesdemisedorletto
thebodyorr easonabl
efeeforser
vicesr
endered.

(
3)Aper sonwhoknowingl
yact
sorjoi
nsinact
ingincont
rav
enti
onoft hi
s
sect
ion,heisli
abl
etoref
undsuchi
ncomeorproper
tysomisappl
iedto
theassoci
ati
on.

CHAPTER4—SUSPENSI
ONOFTRUSTEES,APPOI
NTMENTOFI
NTERI
M
MANAGERS,
ETC.

839.(
1)TheCommi ssi
onmaybyor dersuspendthetr
usteesofanassociat
ion Suspensionof
tr
ustees,et
c.,
and
andappoi
ntanint
eri
m managerormanager stomanaget heaff
airsof appoint
mentof
anassoci
ati
onwherei
treasonabl
ybeliev
esthat— i
nteri
m managers,
et
c.
(
a) ther
ei s or has been any misconduct or
mismanagementint he admi
nist
rati
on ofthe
associ
ati
on;

(
b)i
tisnecessar
yordesi
rabl
efort
hepur
poseof—

(
i)pr
otect
ingt
hepr
oper
tyoft
heassoci
ati
on,

(
ii
) secur i
ng a proper appl
icati
on for the
propert
y of t he associat i
on t owards
achievi
ngtheobject
softheassociati
on,the
purposesoftheassoci
ati
onoft hatpropert
y
oroftheproper
tycomingtotheassociati
on,

(
ii
i)publ
ici
nter
est
;or

(
c)t
he aff
air
s oft
he associ
ati
on ar
e bei
ng r
un
f
raudul
entl
y.

(
2)Thetr
usteesshallbesuspendedbyanor derofCour tuponthepeti
ti
on
oftheCommi ssionormember sconsist
ingone-f
ift
hoft heassoci
ati
on
and the pet
it
ioners shal
lpresentallreasonable evi
dence orsuch
evi
denceasrequestedbyt heCourti
nrespectofthepetit
ion.

(
3)Uponthehear i
ngoft hepet i
ti
onandt heappoi
ntmentofthei
nter
im
manager,t
heCour t,wit
htheassist
anceoftheCommissi
on,maymake
prov
isi
onwi t
hr especttothefunct
ionstobeperf
ormedbythei
nter
im
managerormanager sappoint
edbyt heor
der-

(
a)thepowersandduti
esofthei
nteri
m manageror
manager
s which mayincl
ude t
he powers and
 duti
es of the t
rust
ees of t
he associ
ati
on
concer
ned;
and

(
b)anypowerordutyspecif
iedunderparagr
aph(a)
t
o beexerci
sabl
eordi scharged bytheint
eri
m
managerormanagerst ot he excl
usi
on ofthe
t
rust
ees.

(
4)Thef unct
ionsshal
lbeperf
ormedbytheint
eri
m managerormanager
s
underthesuperv
isi
onoft
heCommi ssi
on.

(
5)Ther ef
erencein subsect
ion (
1)t
o mi
sconductormi
smanagement
ext
endstotheemploymentfor—

(
a)ther
emunerati
onorrewardofper
sonsact
ingi
n
t
heaf
fai
rsoftheassoci
ati
on,
or

(
b)ot heradministr
ati
vepur poses,ofsumswhich
areexcessi
vei nrel
ati
ont otheproper
tywhi
chis
orisl i
kel
yt o beappl i
ed orappli
cabl
eforthe
purposesoftheassociati
on.

(
6)A courtofcompetentjur
isdi
cti
on may,upon t
he pet
it
ion oft
he
Commissi
onormembersoft
heassoci
ati
on—

(
a)orderorsuspendanyper son,off
icer
,agentor
employee oft he association f
rom offi
ce or
employment,pr ovided t
hat such suspension
doesnotexceed12mont hsf rom t
hedateofthe
orderorsuspension;

(
b)by orderappoi
ntsuch numberofaddi t
ional
tr
ust
eesasitconsider
snecessar
yfort
hepr
oper
admi
nistr
ati
onoftheassoci
ati
on;

(
c)byor
der—

(
i)vestanyproper
tyheldbyori ntr
ustf ort
he
associati
onint heoff
icialcustodian,who
shallbe a person so designated bythe
courtfrom t
imet ot
ime;

(
ii
)requir
et he per
sons in whom anysuch
pr
opertyisv ested t
ot ransf
erittot he
off
ici
alcust
odianwhowi llbeanindi
vi
dual
as the court may,from t i
me tot i
me
 desi
gnat
e,or

(
ii
i)appoi
ntanyper
sont otransferanysuch
proper
tyt
otheof
fici
alcustodi
an;

(
d)or deranyperson who hol
dsanypr oper
tyon
behalfoftheassoci
ati
on,orofanytr
usteefori
t,
nottopartwiththeproper
tywit
houtt
heapproval
oftheCourt;

(
e)orderanydebtoroftheassociat
ionnottomake
anypay mentinort owardsthedischar
geoft he
debtor
'sli
abi
li
tydirect
lytotheassociat
ionbutt o
make such pay menti nto an i
nter
esty i
elding
accounthel
dbyt heCommi ssionf
orthebenefitof
theassoci
ati
on;

(
f)byor derrestri
ct(regardl
essofany t
hinginthe
trust
soft heassociation)thet
ransact
ionswhich
maybeent eredint
o,ort henatureoramountof
the pay ments which may be made, i n the
administr
ati
on of the associati
on without t
he
approvalofthecourt
; or

(
g)byor derappointaninteri
m managert
oactas
recei
verandmanageri nr espectoft
heproper
ty
andaffai
rsoftheassoci
ation.

(
7)Wher e,atanyti
meaftertheCommissi
onhasmadeanenqui
ryi
ntothe
aff
air
soft heassoci
ati
on,iti
ssat
isf
iedastot
hematt
ersmenti
onedin
subsecti
on(1),
itmaysuspendorr
emove—

(
a)anyt rusteewho hasbeen r
esponsiblef
oror
pr
ivytot hemisconductormismanagementor
whoseconductcontr
ibut
edt
oorfaci
li
tatedi
t;or

(
b)byorderoftheCourt
,establi
shaschemef
ort
he
admi
nist
rat
ionoftheassociat
ion.

(
8)Thecour
tmaybyor
derr
epl
aceat
rust
eer
emov
edundersubsect
ion(
7).

(
9)Aper sonwhocont r
avenesanorderundersubsecti
on(6)(d)
,(e)and(f
)
commitsanoffenceandisli
abl
eonconv i
cti
ontofineastheCourtdeems
fi
tori
mprisonmentforater
m of6mont hsortoboth.

(
10)TheCommi
ssi
onmaymaker
egul
ati
onsi
nrespectof—
 (
a)thef unct
ions,power
sandremuner at
ionofthe
i
nter
im managerand t hemannerin which t
he
i
nter
im manager shallmake r eport
st o the
Commi ssi
on;and

(
b)maki ngreport
stot heCommi ssi
on,andsuch
other thi
ngs as may be necessar yf or t
he
effect
iveadmini
str
ati
onoftheassociat
ionduri
ng
theperiodofi
tsint
eri
m admini
str
ati
on.

(
11)TheCommi ssi
onshallonl
yexerci
seit
spowerunderthi
ssect
ioni
n
respectofanyassoci
ati
onwit
htheappr
ovaloft
heMi
nist
er.

CHAPTER5—COMMONSEALANDCONTRACT

840.Thecommonseal ,i
fanyoft hebodycor porateshallhavesuchdev i
ceas Commonseal
.
maybespeci fi
edint heconst i
tution,andanyi nstr
umentt owhicht he
common sealoft he corporate body has been af f
ixed i
n apparent
compl i
ancewiththeregulati
onsf ort heuseoft hecommonsealshal lbe
binding on t he corporate body , notwi
thstanding any defect or
ci
r cumstanceaff
ect
ingtheexecut ionofsuchi nstrument.

841.Subj
ecttotheprovi
sionsofthi
sPar
toft
hisActandoftheconst
itut
ionof Cont
ractofcor
por
ate
body
.
theassoci
ati
on,thecorpor
atebodymaycontr
actinthesamef orm and
mannerasanindivi
dual.

CHAPTER6—ACCOUNTSANDANNUALRETURNS

POWERTODI
RECTTRANSFEROFCREDI
TSI
NDORMANTBANK

842.(
1)Wher eabankhol dsoneormor eaccount sinthenameoforonbehal f Accountsof
oftheincorpor
atedtrust
eesofapar t
icularassoci
ati
on, andt heaccount
, di
ssolved
or,ifitholdst wo ormor e accounts,and each oft he accountsis i
ncorporat
edtr
ust
ees.
dormant( asdefinedunderther el
evantbanki ngregulati
on) ,t
hebank
shallwit
houtdelaynoti
fytheCommi ssionofthesefacts.

(
2)Wher etheCommi ssionreceivesanot iceundersubsect i
on( 1)
,the
Commi ssionmayr equestthattheassoci at
ionprovi
deev i
denceofi ts
acti
vi
ties,andwher etheassociat
ionfail
storespondsat i
sfactori
lywithin
15day soft herequest,theCommi ssi
onmaydi ssolv
et heassoci ati
oni n
accordancewi t
hsect i
on850,andwher eanassociati
oni ssodi ssolved,
theCommi ssi
onmaygi veadirecti
ontot hebankconcer nedt otransfer
—

(
a) t
he amount
,or
,as t
he case may be,t
he
 aggregat
eamount ,standingtothecreditoft
he
rel
evantassociat
ioni ntheaccountoraccounts
i
n question to such ot herassociati
on as i
s
specif
ied i
nt he directi
on in accor
dance wit
h
subsecti
on(3)ofthissect i
ontothebank;or

(
b)toeachoft woormor eotherassoci
ati
onsso
speci
fi
ed i
nt he dir
ecti
on,such partoft hat
amount or aggregat
e amount as i s there
speci
fi
edi
nrelat
iontothatassoci
ati
on.

(
3)Theprovi
sionsofsubsect
ion(2)shallalsoapplywheretheCommissi
on
isunable,aft
ermakingreasonablei nqui
ries,t
olocateanassoci
ati
on
regi
ster
edunderthisActoranyofitst r
ustees.

(
4)TheCommi ssi
onmayspeci f
yinadi r
ecti
onundersubsect
ion(2)such
otherassociat
ionorchari
tyasi tconsi
dersappr
opri
ate,
havi
ngregardto
thepurposesofthatassociati
onorchar i
ty:

Prov
ided thatbefore any associat
ion may be so speci
fi
ed by the
Commi ssi
on,thetrusteesofsuchanassoci at
ionshall,byawr i
tten
memor andum totheCommi ssi
on,indi
catei
tswi l
li
ngnessto accept
suchamountt obetransfer
redtoit.

(
5)Anyamountrecei
vedbyanassoci
ati
onbyv i
rt
ueoft
hissect
ioni
stobe
recei
vedbyt
heassociat
ionont
ermsthat—

(
a)iti
stobeheldandappli
edbyt heassoci
ati
onf
or
t
hepurposesoft
heassociat
ion;

(
b)aspr oper
tyoftheassociati
on,i
tisnever
thel
ess
subjectt o any r
estr
ict
ions on expendi
turet o
whichi twassubjectaspr oper
tyoftherelevant
associati
on;and

(
c)t her ecei
ptofat r
usteef oranassociati
oni n
respectofanyamountr eceiv
edf r
om ar el
evant
bank by v i
rt
ue oft hi
s section i
s a complete
dischargeofthebankinrespectofthatamount.

(
6)TheCommi ssi
onshallonl
yexerci
sei
tspowerunderthi
ssect
ioni
n
r
espectofanyassoci
ati
onwitht
heappr
ovaloft
heMi
nist
er.

843.Whereanybankhasgivennoti
cetotheCommissionundersect
ion842(1) Accountswhich
ceasetobedormant
ofthi
sAct ,i
tshal
l,subjecttoanycontr
aryprov
isi
onundert herel
evant beforet
ransf
er.
banki
ng enact
ment,notr e-
acti
vat
et hedormantaccounts,wit
houtfi
rst
 not
if
yingt
heCommi
ssi
on-

(
a)i fbefor
eanyt ransferismadebyt hebankin
pursuanceofadi r
ecti
onundersect ion842(2)of
thi
sAct ,thebankhascauset obelievet
hatthe
accountoraccountsheldbyiti
nt henameoforon
behalfofanassociati
onisnol ongerdormant,t
he
bankshallwithoutdel aynoti
fyt heCommi ssi
on
thattheaccountoraccount shav eceasedt obe
dormant.

(
b)ifi tappearstotheCommi ssi
onthattheaccount
oraccount si n quest
ion is orare no l onger
dormant , orwher et he Commission receives
satisfactor
y account of the acti
vit
ies of t he
associ at
ionpursuanttosect i
on842( 2)
,itshall
revoke any di r
ecti
on made t othe bank under
sect i
on842( 2)oft hi
sActwi threspecttoany
suchaccount .

844.(
1)Noobl i
gationastosecr ecyorotherrest
rict
ionondiscl
osur e,however Dormantbank
accounts:
i
mposed, shal l precl
ude a r elevant bank from di scl
osing any suppl ementar
y.
i
nformation on t he st at
us of dor mant bank account s t o t
he
Commi ssionfort
hepur poseofenabl i
ngtheCommi ssi
ont odischar
ge
i
tsfuncti
onsundersect i
ons842and843oft hisAct.

(
2)Forthepur
posesoft
hissect
ionandsecti
ons842and843oft
hisAct
and,
anaccounti
sdor
mantifnotr
ansact
ion,ot
hert
han—

(
a)at ransact
ionconsi
sti
ngofapay
menti
ntot
he
account,
or

(
b) a t ransacti
on whi ch the bank hol di
ng the
accounthas i t
selfcaused t o be eff
ected,has
beenef f
ectedinrelat
iontotheaccountwi thi
nthe
peri
odoff iv
ey earsi mmedi at
elyprecedingthe
date when t he Commi ssion isi nf
ormed as
mentionedinsection842( 1)ofthi
sAct .

(
3)Forthepur
posesofsecti
ons842and843ofthi
sAct
,thet
erm"
bank"
andi
nthi
ssect
ion,
a"rel
evantbank"means—

(
a)anyCent r
alBankofNiger
iadesi
gnat
edmoney
deposi
tinsti
tut
ion;
or

(
b)such ot
herper
son oror
gani
sat
ion who may
 l
awful
lyacceptdeposi
tsasmaybepr
escr
ibed
byt
heMinist
er.

(
4)Forthepurposesofsect
ions842and843ofthi
sAct
,ref
erencestothe
tr
ansferofanyamounttoanassociat
ionar
edeemedtober efer
ences
toanyofit
st r
ansf
ersmadet o—

(
a)t
het
rust
eesoft
heassoci
ati
on,
or

(
b)anytrust
eeoftheassoci
ation,ast
hetrusteeof
t
heassoci
ati
onmaydetermine,andanyref
erence
t
oanyamountrecei
vedbyanassociati
onist obe
r
eadaccordi
ngl
y.

845.(
1)Thet rusteesofanassociat
ionshallsubmittot
heCommissi
onabi- Bi
-annualst
atement
ofaff
air
s.
annualstatementofaff
air
softheassociat
ion,
astheCommi
ssi
onshal
l
speci
fyini t
sregul
ati
ons.

(
2)Ifthet
rust
eesfai
ltocompl
ywithsubsection(1),eachtr
usteeshal
lbe
l
iablet
oapenaltyforev
erydayduri
ngwhi chthedefaul
tconti
nuesin
suchamountastheCommissi
onshallspecifyi
nitsregul
ati
ons.

846.(
1)Thet r
usteesofanassoci
ati
onshallensurethataccount
ingrecordsare Account
ingr
ecor
ds
andstat
ementof
keptinrespectoft
heassociati
onandsuchaccount i
ngrecordsshallbe account
s.
suff
icienttoshowandexplainthet
ransacti
onsoft heassociat
ion,and
—

(
a)di
scl
oseatanyti
me,wit
hreasonabl
eaccur
acy,
t
hefi
nanci
alposi
ti
onoftheassoci
ati
onatthat
t
ime;
and

(
b)enablet
hetrusteestoensur
ethatst
atement
sof
account
s pr epared by them compl y wit
h
subsect
ion(
3) .

(
2)Theaccount
ingr
ecor
dsshal
l,
inpar
ti
cul
arcont
ain—

(
a)entri
esshowi ngf r
om dayt o dayal
lsumsof
moneyrecei
vedandexpendedbyt heassociat
ion,
andthemat ter
si nrespectofwhi cht
her eceipt
andexpendi
turetookplace;and

(
b)a r ecor
d oft
he asset
s and l
iabi
li
ti
es oft
he
associ
ati
on.

(
3)TheCommi
ssi
onmaymaker
egul
ati
onsgener
all
yfort
hepur
poseoft
his
 Partand,i
n part
icul
ar,wi
thoutpr ej
udi
ce t
othe gener
ali
ty oft
he
for
egoi
ngpr
ovi
sions,maker
egulat
ions—

(
a) prescr
ibing the forms, r
etur
ns and ot
her
i
nformationrequi
redundert
hisPart
;

(
b)prescr
ibing t
he procedur
ef orobt
aini
ng any
i
nfor
mat i
onrequi
redunderthi
sPar
t;

(
c)requi
ri
ngr et
urnst obemadewit
hintheper
iod
speci
fi
edtherei
nbyanybodycor
porat
etowhich
thi
sPartappl
ies;and

(
d)prescr
ibi
ng rel
evantaccounti
ng pri
ncipl
es or
st
andar
dst obeadopt
edbyt heassoci
ati
on.

(
4)Regul
ati
onsundersubsect
ion(
3)mayi
npar
ti
cul
arpr
ovi
de—

(
a)forthestat
ementtobepreparedi
naccordance
wit
hmet hodsandpri
nci
plesasarespeci
fiedor
r
eferredt
ointher
egul
ati
ons;and

(
b)anyi
nfor
mat i
ont obepr
ovi
dedbywayofnot
es
t
otheaccounts.

(
5)The f inancialy earofan associ ati
on shallbe determined by the
Commissiont hroughregul
ati
onsi ssuedundersubsection( 3)andt he
Commissionmayal somakeprovisi
onf ordet
ermini
ngthef i
nancialy
ears
ofanassoci ationforthepurposesoft hisActandanyr egulat
ionmade
underi
t.

847.Theaccounti
ngr
ecor
dsofanassoci
ati
onshal
lbepr
eser
vedbyi
tforsi
x Preser
vati
onof
accounti
ngrecor
ds.
year
sfrom t
hedat
eonwhicht
heyweremade.
848.(
1)Thet rusteesoft heassociati
onshal l
,notear l
ierthan30thJuneorl ater Annualret
urns.
than 31stDecembereach y ear(othert han they eari n whi
ch i
ti s
i
ncor porated),submittotheCommi ssionar eturnshowi ngt henameof
theassoci ati
on, t
henames, addressesandoccupat ionsoft hetrust
ees,
andmember soft hecouncilorgov erningbody ,particul
arsofanyland
heldbyt hecor porat
ebodydur i
ngt hey ear,andofanychangewhi ch
has t aken place int he consti
tut
ion oft he associ at
ion duri
ng the
precedingy ear.

(
2)Ther et
urnref
erredtoinsubsect
ion(1)shal
lbeaccompani
edbyt
he
audi
tedst
atementofaccount
sforthey
earofretur
n.

(
3)I
fdef
aul
tismadei
ncompl
yi
ngwi
tht
hissect
ion,t
hecor
por
atebodyi
s
 l
iabl
etoapenal
tyasmaybepr
escr
ibedbyr
egul
ati
on.

CHAPTER7—MERGERANDDI
SSOLUTI
ON

849.Twoormoreassoci
ati
onswi
thsi
milarai
msandobject
smaymergeunder Mergerof
ter
msandcondi
ti
onsastoCommissionmaypr
escr
ibebyr
egul
ati
on. associ
ati
ons.

850.(
1)Abodycorpor
ateformedunderthi
sPar
tmaybedi
ssol
vedbyt
heCour
t Dissol
uti
onofa
corpor
atebody
onapet
it
ionbroughtfort
hatpur
poseby— formedundert
his
Act
.
(
a)t
hegov
erni
ngbodyorcounci
l;

(
b)oneormor
etr
ust
ees;

(
c)membersoftheassoci
ati
onconst
it
uti
ngatl
east
50%oft
hetot
almembership;
or

(
d)t
heCommi
ssi
on.

(
2)Thegr
oundsonwhi
cht
hebodycor
por
atemaybedi
ssol
vedar
ethat—

(
a) the aims and obj ect
s for which it was
establ
ished have been f
ull
yreal
ised and no
usefulpurposewouldbeservedbykeepingthe
corporati
onali
ve;

(
b)the bodycor porateisf ormed t
o existfora
speci
fi
edperiod,thatper
iodhasexpiredanditi
s
notnecessar
yf ori
ttocontinuet
oexist;

(
c)allt
heaimsandobjectsoftheassoci
ati
onhav
e
becomeill
egalorotherwi
secontrarytopubl
ic
poli
cy;

(
d)i
tisjustandequi
tabl
einal
lthecir
cumstances
t
hatt
hebodycorporat
ebedi
ssol
ved;and

(
e)thecert
if
icateofregi
strat
ionoftheassoci
ati
on
hasbeenwi t
hdrawn,cancell
edorrev
okedbythe
Commission.

(
3)Att hehear
ingoft
hepet
iti
on,
allpersonswhoseint
erestorr
ightsmay,i
n
theopini
onoftheCourt
,beaffectedbythedissol
utionshallbeputon
noti
ce.

(
4)I
fint
heev
entofawi
ndi
ngupordi
ssol
uti
onoft
hecor
por
atebodyt
her
e
 remains,afterthesati
sfacti
onofalli
tsdebtsandli
abil
it
ies,anypropert
y
whatsoev er,thesameshal lnotbepaidto ordistri
buted among the
member soft heassociati
on,butshal
lbegivenort r
ansferredt
osome
otherinsti
tuti
onshavi
ngobj ect
ssimil
artot
heobject
soft heassoci
ation:

Provi
dedt hatt
heinst
it
utionshal
lbedeter
minedbyt
hemember
soft
he
associat
ionatorbef
oretheti
meofdissol
uti
on.

(
5)I feff
ectcannotbe giv
en tothe pr
ovi
sions ofsubsect
ion (
4),t
he
r
emaini
ngproper
tyshal
lbetr
ansf
err
edtosomechar i
tabl
eobj
ect.

PARTG—GENERAL

CHAPTER1—ESTABLI
SHMENTOFADMINI
STRATI
VEPROCEEDI
NGS
COMMITTEE

851.(
1)The Commissi
on shal
lestabli
sh an Admi
nist
rati
ve Pr
oceedi
ngs Establ
ishmentof
Committ
ee(
inthi
sActref
err
edt oas“theAdmi
nistr
ati
veCommi tt
ee”
) administrat
ive
proceedings
compr
isi
ng— commi tt
ee.

(a) t
he Regi st
rar
-General who shal
l be t
he Chai
rman of t
he
Administ
rat
iveCommi tt
ee;

(b)fi
ver epr
esent
ati
ves fr
om the operat
ionaldepart
ments ofthe
Commi ssi
on,notbel
ow thegr
adel evelofadi r
ector
,oneofwhom
shal
lbef r
om t
heCompli
anceDepart
mentoft heCommi ssi
on;and

(
c)ar epr
esent
ati
veoftheFeder
alMini
str
yofI ndust
ry,Tr
adeand
I
nvest
mentnotbel
owthegr
adelev
elofadi
rect
or.

(
2)The Admi nist
rati
ve Committee may co- optper sons,atany ofi t
s
meetings,as obser ver
s,representatives of r elev
ant associ
ati
ons,
i
ncluding associati
onsofshar eholders,registr
arsort r
ust
ees,asare
consider
ed necessar y
,and member s so co-opt ed shal
lnotcount
towardsaquor um orhav et
her ighttov otei nrespectofanydecisi
on
takenbytheAdmi ni
str
ati
veCommi tt
ee.

(
3)TheCommi ssi
onshalldesi
gnateanof
fi
ceroft heCommissi
onwit
hat
l
east10yearspost-
cal
lexperi
encei
nthelegalprof
essi
onwhoshal
lbe
t
hesecret
aryoftheAdmini
str
ati
veCommit
tee.

(
4)TheAdmi
nist
rat
iveCommi
tt
eeshal
l—

(
a)pr ovi
de t
he oppor
tuni
ty ofbei
ng heardfor
per
sons all
eged to have contr
avened t
he
 pr
ovi
sionsoft
hisActori
tsr
egul
ati
ons;

(
b)r esol
vedisputesorgrievancesarisi
ngfrom t
he
operat
ionsofthisActorit
sr egul
ati
ons;and

(
c) i mpose admi ni
str
ati
ve penal t
ies f or
contr
avent
ionoft
heprovi
sionsoft
hisActorits
regul
ati
onsint
heset
tl
ementofmatt
ersbefor
eit.

(
5)Thechai r
man shallpresi
deatever
ymeeting oftheAdmi ni
str
ati
ve
Commi t
teeandinhi sabsencet
hememberspr esentatthemeet i
ng
shal
lsel
ectoneofthei
rnumberst
opresi
deov
erthemeet i
ng.

(
6)The quorum ata si
tti
ng oft he Administ
rativ
e Commi t
tee i
sf our
memberspresentwhi
lethedeterminati
onofi ssueshallbebysi mple
major
it
yofmember spresentandwher ethereisequal
it
yofv otes,the
chai
rmanorthememberpresidi
ngshallbeenti
tledtoacasti
ngvote.

(
7)Par t
iesshallat tend the si
tt
ing oft he Administ
rat
ive Commi t
tee i
n
personorber epresentedbyal egalpracti
ti
oner.
(
8)Proceedingsoft heAdmi ni
strat
iveCommi t
teeshallber ecor
ded on
audioorvisualtapeorsuchot herelectroni
cdevice.

(
9)Deci
sionsreachedonanymat t
erbef or
etheAdmini
str
ativeCommi t
tee
shal
lbe forwarded t
ot he part
ies notlat
erthan 14 days af
terthe
conf
ir
mationbyt heBoar
d.

(
10)Thesanct
ionst
hatmaybei
mposedbyt
heAdmi
nist
rat
iveCommi
tt
ee,
i
nclude—

(
a)i
mposi
ti
onofadmi
nist
rat
ivepenal
ti
es;

(
b)suspensi
onorr
evocat
ionofr
egi
str
ati
on;
or

(
c) recommendation f
or cr
iminalpr
osecuti
on if
matter
sbroughtbef
orei
treveal
sanycr
iminalact
orconduct
.

(
11)Deci
sionsoft
heAdmi
nist
rat
iveCommi
tt
eear
esubj
ectt
oconf
ir
mat
ion
byt
heBoard.

(
12)Par
ti
esdissat
isf
iedwi
thdeci
sionsoft
heAdmi
nist
rat
iveCommi
tt
ee
mayappealt
otheFeder
alHi
ghCourt.

(
13)Subj
ecttot
heprovi
sionsofthi
ssect
ion,t
heAdmi
nist
rat
iveCommi
tt
ee
t
oregul
atei
tspr
oceedings.
852.(
1)Nocompany,l
imi
tedli
abil
it
ypar
tner
shi
p,l
imitedpar
tner
ship,busi
ness Prohi
bitedand
rest
ri
ctednames.
nameorincor
por
atedtrust
eeshal
lberegi
steredunderthi
sActbya
nameort
rademarkwhich—

(
a)isidenticalwi t
ht hatbywhi chacompanyor
l
imited liabil
it
y par t
nership in exi stence is
al
readyr egist
ered,orsonear lyresembl esthat
name as t o be calculated t
o decei ve,except
where t he company or l i
mi t
ed l i
abil
it
y
part
nershipinexistenceisinthecour seofbei ng
di
ssolved and si gnif
ies its consent i n such
mannerast heCommi ssionrequires;

(
b)contai
ns the wor
ds "
ChamberofCommer ce"
unl
essiti
sacompanylimi
tedbyguar
ant
ee;

(
c)intheopi ni
onoft heCommi ssion,i
scapableof
misleading as t
ot he natur
e orext entofits
acti
viti
es or i s undesirable, offensi
ve or
otherwisecontr
arytopubli
cpol i
cy;

(
d)intheopi nionoftheCommi ssion,wouldv i
olate
or conf l
ict wit
h any existing trademark or
business name r egi
ster
ed i
n Ni geri
a orbody
corporatef ormed underthis Actunl ess the
consentoft heownerofthetrademar k,business
nameort rust
eesofthebodycor poratehasbeen
obtained;

(
e)contai
nsanywor dwhich,int heopini
onoft he
Commi ssi
on,isl i
kel
ytomi sleadthepublicasto
thenat
ionali
ty,raceorreli
gionoft hepersonsby
whom thebusi nessiswhollyormai nl
yownedor
cont
rol
led;

(
f)i
s,i
nt heopi nionoft heCommi ssion,decepti
veor
objecti
onabl eint hatitcontai
nsar eferenceor
suggests associ ati
on wi th any pr act
ice,
i
nst i
tut
ion, per sonage, f oreign st ate or
government , i nternati
onal or ganisat
ion or
i
nternationalbrandori sother
wi seunsuitabl
e;or

(
g)is capable ofunder
mini
ng publ
ic peace and
nat
ionalsecuri
ty.
 (
2)Exceptwi t
ht heconsentoftheCommi ssi
on,
nocompany,l
imit
edl
iabil
it
y
part
nership,li
mitedpart
nershi
p,busi
nessnameorincor
porat
edtr
ustees
shal
lber egister
edbyanamewhi ch—

(
a) incl
udes t he wor
d "
Feder
al"
, "
Nat
ional
",
"
Regional
","
Stat
e",

(
b)"Gov ernment "
,oranyot herwor dwhi ch,i nthe
opinion of t he Commi ssion suggest s or i s
cal
cul ated t o suggest t hat it enj oys t he
patronageoft heGovernmentoft heFeder at
ion,
the Gov er
nment of a St at
ei n Niger i
a,any
Ministry or Depar tment of Gov ernment , or
containst hewor d"Municipal"or" Chartered"or
i
nt heopi nionoftheCommi ssion,suggest sori s
cal
cul ated to suggest,connect i
on wi t
h any
muni cipali
tyorotherl
ocalauthor i
ty;

(
c)cont
ainsthewor d"Cooperat
ive"ori
tsequi
val
ent
i
nanyot herlanguageoranyabbr evi
ati
on;orof
thewords"Buil
dingSociet
y"or

(
d)cont
ainst
hewor
d"Gr
oup"or"
Hol
ding"
.

(
3)Noi ndi
vi
dualorf i
rm shal
lberegister
edunderPARTDorEoft hi
sActif
theageoft heindivi
dualoranyindiv
idualwhoisapartneri
sst at
edinthe
stat
ementf urnishedundersect i
on796oft hi
sActt obel essthan18
years,unlesst hest at
ementshowsatl easttwootherindi
v i
dualsaged
abov e18y ears.

(
4)Nocompany ,busi
nessnameori ncorporatedtrusteeshallberegi
ster
ed
wherether
ei sirr
efutabl
e evidence tot he effectthatt he company,
busi
nessnameori ncorpor
atedt rust
eehaspr eviousl
ybeeni nvolv
edin
fr
audul
entt
rademalpracti
ces,eit
herinlocalorinternat
ionaltr
ade.

853.(
1)TheCommi ssi
onmay ,
byregul
ati
ons,
requiret
hati
nconnecti
onwithan Dutytoseek
comment sof
appl
icati
onfortheapprov
aloftheCommi ssi
onundersect
ion852the government
appl
icantmustseekt hevi
ew ofaspecif
iedGovernmentDepar
tment departmentorot
her
orot
herbody . body.

(
2)Wheresuchar equi
rementapplies,t
heappl i
cantmustr
equestthe
speci
fi
edDepart
mentorot herbodyinwr i
ti
ngtoindi
cat
ewhet
her(and
i
fsowhy )i
thasanyobject
ionstotheproposedname.

(
3)Wher
ear
equestundert
hissect
ioni
smadei
nconnect
ionwi
than
 appl
icati
on for the r
egi
str
ati
on of a company,limit
ed li
abil
it
y
part
nershi
p,busi
nessnameorincor
por
atedt
rust
eesundert
hisAct,
the
appl
icati
onmust—

(
a)i ncl
udeastatementt
hatar
equestundert
his
secti
onhasbeenmade,
and

(
b)be accompani
ed bya copyofanyr
esponse
r
ecei
ved.

(
4)Wherearequestunderthi
ssecti
onismadeinconnecti
onwit
hachange
i
nthenameofacompany ,l
imi
tedli
abi
li
typar
tner
ship,
busi
nessnameor
i
ncor
poratedtr
ustees,t
henoti
ceofthechangesenttotheCommissi
on
mustbeaccompaniedby—

(
a)astatementbyadirector
,part
ner
,incorpor
ated
t
rust
eesort hei
rsecret
arythatarequestunder
t
hissecti
onhasbeenmade, and

(
b)acopyofanyr
esponser
ecei
ved.

854.(
1)TheMi
nist
ermaymakepr
ovi
sionbyr
egul
ati
ons— Per
mit
tedchar
act
ers.

(
a)ast othelett
ersorot hercharacter
s,signsor
symbols(i
ncl
udingaccent sandotherdi
acr i
ti
cal
marks)andpunctuati
onthatmaybeusedi nt he
nameofacompany ,l
imitedli
abil
it
ypartnership,
busi
ness name or i ncorpor
ated t rustee
regi
ster
edunderthi
sAct ;
and

(
b)specifyi
ng ast
andard styl
eorf ormatf orthe
nameofacompany ,li
mi t
edliabi
li
typart
nership,
businessnameorincorporatedtrust
eef orthe
purposesofr
egi
str
ati
on.

(
2)Ther
egulat
ionsmaypr
ohi
bitt
heuseofspeci
fi
edchar
act
ers,signsor
symbol
swhenappeari
nginaspeci
fi
edposit
ion(
inpart
icul
ar,atthe
begi
nni
ngofaname).

(
3)Acompany,li
mit
edl i
abil
it
ypar t
ner
ship,businessnameori ncorpor
at ed
trust
eemaynotber egi
steredunderthi
sActbyanamet hatconsists
ofori ncl
udes anyt
hing thatis notper mitt
ed in accordance with
regul
ati
onsunderthi
ssect i
on.
855.(
1)I
fitappear
stot
heCommi
ssi
ont
hat— Misl
eadi
ng
i
nfor
mation.

(
a)mi sleadi
nginfor
mat i
onhasbeengi v
enf ort
he
purposes of a company ,l imi
ted liabi
li
ty
partnershi
p, business name ori ncor
porat
ed
tr
ust eeregi
str
ati
onbyapar t
icul
arname;or

(
b)anunder t
akingorassur ancehasbeengivenfor
thatpurpose and has notbeen f ul
fi
ll
ed,the
Commi ssi
on maydi rectthe company,limi
ted
l
iabi
li
ty par t
nership, busi
ness name or
i
ncorporatedtrust
eetochangei tsname.

(
2)Thedi
rect
ionshal
l—

(
a)be gi v
en withinfivey ears ofthe company,
l
imit
ed li
abi
li
ty part
nership,business name or
i
ncorpor
atedtrust
eesr egist
rat
ionbyt hatname;
and

(
b)specifytheper i
odwithi
nwhi chthecompany,
l
imit
ed li
abil
it
y part
ner
ship,busi
ness name or
i
ncorpor
atedtrust
eeist
ochangeitsname.

(
3)TheCommi ssionmay,byafurtherdirecti
on,extendtheperiodwit
hin
which the company ,li
mit
ed li
abili
ty partnershi
p,business name or
incorpor
atedt r
usteeistochangei t
snamepr ovi
dedthatt hedir
ect
ion
shallbegivenbeforet
heendoftheperiodf ortheti
mebeingspecifi
ed.

(
4)Adi
rect
ionundert
hissect
ionshal
lbei
nwr
it
ing.

(
5)Wher e a company ,limi
ted l
iabi
li
ty part
ner ship,business name or
incorporat
edtrust
eef ail
stocompl ywit
hadi rectionoft heCommi ssion
under t hi
s secti
on,t he company ,li
mi t
ed l iabil
ity part
nershi
p and
incorporat
edtrust
eest oget
herwitheveryoft heof f
icersoreachpar t
ner
inthecaseofabusi nessnameshalleachbel iablet oapenal t
yforevery
dayt hefai
lur
econtinuesinsuchamountast heCommi ssi
onshallspecif
y
initsregul
ati
ons.

(
6)I nthissecti
on,“off
icer”ofthecompany ,l
imi
tedli
abi
li
typar
tner
shipor
incorporat
edtrusteemeanst hedir
ectors(i
ncl
udi
ngashadow direct
or)
,
partnersortr
usteeswhi chev
erisappli
cable.
856.(
1)If
,int heopinionoft heCommi ssi
on,t
henamebywhi chacompany, Misl
eadi
ngindi
cat
ion
ofact
ivi
ti
es.
l
imitedl i
abi
li
typartnershi
p,businessnameori ncorporat
edtr
ust
eeis
r
egisteredismi sl
eadingast othenatur
eofi t
sacti
vi
t i
esastobeli
kel
y
t
ocausehar mt othepublic,theCommi ssi
onmaydi rectt
hecompany,
l
imitedl i
abi
li
typartnershi
p,businessnameori ncor
por at
edtr
ust
eein
wri
ti
ngt ochangei t
sname.

(
2)Thedi
rect
ionmustbecompli
edwithwit
hinsi
xweeksfr
om t
hedateof
t
hedir
ecti
onorsuchl
ongerper
iodast
heCommi ssi
onmaydeem f
it
.

(
3)Wher e a company ,li
mi t
ed li
abil
it
ypar tnershi
p,busi ness name or
i
ncorporatedtrusteefail
stocompl ywithadi r
ectionoftheCommi ssion
under thi
s sect ion,the company ,l i
mited l i
abil
ity part
nershi
p or
i
ncorporatedtrusteestogetherwit
hev er
yofi t
sof fi
cersoreachpar tner,
i
nt hecaseofabusi ness,shal
leachbel i
ablet oapenal t
yforev er
yday
thefai
lurecont i
nuesinsuchamountast heCommi ssi
onshallspeci f
y
i
nitsregulat
ions.

(
4)Inthi
s sect
ion,“of
fi
cer”oft
he companyori ncor
por
ated t
rust
ees
meanst
hedirect
ors(i
ncl
udi
ngashadowdir
ect
or)ortr
ust
ees.

857.(
1)A person("t
heappl i
cant "
)mayobj ecttotheregi
sterednameofa Object i
ont ot he
regi
st erednameofa
company,li
mited l
iabil
ity par
tner
shi
p,l i
mit
ed part
nershi
p,busi
ness company ,
li
mi ted
nameorincor
porat
edt rusteesonthegroundt
hati
tis— l
iabil
itypar tnershi
p,
l
imitedpar t
ner shi
p,
businessnameor
(
a) the same as a name associ
ated wi
tht
he i
ncor por at
edt rust
ees.
appl
icanti
nwhi
chhehasgoodwill
;or

(
b)sufficientl
ysimil
art osuchanamet hatitsusein
Niger i
awoul dbelikelyt
omi sleadbysuggest inga
connect i
onbetweent hecompany ,l
imitedli
abil
it
y
partner shi
p,limit
edpar tnership,businessname
orincor porat
edtrusteeandtheappl icant.

(
2)The obj ect
ion mustbe made by appl
icat
ion t
othe Admi
nist
rat
ive
Proceedi
ngs
Commi t
teeestabl
ishedundert
hisAct
.

(
3)Thecompany ,l
imit
edl i
abi
li
typart
nershi
p,li
mitedpartner
ship,busi
ness
namepr opr
iet
ororpartner
sorincorporat
edtrusteesconcernedshallbe
the pr
imaryrespondentt othe appli
cati
on provided t
hatany ofi ts
 member
sordi
rect
orsmaybej
oinedasr
espondent
s.

(
4)Ift
hegroundspeci
fi
edinsubsect
ion(
1)(
a)or(
b)i
sest
abl
ished,i
tisf
or
ther
espondent
stoshow t
hatthe—

(
a)namewasr egi
ster
edbef
oret
hecommencement
oftheact
ivi
ti
esonwhichtheappl
icantr
eli
est
o
showgoodwill
;

(
b)company ,li
mit
ed liabi
li
ty par
tner
ship,limit
ed
part
nershi
p,business name or i ncorporat
ed
tr
ustee—

(
i)i
soper
ati
ngundert
hename,

(
ii
)is pr
oposing t
o do so and has i
ncur
red
subst
ant
ialst
art-
upcost
sinprepar
ati
on,or

(
ii
i)wasfor
merl
yoper
ati
ngundert
henameand
i
snowdormant
;

(
c)namewasadopt
edi
ngoodf
ait
h;or

(
d)inter
ests oft
he appli
cantare notadv
ersel
y
af
fectedt
oanysigni
fi
cantext
ent
.

(
5)Ifthefactsment ionedinsubsect i
on( 4)(
a)or(b)areestabl
ished,the
obj
ecti
onshal lnev er
thelessbeuphel diftheappl
icantshowst hatthe
mainpur poseoft herespondents( oranyofthem)i nregi
steri
ngt he
namewast oobt ainmoney( orot
herconsider
ati
on)from t
heappl i
cant
orprev
enthi mfrom register
ingthename.

(
6)Iftheobject
ioni
snotuphel
dundersubsect
ion(
4)or(
5),i
tshal
lbe
di
smissed.

(
7)I
nthi
ssect
ion"
goodwi
ll
"incl
udesr
eput
ati
onofanydescr
ipt
ion.

858.The Admi ni
str
ati
ve Proceedi
ngs Committ
ee shal
lwithin 30 days of Decisionof
admi nist
rat
ive
determi
ning an appl
icati
on undersect
ion 857,make i
ts deci
sion and proceedings
reasonsforitav
ail
abl
et othepubli
c. commi tt
eetobe
madeavai
l
abl
etot
he
publ
i
c.

CHAPTER2—MI
SCELLANEOUSANDSUPPLEMENTAL

859.(
1)I nthecasewhereanydocumentfi
ledwiththeCommi ssi
oni
sl ostor Resubmissi
onofl
ost
dest
royed,t
hecompany,
li
mitedl
iabi
li
typar
tnershi
p,l
imi
tedpar
tnershi
p, ordest
royed
r
egi
ster
ed
 busi
nessnameori
ncor
porat
edtrusteesmayappl
ytotheCommi
ssi
on document
s.
forl
eavet
osubmi
tacopyofthedocumentasor
igi
nal
lyf
il
ed.

(
2)Onsuchappli
cat
ionbeingmade,
theCommissi
onmaydi
rectnoti
ceofi
t
t
obegiventosuchpersonsandi
nsuchmanner
sasi
tdeemsf i
t.

(
3)TheCommi
ssi
onshal
luponbei
ngsat
isf
ied—

(
a)t hatthe or
igi
naldocumenthas been l
ostor
destroy
ed;

(
b)oft
hedat
eoft
hef
il
ingi
twi
tht
heCommi
ssi
on;

(
c)thatthecopyofsuchdocumentpr oducedtot
he
Commi ssionisacor r
ectcopy ,maycer t
if
yupon
thatcopythatheissosatisf
iedanddirectt
hatt
he
copybesubmi tt
edi nthemannerr equir
edbylaw
inrespectoft
heorigi
nal.

(
4)Uponsubmi ssi
onundert
hissect
ion,
thecopyshal
lhav
ethesameef
fect
ast
heori
ginal.

(
5)TheCour tmay,byorderuponappli
cati
onbyanypersonaggri
evedand
afternot
icetoanyotherpersonwhom theCour
tdi
rect
s,conf
ir
m,v ar
yor
rescindt
hecert
ifi
cat
ionbytheCommi ssi
on.

(
6)A copyoft heCour
tordershal
lbedeli
veredbyt heappli
cantunder
subsect
ion(
5)totheCommissi
onforr
egi
str
ationwi
thinsev
endaysofits
making.

(
7)Anypay ment ,contr
act,dealing,actort hi
ngmade,hadordonei ngood
fai
thbeforether egi
strati
onofsuchor derandupont hefai
thofandi n
rel
ianceupont hecertif
icati
onbyt heCommi ssionundersubsect
ion(3)
shallnotbe invali
dated byt he cour
tor derv ary
ing orresci
ndi
ng t
he
certi
fi
cat
ion.

(
8)Submi
ssi
onofadocumentundersubsect
ion(
3)shal
lbeatnof
ee.

(
9)Ifdefaul
tismadeincompl yi
ngwi t
hsubsecti
on(
6),theappli
canti
sli
abl
e
toafineast heCommissionmaybyr egul
ati
onprescr
ibeforthedef
aul
t
andforever
ydaythedefaultcont
inues.

860.(
1)Anydocumentr
equir
edtobef
il
edwi
tht
heCommi
ssi
onf
orr
egi
str
ati
on El
ectr
onic
documents.
maybefil
edel
ectr
onical
ly
.

(
2)A copyorext
ractf
rom anydocumentel
ect
roni
cal
lyf
il
ed wi
tht
he
 Commi ssionorissuedbyt heCommi ssi
onandcert
if
iedtobeat rue
copyorext r
actshalli
nanypr oceedi
ngsbeadmi
ssi
bleinev
idenceasof
equalv
alidit
ywiththeori
ginaldocuments.

(
3)Anyinfor
mationsuppli
edbyt heCommissionandcerti
fi
edtobeatrue
ext
ractfr
om anydocumentf i
ledwit
hitshallbeadmissi
blei
nevi
dence
andpresumed,unl
essev i
dencetothecontrar
yisadduced,t
obeatrue
ext
ractfr
om suchdocument.

861.(1)TheCommi
ssi
onshal
lpr
eser
veal
ldocument
sdel
iv
eredt
oitundert
his Preser
vat
ionof
documentsand
Act. i
nspecti
on.

(
2)Anyper sonmay ,onapplicati
ontot
heCommi ssi
on,bepermit
tedto
i
nspectt he document skeptundersubsecti
on(1)on paymentofa
prescr
ibedf eeandmayr equir
eacopyorext
ractofanysuchdocument
tobecertif
iedbyt heCommi ssi
ononpay
mentofapr escr
ibedf
ee.

(
3)Wher eacopyorextractfrom anydocumentregist
eredunderthi
sAct ,
i
scer ti
fi
edbytheCommi ssiontobeat r
uecopyorext r
act,i
tshal
linall
proceedingsbeadmissibleinev i
denceasofequalv al
idi
tywit
ht he
ori
ginaldocument,andi tshallbeunnecessarytopr ov
et heoffi
cial
posit
ionoftheper
soncer t
ifyi
ngthecopyorextr
act.

(
4)Noprocessforcompelli
ngtheproduct
ionofanydocumentkeptbythe
Commissionshalli
ssuef r
om anycourt,exceptwi
tht
heleaveofthat
cour
t,andsuchpr ocess,ifi
ssued,shallbearastat
ementthatitis
i
ssuedwiththel
eaveoft heCour
t.

862.(
1)Subj ecttotheprov i
sionsofsubsecti
on( 4)
,ifanypersoninanyreturn, Penalt
yforf
alse
st
atementsor
report
,certi
fi
cate,balancesheet,orotherdocumentr equi
redby,orf or i
nformati
on.
the purpose ofanyoft he pr
ovi
sions oft hi
s Act
,wi l
ful
lymakes a
statementwhichisf al
seinanymat eri
alpart
icul
arknowingittobefalse,
hecommi t
sanof fenceandi sli
abl
e—

(
a)onconvict
iont
oimpr
isonmentf
orat
erm oft
wo
year
s;and

(
b)inthecaseofacompany,tof i
neast heCourt
deemsfi
tforev
erydayt
hedefaultcont
inues.

(
2)Acompanywhi chmakesast atementinit
sannualret
ur nswhichi
sf al
se
i
nanymat eri
alpart
icul
arshallinrespectofeachyearofanysuchr et
urns
bel
iabletoapenaltyprescri
bedi ntheCommi ssi
on'sregulat
ionsi
fitisa
smallcompanyorinanyot hercase.

(
3)Not
hingi
nthi
ssect
ionshal
laf
fectt
hepr
ovi
sionsofanyenact
ment
 i
mposi
ngpenal
ti
esi
nrespectofper
jur
yinf
orcei
nNi
ger
ia.

Penalt
yforcar
ryi
ng
863.(
1)A per sonorassoci
ati
onofper sonsshallnotcar ryonbusinessin onbusinesswi
thout
Niger
iaasacompany ,l
imi
tedli
abili
typart
nership,l
imit
ed par
tnershi
p regi
str
ati
on.
orunderabusi
nessnamewi t
houtbeingregi
steredunderthi
sAct.

(
2)Ifani ndividual
,cor por ati
onorassoci at
ionofper sonsr equiredunder
thisActt ober egisteredcar riesonbusi nesswi thoutr egistrati
onor
underanamer egistrationofwhi chhasbeenr ef
usedorcancel l
edunder
thisAct,theindiv i
dual,cor porationorev erypart
neri nthef ir
m commi ts
an offence and i sl i
able on conv ict
ion toaf i
ne pr escribed int he
Commi ssion'sr egulationsf rom t i
met ot i
me,of₦200. 00f orev er
yday
during whi ch the def aultcont i
nues,and t he Cour tshal lor dera
statementoft her equi r
edpar t
icularsfortheregi
strati
onoft hebusi ness
tobef urnishedt ot heCommi ssionf orregist
rat
ionwi thinsucht imeas
maybespeci fi
edi nt heor der.

864.Companies,fi
rmsandcor por
atebodiesr egi
ster
edunderthisActshal
l Retenti
onofrecor
ds
archiv
edinsoft
ret
aindocumentsstoredi
npursuanceoftheprovisi
onsoft
hisActi
nsoft copies.
copiesf
orsixyear
sfrom t
hedateofstor
age.

865.(
1)Anauthorisedofficeroft heCommissi onshal
latal lreasonabl
etimes Accesst
opr
emi
ses,
et
c.
have access t o premi ses,buil
dings,of fi
ces,pl aces,books or
documentsi nthecust odyorundert hecontrolofanyof fi
ceroft he
company,firm,corporati
onoranyot herindi
vidualfort hepurposeof
i
nspecti
ngbooksordocument sorwher ether
ei sreasont obeli
evethat
thepr
ovisi
onsoft hisActar ebei
ngcont rav
ened.

(
2)Thepower sofan author i
sed off
icerundert hissection shallalso
extendtot hei
nspecti
onofbooksordocument s,
includi
ngt hosestored
ormai ntai
nedincomputersorondi gital
,magnetic,opti
calorelectr
onic
medi a and any otherpr opert
y,pr ocess ormat t
erf ound on t he
premises,buildi
ng,of f
ices or place whi ch the offi
cer considers
necessar yorrelev
antf ort he pur
pose ofanyi nspection and may
withoutthepaymentofanyf ee,makeext ractf
rom,orcopi esfrom such
booksordocument s.

(
3)Theoccupi
erofthepremi
ses,bui
ldi
ngorpl
acet
hati
sent
ereduponor
pr
oposedtobeenter
eduponshall—

(
a)provi
detheaut
horisedoffi
cerwi
thallreasonabl
e
faci
li
ti
esandassistancefortheexerciseofthe
powersundert
hissection;

(
b) answer quest
ions r
elat
ing t
othe ef
fect
ive
 exerci
seoft hepower sunderthi
ssecti
on,or
all
y
orifrequir
edbyt heauthor
isedoffi
cer
,inwri
ti
ng
orbyst at
utorydecl
arati
on.

(
4) The Commissi
on may engage the ser
vices of any of t
he l
aw
enfor
cementagenci
es i
nt he di
schar
ge ofi t
sfuncti
ons undert
his
secti
on.

(
5)Anyper
sonwho—

(
a)obst ruct
s,hinders,prev
ents orassaul
ts an
authori
sed off
icer i
nt he per
for
mance of any
functi
onort heexerci
seofanypowerunderthis
secti
on,

(
b)doesany t
hingwhi chimpedesori sintendedt o
impedetheseal ingupofpr emisesorr emov alof
booksordocument soranyot herar t
iclefort he
purposeofi nvestigati
onofanycont r
av ent
ionof
theprovi
sionsoft hisActoritsr
egulati
ons,

(
c)doesany thi
ngi
ntendedt opreventt
heprocuri
ng
orgi vi
ng ofevidence in connecti
on withthe
prosecuti
onforanybr eachoft heprovi
sionsof
thi
sAct ,
or

(
d)prevent
sthearrestofanyper
sonbyaper son
dul
yengagedf orthatpur
poseorrescuesany
personsoar
rest
ed,

commi t
sanoffenceandbeli
abl
eonconv i
cti
ont oafineast
heCourt
deemsf i
tori
mpr i
sonmentf
orat er
m notexceeding12monthsort
o
both.

866.The Commi ssion shal

lhave powerto compound any administr
ative Powertocompound
off
ences.
off
enceundert hi
sActbyaccepti
ngsuchsumsofmoneyasi tdeemsf itin
the ci
rcumstance butnotexceedi
ng the maxi
mum f i
ne t
o whi ch the
off
enderwouldhav ebeenl
iabl
eifhehadbeenconvi
ctedoft
heoffence.

867.TheCommi ssionmay,wi
tht
heapprovaloftheMinist
er,makeregul
ati
ons Regul
ati
ons.
gener
all
yforthepur
poseoft
hisActandinpart
icul
ar,makeregul
ati
ons—

(
a) pr
escr
ibi
ng the for
ms, ret
urns and ot
her
inf
ormati
onr
equir
edundert
hisAct;

(
b)pr
escr
ibi
ng t
he pr
ocedur
eforobt
aini
ng any
 i
nfor
mat
ionr
equi
redundert
hisAct
;

(
c)r
equiringreturnstobemadewi thi
nt heperi
od
specified by any company ,limit
ed liabi
li
ty
partnershi
p,limi
tedpar
tnershi
p,busi
nessname
proprietor
sori ncor
porat
ed trust
eest o whi
ch
thi
sActappl ies;

(
d)pr
escr
ibi
nganyf
eespay
abl
eundert
hisAct
;and

(
e)generall
yf orthe conductand r
egul
ati
on of
regi
strat
ionundert
hisAct.

868.(
1)I
nthi
sAct— I
nter
pret
ati
on.

"
agent
"doesnoti
ncl
udeal
egal
pract
it
ioneract
ingascounsel
foranyper
son;

"
ali
en"meansapersonorassoci
ati
on,whet
hercor
porat
eorunincor
por
ated,
other
t
hanaNi geri
anci
ti
zenorassociat
ionacompany,busi
nessnameorassociat
ion
i
ncorpor
atedorr
egi
ster
edinNigeri
a;

"
annual
ret
urn"meanst
her
etur
nrequi
redt
obemadei
nthecaseof–

(
a)acompanyli
mitedbyshar
es,undersect
ions418-
419oft
hisAct
;

(
b)acompanyl i
mited byguar
ant
ee,undersect
ion
420oft
hisAct;

(
c)abusi
nessname,undersect
ion822oft
hisAct
;
and

(
d)i
ncorpor
atedt
rust
ees,undersect
ion848oft
his
Act
;

"
arr
angement
"hast
hemeani
ngassi
gnedt
oitundersect
ion710oft
hisAct
;

"ar
ti
cles"meansthearti
clesofassoci
ati
onofacompany
,asor
igi
nal
l
yfr
amedor
asalt
eredbyspecial
resolut
ion;

"bookandpaper
"and"bookorpaper
"incl
udeaccount
s,deeds,wr
it
ings,and
document
s;

"business"i
ncludesanyt
rade,
indust
ryandpr
ofessi
onandanyoccupat
ioncar
ri
ed
onf orprofi
t;
"
busi
nessname"meansthenameorsty
leunderwhi
chanybusi
nessi
scar
ri
edon
whet
heri
npart
ner
shiporother
wise;

"
circul
atingcapit
al"meansapor t
ionofthesubscr i
bedcapitaloft hecompany
i
ntendedt obeusedbybei ngt emporar
il
ypartedwithandcircul
atedi nbusiness,
i
nt hef orm ofmoney,goodsandot herassets,andwhich,ort hepr oceedsof
which,areint
endedtoret
urnt othecompanywi thanincr
ement ,andarei nt
ended
t
obeusedagai nandagain,andtoalwaysret
urnwi t
hsomeaccr etion;

"
Commi
ssi
on"meanst
heCor
por
ateAf
fai
rsCommi
ssi
onest
abl
i
shedundert
his
Act
;

"company"or"exi
sti
ngcompany
"meansacompanyformedandregi
ster
edunder
thi
sActor ,asthecasemaybe,for
medandregi
ster
edinNiger
iabeforeandin
exist
enceonthecommencementofthi
sAct
;

"
companylimi
ted byguar
antee"and " companyl
imi
ted byshar
es"hav
ethe
meani
ngsassi
gnedtot
hem respect
ivel
ybysecti
on21oft
hisAct
;

"
companies l
iquidat
ion account
"means the accountkepton behal
foft
he
Commissionpursuantt
osect i
on591oft
hisAct
;

"cont
ri
butor
y"meansever
yper sonli
abletocontr
ibut
et otheasset
sofacompany
i
nt heeventofit
sbeingwoundupandf orthepurposesofal lpr
oceedi
ngsfor
deter
mini
ng,andallpr
oceedingspriortothefi
naldeterminat
ionof,t
hepersons
whoar et
obedeemedcont ri
butori
es,theexpr
essionincl
udesanypersonall
eged
tobecontri
but
ory;

"
Court
"or" theCourt
"usedinrel
ati
ontoacompany ,meanstheFeder
alHigh
Cour
t,andtotheext
entt
owhichappli
cat
ionmaybemadetoitas;
courti
ncl
udes
theCourtofAppeal
andtheSupr
emeCour tofNi
ger
ia;

"cr
editor
"meansanypersonwhoi sowedanobli
gati
on(securedorunsecur
ed)
accrui
ngonadebt ,
li
abi
li
tyorper
for
manceunderacontr
act(expr
essorimpli
ed)
,
orintort
,byanot
herper
son;

"cr
edi
tor
svolunt
arywi
ndi
ngup"hast
hemeani
ngassi
gnedt
oitbysect
ion625(
4)
ofthi
sAct;

"debent
ure"meansawri
ttenacknowledgmentofindebtednessbythecompany ,
setti
ngoutthet
ermsandcondit
ionsofthei
ndebtedness,andincl
udesdebentur
e
stock,bondsand anyot
hersecur i
ti
esofacompanywhet herconst
it
uti
ng a
chargeontheasset
soft
hecompanyornot ;

“desi
gnat
edpar
tner
”meansanypar
tnerdesi
gnat
edassuchpur
suantt
osect
ion
749;
"di
rector
"i ncl
udesanypersonoccupyi
ngthepositi
onofdir
ectorbywhatev
er
namecal led;andincl
udesanypersoninaccor
dancewit
hwhosedi r
ect
ionsor
i
nstructi
onst hedi
rect
orsoft
hecompanyar
eaccustomedtoact
;

"di
vi
dend"meansapr oport
ionofthedistr
ibut
edprofi
tsoft hecompanywhich
maybeaf ixedannualpercent
age,asinthecaseofpreferenceshar
es,ori
tmay
bevari
abl
eaccordingtotheprosper
it
yorotherci
rcumstancesofthecompany,
as
i
nthecaseofequityshares;

"document
"incl
udesinf
ormati
onr ecor
dedi
nanyf
orm,summons,not
ice,or
der
andotherl
egalpr
ocess,
andregi
ster;

"
equi
tycapi
tal
"shal
lbeconst
ruedaccor
dingl
y;

"
equi
tyshar
e"meansashar
eot
hert
hanapr
efer
enceshar
e;and

"f
ir
m"meansanuni ncorpor
atedbodyoftwoormor ei
ndi
vidualsoroneormore
i
ndividualandoneormor ecorpor
ati
ons,ort
woormor ecor por
ati
ons,whoor
whichhav eent
eredint
opar t
nershi
pwithoneanot
herwit
hav i
ewt ocar
ryi
ngon
businessforpr
ofi
t;

"fi
xedcapit
al"meansthatcapitalwhichacompanyr et
ainsi
ntheform ofassets
uponwhicht hesubscri
bedcapi t
alorothersum hasbeenexpended,andwhi ch
assetsei
therthemselv
espr oducedincome,i
ndependentofanyfur
theract
ionby
thecompany ,orbeingretainedbyt hecompanyar emadeuseoft oproduce
i
ncomeorgai nprofi
ts;

"
for
eigncompany
"meansacompanyi
ncor
por
atedel
sewher
ethani
nNi
ger
ia;

“
forei
gnli
mitedl
iabil
i
typar
tnershi
p”meansal
i
mit
edl
i
abi
l
itypar
tner
shi
pfor
med,
i
ncorpor
atedorr
egister
edoutsi
deNiger
ia;

"for
ename"includesaChristi
annameandaper sonalnameandwhenusedwit
ha
surnameincludesanyfi
rstname,and"
surname"includesapatr
onymic;
"Gazet
te"or"Federal
Gazette"meanst
heoffi
cialGazett
eoftheFeder
ati
on;

"
groupf
inanci
alst
atement
s"hast
hemeani
ngassi
gnedt
oitbysect
ion379(
1)of
t
hisAct
;

"
holdi
ngcompany
"meansahol
dingcompanyasdef
inedbysect
ion381oft
his
Act
;

"i
nabil
i
tytopaydebts"i
nrel
ati
ont
oacompanyhast
hemeani
ngassi
gnedby
sect
ion572oft
hisAct;
"
ini
ti
als"i
ncl
udesanyr
ecogni
sedabbr
evi
ati
onofaf
orename;

"i
nsolventperson"whereusedi nthi
sActmeansanyper soninNiger
iawho,in
respectofanyj udgment,Actorcour torderagai
nsthim,isunabletosatisf
y
executionorotherprocessissuedinfavourofacredi
tor,andtheexecut
ionor
otherprocessremainsunsat
isfi
edfornotl
essthansi
xweeks;
*amended by BFA 2023
"i
nsol
vencypr act
iti
oner"meansal egalpracti
ti
onerwit
hinthemeani ngofthe
S868- delete the
LegalPract
it
ionersActoramemberoft heInst
it
uteofChart
eredAccountant
sof definition of "insolvency
Niger
iaorsuchot herpr
ofessi
onal
bodiesofaccountant
sasareestabl
ishedbyan practitioner"

ActoftheNationalAssembly;

"i
ssuedgener
all
y"means,i
nrel
ati
ontoaprospect
us,i
ssuedt
oper
sonswhoar
e
notexi
sti
ngmembersordebent
urehol
der
softhecompany;

"i
ssuedshar
ecapital
"inr
elat
iont
oanyr
educt
ionhast
hemeani
ngassi
gnedby
secti
on124(2)oft
hisAct
;

"
legal
pract
it
ioner
"hast
hemeani
ngassi
gnedt
oitbyt
heLegal
Pract
it
ioner
sAct
;

“
li
mitedli
abi
l
itypar
tner
shi
p”meansapar
tner
shi
pfor
medandr
egi
ster
edunder
t
hisAct;

“l
imit
edl i
abil
i
typartner
shipagreement”meansanywr it
tenagreementbet ween
thepartnersoft heli
mitedli
abili
typartner
shi
porbet weent hel i
mit
edl i
abil
it
y
part
nershipanditspart
nerswhichdeter
mi nest
hemut ualri
ghtsanddutiesofthe
part
nersandt hei
rri
ghtsanddutiesinr
elati
ontothatl
i
mi t
edliabi
l
itypar
tnershi
p;

"
member"includes the hei
r, execut
or, admi
nist
rat
or or ot
her per
sonal
r
epr
esent
ati
ve,
ast hecasemaybe,ofthemember;

"
members'vol
unt
arywi
ndi
ngup"hast
hemeani
ngassi
gnedt
oitbysect
ion625
(
4)oft
hisAct;

"memorandum"means t he memorandum ofassociati

on ofa company as
ori
ginal
l
yframedorasal
teredi
npursuanceofanyenact
ment;

"mi
nimum i
ssuedsharecapi
tal
"meanst
her
espect
iveamount
sst
atedi
nsect
ion
27( a)oft
2)( hisAct;

"
Mini
ster
"meanst
heMi
nist
erchar
gedwi
thr
esponsi
bil
i
tyf
ort
rade;
and

"
Mini
str
y"shal
lbeconst
ruedaccor
dingl
y;

"
minor
"meansaper
sonwhohasnotat
tai
nedt
heageof18y
ear
s;
"
non-cashasset
"meansanyproper
tyori
nter
estinpr
oper
tyot
hert
hancashand
f
orthispur
pose,cashi
ncl
udesf
orei
gncur
rency;

"
off
icer
"inr
elat
iont
oabodycor
por
ate,
incl
udesadi
rect
or,
managerorsecr
etar
y;

"
off
ici
alr
eceiver
"meanstheoff
icerbywhat
evernamecall
edorknownchar
ged
wi
thcontr
olofaf f
air
sinbankr
uptcyandiftheappoi
ntmenti
svacantf
orany
r
easonwhatsoever
,meanst
hesheri
ff;

“
par
tner
”meansaco- owner,member,orinvest
orinapar t
ner
ship,andshall
i
ncl
udeapersonwhoj oi
nswi t
hother
stoform apar
tner
shi
pandinr el
ationt
oa
l
i
mitedli
abi
li
typartnership,meansanypersonwhobecomesapar tnerinthe
l
i
mitedl
iabi
l
itypar
tnership,i
naccor
dancewi
ththepar
tner
shi
pagreement ;

"per
son"includesanindivi
dual
,company
,orot
herent
it
y,whi
chhasl
egalr
ight
s
andissubjecttoobl
i
gations;

"per
sonalr
epr
esentat
ive"wherecust
omar ylawisappl
i
cabl
e,i
ncl
udessuccessor
s
appoint
edi
nrespectofdeceasedcontr
ibutori
es;

"
per
sonwi
thsi
gni
fi
cantcont
rol
"meansanyper
son-

(
a)di r
ectl
yori ndi
rect
lyhol
dingatl
east5% oft
he
sharesorint
erestinacompanyorli
mit
edli
abi
l
ity
part
nershi
p;

(
b)direct
lyorindi
rect
lyhol
dingatleast5% oft
he
vot
ing r
ight
si n a company orli
mited l
i
abi
l
ity
par
tner
ship;

(
c)direct
lyori
ndir
ectl
yholdi
ngt heri
ghttoappointor
removeamaj or
ityofthedir
ectorsorpart
nersina
companyorli
mitedli
abil
it
ypar t
nershi
p;

(
d)ot her
wisehavi
ngt herighttoexerci
seoract
ual
l
y
exerci
si
ngsigni
ficantinfl
uenceorcont r
olov
era
companyorli
mitedliabi
li
typart
nershi
p;or

(
e)hav i
ngt heri
ghttoexer
cise,oract
uall
yexerci
sing
si
gnif
icantinfl
uenceorcont r
olovertheactiv
iti
es
ofatrustorfir
m whetherornotitisalegalenti
ty,
butwoul dit
selfsati
sfy any oft he fi
rstfour
condi
tionsifi
twereanindivi
dual
;

"pr
efer
enceshar
e"meansashare,
bywhatevernamedesignat
ed,whichdoesnot
enti
tl
ethehol
derofi
ttoanyr
ightt
opar
ti
cipatebeyondaspeci
fiedamountinany
di
str
ibuti
onwhet
herbywayofdi
vi
dendoronr
edempt
ion,i
nawi
ndi
ngup,or
ot
herwise;

"prescr
ibed"means,asrespectsthepr
ov i
sionsofthi
sAct(ot
herthanastothe
windingupofcompani es)
,prescri
bedbycour tor
,asthecasemaybe,byother
properaut hor
itybyregulat
ions ororder,and as to wi
ndi
ng up,means as
prescri
bedbyr ul
esofcour
t,ordeemedsot obe;

"
pri
vat
ecompany
"hast
hemeani
ngassi
gnedt
oitbysect
ion22(
1)oft
hisAct
;

"prospectus"meansanyprospectus,not
ice,circul
ar,advert
isement,orother
i
nv it
ati
on,offer
ing t
othepubli
cf orsubscript
ion orpurchaseanyshar esor
debenturesofacompanyandi ncl
udesanydocumentwhi ch,savetotheextent
thatitoff
erssecur
it
iesf
oraconsi
derat
ionotherthancash,i
sapr ospect
us;

"
recei
ver
"incl
udesamanager
;

"recognised st
ockexchange"meansany bodyofpersonsf
ort
het i
mebei ng
recognisedbyt heSecuri
ti
esandExchangeCommi ssi
onasastockexchange
dealinginshares,
debent
uresandot
hersecuri
ti
es;

"
regi
ster
ed company " means a company i
ncor
por
ated or deemed t
o be
i
ncor
poratedundert
hisAct;

"
Regi
str
ar-
Gener
al"meanst
heRegi
str
ar-
Gener
alappoi
ntedundert
hisAct
;

"r
esol
uti
onforreduci
ngshar
ecapi
tal
"hast
hemeani
ngassi
gnedt
oitbysect
ion
131ofthi
sAct;

"r
esol
uti
onforvol
unt
arywi
ndi
ngup"hast
hemeani
ngassi
gnedt
oitbysect
ion
620ofthi
sAct;

"rules"i
ncl
udesrulesmadebytheChiefJudgeoftheFederalHighCour
tfort
he
pur poseofsecti
on616or683oft hi
sActandallinci
dent
alformstoget
herwit
h
rulesmadebyt heCorpor
ateAf
fai
rsCommi ssi
on;

"secur
edcredit
or"meansacredi
torwhohasbeengrant
edasecur
it
yinter
esti
n
anypropert
y,assetorasset
sforthepur
poseofsecuri
ngt
heperf
ormanceofa
debtorguarant
eeobli
gati
on;

"
secur
it
ies"incl
udesshares,debent
ures,debentur
est ock,bonds,not
es(
other
t
hanpromissorynot
es)andunit
sunderaunittrustscheme;

"share"meanstheinterest
si nacompany '
ssharecapi
talofamemberwhoi s
enti
tledtoshareinthecapitalori
ncomeofsuchcompany ;andexceptwherea
dist
incti
onbetweenstockandsharesisexpr
essedori
mplied,
incl
udesstock;
"
shar
ecapi
tal
"meanst
hei
ssuedshar
ecapi
tal
ofacompanyatanygi
vent
ime;

"showcards"meansacar
dcont
aini
ngorexhi
bit
ingar
ti
clesdeal
twi
th,
orsampl
es
orrepr
esentat
ionst
her
eof
;

"
smal
lcompany
"hast
hemeani
ngassi
gnedt
oitundersect
ion394oft
hisAct
;

"st
atut
orydeclarat
ion"meansadeclarati
onv
olunt
ari
l
ymadeundertheOathsAct
andinNigeri
ai ncl
udesonesomadeunderanyot herenact
mentorl
awprovi
ding
fort
hetaki
ngofav olunt
arydecl
arat
ion;

"
stat
utor
ymeet
ing"meanst
hemeet
ingr
equi
redt
obehel
dbysect
ion235(
1)of
t
hisAct;

"
stat
utor
yrepor
t"hast
hemeani
ngassi
gnedt
oitbysect
ion235(
2)oft
hisAct
;

"subsi
diar
y"means,i
nrel
ati
ont
oabodycor
por
ate,asubsi
diar
yasdef
inedby
secti
on381ofthi
sAct;

"
treasuryshare"meansashareinacompany'
ssharecapi
talwhichthecompany
i
tselfholdsinapr opr
iet
arycapaci
tyandenj
oysl
egal
,benefi
cialandeconomic
i
nterestof;

"
unl
i
mit
edcompany
"hast
hemeani
ngassi
gnedt
oitbysect
ion21(
1)oft
hisAct
;

"
unr
egist
eredcompany
"wher eusedinChapter
s20-27ofPartBoft hi
sAct,
i
ncl
udesanypart
ner
shi
p,associ
ati
onorcompanywi
tht
hef
oll
owi
ngexcepti
ons—

(
a)acompanyandanyexi
sti
ngcompanyr
egi
ster
ed
undert
hisAct
;and

(
b)a par tnership,associ at
ion orcompany whi
ch
consist
sofl esst hanei ghtmember sandisnota
for
eignpartnership,associati
onorcompany
;

"
unsecur
edcr
edi
tor
s"meansanycr
edi
torwhoi
snotasecur
edcr
edi
tor
;

(
2)TheRegist
rat
ionofabusi nessnameunderthisActshal
lnotbeconstrued
asauthori
si
ngt heuseoft hatnameif,apartfr
om suchregist
rat
ion,the
usecouldbeprohibi
ted.

(
3)Refer
encesinthisActt obodi
escorporateortocorporati
onsexcl
ude
cor
porat
ionssole;butunl
essthecontextother
wiser
equires,t
heyshal
l
i
ncl
uderefer
encestocompaniesi
ncor
por at
edoutsi
deNigeri
a.
869.(
1)Subjectt
ot heprovisi
onsoft hissect
ion,theCompani esandAl l
ied Repealandsavi
ngs.
Matter
sAct,1990,t
heCompani esandAlli
edMat t
ers(Amendment )Act
1990,theCompaniesandAl li
edMat ter
s( Amendment )Act,1991,the
Companies and Alli
ed Mat t
ers( Amendment ) Act
,1992 and t he
Companies and Al
li
ed Matters( Amendment)Act ,1998 are,on the
commencementoft hi
sAct,arerepeal
ed.

(
2)Nothingint hi
sActshal laf
fectanyor der ,rule,regulati
on,appoi nt
ment ,
conv eyance,mor tgage,deedoragr eement ,made,r esolut
ionpassed,
directi
ongi ven, pr oceedi
ngt aken,i nstrumenti ssuedort hingdone
undert he enact menther eby r epeal ed;butany such or der,rule,
regulati
on,appoi ntment,conv ey ance,mor t
gage,deed,agr eement ,
resoluti
on,di rection,proceeding,i nstrument or t hing ifi nf orce
immedi ately beforet he commencementoft hi
s Actshal l
,on t he
commencementoft hisAct,cont i
nuei nf orce,andsof arasi tcould
hav ebeenmade,passed,gi ven,t aken,i ssuedordoneundert hi
sAct
shallhav eeff
ectasi fsomade, passed, given,taken, i
ssuedordone.

(
3)NothinginthisActshallbeconst r
uedsoast oprohibi
tthecont
inuationof
aninspect
ionbyinspectorsappointedunderanyenactmentr
epealed,begun
beforethecommencementoft hisAct,andsection358oft hi
sActshal l
applytoareportofi
nspectorsappointedunderanyenact
mentrepealedasit
appli
estoar epor
tofinspect
orsappoi nt
edundersecti
on357ofthisAct .

(
4)Ar egi
sterkeptundertheenactmentr
epeal
edshal
lbedeemedt
obekept
underthecorr
espondi
ngprovi
sionsoft
hisAct
.

(
5)Fundsandaccount sconsti
tut
edunderthi
sActshallbedeemedt obein
conti
nuati
onoft hecorr
espondi
ngfundsandaccount
sconst
it
utedundert
he
enactmentrepealed.

(
6)Nothi
nginthisActshal
laff
ectt
hei
ncor
por
ati
onofanycompanyr
egi
ster
ed
underanyenact
mentrepeal
ed.

(
7)Anyi ndiv
idual
,fir
m orcompanywhoi mmediat
elybefor
et hecomingi
nto
operati
on oft hi
s Actwas r egi
ster
ed as a busi
ness name underthe
enactmentr epealed,shal
lbe deemed to be regi
ster
ed underand in
accordancewiththerepeal
edAct.
[

Ci
tat
ion.
870.Thi
sActmaybeci
tedast
heCompani
esandAl
li
edMat
ter
sAct
,2019.
 Schedul
es

Fi
rstSchedul
e Sect
ions378(
1)and(
6)(
a)380

FORM ANDCONTENTOFCOMPANY'
SFI
NANCI
ALSTATEMENTS

PARTI—GENERALINFORMATI
ONTOBEDISCLOSED
GENERALRULESANDFORMATS

SECTI
ONA-

GENERALI
NFORMATI
ONTOBEDI
SCLOSED

1.Allaccountingi
nformati
ont hatassi
stuser
st oassessthefi
nanci
all
iquidi
ty,
prof
it
abil
ityandviabi
li
tyofacompanyshoul dbedisclosedandpr
esentedin
alogi
cal,cl
earandunderstandablemanner.

2.Thef
inanci
alst
atement
sofacompanyshal
lst
ate—

(
a)t
henameoft
hecompany
;
 (
b)t
heper
iodcov
ered;

(
c)abr
iefdescr
ipt
ionofi
tsact
ivi
ti
es;

(
d)i
tsl
egalf
orm;
and

(
e)i t
sr el
ati
onshi
p withi
ts si
gnif
icantlocaland
overseas suppl i
ers (i
f any ) incl
uding the
immedi ate and ul
ti
mate par
ent,associated or
aff
il
iatedcompany .

3.Fi
nanci
alst
atement
sshal
lincl
udet
he —

(
a)st
atementofaccount
ingpol
ici
es;

(
b)bal
ancesheet
;

(
c)pr
ofi
tandl
ossaccountori
ncomest
atement
;

(
d)not
esont
heaccount
s;

(
e)st
atementofsour
ceandappl
icat
ionoff
unds;

(
f)v
alueaddedst
atement
;and

(
g)f
ive-
yearf
inanci
alsummar
y.

4.Financi
ali
mpl i
cati
onofi nt
er-
companytransf
erandt echnicalmanagement
agreement
sbet weent hecompanyandi t
ssigni
fi
cantl ocalandov erseas
suppli
ers(
ifany),i
ncludingit
simmediat
eandul t
imate,associat
ed,affi
li
ated
companyshallbedisclosed.

5.Financi
alst
atement
sshal
lshow cor
respondi
ngf
igur
esf
ort
hepr
ecedi
ng
per
iod.

SECTI
ONB—GENERALRULES

6.(
1)Subj
ectt
othef
oll
owi
ngpr
ovi
sionsoft
hisSchedul
e,ev
ery—

(
a)bal ance sheetofa companyshal lshow the
i
temsl i
stedineit
herofthebal
ancesheetf
ormats
setoutinsecti
onCoft hisPar
t;and

(
b)pr of
itandl
ossaccountofacompanyshallshow
theit
emsl i
stedi
nanyoneoft heprofi
tandloss
accountfor
matssosetout,i
neithercase,i
nthe
 or
derandundert
heheadingsandsubheadi
ngs
gi
veni
nthef
ormatadopt
ed.

(
2)Subparagraph(1)isnottober eadasr equir
ingtheheadi
ngorsub-
headi
ng f
orany i t
ems to be di
sti
ngui
shed by any l
ett
erornumber
assi
gnedtothati
tem i
nthef
ormatadopted.

7.(
1)Wher e,i
naccor dancewithparagr
aph6( 1)
,acompany 'sbalancesheetor
profi
tandl ossaccountf oranyy earhasbeenpr eparedbyr ef
erenceto
oneoft hefor matssetoutinsectionCoft hisSchedule,thedirect
orsof
thecompanyshal ladoptthesamef ormatinpr epari
ngt heaccountsfor
subsequenty earsofthecompanyunl essi
nt hei
ropini
ont herearespeci
al
reasonsforachange.

(
2)Par t
icul
ars ofany change int he f
ormatadopted in prepar
ing a
company '
sbalancesheetorprofi
tandlossaccountinaccordancewith
paragraph6(1)shal
lbedisclosed,andther
easonsforthechangeshall
beexpl ai
nedinanotet otheaccountsinwhichthenew formatisfir
st
adopted.

8.(
1)Anyi t
em requir
edinaccordancewithparagr
aph6( 1)tobeshowni
na
company'sbalancesheetorpr of
itandlossaccount,maybeshownin
great
erdetai
lthanrequi
redbythefor
matadopted.

(
2)Acompany 'sbalancesheetorpr
ofitandlossaccountmayincludean
i
tem repr
esentingorcoveri
nganyassetorl
iabil
it
y,i
ncomeorexpendit
ure
nototherwisecov er
edbyanyofthei t
emsl i
stedinthefor
matadopt ed,
butthefoll
owingshallnotbetr
eat
edasasset sinanycompany
'sbalance
sheet—

(
a)pr
eli
minar
yexpenses;

(
b)expensesorcommi ssi
ononanyi
ssueofshar
es
ordebentur
es;and

(
c)r
esear
chanddev
elopmentcost
s.

(
3)Inprepari
ngacompany '
sbalancesheetorprofitandl ossaccount
,the
di
rector
soft hecompanyshalladoptt hear
rangementandsubheadi ngs
other
wiserequiredundersubparagraph(1)inr espectoft heit
emst o
whichanAr abicnumberisassignedintheformatadopt ed,inanycase
wheret he specialnat
ure ofthe company's business r
equir
es such
adaptat
ion.

(
4)It
emstowhichAr
abi
cnumber
sareassi
gnedi
nanyoft hef
ormatsset
outi
nsect
ionBmaybecombi
nedi
nacompany'
saccountsf
oranyyear
 i
fei
ther—

(
a)t hei
rindi
vi
dualamounts ar
e notmat eri
alto
assessi
ngthestateofaf
fai
rsorprof
itorlossof
thecompanyforthaty
ear
;or

(
b)t
hecombi
nat
ionf
aci
li
tat
est
hatassessment
:

Prov
idedthati
nacasewithi
nparagr
aph(a)t
heindiv
idualamount
sof
anyit
em socombi
nedshal
lbedi
scl
osedi
nanotet
ot heaccount
s.

(
5)Subjecttoparagraph9(3),aheadingorsubheadi
ngcorr
espondi
ngtoan
i
tem li
stedinthef or
matadoptedinprepari
ngacompany'sbal
ancesheet
orprofi
tandlossaccountshallnotbeincl
udedift
her
eisnoamounttobe
shownf orthatit
em inr
espectoft heyeartowhicht
hebalancesheetor
prof
itandlossaccountrel
ates.

(
6)Everyprof
itandl
ossaccountofacompanyshal
lshow separ
atel
yas
addi
ti
onali
tems—

(
a)anamountsetasi deorproposedt
obesetasi
de
to,orwithdrawnorpr oposedtobewit
hdrawn
from,r
eserves;and

(
b)theaggregat
eamountofanydi
vi
dendpai
dand
proposed.

9.(
1)Inrespectofeveryi
tem showni nacompany'sbal
ancesheetorpr
ofitand
l
oss account ,the correspondi
ng amountf or t
he year immediatel
y
precedi
ngt hattowhicht hebalancesheetorprofi
tandl ossaccount
rel
atesshallal
sobeshown.

(
2)Wher ethatcor
respondingamounti snotcompar ablewiththeamountto
beshownf ortheitem i nquesti
oni nrespectoft hey eartowhichthe
bal
ancesheetorpr ofitandlossaccountrelates,t
hef or
meramountshall
beadjustedandparticularsoftheadjust
mentandt hereasonsfori
tshal
l
bediscl
osedinanot et otheaccounts.

(
3)Par agraph8( 5)doesnotappl yinanycasewher eanamountcanbe
shown f orthe it
em in questi
on inr espectofthe yearimmediat
ely
precedingt hattowhi chthebal ancesheetorprofi
tandl ossaccount
rel
ates, andthatamountshallbeshownundert heheadi
ngorsubheading
requiredundersubparagraph(1)forthati
tem.

10.Theamountsinrespectofi
temsrepresent
ingassetsorincomemaynotbe
setoffagainstamount si
nr espectofi tems r
epresenti
ng l
iabi
li
ti
es or
 expendi
tur
e(ast
hecasemaybe)
,orv
icev
ersa.

SECTI
ONC—THEREQUI
REDFORMATSFORACCOUNTS

Pr
eli
minar
y

11.ReferencesinthisPar toft hisScheduletothei temsl istedinanyoft he

f
ormat ssetoutbelowar et othosei t
emsreadt ogetherwithanyoft henotes
f
oll
owi ngtheformatswhi chappl ytoanyofthoseitems, andt herequi
rement
i
mposedbysubpar agraph8( 1)toshowt heit
ems,l ist
edi nanysuchf ormat
i
ntheor deradoptedint hef ormat,i
ssubjecttoanypr ovisioninthosenotes
f
oralternati
veposit
ionsf oranypar t
icul
ari
tems.

12.Anumberi
nbracketsf
oll
owinganyit
em inanyoft
hefor
matssetoutunder
for
mat1isaref
erencetothenoteofthatnumberi
nthenot
esfol
lowingthe
for
mats.

13.I
nthenot
esf
oll
owi
ngt
hef
ormat
s—

(
a)the headi ng ofeach not e gives the r
equir
ed
headi ngorsubheadi ngfort heitem towhi chit
appliesandar efer
encet oanyl ett
erandnumber
assigned tot hatitem int he formats setout
below( taki
ngar ef
erenceinthecaseofFor mat2
ofthebal ancesheetf or
matst ot heit
em list
ed
underasset sorunderl i
abili
ti
esas t he case
mayr equi
re)
;and

(
b)r ef
erences t
o a numbered f
ormataret othe
balance sheetformator ,as the case may
requir
e,tothepr
ofitandlossaccountfor
matof
thatnumbersetoutunderfor
mat1.

Bal
anceSheetFor
mat
s

FORMATI

A.Cal
ledupShar
eCapi
talNotPai
d(1)

B.Fi
xedAsset
s
1.Landandbui ldings.
2.Plantandmachi nery.
3.Fi
xtures,f
itt
ings, t
oolsandequi
pment.
4.Construct
ion-in-progr
ess.
5.Pr
e-pay
mentf
orst
ocksi
n-t
ransi
t.

C.Long-ter
mI nv
estments
1.Sharesingroupcompani es.
2.Loanstogr oupcompani es.
3.Sharesinrelatedcompani es.
4.Loanstor el
atedcompani es.
5.Inv
estment sot hert
hanloans.
6.Loans.
7.Ownshar es( t
reasuryshares)(4)
.
8.Bonds,debent uresandFederalGovernmentDevel
opmentSt
ocks.

D.DeferredCharges
1.Developmentcost s.
2.Concessions,patents,li
cences,franchise,t
rademar
ksandsi
mil
arr
ight
sand
assets(2).
3.Goodwi l
l(3)
.
4.Pre-paymentforservicestober eceived.

E.Curr
entAsset
s
I.Cur
rentAsset
s
1.Stocks
2.Rawmat er
ial
sandconsumables.
3.Wor k-
in-
progress.
4.Fi
nishedgoodsandgoodsawai ti
ngsal
e.
5.Pre-paymentforstocksi
ntr
ansit
.

II
.Debtor
s(5)
1.Tradedebt
ors.
2.Amountowedbygr oupcompani es.
3.Amountowedbyr el
atedcompani es.
4.Otherdebt
ors.
5.Call
edupsharecapit
alnotpaid(1).
6.Pre-pay
mentsandaccruedincome.

I
II
.Short-
ter
minv
est
ment
1.Sharesingroupcompanies.
2.Ownshar es(Tr
easuryshares)(
4).
3.Otherinvest
ments.

I
V.Cashi
nbankandathand

F.Pr
epay
ment
sandaccr
uedi
ncome(
6)

G.Cr
edi
tor
s:amount
sfal
li
ngduewi
thi
noney
ear
1.Debentureloans( 7).
2.Bankloansandov erdrafts.
3.Pay mentsreceivedonaccount( 8).
4.Tradecreditors.
5.Bil
lsofexchangepay able.
6.Amount sowedt ogroupcompani es.
7.Amount sowedt orel
atedcompani es.
8.Ot hercreditorsincl
udi ngtaxation(P.A.
Y.E.
)andNat
ionalPr
ovi
dentFund
(soci
alsecurit
y )(9)
.
9.Accrualsanddef err
edi ncome( 10).

H.Netcur
rentasset
s(l
iabi
li
ti
es)(
11)

I
.Tot
alasset
slesscur
rentl
iabi
li
ti
es

J.Cr
edi
tor
s:amountf
all
ingdueaf
termor
ethanone
year

1.Debenturel
oans( 7).
2.Bankloansandov erdrafts.
3.Payment sr
eceivedonaccount( 8).
4.Tradecredi
tors.
5.Bi
llsofexchangepay able.
6.Amount sowedtogr oupcompani es.
7.Amount sowedtor el
atedcompani es.
8.Othercredi
tor
sincludingt axat
ionandsoci
alsecur
it
y(9)
.
9.Accrual
sanddef err
edi ncome( 10).

K.Provi
sionsforl
iabi
li
ti
esandchar
ges
1.Pensionsandsimilarobl
igati
ons.
2.Taxation,
incl
udingdefer
redtaxati
on.
3.Otherprovisi
ons.

L.Accr
ual
sanddef
err
edi
ncome(
10)

M.Capi
talandr
eser
ves

1.Cal
ledupshar
ecapi
tal(
12)

2.Shar
epr
emi
um account

3.Rev
aluat
ionr
eser
ves

4.Ot
herr
eser
ves
1.Capi
talredempti
onreser
ve.
2.Reserveforownshares.
3.Reservesprovi
dedforbythear
ti
clesofassoci
ati
on.
4.Otherreserv
es.

V.Pr
ofi
tandlosstr
ansf
err
edf
rom Pr
ofi
tand
LossAccountorI
ncomeStat
ement

Bal
anceSheetFor
mat
s

FORMAT2

ASSETS

A.Cal
ledupshar
ecapi
talnotpai
d(1)

B.Tangi
bleassets
1.Landandbui l
dings.
2.Plantandmachi ner
y.
3.Fi
xtures,
fit
ti
ngs, t
oolsandequi
pment.
4.Paymentsonaccountandasset sincourseofconst
ruct
ion.

C.Long-ter
minv
est
ment
1.Shar
esi ngroupcompani es.
2.Loanst ogroupcompani es.
3.Sharesinrelatedcompanies.
4.Loanst orel
atedcompani es.
5.Otherinvestmentsotherthanloans.
6.Otherloans.
7.Ownshar es( t
reasur
yshar es)(
4).

D.Def
err
edchar
ges
1.Dev
elopmentcost s.
2.Concessions,pat
ents,
li
cences,
trademar
ksandsi
mil
arr
ight
sandasset
s(2)
.
3.Goodwill(3)
.
4.Pay
ment
sonaccount
.

E.Cur
rentasset
s

I
.St
ocks
1.Rawmat erialsandconsumabl
es.
2.Work-i
n-progress.
3.Fini
shedgoodsandgoodsawai ti
ngsal
e.
4.Payment sf orst
ocksintr
ansi
t.

I
I.Debtors(
5)
1.Tr
adedebtor
s.
2.Amountsowedbygroupcompani es.
3.Amountsowedbyrel
atedcompani es.
4.Ot
herdebtor
s.
5.Call
edupsharecapi
talnotpaid(1).
6.Pre-
paymentsandaccruedincome( 6).

I
II
.Short-t
ermi
nvest
ment
s
1.Shar
esingroupcompanies.
2.Ownshares(Treasur
yShares)(
4).
3.Otheri
nvestments.

I
V.Cashi
nbankandathand

F.Pr
e-pay
ment
sandaccr
uedi
ncome(
6)

CAPI
TALANDLI
ABI
LITI
ES

A.Capi
talandr
eser
ves

I
.Cal
ledupshar
ecapi
tal
(12)

I
I.Shar
epr
emi
um account

I
II
.Rev
aluat
ionr
eser
ve

I
V.Otherr
eserves
1.Capit
alredemptionr
eserves.
2.Reserveforownshares(12A).
3.Reservesprovi
dedforbytheart
icl
esofassoci
ati
on.
4.Otherreser
ves.

V.Pr
ofi
tandl
ossaccount(
Ret
ainedear
nings)(
12B)
 B.Cur
rentl
iabi
li
ti
es
1.Debenturel
oans( 7).
2.Tradecredi
tors.
3.Bankloansandov er
draf
ts.
4.Pay mentsrecei
vedinadvance(
8).
5.Bill
sofexchangepay abl
e.

C.Non-
tr
adecur
rentl
iabi
li
ti
es

1.Pr ov
isionf orpensionandot hersimil
arobli
gati
ons.
2.Pr ov
isionsf ort axati
oni ncl
udingdef er
redtaxes,Nat
ionalPr
ovi
dentFund
(
soci alsecuri
ty)(9).
3.Otherpr ovi
sions.
4.Accr ualsanddef erredincome( 10).
5.Transact i
onsbet weenandwi thingroup:

(
a)Amountowedt
ogr
oupcompani
es.

(
b)Amountowedt
orel
atedcompani
es.

(
c)Ot
her
s.

Por
ti
onsofLong-
Ter
m Li
abi
li
ti
esduei
ntheCur
rentPer
iod.

D.Long-
termli
abil
it
ies
4.Debent
ureloans(por
tionsnotduenextyear).
5.Bonds(por
tionnotduenexty ear
).
6.Otherl
ong-
term debt
s( port
ionnotduenextyear)
.

Not
esont
heBal
anceSheetFor
mat
s

(
1)Calledupshar
ecapit
alnotpaid(
For
mat
s1and2,it
emsAandEII5)—
Thi
si t
em maybeshownineit
heroft
het
woposi
ti
onsgi
veni
nFor
mats1
and2.

(
2)Concessi
ons,
patents,l
icences,
trademarksandsimil
arri
ghtsandasset
s
(
Formats1and2,item D2)— Amount sinrespectofassetsshal
lonl
ybe
i
ncl
udedinacompany '
sbalancesheetunderthi
sitem i
feit
her—

(
a) the assets were acqui
red for val
uabl
e
consi
derat
ionandar
enotrequi
redtobeshown
undergoodwil
l;
or

(
b)the asset
sin quest
ion wer
e cr
eat
ed by t
he
companyit
sel
f.
(
3)Goodwil
l(For
mats1and2,it
emsD3)—Amount
srepresent
inggoodwil
l
shal
lonl
ybei ncl
udedtot
heext
entt
hatt
hegoodwi
llwasacquiredfor
val
uabl
econsider
ati
on.

(
4)Ownshares(For
mats1and2,it
emsC7andEI I
I2)—Thenomi
nalv
alue
oft
heshareshel
dshal
lbeshownsepar
atel
y.

(
5)Debtor
s( For
mats1and2,it
emsEII1-6)—Theamountfal
li
ngdueaft
er
moret hanoneyearshal
lbeshownseparat
elyf
oreachitem i
ncl
uded
underdebtor
s.

(
6)Pr
e-pay
mentsandaccruedi
ncome( Formats1and2,i
temsEII6andF)
—Thisi
tem maybeshowninei
therofthetwoposi
ti
onsgiv
eni
nFormats
1and2.

(
7)Debent
urel
oans(
7)(For
mat1, i
temsG1andB1andFor mat2,i
tem C1)
—Theamountofanyconver
ti
bleloansshal
lbeshownsepar
atel
y.

(
8)Payment srecei
vedonaccount( For
mat1,i
temsG3andJ3andFor mat
2,it
em C3)— Pay ment
sr ecei
vedonaccountoforder
sshal
lbeshown
foreachoft heseit
emsi nsof arastheyarenotshownasdeduct
ions
from st
ocks.

(
9)Othercredi
tor
sincl
udingtaxat
ion (For
mat1,i temsG 8andJ8and
Format2,it
em C2)— Theamountf orcredi
tor
si nrespectoft
axat
ion
shal
lbeshownseparat
elyf
rom theamountforothercr
editor
s.

(
10)Accrual
sanddef err
edi ncome( Format1,itemsG9,J9andL1and
Format2,i
tem C4)—Thet woposi ti
onsgivenforthi
sitem i
nFor matIat
E9andH9ar eanalter
nat i
vetot heposit
ionatJ,buti ft
hei t
em i
snot
showninaposi t
ioncorr
espondingt othatatJ,itmaybeshowni nei
ther
orbothoft heothertwoposi t
ions( asthecasemayr equir
e).Thetwo
posi
ti
onsgivenforthi
sitem inFormat2ar eal
ternati
ves.

(
11)Netcurrentassets(l
iabil
it
ies)(For
mat1,i
tem H)— Indet
erminingt
he
amountt o be shown fort hi
si t
em anyamounts shown underpre-
payment
sandaccr uedi ncomeshal lbet
akenint
oaccountwher ever
shown.

(
12)Call
edupsharecapit
al(
Format1,i
tem K1andFormat2,item A)-The
amountofall
ottedshar
ecapit
alandt heamountofcalledupshar e
capi
talwhi
chhasbeenpai
dupshallbeshownsepar
atel
y.

(
13)Credi
tor
s—Amount sfall
ingduewit
hinoney
earandaf
teroneyearshal
l
beshownseparat
elyforeachoftheseit
emsandthei
raggregat
eshall
beshownsepar
atel
yforalloft
heseit
ems.
 Pr
ofi
tandLossAccountFor
mat
s

FORMAT1

(
Seenot
e(17)bel
ow)

1.Turnov er.
2.Costofsal es( 14).
3.Grosspr ofitorl oss.
4.Dist
ribut i
onexpenses( 14) .
5.Admi nistrationexpenses( 14) .
6.Otheroper at i
ngi ncome( 14) .
7.I
ncomef rom shar esi ngr oupcompani es.
8.I
ncomef rom shar esi nr elatedcompani es.
9.I
ncomef rom ot herfixedasseti nv est
ment s( 15).
10.Otheri nter estr eceivabl eandsi mi l
arincome( 15).
11.Amount swr it
tenof finv est ment s.
12.Accr uedi nt erestexpenseandsi mi l
archar ges.
13.Taxonpr of itorlossonor dinaryact i
viti
es.
14.Profitorl ossonor dinar yact i
vit
iesaf tertaxati
on.
15.Extraordi nar yincome.
16.Extraordi nar ychar ges.
17.Extraordi nar ypr ofi
torl oss.
18.Taxonext raor dinarypr of itorloss.
19.Othert axesundert heabov eitems.
20.Profitorl ossf orthef inanci aly ear.
21.Earningspershar e.
22.Divi
dendpershar e.

Pr
ofi
tandLossAccountFor
mat
s

FORMAT2

1.Salesorrev enue.
2.Changei nst ocksoff i
nishedgoodsandi
nwor
k-i
n-pr
ogr
ess.
3.Ownwor kcapi tal
ised.
4.Otheroper atingincome.
5.(a)Rawmat er i
alsandconsumabl es.
(b)Otherext ernalcharges.
6.Staffcosts:
(a)wagesandsal ari
es;
 (b)otherpensi oncost s.
7.(a)Depr eci ation off ixed asset s,depl etion and amorti
sati
on ofwast i
ng
andi ntangi bleasset s;
(b)Except ionalamount swr it
t enof fcurrentassets.
8.Otheroper atingchar ges.
9.I
ncomef r
om shar esi ngr oupcompani es.
10.Incomef rom shar esi nr el
atedcompani es.
11.Incomef rom ot herf i
xedasseti nv estment s(15).
12.Otheri nterestr eceiv ableandsi mi lari
ncome( 15).
13.Amount swr ittenof finvest ment s.
14.Interestpay abl eandsi mi l
archar ges( 16).
15.Taxonpr ofitorl ossonor dinar yact iv
iti
es.
16.Profitorl ossonor dinaryact iv
itiesaf tertaxati
on.
17.Extraordinar yi ncome.
18.Extraordinar ychar ges.
19.Extraordinar ypr ofitorl oss.
20.Taxonext raor dinar ypr ofitorl oss.
21.Othert axesnotshownundert heabov eitem.
22.Pr ofitorl ossf ort hecur renty eart ransferr
ed to Ret
ained Ear
ningsor
Reserve.

Pr
ofi
tandLossAccountFor
mat
s

FORMAT3

(
Seenot
e(17)bel
ow)

A.Charges
1.Costofsal es( 14).
2.Distribut i
oncost s(14) .
3.Admi nistrati
v eexpenses( 14).
4.Amount swr it
tenof finvestment s.
5.Inter estpay ableandsi milarchar ges(16).
6.Taxonpr ofitorlossonor dinaryactivi
ti
es.
7.Pr ofitorl ossonor dinaryact i
vi
tiesaftertaxat
ion.
8.Ext raor dinarychar ges.
9.Taxonext raordinarypr of
itorloss.
10.Ot hert axesnotshownundert heabov eitems.
11.Pr ofitorl ossf orthef i
nancialy ear.

B.I
ncome
1.Turnov
er.
2.Otheroperat
ingincome.
3.Incomefrom sharesi
ngroupcompanies.
4.Incomefrom sharesi
nrel
atedcompanies.
5.I
ncomef rom otherfi
xedassetinvestments(15).
6.Otherint
erestrecei
vabl
eandsi milari
ncome( 15)
.
7.Profi
torlossonor di
naryacti
vi
tiesaft
ertaxati
on.
8.Extr
aordinar
yincome.
9.Profi
torlossforthefi
nancialyear
.

Pr
ofi
tandLossAccountFor
mat
s

FORMAT4

A.Char ges
1.Reduct i
oni nst ocksoff ini
shedgoodsandi nwork-i
n-progr
ess.
2.(a)Rawmat erialsandconsumabl es;
(b)Ot herext ernalchar ges.
3.Staf fcost s:
(a)wagesandsal aries;
(b)ot herpensi oncost s.
4.(a)Depr eci ationandot heramount swrittenofftangibl
eandintangi
blef
ixed
assets;
(b)Except ionalamount swr i
ttenof fcurrentassets.
5.Otheroper atingchar ges.
6.Amount swr itt
enof fi nvestment s.
7.Interestpay abl eandsi mi l
archar ges(16).
8.Taxonpr of itorl ossonor dinaryact i
vi
ties.
9.Prof itorlossonor di naryact i
vit
iesaf t
ert axat
ion.
10.Ext raordinar ychar ges.
11.Taxonext raor dinar ypr ofi
torloss.
12.Ot hert axesnotshownundert heabov eitems.
13.Pr of i
torl ossf ort hef inancialyear.

B.I
ncome
1.Turnover.
2.Increaseinst ocksoff i
nishedgoodsandi nwor k-i
n-pr
ogr
ess.
3.Ownwor kcapi tal
ised.
4.Otheroper atingincome.
5.Incomef rom shar esingr oupcompani es.
6.Incomef rom shar esinr el
atedcompani es.
7.Incomef rom otherf i
xedasseti nvest
ment s( 15).
8.Ot herinterestreceivableandsimi l
arincome( 15).
9. Profitorlossonor dinaryacti
vit
iesaftertaxation.
10.Ext r
aordinaryincome.
11.Pr ofi
torlossf orthef i
nancialyear.

Not
esont
hePr
ofi
tandLossAccountFor
mat
(
14)Costofsal es:di
str
ibuti
oncost s:admi
nistr
ativ
eexpenses-( Format1,
i
tems2,4and5andFor mat3,itemsA1,2and3)-Thesei temsshallbe
stat
edaf t
ertakingi
ntoaccountanynecessaryprovi
sionsf
ordepreci
ati
onor
di
mi nut
ioninv al
ueofassets.

(
15)Incomef rom ot
herf i
xedasseti nvestment
s:ot
heri
nterestrecei
vabl
eand
si
mi l
arincome( Format1,i t
ems9and10:For mat2,i t
ems11and12:
Format3, i
temsB5and6:For mat4, i
temsB7and8)—I ncomeandi nter
est
deri
vedf r
om groupcompani esshallbeshownseparatel
yf r
om incomeand
i
nterestderi
vedfrom othersources.

(
16)Int
erestpayableandsimi
larcharges-(
For
mat1,item 12:For
mat2,i
tem
14:Format3,it
em A5:Format1,item A7)— Theamountpayabl
etogr
oup
companiesshallbeshownseparat
ely.

(
17)Formats1and3— Theamountofanypr ovisionsfordepr eci
ationand
dimi
nuti
oninvalueoft angi
bleandintangi
blef ixedassetsf al
li
ngt obe
shownunderi
tems7( a)andA4( a)r
espect
ivelyinFormats2and4,shal l
bediscl
osedi
nanot et otheaccountsinanycasewher ethepr ofi
tand
l
ossaccounti
sprepar
edbyr efer
encetoFormat1orFor mat3.

PARTI
I—ACCOUNTINGPRI
NCI
PLESANDRULESSECTI
ONA
ACCOUNTI
NGPRI
NCIPLES

Pr
eli
minar
y

14.Subjecttoparagraph15,theamountst obeincludedinrespectofallit
ems
shown i n a company '
sf i
nancialstatements shallbe det ermined in
accordance wi
th general
lyaccepted account
ing pr
inci
ples,and wi t
ht he
accounti
ngstandardslai
ddownf r
om timet oti
mebyt heFinancialReport
ing
CouncilofNi
geria.

Depar
tur
efr
om t
heAccount
ingPr
inci
ples

15.Ifitappear
st othedi r
ector
sofacompanyt hatther
earespecialreasonsfor
departi
ng from any of t he pri
ncipl
es st at
ed abov ein preparing the
company '
sfinancialstat
ementsinrespectofanyf i
nanci
alyeartheymaydo
so,butparti
cularsoft hedepar
tur
e,thereasonsf ori
tandit
sef fectshallbe
giv
eni nanotet otheaccounts.

SECTI
ONA—HI
STORI
CALCOSTACCOUNTI
NGRULES

Pr
eli
minar
y

16.Subjectt
o secti
onC oft hi
sPartofthi
sSchedul
e,t
heamount sto be
incl
udedinrespectofal
lit
emsshowninacompany'
sfi
nanci
alst
atements
 shal
lbedet
ermi
nedi
naccor
dancewi
tht
her
ulessetouti
npar
agr
aphs17-
28.

Fi
xedAsset
s

17.Subj
ecttoanypr ovisi
onf ordepreci
at i
onordiminuti
oninval
uemadei n
accor
dancewithparagraph18or19, t
heamounttobei ncl
udedi
nrespectof
anyfi
xedassetshallbeitspurchasepriceorpr
oducti
oncost.

18.Int
hecaseofanyf
ixedassetwhi
chhasal
imi
tedusef
uleconomi
cli
fe,t
he
amountof—

(
a)i
tspur
chasepr
iceorpr
oduct
ioncost
;or

(
b)wher ei tisest i
mat ed thattheasset shav ea
residualv al
ue att he end ofthe per i
od ofits
usef ul economi cl if
e,i ts purchase price or
product ion cost l ess that estimated resi
dual
value, shal l be r educed by pr ovi
sions for
depr eciati
oncal culatedt owrit
eof fthatamount
systemat i
call
y ov ert he peri
od oft he asset
's
usef uleconomi clife.

19.(
1)Wher eaf ixedassetinvest mentofadescr ipti
onf all
ingt obei ncluded
underitem BI I
Iofeithert hebalancesheetf ormatssetouti nPar tIof
thi
sSchedul ehaddi minishedinv al
ue,pr
ovisionsfordi minut
ioni nv al
ue
maybemadei nrespectofi tandtheamountt obei ncludedinr espectof
i
tmayber educedaccor dingly,andsuchprovisi
onswhi charenotshown
i
nt hepr of
itandlossaccountshal lbedi
sclosed( eit
hersepar atelyorin
aggregate)inanotet otheaccount s.

(
2)Provi
sionsf ordiminut
ioninv alueshallbemadei nrespectofanyf i
xed
assetwhi chhaddi mini
shedi nv al
uei fther educt
ionini t
sv alueis
expectedt obeper manent( whet herit
susefuleconomi cli
fei
sl i
mitedor
not)
,andt heamountt obei ncludedi nrespectofitshallber educed
accordingly,andsuchpr ov
isionswhi charenotshowni ntheprof i
tand
l
ossaccount ,shal
lbedisclosed( eit
herseparatelyorinaggregate)ina
notetot heaccount s.

(
3)Wher ether easonsf orwhichanypr ovi
sionwasmadei naccordance
withsubparagraph( 1)or(2)haveceasedt oapplytoanyext ent,t
hat
provi
sion shallbe wr i
tt
en back tot he extentthati tis no l
onger
necessary
,and any amount s wri
tt
en back i n accordance wi
tht hi
s
subparagr
aphwhi charenotshowni nthepr ofi
tandlossaccount,shall
be discl
osed ( ei
therseparat
ely ori n aggregat
e)i n a notetot he
 account
s.

Rul
esf
ordet
ermi
ningpar
ti
cul
arf
ixedasseti
tems

20.(
1)Not wit
hstanding t hatan it
em inrespectofdev el
opmentcost si s
incl
udedunderf ixedassetsinthebal
ancesheetfor
mat ssetoutinPartI
oft hi
s Schedule,an amountmayonl ybe incl
uded in a company '
s
balancesheetinr espectofdevel
opmentcost
sinspecialci
rcumstances.

(
2)Ifanyamountisincl
udedinacompany
'sbal
ancesheetinrespectof
devel
opmentcost
sthefol
lowi
ngi
nfor
mati
onshallbegi
veninanot eto
theaccount
s—

(a)the per
iod overwhi
ch t
he amountofthose cost
s or
igi
nal
ly
capi
tal
isedi
sbeingori
stobewri
tt
enoff
;and

(
b)t
her
easonf
orcapi
tal
isi
ngt
hedev
elopmentcost
sinquest
ion.

21.(
1)Theappli
cati
onofparagraphs17-19inrel
ati
ontogoodwi
ll(
inanycase
where goodwilli
streat
ed as an asset
)is subj
ecttothe f
oll
owing
prov
isi
onsoft hi
spar
agraph.

(
2)Theamountoft heconsi der
ationforgoodwi
llacquiredbyacompany
shallbereducedbyprovisi
onforamorti
sati
oncalcul
atedtowri
teof
fthat
amountsy st
emati
call
yov eraper i
odoff i
vey earsorlessasmaybe
determinedbythedir
ectorsofthecompany.

(
3)Inanycasewher eanygoodwil
lacquiredbyacompanyi sshownor
i
ncludedasanasseti nthecompany '
sbalancesheet
,theperi
odchosen
forwriti
ngof ftheconsi
der
ati
onf orthatgoodwil
landt hereasonsf
or
choosingthatperi
odshal
lbedi
sclosedinanotetotheaccounts.

Cur
rentasset
s

22.Subjecttoparagr
aph23,t
heamounttobeincl
udedinr
espectofanycur
rent
assetshallbei
tspur
chasepr
iceorpr
oduct
ioncost
.

23.(
1)Ifthenetreal
isabl
evalueofanycur
rentasseti
slowert
hanitspurchase
pri
ceorpr oducti
oncost,theamounttobei ncl
udedinrespectofthat
assetshal
lbethenetreali
sabl
eval
ue

(
2)Wherether easonsf orwhi
chanypr ov
isi
onfordiminut
ioni
nv al
uewas
madeinaccor dancewi t
hsubpar
agraph(1)haveceasedtoapplytoany
ext
ent,t
hatpr ovisi
onshallbewrit
tenbackt otheextentt
hati ti
sno
l
ongernecessary.
 Mi
scel
laneousandsuppl
ement
arypr
ovi
sion

Excessofmoneyowedoverval
uer
ecei
vedasanasseti
tem

24.(
1)Wheretheamountrepay
ableonanydebtowedbyacompanyi sgreat
er
t
hantheval
ueoftheconsider
ati
onrecei
vedi
nthetransact
iongi
vi
ngr i
se
t
othedebt,
thedi
ffer
encemaybet r
eatedasanasset.

(
2)Wher
eanysuchamounti
ssot
reat
ed—

(
a)reasonabl
eamountsshal
lbecompl
etel
ywrit
ten
offeachyearbef
orer
epay
mentoft
hedebt;
and

(
b)ifthecur
rentamountisnotshownasasepar at
e
i
tem inthecompany '
sbalancesheet
,itshal
lbe
discl
osedinanotetotheaccount
s.

Asset
sincl
udedataf
ixedamount

25.(
1)Theasset
swhi
chf
allt
obei
ncl
udedamongt
he—

(
a)fixed asset
s ofa company undert
he i
tem,
"
tangibl
eassets"
,or

(
b)curr
entassetsofacompanyundert
hei
tem,
"
rawmateri
alandconsumabl
es"
,

maybei
ncl
udedataf
ixedquant
it
yandv
alue.

(
2)Subparagraph(1)appl
iest
oasset
sofaki
ndwhi
char
econst
ant
lybei
ng
r
eplaced,where—

(
a)theirov
eral
lvalueisnotmat er
ialt
oassessi
ng
thecompany'
sstateofaf
fai
rs;
and

(
b)t heirquant
ity
,v al
ueand composi
ti
on ar
enot
subjectt
omat eri
alvari
ati
on.

Det
ermi
nat
ionofpur
chasepr
iceorpr
oduct
ioncost

26.(
1)Thepurchasepri
ceofanassetshallbedeter
minedbyaddi
ngt
othe
act
ualpr
icepai
danyexpensesi
nci
dentalt
oit
sacquisi
ti
on.

(
2)Theproducti
oncostofanassetshallbedeter
minedbyaddi ngtot he
pur
chasepri
ceoft herawmater
ial
sandconsumablesused,theamount
ofthecost
si ncur
redbythecompanywhicharedirect
lyat
tri
butabl
et o
 t
hepr
oduct
ionoft
hatasset
.

(
3)I
naddi
ti
on,
ther
emaybei
ncl
udedi
nthepr
oduct
ioncostofanasset—

(
a)ar easonableproport
ionofthecostsincurredby
thecompanywhi chareonlyindi
rect
lyattr
ibutable
tot hepr oduct
ionoft hatasset
,butonl yt ot he
extentthattheyrelat
et ot
heperi
odofpr oduct i
on;
and

(
b)i ntereston capitalborr
owed tof i
nance the
production ofthatasset
,tot he extentthatit
accruesi nr
espectoft
heperiodofproduct
ion:

Prov
idedthati
nacasewi t
hinparagr
aph(a)above,t
hatthei
ncl
usionof
thei
nter
estindeter
mini
ngthecostofthatassetandtheamountofthe
i
nter
estsoincl
udedisdi
scl
osedinanotetotheaccounts.

(
4)Inthecaseofcurr
entasset
sdi
str
ibut
ion,cost
smaynotbei
ncl
udedi
n
pr
oduct
ioncost
s.

27.(
1)Subjecttothequal
if
icat
ionment
ionedbel
ow t
hepur
chasepr
iceor
pr
oduct
ionof—

(
a)anyassetswhichf al
ltobeincl
udedunderany
i
tem showninacompany '
sbal
ancesheetunder
t
hegenerali
tem "
stocks"
;and

(
b)anyasset swhichar etangibl
easset s(includi
ng
i
nvestments), may be det ermined by t he
appli
cat
ionofanyoft hemet hodsment ionedin
sub-paragraph(2)below inrelat
iont oanysuch
assets of the same cl ass,and t he met hod
chosen must be one whi ch appear st ot he
dir
ector
st obeappr opri
ateint hecircumstances
ofthecompany .

(
2)Thosemet
hodsar
e—

(
a)t
hemet
hodknownas"
fi
rsti
n,f
ir
stout
"(FI
FO)
;

(
b)t
hemet
hodknownas"
lasti
n,f
ir
stout
"(LI
FO)
;

(
c)awei
ght
edav
eragepr
ice;
and

(
d)anyot
hermet
hodsi
mil
art
oanyoft
hemet
hods
 ment
ionedabov
e.

(
3)Wher
eint
hecaseofanycompany–

(
a)thepurchasepr i
ceorproduct
ioncostofassets
fal
li
ngtobei ncl
udedunderanyitem showni
nt he
company'sbalancesheethasbeendetermi
nedby
theappli
cati
onofanymet hodpermi t
tedbythis
paragr
aph,and

(
b)the amount shown i
nr espect of that i
tem
di
ff
ers mater
ial
lyfr
om the relevantal
ter
nativ
e
amountgi
venbelowi
nthi
sparagraph,

t
hedi
ff
erenceshal
lbedi
scl
osedi
nanot
etot
heaccount
s.

(
4)Subjecttosubparagraph( 5)below,forthepurposesofsubparagraph(3)
(b)
,ther el
evantalternati
veamount ,i
nr el
ati
ont oanyitem showni na
company '
sbalancesheet ,istheamountwhi chwouldhav ebeenshown
i
nr espectofthatit
em i fassetsofanycl assincl
udedunderthatitem at
anamountdet er
minedbyanymet hodper mi
ttedbythi
spar agraphhad
i
nsteadbeeni ncl
udedatt hei
rreplacementcostasatt hebalancesheet
date.

(
5)Ther elevantalt
ernati
veamountmaybedet ermi
nedbyreferencet othe
mostr ecentactualpurchasepriceorpr oducti
oncostbef
oret hebalance
sheetdateoft heassetsofanycl assincludedunderthei
tem inquestion
i
nsteadofbyr ef
erencetot hei
rrepl
acementcostasatt hatdat e,
butonly
i
fthef ormerappear st othedirect
orsoft hecompanyt oconst it
utethe
moreappr opr
iat
est andardofcompar isoni nthecaseofasset softhat
cl
ass.

(
6)Forthepurposesoft hisparagraph,asset
sofanydescri
pti
onshal
lbe
r
egar
ded as t angi
blei fassets ofthatdescr
ipt
ion ar
e subst
ant
ial
ly
i
ndi
stingui
shableonefrom another.

Subst
it
uti
onofor
igi
nalst
atedamountwher
epr
iceorcostunknown

28.Wher etherei snor ecor

doft hepur chasepr i
ceorproductioncostofany
assets ofa companyorofanypr i
ce,expenses orcost sr elevantfor
determiningi tspurchasepr i
ceorpr oductioncost in accor dancewi th
paragraph 26, or anysuch r ecord cannot be obt ained wi t
hout
unreasonabl eexpenseordel ay,it
spur chasepriceorproducti
oncostshal l
bet akenf orthepurposesofpar agraph17-23t obethev al
uer ecordofits
val
uemadeonoraf teritsacquisi
ti
onorpr oducti
onbythecompany .
 SECTI
ONC

ALTERNATI
VEACCOUNTI
NGRULES

Pr
eli
minar
y

29.(
1)Therulessetouti nsecti
onBar er
efer
redt
oint
hisSchedul
east
he
hi
stor
icalcostaccount
ingrul
es.

(
2)Thoser ules,wi
tht heomi ssi
onofparagraphs16,21and25-28,ar e
ref
erredtobel ow i
nt hisPartoftheScheduleasthedepr eci
ati
onrul
es,
andr ef
erencesinthisScheduletothehist
ori
calcostaccounti
ngrul
esdo
notincl
udet hedepreciat
ionrul
esastheyapplybyvir
tueofparagr
aph32.

30.Subj
ecttopar
agraph32to34,theamounttobeincl
udedi
nr espectof
asset
sofanydescri
pti
onment
ionedi
npar
agraph26maybedet
erminedon
anybasi
ssomentioned.

Al
ter
nat
iveaccount
ingr
ules

31.(
1)I
ntangi
blefi
xedasset
s,ot
hert
hangoodwi
ll
,maybei
ncl
udedatt
hei
r
curr
entcost
.

(
2)Tangi
blefi
xedassetsmaybei ncl
udedatamar ketval
uedet
ermi
nedas
att
hedateofthei
rvaluat
ionoratt
hei
rcur
rentcost.

(
3)Invest
mentofanydescri
pti
onfal
li
ngtobeincl
udedunderit
em BI I
Iof
eit
herofthebal
ancesheetf
ormat
ssetouti
nPartIoft
hisSchedul
emay
beincl
udedeit
her—

(
a)atamar ketval
uedet
ermi
nedasatt
hedat
eof
t
hei
rlastval
uati
on,
or

(
b)ata v al
ue determined on any basis which
appearstothedirect
orstobeappr opri
ateinthe
ci
rcumstancesoft hecompany ,butinthelatt
er
case part
icul
ars of the method of v al
uat
ion
adoptedandoft hereasonsforadoptingitshal
l
bediscl
osedinanot etotheaccounts.

(
4)Investmentsofanydescr i
pti
onf al
li
ngtobeincl
udedunderi
tem CII
Iof
ei
therofthebalancesheetformatssetouti
nPartIofthi
sSchedul
emay
beincl
udedattheircur
rentcost.

(
5)St
ocksmaybei
ncl
udedatt
hei
rcur
rentcost
.
 Appl
icat
ionoft
hedepr
eci
ati
onr
ules

32.(
1)Wher ethev alueofanyasset sofacompanyi sdet ermi nedonanybasi s
ment ionedinpar agraph31,t hatv al
ueshal lbe,or( ast hecasemay
require)bethest ar
ti
ngpoi ntfordetermi
ning,theamountt obei ncluded
i
nr espectoft hatasseti nt he company '
s account s,i nstead ofi ts
purchasepr iceorproduct i
oncostoranyv alueprev i
ousl ysodet ermined
fort hatasset ;and thedepr eci
ationrul
esshal lappl yaccor dinglyin
rel
at i
ont oanysuchassetwi ththesubstituti
onf oranyr eferencet oits
purchasepr i
ceorpr oduct i
oncostofar eferencet ot hev aluemost
recentlydeterminedfort hatassetonanybasi sment ionedi npar agraph
31.

(
2)Theamountofanypr ovi
sionfordepreciati
onr equiredinthecaseofany
fi
xed assetbypar agraph 18 or19 as i tappl i
es byv i
rtue ofsub-
paragraph( 1)isref er
redt obelow int hispar agraphast headj usted
amount ,andt heamountofanypr ovisionwhi chwoul dber equi
redby
thatparagraphi nt
hecaseoft hatassetaccor dingt othehistori
calcost
accountingrules,i
sr ef
erredtoasthehi stor
icalcostamount .

(
3)Wheresubparagraph( 1)appli
esinthecaseofanyf ixedasset
,the
amountofanyprovi
sionfordepr
eci
ati
oni
nrespectoft
hatasset—

(
a)includedinanyitem shownintheprof
itandloss
accountinrespectofamount swri
tt
enoffassets
ofthedescri
pti
oninquestion;
or

(
b)t akeni ntoaccounti nst atinganyi tem soshown
whichi srequiredbynot e( 14)oft henot esont he
profi
tandl ossaccountf ormat ssetouti nPar tIof
this Schedul et o be st ated af t
er taking into
accountanynecessar ypr ov isi
onsf ordepreci
ation
ordimi nutioninv al
ueofasset sincludedunderi t
,
maybe t hehistori
calcostamounti nsteadoft he
adjustedamountpr ovidedt hattheamountofany
diff
erencebet weent hetwoi sshownsepar at
elyin
thepr ofitandl ossaccountori nanot etot he
account s.

Addi
ti
onali
nfor
mat
iont
obepr
ovidedincaseofdepar
tur
efr
om hi
stor
icalcost
s
account
ingrul
es.

33.(
1)Thisparagraphappli
eswheretheamountt obeincl
udedinrespectof
assetscov
er edbyanyi
tem showninacompany '
saccount
shavebeen
deter
minedonanybasisment i
onedi
nparagraph31.
 (
2)Thei
temsaff
ect
edandthebasi
sofv aluati
onadopt
edindet
ermi
ningthe
amount
softheasset
si nquest
ioni nt hecaseofsuchit
em shallbe
di
scl
osedi
nanotet
otheaccounts.

(
3)I
nthecaseofeachbal
ancesheeti
tem af
fect
ed(
exceptst
ocks)ei
ther—

(
a)thecomparableamount sdeter
minedaccor
ding
t
othehi
stor
icalcostaccount
ingr
ules;
or

(
b)t hedi f
ferencesbetweent hoseamountandt he
corresponding amount s actuall
y shown i
nt he
balancesheeti nrespectoft hatit
em,shallbe
shownsepar at
elyi
nt hebalancesheetorinanote
totheaccount s.

(
4)Insubpar
agr
aph(3)
,ref
erencesi
nrel
ati
ontoanyit
em tothecompar
abl
e
amountsdet
ermi
nedastherementi
onedar
erefer
encesto-

(
a)theaggregateamountwhi chwoul dber equi
red
to be shown i nr espectoft hati t
em i fthe
amountst o be included inr espectofal lthe
asset
s covered byt hati t
em wer e det
ermined
accor
dingtot hehistoricalcostaccounti
ngrules;
and

(
b) the aggr egate amount of the cumulati
ve
provi
sionsfordepreci
ati
onordiminut
ioni
nv al
ue
which woul d be per mit
ted or requi
red in
deter
mi ni
ngt hoseamountsaccordi
ng tothose
rul
es.

Reval
uat
ionr
eser
ve

34.(
1)Wi thr especttoanydet erminationofthev al
ueofanassetofacompany
onanybasi sment i
onedinpar agraph31,theamountofanypr ofi
torloss
arisi
ngf rom thatdet er
mination( af
terall
owi ng,whereappr opr
iat
e,f or
anypr ovisi
onsf ordepreciati
onordi mi
nut i
oni nvaluemadeot herwise
thanbyr eferencet othevaluet obedet erminedandanyadj ust
mentof
anysuch pr ovi
sionsmadei nt helightoft hatdeterminat
ion)shallbe
creditedor( ast hecasemaybe)debi t
edt oasepar atereser
ve( "t
he
revaluationreserve").

(
2)Theamountoft hereval
uat
ionreser
veshallbeshowni
nt hecompany'
s
balancesheetunderaseparat
esubheadi
ngi nt
heposi
ti
ongivenf
orthe
 i
tem "
rev
aluat
ionr
eserv
e"inFormat1or2ofthebal
ancesheetf
ormats
setouti
nPar t1ofthisSchedul
e,butneednotbeshownunderthat
name.

(
3)Ther eval
uat
ionreserv eshal
lbereducedtot heext entt
hattheamount
standingtothecreditofthereser
veareintheopinionofthedir
ectorsof
thecompanynol ongernecessaryforthepur poseoft heaccounting
polici
es adopted by t he company;but an amount may onl y be
transferr
edfrom t
her eser
vetotheprof
itandlossaccountifeit
her—

(
a)theamounti nquest
ionwaspr
evi
ousl
ychar
ged
t
othataccount
;or

(
b)i
trepr
esent
sreal
isedpr
ofi
t.

(
4)Thetreat
mentfortaxat
ionpurposesofamountcr
edit
edordebit
edt
othe
rev
aluati
onr
eserveshallbedi
sclosedi
nanotetotheaccount
s.

PARTI
II—NOTESTOTHEACCOUNTS

Pr
eli
minar
y

35.Anyinformati
onrequi
redinthecaseofanycompanybyt hefol
lowi
ng
provi
sionsofthi
sPartoftheSchedul
eshall(
ifnotgiv
eni
nthecompany'
s
accounts)begi
venbywayofanotetothoseaccount
s.

Di
scl
osur
eofaccount
ingpol
ici
es

36.The account i
ng polici
es adopt
ed by the company i
n determini
ng the
amountst obei ncl
udedinrespectofi
tem showninthebalancesheetandin
deter
miningt he profitorlossofthecompanyshal lbest at
ed( i
ncl
uding
suchpol i
cieswi threspecttothedepreciat
ionanddiminuti
oninv al
ueof
assets)
.

I
nfor
mat
ionsuppl
ement
ingt
hebal
ancesheet

37.Paragr
aphs 38 t o 50 r
equir
ei nf
ormati
on which ei
thersuppl
ementthe
inf
ormati
ongi venwithrespecttoanyparti
cul
ari
temsshowni nthebal
ance
sheetorisotherwiserel
evanttoassessi
ngthecompany '
sstat
eofaff
air
sin
theli
ghtoftheinformati
onsogi v
en.

Shar
ecapi
talanddebent
ures

38.(
1)Thef ol
lowinginf
ormat
ionshal
lbegi
venwi
thr
espectt
othecompany
's
shar
ecapital—
 (
a)t
heaut
hor
isedshar
ecapi
tal
;and

(
b)wher esharesofmorethanoneclasshavebeen
al
lot
ted,thenumberandaggregat
enominalval
ue
orsharesofeachcl
assal
lot
ted.

(
2)Inthecaseofanypartoftheal
lott
edshar
ecapit
alt
hatconsi
stsof
r
edeemableshar
es,
thef
oll
owingi
nfor
mati
onshal
lbegi
ven—

(
a)theear
li
estandlatestdatesonwhi
cht
hecompany
haspowertoredeem thoseshar
es;

(
b)whetherthosesharesmustber edeemedinany
eventorarel
iabl
etober edeemedatt heopt
ionof
thecompanyorofthesharehol
der
; and

(
c)whetherany(and,i
fso,what
)pr
emi
um i
spay
abl
e
onredempti
on.

39.(
1)Ifthecompanyhas al
lott
edanyshar
esdur
ingt
hef
inanci
aly
ear
,the
f
oll
owingi
nfor
mati
onshallbegi
ven—

(
a)t
her
easonf
ormaki
ngt
heal
lot
ment
;

(
b)t
hecl
assesofshar
esal
lot
ted;
and

(
c)asr egardseach classofshar es,thenumber
al
lott
ed,t heiraggregat
e nominalv al
ue,and t
he
considerati
on recei
ved by t
he company forthe
al
lotment .

(
2)Wi t
hrespecttoanycont
ingentrighttotheall
otmentofshar
esi
nthe
company
,thefol
lowi
ngpar
ticul
arsshallbegi
ven—

(
a)t he number,descr
ipt
ion and amountoft he
shar
esinrel
ati
ontowhichtheri
ghti
sexer
cisabl
e;

(
b)t
heper
ioddur
ingwhi
chi
tisexer
cisabl
e;and

(
c)t
hepr
icet
obepai
dfort
heshar
esal
lot
ted.

(
3)Insubpar agr
aph(2)"cont
ingentri
ghttotheall
otmentofshares"means
anyopt iontosubscribeforsharesandanyot herrightt
or equi
rethe
all
otmentofshar es and t o any person whetherarisi
ng on the
conversion int
o shares of securi
ti
es of any ot
herdescr i
pti
on or
other
wi se.
40.(
1)Ifthecompanyhasissuedanydebent
uredur
ingthefi
nanci
aly
eart
o
whi
chtheaccount
srel
ate,
thef
oll
owi
nginfor
mati
onshal
lbegiv
en—

(
a)t
her
easonf
ormaki
ngt
hei
ssue;

(
b)t
hecl
assesofdebent
uresi
ssued;
and

(c)as r
especteach cl
ass ofdebent
ures,the amounti
ssued and
consi
der
ati
onrecei
vedbythecompanyfortheissue.

(
2)Part
icular
sofanyredeemeddebent
urewhi
cht
hecompanyhaspower
t
ore-
issueshal
lal
sobegiven.

(
3)Wher eanyoft hecompany 'sdebent ur
ear eheldbyanomi neeofor
tr
ust
eeforthecompany ,thenomi nalamountoft hedebent
uresandthe
amountatwhicht heyarestatedint heaccounti
ngrecordskeptbythe
companyi
naccor dancewithsecti
on324oft hisActshal
lbestated.

Fi
xedAsset
s

41.(
1)Inrespectofeachitem whichi
sorwouldbutforpar
agr
aph8(4)
(b)be
shownundert hegenerali
tem "
fi
xedasset
s"inthecompany
'sbal
ance
sheet
,thefol
lowi
nginformati
onshal
lbegi
ven—

(
a)theappropr
iat
eamounti nrespectoft hatitem as
atthedateofthebeginningofthef inancialy ear
andasatthebalancesheetdat
er espectiv
ely ;

(
b)t heeff
ectonanyamountshownint
hebal
ance
sheeti
nrespectoft
hati
tem of—

(
i)anyrev
isi
onoftheamountinrespectofany
asseti
ncl
udedundert
hati
tem madeduri
ng,

(
ii
)t hat year on any basi
s ment
ioned i
n
paragr
aph31,

(
ii
i)acqui
sit
ionsdur
ingt
haty
earofanyasset
,

(
iv)di
sposal
sdur
ingt
haty
earofanyasset
s;and

(
v)anyt
ransf
erofasset
soft hecompanyt
oand
fr
om t
hatit
em dur
ingthatyear
.

(
2)Ther
efer
encei
nsubpar
agr
aph(
1)(
a)t
otheappr
opr
iat
eamounti
n
 respectofanyi tem asatanydat et her
ement ioned,isar ef
erenceto
amount srepresenti
ngt heaggregateamount sdet er
mined,asatt hat
date,i
nrespect ofasset sf
all
ingtobeincludedunderthati
tem oneit
her
ofthefoll
owingbases,thatistosay—

(
a)onthebasi
sofpur
chasepr
iceorpr
oducti
oncost
(det
ermi
nedinaccor
dancewithparagr
aphs21
and27);
or

(
b)onanybasismenti
onedi nparagraph31(l
eavi
ng
outofaccounti
nei thercaseanypr ovi
sionf
or
depr
eci
ati
onordi
mi nutioni
nvalue).

(
3)I
nrespectofeachi
tem wi
thi
nsub-
par
agr
aph(
1)—

(
a) the cumul ati
ve amount of pr ov
isi
ons for
depreciat
ion ordiminuti
on i
nv al
ue ofassets
i
ncluded under that i t
em as at each date
ment i
onedinsubparagraph(
1)(a)
;

(
b)the amountofany such pr
ovi
sions made i
n
r
espectoft
hefi
nanci
alyear
;

(
c)theamountofanyadjust
mentmadei nr
espectof
any such pr ov
isi
ons dur i
ng t hat year in
consequenceoft
hedisposalofanyasset
s;and

(
d)theamountofanyot heradjust
mentsmadein
respectofanysuchpr
ovi
sionsduri
ngthaty
ear
,
shallal
sobestat
ed.

42.Wher eanyf i
xedassetofthecompany,othert
hanli
stedinv
estments,are
i
ncluded underanyitem shown i
nt he company
's bal
ance sheetatan
amountdet er
minedonanybasismentionedinpar
agraph31,thefoll
owing
i
nformati
onshallbegiv
en—

(
a)theyears(i
ftheyareknowntot hedir
ect
ors)in
whichtheassetsweresever
all
yv al
uedandt he
sever
alval
ues;and

(
b)int he case ofassetst hathave been valued
duri
ngthef i
nanci
alyear,
thenameoft hepersons
who v alued them or par ti
culars of t hei
r
quali
fi
cati
on fordoi ng so and ( whichev
eri s
stat
ed)thebasesofv al
uationusedbyt hem.
43.Inrel
ationtoanyamountwhi chisorwouldbutforpar
agr
aph8( 4)(
b)be
showninr espectoftheitem "
landandbui
ldi
ngs"i
nthecompany
'sbalance
sheet
,ther
eshal lbestat
ed—

(
a)how muchoft heamountisascri
babletol
and
hel
dunderst
atutor
yri
ghtofoccupancyandhow
muchtol
andheldunderasubl
ease;and

(
b)howmuchoft heamountascr
ibabl
etolandhel
d
underasubl
easeisascri
babl
et olandheldon
l
ongleaseandhow mucht ol
andheldonshort
l
ease.

I
nvest
ment
s

44.(
1)I nr
espectoftheamountofeachitem whichisormayf orparagraph8
(4)(
b)beshowni nthecompany'
sbalancesheetunderthegenerali
tem "
i
n" i
nvest
ments"(whetherasf
ixedassetsorascurrentassets)shallbe
stat
ed—

(
a)how muchofthatamounti
sascr
ibabl
etol
ist
ed
i
nvest
ments;
and

(
b)how much ofany amountso ascr ibabl
ei s
ascribabl
et oinv
estment
s as respects which
therehasbeengrant
edalist
ingonar ecognised
stockexchangeandhow mucht o otherli
sted
i
nv estments.

(
2)Wher etheamountofanyli
stedi
nvest
mentsisstat
edf
oranyit
em in
accordancewi
thsubpar
agr
aph(1)(
a),t
hefol
lowi
ngamount
sshallal
so
bestated—

(
a)theaggregatemar
ketval
ueofthoseinv
estment
s
wher
eitdiff
ersf
rom t
heamountstat
ed;and

(
b)bot ht hemar ketv alueandthest ockexchange
val
ue ofanyi nvestments ofwhich the former
val
uei s,forthepur posesoft heaccounts,taken
asbeinghi gherthanthelat
ter

Reser
vesandpr
ovi
sions

45.(
1)Wher
eanyamounti
str
ansf
err
ed—

(
a)t
oorf
rom anyr
eser
ves;
 (
b)t
oanypr
ovi
sionsf
orl
iabi
li
ti
esandchar
ges;
or

(
d)from anyprov
isi
onsf orl
iabi
li
ti
esandchar
gesot herwisethanfor
thepur poseforwhicht heprovi
sionwasestablished,andt he
reser
v esorprovi
sionsareorwi l
lbutf
orparagraph8( 4)( b)be
shownassepar ateitemsinthecompany'
sbalancesheet,

theinfor
mationment i
onedinthefoll
owi
ngsub-par
agr
aphshal
l
begi v
eni nrespectoftheaggregat
eofreser
vesorprov
isi
ons
i
ncludedinthesamei t
em.

(
2)Thati
nfor
mat
ioni
s—

(
a)theamountoft her eser
vesorpr ovi
sionsasat
thedateofthebeginningoftheyearandasatthe
balancesheetdaterespecti
vel
y;

(
b)anyamounttransfer
redtoorfr
om t
her
eser
ves
orpr
ovi
sionsduri
ngthaty
ear;
and

(
c)thesourceandappli
cat
ionr
espect
ivel
yofany
amountsotr
ansf
err
ed.

(
3)Parti
cular
sshallbegi venofeachpr ov
isi
onincl
udedintheit
em "ot
her
pr
ovi
sions"int he company's bal
ance sheetin anycase wher
et he
amountofthatprov
isionismateri
al.

Pr
ovi
sionf
ort
axat
ion.

46.Theamountofanypr
ovi
sionsf
ort
axat
ionot
hert
handef
err
edt
axat
ionshal
l
bestat
ed.

Det
ail
sofi
ndebt
edness

47.(
1)I nrespectofeach i
tem shown under"
credi
tor
s"i
nthecompany
's
bal
ancesheett
her
eshallbestat
ed—

(
a)t heaggregat
eamountofanydebtincl
udedunder
that item whi ch are payabl
e or repay
able
otherwisethan byinst
almentsand f
allduefor
paymentorr epaymentaft
ertheendoffiv
eyears
beginningwiththedaynextfoll
owi
ngtheendof
thefinanci
alyear;
and

(
b)t
heaggr
egat
eamountofanydebtsoi
ncl
uded
 whichar epay
abl eorr epayabl
ebyinstalmentsand
anyofwhi chfallduef orpaymentaft
ert heendof
thatperiod, andi nt hecaseof debt s withi
n
paragraph (a)
,t he aggr egat
e amount of
i
nstalmentsfalli
ngdueaf tert
heendoft hatperi
od
shallal
sobedi sclosedf oreachsuchitem.

(
2)Subjectt
osub-paragr
aph(3),i
nrel
ationtoeachdebtfal
li
ngtobetaken
int
oaccountundersubpar
agraph(1)
,theter
msofpay mentsorr
epay
ment
andtherat
eofanyinter
estpayabl
eondebtshallbest
ated.

(
3)I fthenumberofdebt sissucht hat
,intheopini
onoft hedirect
ors,
compl i
ance wi
th sub-paragr
aph (2)woul dresul
tin a st at
ementof
excessivel
ength,i
tshallbesuff
ici
enttogiveageneralindicat
ionofthe
ter
msofpay mentorrepaymentandt herat
esofanyinterestpayableon
thedebts.

(
4)Inr espectofeach i
tem shown under"
credi
tor
s"i
nthe company
's
bal
ancesheetther
eshal
lbestat
ed—

(
a)t heaggregat
eamountofanydebtincl
udedunder
thatit
em i nrespectofwhich anysecur
it
yhas
beengivenbythecompany;and

(
b)ani ndi
cat
ionoft
henat
ureoft
hesecur
it
iesso
gi
ven.

(
5)Refer
encesint hi
spar agraph to an i
tem shown under" cr
edi
tor
s"in
thecompany '
sbalancesheetincluderefer
enceswher eamountsfal
li
ng
duet o cr
edi
torswi t
hin oney earand aftermoret han oneyearare
disti
ngui
shedinthebalancesheet—

(
a)in acasewit
hin subparagraph (
1),t
o an i
tem
shownundert
helatterofthosecat
egori
es;
and

(
b)i nacasewi thinsubpar
agraph(4),t
oani tem
shown underei therof those cat
egori
es,and
ref
erences to items shown under "credi
tors"
i
ncluderefer
encest oit
emswhi chwould,butf or
paragr
aph8( 4)(b),
beshownunderthatheadi
ng.

48.Ifanyfi
xedcumulat
ivedi
vi
dendsont
hecompany
'sshar
esar
einar
rear
s,
t
hereshal
lbest
ated—

(
a)t
heamountoft
hear
rear
s;and
 (
b)theperi
odf
orwhi
cht hedi
vi
dendsor
,ift
her
eis
morethanonecl
ass,eachcl
assofthem i
sin
arr
ear
s.

Guar
ant
eeandot
herf
inanci
alcommi
tment
s

49.(
1)Parti
cul
arsshallbegi
venofanychargeontheasset
soft
hecompanyt o
secur
etheli
abili
ti
esofanyot
herperson,i
ncl
udi
ngwherepract
icabl
e,t
he
amountsecured.

(
2)The fol
lowi
ng inf
ormati
on shal
lbe gi
ven wi
thr
espectt
o anyot
her
cont
ingentl
iabi
li
tynotpr
ovi
dedfor—

(
a)t
heamountorest
imat
edamountoft
hatl
iabi
li
ty;

(
b)i
tsl
egalnat
ure;
and

(
c)whet her any v al
uabl
e secur
it
y has been
provi
ded by t he company i
nconnect
ionwi
th
thatl
iabil
it
yandifso,what
.

(
3)Ther
eshal
lbest
ated,
wher
epr
act
icabl
e—

(
a)theaggregateamountorest i
matedamountof
contr
act
sf orcapi
talexpendi
ture,i
fnotpr
ovi
ded
for
;and

(
b)theaggregateamountoresti
mat edamountof
capit
alexpendi
tur
eauthori
sed bythedi
rect
ors
whichhasnotbeencont
ract
ed.

(
4)Par
ti
cul
arsshal
lbegi
venofany—

(
a) pensi
on commit
ments i
ncluded under any
prov
isi
onshowni
nthecompany'sbal
ancesheet
;
and

(
b)suchcommi tmentf orwhichno pr ov
isionhas
been made,and wher e anysuch commi t
ment
rel
ateswhol lyorpar tl
yt opensionspayableto
past di r
ectors of t he company , separat
e
parti
cularsshallbegivenoft hatcommitmentso
farasitrelat
est osuchpensions.

(
5)Par
ti
cul
arsshal
lal
sobegi
venofanyot
herf
inanci
alcommi
tmentwhi
ch
—
 (
a)hav
enotbeenpr
ovi
dedf
or;
and

(
b)arerel
evantt
oassessi
ngt
hecompany
'sst
ateof
af
fai
rs.

(
6)Commitment
swithi
nanyofthepr
ecedi
ngsubpar
agr
aphsunder
takenon
behal
foforf
ort
hebenefi
tof—

(
a)anyholdi
ngcompanyorf
ell
ow subsi
diar
yoft
he
company;
or

(
b)anysubsi
diar
yoft
hecompany
,

shal
l be st
ated separat
elyf r
om t
he other
commitment
s wi thi
n that subpar
agraph and
commitment
s wi t
hin par agr
aph (
a) shallbe
stat
edsepar
atel
yfrom t
hosewithi
nparagraph(
b).

Mi
scel
laneousmat
ter
s

50.(
1)Par t
icular
sshal
lbegi
venofanycasewheret
hepur
chasepri
ceor
producti
oncostofanyasseti
sforthef
ir
stti
medet
erminedunder
paragraph28.

(
2) Whereanyout standingl oanmadeundert heaut hori
tyofsection184
(3)(b)or( c)ofthisAct( vari
ouscasesoff inancialassi
stancebya
companyf orpurchaseofi tsownshar es)areincludedunderanyi t
em
showninthecompany '
sbal ancesheet,theaggregateamountoft hose
l
oansshallbedisclosedf oreachitem i
nquestion.

(
3)Theaggr
egat
eamountwhichi
srecommendedf
ordi
str
ibut
ionbywayof
di
vi
dendshal
lbest
ated.

I
nfor
mat
ionsuppl
ement
ingt
hepr
ofi
tandl
ossaccount

51.Paragr
aphs52t o 56r equireinf
ormati
onwhi cheithersuppl
ementst he
inf
ormationgi
venwi t
hr especttoanyparti
culari t
emsshowni nt heprofi
t
andlossaccountorotherwiseprovi
despart
icul
ar sofincomeorexpendi
ture
ofthecompanyorofci rcumstancesaff
ecti
ngt heitemsshowni ntheprofi
t
andlossaccount.

Separ
atest
atementofcer
tai
nit
emsofi
ncomeandexpendi
tur
e

52. (
1)Subjectt
ot heprovi
sionsofthi
sparagr
aph,eachoft
heamount
s
ment
ionedi
nthispar
agr
aphshal
lbestat
ed.
 (
2)Theamountoft
hei
nter
estonoranysi
mil
archar
gesi
nrespectof—

(
a)bankloansandoverdr
aft
s,andl
oansmadetot
he
company( ot
herthanbankloansandover
draf
ts)
whicharerepay
able—

(
i)t han by i nst
alments and f al
l due f or
repayment beforet he end of fiv
ey ears
beginni
ngwiththedaynextf ol
lowi
ngt heend
ofthefi
nancialyear
;or

(
ii
)byinst
alment
sthelastofwhichf
allsduefor
pay
mentbefor
etheendofthatper
iod;and

(
b)l oansofanyot herkindmadet othecompany ,
but
thissub-paragr
aphshal lnotappl ytointer
estor
charges on loans tot he companyf rom group
companies,butwi t
ht hatexception,itappl
iesto
i
nt er
estorchargesonal lloans,whethermadeon
thesecurit
yofdebent uresornot .

(
3)Theamountsrespect
ivel
ysetasi
def
orr
edempt
ionofshar
ecapi
taland
f
orredempt
ionofloans.

(
4)Theamountofi
ncomef
rom l
isti
nvest
ment
s.

(
5)Theamountofr entsfrom l
and(af
terdeducti
onofgroundrent
s,rates
andotheroutgoi
ngs).Thi
samountneedonl ybestat
edifasubstanti
al
partofthecompany'srevenuef
orthefinanci
alyearconsi
stsofrents
fr
om land.

(
6)Theamountchargedt
orevenueinr
espectofsum pay
abl
einr
espectof
t
hehir
eofplantandmachi
nery.

(
7) The amount of t
he r
emunerat
ion of t he audi t
ors ( t
aki
ng
"r
emuner
ati
on"fort
hepur
posesofthissubpar
agraph,asincludi
ngany
sumspai
dbythecompanyinr
espectoft
heauditor
s'expenses).

53.(
1)Thebasi
sonwhi
chthechargeforNiger
iancor
por
ati
ont
axandNi
ger
ian
incomet
axi
scomputedshallbest
ated.

(
2)Part
icul
arsshallbegivenofanyspeci alci
rcumst ancesaff
ecti
ngl i
abi
li
t y
inrespectoftaxat
ionofpr of
it
s,incomeorcapi talgainsf
orthefinancial
yearorliabi
li
tyinrespectoftaxati
onofpr ofi
ts,incomeorcapitalgains
forsucceedi
ngf i
nancialyear
s.
 (
3)Thef
oll
owi
ngamountshal
lbest
ated—

(
a) the amount of t
he char
ge f
or Ni
ger
ian
cor
por
ati
ont
ax;

(
b)ifthatamountwouldhav ebeengreat
erbutfor
r
eli
effrom doubl
etaxat
ion,t
heamountwhi chit
wouldhavebeenbutf
orsuchrel
ief
;

(
c)theamountoft
hechar
gef
orNi
ger
iani
ncome
t
ax;
and

(
d)t heamountoft hechar gef ortaxati
oni mposed
outside Nigeri
a pr ofi
ts,i ncome and ( so faras
charged tor evenue)capi talgains,and t hese
amount sshallbest atedsepar atelyinrespectof
theamountwhi chi sorwoul dbutf orparagraph8
(4)(b)beshownundert hef oll
owingitemsi nt he
profi
tandl ossaccount ,thatistosay" taxonpr ofi
t
or loss on or dinary act ivi
ti
es" and " tax on
extr
aordinaryprofitorloss" .

Par
ti
cul
arsoft
urnover

54.(
1)Ifint he course oft he f
inancialyeart he companyhas carri
ed on
busi
nessoft woormor el
inesthat,i
nt heopinionofthedi
rector
s,di
ff
er
substant
iallyfrom eachother,thereshallbest at
edinrespectofeach
l
ine(describingit
)—

(
a)t heamountoft
het
urnov
erat
tri
but
abl
etot
hat
l
ine;and

(
b)t heamountoft heprofi
torlossofthecompany
bef or
et axat
ion which i
si nthe opi
nion oft
he
di
r ector
sattr
ibut
abletothatl
ine.

(
2)I
finthecourseofthefi
nancialyearthecompanyhassuppliedmarkets
t
hatintheopini
onofthedirectors,di
ff
ersubstanti
all
yfr
om eachother
,
t
heturnoverat
tri
but
abl
etoeachsuchmar ketshallal
sobest
ated.

(
3)Inthispar
agr
aph"
mar
ket
"meansamar
ketdel
imi
tedbygeogr
aphi
cal
bounds.

(
4)Thesour
ce,i
nter
msofbusi
nessori
ntermsofmarket
,oft
urnov
eror
(
asthecasemaybe)
,ofprof
itorl
oss,t
hedir
ect
orsofthecompany
 shallhaveregar
dtot
hemanneri
nwhi
cht
hecompany
'sact
ivi
ti
esar
e
organised.

(
5)Fort
hepur
posesoft
hispar
agr
aph—

(
a)classesofbusinesswhi
ch,int heopini
onofthe
di
rector
s,do notdi f
fersubstanti
all
yf r
om each
ot
hershallbet
reatedasoneclass;and

(
b)mar ketswhich,intheopini
onoft hedir
ectors,do
notdiffersubstanti
all
yf r
om eachot hershall be
tr
eated asonemar ket,andanyamountpr operl
y
att
ri
butabletoonel ineofbusinessor(asthecase
maybe)t oonemar ketwhicharenotmat er
ial,may
be incl
uded int he amountst ated i
nrespectof
another.

Par
ti
cul
arsofst
aff

55.(
1)Thefol
lowi
ngi
nfor
mat
ionshal
lbegi
venwi
thr
espectt
otheempl
oyees
oft
hecompany—

(
a)theaver
agenumberofpersonsempl
oyedbyt
he
companyint
hefi
nanci
alyear;
and

(
b)the aver
age numberofpersons so empl
oyed
wit
hineachcategor
yofper
sonsemployedbythe
company.

(
2)Theaveragenumberr equir
edbysub-paragr
aph(1)(a)or(
b)shal
lbe
det
ermi
nedbydi v
idingtherel
evantannualnumberbythenumberof
weeksi
nt hef
inancialy
ear.

(
3)Therelev
antannualnumbershal
lbedeterminedbyascer
tai
ningf
or
eachweekint
hefi
nanci
alyearf
orthepur
posesof—

(
a)subpar
agraph (1)(a)
,t he numberofper sons
employed undercontract
s ofser vi
ce by the
companyint hatweek( whethert
hroughoutthe
weekor

(
b)subpar
agraph(1)(b),t
henumberofper sonsin
the category i
n quest i
on of persons so
employed,andi
nei t
hercase,addi
ngt
ogetheral
l
theweeklynumbers.
 (
4)I
nrespectofallpersonsemployedbythecompanydur ingthefinancial
yearwhoar et akenintoaccountindeter
mi ni
ngt herelevantannual
numberf ort
hepur posesofsubparagr
aph(1)(a),t
hereshallbestated
theaggregat
eamount srespect
ivel
yof—

(
a)wagesandsal ar
iespai
dorpay
abl
einr
espectof
t
hatbehal
f;and

(
b)otherpensi
oncost
ssoincurr
ed,sav
einift
hose
amount
soranyoft hem ar
est at
edint
hepr of
it
andl
ossaccount
.

(
5)Thecat egori
esofper sonsempl
oyedbyt hecompanybyr efer
enceto
whichthenumberrequiredt
obediscl
osedbysub-paragraph(1)(b)i
sto
bedetermi
ned,shal
lbesuchasthedir
ector
smaysel ect,hav
ingregar
dto
themannerinwhichthecompany'
sact
ivi
ti
esareor
gani sed.

Mi
scel
laneousmat
ter
s

56.(
1)Whereanyamountrel
ati
ngtoanyprecedi
ngyeari
sincl
udedi
nanyi
tem
i
ntheprof
itandl
ossaccount
,theef
fectshal
lbest
ated.

(
2)Par
ti
cular
sshal
lbegi
venofanyext
raor
dinar
yincomeorchar
gesar
isi
ng
i
ntheyear.

(
3)Theef f
ectshal
lbestatedofanytransacti
ont hatareexcept
ionalby
vi
rt
ueofsizeorinci
dencethought
heyf al
lwithi
nt heordi
nar
yactivi
ti
es
ofthecompany.

Gener
al

57.(
1)Wher e sumsor i
ginall
ydenominated i
nf or
eign cur
renci
eshav e been
broughtintoaccountunderanyi
tem showninthebalancesheetorprofi
t
andlossaccount ,thebasi
sonwhi chthosesumshav ebeentransl
ated
i
ntoNi geri
ancurrencyshal
lbest
ated.

(
2)Subj ectt
ot hefoll
owingsub-paragraph,inr
espectofeveryi
tem statedin
anot etot heaccounts,t
hecor respondingamountf orthefi
nancialyear
i
mmedi at
elyprecedingthatt owhi chtheaccountsr el
ateshal
lal sobe
statedandwher ethecorrespondingamounti snotcomparabl
e,itshallbe
adjustedandpar t
icul
arsoftheadj ust
mentandt hereasonsfori
tshal lbe
gi
v en.

(
3)Subparagr
aph(2)shal
lnotapplyinrelat
iont
oanyamountst
atedby
v
irt
ueofanyoft
hefol
lowi
ngprovi
sionsofthi
sAct—
 (
a)secti
on383asitappli
esPar
tsIandIIoftheThi
rd
Schedule (pr
oport
ion of share capi t
al of
subsi
diari
esandotherbodi
escorporateheldby
thecompany,et
c.)
;

(
b)secti
ons384and385andt heThi
rdScheduleto
thi
sAct(part
icul
arsofl
oanstodirect
ors,et
c.)
;
and

(
c)par
agr
aphs41and45.

PARTI
V—SPECI
ALPROVISI
ONSWHERETHECOMPANYI
SAHOLDI
NGOR
SUBSI
DIARYCOMPANY

Company
'sownf
inanci
alst
atement
s

58.Whereacompanyi sahol dingcompanyorasubsi di

aryofanotherbody
cor
porat
eandanyit
em requi
redbyPar tIofthi
sScheduletobeshowninthe
company'
sbal
ancesheetinrelat
iont
ogr oupcompaniesincl
udes—

(
a)amount
sattr
ibut
abl
etodeal
ingswithorint
erest
s
i
nanyholdi
ngcompanyorf el
low subsi
diar
yof
t
hecompany;or

(
b)amount sattributabletodeali
ngswit
horinterests
i
nanysubsi diar
yoft hecompany ,t
heaggr egate
amounts wi t
hin par agraphs (a) and ( b)
respect
ivel
yshal lbeshown assepar at
ei tems,
eit
herbywayofsub- div
isi
onoftherel
evanti t
em
i
nt he balance sheet or i n a notet ot he
company '
saccount s.

59.(
1)Subjecttothefoll
owingsub-
paragraph,wher
et hecompanyisaholding
company ,thenumber,descri
pti
onandamountoft hesharesinand
debenturesofthecompanyhel dbyi t
ssubsidiar
iesorthei
rnominees
shallbediscl
osedinanotetothecompany '
saccounts.

(
2)Subpar
agr
aph(
1)shal
lnotappl
yinr
elat
iont
oanyshar
esordebent
ures
—

(
a)int
hecaseofwhichthesubsi
diar
yisconcer
ned
asper
sonalr
epr
esent
ati
ve;or

(
b)inthecaseofwhi
chi
tisconcer
nedast rust
ee,
prov
ided t
hati
nthe l
att
er case nei
thert he
 companynoranysubsi di
aryoft hecompanyi s
beneficiall
yint
erest
edundert hetrust
,otherwi
se
thanbywayofsecur it
yonlyfort
hepur posesofa
transactionenter
edintobytheordinar
ycourseof
abusi nesswhichincl
udesthelendingofmoney .

The Second Scheduletothi

s Acthas ef
fectfort he i
nter
pret
ati
on oft
he
ref
erencei
nthissub-par
agr
aphtoabenef
ici
alint
erestunderatr
ust.

Consol
idat
edaccount
sofhol
dingcompanyandsubsi
diar
ies

60.Subjecttoparagraphs62and65,theconsoli
datedbal
ancesheetandpr ofi
t
and lossaccountshallcombi
net hei
nformati
oncontainedintheseparate
balancesheetsandprofi
tandlossaccountsofthehol
dingcompanyandof
thesubsidiar
iesdealtwithbyt heconsol
idatedaccounts,butwit
hsuch
adjustments( i
fany )as the dir
ect
ors oft he hol
ding company think
necessary.

61.Subjectto paragraphs 62 t
o 65,and to Par
tV oft hi
s Schedule,t
he
consol
idatedaccountsshall
,i
ngivi
ngtheinf
ormati
onrequi
redbyparagraph60,
complysof araspr act
icabl
ewiththerequi
rementsofthi
sScheduleandwi t
h
theotherrequi
rement softhisActasiftheyweretheaccountsofanact ual
company .

62.Thef
oll
owi
ngpr
ovi
sionsoft
hisAct
,namel
y—

(
a)sect
ion382asi
tappl
iest
otheSi
xthSchedul
e;
and

(
b)sect
ions578-579andt
heSi
xthSchedul
e,

i
frelat
ingtoaccount
s,otherthangroupaccount
s,shal
l
not
,byv ir
tueofpar agr
aphs60 and 61,applyforthe
pur
posesoftheconsoli
datedaccount
s.

63.Paragraph61i swi
thoutpr
ejudi
cetoanyrequi
rementofthi
sActwhich
appli
es( ot
her
wiset
hanbyvi
rtueofpar
agr
aph61or62)togr
oupaccount
s.

64.(
1)Not wit
hstandingparagr
aph61,t heconsol
idat
edaccount sprepar
edbya
holdingcompanymaydealwi t
hani nvestmentofanymemberoft he
groupi nthesharesofanybodycor por
atebywayoft heequitymethodof
account i
nginanycasewher eitappearstothedirector
soft heholdi
ng
companyt hatthatbodycor porateisso closel
yassoci at
edwi thany
memberoft hegr oupastojustif
ytheuseofthatmet hodindeali
ngwith
i
nv estmentsbyt hatoranyot hermemberoft hegroupi nthesharesof
thatbodycor porate.
 (
2)Inthispar
agraph,r
eferencestothegroup,i
nr elati
ontoconsol
idat
ed
account
spreparedbyahol di
ngcompany,arereferencestot
heholdi
ng
companyandthesubsidiar
iesdeal
twi
thbytheaccount s.

65.Notwit
hstandingpar
agraphs60and61, par
agraphs17-19and21shallnot
appl
ytoanyamountshowni ntheconsoli
datedbal
ancesheeti
nrespectof
goodwi
llari
singonconsoli
dat
ion.

66.Inrelat
iontoanysubsi diar
iesoftheholdi
ngcompanynotdealtwit
hbyt he
consoli
datedaccounts,paragraphs58and59shallappl
yforthepurposeof
those account
s as ift hose account
s werethe account
s ofan actual
companyofwhi chtheywer esubsidi
ari
es.

Gr
oupf
inanci
alst
atement
snotpr
epar
edasconsol
idat
edf
inanci
alst
atement
s

67.Gr oup fi
nanci alstat
ements which ar
e notprepared as consol
idat
ed
statements,t oget
herwit
hanynot estothosestat
ements,shal
lgivethe
sameequi v al
entinfor
mati
onast hatrequi
redtobegivenbyconsolidat
ed
fi
nancialstatementsbyvi
rtueofparagr
aphs60t-66.

Pr
ovi
sionsofgener
alappl
icat
ion

68.(1)
Thi
spar
agr
aphappl
ieswher
ethecompanyi
sahol
dingcompanyand
ei
ther—

(
a)doesnotpr
epar
egr
oupaccount
s;or

(
b)preparesgroupaccount swhichdonotdealwi th
oneormor eofi t
ssubsi di
aries,andref
erences
below i n thi
s paragraph t o the company '
s
subsidiar
ies shal
lbe r ead i n a case wit
hin
paragraph (b)as r ef
erences to such oft he
company 'ssubsi
diar
iesasar eexcludedf
rom the
groupaccount s.

(
2)Subj
ectt
othepr
ovi
sionsoft
hispar
agr
aph—

(
a)thereasonswhyt hesubsi
diar
iesar
enotdeal
t
wi
thi
ngroupaccounts;
and

(
b)ast at
ementshowinganyqualifi
cati
oncontained
i
nt herepor
tsoftheauditorsofthesubsidiari
es
onthei
raccount
sforthei
rrespecti
veyearsending
wit
hordur i
ngtheyearoft hecompany ,andany
 noteorsav i
ngcont ai
nedinthoseaccountst
ocal l
att
entiontoamat t
erwhich,apar
tfr
om thenoteor
savi
ng,woul dpr operl
yhav ebeenr ef
err
edtoi n
suchaqual i
ficati
on,insofarasthemat t
erwhich
i
st hesubjectoft hequali
fi
cati
onornot ei
snot
coveredbyt hecompany '
sownaccount sandi s
materialf
rom t hepointofv i
ew ofitsmember s,
shallbe gi ven in a notet othe company '
s
accounts.

(
3)Subjecttot hefollowingpr ov
isionsoft hi
sparagraph,t
heaggr egat
e
amountoft hetotalinv
est mentoft heholdi
ngcompanyint heshar
esof
thesubsi
diariesundert heequitymet hodofval
uat
ionshallbestatedi
n
anotetothecompany '
sf i
nancialstat
ements.

(
4)Subparagraph(3)shallnotapplywher
et hecompanyi sawhol ly
-owned
subsidi
aryofanotherbodycor por
ateincor porat
edi nNigeri
ai fther
eis
i
ndeedi nanot et othecompany '
saccount sast atementthati nthe
opini
onoft hedir
ectorsoft hecompanyt heaggr egatevalueoft he
assets ofthe companyconsi sti
ng ofshar es i
n oramount s owing
(whetheron accountofa l oan orot herwise)from,t he company '
s
subsidi
ari
esi snotlesst hantheaggr egateoft heamount satwhi ch
thoseassetsarestat
edori ncl
udedinthecompany '
sbal ancesheet.

(
5)Insof arasinformati
onrequiredbyanyoft heprecedi
ngprovi
sionsof
thi
spar agr
apht obestat
edi nanot etothecompany '
saccountsisnot
obtai
nable,astatementt
ot hateff
ectshallbegi
veninsteadi
nanot eto
thoseaccounts.

(
6)TheCommi ssi
onmay ,ont heappl i
cati
onorwitht heconsentofa
company '
s dir
ect
ors, dir
ect that in rel
ati
on to any subsidi
ary
,
subparagr
aphs(2)and( 3)shal
lnotapplyorshallappl
yonlytosuch
extentasmaybeprovi
dedbyt hedir
ecti
on.

(
7)Wherei nanycasewi thi
nsub-paragr
aph( 1)(
b)thegr oupaccount
sar e
consol
idated accounts,refer
ences aboveint his paragr
aph tot he
company '
saccount sand the company '
sbalance sheetrespect
ively
,
shal
lbe r ead as ref
erences tothe consol
idat
ed accounts and the
consol
idatedbalancesheet.

69.Wher eacompanyhassubsi di
arieswhoseyearsdidnotendwi t
hthatofthe
company ,t
hef ol
lowinginf
ormat ionshal
lbegiveninrel
ationtoeachsuch
subsi
diary(whetherornotdealtwi t
hinanygroupaccountspreparedbythe
company )bywayofanot etot hecompany'saccount
sor( wheregroup
accountsareprepared)t
othegr oupaccount
s,thati
stosay—
 (a) t
he reasons why the company'
s direct
ors consi
der t
hatt
he
subsi
diar
ies'y
earsshoul
dnotendwiththatofthecompany;

(b)thedatesofwhichthesubsi
diar
ies'yearendi
nglastbefor
ethatof
thecompanyr espect
ivel
yendedort heearli
estandlatestofthose
dates;and

(c)the dat
ei mmediat
elyfoll
owing the lastst
atements when the
account
swillbeconsol
idat
edorber e-
classi
fi
edwhereappr
opriat
eas
i
nvestmentproper
ti
es(l
ongtimeinvestments).

PARTV—I
NTERPRETATI
ONOFSCHEDULE

70.Thef ol
lowingpar
agr
aphsappl
yfort
hepur
posesoft
hisSchedul
eandi
ts
int
erpretat
ion.

Asset
s:f
ixedorcur
rent

71.Asset
sofacompanyar etakentobefi
xedasset
siftheyar
eint
endedfor
useonacontinui
ngbasisinthecompany
'sacti
vi
ti
esandanyassetsnot
int
endedf
orsuchuseshal
lbetakent
obecurr
entasset
s.

Bal
ancesheetdat
e

72."
Bal
ancesheetdat
e"inrelat
iontoabalancesheet
,meanst
hedat
easat
whi
chthebal
ancesheetwasprepar
ed.

Capi
tal
isat
ion

73.Refer
encestocapit
ali
singanywor
korcost
sar
etot
reat
ingt
hatwor
kor
t
hosecostsasafi
xedasset.

Fel
lowsubsi
diar
y

74.Abodycor
porat
ei str
eat
edasaf el
lowsubsi
diaryofanotherbodycorporate
i
fbot
haresubsi
diari
esofthesamebodycorporatebutneit
heristheother'
s.

Gr
oupcompani
es

75."
Groupcompany"inrel
ati
ont oanycompany,meansanybodycor
porate
whichi
sthatcompany
's subsi
diar
yorhol
ding company
,ora subsidi
ary
ofthatcompany'
sholdi
ngcompany .

Hi
stor
icalcostaccount
ingr
ules

76.Ref
erences t
othe hi
stor
icalcostaccount
ing r
ules shal
lbe r
ead i
n
 accor
dancewi
thpar
agr
aph29.

Leases

77.(
1)"
Longlease"meansaleasewit
hr espectt
owhichtheport
ionoftheter
m
forwhi
chitwasgrant
edr emai
ningunexpir
edattheendoftheyeari
s—

(
a)incaseofari
ghtofoccupancyt
oland,notl
ess
t
han50year
s;

(
b)i
nanyot
hercase,
notl
esst
han12mont
hs.

(
2)"
Shor
tlease"meansal
easewhi
chi
snotal
ongl
ease.

(
3)"
Lease"i
ncl
udesanagr
eementf
oral
ease.

Li
stedi
nvest
ment

78."
Listedinv
est ment"meansaninvestmentasrespectswhicht
herehasbeen
grantedalisti
ngonar ecogni
sedstockexchange,oronanyst
ockexchange
ofrepute(otherthanarecogni
sedstockexchange)outsi
deNiger
ia.

Loan

79.Aloanistreatedasfall
ingdueforr
epayment,
andaninstal
mentofaloanis
tr
eatedasf al
lingdueforpayment,ontheear
li
estdat
eonwhi cht
helender
couldrequir
er epay
mentor( asthecasemaybe)pay ment,i
fheexerci
sed
al
lopti
onsandr i
ghtsavail
abl
etohim.
Materi
ali
ty

80.Amount swhichinthepart
icularcont
extofanyprovi
sionoft hi
sSchedule,
thedisclosur
eofwhichwillinfl
uencetheopini
onofther eaderoruserof
fi
nancialstat
ement
s,andwhi charenotmater
ialmaybedisregardedf
orthe
purposesofthatpr
ovisi
on.

Not
est
otheaccount
s

81.Not estoacompany'saccount
smaybecont ai
nedi
ntheaccount
sori
na
separat
edocumentannexedtotheaccount
s.

Pr
ovi
sions

82.(
1)Ref er
encesto provi
sionsfordepreci
ati
onordiminut
ioninvalueof
assets ar
et o any amount wr i
tt
en off by way of pr
ovi
ding f
or
depreci
ati
onordiminuti
oninval
ueofassets.
 (
2)Anyreferenceintheprofi
tandl ossaccountfor
matssetoutinPartIof
thi
sSchedul etothedepreci
ati
onof ,oramount swri
tt
enoff,assetsof
anydescript
ionistoanyprovi
sionfordepreci
ati
onordi
minuti
oninvalue
ofassetsofthatdescr
ipt
ion.

83.References to pr
ovisi
ons forli
abil
it
ies orcharges ar
et o anyamount
ret
ained as reasonablynecessar
yf orthe purpose ofpr ovi
ding f
orany
li
abi
lit
yorl osswhichiseit
herli
kel
yt obeincur
red,orcert
aint obeincur
red,
butuncertainastoamountorast othedateonwhi chi
twillari
se.

Pur
chasepr
ice

84.Ref er
ences( howeverexpr
essed)t othepurchasepr i
ceofanyassetofa
companyorofanyr awmat eri
alsorconsumabl esusedi nthepr oduct
ionof
anysuchasset ,i
ncl
udeanyconsi derati
on(whetherincashorot herwi
se)
giv
en byt he companyinr espectoft hatassetori nr espectoft hose
materialsorconsumables(
ast hecasemayr equi
re).Thi
sincludesthecosts
ofputtingiti
ntocondi
ti
onreadyf oritsint
endeduse.

Real
isedpr
ofi
ts

85.Wi
thoutpr
ejudi
cet
o—

(
a)theconstruct
ionofanyotherexpr
essi
on(where
appropr
iat
e)byr efer
encet
oacceptedaccount
ing
pri
ncipl
esorpracti
ce;or

(
b)anyspecif
icprov
isi
onforthetr
eat
mentofpr
ofi
ts
ofanydescr
ipt
ionasreal
ised,

i
ti s decl
ared fort he avoidance ofdoubtt hatr ef
erences int his
Scheduletor eal
isedpr of
it
s,inr el
ati
ontoacompany 'saccount s,are
tosuchprof i
tsoft hecompany '
s,fal
ltobetreatedasr eal
isedpr ofi
ts
forthepur posesoft hoseaccount si naccordancewi thpr i
nciples
general
lyacceptedwi threspectt othedeterminati
on,foraccount ing
purposes,ofreal
isedprofit
satt hetimewhenaccount sarepr epared.

Rel
atedcompani
es

86.(
1)" Rel
ated company "
,i nr elation t
o any company,means any body
corporate(otherthanonewhi chisagroupcompanyinrelati
ontothat
company )i n which thatcompany hol ds on a long-
term basisa
qualif
yingcapi t
alint
erestfort hepurposeofsecuri
ngacont r
ibut
ionto
thatcompany '
s own act i
v i
ti
es by the exer
cise ofany controlor
i
nf l
uencearisingfrom thatinterest
.
 (
2)Inthis par
agraph "
qualif
ying capi
talinter
est
"means,i nrelati
on t
o
anybodycorporat
e,aninterestinshar
escompr isedintheequityshar
e
capit
alofthatbodycor porateofaclasscar r
yingright
stov oteinall
ci
rcumstancesatgener
almeet i
ngsofthatbodycorporat
e.

(
3)Wher
e—

(
a)acompanyholdsaqual
if
yingcapi
tali
nter
esti
na
bodycor
por
ate;

(
b) a company exercises mat er
iali
nfl
uence i
n
matter
sr el
ati
ng to div
idends,commerci
aland
f
inanci
alpol
ici
es;and

(
c)thenomi nalval
ueofanyr elevantsharesi nthat
bodycor por
ateheldbythatcompanyi sequalt o
twentypercentormor eoft henomi nalv alueof
allr
elevantshar
esinthatbodycor porate,itshal
l
bepr esumedt oholdthatinterestont hebasi s
andf orthepurposementionedi nsubpar agraph
(1),
unlessthecontr
aryi
sshown.

(
4)I n subparagr
aph (
3)"r
elev
antshar
es"means,i
nrel
ati
on t
o any
body
corpor
ate,anysuchsharesint
hatbodycor
porat
easarementi
onedin
subparagr
aph(c).

St
affcost
s

87.(
1)"Pension costs"incl
udes any( past orpr esent
) costs, other
contri
buti
ons bythecompanyf orthepurposesofanypensionscheme
establi
shedf
orthepurposeofpr ovi
dingpensi
onsforpersonsemployed
byt hecompany,anysumssetasi def ort
hatpur
poseandanyamount s
pai
dbyt hecompanyinr espectofpensionswit
houtfirstbei
ngsoset
asi
de.

(
2)Anyamountst atedinrespectofei t
heroftheaboveit
emsorinr espectof
theitem "
wagesandsal aries"inthecompany '
sprofitandl
ossaccount
shallbedeterminedbyr eferencetopaymentsmadeorcost sincurredin
respectofallpersonsempl oyedbyt hecompanyduringtheyearwhoar e
takenintoaccounti ndet erminingtherelev
antannualnumberf orthe
purposesofpar agraph55( 1)(a).

Tur
nover

88."
Turnover
",i
nrel
ati
ontoacompany ,meanstheamountsderi
vedfrom the
prov
isi
on ofgoods and ser
vices f
all
ing wi
thi
nthe company'
s ordi
nary
 act
ivi
ti
es,
aft
erdeduct
ionof—

(
a)Tr
adedi
scount
s;

(
b)v
alueaddedt
ax;
and

(
c)anyot
hert
axesbasedont
heamount
ssoder
ived.

SecondSchedul
e Sect
ion382

MI
SCELLANEOUSMATTERSTOBEDISCLOSEDI
NNOTESTOCOMPANY
FINANCI
ALSTATEMENTS

PARTI—PARTI
CULARSOFSUBSI
DIARI
ES

1.I
f,attheendoftheyear
,thecompanyhassubsi
diar
iest
her
eshal
l,
int
hecase
ofeachsubsi
diary
,bestated—

(
a)t
henameoft
hesubsi
diar
y-

(
i)i
fitisi
ncorpor
atedinNi
ger
ia,t
headdr
essof
i
tsregi
ster
edoffi
ce,
and

(
ii
)i fiti sincor
por
ated outside Ni
ger
ia,t
he
countryinwhichitisincorporat
edandthe
addressofit
sregi
ster
edoffice;
and

(
b)i nr elati
on to shares ofeach class oft he
subsi
diar yhel
dbyt hecompany ,t
hei denti
tyof
theclassandt heproport
ionofthenomi nalval
ue
oftheal l
ott
edsharesofthatcl
assrepresentedby
theshar eshel
d.

2.Thepar ti
cul
arsrequi
redunderparagraph1i nclude,wit
hr efer
encetothe
proport
ionofthenominalval
ueoftheallot
tedsharesofacl assrepr
esent
ed
bysharesheldbythecompany ,ast
atementoft heextent(i
fany)towhichit
consist
sinshareshel
dby ,orbyanomi neefor
,asubsi di
aryofthecompany
 andtheextent(
ifany)towhi
chi
tconsi
stsi
nshar
eshel
dby
,orbyanomi
nee
for
,thecompanyitsel
f.

3.Paragraph1doesnotr equiret
hedisclosur eofinf
ormati
onwi t
hr especttoa
bodycor poratewhichisthesubsi
diaryofanot herandi
sincorporatedoutsi
de
Nigeri
aor ,beingincor
poratedinNigeria,carr
iesonbusinessoutsideiti
fthe
di
sclosurewoul d,intheopi ni
onoft heMi nist
er,beharmfulorj eopardi
se
nati
onalinterest
.

4.If,att heendofi tsfi

nancialy ear
,thecompanyhassubsi diari
esandt he
directorsar eoftheopi
nionthatt henumberoft hem i
ssucht hatcompl
iance
withpar agraph1woul dresultinparti
cul arsofexcessivelengthbeinggiven,
compl i
ancewi t
ht hatparagraphshal lber equiredonlyinthecaseoft he
subsi di
ari
escar r
yingonthebusi ness,ther esult
soft hecarry
ingonofwhi ch
(i
nt heopinionofthedir
ectors),pri
ncipallyaffectedtheamountoft heprofit
orl ossoft hecompanyand i tssubsi diari
esort heamountoft heassets
oft hecompanyandi tssubsidiari
es.

5.Ifadv antageistakenofpar agraph4, t

hereshallbeincl
udedi nthestatement
requiredbyt hi
sPar tthei nf
ormationthatitdealsonlywi ththesubsidiaries
carryingonsuchbusi nessesasar erefer
redtoi nthatparagraph;andint hat
casesect ion382( 3)oft hisAct(subsequentdi scl
osurewi t
hannualr eturn)
appliest ot hepart
icul
arsgi v
eni ncompl i
ancewithparagraph1,t oget
herwi th
thosewhi ch(butforthefactthatadvantageistaken)wouldhav et obegiven.

6.Forpurposesofthi
sPart,sharesofabodycor porat
earetr
eatedashel d,or
notheld,byanot
herbodyiftheywould,byvi
rtueofsecti
on381( 4)ofthi
sAct
betreatedasbeinghel
dor( ast hecasemaybe)nothel dbythatotherbody
forthe purpose ofdet
ermi ni
ng whetherthe fi
rstmenti
oned bodyi si ts
subsidi
ary.

PARTI
I—SHAREHOLDI
NGI
NCOMPANI
ESOTHERTHANSUBSI
DIARI
ES

7.If,att
heendofay ear,t
hecompanyhol
dssharesofanyclasscompr i
sedin
theequitysharecapit
alofanot
herbodycorpor
ate(notbei
ngitssubsi
diar
y)
exceedingi
nnomi nalval
ue20%ofthenominalval
ueoftheall
ott
edsharesof
thatcl
ass,ther
eshallbestat
ed—

(
a) t he name of t
hat ot
her body cor
por
ate,i
fiti
s
incorpor
ated—

(
i)i
nNiger
iaandifiti
sregi
ster
edinNiger
ia,
the
par
tofNiger
iainwhichi
tisregi
ster
ed;
and

(
ii
)out si
deNi ger
ia,t
hecount
ryi
nwhi
chi
tis
incorpor
ated;
 (
b)theidenti
tyoftheclassandthepropor
ti
onofthe
nomi nalv
alueoftheallot
tedshar
esofthatcl
ass
repr
esentedbyt heshareshel
d;

(
c)ifthecompanyal soholdsshar esint hatot
her
bodycor por
ateoranot herclass( whetherornot
compr i
sedinitsequitysharecapi t
al)
,orofother
classes(whetherornotsocompr i
sed),thel
ike
parti
cularsasr espectsthatot herclassor( as
thecasemaybe)t hoseotherclasses;and

(
d)t
heaccount
ingt
reat
ment
,(t
heequi
tyorcost
s).

8.I
f,attheendofi tsyear
,thecompanyholdssharescompri
sedint heshar
e
capitalofanotherbodycorpor
ate(notbeingit
ssubsidi
ary)exceedi
ngin
nomi nalvalueone-t
enthoftheall
ott
edsharecapitalofthatotherbody,
thereshallbestat
ed—

(
a)wi thr
espectt
othatot
herbodycorporat
e,t
he
sameinfor
mati
onasisrequi
redbyparagr
aph7
(a)
;and

(
b)t hei dent
ityofeachclassofsuchshar eshel
d
andt hepr oport
ionofthenomi nalval
ueofthe
al
lot
t edshar esofthatcl
assrepresent
edbythe
sharesofthatclasshel
dbythecompany .

9.I
f ,
attheendofi
tsyear,
thecompanyhol dsshar
esinanot herbodycorporate
(notbeing it
ssubsidi
ary)and the amountofallshar esi ni twhich the
companyhol ds(
asstat
edorincludedinthecompanyaccount s)exceedsone
-tenthoftheamountoft hecompany '
sassets(
assost at ed)
,ther
eshallbe
stated—

(
a)withrespecttotheot
herbodycorporat
e,t
he
samei nf
ormat
ionasi
srequi
redbyparagr
aph7
(a)
;and

(
b)inrelat
iontosharesinthatotherbodycorporate
ofeachcl assheld,theidenti
tyoftheclassand
the proporti
on of the nomi nalvalue of the
all
ottedsharesoft hatclassrepr
esentedbyt he
sharesheld.

10.Noneoft
hepr
ovi
sionsoft
hisPar
tr equi
rest
hediscl
osurebyacompanyof
i
nfor
mati
on wi
threspect t
o another body cor
porat
ei fthat ot
her i
s
 i
ncorporat
edout sideNi ger
iaor ,bei
ngincorporat
edinNi geria,car
ri
eson
busi
nessout si
dei tift
hedi scl
osurewould,i
nt heopi
nionoft hecompany '
s
di
rector
s,behar mf ult
ot hebusinessofthecompanyoroft hatotherbody
andtheMinisteragreesthattheinf
ormati
onneednotbedi scl
osed.

11.If,
attheendofi tsyear,t
hecompanyf al
lswi t
hinparagraph7or8i nrelat
ion
tomor ebodi escorporatethanone,andthenumberoft hem issucht hat,i
n
thedirectors'opini
on,compl i
ancewitheitherorbot hoft hosepar agraphs
wouldr esultinpart
icul
arsofexcessivel
engt hbeinggiven,compl i
ancewi t
h
paragraph7or( asthecasemaybe)par agraph8,isnotr equir
edexcepti n
thecaseofbodi escarryi
ngont hebusi
nesst heresult
soft hecar r
yingonof
which( i
nt hedir
ectors'opini
on)pri
nci
pall
yaf fect
edtheamountoft heprofit
orlossoft hecompanyort heamountofitsassets.

12.Ifadv antage istaken ofparagraph 11,there shallbe included i

nt he
statementdeal ingwitht hebodi
esl astment i
onedi nthatpar agr
aph,the
information thatitdeal s wi
ththem;and sect i
on 382 ( 3)oft hi
s Act
(subsequentdi scl
osureinannualretur
n)appliestot heparticul
arsgivenin
compl iancewi t
hparagraph7or8( asthecasemaybe) ,togetherwiththose
whi ch,but,forthefactt hatadv
antagei ssot aken,wouldhav etobeso
given.

13.Fort hepur posesoft hisPar t,shar

esofabodycor poratearetreatedas
held,ornotheld,byanothersuchbodyi ftheywoul
d,byv ir
tueofsection381
(4)oft hi
sAct( butont heassumpt i
onthatpar
agraph( b)(ii
)wereomi tted
from thatsubsecti
on)bet reatedasbeingheldor(ast hecasemaybe) ,not
held,byt hatotherbodyf ort hepurposeofdeter
mi ningwhet herthefirst
-
ment i
onedbodyi sit
ssubsi diary.

PARTI
II—FI
NANCI
ALI
NFORMATI
ONABOUTSUBSI
DIARI
ES

14.I
f—

(
a) at t
he end of i
tsy
ear t
he company has
subsi
diar
ies;
and

(
b)iti srequired underpar agraph 1 i
n PartIt o
discl
osepar ti
cularswithrespecttoanyoft hose
subsidiar
ies,t
headdi ti
onalinformati
onspecif
ied
below shal lbe gi ven withr espect t
o each
subsidiar
yt o whi ch t he r equi
rementunder
paragraph1appl ies.

15.I
f—
 (
a)attheendoftheyearthecompanyhol
dsshar
es
i
nanotherbodycor
porat
e;

(
b)itisrequiredunderpar
agraph8i nPartI
Iabove
todisclosepart
icul
arswit
hr espectt
othatbody
cor
por ate;
and

(
c)t heshar esheldbyt hecompanyi nthatbody
corporat
eexceed i n nomi nalv al
ue50% oft he
all
ottedsharecapit
aloft hatbody,theaddit
ional
i
nf or
mationspecifi
edbel ow shallbegivenwi t
h
respectt
ot hatbodycor porate.

16.Thei nf
ormati
onr equiredunderpar agraph10,shall
,inrel
ationt oanybody
corporat
e( whethera subsi di
ary oft he company ornot ),cont ai
nt he
aggregateamountoft hecapi t
alandr eser
vesofthatbodycor porat
easat
theendofi t
srelevanty ear,anditsprofitorlossforthatyear;andf ort
his
purpose,t
herel
ev antyearis,i
f—

(
a)theyearofthebodycor porat
eendswi t
hthatof
t
hecompanygi v
ingtheinformationi
nanot eto
i
tsaccount
s,thatfi
nanci
alyear;and

(
b)not ,t
hebodycor porate'
sf i
nanci
alyearendi
ng
l
astbef oret
heendoft hey earofthecompany
giv
ing thati
nfor
mat i
on.Thi sis subj
ecttothe
except
ionsandotherprovi
sionsofparagr
aph17.

17.(
1)Inf
ormationotherwiser equi
redbyparagraph16neednotbegi
veni
n
respectofasubsidiaryofacompanyif
,either—

(
a)t hecompanyisexemptundert hi
sActf r
om the
requi
rementtoprepar
egroupaccount s,asbeing
attheendofitsyeart
hewhol l
y-ownedsubsi di
ary
of another body corporat
e i ncorporated in
Niger
ia,ort
hecompanypr eparesgroupaccount s
and—

(
i)t
heaccountsofthesubsi
diar
yar
eincl
udedi
n
t
hegroupaccounts,
or

(
ii
)t heinvest
mentofthecompanyint
heshares
ofthesubsidi
aryisincl
udedi
n,ori
nanott o,
thecompany '
saccountsbywayoftheequi
t y
met hodofval
uati
on.
 (
2)Thei nf
ormati
onundersubparagraph(1)neednotbegi veninrespectof
anotherbody corporat
ei n whi
ch the company holds shar
es ift he
company '
sinv
estmentinthose shar
esisi ncludedi
n,orinanoteto,the
accountsbywayoft heequi
tymethodofv aluati
on.

(
3)Theinf
ormati
onundersubpar
agr
aph(
1)neednotbegi
veni
nrespectof
any
bodycorporat
eif
—

(a)thatbodyisnotrequi
redbyanyprovi
sionofthi
sActtodeli
vera
copyofitsbal
ancesheetfori
tsrel
evanty
earment i
onedi
nparagraph
16,anddoesnotot herwi
sepubli
shthatbalancesheeti
nNigeri
aor
elsewher
e;and

(
b)thesharesheldbythecompanyi
nt hatbodydonotamountt
oat
l
east50%innominalv
alueoft
hebody
'sall
ott
edshar
ecapi
tal
.

(
4)TheInfor
mat
ionr
equi
redbypar
agr
aph16neednotbegi
veni
fiti
snot
mat
eri
al.

18.Wher e,withrespecttoanysubsidiaryoft hecompanyoranyot herbody

corporat
e,part
icul
arswhichwouldber equir
edunderparagraph1i nPar tIor
paragr
aph 8 in PartIIoft hi
s Schedulet o be st
ated in a notet ot he
company '
saccountsareomi tt
edbyv i
rtueofparagraph4or( ast hecase
maybe)par agraph11,sect
ion382(3)oft hisAct(subsequentdisclosurein
nextannualret
urn)shal
lapplyt
oanyi nformati
on—

(
a)withrespectto anyothersubsi
diar
yorbody
cor
porat
e which is gi
ven in a notetothe
company'
s accountsin accor
dance wi
tht
his
Par
t;and

(
b)whichwouldhav ebeenrequir
edbyt hi
sPartto
begiveninrel
ati
ontoasubsidiar
yorotherbody
cor
poratebutfort
heexemptionunderparagr
aph
4or11.

19.Forthepur posesofthisPart,
sharesofabodycor por ateshallbet
reat
edas
held,ornotheld,bythecompanyi ftheywould,byvi
rtueofsect i
on381(4)of
thisAct( butont heassumpt i
ont hatsect
ion381( 4)( b)(i
i)wereomi t
ted
from thatsubsecti
on),betreat
edasbei ngheldor(ast hecasemaybe) ,not
held byt hecompanyf orthepur poseofdet ermining whet hert
hatbody
corporateisthecompany '
ssubsidi
ary.

PARTI
V—I
DENTI
FICATI
ONOFULTI
MATEHOLDI
NGCOMPANY

20.I
f,att
heendofi
tsy
ear
,thecompanyi
sthesubsi
diar
yofanot
herbody
 corpor
ate,ther
eshallbestat
edthenameoft hebodycorpor
ater
egar
dedby
thedirect
orsasbei ng t
hecompany 'sult
imateholdi
ng companyand,i
f
knownt othem,thecount
ryinwhichi
tisi
ncorpor
ated.

21.Par agraph20doesnotr equir

ethedi sclosurebyacompanywhi chcarri
es
on busi ness outsi
de Nigeri
a ofi nformation wit
hrespectt othe body
corporater egar
dedbytheMi nist
erasbei ngi t
sulti
mat
eholdingcompanyif
thedi sclosurewould,i
nhi sopinion,behar mf ult
oorjeopardi
senati
onal
i
nterest.

PARTV—CHAIRMAN'SANDDIRECTORS'
EMOLUMENTS,
PENSI
ONSAND
COMPENSATIONFORLOSSOFOFFI
CEEMOLUMENTS

22.(1) There shal

lbe shown t
he aggr
egat
e amount of t
he di
rect
ors'
emol
ument s.

(
2)Thi
samount—

(
a)i ncludesanyemol umentpaidtoorreceivableby
aper soninrespectofhisserv
icesasdirectorof
thecompanyori nrespectofhisserv
ices,whi l
e
directoroft he company ,as di
rect
orofany
subsi diar
y of it or in connecti
on wi th the
managementoft heaff
air
softhecompanyorany
subsi diar
yofit;
and

(
b)shalldi
sti
nguishbet weenemol umentsi
nrespect
ofservi
cesofadi rector,whet
herofthecompany
ori
tssubsidi
ary,andot heremoluments.

(
3)Forthepur posesofthi
sparagraph,"
emolument "inr elat
iont
oadi rector
,
i
ncludesf eesand percentages,anysumspai d bywayofexpenses,
all
owances,( i
nsofarasthosesum arechar gedt oNi geri
ani
ncomet ax)
,
anycontri
but i
onpaidinrespectofhim underanypensi onsschemeand
esti
matedmoneyv alueofanyot herbenefi
tr eceivedbyhi m otherwise
thanincash.

23.Acompanywhi chisneit
herahol
dingcompanynorasubsi
diar
yofanother
bodycorpor
ateneednotcomplywit
hpar agr
aphs24-27asrespectsayear
i
nt hecaseofwhi chtheamountshowni ncompli
ancewit
hpar agr
aph22
doesnotexceed₦120,000.

24.(
1)Thispar
agr
aphappli
estotheemol
ument
softhecompany '
schair
man,
and f
orthi
s pur
pose "
chai
rman"means t
he per
son el
ected by t
he
 dir
ectorstobechai rmanofthei
rmeetingsandi ncl
udesaper son,who,
thoughnotsoel ected,hol
dsanyoffi
ce( howeverdesi
gnated)whi ch,in
accordancewitht hecompany '
sconsti
tuti
on,carri
eswithi tfunctions
substanti
all
ysi
milartothosedi
schar
gedbyaper sonsoelected.

(
2) Ifoneper sonhasbeenchairmanthroughoutt hey ear
,ther
eshallbe
shownwi t
hr espectt
othatper
sonduri
ngt hey ear,hi
semol ument
ssofar
asattr
ibutabletotheperi
odduringwhichhewaschai rman,unl
esshis
duti
esaschai rmanwerewholl
yormai
nlydi schargedoutsi
deNigeri
a.

(
3)Ther e shal
lbe shown wi t
hr espectto each per
son who has been
chai
rmandur ingt hey ear,hi
semol umentssof arasatt
ri
butablet
ot he
peri
odduringwhi chhewaschai r
man, unl
esshisduti
esaschair
manwer e
wholl
yormai nlydischargedoutsi
deNi ger
ia.

25.(
1)Thi
spar
agr
aphappl
iest
otheemol
ument
sofdi
rect
ors.

(
2)Wi t
hrespectt
oalldi
rect
ors(ot
herthananywhodischar
gedt
hei
rdut
ies
assuchwholl
yormainl
youtsi
deNigeri
a),
ther
eshal
lbeshown—

(
a)thenumber(ifany)whohadnoemolumentsor
whose sev
eralemol ument
s amount
ed t
o not
morethan₦10,000;and

(
b)byreferencet oeachpai
rofadjacentpointsona
scalewher eonthelowestpointis₦10, 000and
the succeeding ones are successiv
ei ntegr
al
multi
plesof₦10, 000,t
henumber( i
fany)whose
severalemol umentsexceededthel owestpoint
butdidnotexceedt hehi
gher.

(
3)If,oneofthedir
ectors(otherthananywhodischargedhi
sortheirduti
es
assuchwhol l
yormainlyout si
deNigeri
a),
theemolumentsofeachoftwo
ormor eexceedtherelevantamount,theemoluments(or,i
nthecaseof
equali
ty)whohadthegr eateror,asthecasemaybe,t hegreat
est,shall
al
sobeshown.

(
4)If,oneofthedirector
s( otherthananywhodi schargedhisortheirduti
es
assuchwhol l
yormai nlyout si
deNi geria)
, t
heemolumentsofeachoft wo
ormor eexceedt herel
ev antamount ,hisorthei
remol uments(or,inthe
caseofequalit
y)whohadt hegr eateror ,asthecasemaybe,t heleast,
shallal
sobeshown.

(
5)The"
rel
evantamount
"—

(
a)i
foneper
sonhasbeenchai
rmant
hroughoutt
he
 y
ear
,meanst
heamount
semol
ument
s;and

(
b)ot herwise,means an amountequalt othe
aggregat e of t he emol uments, so f ar as
att
ributabletotheper i
odduri
ngthancontri
buti
ons
paidi nrespectofhim underpensionscheme)as
in his case aret o be i
ncl
uded inthe payment
shownundert heparagraph22.

26.Ther e shal
l,underparagraphs24 and 25,be broughti
nto accountas
emolument sofaper sonallsuchamounts(otherthancont
ri
buti
onspai di
n
respectofhim underapensionscheme)asi nhiscasearetobeincludedi
n
thepaymentshownunderpar agr
aph22.

Emol
ument
swai
ved

27.Ther
eshal
lbeshown—

(
a)thenumberofdi r
ectorswhohav ewaivedri
ghts
torecei
veemolument swhich,butfort
hewaiver
,
wouldhavefal
lentobei ncludedinthepay
ment
shownunderparagraph22;and

(
b)asum notsor eceivablethatwaspay abl
eonly
on demand,being a sum t heri
ghtt orecei
ve
whichhasbeenwai ved,i
sdeemedt ohav ebeen
duebeenforpay mentatthet i
meoft hewaiver.
Pensi
onsofdir
ectorsandpastdi r
ect
ors.

28.(
1)There shal
lbe shown t
he aggr
egat
e amountofdi
rect
ors'orpast
di
rect
or'
spensi
ons.

(
2)Thisamountdoesnoti ncludeanypensi onpai dorr eceiv
ableundera
pensionschemei ftheschemei ssucht hatt hecontribut
ionsunderi t
aresubst anti
all
yadequatef orthemai ntenanceoft hescheme,but ,
subjecttot hi
sscheme,i tincl
udesanypensi onpaidorr eceivablein
respectofsuchser vi
cesofadirectororpastdi r
ectorasar ement ioned
inparagraph22( 2)whethertoorbyhi m or ,onhisnomi nati
onorby
vir
tueofdependenceonorot herconnectionwi t
hhi m,t oorbyany
otherperson.

(
3)Theamountshownshal ldist
ingui
shbet
weenpensi
onsi
nrespectof
servi
cesasdi r
ect
or,whetherofthecompanyorit
ssubsi
diar
y,and
otherpensi
ons.

Compensat
iont
odi
rect
orsf
orl
ossofof
fi
ce
29.(
1)Thereshallbeshownt heaggregat
eamountofanycompensat
iont
o
di
rect
orsorpastdi
rect
orsi
nrespectofl
ossofof
fi
ce.

(
2)Thi
samount—

(
a)includesanysumspai dt oorr eceiv
ablebya
dir
ectororpastdi rectorbywayofcompensat i
on
forthelossofof ficeasdi rectorofthecompany
orforthel oss,whi l
edirectoroft hecompanyor
on ori n connection with hisceasi ng to bea
dir
ectorofi t
,orofanyot herof f
iceinconnect i
on
withthemanagementoft hecompany 'saffair
s
orofanyof f
iceasdi rectororinconnect ionwi t
h
themanagementoft heaf fair
sofanysubsi diar
y
ofthecompany ;and

(
b) shalldisti
nguish bet ween compensati
on in
respectoftheof f
iceofdi rect
or,whet
herofthe
companyori tssubsidiary,andcompensat
ionin
respectofotheroffi
ces.

(
3)Refer
encestocompensati
onforlossofoffi
ceincl
udessumspaidas
consi
der
ati
onforori
nconnect
ionwithaper
son'sr
eti
rementf
rom of
fi
ce.

Suppl
ement
ary

30.(
1)Thi s par
agraph appl
ies wi
thr
espectt
othe amount
s shown under
par
agraphs22,28and29.

(
2)Theamounti
neachcasei
ncl
udesal
lrel
evantsumspai
dbyorr
ecei
vabl
e
fr
om —

(
a)t
hecompany
;

(
b)t
hecompany
'ssubsi
diar
ies;
and

(
c)anyotherperson,exceptsumst obeaccounted
fortothecompanyoranyofi t
ssubsidi
ari
es,to
pastorpresentmember softhecompanyorany
of it
s subsidiar
ies or any class of those
member s.

(
3)Theamountshownunderpar agraph29shalldi
sti
nguishbetweenthe
sumsrespecti
vel
ypaidbyorreceiv
ablefr
om t
hecompany ,t
hecompany '
s
subsi
diar
iesandper
sonsotherthanthecompanyanditssubsi
diar
ies.
31.(
1)Theamountsshownforanyyearunderparagr
aphs22,28and29arethe
sumsrecei
vabl
einr
espectofthatyear(
wheneverpai
d)or,i
nthecaseof
sumsnotrecei
vabl
einrespectofaper iod,t
hesumspai dduri
ngthat
year
.

(
2)Wher
ethesums—

(
a)ar enotshowni nanot etot heaccountsf orthe
rel
ev anty earon t he ground thatt he person
receivingthem isl i
abletoaccountf orthem as
ment ionedinpar agr
aph30( 2),buttheli
abili
tyis
thereaf t
erwhol l
y orpar tl
yr el
eased ori s not
enforcedwi thi
naper iodoftwoy ears;or

(
b)pai dbywayofexpensesal lowancear echarged
toincomet axaf t
ert heendoft her el
evantyear,
those sums shall,t ot he extentt o whi ch t
he
l
iabil
it
yisr el
easedornotenf or cedort heyare
chargedasment ionedabov e( ast hecasemay
be),beshowni nanot etot hef i
rstaccountsin
whichitispract
icablet oshowt hem,andshal lbe
dist
ingui
shed from t he amount st o be shown
apartfr
om thisprovision.

32.Wher eitisnecessarytodosof orthepurposeofmakinganydi st

incti
on
r
equiredbyt heprecedi
ngpar agraphsinanamountshowni ncompl i
ance
wit
ht his Part
,the di
rectors mayapporti
on anypayment s between the
mattersi
nr espectofwhichthesehav ebeenpaidorar
er ecei
v abl
einsuch
mannerast heythi
nkappr opri
ate.

I
nter
pret
ati
on

33.(
1)Thi
spar
agr
aphappl
iesf
ort
hei
nter
pret
ati
onofpar
agr
aphs22-32.

(
2)Ar
efer
encet
othecompany
'ssubsi
diar
y—

(
a)i nrelat
iont oaper sonwhoi sorwas,whi l
ea
dir
ectoroft hecompany ,adirectoralso,byvirtue
ofthecompany 'snomination( directorindi
rect)
oranyot herbodycor porat
eincl udes,(subj
ectt o
subparagraph( 2)
)thatbodycor porat
e,whet her
or not iti s or was i nf act t he company '
s
subsi
diary;and

(
b)f
ort
hepur
posesofpar
agr
aphs22-28(
incl
udi
ng
 anyprovisi
onoft hi
sPartref
erri
ngtoparagraph
22)istoasubsi diaryatthet i
met heservi
ces
wererendered,andforthepurposesofpar
agraph
29,toasubsidi
ar yimmediat
elybefor
ethelossof
off
iceasdirect
or.

(
3)Fort
hepur
poseoft
hispar
agr
aph—

(
a) "pensi
on" incl
udes any super annuat
ion
al
lowance,super
annuat
ion gr
atui
ty orsimil
ar
payment;

(
b)"pensi
on scheme"means a scheme f ort he
provi
sionofpensioninrespectofservi
cesas
dir
ectororot her
wise whi
ch is mai
ntai
ned in
wholeorinpartbymeansofcontri
but
ions;and

(
c)"
contri
but i
on",i
nr el
ati
ont oapensi onscheme,
means any pay ment( i
ncluding an insurance
premium)pai dforthepur posesoft hescheme
byorinr espectofpersonsr enderi
ngservicesin
respectofwhi ch pensions become pay able
undert he scheme,exceptt hati tdoes not
i
ncludeanypay mentinr espectoft woormor e
personsiftheamountpai dinr espectofeachof
them isnotascertai
nable.

Suppl
ement
ary

34.Thi
sPar toftheSchedulerequi
resi nf
ormat
iontobegivenonlyifi
tis
cont
ainedinthecompany'
sbooksandpaper sorthecompanyhast
heri
ght
toobtai
nitf
rom t
hepersonsconcerned.

PARTVI—PARTI
CULARSRELATI
NGTONUMBEROFEMPLOYEES
REMUNERATEDATHI
GHERRATES

35.(
1)Ther eshallbeshownbyr eferencetoeachpairofadjacentpoint
sona
scalewhereont helowestpointis₦60, 000andthesucceedingonesare
successiv
ei nt
egralmulti
plesof₦10, 000beginningwit
hthatinthecase
ofwhi chthemul ti
pli
erissev en,thenumber( ifany)ofpersonsinthe
company '
sempl oymentwhosesev eralemolumentsexceededthelower
pointbutdidnotexceedthehi gher.

(
2)Thepersonswhoseemolument
sar
etobet
akeni
ntoaccountf
ort
his
pur
poseshallnoti
ncl
ude—
 (
a)di
rect
orsoft
hecompany
;or

(b)per
sons(
othert
handi
rect
orsoft
hecompany
)whoi
fempl
oyed
bythecompany—

(
i)t
hroughoutt
hefinanci
alyear
,workedwholly
ormai nl
yduri
ngt hatyearout
sideNiger
ia;
or

(
ii
)forpar
tonlyofthatyear
,workedwholl
yor
mainl
ydur
ingthatpar
toutsi
deNiger
ia.

36.(
1)Fort hepurposeofparagr
aph35,aper son'semolumentsincludeany
pai
dt o or r
ecei
vabl
e by him f r
om t he company ,the company '
s
subsidiar
iesandanyotherpersoni nrespectofhisservi
cesasaper son
i
nt heempl oymentoft
hecompanyorasubsi diar
yofitorasadirect
orof
asubsi diar
yofthecompany( exceptsumst obeaccountedf ortothe
companyoranyofi tssubsi
diari
es).

(
2)Inthi
sparagr
aph,
"Emolument s"hereincl
udesfeesandpercent
ages,
any
sumspaidbywayofexpensesal l
owancesi ft
hosesumsar echar
gedt o
Niger
ian i
ncome tax,and the esti
mat ed money val
ue ofany other
benefi
tsr
eceiv
edbyaper sonotherwisethanincash.

(
3)Theamountst obebroughtint
oaccountfort hepurposeofcomplying
wit
h par
agraph 35,arethe sums recei
vableinr espectofthe year
(
wheneverpaid)or
,int
hecaseofsumsnotr eceiv
ablesumsinrespectof
aperi
od,t
hesumspai ddur
ingthaty
ear.

(
4)Thesums—

(
a)arenotbr oughtintoaccountforthatyearonthe
groundthatt hepersonreceivi
ngthem isliabl
eto
accountf orthem asment ionedinsubpar agr
aph
(1),
buttheliabil
it
yiswholl
yorpar t
lyrel
easedoris
notenforcedwi t
hinaperi
odoft woy ear
s;or

(
b)pai dtoaper sonbywayofexpensesal lowance,
arechar gedt oNi geri
anincomet axaftertheend
oft hey ear,thosesumsshal l
,tot heextentt o
whicht heliabili
tyisr el
easedornotenf orcedor
theyarechar gedasabov ement i
oned(asthecase
maybe) ,bebroughti ntoaccountforthepurpose
of compl yi
ng wi t h par
agraph 25 on t he fi
rst
occasiononwhi chitispract
icabl
etodoso.
37.Ref
erencesi
npar
agr
aph36t
oacompany
'ssubsi
diar
y—

(
a)i nr el
ation to a person who i sorwas,whi l
e
employ edbyt hecompany ,adirector,byvir
tueof
thecompany '
snomi nation( di
rectori ndir
ect)
,of
any ot her body corpor ate,include thatbody
corporate( but subject t o subpar agr
aph (b)),
whetherornoti tisorwasi nfactt hecompany '
s
subsidiary;
and

(
b)aret
obetakenasrefer
ri
ngtoasubsi
diar
yatt
he
t
imet
heservi
ceswererender
ed.
 Thi
rdSchedul
e Sect
ions384and385

PARTI
CULARSINCOMPANYFINANCI
ALSTATEMENTSOFLOANANDOTHER
TRANSACTI
ONSFAVOURI
NGDIRECTORSANDOFFI
CERS

PARTI—MATTERSTOBEDI
SCLOSEDUNDERSECTI
ON383

1.Groupfi
nanci
alst
atement
sshal
lcont
aint
hepar
ti
cul
arsr
equi
redbyt
his
Schedul
eof—

(
a) any t r
ansacti
on or arr
angement of a ki nd
descri
bedinsection296ofthisActenter
edi nto
by the company or by a subsidiar
y of t he
companyf orapersonwhoatanyt i
meduringt he
yearwasadi r
ectorofthecompanyoritsholding
company ,
orwasconnectedwithsuchadirector;

(
b)anagr eementbyt hecompanyorbyasubsidiary
of the company t o enter i nt
o any such
tr
ansactionorarr
angementforapersonwhowas
atanyt i
me during t
he yeara di
rect
oroft he
company or i ts holdi
ng company , or was
connectedwithsuchadir
ector;
and

(
c)anyot hertransact
ionorar rangementwit
ht he
companyorsubsi diar
yofi ti nwhichaper son
whoatanyt i
medur i
ngt heyearwasadi r
ectorof
thecompanyori t
sholdingcompanyhad,directl
y
orindi
rectl
y,amat er
ialint
erest.

2.Theaccountsprepar
edbyacompanyotherthanahol
dingcompanyshal
l
cont
ainthepart
icul
arsr
equi
redbyt
hisSchedul
eof—

(
a) any t r
ansact
ion or ar
rangement of a kind
descr
ibedinsecti
on296oft hisActent
eredinto
bythecompanyf orapersonwhoatanyt ime
 duri
ng the y
earwas a di
rect
orofi
torofi t
s
hol
dingcompanyorwasconnectedwi
thsucha
di
rector
;

(
b)anagr eementbyt hecompanyt oent
erint
oany
such tr
ansacti
on orarrangementf ora person
whoatanyt i
medur ingthey earwasadir
ectorof
the company orits holding company orwas
connectedwit
hsuchadi rector;
and

(
c)anyot hertr
ansactionorar r
angementwiththe
companyin whi ch a person who,atanyt ime
dur
ingtheyear,wasadi rectorofthecompanyor
ofi
tsholdi
ngcompanyhad,di rect
lyori
ndi
rectl
y,
amateri
ali
nterest.

3.(
1)Forpurposesofparagr
aphs1(c)and2( c),atransacti
onorarr
angement
betweenacompanyandadi rectorofitorofi tsholdingcompany,ora
personconnect
edwithsuchadirect
or,i
st obet reat
ed,asat r
ansacti
on,
arr
angementoragr
eementinwhichthatdi
rectorisint
erest
ed.

(
2)Ani nter
esti nsuchat ransact
ionorar rangementisnotmat er
ialfor
purposesofsubpar agr
aphs( 1)andthissubparagraphif
,intheboard's
opi
nioni tisnotso;butt hi
sshal lbewi t
houtprej
udicetothequesti
on
whetherornotsuchani nter
estismat er
ialinacasewheretheboardhas
notconsideredthematt
er.

(
3)Fort hepurposeofsubparagr
aphs( 2),t
heboar
d"meanst hedir
ectorsof
thecompanypr epari
ngtheaccounts,oramajori
tyofthosedi
rector
s,but
excl
uding,
ineithercase,
thedi
rect
orwhoseinter
estiti
s.

4.Paragr
aphs1and2shal lnotapply,f
orthepur
posesofaccount sprepar
edby
acompanywhi chis,oristhehol di
ngcompanyofar ecogni
sedbank,in
rel
ati
ontoat r
ansacti
onorarrangementofakinddescribedinsecti
on296of
thi
sActoranagr eementtoenterintosuchatransact
ionorarrangement,t
o
whichthatr
ecognisedbanki
sapar ty.

5.Par
agr
aphs1and2shal
lnotappl
yinr
elat
iont
o—

(
a) a t ransact
ion, arr
angement or agr eement
betweenonecompanyandanot heri nwhi cha
di
rectoroft he formerorofi ts subsi
diaryor
hol
dingcompanyi sinter
est
edonlybyv i
rtueof
hi
sbei ngadirect
orofthelat
ter
;

(
b)acont
ractofser
vicebet
weenacompanyand
 oneofit
sdi r
ector
sora directorofit
sholdi
ng
company,orbetweenadi r
ectorofacompany
andanyofthatcompany
'ssubsidi
ari
es;or

(
c)atransact
ion,arrangementoragr
eementwhi
ch
wasnotent eredintoduri
ngtheyearandwhi
ch
di
dnotsubsi statanyti
meduringt
hatyear
.

6.Par
agr
aphs1and2shal
lappl
ywhet
herornot—

(
a)thet r
ansact
ionorarr
angementwaspr
ohi
bit
ed
bysect
ion296ofthi
sAct;

(
b)theper
sonforwhom i
twasmadewasadi
rect
or
oft
hecompanyorwasconnect
edwi
thadi
rect
or
ofi
tatt
heti
meitwasmade;and

(
c)i nthe case ofa t ransacti
on orarrangement
madebyacompanywhi chatanyt i
medur i
nga
f
inancialy
eari sasubsidi
aryofanothercompany,
i
twasasubsi diaryofthatothercompanyatt he
t
imet hetransacti
onorarrangementwasmade.

7.Nei
therparagraph 1 (
c)nor2 (
c)appl
ies i
nrel
ati
on t
o anyt
ransact
ion
orarrangementif—

(
a)eachpar t
ytothet r
ansacti
onorar rangement
which is a member of the same gr oup of
companies(meaningaholdi
ngcompanyandi ts
subsi
diar
ies)asthe companyentered intothe
tr
ansacti
onorarr
angementintheordi
narycourse
ofbusi
ness;or

(
b)thetermsoft hetransacti
onorarrangementar e
notless f
avourableto anysuch par tyt han i
t
woul
d be reasonablet o expectifthe inter
est
menti
onedinthatsubpar agraphhadnotbeenan
i
nter
estofaper sonwhowasadi r
ectoroft he
companyorofitsholdingcompany .

8.Neit
herparagraph1(
c)nor2(
c)appl
iesi
nrel
ati
ont
oanyt
ransact
ionor
ar
rangementif—

(
a)t he company is a memberofa group of
companies(meani
ngaholdi
ngcompanyandits
subsi
diar
ies)
;
 (
b)eithert
hecompanyisawholly-
ownedsubsidiary
ornobodycorpor
ate(ot
herthanthecompanyor
a subsi
diar
y ofthe company ) whi ch i
s a
memberoft he group ofcompani es,whi ch
i
ncludes the company '
s ul t
imate hol di
ng
company,was a partytot he tr
ansacti
on or
arr
angement;

(
c)t hedi
rect
orinquest
ionwasatsometi
meduri
ng
therel
evantper
iodassoci
atedwi
tht
hecompany;
and

(
d)t hemateri
alint
erestofthedir
ectorinquesti
onin
thetransact
ionorar rangementwoul dnothav e
ri
sen ifhe had notbeen associ at
ed wit
ht he
companyatanyt imedur i
ngtherelevantper
iod.

Thepar
ti
cul
arsr
equi
redbyt
hisPar
t

9.(
1)Subj
ecttoparagraph10,t
hepar t
icul
arsrequi
redbythi
sPartar
ethoseof
thepri
ncipalt
ermsofthetransacti
on,ar
rangementoragr
eement.

(
2)Withoutprej
udi
cetot hegener
ali
tyofsubpar
agr
aph(
1),t
hef
oll
owi
ng
par
ticul
arsar
erequi
red—

(
a) a statement of the fact ei
ther that t
he
t
ransact
ion,arr
angement or agr eement was
madeorsubsisted(asthecasemaybe)dur i
ng
t
hey ear
;

(
b)thenameoft hepersonforwhom itwasmade
and,wherethatper
soni sorwasconnect
edwith
a dir
ectoroft he company orofi t
s hol
ding
company ,
thenameoft hatdi
rect
or;

(
c)i
nacasewher eparagr
aph1(c)or2(c)appli
es,
t
he name of the dir
ect
orwitht he mater
ial
i
nter
estandt
henatureoft
hati
nter
est;

(
d)inthecaseofal oanoranagreementf
oraloan
oranarrangementwit
hinsect
ion286ofthi
sAct
rel
ati
ngtoal oan—

(
i)theamountofthel
iabi
li
tyoft
hepersont
o
whom t
hel oanwasorwasagr eedtobe
 made,i
nrespectofpri
ncipalandint
erest
,
att
hebegi
nningandattheendoftheyear,

(
ii
)t he maximum amountoft
hatl
iabi
li
ty
duri
ngthatyear
,

(
ii
i)theamountofanyinter
estwhi
ch,hav
ing
fal
lendue,
hasnotbeenpaid,
and

(
iv)t
heamountofanypr ovi
sion(wit
hint
he
meani
ngoft
heFi
rstSchedul
et ot
hisAct
),

made i n respect of any f ai

lur
e or
anti
cipat
edf
ail
urebytheborrowertorepay
thewholeorpartoftheloanortopayt he
wholeorpar
tofanyinter
estonit
;

(
e)i nt he case ofa guar antee,secur
it
y oran
arr
angement wi thi
n secti
on 286 of t hi
s Act
rel
ati
ngtoaguar anteeorsecurit
y—

(
i)t
heamountf orwhichthecompany( ori
ts
subsidi
ary)wasli
ableundertheguar
antee
orinr espectofthesecuri
tybothatt he
beginningandatt
heendoft heyear,

(
ii
)the maximum amount f or whi
ch t
he
company(orit
ssubsi
diar
y)maybecome
soli
abl
e,and

(
ii
i)anyamountpai dandanyl i
abil
ityi
ncurred
byt hecompany( orit
ssubsi di
ary)forthe
purpose of ful
fil
li
ng the guar ant
ee or
dischargi
ng the securi
ty( i
ncludi
ng any
l
oss i ncur
red by r eason of t he
enforcementoftheguaranteeorsecur i
ty)
;
and

(
f)inthecaseofanytransact
ion,ar
rangementor
agr
eement other t
han t hose ment i
oned in
par
agraphs11(
2).

10.Paragraph9(2)(
c)-(
f)shal
lnotappl
yint
hecaseofaloanorquasi
-loan
madeoragreedtobemadebyacompanyt oorf
orabodycorpor
atewhich
i
seither—
 (
a)abodycor por
ateofwhicht
hatcompanyi
sa
whol
ly
-ownedsubsi
diar
y;

(
b)awhol ly
-ownedsubsi
diar
yofabodycor por
ate
ofwhi ch thatcompany is a whol
ly
-owned
subsi
diary;
or

(
c)awhol l
y-ownedsubsi diaryoft hatcompany,if
part
icularsofthatloan, quasi-l
oanoragr eement
foritwoul d nothav e been r equi
red to be
i
ncludedi nthatcompany '
sannualaccount sif
thefir
st-menti
onedbodycor poratehadnotbeen
associatedwithadi rect orofthatcompanyat
anytimedur i
ngt herelevantperiod.

Tr
ansact
ionsexcl
udedf
rom sect
ion383

11.(
1)Inrelationt oacompany '
saccount sf oray ear,compl i
ancewi ththi
sPart
i
snotber equi r
edint hecaseoft ransact i
onsofaki ndment ionedin
subpar agraph( 2)whichar emadebyt hecompanyorasubsi diaryofitf
or
apersonwhoatanyt i
medur ingthatf inanci
aly earwasadi rectorofthe
companyorofi tshol di
ng company ,orwasconnect ed with such a
dir
ector ,i
ft heaggregat eoft hevaluesofeacht ransacti
on,ar rangement
oragr eementsomadef ort hatdirectororanyper sonconnect edwith
him,lesst heamount( i
fany )bywhi cht heliabili
ti
esoft heper sonfor
whom t het ransact
ionorar r
angementwasmadehasbeenr educed,did
notatanyt imedur i
ngt hey earexceedN10, 000.

(
2)Thet
ransact
ionsi
nquest
ionar
e—

(
a)cr
edi
ttr
ansact
ions;

(
b)guaranteespr
ovi
dedorsecuri
tiesent
eredi
ntoi
n
connect
ionwit
hcredi
ttr
ansact
ions;

(
c)ar r
angements wit
hin sect
ion 296 oft
his Act
r
elat
ingtocr
editt
ransacti
ons;and

(
d)agr
eement
stoent
eri
ntocr
edi
ttr
ansact
ions.

12.I
nr el
ati
ont oacompany '
saccount sf orafi
nanci
alyear,compli
ancewit
h
thi
sPar tshal
lnotber equir
edbyv ir
tueofparagr
aph1( c)or2(c)i
nthe
caseofanyt ransacti
onorar rangementwi t
hacompanyoranyofi t
s
subsi
diari
esinwhi chadirectorofthecompanyori t
sholdingcompanyhad,
dir
ectl
yorindi
rectly,
amat eriali
nterestift
he—
 (
a)v al
ueofeacht ransactionorarrangementwithi
n
paragraph1( c)or2( c)( asthecasemaybe)i n
whicht hatdirectorhad( di
rect
lyorindi
rectl
y)a
mat er
ialint
erestandwhi chwasmadeaf t
erthe
commencementoft hey earwit
hthecompanyor
anyofi t
ssubsi di
aries;and

(
b)v al
ueofeachsucht ransactionorar r
angement
whichwasmadebef oret hecommencementof
they earlesst heamount( ifany )bywhi cht he
l
iabil
itiesofthepersonf orwhom t hetr
ansaction
orarr angementwasmadehav ebeenr educed,
didnotatanyt imeduringt hey earexceedint he
aggregat e₦3,000 or,ifmor e,di d notexceed
₦19,000oronepercentoft hev alueofthenet
assetsoft hecompanypr eparingtheaccount sin
questionasatt heendoft hey ear,whicheveris
l
ess.

Forthispurpose,acompany'
snetassetsar et
heaggregat
eofit
sasset s
l
esst heaggregateofi
tsli
abi
li
ti
es("l
iabi
li
ti
es"t
oincl
udeanyprovi
sionfor
l
iabi
li
tiesorchar geswit
hinparagr
aph83oft heFi
rstSchedul
et othis
Act)
.

PARTI
I—MATTERSTOBEDI
SCLOSEDUNDERSECTI
ON384

13.Thi
sPartofthisSchedul
eshallappl
yinrel
ati
ont
othef
oll
owi
ngcl
assesof
tr
ansact
ions,
arrangementsandagreement
s—

(
a)l oans,guarantees and securi
ti
es relat
ing t
o
l
oans,arrangementsofaki nddescribedunder
secti
on 296 oft hi
s Actrelati
ng toloans and
agreementsto enterint
o anyoft heforegoi
ng
tr
ansacti
onsandagr eements;

(
b)quasi-loans,guarant
eesandsecurit
iesrel
ati
ng
t
oquasi -l
oans,arr
angementsofakinddescri
bed
i
neitheroft hosesubsecti
onsrel
ati
ngt oquasi-
l
oansandagr eementst oent
erintoanyoft he
f
oregoingtransact
ionsandarr
angements;

(
c)cr edi
tt r
ansactions,guaranteesand securiti
es
rel
ati
ngt ocredittransact
ionsandar rangements
ofakinddescribedi neit
heroft hosesubsect
ions
rel
ati
ngt ocredittransacti
ons and agr eements
to enteri
nto anyoft heforegoing t
ransact
ions
 andar
rangement
s.

14.(
1)TocomplywiththisPar
toft hi
sSchedul
e,theaccount
smustcont
aina
st
atement
,inrelat
iontotr
ansacti
ons,ar
rangementsandagr
eements,
madeasmentionedinsect
ion296(1)ofthi
sAct—

(
a)theaggregateamountsout standingatt heend
of the f i
nanci
al year under t ransacti
ons,
arr
angements and agreement s wi
thi
n
subpar
agraphs13(a)
,(b)and( c);and

(
b) the number of of f
icers for whom t he
t
ransact
ions, ar
rangements and agreements
f
all
ing withi
n each oft hose sub-
par
agr
aphs,
weremade.

(
2)Thi s par
agraph does notappl ytot r
ansacti
ons,arrangement
s and
agreementsmadebyt hecompanyoranyofitssubsidi
ari
esforanoff
icer
ofthecompanyi ftheaggr egateamountoutstandi
ngatt heendoft he
yearundersuch t ransact
ions,arr
angements,and agreementdo not
exceed₦5,000.

Four
thSchedul
e Sect
ion385

MATTERSTOBEDEALTWI
THI
NDI
RECTORS'
REPORT

PARTI—MATTERSOFAGENERALNATUREASSETVALUES

1.(
1)I
fsignif
icantchangesinthefixedassetsofthecompanyorofanyofits
subsidi
arieshaveoccurredinthefinanci
aly
ear,ther
epor
tshallcont
ain
parti
cular
soft hechanges.

(
2) I f
,int hecaseofsuchasset swhichconsi stofinterestsinland,their
mar ketv al
ue( asatt heendoft hey ear)diff
erssubstantial
ly
,from the
amountatwhi ch they areincluded int he balance sheet,and t he
diff
erencei s,inthedirector
s'opi
nion,ofsuchsi gnifi
canceast orequi
re
thatt he attenti
on ofmember s oft he companyorofhol ders ofi t
s
debent uresshouldbedr awnt oit
,ther eportshalli
ndicatethediff
erence
withsuchdegr eeofprecisi
onasispr acti
cable.
 Di
rect
ors'
int
erest
s

2.(
1)Therepor
tshal
lstate,wi
threspectt
oeachper
sonwho,att
heendoft
he
year
,wasadir
ectorofthecompany—

(
a)whet herornot ,accordingtot heregisterkeptby
thecompanyf orthepur posesofsect ions302and
303oft hisAct( di
rect
or '
sobligati
ont onotif
yhi s
int
erestsi nt hecompanyandcompani esi nt he
same gr oup),he was att he end oft haty ear
int
erested i n shares in,ordebent ures of,t he
companyoranyot herbodycor porate,beingt he
company 's subsidi
aryorhol ding companyora
subsidi
ar yoft hecompany '
sholdingcompany ;

(
b)i
fhewassoi
nter
est
ed—

(
i)thenumberand amountofshar esin,and
debenturesof,each body( specif
ying i
t)in
which,accordi
ngtot
hatr egi
ster,hewast hen
i
nterested,

(
ii
)whetherornot(accor dingtothatregi
ster
)he
was,att hebeginningoft hatyearor,ifhe
wasnott henadirector,whenhebecameone,
int
erest
edi nsharesi n,ordebenturesof,the
companyoranyot hersuchbodycor porate,
and

(
ii
i)ifhewas,thenumberandamountofshar es
i
nanddebent uresof,eachbody(specify
ing
i
t)inwhich,
accordi
ngtothatr
egi
ster,hewas
i
nterest
edatthebeginni
ngoftheyearor( as
t
hecasemaybe)whenhebecameadi rect
or.

(
2)Ani nter
estinsharesordebentureswhi ch, undersecti
ons302and303of
thi
sAct ,
fal
lstobet r
eatedasbei ngthei nterestofadirectorissotreated
forthepurposesofthisparagraph,andt her ef
erencesabov etothet i
me
whenaper sonbecameadi r
ector,inthecaseofaper sonwhobecame
dir
ectoronmor ethanoneoccasi on,i
st het imewhenhef i
rstbecamea
dir
ector.

(
3)Theparti
cularsrequi
redbythi
sparagraphmaybegivenbywayofnot
es
t
othecompany 'saccount
sinrespectofthey
ear
,inst
eadofbei
ngstat
ed
i
nthedi
rectors'r
eport
.
 Char
it
abl
egi
ft
s

3.(
1)Moneygivenforchari
tabl
epurposestoaper
sonwho,whenitwasgiven,
wasor
dinari
lyresi
dentout
sideNiger
iai
stobelef
toutoft
heaccount
.

(2)Fort he pur
pose ofsubparagraph (
1),
"Char
it
abl
e pur
poses"means
purposeswhi
chareexclusi
vel
ychari
tabl
e.

Mi
scel
laneous

4.Thedi
rect
ors'
repor
tshal
lcont
ain—

(
a)par t
icular
sofanyimport
antev entaf
fecti
ngthe
companyoranyofi tssubsi
diarieswhichhave
occurredsincet
heendofthey
ear ;

(
b)anindicat
ionofl
ikel
yfut
uredev
elopment
sint he
busi
nessofthecompanyandofit
ssubsi
diar
ies;

(
c)an i ndi
cat
ion ofthe acti
vi
ties (
ifany
)oft he
company and its subsi
diar
ies inthe fi
eld of
resear
chanddev el
opment;

(
d) names of di
str
ibut
ors of t
he company
's
pr
oduct
s;and

(
e)parti
cul
arsofdonat
ionsandgi
ft
smadef
orany
pur
pose.

PARTI
I—DI
SCLOSUREREQUI
REDBYCOMPANYACQUI
RINGI
TSOWN
SHARES.

5.Thi
sPar
toft
hisSchedul
eappl
ieswher
eshar
esi
nacompanyar
e—

(
a)purchasedbythecompanyorareacquiredbyi t
byf or
fei
tur
eorsurr
enderinli
euoffor
feiture,or
i
n pur suance of sect
ion 184 of this Act
(acqui
sit
ionofownshar esbycompanyl imited
byshares);

(
b)requir
ed byanot herperson i
n cir
cumst ances
where secti
on 183 (3)(b)or( c)oft hi
s Act
appl
ies(acquisi
ti
onbycompany '
snomi nee,orby
anot
herwi thcompanyf i
nanci
alassistance,the
companyhav i
ngabenefici
ali
nterest
);or
 (
c)madesubj ectt
oal i
enorot
herchargestaken
(whether expressl
y or ot
herwise) by the
companyandper mitt
edbysect
ion164( 1)or
(4)ofthi
sAct .

6.Thedi
rect
ors'
repor
twi
thr
espectt
oay
earshal
lst
ate—

(
a)thenumberandnomi nalvalueofthesharesso
purchased, t
he aggr egate amount of t he
consider
ati
on paid by the company forsuch
sharesandthereasonsfortheirpur
chase;

(
b)thenumberandnomi nalvalueoftheshar
esso
acquiredbythecompany ,acqui
redbyanother
personinsuchcircumstancesandsochar ged
respecti
vel
ydur
ingtheyear;

(
c)the maximum numberand nomi nalv al
ue of
shareswhich,hav i
ngbeensoacqui redbyt he
company,acqui r
ed byanot herpersoninsuch
ci
rcumstancesorso char ged (
whetherornot
duri
ng t
haty ear
)ar eheld atanyt i
mebyt he
companyort hatotherper
sonduringtheyear;

(
d)wher et he numberand nomi nalv al
ue oft he
sharesofanypar t
icul
ardescripti
onar estatedin
pursuance of any of t he preceding sub-
paragraphs,the percentage oft he call
ed up
sharewhi chshar
esoft hatdescri
ptionrepresent
;

(
e)wher
eanyoftheshareshasbeensochar
ged,
t
heamountoft
hechar
geineachcase;

(
f)whereanyoftheshareshasbeendi sposedofby
thecompanyort hepersonwhoacquiredthem i
n
such circumstances for money or money '
s
worth,t
heamountorv alueoftheconsider
ati
on
ineachcase;and

(
g)theexcessoft hesel
lingpri
ceovert
hepur chase
pri
ceofeachshar er esol
d ortheexcessoft he
costovert hesell
ingpr i
cewhichwast akent o
capi
talreserv
e.

PARTI
II—EMPLOYMENTANDEMPLOYEES
 Empl
oymentofdi
sabl
edper
sons

7.Thedirect
ors'r
epor
tshal
lcontai
nast atementshowinghow manydi
sabl
ed
per
sonswer eempl
oyedduri
ngthey earanddescri
bingt
hepoli
cywhi
chthe
companyhasappli
eddur
ingtheyear—

(
a) f or givi
ng f ul
l and fair consider
ati
on to
appli
cati
ons forempl oymentby t he company
madebydi sabledpersons,havi
ngregardtothei
r
parti
cul
arapti
tudesandabili
ti
es;

(
b)f or cont
inui
ng t he employment of ,and for
arrangi
ng appropr
iat
et r
aini
ng for,employeesof
thecompanywhohav ebecomedi sabledpersons
duringtheper i
odwhent heywer eempl oyedby
thecompany ;and

(
c)ot her
wisefort
hetr
aining,car
eerdev
elopment
andpromoti
onofdi
sabledpersonsemployedby
thecompany
.

Heal
th,
saf
etyandwel
far
eatwor
kofcompany
'sempl
oyees

8.Thedi r
ector
s'reportshallcontai
nast atementast ot hearrangementin
for
cei nthey earforsecuringtheheal t
h,saf et
yandwel f
areatwor kof
employeesoft hecompanyandi tssubsidiari
es,andforprotecti
ngother
personsagai
nstriskst
oheal thorsafet
yar i
singoutoforinconnecti
onwith
theacti
vi
ti
esatwor kofthoseempl oy
ees.

Empl
oyeei
nvol
vementandt
rai
ning

9.Thedi
rect
ors'
repor
tshallcont
ainastatementdescr
ibi
ngtheact
ionthathas
beent
akenduringt
hey eartointr
oduce,maint
ainordevelopar
rangements
ai
medat—

(
a) pr ovi
ding empl
oyees syst
emati
cal
ly with
i
nfor
mat i
ononmattersofconcer
ntot hem as
employ
ees;

(
b)consul
tingemployeesorthei
rrepresent
ati
veson
aregul
arbasissot hattheviewsofempl oy
ees
canbet akenint
oaccounti nmaki ngdecisi
ons
whi
charelikel
ytoaffectt
hei
rint
erests;

(
c)encour
agi
ng t
hei
nvol
vementofempl
oyeesi
n
 the company's per for
mance through an
empl
oyees'share scheme orby some other
means;

(
d)achi ev
ingacommonawar enessonthepartof
allempl oyees ofthe f
inanci
aland economic
fact
ors af fect
ing the performance of the
company ;and

(
e)showing t
he arr
angements made orfaci
li
ti
es
pr
ovi
ded by t
he company forthe tr
aini
ng of
empl
oyeesdur
ingtheyear
.

Fi
ft
hSchedul
e Sect
ions393,
396,
398

MATTERSTOBEEXPRESSLYSTATEDI
NAUDI
TOR'
SREPORT
1.Whetherthedirect
orshaveobtai
nedallthei
nfor
mati
onandexpl anat
ions
which,tothebestoft hei
rknowledgeandbel
ief
,werenecessar
yf orthe
pur
poseoft hei
raudit
.

2.Whet her,i
ntheaudit
ors’opi
nion,properbooksofaccounthavebeenkeptby
thecompany ,sof
arasappear sfrom thei
rexaminat
ionofthosebooks,and
properr et
urnsadequateforthepur posesofthei
raudithavebeenrecei
ved
from branchesnotvi
sit
edbythem.

3.(
1)Whet herthecompany '
sbalancesheetand( unl
essitisframedasa
consoli
datedprof
itandl
ossaccount
)profi
tandlossaccountdeal
twi
thby
thereportar
einagreementwi
ththebooksofaccountandret
urns.

(
2)Whether,i
nt heaudit
ors’opini
onandtothebestoftheirinf
ormati
onand
accor
dingt otheexplanati
onsgiventhem,t
hesaidst atementsgivet
he
i
nformati
onr equi
redbythisActinthemannersorequi
redandgi v
eat r
ue
andfai
rv i
ew inthecaseofthe—

(
a)balancesheet
,ofthestat
eoft hecompany
's
af
fair
sasattheendofi
tsyear
;and

(
b)profi
tandl ossaccount ,
ofthepr of
itandlossf or
i
tsy ear;orast hecasemaybe,gi veat rueand
fai
rv i
ewt hereofsubj
ecttot henon-discl
osureof
anymat ters(tobeindicatedinthereport)which,
byv i
rtueofPar tIoftheFi rstScheduleoft his
Act,arenotrequiredtobedi scl
osed.

4.Int hecaseofahol dingcompany ,submi t

tinggroupf i
nanci
alstatements
whet her ,i
ntheiropinion,thegr oupf i
nancialstatementshavebeenpr operl
y
prepar edi naccordancewi ththepr ovi
sionsoft hisActsoast ogiveat rue
andf airv i
ewoft hest ateofaf fai
rsandpr ofitorlossofthecompanyandi t
s
subsidi ari
es and associ ates dealtwi t
h wher ei t,so faras itconcerns
member softhecompany ,orthecasemaysoast ogiveatrueandf ai
rview
thereofsubj ecttot henon- di
sclosureofanymat tert
obei ndicat
edi nthe
reportwhi chbyv irt
ueofPar tIoft heFi rstSchedulet othi
sActar enot
requiredt obedisclosed.

Si
xthSchedul
e Sect
ions396,
397,
398

MODI
FIEDFI
NANCI
ALSTATEMENTSOFCOMPANI
ESQUALI
FYI
NGASSMALL
 COMPANI
ES

PARTI—MODI
FIEDFI
NANCI
ALSTATEMENTSI
NTRODUCTORY

Account
smodi
fi
edasf
orasmal
lcompany

1.(
1)I
nrespectoft
herelevantf
inanci
alyear,
theremaybedeli
ver
edacopyofa
modifi
edbalancesheet,i
nsteadoftheful
lbal
ancesheet
.

(
2)Themodi f
iedbalancesheetshal lbeanabbr
ev i
atedversi
onoft heful
l
balancesheet ,showi ngonlyt hoseit
emstowhi chal ett
erorRoman
numberi sassignedi nthebalancesheetf
ormatadoptedunderthePartI
oftheFi rstSchedulet othi
sActbuti not
herrespectscorr
espondingto
thefullbalancesheet.

(
3)Thecopyoft hemodifi
edbal
ancesheetshal
lbesi
gnedasr
equi
redby
sect
ion386oft
hisAct
.

2.Acopyofthecompany'spr
ofi
tandlossaccountneednotbedel
iv
erednora
copyoft
hedirect
ors'
repor
tother
wiserequi
redbysect
ion388oft
hisAct
.

3.Theinfor
mationrequi
redbyPar
tsI
IIandI
Voft
heFi
rstSchedul
eoft
hisAct
neednotbegiven.

4.Theinf
ormat
ionrequir
edbytheFir
stScheduletothi
sActt
obegiv
eninnot
es
t
otheaccountsneednotbegi ven,withtheexcepti
onofanyi
nfor
mati
on
r
equir
edbythefol
lowingpr
ovi
sionsofthatSchedul
e—

(
a)par
agr
aph36(
account
ingpol
ici
es)
;

(
b)par
agr
aph38(
shar
ecapi
tal
);

(
c)par
agr
aph39(
par
ti
cul
arsofal
lot
ment
s);

(
d)par
agr
aph47(
1)and(
4)(
par
ti
cul
arsofdebt
s);

(
e)par
agraph57(1)(basi
softr
ansl
ati
onoff
orei
gn
cur
rencyamount
sintonai
ra)
;and

(
f)paragraph 57 (2)(cor r
esponding amountsfor
preceding year)
,and t he refer
ence her eto
paragraph57( 2)includesthatsubparagraphas
appli
ed to any item st at
ed in a notet othe
company '
s account s,whet herby virt
ue ofa
requir
ementoft heThi rdScheduleorunderany
otherprovi
sionofthisAct .
5.I
famodi
fi
edbal
ancesheetisdel
iv
ered,ther
eshal
lbedi
scl
osedi
nit
(ori
na
not
etot
hecompany'
saccount
sdeliv
ered)—

(
a)t heaggr egateoftheamount sr equir
edbynote
(5)ofthenot esont hebalancesheetf ormat
sset
outinthePar tIoft
heFi r
stSchedul etobeshown
separatelyforeachi t
em includedunderdebt or
s
(amount sfall
ingdueafteroney ear);
and

(
b)t heaggregateoftheamountsrequir
edbynot e
13 ofthosenot esto beshown separat
elyfor
eachitem incl
udedundercredi
tor
si nformat2
(amountsf al
li
ng due wi
thi
n one yearorafter
morethanoney ear)
.

6.Thecompany
'sbal
ancesheetshal
lcont
ainast
atementbyt
hedi
rect
orst
hat
they—

(
a)r el
y on sect
ions 393 t
o 397 ofthi
s Actas
enti
tl
ingt
hem t
odelivermodi
fi
edaccount
s;and

(
b)dosoont hegroundthatthecompanyi sent
it
led
tothe benefitoft hose sect
ions as a small
company,andt hestatementshallappearinthe
bal
ancesheeti mmediatel
yabov ethesignat
ures
oft
hedirector
s.

7.(
1)Theaccountsdeli
ver
edshallbeaccompani
edbyaspeci
alr
epor
toft
he
audi
tor
sstat
ingthati
nthei
ropini
on—

(
a)t he di
rect
ors are ent
itl
ed to deli
vermodi
fi
ed
account
si nrespectoft he fi
nancialy
earas
cl
aimedinthedirect
ors'st
at ement;
and

(
b) any account compri
sed int he documents
deli
ver
ed as modi f
ied account is properl
y
prepar
ed as such in accordance wit
h t hi
s
Schedule.

(
2)Acopyoft heaudit
ors'repor
tundersect
ion404ofthisActneednotbe
del
iver
ed;buttheful
ltextofitshal
lbereproducedi
nt hespeci
alr
epor
t
underthi
sparagr
aph.

(
3)Ifthedirect
orsproposetorelyonsecti
ons393-397oft hi
sActas
ent
itl
ingt
hem todel
ivermodi
fi
edaccount
s,i
tshal
lbet
heaudi
tor
s'dut
yto
 provi
dethem wi t
har eportstati
ngwhether
,inthei
ropi
nion,t
hedi
rect
ors
aresoentit
led,andwhet hert hedocument
st obedeli
veredasmodif
ied
account
sarepr oper
lyprepared.

8.Wheret
hedir
ect
orsr
elyonsect
ions393t
o397oft
hisActi
ndel
iv
eri
ngany
document
,and—

(
a)thecompanyisent it
ledt
ot hebenef i
tofthose
secti
onsonthe groundcl
aimedbyt hedirect
ors
i
nt hei
rst
atementunderparagr
aph6; and

(
b)theaccount scompr i
sedint hedocument sare
properly pr epar
ed i n accor dance wi t
h t hi
s
Schedule,thensect ion389( 3)oft hi
sActshal l
haveef fectasi fanydocumentwhi ch,byv i
rt
ue
ofthisPar toft hi
sSchedul e,isi ncl
udedi nor
omitted f rom t he document s del i
ver
ed as
modifiedaccount swer e(or,asthecasemaybe) ,
notrequi r
edbyt hi
sActt obecompr isedinthe
company '
saccount sinrespectofthey ear.

PARTI
I—MODI
FIEDGROUPFI
NANCI
ALSTATEMENTS(
INCONSOLI
DATED
FORM)FORSMALLCOMPANI
ES

I
ntr
oduct
ory

9.I
nt hisPar
tofthi
sSchedule,par
agr
aphs10-
16r
elat
etomodi
fi
edf
inanci
al
statement
sforasmal
lgroup.

Smal
lgr
oups.

10.(
1)Inrespectoftherelev
anty ear
,ther
emaybedel i
ver
edacopyofa
modif
iedbal
ancesheet,
inst
eadoftheful
lconsol
idat
edbal
ancesheet
.

(
2)Themodi f
iedbalancesheetshal lbeanabbr ev
iat
edv er
sionoft heful
l
consol
idatedbalancesheet,showingonlyt hoseit
emst owhichal et
ter
orRomannumer alisassignedi nthebal ancesheetformatadopt ed
under the Par t Iof the First Schedule,but in other r
espects
corr
espondingtot hef
ullconsol
idatedbalancesheet.

11.Neit
hercopyoftheprof
itandlossaccountnoracopyoft hedir
ector
s'
reportot
her
wiser
equi
redbysect
ion386ofthi
sActneednotbedel
iv
ered.

12.Theinfor
mationr equi
redbyt heFirstSchedul
etot hi
sActt obegi venin
not
estogroupf i
nancialst
atementsneednotbegi ven,wi
ththeexcepti
onof
anyinf
ormati
onr equir
edbypr ovi
sionsofthatScheduleli
stedinparagraph
 4.

13.Thereshallbedisclosedint
hemodifi
edbal
ancesheet,orinanotet
ot he
group account
s deliver
ed,aggr
egat
e amounts cor
respondi
ng t
ot hose
speci
fi
edinparagraph5above.

14.Theinfor
mat
ionr
equi
redbyPar
tII
IandI
Voft
heSecondSchedul
eneednot
begiven.

PARTI
II—MODI
FIEDGROUPACCOUNTSCONSOLI
DATEDOROTHERS

15.I
fmodi
fi
edgr
oupaccount
sar
edel
iv
ered,
par
agr
aphs16-
18appl
y.

16.Thedi r
ect
ors'st
atementrequir
edbypar agraph6tobecont ai
nedinthe
balancesheetincl
udeast atementthatthedocumentsdeli
veredincl
ude
modi f
iedgr
oupaccounts,
inreli
anceonsection397oft
hisAct
.

17.(
1)Theaudi
tors'
specialr
epor
tunderpar
agr
aph7shal
lincl
udeast
atement
t
hat
,int
heiropini
on—

(
a)t he di
rect
ors are ent
itl
ed t
o del
ivermodif
ied
groupaccounts,asclaimedinthei
rstat
ementin
thebalancesheet;and

(
b) any account compr i
sed int he documents
del
iveredasmodi f
iedgr
oupf inanci
alstat
ements
are properl
ypr epared as such in accor
dance
wit
ht hisSchedule.

(
2)Acopyoft heaudi
tors'r
eportundersect
ion404neednotbedeli
ver
ed;but
t
heful
ltextofi
tshallberepr
oducedinthespeci
alr
epor
tunderpar
agr
aph7.

(
3)Ifthedir
ect or
spr oposet orelyonsecti
on397asent i
tl
ingthem todeli
ver
modifi
edgr oupf i
nancialstat
ements,i
tistheaudit
ors'dutytoprov
idethem
witharepor tstat
ingwhet her,i
nthei
ropinion,t
hedirector
saresoent i
tl
ed,
andwhet hert hedocument stobedel i
veredasmodi f
iedgroupfinanci
al
stat
ementsar eproperlypreparedi
naccordancewiththi
sSchedule.

18.Wher
ethedi
rect
orsr
elyonsect
ion397i
ndel
iv
eri
nganydocument
s,and—

(
a)thecompanyi sentit
ledt othebenef i
tofthat
secti
ononthegroundclaimedbyt hedir
ect
orsin
thei
rstat
ementi
nt hebalancesheet,and

(
b) t
he account
s compr
ised i
nthe document
s
 deli
ver
edasmodi f
iedf
inanci
alstat
ementsar
e
proper
ly prepar
ed in accor
dance wit
h thi
s
Schedule,

thensect
ion388( 3)hasef fectasifanydocumentwhi chbyv i
rt
ueoft his
Schedul
ei si ncl
uded in oromi tt
ed from the documents del
ivered as
modifi
edgroupf i
nancialst
atementswere(or,wer
enot )r
equi
redbyt hisAct
tobecompr isedint hecompany '
sf i
nanci
alstat
ement sinrespectoft he
year.
 Sev
ent
hSchedul
e Sect
ion418
(
3)

Cont
ent
sandf
orm ofannualr
etur
nsofacompanyhav
ingshar
esot
hert
hanasmal
l
company

PARTI

Cont
ent
s

1.Theaddr
essoft
her
egi
ster
edof
fi
ceoft
hecompany
.

2.(
1)I
ftheregi
sterofmember
sis,
underthepr
ovisi
onsofthisAct
,keptel
sewheret
han
att
heregi
ster
edoffi
ceoft
hecompany,t
headdressoftheplacewher
eitiskept
.

(2)I
fanyr egist
erofholder
sofdebent
uresofthecompanyoranydupl i
cat
eofany
suchregisterorpar tofanysuchregi
steri
s,undertheprovi
sionsofthi
sActkept
el
sewher ethan
attheregist
eredoffi
ceoft
hecompany,t
headdressoft
heplacewherei
tiskept
.

3.Asummary,
dist
ingui
shi
ngbet
weensharesissuedforcashandsharesissuedasf
ull
y
orpar
tl
ypai
dorotherwi
sethani
ncash,
specif
yingthefol
lowi
ngparti
cular
s—

(
a)theamountoftheshar
ecapi
taloft
hecompanyandt
henumberofshar
es
i
ntowhi
chi
tisdi
vided;

(
b)t
henumberofshar
est
akenf
rom t
hecommencementoft
hecompanyupt
o
t
hedat
eoft
heret
urn;

(
c)t
heamountcal
l
eduponeachshar
e;

(
d)t
het
otal
amountofcal
l
srecei
ved;

(
e)t
het
otal
amountofcal
l
sunpai
d;
 (f
)totalamountofthesums(
ifany
)pai
dbywayofcommi
ssi
oni
nrespectofany
sharesordebent
ures;

(
g)thedi
scountall
owedont heissueofanyshar
esissuedatadi
scountorso
muchoft
hatdiscountashasnotbeenwri
tt
enoffatt
hedateonwhi
chtheretur
n
i
smade;

(h)t
hetotalamountoft
hesums(
ifany)all
owedbywayofdi
scounti
nrespectof
anydebenturessi
ncet
hedat
eoft
helastretur
n;and

(
i)t
het
otal
numberofshar
esf
orf
eit
ed.

4.Parti
cul
arsoft
hetot
alamountoftheindebt
ednessofthecompanyi
nrespectofal
l
mortgagesandchar
geswhi
charerequi
redtoberegist
eredwi
ththeCommissi
onunder
thi
sAct.

5.Al
i
st—

(a)contai
ningthenamesandaddr essesofal lpersonswho,ont hefourt
eenth
dayafterthecompany’sannualgeneralmeeti
ngf ortheyear
,aremember softhe
company ,andofpersonswhohav eceasedt obemember ssincethedat
eoft he
l
astr etur
nor ,i
nt hecaseoft hefirstr
eturn,sincethei ncor
porat
ionoft he
company ;

(b)stati
ngthenumberofshar eshel dbyeachoft heexi
sti
ngmember satt he
dateoft her
eturn,speci
fyi
ngsharestransf
err
edsincethedateofthelastret
urn
(or
,int hecaseoft hefir
stret
urn,sincetheincorpor
ati
onofthecompany )by
personswhoar estil
lmembersandhav eceasedtobemember srespecti
vel
y,and
thedatesofregi
strati
onofthetr
ansfers;

(
c)i
fthenamesaforesai
darenotarr
angedi
nalphabet
icalorder
,havingannexed
t
heret
oanindexsuf
fici
entt
oenablethenameofanyper sontherei
nt obeeasil
y
f
ound.

6.Allsuchpar t
icul
arswit
hrespecttothepersonswhoatt hedat eofther etur
narethe
dir
ectorsoft hecompanyandanyper sonwhoatt hatdat eist hesecretaryofthe
companyasar ebyt hi
sActrequir
edtobecont ainedwithrespectt odi
rectorsandthe
secret
aryrespectiv
elyi
ntheregi
sterofthedi
rectorsandsecretar
iesofacompany .

PARTI
I

For
m

ANNUALRETURNOF………………………………………………………………….Li
mit
ed
madeupt
othedayof20……………………………(
bei
ngt
hef
our
teent
hdayaf
tert
hedat
e

oft
heannual
gener
almeet
ingf
ort
hey
ear
…………………………20………………………)

1.Addr
ess……………………………………………………………………………………………
(Addr
essoft
her
egi
ster
edof
fi
ceoft
hecompany
)

2.Si
tuat
ionofr
egi
ster
sofmember
sanddebent
urehol
der
s.

(
a) (
Addressofplaceatwhichtheregi
sterofmember
siskept
,ifot
hert
hant
he
r
egi
steredof
fi
ceofthecompany)
.

(
b) (AddressofanyplaceinNi geri
aotherthantheregi
st er edof
ficeoft
hecompany
at whichiskeptanyr egisterofholdersofdebentur esoft hecompanyorany
dupli
cateofanysuchregisterorpartofanysuchregist er)
.

3.Summar
yofshar
ecapi
tal
anddebent
ures.

(
a)Nomi
nal
shar
ecapi
tal

Nominalshar
ecapi
talN di
vi
dedi
nto:
(I
nser
tnumberandclass)
………………………………………………shar esof
…………………………………each

……………………………………………….
shar
esof
…………………………………each

……………………………………………….
shar
esof
…………………………………each

(
b)I
ssuedshar
ecapi
tal
anddebent
ures

Number Cl
ass Shar
es

Numberofshar esofeachcl
asstakenuptothedateof
thi
sret
urn(whichnumbermustagr eewi
ththetot
al
showninthel
istasheldbyexist
ingmembers).

Numberofsharesofeachcl
assi
ssuedsubj
ectt
opay
-
mentwhol
lyincash.

Numberofsharesofeachclassissuedaspar
tl
ypai
dup shar
esi
ssuedaspaidup
foraconsi
derati
onotherthancashandextentt
owhich t
otheextentof#per
shar
e
eachsuchshareissopaidup.
Numberofshar
es(
ifany
)ofeachcl
assi
ssuedatadi
scount
.

Amountofdi
scountont
heissueofshareswhi
chhasnot N
beenwri
tt
enoffatt
hedateofthi
sret
urn.

Amountcal
l
edN………………….
.pershar
eon………………………….……shar
es

uponnumberN…………………..pershar
eon……………………………… shares
ofshar
esofN…………………………….shareon………………………… shares

eachcl
assN…………………………….pershar
e………………………….
.shar
es

Totalamountofcall
srecei
ved,
incl
udi
ngpayment
son N
appli
cati
onandallot
mentandanysumsrecei
vedon
sharesfor
fei
ted.

Totalamount(
ifany)agr
eedtobeconsider
edaspaidon shar
es
thenumberofshareseachcl
assissuedasful
l
ypaid….
.

upf
oraconsi
der
ati
on………………………………………………………….shar
es

pai
dot
hert
hancash……………………………………………………….
.….
shar
es

Tot
alamount(
ifany
)agr
eedas……………………………………….…….
..
shar
es

N…………………………………………………………t
obeconsi
der
ed shar
es

pai
donnumberofsharesofeachclassi
ssuedaspar
tl
y
pai
dupforaconsi
der
ationot
herthancash……………………………….shar
es

Tot
alamountofcal
l
sunpai
d N

Tot
alamountofthesums(i
fany)pai
dbywayofcommi
ssi
oninr
espectofanyshar
esordebent
ures……………………………….N

Tot
alamountofthesums( i
fany)al
lowedbywayof
di
scounti
nrespectofanydebent
uressincet
hedat
eoft
hel
astr
etur
n…N

Tot
alnumberofshar
esofeachcl
assf
orf
eit
ed…………………………….
.shar
es

4.Par
ti
cul
arsofi
ndebt
edness.

Totalamountofindebt
ednessofthecompanyi
nrespectofal
lmor
tgagesandchar
ges
whicharerequi
redt ober egi
ster
edwit
htheCommi ssi
onundertheCompaniesand
All
i
edMat t
ersAct.
5.Li
stofpastandpr
esentmember
s.

Li
stofpersonsholdi
ngshar esorstocki
nt hecompanyonthef
ourteent
hdayaf t
erthe
annualgeneralmeet
ingfor20andofper sonswhohavehel
dsharesorstocktherei
nat
anytimesi ncethedateoft helastret
urn,or,i
nthecaseofthef i
rstret
urn,ofthe
i
ncorporat
ionofthecompany .

Fol
ioi nregi
ster Name and Numberof Account of Remar
ks
contai
ning addr
esses shareshel dby shar
es
part
icul
ars existing
member sat
dat eofr eturn*
Par ti
cular sof
shar es
transf erred
sincet hedat e
ofthel ast
r
eturn, oft he
i
ncor por ationof
thecompanyby
(a)per sons
whoar est ill
member sand
(b)per sonwho
hav eceasedt o
bemember s*
Number (
a)(
b) Dateof
r
egi
str
ati
onof
t
ransf
er

*Theaggregat
enumberofsharesheldbyeachmembermustbest at
ed,andt
he
aggr
egat
emustbeaddedupsoast oagreewi
tht
henumberofshar
esstat
edint
he
SummaryofShareCapi
tal
andDebent
urest
ohav
ebeent
akenup.

Whenthesharesar
eofdi f
ferentclassesthesecol
umnsshoul
dbesubdivi
dedsot
hat
thenumberofeachclassheld,ort ransf
err
ed,maybeshownseparat
ely
.Whereany
shar
eshavebeenconv
ertedintostock,theamountofst
ockhel
dbyeachmembermust
beshown.

Thedateofr egist
rati
onofeacht ransfershoul dbegi v
enaswellasthenumberof
shar
est r
ansferredoneachdat e.Thepar t
icularsshoul
dbeplacedt
oget
herwit
hthatof
thet
ransferee,butthenameoft hetransfereemaybei nser
tedint
heremarkscol
umn
i
mmedi atel
yopposi tethepar
ti
cular
sofeacht ransf
er.
(i
) I fther et
urnf oreit
heroft het woi mmediatel
yprecedi
ngyear
shasgi venasatthe
dateoft hatreturnthefullpart
icular srequi
redastopastandpresentmember sandthe
sharesandst ockheldandt ransf erredbyt hem,onlysuchoftheparti
cularsneedbe
giv
enasr elatetoper sonsceasi ngt obeorbecomi ngmember ssincethedateofthe
l
astr et
urnandt osharestransfer
r edsi ncet
hatdateortochangesascompar edwitht
he
dateintheamountofst ockheldbyamember .

(i
i) I
fthenamesi
ntheli
star
enotar
rangedinal
phabet
icalor
der
,anindexsuf
fi
cientt
o
enabl
ethenameofanyper
sontober
eadil
yfoundmustbeannexed.

6.Par
ti
cul
arsofdi
rect
orsandsecr
etar
ies.

Par
ti
cul
arsoft
heper
sonswhoar
edi
rect
orsoft
hecompanyatt
hedat
eoft
hisr
etur
n

Presentf
ore Any for
mer Usual Business
-name or f or
enames Nat
ional
i
ty resi
denti
al occupat i
on Dat e of
names and or names address and bi
rt
h
surname and part
iculars
sur
names of other
di
rectorships

Par
ti
cul
arsoft
heper
sonwhoi
ssecr
etar
yoft
hecompanyatt
hedat
eoft
hisr
etur
n

Name
(
Inthecaseofan Anyf
ormerfor
enamesor Usualresi
dentialaddr
ess
i
ndiv
idual,pr
esent sur
names (
inthecaseofa
f
orenameornamesand corporati
on,theregist
ered
surname, inthecaseofa orpri
ncipaloffi
ce)
corporat
ion,thecorpor
ate
name)

Si
gned………………………………………………………….
Dir
ect
or

Not
es

“Di
rectors”includesanypersonwhooccupi est
heposi
ti
onofadi r
ect
orbywhat soev
er
namecal l
edandanyper soninaccordancewithwhosedi
rect
ionsorinst
ruct
ionsthe
dir
ectorsoft hecompanyar eaccust
omedt oact
.

“For
merfor
ename”and“for
mersur
name”donotincl
udeinthecaseofamar
ri
ed
womant
henameorsurnamebywhi
chshewasknownpr
iort
othemarr
iage.

Thenamesofallbodiescorpor
ateofwhi
chthecompanymaki
ngtheretur
ni sthe
whol
l
y-ownedsubsi
diaryorbodi
escor
por
atewhi
charet
hewholl
y-
ownedsubsidi
ari
es
eit
heroft hecompanyorofanot
hercompanyofwhi chthecompanyisasubsi diar
yof
anotheri fithas no members exceptthatotherand thatother
’s wholl
y-owned
subsidiari
esandi
tsorthei
rnominees.I
fthespaceprov
idedinthefor
mi sinsuffi
cient
,
part
icularsofbot
hdir
ector
shi
psshouldbel i
stedonaseparatest
atementattachedt o
thereturn.

Wher
eallt
hepart
ner
sinaf
ir
m ar
ejoi
ntsecr
etar
ies,
thenameandpr
inci
palof
fi
ceoft
he
f
ir
m maybestat
ed.

*
Del
i
ver
edf
orf
il
ingby
………………………………………………………………………………

*
Thi
sshoul
dbepr
int
edatt
hebot
tom oft
hef
ir
stpageoft
her
etur
n.

CERTI
FICATESANDOTHERDOCUMENTSACCOMPANYI
NGANNUALRETURNS

Cer
ti
fi
cat
etobegi
venbyadi
rect
orandt
hesecr
etar
yofev
erypr
ivat
ecompany

We cert
if
yt hatthe companyhas notsince the date ofthe i
ncor
porat
ion ofthe
company/t
helastannualr
etur
n,i
ssuedanyinvi
tati
ont othepubl
ictosubscr
ibeforany
shar
esordebenturesi
nthecompany.

gned…………………….Di
Si rect
or

Si .Secr
gned…………………. etar
y

Furt
hercer
ti
fi
cat
etobegi
venasaf
oresai
dift
henumberofmember
soft
hecompany
exceedsf
if
ty.

Wecerti
fyt
hattheexcessofthenumberofmember softhecompanyov
erfi
ft
yconsi
sts
whol
lyofpersonswho,undersubsect
ion(3)ofsect
ion22oftheCompani
esandAll
ied
Matt
ersAct,
arenottobeincl
udedinreckoni
ngthenumberfif
ty.

gned……………………Di
Si rect
or

gned………………….Secr
Si etar
y

Cer
ti
fi
edcopi
esofaccount
s

Thereshal lbeannexedt othisret

urnawr it
tencopy ,certi
fi
edbot hbyadi r
ectorandby
thesecr etar
yoft hecompanyt obeat r
uecopy ,ofev erybalancesheetlaidbeforethe
companyi ngener almeet i
ngdur i
ngt heperiodt owhi chthisreturnrel
ates(incl
uding
everydocumentr equiredbyl aw tobeannexedt ot hebal ancesheet)andacopy
(cer
ti
fiedasaf or
esaid)oft hereportofthedirect
orsaccompany ingeachsuchbal ance
sheet.Ifanysuchbal ancesheetordocumentr equir
edbyl awt obeannexedt her
etois
i
naf or eignlanguage,theremustal sobeannexedt ot hatbalancesheetat r
anslat
ionin
Engli
shoft hebal ancesheetordocumentcer t
if
iedi napr escribedmannert obea
corr
ecttr
ansl
ati
on.Ifanysuchbalancesheetasaf oresai
dordocumentr
equiredbylaw
tobeannexedther
etodidnotcompl ywit
hther equir
ementsofthel
awasinf orceatthe
dateofaudi
twithrespecttothef
orm ofbalancesheetordocument saf
oresaid,asthe
casemaybe,t her
eshal lbemadesuchaddi tionstoandcor r
ect
ionsi
nt hecopyas
wouldhavebeenr equir
edt obemadei nthebal ancesheetordocumentinor derto
makei tcomplywi t
ht hesaidrequirements,and t hefactt
hatthecopyhasbeen
amendedmustbest atedther
eon.

Ei
ght
hSchedul
e Sect
ion419

Annualr
etur
nofasmal
lcompany

PARTI

Cont
ent
s

1.Thenameandaddr essoftheregi
ster
edofficeoft hecompany.
2.Iftheregist
erofmember sis,
undertheprov i
sionsofthisAct
,keptel
sewheret
hanat
theregist
eredoff
iceofthecompany,theaddressoft heplacewherei
tiskept
.

3.Ifanyregist
erofholder
sofdebentur
esoft hecompanyoranysuchregi
sterorpar
tof
anysuchr egi
steris,undert
hepr ovi
sionsoft hisAct
,keptelsewheret hanatthe
regist
eredoffi
ceofthecompany,t
headdr essofthepl
acewherei
tiskept.
4.Theaut
hor
isedshar
ecapi
tal
oft
hecompany
.

5.Thei
ssuedcapi
tal
.

6.Thet
otal
pai
d-upcapi
tal
.

7.Parti
cul
arsofthetot
alamountoftheindebt
ednessofthecompanyinrespectofal
l
mortgagesandchargeswhi
charerequi
redtoberegist
eredwi
ththeRegi
str
arunderthe
Act.

8.Par
ti
cul
arsoft
hedi
rect
orsandsecr
etar
y.

PARTI
I

ANNUALRETURNOF…………………………………………………………………….Li
mit
ed

madeupt
othedayof
…………………….
.20……………….
.(bei
ngt
hef
our
teent
hdayaf
ter

t
hedat
eoft
heannual
gener
almeet
ingf
ort
hey
ear20……………………….
.)

1.Name……………………………………………………………………………………………….

2.Addr
ess…………………………………………………………………………………………….
(
Addr
essoft
heregi
ster
edof
fi
ceoft
hecompany
)

3.Si
tuat
ionofr
egi
ster
sofmember
sanddebent
urehol
der
s.

(
a) (
Addressofplaceatwhichtheregi
sterofmember
siskept
,ifot
hert
hant
he
r
egi
steredof
fi
ceofthecompany)
.

(
b) (AddressofanyplaceinNi geri
aotherthantheregi
st er edof
ficeoft
hecompany
at whichiskeptanyr egisterofholdersofdebentur esoft hecompanyorany
dupli
cateofanysuchregisterorpartofanysuchregist er)
.

4.Par
ti
cul
arsofi
ndebt
edness.

Totalamountofindebt
ednessofthecompanyinrespectofal
lmor t
gagesandcharges
whicharerequi
redt ober egi
ster
edwit
htheCommi ssi
onundert heCompani esand
All
i
ed Matter
sAct ,the parti
cul
arsofwhich ar
e setint he annexed st
atement
.N
………………. .

5.Par
ti
cul
arsofdi
rect
orsandsecr
etar
ies.
 FORM-cont
inued.

Par
ti
cul
arsoft
heper
sonswhoar
edi
rect
orsoft
hecompanyatt
hedat
eoft
hisr
etur
n

Name Anyfor
mer Usual Business
present for
enames r
esidenti
al occupation
f
orenameor ornames Nat
ional
i
ty address and Dat
eof
namesand and part
icularsof bi
rt
h
surname surnames other
dir
ectorships

Par
ti
cul
arsoft
heper
sonwhoi
ssecr
etar
yoft
hecompanyatt
hedat
eoft
hisr
etur
n

Name
(I
nthecaseofan Anyf
ormerforenamesor Usualresi
dentialaddr
ess
i
ndiv
idual,pr
esent surnames (
inthecaseofa
f
orenameornamesand corporati
on,theregist
ered
surname, int
hecaseofa orpri
ncipaloffi
ce)
corporat
ion,thecorpor
ate
name)

Si
gned……………………………………………………Di
rect
or

“Di
rector
s”i
ncludesanyper sonwhoi sappoi
ntedadirect
orbythecompany,oris
descri
bedasadi r
ectorbythecompany,andanypersoninaccor
dancewithwhose
dir
ecti
onsori
nstructi
onsthedir
ect
orsoft
hecompanyareaccust
omedtoact
.

“For
merfor
ename”and“for
mersur
name”donotincl
udeint
hecaseofamarr
ied
womant
henameorsurnamebywhi
chshewasknownpr
evi
oust
othemar
ri
age.

Thenamesofal lbodiescorporateincorpor
atedinNi geriaofwhi chthedirectori
sal soa
dir
ect
orshoul dbegi ven,exceptbodiescor porat
eofwhi chthecompanymaki ngthe
ret
urnist hewhol l
y-
ownedsubsi di
aryorbodi escorpor atewhi charet hewhol l
y-
owned
subsi
diari
esei t
heroft hecompanyorofanot hercompanyofwhi chthecompanyi sthe
wholl
y-owned subsi diary
.A body cor poratei s deemed t o be t he whol l
y-
owned
subsi
diaryofanot heri fi
thasnomember sexceptt hatot herandt hatother’
swhol ly
-
ownedsubsi di
ari
esandi tsort heirnominees.Ift hespacepr ovi
dedi nt heformi s
i
nsuffi
cient,part
icul
arsofot herdir
ectorshi
psshoul dbel istedonasepar atestatement
at
tachedt
othi
sret
urn.

Wher
eal lt
hepartnersinafi
rm ar
ejoi
ntsecr
etar
ies,
thenameandpr
inci
palof
fi
ceoft
he
f
ir
m shouldbestated.
*
Deli
veredforf
il
ingby ………………………………………………………………………………

*
Thi
sshoul
dbepr
int
edatt
hebot
tom oft
hef
ir
stpageoft
her
etur
n.

CERTI
FICATESANDOTHERDOCUMENTSACCOMPANYI
NGANNUALRETURN

Cer
ti
fi
cat
etobegi
venbyadi
rect
orandt
hesecr
etar
yofev
erypr
ivat
ecompany

We cert
if
yt hatthe companyhas notsince the date ofthe i
ncor
porat
ion ofthe
company/t
helastannualr
etur
n,i
ssuedanyinvi
tati
ont othepubl
ictosubscr
ibeforany
shar
esordebenturesoft
hecompany.

gned…………………….Di
Si rect
or

Si .Secr
gned…………………. etar
y

Furt
hercer
ti
fi
cat
etobegi
venasaf
oresai
dift
henumberofmember
soft
hecompany
exceedsf
if
ty.

Wecerti
fyt
hattheexcessofthenumberofmembersofthecompanyoverf
if
tyconsi
sts
whol
lyofpersons,whoundersect i
on22(3)oft
heCompaniesandAll
i
edMat ter
sAct,
arenottobei ncl
udedinreckoningthenumberoff
if
ty,andwealsocerti
fythatthe
companyst
il
l r
etai
nsit
ssmallness.

Si .Di
gned………………………………. rect
or

Si
gned…………………………….
..Secr
etar
y

Cer
ti
fi
edcopi
esofAccount
s

Thereshal lbeannexedt ot hi
sr et
urnawr i
tt
encopy ,certi
fiedbot hbyadi r
ectorandby
thesecr etar yoft hecompanyt obeat r
uecopy ,ofeverybal ancesheetl aidbeforet he
companyi ngener almeet ingdur i
ngt heper i
odt owhicht hisreturnrelates(including
ev er
ydocumentr equiredbyl aw t obeannexedt ot hebal ancesheet )andacopy
(certi
fiedasaf oresaid)oft her eportofthedirectorsaccompany ingeachsuchbal ance
sheet .Ifanysuchbal ancesheetordocumentr equi
redbyl awt obeannexedt heretois
i
naf or eignl anguage, theremustal sobeannexedt othatbal ancesheetat r
anslationin
Englishoft hebalancesheetordocumentcer ti
f i
edinprescr i
bedmannert obeacor r
ect
translation.I fanysuchbal ancesheetasaf oresaidordocumentr equi
redbyl awt obe
annexedt heretodi dnotcompl ywi t
ht herequirementsoft hel awasi nforceatt hedat e
ofaudi twi t
hr espectt ot heform ofbalancesheet sordocument saf or
esaid,ast hecase
maybe,t hereshal lbemadesuchaddi t
ionst oandcor rectionsi nthecopyaswoul d
havebeenrequi
redtobemadei nthebalancesheetordocumentinor
dertomakeit
complywi
ththesaidrequi
rement
s,andt
hef actt
hatthecopyhasbeenamendedmust
bestat
edther
eon.

Ni
nthSchedul
e Sect
ion420
(
1)

Annualr
etur
nofacompanyl
i
mit
edbyguar
ant
ee

(
Undert
heCompani
esandAl
l
iedMat
ter
sAct
)

ANNUALRETURNOF…………………………………………………………………….Li
mit
ed

madeupt
othedayof20………………(
bei
ngt
hef
our
teent
hdayaf
tert
hedat
e

oft
heannual
gener
almeet
ingf
ort
hey
ear…………………………….
20…………………….)
 ess…………………………………………………………………………………………….(
1.Addr Addr
essoft
he
r
egi
ster
edof
fi
ceoft
hecompany
)

2.Si
tuat
ionofr
egi
ster
sofmember
sanddebent
urehol
der
s.

(
a) (
Addressofplaceatwhichtheregi
sterofmember
siskept
,ifot
hert
hant
he
r
egi
steredof
fi
ceofthecompany)
.

(
b) (AddressofanyplaceinNi geri
aotherthantheregi
st er edof
ficeoft
hecompany
at whichiskeptanyr egisterofholdersofdebentur esoft hecompanyorany
dupli
cateofanysuchregisterorpartofanysuchregist er)
.

3.Par
ti
cul
arsofi
ndebt
edness.

Tot
alamountofindebt
ednessoft hecompanyi
nrespectofal
lmort
gagesandcharges
whi
charerequi
redtober egi
ster
edwi t
htheCommissi
onunderthi
sAct,t
hepart
icul
ars
ofwhi
charesetintheannexedstatement
.N……………………. .

4.Par
ti
cul
arsofdi
rect
orsandsecr
etar
ies.

Par
ti
cul
arsoft
heper
sonswhoar
edi
rect
orsoft
hecompanyatt
hedat
eoft
hisr
etur
n

Name Anyfor
mer Usual Business
present for
enames Nat
ional
i
ty r
esidenti
al occupation Date of
f
orenameor ornames address and bi
rt
h
namesand and parti
culars
surname surnames ofot her
dir
ectorships

Par
ti
cul
arsoft
heper
sonwhoi
ssecr
etar
yoft
hecompanyatt
hedat
eoft
hisr
etur
n

Name
(I
nthecaseofan Anyf
ormerforenamesor Usualresi
dentialaddr
ess
i
ndiv
idual
,pr
esent surnames (
inthecaseofa
f
orenameornamesand corporati
on,theregist
ered
surname, i
nthecaseofa orpri
ncipaloffi
ce)
corporat
ion,t
hecorpor
ate
 name)

Si
gned…………………………………………………….
Dir
ect
or

Not
es

“Di
rectors”includesanypersonwhooccupi est
heposi
ti
onofadi r
ect
orbywhat soev
er
namecal l
edandanyper soninaccordancewithwhosedi
rect
ionsorinst
ruct
ionsthe
dir
ectorsoft hecompanyar eaccust
omedt oact
.

“
Formerfor
ename”and“for
mersurname”donotincl
udeint
hecaseofamarr
ied
womanthenameorsur
namebywhichshewasknownpr
evi
oust
othemar
ri
age.

Thenamesofal lbodi
escor porat
eincorpor
atedinNigeriaofwhichthedirect
orisalsoa
direct
or,shouldbegi v
en,exceptbodi escorporateofwhi chthecompanymaki ngt he
returnisthewhol l
y-
ownedsubsi diar
yofbodi escorporatewhicharet hewholl
y-owned
subsidiar
ieseitherofthecompanyorofanot hercompanyofwhi chthecompanyi st he
whol l
y-
ownedsubsi di
aryofanot herifithasnomember sexceptt hatotherandt hat
other’
swhol l
y-ownedsubsi diar
iesandi t
sortheirnominees.Ift
hespacepr ovi
dedint he
formi sinsuffi
cient,part
icular
sofbot hdi
rectorshi
psshouldbel istedonasepar ate
statementattachedt othereturn.

Wher
eal lpar
tnersinafi
rm ar
ejoi
ntsecr
etar
ies,t
henameandpr
inci
palof
fi
ceoft
he
f
ir
m shouldbestated.

*
Del
i
ver
edf
orf
il
ingby
……………………………………………………………………………….

*
Thi
sshoul
dbepr
int
edatt
hebot
tom oft
hef
ir
stpageoft
her
etur
n.

CERTI
FICATESANDOTHERDOCUMENTSACCOMPANYI
NGANNUALRETURN

Cer
ti
fi
cat
etobegi
venbyadi
rect
orandt
hesecr
etar
yofev
erypr
ivat
ecompany

We cert
if
yt hatthe companyhas notsince the date ofthe i
ncor
porat
ion ofthe
company/t
helastannualr
etur
n,i
ssuedanyinvi
tati
ont othepubl
ictosubscr
ibeforany
shar
esordebenturesoft
hecompany.
gned…………………………………Di
Si rector
Signed……………………………. …Secretary

Furt
hercer
ti
fi
cat
etobegi
venasaf
oresai
dift
henumberofmember
soft
hecompany
exceedsf
if
ty.
Wecert
if
ythattheexcessofthenumberofmembersoft
hecompanyoverf
if
tyconsi
sts
whol
l
yofper sonswho,undersecti
on22(3)oftheCompani
esandAll
i
edMat ter
sAct,
ar
enottobeincludedi
nreckoni
ngthenumberoffi
ft
y.

gned……………………………Di
Si rect
or

gned………………………….Secr
Si etar
y

Cer
ti
fi
edcopi
esofAccount
s

Thereshal lbeannexedt othisreturnawr itt

encopy ,certi
fiedbot hbyadi r
ectorandby
thesecr etar yoft hecompanyt obeat r
uecopy ,ofeverybal ancesheetl aidbeforet he
companyi ngener almeet i
ngdur i
ngt heper i
odt owhicht hisreturnrelates(including
ev er
ydocumentr equiredbyl aw t obeannexedt ot hebal ancesheet )andacopy
(certi
fiedasaf oresaid)oft herepor tofthedi r
ectorsaccompany ingeachsuchbal ance
sheet .Ifanysuchbal ancesheetordocumentr equi
redbyl awt obeannexedt heretois
i
naf or eignl anguage, t heremustal sobeannexedt othatbal ancesheetat r
anslationin
Englishoft hebal ancesheetordocumentcer tifi
edinprescr i
bedmannert obeacor r
ect
translation.I fanysuchbal ancesheetasaf oresaidordocumentr equi
redbyl awt obe
annexedt her etodi dnotcompl ywi t
ht herequirementsoft hel awasi nforceatt hedat e
ofaudi twi t
hr espectt ot hef orm ofbalancesheet sordocument saf or
esaid,ast hecase
maybe,t her emustbemadesuchaddi ti
onst oandcor rectionsi nthecopyaswoul d
hav ebeenr equiredt obemadei nt hebalancesheetordocumenti nordert omakei t
compl ywi tht hesai dr equirement s,andthef actthatthecopyhasbeenamendedmust
best atedt her eon.

Tent
hSchedul
e Sect
ions475(
2)(
d),
511(
5),
520(
4)

Power
sofAdmi
nist
rat
or

1. Powertotakepossessi
onof,coll
ectandgeti
ntheproper
tyoft
hecompanyand,
fort
hatpurpose,
totakesuchproceedi
ngsasmayseem tohi
m expedi
ent
.

2. Powert
osel
lorot
her
wisedi
sposeoft
hepr
oper
tyoft
hecompany
.

3. Powertorai
seorbor
rowmoneyandgr
antsecur
it
yther
eforov
ert
hepr
oper
tyof
thecompany.
4. Powert
o appointa soli
cit
ororaccountantorotherprof
essi
onal
l
yqual
i
fied
per
sont
oassisthi
mint heperf
ormanceofhisf
unct
ions.

5. Powertobri
ngordefendanyact
ionorot
herl
egalpr
oceedi
ngsi
nthenameand
onbehal
fofthecompany.

6. Powert
oref
ert
oar
bit
rat
ionanyquest
ionaf
fect
ingt
hecompany
.

7. Powert
oeff
ectandmai
ntai
ninsur
ancesi
nrespectoft
hebusi
nessandpr
oper
ty
oft
hecompany.

8. Powert
ouset
hecompany
'sseal
.

9. Powertodoallactsandt oexecut
eint
henameandonbehal
foft
hecompany
anydeed,
recei
ptorotherdocument.

10. Powert
odraw,accept
,makeandendorseanybi
l
lofexchangeorpr
omi
ssor
y
not
eint
henameandonbehal
fofthecompany.

11. Powertoappoi
ntanyagentt
odoanybusi
nesswhichheisunabl
etodohi
msel
f
orwhichcanmoreconveni
entl
ybedonebyanagentandpowertoempl
oyand
di
smissemploy
ees.

12. Powert odoallsucht hi

ngs(i
ncl
udi
ngthecarry
ingoutofwor
ks)asmaybe
necessar
yfort
hereal
isati
onoft
heproper
tyoft
hecompany.

13. Powertomakeanypay
mentwhi
chi
snecessar
yori
nci
dent
alt
otheper
for
mance
ofhi
sfunct
ions.

14. Powert
ocar
ryont
hebusi
nessoft
hecompany
.

15. Powert
oest
abl
i
shsubsi
diar
iesoft
hecompany
.

16. Powertotransf
ertosubsidi
ari
esofthecompanyt
hewhol
eoranypar
toft
he
busi
nessandproper
tyofthecompany
.

17. Powertograntoracceptasurr
enderofaleaseortenancyofanyoft
heproper
ty
ofthecompany ,andt otakeal easeortenancyofanypr oper
tyrequi
redor
conveni
entf
orthebusinessoft
hecompany .

18. Powert
omakeanyar
rangementorcompr
omi
seonbehal
foft
hecompany
.

19. Powert
ocal
lupanyuncal
l
edcapi
tal
oft
hecompany
.

20. Powert
orank and cl
aim i
nthe bankr
upt
cy,i
nsol
vency
,sequest
rat
ion or
 l
i
qui
dati
onofanypersonindebt
edt othecompanyandtorecei
vedi
vi
dends,and
t
oaccedet
otr
ustdeedsforthecredit
orsofanysuchper
son.

21. Powert
opr
esentordef
endapet
it
ionf
ort
hewi
ndi
ngupoft
hecompany
.

22. Powert
ochanget
hesi
tuat
ionoft
hecompany
'sr
egi
ster
edof
fi
ce.

23. Powert
odoal
lot
hert
hingsi
nci
dent
alt
otheexer
ciseoft
hef
oregoi
ngpower
s.

El
event
hSchedul
e Sect
ion474(
3)(
d),
497,
503,
556(
3)

Power
sofr
ecei
ver
sandmanager
softhewhol
eorsubst
ant
ial
l
ythewhol
eoft
he
company’
spr
opert
y

1. Powertotakepossessi
onof,coll
ectandgeti
ntheproper
tyoft
hecompanyand,
fort
hatpurpose,
totakesuchproceedi
ngsasmayseem tohi
m expedi
ent
.
2. Powertosellorother
wisedi
sposeoft
hepr
oper
tyoft
hecompanybypubl
i
c
auct
ionorpr
ivat
econtr
act.

3. Powertorai
seorbor
rowmoneyandgr
antsecur
it
yther
eforov
ert
hepr
oper
tyof
thecompany.

4. Powert
o appointa soli
cit
ororaccountantorotherprof
essi
onal
l
yqual
i
fied
per
sont
oassisthi
mint heperf
ormanceofhisf
unct
ions.

5. Powertobri
ngordefendanyact
ionorot
herl
egalpr
oceedi
ngsi
nthenameand
onbehal
fofthecompany.

6. Powert
oref
ert
oar
bit
rat
ionanyquest
ionaf
fect
ingt
hecompany
.

7. Powert
oeff
ectandmai
ntai
ninsur
ancesi
nrespectoft
hebusi
nessandpr
oper
ty
oft
hecompany.

8. Powert
ouset
hecompany
’sseal
.

9. Powertodoallactsandt oexecut
eint
henameandonbehal
foft
hecompany
anydeed,
recei
ptorotherdocument.

10. Powert
odraw,accept
,makeandendorseanybi
l
lofexchangeorpr
omi
ssor
y
not
eint
henameandonbehal
fofthecompany.

11. Powertoappoi
ntanyagentt
odoanybusi
nesswhichheisunabl
etodohi
msel
f
orwhichcanmoreconveni
entl
ybedonebyanagentandpowertoempl
oyand
di
smissemploy
ees.

12. Powert odoallsucht hi

ngs(i
ncl
udi
ngthecarry
ingoutofwor
ks)asmaybe
necessar
yfort
hereal
isati
onoft
heproper
tyoft
hecompany.

13. Powertomakeanypay
mentwhi
chi
snecessar
yori
nci
dent
alt
otheper
for
mance
ofhi
sfunct
ions.

14. Powert
ocar
ryont
hebusi
nessoft
hecompany
.

15. Powert
oest
abl
i
shsubsi
diar
iesoft
hecompany
.

16. Powertotransf
ertosubsidi
ari
esofthecompanyt
hewhol
eoranypar
toft
he
busi
nessandproper
tyofthecompany
.

17. Powertograntoracceptasurr
enderofaleaseortenancyofanyoft
heproper
ty
ofthecompany ,andt otakeal easeortenancyofanypr oper
tyrequi
redor
conveni
entf
orthebusinessoft
hecompany .
18. Powert
omakeanyar
rangementorcompr
omi
sesonbehal
foft
hecompany
.

19. Powert
ocal
lupanyuncal
l
edcapi
tal
oft
hecompany
.

20. Powert orank and claim int he bankrupt

cy,insol
vency,sequest
rat
ion or
l
iqui
dati
onofanyper sonindebt
edt othecompanyandt orecei
vedivi
dends,and
toaccedet
otrustdeedsforthecredit
orsofanysuchperson.

21. Powert
opr
esentordef
endapet
it
ionf
ort
hewi
ndi
ngupoft
hecompany
.

22. Powert
ochanget
hesi
tuat
ionoft
hecompany
’sr
egi
ster
edof
fi
ce.

23. Powert
odoal
lot
hert
hingsi
nci
dent
alt
otheexer
ciseoft
hef
oregoi
ngpower
s.

Twel
ft
hSchedul
e Sect
ion653

Pr
ovi
sionsnotappl
i
cabl
eonwi
ndi
ngupundersuper
visi
onoft
hecour
t

Sect
ion Subj
ectmat
ter

551 Powert
oappoi
ntof
fi
cial
recei
verf
ordebent
urehol
der
sandot
her
s.
583 St
atementofcompany
’saf
fai
rst
obesubmi
tt
edt
oof
fi
cial
recei
ver
.

584 Repor
tbyof
fi
cial
recei
ver
.

585 Appoi
ntment
,remuner
ati
onandt
it
leofl
i
qui
dat
ors(
exceptsubsect
ion8)
.

590 Exer
ciseandcont
rol
ofl
i
qui
dat
or’
spower
s.

591 Pay
ment
sbyl
i
qui
dat
ori
ntocompani
esl
i
qui
dat
ionaccount
.

592 Audi
t,et
c.,
ofl
i
qui
dat
or’
saccount
.

593 Bookst
obekeptbyl
i
qui
dat
or.

594 Rel
easeofl
i
qui
dat
or.

595 Cont
rol
overl
i
qui
dat
ors.

596 Powert
oappoi
ntcommi
tt
eeofi
nspect
ion,
etc.

598 Power
s,et
c.,
ofcommi
tt
eeofi
nspect
ion.

513 Power
swher
enocommi
tt
eeofi
nspect
ioni
sappoi
nted.

599 Powert
oappoi
ntspeci
almanager
.

613 Powert
oor
derpubl
i
cexami
nat
ionofpr
omot
ers,
etc.

616 Del
egat
iont
oli
qui
dat
orofcer
tai
npower
soft
hecour
t.

Thi
rt
eent
hSchedul
e Sect
ion727(
1)

Pr
ovi
si
onoft
hisActappl
yi
ngt
ounr
egi
ster
edcompani
es

Prov
isi
ons of t
his Act Subj
ectmat
ter Li
mit
ati
ononappl
i
cat
ion
appl
ied
Secti
ons417to425and Annual
ret
urn Nottoappl ysoast o
Seventh,Ei
ght
handNi
nth requir
epar t
icularsin
Schedules respectofanyper i
od
beforethecommencement
ofthisAct,andasr espects
anyper i
odt hereaft
erto
applysof aronlyasmaybe
specifi
edasaf oresaidand
tosuchbodi escorporate
asmaybesospeci fi
ed.

Sect
ion 374 t
o 416 and Account
sandaudi
t Toappl ysofarasmaybe
Four
th specif
iedasaforesaidand
toEight
hSchedul
es to such bodi
es cor por
ate
asmaybesospeci fied

Sect
ions314t
o330 I
nvest
igat
ions

Sect
ions357to373,301, Toappl ysofaronl
yast hey
302,303,727,731,733, Regist
rat
ionof Document
s, have effectinrelat
ion to
738,740(
1),
742 enfor
cementand provi
sions appl y
ing by
suppl
ement al
mat t
ers vi
rtue of t he foregoing
entri
esinthi
sschedules

Four
teent
hSchedul
e Sect
ion733

For
msofst
atementt
obepubl
i
shedbybankingandinsur
ancecompani
esanddeposi
t,
pr
ovi
dentorbenef
itsoci
eti
es

Theshar
ecapi
tal
is………………….
.di
vi
dedi
nto………………………………….
.shar
esof
……….
.………………………………………….
.each.

Thenumberofshar
esi
ssuedi
s……………………………………………………………………

Cal
l
stot
heamountof
………………………………………nai
rapershar
ehav
ebeenmade,

underwhi
cht
hesum of
………………………………………………nai
rahasbeenr
ecei
ved.

Thel
i
abi
l
iti
esoft
hecompanyont
hef
ir
stdayofJanuar
y(orJul
y)wer
e—

Debt
sowi
ngt
osundr
yper
sonsbyt
hecompany
—

Onj
udgment
,N

Onspeci
alt
yN

Onnot
esorbi
l
ls,
N

Onsi
mpl
econt
ract
s,N

Onest
imat
edl
i
abi
l
iti
es,
N

Theasset
soft
hecompanyont
hatdaywer
e—

Gov
ernmentsecur
it
ies(
stat
ingt
hem)
,N

Bi
l
lsofexchangeandpr
omi
ssor
ynot
es,
N

Cashatt
hebanker
s,N

Ot
hersecur
it
ies,
N

*I
fthecompanyhasnoshar
ecapi
tal
,thepor
ti
onoft
hest
atementr
elat
ingt
ocapi
tal
and
sharesmustbeomit
ted.

Fi
ft
eent
hSchedul
e Sect
ion762(
4)

Prov
isi
onsr
egardi
ngmat t
ersrel
ati
ngtomutualr
ight
sandduti
esof
par
tner
sandli
mit
edliabi
l
itypar
tner
shipandi
tspart
nersappl
i
cabl
einthe
absenceofanyagreementonsuchmat t
ers

1. Themut
ualr
ight
sanddut
iesoft
hepar
tner
sandt
hemut
ualr
ight
s
 andduti
esoft helimi
tedli
abili
typart
nershi
panditspart
nersshall
be det
ermined,subj ecttot he t
erms ofany limit
ed li
abil
i
ty
par
tner
shipagr eementorint heabsenceofanysuchagr eement
onanymatter,
byt heprovi
sionsofthisschedul
e.

2. Allt
hepar t
nersofal i
mit
edl i
abi
l
itypar
tner
shipareent
it
ledto
shar
e equall
yi nthe capi
tal
,prof
it
s and l
osses oft
he l
imit
ed
l
iabi
l
itypar
tnershi
p

3. Thel i
mitedli
abi
l
itypar
tner
shi
pshal
lindemnif
yeachpar t
neri
n
respectofpay
mentsmadeandper
sonall
i
abil
i
tyincur
redbyhi
m–

(a)inthe ordi
nar
yand pr
operconductoft
he l
i
mit
ed l
i
abi
l
ity
part
ner
shi
p; or

(
b)i
noraboutany t
hingnecessar
il
ydonefort hepr
eser
vat
ionof
t
hebusi
nessorpr
opertyoft
helimi
tedl
iabi
l
itypart
ner
shi
p.

4. Ever
ypartnershal
lindemnif
ytheli
mit
edliabi
li
typar
tner
shipfor
anyl
osscausedtoitbyhisfr
audi
ntheconductoft
hebusinessof
thel
imi
tedli
abi
li
typart
nershi
p.

5. Ever
ypar t
nermaytakepar
tint
hemanagementoft
hel
i
mit
ed
l
iabi
l
itypar
tner
shi
p.

6. No part
nershal
lbeent i
tl
ed toremunerat
ion f
oract i
ng int
he
busi
nessormanagementofthel
imit
edli
abil
i
typartner
ship.

7. Nopersonmaybei nt
roducedasapar
tnerwi
thoutt
heconsentof
al
ltheexi
sti
ngpar
tner
s.

8. Anymatterorissuerelat
ingtotheli
mitedli
abi
li
typart
nershi
pshal l
bedeci
dedbyar esoluti
onpassedbyamaj ori
tyi
nnumberoft he
par
tner
s,andf orthispurpose,eachpartnershal
lhaveonev ot e.
However,nochangemaybemadei nthenatureofbusi
nessoft he
l
imit
edli
abil
it
ypar t
nershipwit
houttheconsentofal
lthepart
ners.

9. Ever
yl i
mitedli
abil
it
ypart
ner
shipshal
lensur
ethatdecisi
onstaken
byitarer ecordedintheminut
eswithi
n30day softakingsuch
deci
sionsar ekeptandmaintai
nedattheregi
steredoff
iceofthe
l
imit
edl i
abil
it
ypartner
shi
p.

10. Eachpart
nershal
lrendertr
ueaccountsandful
linf
ormat
ionofal
l
thi
ngsaff
ecti
ngthel i
mitedli
abi
l
itypart
ner
shiptoanypart
neror
hisl
egal
repr
esentat
ive.
11. Ifapart
ner,wit
houttheconsentoft
hel
imit
edliabi
li
typar
tner
shi
p,
carr
iesonanybusinessofthesamenat
ureasandcompet i
ngwith
theli
mitedli
abi
lit
ypartner
shi
p,hemustaccountforandpayover
tothelimit
edliabi
li
typart
nershi
pal
lpr
ofi
tsmadebyhi minthat
busi
ness.

12. Ever
ypartnershal laccounttothelimitedliabi
li
typartnershipfor
anybenefitderiv
edbyhi m wit
houtt heconsentoft helimit
ed
l
iabi
li
typartner
shipf rom anytransacti
onconcer ni
ngt helimit
ed
l
iabi
li
typartner
ship,orfrom anyusebyhi m oft heproperty,name
oranybusinessconnect i
onoftheli
mitedliabil
it
y.

13. Nomajori
tyoft
hepar
tner
scanexpelanypart
nerunl
essapower
todosohasbeenconfer
redbyexpr
essagreementbet
weenthe
par
tner
s.

14. Alldisputesbetweenthepartnersari
singoutoftheli
mitedl
iabil
i
ty
partnershipagr
eementwhi chcannotber esol
vedintermsofsuch
agreementshal lberef
err
edf orarbi
trat
ionaspertheprovi
sionsof
Cap.A18,
LFN,
2004.
theAr bi
trati
onandConcil
iati
onAct .

15.Thelimitedl
iabi
li
typart
nershi
pshallnot
,wit
houttheconsentofal
l
par
tners,sel
lassetshavi
ngav al
ueofmoret han50% ofthetot
al
val
ueofassetsoftheli
mitedli
abil
it
ypart
ner
ship.

16.Apartnershallnotsel
loragr
eetosellhi
sint
erestinthepar
tnershi
p
to a non-par
tnerwi t
houtfir
stofferi
ng hi
si nterestto exi
sti
ng
par
tners.

17.Apar tnerorgroupofpartnersactingt
oget
her,shal
lnotsel
loragr
ee
to sellmor et han 50% ofi nt
erestorcombi ned i
nter
estinthe
partnershi
punl essthatnon-partnerhasoff
eredt obuyallofthe
partners'i
nter
estsandont hesamet erms.

COMPANI
ESANDALLI
EDMATTERSACT,
2019

EXPLANATORYMEMORANDUM
ThisActr epeal
st heCompani esand Al li
ed Matter
sAct ,Cap.C20,Lawsoft he
FederationofNi geri
a,2004andenact stheCompani esandAlli
edMatt
ersAct,2019to
provi
de f ort he i
ncorporati
on ofcompani es,limi
ted li
abi
li
typart
nershi
ps,limit
ed
part
ner ships,regi
strat
ionofbusinessnamest oget
herwithincor
por
ati
onoft rust
ees
ofcertaincommuni ti
es,bodi
es,associat
ions.