AN APPRAISAL OF THE ROLE OF CORPORATE AFFAIRS COMMISSION AS A REGULATORY BODY UNDER NIGERIAN COMPANY LAW


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TABLE OF CONTENTS

Title page
Table of Cases
Table of Statutes
Table of Abbreviation
Table of Contents
Abstract

CHAPTER ONE
GENERAL INTRODUCTION
1.1       Introduction
1.2       Statement of Problem
1.3       Aims and Objectives
1.4       Scope of Limitation
1.5       Literature Review

CHAPTER TWO
BRIEF HISTORY OF COMPANY LEGISLATION IN NIGERIA BEFORE CAMA 1990
2.1       Introduction
2.1.1    The Period Before 1876
2.1.2    The Period Between 1876-1912
2.1.3    The Period Between 1912-1968
2.1.4    The Companies Act 1968
2.2       The Companies and Allied Matters Act, 1968
2.3       The Binding Effect of English Decisions in Companies Matters in Nigeria
2.5       The Purpose of Company Legislation

CHAPTER THREE
COMPOSITION AND ADMINISTRATION OF THE CORPORATE AFFAIRS COMMISSION
3.1       Membership of the Companies
3.1.1    Duration of Membership
3.1.2    Disqualification of Members
3.1.3    Proceeding of the Commission
3.1.4    Functions of the Commission
3.1.5    Calling or Directing the calling of an Annual General Meeting
3.2       Powers of the Corporate Affairs Commission in the case
            of default to call meeting
3.2.1    Extra-Ordinary General Meeting
3.2.2    Statutory Meeting
3.2.3    Proceedings at Statutory Meeting
3.2.4    Power of the court to order meeting
3.3       Administrative and Other Matters
3.4       Powers to Penalize Companies for Donations to public assets
3.5       Power to lift the veil of the company
3.6       Power to Investigate Companies
3.6.1    The Procedure for Investigation
3.6.2    Appointment of Investigators
3.6.3    Powers of Inspector
3.6.4    Issues Arising from Investigators Report
3.6.5    Expenses of the Investigators
3.6.6    Likely Problem Associated with Investigative Function
3.7       Supervisory Power to Impose Restriction on Shares Debentures
3.8       Registration of Charges, Section 197 of the Act
3.9       Liquidation or Winding Up of Companies
3.9.1    The Winding Up Process
3.9.2    Winding Up by the Court
3.10     Insider Dealing Prohibition

CHAPTER FOUR
SOME CASES OF PRACTICAL APPLICATION OF THE POWER OF THE COMMISSION
4.1       Power to Register Business Names
4.2       Procedure for Registration of Companies and other Allied Bodies
4.3       Power to Issue Certificate of Registration
4.4       Power to Determine What Names Must Be Registered
4.5       Power to Prohibit and Restrict the Registration of Business Name
4.6       Effect of Failure to Register a Trade name

CHAPTER FIVE
SUMMARY, CONCLUSION AND RECOMMENDATIONS
5.1       Summary
5.2       Findings
5.3       Recommendations
5.4       Conclusions
            Bibliography



ABSTRACT

The importance of an effective regulatory body in a growing economy cannot be overemphasized. Hence the need for the Corporate Affairs Commission to function as such is a sine-qua-non to the provision of good legal principles that must be adhered to and effectively enforced in corporate governance. This research work, therefore covers the historical development of the Company and Allied Matter Act, its roles/functions and how it enforces the provisions of the Act. It also proffers suggestions to some challenges been faced by the Corporate Affairs Commission and re-commendations that would make them more potent as a regulatory authority.




CHAPTER ONE

GENERAL INTRODUCTION

1.1     Introduction

The Corporate Affairs Commission hereinafter referred to as “the Commission” or CAC for short, is one of the major regulatory bodies of companies in Nigeria. The body is a creation that came into being by virtue of the Companies and Allied Matters Act (hereinafter referred to as CAMA) Cap 50, Laws of the Federation of Nigeria, now Cap C20 of the Laws of the Federation, 2004. Principally, the Commission is one of the innovations of CAMA that gives the Commission the responsibility of incorporation of companies, registration of Business Names, Incorporation of Trustee of certain committees, bodies, associations and other regulations. CAMA also introduced Corporate audit Committee, insider trading, codified the duties of directors, the fundamental principles emanated in the rules of Fossal Foss V Harbottle, the rule in Royal British Bank V Turguard.

Before the advent of CAC, the Companies Act of 1968 was the Act that regulated the activities of companies in Nigeria. The present CAMA was borne out of draft documents prepared by the Nigerian Law Reform Commission in an effort to reform and improve on the Companies Act of 1968, which could no longer address the various challenges associated with the regulation and supervision of Companies in Nigeria.

In the pre-oil boom era of the Nigerian Economy (1970-1979), the then company legislation was severally criticized. “…One of the major criticism of the Act.....


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