Development Of company Law And Practice In Nigeria

Question 1

Section 18(1) of CAMA

Answer 1

provision of single member/shareholder companies.

Question 2

Section 98 of CAMA

Answer 2

Procurement of a common seal is no longer a mandatory requirement.

Question 3

Section 860 of CAMA

Answer 3

Provision of electronic filing, electronic share transfer and e-meetings for private companies.

Question 4

Garba v. Sheba ain’t. (Big) Ltd.

Answer 4

Any dispute between parties over the operation of Companies and Allied Matters Act, 1990 regulating the operation of companies, comes exclusively under the jurisdiction of the Federal High Court.

Question 5

S. 251(1)(e) of the CFRN
Garba v. Sheba Int. (Nig) Ltd
S. 22(3) of the Federal High Court Act.

Answer 5

Any dispute between parties over the operation of Companies and Allied Matters Act, 1990 regulating the operation of companies, comes exclusively under the jurisdiction of the Federal High Court.

Question 6

Section 6 of the CAMA.

Answer 6

The proceedings of the Commission are governed by its standing orders.

Question 7

Section 1 of the Investments and Securities Act, 2007.

Answer 7

Being a statutory body, the SEC is clothed with legal status. It is a body corporate with perpetual succession and a common seal; it may sue and be sued in its corporate name and may acquire, hold or dispose of any property, movable or immovable for the purpose of its functions under the Act.

Question 8

Section 14 of the ISA 2007

Answer 8

Vests in the Securities and Exchange Commission the power to establish specialized departments for the purpose of regulating and developing the Nigerian Capital Market.

Question 9

Section 1(1) was f the Partnership Act of 1890.
Shonubi v. Onafeko

Answer 9

Partnership is the relationship which subsists between persons carrying on business with a view towards f making profit.

Question 10

Alade v. Alic (Nig) Ltd.

Answer 10

A partnership of more than 20 persons will as a general rule, be an illegal association.