Section 278 CAMA 2020

Section 278 Companies and Allied Matters Act is about Duty Of Directors to disclose age and multiple directorship to the company. It is under Chapter 11 (Directors) of the Act.

(1) Any person who is appointed or to his knowledge proposed to be appointed director of a public company and who is 70 or more years old shall disclose this fact to the members at the general meeting.

(2) Any person who is proposed to be appointed a director of a public company shall disclose any position he holds as a director in any other public company at the meeting in which he is proposed for appointment as a director.

(3) Any person who fails to disclose his age or multiple directorship as required under this section shall, without prejudice to the provisions of section 307 (4) of this Act, be liable to a penalty in such amount as the Commission shall specify in its regulations.