Section 516 CAMA 2020

Section 516 Companies and Allied Matters Act is about Form and extent of consent. It is under Chapter 18 (Administration of companies: nature of administration) of the Act.

(1) Consent, for the purposes of section 513 (2) (b) of this Act,may be—

(a) written ; or

(b) signified at a creditors’ meeting.

(2) An administrator’s term of office may be extended by consent only once, provided that it shall not be extended by consent after—

(a) expiry ; and

(b) extension by order of the Court.

(3) Where an administrator’s term of office is extended by consent, heshall, as soon as is reasonably practicable—

(a) file notice of the extension with the Court ; and

(b) notify the Commission.

(4) An administrator who fails, without reasonable excuse, to comply with subsection (3) commits an offence.