Section 783 CAMA 2020
Section 783 Companies and Allied Matters Act is about Criminal proceedings and other proceedings by the Attorney-General of the Federation. It is under Chapter 8 (Investigation) of the Act.
(1) If, from any report made under section 781 of this Act, it appearsthat a person has been convicted of an offence for which he is criminally liable, the report shall be referred to the Attorney-General of the Federation.
(2) Where the Attorney-General of the Federation considers that the case referred to him is one in which a prosecution ought to be instituted, he shall direct action accordingly, and all past and present officers and agents of the limited liability partnership or other body corporate, as the case may be,other than the defendant in the proceedings, shall give all assistance inconnection with the prosecution which they are reasonably able to give.
(3) Where, from any report made under section 781 of this Act, it appears to the Commission that proceedings ought, in the public interest, to be brought by any body corporate dealt with by the report for the recovery of damages, in respect of fraud, misfeasance or other misconduct in connection with the promotion or formation of that body corporate or the management of its affairs,or for the recovery of any property of the body corporate which has been misapplied or wrongfully retained, it may refer the case to the Attorney-General of the Federation for his opinion as to the bringing of proceedings for thatpurpose in the name of the body corporate if proceedings are brought, all pastand present officers and agents of the limited liability partnership or other body corporate as the case may be, other than the defendants in proceedings,to give him all assistance in connection with the proceedings which they are reasonably able to give.
(4) Cost and expenses incurred by a body corporate in or in connection with any proceedings brought by it under subsection (3) shall, if not otherwise recoverable, be defrayed out of the Consolidated Revenue Fund.
