Section 196 Companies and Allied Matters Act (CAMA) 2020
Section 196 CAMA 2020 Perpetual debentures A company may issue perpetual debentures, and a condition contained in any debenture, or in any deed for securing any debentures, shall not be invalid by reason only that the debentures are made irredeemable or redeemable only on the happening of a contingency, however remote, or onthe expiration of […]
Section 195 Companies and Allied Matters Act (CAMA) 2020
Section 195 CAMA 2020 Enforcement of contracts relating to debentures A contract with a company to take up and pay for any debenture of the company may be enforced by an order for specific performance.
Section 194 Companies and Allied Matters Act (CAMA) 2020
Section 194 CAMA 2020 Effect of statements in debentures (1) Statements made in debenture or debenture stock certificates is prima facie evidence of the title to the debentures of the person named therein as the registered holder and of the amounts secured thereby. (2) If any person changes his position to his detriment in reliance […]
Section 193 Companies and Allied Matters Act (CAMA) 2020
Section 193 CAMA 2020 Statements to be included in debentures Every debenture shall include a statement on the following matters—(a) the principal amount borrowed ; (b) the maximum discount which may be allowed on the issue or reissue of the debentures, and the maximum premium at which the debentures may be made redeemable ;(c) the […]
Section 192 Companies and Allied Matters Act (CAMA) 2020
Section 192 CAMA 2020 (1) Every company shall, within 60 days after the allotment of any of its debentures or after the registration of the transfer of any debentures, deliver to the registered holder thereof, the debenture or a certificate of the debenture stock under the common seal of the company (if the company has […]
Section 191 Companies and Allied Matters Act (CAMA) 2020
Section 191 CAMA 2020 Power to borrow money, to charge property and to issue debentures A company may borrow money for the purpose of its business or objects and may mortgage or charge its undertaking, property and uncalled capital, or any part thereof, and issue debentures, debenture stock and other securities whether outright or as […]
Section 190 Companies and Allied Matters Act (CAMA) 2020
Section 190 CAMA 2020 Acquisition of shares of holding company (1) A company which is a subsidiary may acquire shares in its holding company where the subsidiary company is concerned as personal representative or trustee, unless the holding company or any subsidiary of it is beneficially interested otherwise than by way of security for the […]
Section 189 Companies and Allied Matters Act (CAMA) 2020
Section 189 CAMA 2020 Re-issue of shares acquired Where shares are held as treasury shares, the company may at any time—(a) sell the shares (or any of them) for a cash consideration, or(b) transfer the shares (or any of them) for the purpose of or pursuant to an employees’ share scheme.
Section 188 Companies and Allied Matters Act (CAMA) 2020
Section 188 CAMA 2020 Enforceability of contract to acquire shares (1) A contract with a company providing for the acquisition by the company of shares in the company is specifically enforceable against the company, except to the extent that the company cannot perform the contract without thereby being in breach of the provisions of section […]
Section 187 Companies and Allied Matters Act (CAMA) 2020
Section 187 CAMA 2020 Limit on number of shares acquired (1) A company shall not hold more than 15% of the nominal value of the issued share capital of any class of its shares as treasury shares. (2) Where a company buys back more than 15% of the issued share capital of any class of […]