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 […]
Section 186 Companies and Allied Matters Act (CAMA) 2020
Section 186 CAMA 2020 Persons from who shares can be bought back A company may buy back its shares— (a) from the existing shareholders or security holders on a proportionate basis ;(b) from the existing shareholders in a manner permitted pursuant to a scheme of arrangement sanctioned by the court ; (c) from the open […]
Section 185 Companies and Allied Matters Act (CAMA) 2020
Section 185 CAMA 2020 Payment for share buyback Where a company buys back its shares, payment for the share buyback shall be made from the distributable profits of the company.
Section 184 Companies and Allied Matters Act (CAMA) 2020
Section 184 CAMA 2020 Acquisition by a company of its own shares (1) A limited liability company may purchase its own shares including redeemable shares provided that— (a) a company may only purchase its own shares if so permitted by its articles ;(b) the shareholders shall, by special resolution, approve the acquisition by the company […]
Section 183 Companies and Allied Matters Act (CAMA) 2020
Section 183 CAMA 2020 Prohibition of financial assistance by company for acquisition of its shares (1) In this section— (a) “financial assistance” means a gift, guarantee, any form of security or indemnity, a loan or any form of credit or any other financial assistance given by a company, the net assets of which are thereby […]