Section 382 CAMA 2020
Section 382 Companies and Allied Matters Act is about Additional disclosure required in notes to financial statements. Second Schedule. It is under Chapter 14 (Financial statements, audit and accounting records) of the Act.
(1) The additional matters contained in the Second Schedule shall be disclosed in the company’s financial statements for the year; and in that Schedule, where a thing is required to be stated or shown or information is required to be given, it is construed to mean that the thing shall be stated or shown, or the information is to be given in a note to those statements.
(2) In the Second Schedule to this Act —
(a) Parts I and II deal respectively with the disclosure of particulars of the subsidiaries of the company and its shareholders ;
(b) Part III deals with the disclosure of financial information relating to subsidiaries ;
(c) Part IV requires a subsidiary company to disclose its ultimate holding company ;
(d) Part V deals with the emoluments of directors, including emoluments waived, pensions of directors and compensation for loss of office to directors and past directors ; and
(e) Part VI deals with disclosure of the number of the employees of the company who are remunerated at higher rates.
(3) Whenever it is stated in the Second Schedule of this Act that this subsection applies to certain particulars or information, the particulars or information is annexed to the annual return first made by the company after copies of its financial statements have been laid before its shareholders in a general meeting and if a company fails to satisfy this obligation, the company and every officer of it are liable to a penalty as the Commission shall specify in its regulations.
(4) It is the duty of any director of a company to give notice to the company of such matters relating to himself as may be necessary for the purposes of Part V of the Second Schedule to this Act and this applies to persons who are or have at any time in the preceding three years been officers as it applies to directors.
(5) A person who makes default in complying with the provisions of subsection (4), is liable to a penalty as the Commission shall specify in its regulations.
