Section 392 CAMA 2020

Section 392 Companies and Allied Matters Act is about Shareholders’ right to obtain copies of financial statements. It is under Chapter 14 (Financial statements, audit and accounting records) of the Act.

(1) Any member of a company, whether or not entitled to have copies of the company’s financial statements sent to him, and any holder of the company’s debentures (whether or not so entitled) is entitled to be furnished on demand and without charge with a copy of the company’s last financial statements.

(2) If, when a person makes a demand for a document with which he is entitled by this section to be furnished, default is made in complying with the demand within seven days after its making, the company and each officer are liable to a penalty as the Commission shall specify in its regulations, unless it is proved that the person has already made a demand for, and been furnishedwith, a copy of the documents.