Section 425 CAMA 2020
Section 425 Companies and Allied Matters Act is about Penalty for non-compliance with sections 417- 423. It is under Chapter 16 (Annual returns) of the Act.
(1) If a company required to comply with any of the provisions of sections 417-423 fails to do so, the company and every director or officer of the company are liable to a penalty as may be prescribed by the Commission.
(2) For the purposes of subsection (1), “officer” includes any person in accordance with whose directions or instructions the directors of the company are accustomed to act.
(3) Failure to file annual returns for a consecutive period of 10 years is a ground for striking the name of a company off the companies’ register.
