Section 501 CAMA 2020

Section 501 Companies and Allied Matters Act is about Management power not to be exercised without consent of administrator. It is under Chapter 18 (Administration of companies: nature of administration) of the Act.

(1) A company in administration or an officer of a company in administration shall not exercise a management power without the consent of the administrator.

(2) For the purpose of subsection (1)—

(a) “management power” means a power which could be exercised soas to interfere with the exercise of the administrator’s powers ;

(b) it is immaterial whether the power is conferred by an enactment or an instrument ; and

(c) consent may be general or specific.