Section 505 CAMA 2020
Section 505 Companies and Allied Matters Act is about Management of affairs of company. It is under Chapter 18 (Administration of companies: nature of administration) of the Act.
(1) Subject to subsection (2), the administrator of a companyshall manage its affairs, business and property in accordance with any—
(a) proposal approved under section 491 ;
(b) revision of those proposals which is made by him and which he does not consider substantial ; and
(c) revision of those proposals approved under section 489.
(2) If the Court gives directions to the administrator of a company inconnection with any aspect of his management of the company’s affairs,business or property, the administrator shall comply with the directions.
(3) The Court may give directions under subsection (2) only if—
(a) no proposal has been approved under section 492 of this Act ;
(b) the directions are consistent with any proposal or revision approved under section 486 or 491 of this Act ;
(c) the Court considers that the directions are required in order to reflecta change in circumstances since the approval of proposals or a revision under section 486 or 491 of this Act ; or
(d) the Court considers that the directions are desirable because of a misunderstanding about proposals or a revision approved under section 486or 491 of this Act.
