Section 549 CAMA 2020
Section 549 Companies and Allied Matters Act is about Interpretation of this Chapter. It is under Chapter 18 (Administration of companies: nature of administration) of the Act.
(1) In this Chapter—“administrator” of a company means a person appointed under any of the means under this Chapter to manage the company’s affairs, business and property ;“company” means—
(a) a company registered under this Act or any other special legislation relating to companies ; or
(b) any other corporate entity which is recognised under rules or order made by the Minister ;“correspondence” includes correspondence by telephonic or other electronic means ;“creditors’ meeting” has the meaning given under section 487 of this Act ;“enters administration” has the meaning given to it under subsection(2) (a) ;“floating charge” means a charge which is a floating charge on its creation ;“in administration” has the meaning given to under subsection (2)(b) ;“hire-purchase agreement” includes a conditional sale agreement, achattel leasing agreement and a retention of title agreement ;“holder of a floating charge” in respect of a company’s property hasthe meaning given under section 452 of this Act ;”market value” means the amount which would be realised on a sale of property in the open market by a willing vendor ;“purpose of administration” means an objective specified in section444 of this Act ; and“unable to pay its debts” has the meaning given by section 572 of this Act.
(2) For the purposes of this Chapter—
(a) a company “enters administration” when the appointment of an administrator takes effect ;
(b) a company is “in administration” while the appointment of an Administrator of the company has effect ;
(c) a company ceases to be in administration when the appointment of an administrator of the company ceases to have effect ; and
(d) a company does not cease to be in administration merely because an administrator vacates office (by reason of resignation, death or otherwise)or is removed from office.
(3) In this Chapter, a reference to—
(a) a thing in writing includes a reference to a thing in electronic form ; and
(b) action includes a reference to inaction.
