Home » Nigeria » Nigeria CAMA 2020 » Section 550 Companies and Allied Matters Act (CAMA) 2020

Section 550 Companies and Allied Matters Act (CAMA) 2020

Section 550 CAMA 2020

Section 550 Companies and Allied Matters Act is about Disqualification for appointment as a receiver or manager. It is under Chapter 19 (Receivers and managers, appointment of receivers and managers) of the Act.

(1) The following persons shall not be appointed or act as receivers or managers of any property or undertaking of any company —

(a) an infant ;

(b) any person found by a competent Court to be of unsound mind ;

(c) a body corporate ;

(d) an undischarged bankrupt, unless he is given leave to act as a receiver or manager of the property or undertaking of the company by the Court by which he was adjudged bankrupt ;

(e) a director or auditor of the company ; and

(f ) any person convicted of any offence involving fraud, dishonesty,official corruption or moral turpitude or who is disqualified under section280 of this Act.

(2) Any appointment made in contravention of the provisions of subsection(1) is void and if any of the persons named in paragraphs (c), (d), (e) and (f )acts as a receiver or manager, he commits an offence and is liable to a fine in such amount as the Commission shall specify in its regulations, and in the case of a body corporate or, in the case of an individual, to imprisonment for a term not exceeding six months or a fine as the Court deems fit.

(3) Where any of the persons mentioned in subsection (1) is at the commencement of this Act acting as a receiver or manager, he may be removed by a Court on an application by a person interested.

More Posts

Section 47 EFCC Act 2004: Short Title

Section 47 EFCC Act 2004 Section 47 of the EFCC Act 2004 is about Short Title. This Act may be cited as the Economic and Financial Crimes Commission (Establishment,

Section 46 EFCC Act 2004: Interpretation

Section 46 EFCC Act 2004 Section 46 of the EFCC Act 2004 is about Interpretation. In this Act – Interpretation “Commission” means the Economic and Financial Crimes Commission established

Section 45 EFCC Act 2004: Savings

Section 45 EFCC Act 2004 Section 45 of the EFCC Act 2004 is about Savings. The repeal of the Act specified in section 43 of this Act shall not

Facebook
Twitter
LinkedIn

Leave a Reply

Your email address will not be published. Required fields are marked *

LawGlobal Hub is your innovative global resource of law and more. We ensure easy accessibility to the laws of countries around the world, among others