Section 749 CAMA 2020

Section 749 Companies and Allied Matters Act is about Designated partners. It is under Chapter 1 (Nature of limited liability partnership) of the Act.

(1) Every limited liability partnership shall have at least twodesignated partners who are individuals and at least one of them shall beresident in Nigeria :

Provided that in case of a limited liability partnership in which all the partners are bodies corporate or in which one or more partners are individuals and bodies corporate, at least two individuals who are partners of the limited liability partnership or nominees of the bodies corporate shall act as designated partners.

(2) Subject to the provisions of subsection (1)—

(a) if the incorporation document—

(i) specifies who are to be designated partners, the persons is designated partners on incorporation, or

(ii) states that each of the partners of a limited liability partnership is to be designated partner, every such partner is a designated partner; or

(b) any partner may become a designated partner in accordance with the limited liability partnership agreement and a partner may cease to be a designated partner in accordance with the limited liability partnership agreement.

(3) An individual does not become a designated partner in any limited liability partnership unless he has given his prior written consent to act as such to the limited liability partnership.

(4) Every limited liability partnership shall file with the Commission the particulars of every individual who has given his consent to act as designated partner within 30 days of his appointment.

(5) A person ceases to be a designated partner if he ceases to be a partner.