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Section 826 Companies and Allied Matters Act (CAMA) 2020

Section 826 CAMA 2020

Section 826 Companies and Allied Matters Act is about Qualification of trustees. It is under Chapter 1 (Incorporated trustees) of the Act.

(1) A person shall not be qualified to be appointed or act as a trustee if—

(a) he is an infant ;

(b) he is a person of unsound mind having been so found by a court ;

(c) he is an undischarged bankrupt ; or

(d) he has been convicted of an offence involving fraud or dishonesty within five years of his proposed appointment.

(2) If a person disqualified under subsection (1) (c) or (d) acts as a trustee, he shall be liable to a penalty for every day during which he so acts,the penalty shall be determined in accordance with regulations made by theCommission from time to time.

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See also  Section 318 Companies and Allied Matters Act (CAMA) 2020

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