COMPANIESANDALLIEDMATTERSACT ARRANGEMENTOFSECTIONS PARTA Companies PARTI CorporateAffairsCommission SECTION 1.EstablishmentoftheCorporateAffairsCommission. 2.MembershipoftheCommission. 3.Tenureofoffice. 4.Remunerationandallowance. 5.ProceedingsoftheCommission. 6.Disclosureofinterest. 7.Functions. 8.AppointmentofRegistrarGeneral.

9.Appointmentofstaff. 10.Righttoappearincourt. 11.ServiceintheCommissiontobepensionable. 12.FundoftheCommission. 13.ExpenditureoftheCommission. 14.Annualaccounts,auditandestimates. 15.Annualreport. 16.Regulations. 17.MeaningofcertainwordsusedinthisPart. PARTII Incorporationofcompaniesandincidentalmatters

CHAPTER1 FormationofCompany 18.Righttoformacompany. 19.Partnership,etc.,ofmorethantwentymemberswhenpermitted. 20.Capacityofindividualtoformcompany. 21.Typesofcompanies. 22.Privatecompany. 23.Consequencesofdefaultincomplyingwithconditionsconstitutingaprivatecompany. 24.Publiccompany. 25.Unlimitedcompanytohavesharecapital. 26.Companylimitedbyguarantee. Memorandumofassociation 27.Requirementswithrespecttothememorandumofacompany. 28.Formofmemorandum. Nameofcompany 29.Nameasstatedinthememorandum. 30.Prohibitedandrestrictednames. 31.Changeofnameofcompany. 32.Reservationofname. Articlesofassociation 33.Articlesforregulatingcompanies. 34.Formandcontentsofarticles. Registrationofcompanies 35.Documentsofincorporation. 36.Registration. 37.Effectofregistration. Capacityandpowersofcompanies

38.Powersofcompanies. 39.Effectofultraviresacts. 40.Effectofrelianceonrestrictionsinthememorandum. Effectofmemorandumandarticles 41.Effectofmemorandumandarticles. Member'srighttocopyofmemorandumandarticles 42.Member'srighttocopiesofmemorandum,etc. 43.Copiesofmemorandumissuedtoembodyalterations. Alterationofmemorandumandarticles 44.Restrictiononalterationofmemorandum. 45.Alterationofmemorandum. 46.Modeofalterationofbusinessorobjects. 47.Powertoalterprovisionsinthememorandumincertaincases. 48.Alterationofarticles. 49.Limitationofliabilitytocontributetosharecapitalifmemorandum,etc.,altered. CHAPTER2 Conversionandreregistrationofcompanies 50.Reregistrationofprivatecompanyaspublic. 51.Reregistrationofcompanylimitedbysharesasunlimited. 52.Reregistrationofunlimitedaslimitedbyshares. 53.Reregistrationofpubliccompanyasprivate. CHAPTER3 Foreigncompanies 54.ForeigncompaniesintendingtocarryonbusinessinNigeria. 55.Penalties. 56.Powertoexemptforeigncompanies. 57.Annualreport.

58.Exemptedforeigncompanytohavestatusofunregisteredcompany. 59.Penaltiesforfalseinformation. 60.Applicationofcertainsectionstoforeigncompanies. CHAPTER4 Promoters 61.Personspromotingacompany. 62.Dutiesandliabilitiesofapromoter. PARTIII Actsbyoronbehalfofthecompany Exerciseofcompany'spowers 63.Divisionofpowersbetweengeneralmeetingandboardofdirectors. 64.Delegationtocommitteesandmanagingdirectors. Liabilityforactsofthecompany 65.Actsofgeneralmeeting,boardofdirectors,orofmanagingdirectors. 66.Actsofofficersoragents. 67.Whenprovisionexempting,etc.,officerfromliabilitytothecompanyisvoid. Constructivenoticeofregistereddocuments 68.Abolitionofconstructivenoticeofregistereddocuments. 69.Presumptionsofregularity. 70.Liabilityofcompanynotaffectedbyfraudorforgeryofofficer. Company'scontracts 71.Formofcontract. 72.Preincorporationcontracts. 73.Billsofexchangeandpromissorynote. 74.Commonsealofthecompany. 75.Officialsealforuseabroad. 76.Powersofattorney.

Authenticationandserviceofdocuments SECTION 77.Authenticationofdocuments. 78.Serviceofdocumentsoncompanies. PARTIV Membershipofcompany 79.Definitionofmember. 80.Capacitytobeamember. 81.Rightofmembertoattendmeetingsandvote. 82.Personationofmembers. Registerofmembers 83.Registerofmembers. 84.Locationofregister. 85.Indexofmemberstobekept. 86.Entryoftrustsprohibited. 87.Inspectionofregisterandindex. 88.Consequencesoffailurebyagent'sdefaulttokeepregister. 89.Powertocloseregister. 90.Powerofcourttorectifyregister. 91.Registertobeevidence. Liabilityofmembers 92.Liabilityofmembers. 93.Liabilityforcompanydebtswheremembershipisbelowlegalminimum. Disclosureofbeneficialinterestinshares 94.Powerofcompanytorequiredisclosure. 95.Obligationofdisclosurebysubstantialshareholderinpubliccompany. 96.Personceasingtobeasubstantialshareholdertonotifycompany.

97.Registerofinterestsinshares. 98.Registrationofintereststobedisclosed. PARTV Sharecapital Minimumsharecapital 99.Authorisedminimumsharecapital. Alterationofsharecapital 100.Alterationofsharecapitalbyconsolidation,etc. 101.Noticerequiredwheresharesandstockconsolidated,etc. 102.Increaseofsharecapitalandnoticeofincrease. 103.Increaseofpaidupcapitalonincreaseofshares. 104.Powerforunlimitedcompanytoprovidereservesharecapitalonreregistration. Reductionofsharecapital 105.Restrictiononreductionofissuedsharecapital. 106.Specialresolutionforreductionofsharecapital. 107.Applicationtocourtfororderofconfirmation. 108.Courtorderconfirmingreduction. 109.Registrationoforderandminutesofreduction. 110.Liabilityofmembersonreducedshares. 111.Penaltyforconcealingnameofcreditor,etc. Miscellaneousmattersrelatingtocapital 112.Dutyofdirectorsonseriouslossofcapital. 113.Powertopayinterestoutofcapitalincertaincases. PARTVI Shares

Natureofshares 114.Rightsandliabilitiesattachedtoshares. 115.Sharesastransferableproperty. 116.Prohibitionofnonvotingandweightedshares. Issueofshares 117.Powerofcompaniestoissueshares. 118.Issueofclassesofshares. 119.Issuewithrightsattached. 120.Issueofsharesatapremium. 121.Issueofsharesatadiscount. 122.Issueofredeemablepreferenceshares. 123.Validationofimproperlyissuedshares. Allotmentofshares 124.Authoritytoallotshares. 125.Methodofapplicationandallotment. 126.Allotmentasacceptanceofcontract. 127.Paymentonallotment. 128.Effectofirregularallotment. 129.Returnastoallotments. Commissionsanddiscounts 130.Prohibitionofpaymentofcommissions,discountsoutofsharesandcapital. 131.Powertopaycommissionincertaincases. 132.Statementinbalancesheetastocommission. Callonandpaymentforshares 133.Callonshares. 134.Reserveliabilityofcompanyhavingsharecapital. 135.Paymentforshares.

136.Meaningofpaymentincash. 137.Paymentotherthanincash. 138.Powertopaydifferentamountsonshares. Lienandforfeitureofshares 139.Lienonshares. 140.Forfeitureofshares. Classesofshares 141.Powertovaryrights. 142.Applicationforcancellationofvariation. 143.Rightofapreferencesharetomorethanonevote. 144.Constructionofclassrights. Numberingofshares 145.Sharestobenumbered. Sharecertificates 146.Issueofsharecertificates. 147.Effectofsharecertificate. 148.Probate,etc.,asevidenceofgrant. 149.Abolitionofsharewarrants. Conversionofsharesintostock 150.Conversionofsharesintostock. Transferandtransmission 151.Transferofshares. 152.Entryinregisteroftransfers. 153.Noticeofrefusaltoregister. 154.Transferbypersonalrepresentative. 155.Transmissionofshares. 156.Protectionofbeneficiaries.

157.Certificationoftransfers. Transactionsbycompanyinrespectofitsownshares 158.Redemptionofredeemablepreferenceshares. 159.Prohibitionoffinancialassistancebycompanyforacquisitionofitsshares. 160.Acquisitionbyacompanyofitsownshares. 161.Conditionsforpurchasebyacompanyofitsownshares. 162.Limitonnumberofsharesacquired. 163.Enforceabilityofcontracttoacquireshares. 164.Reissueofsharesacquired. 165.Acquisitionofsharesofholdingcompany. PARTVII Debentures Creationofdebentureanddebenturestock 166.Powertoborrowmoney,tochargepropertyandtoissuedebenture. 167.Documentsoftitletodebenturesorcertificateofdebenturestock. 168.Statementstobeincludedindebentures. 169.Effectofstatementsindebentures. 170.Enforcementofcontractsrelatingtodebentures. Typesofdebentures 171.Perpetualdebentures. 172.Convertibledebentures. 173.Securedornakeddebentures. 174.Redeemabledebentures. 175.Powertoreissueredeemeddebenturesincertaincases. 176.Rightsofdebentureholders. 177.Meetingsofdebentureholders. Fixedandfloatingcharges

178.Meaningof"floating"and"fixed"charges. 179.Priorityoffixedoverfloatingcharge. 180.Powersofthecourt. 181.Advertisementofappointmentofreceiverandmanager. 182.Preferentialpaymenttodebentureholdersincertaincases. Debenturetrustdeed 183.Executionofdebentureoftrustdeed. 184.Contentsofdebenturetrustdeed. 185.Contentsofdebenturecoveredbytrustdeed. 186.Trusteesfordebentureholders. 187.Disqualificationforappointmentastrusteeofdebenturetrustdeed. 188.Liabilityoftrusteesfordebentureholders. 189.Restrictionsontransferabilityofdebentures. Provisionsastocompany'sregisterofcharges,debentureholdersandastocopiesofinstrumentscreatingcharges 190.Companytokeepcopiesofinstrumentscreatingcharges. 191.Company'sregisterofcharges. 192.Inspectionofregisterandcopiesofinstruments. 193.Registerofdebentureholders. 194.Inspectionofregisterofdebentures,etc. 195.Entryinregisteroftransfer. 196.Noticeofrefusaltoregister. RegistrationofchargeswithCommission 197.Registrationofchargescreatedbycompanies. 198.Registerofparticularsofcharges. 199.Dutyofcompanytoregistercharges. 200.Dutyofcompanyacquiringpropertytoregistersubsistingcharges. 201.Existingcharges.

202.Chargestosecurefluctuatingamounts. 203.Endorsementofcertificateofregistrationondebentures. 204.Entriesofsatisfactionofcharges. 205.Rectificationofregister. 206.Registrationofappointmentorder,etc. 207.Inspectionofregisterandcopiesofinstruments. Realisationofsecurity 208.Realisationofdebentureholder'ssecurity. 209.Remediesavailabletodebentureholders. 210.Applicationofcertainsections. PARTVIII Meetingsandproceedingsofcompanies Statutorymeeting 211.Statutorymeeting. 212.Noncomplianceandpenalty. Generalmeeting 213.Annualgeneralmeeting. 214.Businessestransactedatannualgeneralmeeting. Extraordinarygeneralmeeting 215.Extraordinarygeneralmeeting. 216.Placeofmeeting. Noticeofmeetings 217.Lengthofnoticeforcallingmeetings. 218.Contentsofnotice. 219.Personsentitledtonotice. 220.Serviceofnotice. 221.Failuretogivenotice.

222.Additionalnotice. 223.Powerofcourttoordermeetings. Voting 224.Procedureofvoting. 225.Righttodemandpoll. 226.Votingonapoll. 227.Rightofattendanceatgeneralmeeting. 228.Attendanceatmeetings. 229.Objectionsastoqualificationtovote. 230.Proxies. 231.Corporationrepresentationatmeetingsofcompanies,etc. 232.Quorum. Resolutions 233.Resolutions. 234.Writtenresolutions. 235.Circulationofmembers'resolutions. 236.Resolutionsrequiringspecialnotice. 237.Registrationandcopiesofcertainresolutions. 238.Effectofresolutionspassedatadjournedmeetings. Miscellaneousmattersrelatingtomeetingsandproceedings 239.Adjournment. 240.Powersanddutiesofthechairmanofthegeneralmeeting. 241.Minutesofproceedingsandeffect. 242.Inspectionofminutebooksandcopies. 243.Classmeetings. PARTIX Directorsandsecretariesofthecompany

CHAPTER1 Directors Meaningofdirectors 244.Meaningof"directors". 245.Shadowdirector. Appointmentofdirectors 246.Numberofdirectors. 247.Appointmentoffirstdirectors. 248.Subsequentappointmentofdirectors. 249.Casualvacancy. 250.Liabilityofapersonwherenotdulyappointed. 251.Sharequalificationofdirectors. 252.Dutyofdirectorstodiscloseagetothecompany. 253.Provisionsastoinsolventpersonsactingasdirectors. 254.Restraintoffraudulentpersons. 255.Appointmentofdirectorforlife. 256.Righttoappointadirectoratanyage. 257.Disqualificationfordirectorship. 258.Vacationofofficeofdirector. 259.Rotationofdirectors. 260.Validityofactsofdirectors. 261.Modeofvotingonappointmentofdirectors. Removalofdirectors 262.Removalofdirectors. Proceedingsofdirectors 263.Proceedingsofdirectors. 264.Quorum.

265.Failuretohaveaquorum. 266.Noticeofmeeting. Remunerationandotherpayments 267.Remunerationofdirectors. 268.Remunerationofamanagingdirector. 269.Prohibitionoftaxfreepaymentstodirectors. 270.Prohibitionofloanstodirectorsincertaincircumstances. 271.Paymentbycompanyforlossofoffice,etc.,tobeapproved. 272.Paymenttodirectorforlossofoffice,etc.,ortransferofpropertyillegal. 273.Directorstodisclosepaymentforlossofoffice,etc.,incertaincases. 274.Provisionssupplementarytosections271to273. Disclosureofdirectors'interests 275.Registerofdirectors'shareholdings,etc. 276.Generaldutytogivenotice,etc. 277.Disclosurebydirectorsofinterestsincontracts. 278.Particularswithrespecttodirectorsintradecatalogues,etc. Dutiesofdirectors 279.Dutiesofdirectors. 280.Conflictsofdutiesandinterests. 281.Multipledirectorships. 282.Dutyofcareandskill. 283.Legalpositionofdirectors. Propertytransactionsbydirectors 284.Substantialpropertytransactionsinvolvingdirectors,etc. 285.Exceptionsfromsection284. 286.Liabilitiesarisingfromcontraventionofsection284. 287.Prohibitionofsecretbenefits.

Miscellaneousmattersrelatingtodirectors 288.Directorswithunlimitedliabilityinrespectofalimitedcompany. 289.Specialresolutionoflimitedcompanymakingliabilityofdirectorsunlimited. 290.Personalliabilityofdirectorsandofficers. 291.Director'scontractofemploymentformorethanfiveyears. 292.Registerofdirectorsandsecretaries. CHAPTER2 Secretaries 293.Secretaries. 294.Avoidanceofactsdonebyapersonasdirectorandsecretary. 295.Qualificationofasecretary. 296.Appointmentandremovalofasecretary. 297.Fiduciaryinterestsofasecretary. 298.Dutiesofasecretary. PARTX Protectionofminorityagainstillegalandoppressiveconduct Actionbyoragainstthecompany 299.Onlycompanymaysueforwrongorratifyirregularconduct. 300.Protectionofminority:injunctionanddeclarationincertaincases. 301.Personalandrepresentativeaction. 302.Definitionofmember. 303.Commencingderivativeaction. 304.Powersofthecourt. 305.Evidenceofshareholders'approvalnotdecisive. 306.Court'sapprovaltodiscontinue. 307.Nosecurityforcosts. 308.Interimcosts.

309.Definition. Reliefonthegroundsofunfairlyprejudicialandoppressiveconduct 310.Application. 311.Groundsuponwhichanapplicationmaybemade. 312.Powersofthecourt. 313.Penaltyforfailuretocomplywithorderofthecourt. Investigationofcompaniesandtheiraffairs 314.Investigationofacompanyonitsownapplicationorthatofitsmembers. 315.Otherinvestigationsofcompany. 316.Inspectors'powersduringinvestigation. 317.Productionofdocumentsandevidencetoinspectors. 318.Powerofinspectortocallfordirectors'bankaccounts. 319.Obstructionofinspectorstobetreatedascontemptofcourt. 320.Inspector'sreport. 321.Powertobringcivilproceedingsoncompany'sbehalf. 322.CriminalproceedingsandotherproceedingsbytheAttorneyGeneraloftheFederation. 323.PoweroftheCommissiontopresentwindinguppetition. 324.Expensesofinvestigation. 325.Inspectors'reporttobeusedasevidenceinlegalproceedings. 326.Appointment,etc.,ofinspectorstoinvestigateownershipofacompany. 327.Provisionsapplicabletoinvestigation. 328.Powertorequireinformationastopersonsinterestedinshares,etc. 329.Powertoimposerestrictionsonshares,etc. 330.Savingsforlegalpractitionersandbankers. PARTXI Financialstatementsandaudit CHAPTER1

Financialstatements Accountingrecords 331.Companiestokeepaccountingrecords. 332.Placeanddurationofrecords. 333.Penaltiesfornoncompliancewithsections331and332. 334.Directors'dutytoprepareannualaccounts. Formandcontentofcompanyindividualandgroupfinancialstatements 335.Formandcontentofindividualfinancialstatements. 336.Groupfinancialstatementsofholdingcompany. 337.Formandcontentofgroupfinancialstatements. 338.Meaningof"holdingcompany","subsidiary"and"whollyownedsubsidiary". 339.Additionaldisclosurerequiredinnotestofinancialstatements. 340.Disclosureofloansinfavourofdirectorsandconnectedpersons. 341.Disclosureofloansetc.,toofficersofthecompanyandstatementsofamountoutstanding. Directors'reports 342.Directors'report. Procedureoncompletionoffinancialstatements 343.Signingofbalancesheetanddocumentstobeannexedthereto. 344.Personsentitledtoreceivefinancialstatementsasofright. 345.Directors'dutytolayanddeliverfinancialstatements. 346.Penaltyfornoncompliancewithsection345. 347.Defaultorderincaseofnoncompliance. 348.Penaltyforlayingordeliveringdefectivefinancialstatements. 349.Shareholders'righttoobtaincopiesoffinancialstatements. Modifiedfinancialstatements 350.Entitlementtodeliverfinancialstatementsinmodifiedform. 351.Qualificationofasmallcompany.

352.Modifiedindividualfinancialstatements. 353.Modifiedfinancialstatementsofholdingcompany. Publicationoffinancialstatements 354.Publicationbyacompanyoffullindividualorgroupfinancialstatements. 355.Publicationofabridgedfinancialstatements. Supplementary 356.Powertoalteraccountingrequirements. CHAPTER2 Audit 357.Appointmentofauditors. 358.Qualificationofauditors. 359.Auditors'report. 360.Auditors'dutiesandpowers. 361.Remunerationofauditors. 362.Removalofauditors. 363.Auditors'righttoattendcompany'smeetings. 364.Supplementaryprovisionsrelatingtoauditors. 365.Resignationofauditors. 366.Rightofresigningauditortorequisitioncompanymeeting. 367.Powersofauditorsinrelationtosubsidiaries. 368.Liabilityofauditorsfornegligence. 369.Falsestatementstoauditors. PARTXII Annualreturns 370.Annualreturnbycompanylimitedbysharesorguarantee. 371.Annualreturnbycompanyhavingsharesotherthansmallcompany. 372.Annualreturnbysmallcompany.

373.Annualreturnbycompanylimitedbyguarantee. 374.Timeforcompletionofannualreturn. 375.Documentstobeannexedtoannualreturn. 376.Certificatesbyprivatecompanyandsmallcompanyinannualreturn. 377.Exceptionincertaincasesofunlimitedcompaniesandsmallcompaniesfromrequirementsofsection375. 378.Penaltyfornoncompliancewithsections370to376. PARTXIII Dividendsandprofits 379.Declarationofdividendsandpaymentofinterimdividend. 380.Distributableprofits. 381.Restrictionondeclarationandpaymentofdividends. 382.Unclaimeddividends. 383.Reserveandcapitalisation. 384.Employees'sharesandprofitsharing. 385.Rightoftheshareholderstosuefordividends. 386.Liabilityforpayingdividendoutofcapital. PARTXIV Receiversandmanagers Appointmentofreceiversandmanagers 387.Disqualificationforappointmentasareceiverormanager. 388.Powerofthecourttoappointofficialreceiverfordebentureholdersandothers. 389.Appointmentofreceiversandmanagersbythecourt. 390.Receiversandmanagersappointedoutofcourt. 391.Powerofareceiverormanagerappointedoutofcourttoapplytothecourtfordirections. 392.Notificationthatareceiverormanagerhasbeenappointed. Duties,powersandliabilitiesofreceiversandmanagers 393.Duties,powers,etc.,ofreceiversandmanagers.

394.Liabilitiesofreceiversandmanagersoncontracts. 395.Powerofcourttofixremunerationonapplicationofliquidator. Procedureafterappointment 396.Provisionsastoinformationwherereceiverormanagerappointed. 397.Specialprovisionsastostatementsubmittedtoreceiver. Accountsbyreceiverormanager 398.DeliverytoCommissionofaccountsofreceiversandmanagers. Dutyastoreturns 399.Enforcementofdutyofreceiversandmanagerstomakereturns,etc. Constructionofreferences 400.Constructionofreferencestoreceiversandmanagers. PARTXV Windingupofcompanies CHAPTER1 Preliminary Modesofwindingup 401.Modesofwindingup. Contributories 402.Liabilityascontributoriesofpresentandpastmembers. 403.Definitionofcontributory. 404.Natureofliabilityofcontributory. 405.Contributoriesincaseofdeathofmember. 406.Contributoriesincaseofbankruptcyofmember. CHAPTER2 Windingupbythecourt Jurisdiction 407.Jurisdictionastowindingup.

Casesinwhichcompanymaybewoundupbycourt 408.Circumstancesinwhichcompaniesmaybewoundupbycourt. 409.Definitionofinabilitytopaydebts. Petitionsforwindingupandeffectsthereof 410.Provisionsastoapplicationforwindingup. 411.Powersofcourtonhearingpetition. 412.Powertostayorrestrainproceedingsagainstcompany. 413.Avoidanceofdispositionsofproperty,etc.,aftercommencementofwindingup. 414.Avoidanceofattachments,etc. Commencementofwindingup 415.Commencementofawindingupbythecourt. Consequencesofwindinguporder 416.CopyofordertobeforwardedtoCommission. 417.Actionsstayedonwindinguporder. 418.Effectofwindinguporder. Officialreceiver 419.Definitionofofficialreceiver. 420.Statementofcompany'saffairstobesubmittedtoofficialreceiver. 421.Reportbyofficialreceiver. Liquidators 422.Appointment,remunerationandtitleofliquidators. 423.Custodyofcompany'sproperty. 424.Vestingofpropertyofcompanyinliquidator. 425.Powersofliquidator. 426.Liquidatortogiveinformation,etc.,toofficialreceiver. 427.Exerciseandcontrolofliquidator'spowers. 428.Paymentsbyliquidatorintocompaniesliquidationaccount.

429.Audit,etc.,ofliquidator'saccount. 430.Bookstobekeptbyliquidator. 431.Releaseofliquidator. 432.Controloverliquidators. Committeeofinspection,specialmanager,etc. 433.Powertoappointcommitteeofinspectionaftermeetingofcreditorsandothers. 434.Powers,etc.,ofcommitteeofinspection. 435.Powerswherenocommitteeofinspectionisappointed. 436.Powertoappointspecialmanager. 437.Officialreceiverasreceiverfordebentureholders,etc. Generalpowersofcourtincaseofwindingupbycourt 438.Powertostaywindingup. 439.Settlementoflistofcontributoriesandapplicationofassets. 440.Deliveryofpropertytoliquidator. 441.Paymentsbycontributorytocompanyandsetoffallowance. 442.Powerofcourttomakecalls. 443.Powertoorderpaymentintocompanies'liquidationaccount. 444.Orderoncontributorytobeconclusiveevidence. 445.Powertoexcludecreditorsnotprovingintime. 446.Adjustmentofrightsofcontributories. 447.Inspectionofbooksbycreditorsandcontributories. 448.Powertoordercostsofwindinguptobepaidoutofassets. 449.Powertosummonpersonssuspectedofhavingpropertyofcompany,etc. 450.Powertoorderpublicexaminationofpromoters,etc. 451.Powertoarrestabscondingcontributory. 452.Powersofcourtcumulative. 453.Delegationtoliquidatorofcertainpowersofcourt.

454.Dissolutionofcompany. Enforcementofandappealsfromorders 455.Powertoenforceorders. 456.Appealsfromorders. CHAPTER3 Voluntarywindingup Resolutionsforandcommencementofvoluntarywindingup 457.Circumstancesinwhichcompanymaybewoundupvoluntarily. 458.Noticeofresolutiontowindupvoluntarily. 459.Commencementofvoluntarywindingup. Consequencesofvoluntarywindingup 460.Effectofvoluntarywindinguponbusiness,etc.,ofcompany. 461.Avoidanceoftransfer,etc.,aftercommencementofvoluntarywindingup. Declarationofsolvency 462.Statutorydeclarationofsolvencywhereproposaltowindupvoluntarily. Provisionsapplicabletoamembers'voluntarywindingup 463.Provisionsapplicabletomembers'voluntarilywindingup. 464.Powertoappoint,etc.,liquidators. 465.Powertofillvacancyinofficeofliquidators. 466.Liquidatortocallcreditors'meetingoninsolvency. 467.Liquidatortocallgeneralmeetingatendofeachyear. 468.Finalmeetinganddissolution. 469.Alternativeprovisionsastoannualandfinalmeetingsininsolvencycases. 470.Booksandaccountsduringmembers'voluntarywindingup. Provisionsapplicabletoacreditor'svoluntarywindingup 471.Provisionsapplicabletocreditors'windingupvoluntarily. 472.Meetingofcreditors.

473.Appointmentofliquidatorandcesserofdirectors'powers. 474.Appointmentofcommitteeofinspection. 475.Fixingofliquidators'remuneration. 476.Powertofillvacancyintheofficeofliquidator. 477.Liquidatortocallmeetingsofcompanyandothersattheendofeachyear. 478.Finalmeetinganddissolution. Provisionsapplicabletoeveryvoluntarywindingup 479.Provisionsapplicabletoeveryvoluntarywindingup. 480.Distributionofpropertyofcompany. 481.Powers,etc.,ofliquidatorineveryvoluntarywindingup. 482.Powerofcourttoappoint,etc.,liquidator. 483.Powertoapplytocourttodeterminequestionsorexercisepowers. 484.Costsofvoluntarywindingup. 485.Savingofrightsofcreditorsandcontributories. CHAPTER4 Windingupsubjecttosupervisionofcourt 486.Powertoorderwindingupsubjecttosupervision. 487.Effectofpetitionforwindingupsubjecttosupervision. 488.Applicationofsections413and414. 489.Powerofcourttoappoint,etc.,liquidators. 490.Effectofsupervisionorder. CHAPTER5 Provisionsapplicabletoeverymodeofwindingup 491.Liquidatortogivenoticeofappointment. Proofandrankingofclaims 492.Debtsofalldescriptionsmaybeproved. 493.Applicationofbankruptcyrulesincertaincases.

494.Preferentialpayments. Effectofwindinguponantecedentandothertransactions 495.Fraudulentpreference. 496.Liabilitiesandrightsofcertainfraudulentlypreferredpersons. 497.Avoidanceofattachments,etc.,onwindingupsubjecttosupervisionofthecourt. 498.Effectoffloatingcharge. 499.Disclaimerofonerousproperty. 500.Restrictionofrightsofcreditorastoexecution,etc.,onwindingupofcompany. 501.Dutyofsheriffastogoodstakeninexecution. Offencesantecedenttoorincourseofwindingup 502.Offencesbyofficersofcompanyinliquidation. 503.Falsificationofbooks. 504.Fraudsbyofficersofcompaniesinliquidation. 505.Liabilitywhereproperaccountsnotkept. 506.Responsibilityforfraudulenttrading. 507.Powerofcourttoassessdamagesagainstdelinquentdirectors,etc. 508.Prosecutionofdelinquentofficersandmembersofacompany. Supplementaryprovisionsastowindingup 509.Disqualificationsforappointmentasliquidator. 510.Corruptinducementaffectingappointmentasliquidator. 511.Enforcementofdutyofliquidatortomakereturns,etc. 512.Notificationthatacompanyisinliquidation. 513.Exemptionfromstampduty. 514.Booksofcompanytobeevidence. 515.Disposalofbooks,etc.,ofcompany. 516.Informationastopendingliquidationsanddisposalofunclaimedassets. 517.Resolutionspassedatadjournedmeetingsofcreditors,etc.

518.Powertomakeoverassetstoemployees. Supplementarypowersofcourt 519.Meetingstoascertainwishesofcreditorsandothers. 520.Judicialnoticeofsignaturesofofficersofcourt,etc. 521.Judicialnoticeofsignaturesofcertaingovernmentofficials. 522.Specialcommissionersforreceivingevidence. 523.AffidavitsinNigeriaandelsewhere. Provisionsastodissolution 524.Powerofcourttoavoiddissolutionofcompany. 525.PowerofCommissiontostrikeoffdefunctcompany. 526.Propertyofdissolvedcompanytobedeclaredasbonavacantia. Centralaccounts 527.Companiesliquidationaccountdefined. 528.Investmentofsurplusfundsingovernmentsecurities,etc. 529.Separateaccountsofparticularestates. Returnsbyofficersofcourts 530.Returnsbyofficersinwindingup. Accountstobepreparedannually 531.Annualaccountsofcompanywindingupanddisposal. CHAPTER6 Windingupofunregisteredcompanies 532.Windingupofunregisteredcompany. 533.Contributoriesinwindingupofunregisteredcompany. 534.Powerofcourttostayorrestrainproceedings. 535.Action,etc.,stayedonwindinguporder. 536.ProvisionsofthisParttobecummulative. PARTXVI

Arrangementsandcompromise 537.Definitionof"arrangement". 538.Arrangementonsaleofcompany'spropertyduringmembers'voluntarywindingup. 539.Powertocompromisewithcreditorsandmembers. 540.Informationastocompromisewithcreditorsandmembers. PARTXVII MiscellaneousandsupplementalApplicationofthisPartofthisAct 541.ApplicationofthisPartofthisAct. 542.Acttooverridememorandum,articles,etc. 543.ApplicationofActtocompaniesunderformerenactments. 544.ApplicationofActtocompaniesregisteredbutnotformed. 545.ApplicationofActtounlimitedcompaniesregisteredunderformerenactments. 546.RestrictedapplicationofActtounregisteredcompanies. Administration 547.Registeredandheadofficeofcompany. 548.Publicationofnamebycompany. 549.Fees. 550.Formofregister,etc. 551.Inspection,etc.,ofdocumentskeptbytheCommission. 552.Rulesofcourtforwindingupofcompanies,etc. 553.Certaincompaniestopublishstatementinprescribedform. Legalproceedings,etc. 554.Prosecutionofoffences. 555.Production,etc.,ofbookswhereoffencessuspected. 556.Costsinactionsbycertainlimitedcompanies. 557.Savingforprivilegedcommunications. 558.Powerofcourttograntreliefincertaincases.

559.Penaltyforimproperuseofcertainwords. 560.Penaltyforfalsestatements. 561.Extendedeffectofpenaltyforoffenceoffraudulenttrading. 562.Applicationoffines. 563.ApplicationbytheCommissiontothecourtfordirections. Miscellaneous 564.Schedules,Tables,andForms;alterationandapplication. 565.EnforcementofdutyofcompanytomakereturnstoCommission. 566.Powerofcompanytoprovideforemployeesoncessationortransferofbusiness. 567.InterpretationofcertainwordsusedinPartAofthisAct. 568.Repealandsavings. PARTB Businessnames 569.TheCommissiontoadministerbusinessnames. 570.Establishmentofbusinessnames'registryineachState. 571.AppointmentofRegistrarandotherofficers. 572.FunctionsofRegistrarandAssistantRegistrars. 573.Registrationofbusinessnames. 574.Procedureforregistration. 575.Entryofbusinessnameintheregister. 576.Certificateofregistration. 577.Registrationofchanges. 578.Removalofnamefromregister. 579.Prohibitedandrestrictednames. 580.Searches. 581.Copiesofentriesinregisters. 582.Publicationoftruename.

583.Liabilityofpersonindefault. 584.Offencesandpenalties. 585.Regulations. 586.Validityofpreviousregistration. 587.Annualreturns. 588.InterpretationofwordsusedinthisPart. 589.Repealof1961No.17. PARTC Incorporatedtrustees 590.Incorporationoftrusteesofcertaincommunities,bodiesandassociations. 591.Methodofapplication. 592.Qualificationoftrustees. 593.Constitution. 594.Advertisementandobjections. 595.Registrationandcertificate. 596.Effectofregistrationandcertificate. 597.Changesofnamesorobjects. 598.Alterationofprovisionsoftheconstitution. 599.Replacementandappointmentofadditionaltrustees. 600.ChangesincontraventionofcertainprovisionsofthisPartofthisAct. 601.Councilorgoverningbody. 602.Exerciseofpowersoftrustee. 603.Applicationofincomeandproperty. 604.Commonseal. 605.Contractofcorporatebody. 606.Documentsandinspection. 607.Annualreturns.

608.DissolutionofacorporatebodyformedunderthisAct. 609.Regulations. 610.InterpretationofwordsusedinthisPart. 611.RepealofCap.98of1958Edition. 612.Validityofpreviousregistrations. PARTD Shorttitle 613.Shorttitle. SCHEDULES FIRSTSCHEDULE TablesA,B,CandD SECONDSCHEDULE Formandcontentofcompaniesfinancialstatements THIRDSCHEDULE Miscellaneousmatterstobedisclosedinnotestocompanyfinancialstatements FOURTHSCHEDULE Particularsincompanyfinancialstatementsofloanandothertransactionsfavouringdirectorsandofficers FIFTHSCHEDULE Matterstobedealtwithindirector'sreport SIXTHSCHEDULE Matterstobeexpresslystatedinauditorsreport SEVENTHSCHEDULE Modifiedfinancialstatementsofcompaniesqualifyingassmallcompanies EIGHTHSCHEDULE Contentsandformofannualreturnsofacompanyhavingsharesotherthanasmallcompany NINTHSCHEDULE

Annualreturnofasmallcompany TENTHSCHEDULE Annualreturnofacompanylimitedbyguarantee ELEVENTHSCHEDULE Powersofreceiversandmanagersofthewholeorsubstantiallythewholeofthecompany'sproperty TWELFTHSCHEDULE Provisionsnotapplicableonwindingupundersupervisionofcourt THIRTEENTHSCHEDULE ProvisionofthisActapplyingtounregisteredcompanies FOURTEENTHSCHEDULE Formsofstatementtobepublishedbybankingandinsurancecompaniesanddeposit,providentorbenefitsocieties FIFTEENTHSCHEDULE FeestobepaidformattersunderPartAoftheAct COMPANIESANDALLIEDMATTERSACT AnActtoestablishtheCorporateAffairsCommission,providefortheincorporationofcompaniesandincidental matters,registrationofbusinessnamesandtheincorporationoftrusteesofcertaincommittees,bodiesand associations. [1990No.1.] [Commencement.] PARTA Companies PARTI CorporateAffairsCommission 1.EstablishmentoftheCorporateAffairsCommission (1)ThereisherebyestablishedunderthisAct,abodytobeknownastheCorporateAffairsCommission(inthisAct referredtoas"theCommission"). (2)TheCommissionshallbe (a)abodycorporatewithperpetualsuccessionandacommonseal; [2ndJanuary,1990]

(b)capableofsuingandbeingsuedinitscorporatename;and (c)capableofacquiring,holdingordisposingofanyproperty,movableorimmovable,forthepurposeofcarrying outitsfunctions. (3)TheheadquartersoftheCommissionshallbesituatedintheFederalCapitalTerritory,Abuja,andthereshallbe establishedanofficeoftheCommissionineachStateoftheFederation. 2.MembershipoftheCommission TheCommissionshallconsistofthefollowingmembers,thatis (a)achairmanwhoshallbeappointedbythePresidentontherecommendationoftheMinister,beingaperson whobyreasonofhisability,experienceorspecialisedknowledgeofcorporate,industrial,commercial,financialor economicmattersorofbusinessorprofessionalattainmentswouldinhisopinionbecapableofmaking outstandingcontributionstotheworkoftheCommission; (b)onerepresentativeofthebusinesscommunity,appointedbytheMinisterontherecommendationofthe NigerianAssociationofChambersofCommerce,Industries,MinesandAgriculture; (c)onerepresentativeofthelegalprofession,appointedbytheMinisterontherecommendationoftheNigerian BarAssociation; (d)onerepresentativeoftheaccountancyprofession,appointedbytheMinisterontherecommendationofthe InstituteofCharteredAccountantsofNigeria; (e)onerepresentativeoftheManufacturersAssociationofNigeria,appointedbytheMinisteronthe recommendationoftheAssociation; (f)onerepresentativeoftheSecuritiesandExchangeCommissionnotbelowthegradeofDirectororits equivalent; (g)onerepresentativeofeachofthefollowingFederalMinistries,thatis (i)Commerce; (ii)Justice; (iii)Industry,and (h)theRegistrarGeneraloftheCommission. [1992No.40.] 3.Tenureofoffice (1)Subjecttotheprovisionsofsubsection(2)ofthissection,apersonappointedasamemberoftheCommission (notbeinganexofficiomember)shallholdofficeforthreeyearsandshallbeeligibleforreappointmentforone furthertermofthreeyears.

(2)TheMinistermay,withtheapprovalofthePresidentatanytimeremoveanymemberoftheCommissionfrom officeiftheMinisterisoftheopinionthatitisnotintheinterestoftheCommissionforthemembertocontinuein officeandshallnotifythememberinwritingtothateffect. [1992No.40.] (3)ThemembersoftheCommissionexcepttheRegistrarGeneralshallbeparttimemembersoftheCommission. (4)AnymemberoftheCommissionshallceasetoholdofficeif (a)hebecomesofunsoundmindorisincapableofcarryingouthisduties; (b)hebecomesbankruptorhasmadearrangementwithhiscreditors; (c)heisconvictedofafelonyoranyoffenceinvolvingdishonesty; (d)heisguiltyofseriousmisconductrelatingtohisduties;or (e)inthecaseofapersonpossessedofprofessionalqualifications,heisdisqualifiedorsuspended(otherthanat hisownrequest)frompractisinghisprofessioninanypartofNigeriabytheorderofanycompetentauthority madeinrespectofhimpersonally. 4.Remunerationandallowance MembersoftheCommissionappointedundersection2(a),(b),(c),(d),(e),(f),(g)and(h)shallbepaidsuch remunerationandallowancesasthePresidentmay,fromtimetotime,direct. 5.ProceedingsoftheCommission (1)Subjecttothissectionandsection27oftheInterpretationAct,theCommissionmaymakestandingorders regulatingitsproceedings. [Cap.123.] (2)ThechairmanshallpresideateverymeetingoftheCommissionbut,inhisabsence,thememberspresentshall electoneoftheirnumberpresenttopresideatthemeeting. (3)ThequorumformeetingsoftheCommissionshallbefive. [1992No.40.] (4)TheCommissionmayappointanyofitsofficerstoactassecretaryatanyofitsmeetings. 6.Disclosureofinterest (1)AmemberoftheCommissionwhoisdirectlyinterestedinanycompanyorenterprise,theaffairsofwhichare beingdeliberateduponbytheCommission,orisinterestedinanycontractmadeorproposedtobemadebythe Commissionshall,assoonaspossibleaftertherelevantfactshavecometohisknowledge,disclosethenatureof hisinterestatameetingoftheCommission. (2)Adisclosure,undersubsection(1)ofthissection,shallberecordedintheminutesoftheCommission,andthe membershall

(a)nottakepartaftersuchdisclosureinanydeliberationordecisionoftheCommissionwithregardtothesubject matterinrespectofwhichhisinterestisthusdisclosed; (b)beexcludedforthepurposeofconstitutingaquorumoftheCommissionforanysuchdeliberationordecision. 7.Functions (1)ThefunctionsoftheCommissionshallbeto (a)subjecttosection541ofthisAct,administerthisActincludingtheregulationandsupervisionoftheformation, incorporation,registration,management,andwindingupofcompaniesunderorpursuanttothisAct; (b)establishandmaintainacompanysregistryandofficesinalltheStatesoftheFederationsuitablyand adequatelyequippedtodischargeitsfunctionsunderthisActoranyotherlawinrespectofwhichitischarged withresponsibility; (c)arrangeorconductaninvestigationintotheaffairsofanycompanywheretheinterestsoftheshareholdersand thepublicsodemand; (d)performsuchotherfunctionsasmaybespecifiedbyanyActorenactment;and (e)undertakesuchotheractivitiesasarenecessaryorexpedientforgivingfulleffecttotheprovisionsofthisAct. (2)Nothinginthissectionshallaffectthepowers,dutiesorjurisdictionoftheSecuritiesandExchangeCommission undertheInvestmentsandSecuritiesAct. [Cap.124.] 8.AppointmentofRegistrarGeneral (1)ThereshallbeappointedbytheCommissionaRegistrarGeneralwhoshallbequalifiedtopractiseasalegal practitionerinNigeriaandhasbeensoqualifiedfornotlessthan10yearsandinaddition,hashadexperiencein companylawpracticeoradministrationfornotlessthan8years. (2)TheRegistrarGeneralshallbethechiefexecutiveoftheCommissionandshallbesubjecttothedirectivesof theCommissionandshallholdofficeonsuchtermsandconditionsasmaybespecifiedinhisletterofappointment andonsuchothertermsandconditionsasmaybedetermined,fromtimetotime,bytheCommissionwiththe approvalofthePresident. (3)TheRegistrarGeneralshallbetheaccountingofficerforthepurposeofcontrollinganddisbursingamounts fromthefundestablishedpursuanttosection12ofthisAct. 9.Appointmentofstaff TheCommissionmayappointsuchotherstaffasitmaydeemnecessaryfortheefficientperformanceofthe functionsoftheCommissionunderorpursuanttothisAct. 10.Righttoappearincourt Notwithstandingtheprovisionsofanyenactmenttothecontrary,apersonappointedtotheofficeofRegistrar Generalundersection8ofthisActorapersonappointedundersection9ofthisActwhoisalegalpractitioner

shall,whilesoappointed,beentitledtorepresenttheCommissionasalegalpractitionerforthepurposeandin thecourseofhisemployment. 11.ServiceintheCommissiontobepensionable ServiceintheCommissionshallbeapprovedserviceforthepurposeofthePensionsActandaccordingly,officers andotherpersonsemployedintheCommissionshallinrespectoftheirserviceintheCommissionbeentitledto pensions,gratuitiesandotherretirementbenefitsenjoyedbypersonsholdingequivalentgradesinthepublic serviceoftheFederation,sohoweverthatnothinginthisActshallpreventtheappointmentofapersontoany officeontermswhichprecludethegrantofapensionandgratuityinrespectofthatoffice. [Cap.P4.] 12.FundoftheCommission TheCommissionshallestablishafundwhichshallconsistofsuchsumsasmaybeallocatedtoitbytheFederal Governmentandsuchotherfundsasmayaccruetoitinthedischargeofitsfunctions. 13.ExpenditureoftheCommission TheCommissionmay,fromtimetotime,applytheproceedsofthefundestablishedinpursuanceofsection12of thisAct (a)tothecostofadministrationoftheCommission; (b)forreimbursingmembersoftheCommissionoranyCommitteesetupbytheCommissionforsuchexpensesas maybeauthorisedorapprovedbytheCommission,inaccordancewiththerateapprovedinthatbehalfbythe President; (c)tothepaymentofsalaries,feesorotherremunerationorallowances,pensionsandgratuitiespayabletothe employeesoftheCommission; (d)forthemaintenanceofanypropertyacquiredorvestedintheCommission;and (e)for,andinconnectionwith,alloranyofthefunctionsoftheCommissionunderthisAct. 14.Annualaccounts,auditandestimates (1)TheCommissionshallkeepproperaccountsandproperrecordsinrelationtheretoandshallprepareinrespect ofeachyearastatementofaccountsinsuchformasthePresidentmaydirect. (2)TheaccountsoftheCommissionshallbeauditednotlaterthansixmonthsaftertheendoftheyearbyauditors appointedbytheCommissionfromthelistandinaccordancewithguidelinessuppliedbytheAuditorGeneralfor theFederation;andthefeesoftheauditorsandtheexpensesoftheauditgenerallyshallbepaidfromthefundsof theCommission. (3)TheCommissionshallcausetobeprepared,notlaterthan30Septemberineachyear,anestimateofthe expenditureandincomeoftheCommissionduringthenextsucceedingyearandwhenpreparedtheyshallbe submittedthroughtheMinistertothePresident. 15.Annualreport

TheCommissionshall,notlaterthan30Juneineachyear,submittothePresidentareportontheactivitiesofthe Commissionduringtheimmediateprecedingyear,andshallincludeinsuchreporttheauditedaccountsofthe Commission. 16.Regulations TheMinistermay,withtheapprovalofthePresident,makeregulationsgenerallyforthepurposeofthisActandin particular,withoutprejudicetothegeneralityoftheforegoingprovisions,makeregulations (a)prescribingtheformsandreturnsandotherinformationrequiredunderthisAct; (b)prescribingtheprocedureforobtaininganyinformationrequiredunderthisAct; (c)requiringreturnstobemadewithintheperiodspecifiedthereinbyanycompanyorenterprisetowhichthisAct applies;and (d)prescribinganyfeespayableunderthisPart,thatis,PartAofthisAct. 17.MeaningofcertainwordsusedinthisPart InthisPartofthisAct "chairman"meansthechairmanoftheCommission;and "member"meansanymemberoftheCommissionincludingthechairman. PARTII Incorporationofcompaniesandincidentalmatters CHAPTER1 FormationofCompany 18.Righttoformacompany AsfromthecommencementofthisAct,anytwoormorepersonsmayformandincorporateacompanyby complyingwiththerequirementsofthisActinrespectofregistrationofsuchcompany. 19.Partnership,etc.,ofmorethan20memberswhenpermitted (1)Nocompany,association,orpartnershipconsistingofmorethan20personsshallbeformedforthepurposeof carryingonanybusinessforprofitorgainbythecompany,association,orpartnership,orbytheindividual membersthereof,unlessitisregisteredasacompanyunderthisAct,orisformedinpursuanceofsomeother enactmentinforceinNigeria. (2)Nothinginthissectionshallapplyto (a)anycooperativesocietyregisteredundertheprovisionsofanyenactmentinforcemNigeria;or (b)anypartnershipforthepurposeofcarryingonpractice

(i)aslegalpractitioners,bypersonseachofwhomisalegalpractitioner;or (ii)asaccountantsbypersonseachofwhomisentitledbylawtopractiseasanaccountant. (3)Ifatanytimethenumberofmembersofacompany,associationorpartnershipexceeds20incontraventionof thissectionanditcarriesonbusinessformorethan14dayswhilethecontraventioncontinues,everypersonwho isamemberofthecompany,associationorpartnershipduringthetimethatitsocarriesonbusinessafterthose 14daysshallbeliabletoafineofN25foreverydayduringwhichthedefaultcontinues. 20.Capacityofindividualtoformcompany (1)Subjecttosubsection(2)ofthissection,anindividualshallnotjoinintheformationofacompanyunderthis Actif (a)heislessthan18yearsofage;or (b)heisofunsoundmindandhasbeensofoundbyacourtinNigeriaorelsewhere;or (c)heisanundischargedbankrupt;or (d)heisdisqualifiedundersection254ofthisActfrombeingadirectorofacompany. (2)Apersonshallnotbedisqualifiedunderparagraph(a)ofsubsection(1)ofthissection,iftwootherpersonsnot disqualifiedunderthatsubsectionhavesubscribedtothememorandum. (3)AcorporatebodyinliquidationshallnotjoinintheformationofacompanyunderthisAct. (4)Subjecttotheprovisionsofanyenactmentregulatingtherightsandcapacityofalienstoundertakeor participateintradeorbusiness,analienoraforeigncompanymayjoininformingacompany. 21.Typesofcompanies (1)Anincorporatedcompanymaybeacompany (a)havingtheliabilityofitsmemberslimitedbythememorandumtotheamount,ifany,unpaidontheshares respectivelyheldbythem(inthisActtermed"acompanylimitedbyshares");or (b)havingtheliabilityofitsmemberslimitedbythememorandumtosuchamountasthemembersmay respectivelytherebyundertaketocontributetotheassetsofthecompanyintheeventofitsbeingwoundup(in thisActtermed"acompanylimitedbyguarantee");or (c)nothavinganylimitontheliabilityofitsmembers(inthisActtermed"anunlimitedcompany"). (2)Acompanyofanyoftheforegoingtypesmayeitherbeaprivatecompanyorapubliccompany. 22.Privatecompany (1)Aprivatecompanyisonewhichisstatedinitsmemorandumtobeaprivatecompany. (2)Everyprivatecompanyshallbyitsarticlesrestrictthetransferofitsshares.

(3)Thetotalnumberofmembersofaprivatecompanyshallnotexceed50,notincludingpersonswhoarebona fideintheemploymentofthecompany,orwerewhileinthatemploymentandhavecontinuedafterthe determinationofthatemploymenttobe,membersofthecompany. (4)Wheretwoormorepersonsholdoneormoresharesinacompanyjointly,theyshallforthepurposeof subsection(3)ofthissectionbetreatedasasinglemember. (5)Aprivatecompanyshallnot,unlessauthorisedbylaw,invitethepublicto (a)subscribeforanysharesordebenturesofthecompany;or (b)depositmoneyforfixedperiodsorpayableatcall,whetherornotbearinginterest. 23.Consequencesofdefaultincomplyingwithconditionsconstitutingaprivatecompany (1)Subjecttosubsection(2)ofthissection,wheredefaultismadeincomplyingwithanyoftheprovisionsof section22ofthisActinrespectofaprivatecompany,thecompanyshallceasetobeentitledtotheprivilegesand exemptionsconferredonprivatecompaniesbyorunderthisActandthisActshallapplytothecompanyasifit werenotaprivatecompany. (2)Ifacourt,ontheapplicationofthecompanyoranyotherpersoninterested,issatisfiedthatthefailureto complywiththeprovisionsofsection22ofthisActwasaccidentalorduetoinadvertenceortosomeother sufficientcause,orthatonothergroundsitisjustandequitabletograntrelief,thecourtmay,onsuchtermsand conditionsasmayseemtoittobejustandexpedient,orderthatthecompanyberelievedfromtheconsequences mentionedinsubsection(1)ofthissection. 24.Publiccompany Anycompanyotherthanaprivatecompanyshallbeapubliccompanyanditsmemorandumshallstatethatitisa publiccompany. 25.Unlimitedcompanytohavesharecapital AsfromthecommencementofthisAct,anunlimitedcompanyshallberegisteredwithasharecapital;andwhere anexistingunlimitedcompanyisnotregisteredwithasharecapital,itshall,notlaterthantheappointedday,alter itsmemorandumsothatitbecomesanunlimitedcompanyhavingasharecapitalnotbelowtheminimumshare capitalpermittedundersection99ofthisAct. 26.Companylimitedbyguarantee (1)Whereacompanyistobeformedforpromotingcommerce,art,science,religion,sports,culture,education, research,charityorothersimilarobjects,andtheincomeandpropertyofthecompanyaretobeappliedsolely towardsthepromotionofitsobjectsandnoportionthereofistobepaidortransferreddirectlyorindirectlytothe membersofthecompanyexceptaspermittedbythisAct,thecompanyshallnotberegisteredasacompany limitedbyshares,butmayberegisteredasacompanylimitedbyguarantee. (2)AsfromthecommencementofthisAct,acompanylimitedbyguaranteeshallnotberegisteredwithashare capitalandeveryexistingcompanylimitedbyguaranteeandhavingasharecapitalshall,notlaterthanthe appointedday,alteritsmemorandumsothatitbecomesacompanylimitedbyguaranteeandnothavingashare capital.

(3)Inthecaseofacompanylimitedbyguarantee,everyprovisioninthememorandumorarticlesorinany resolutionofthecompanypurportingtogiveanypersonarighttoparticipateinthedivisibleprofitsofthe companyotherwisethanasamemberorpurportingtodividethecompany'sundertakingintosharesorinterests shallbevoid. (4)Acompanylimitedbyguaranteeshallnotbeincorporatedwiththeobjectofcarryingonbusinessforthe purposeofmakingprofitsfordistributiontomembers. (5)Thememorandumofacompanylimitedbyguaranteeshallnotberegisteredwithouttheauthorityofthe AttorneyGeneraloftheFederation. [1990No.32.] (6)Ifanycompanylimitedbyguaranteecarriesonbusinessforthepurposeofdistributingprofits,allofficersand membersthereofwhoarecognisantofthefactthatitissocarryingonbusinessshallbejointlyandseverallyliable forthepaymentanddischargeofallthedebtsandliabilitiesofthecompanyincurredincarryingonsuchbusiness, andthecompanyandeverysuchofficerandmembershallbeliabletoafinenotexceedingN100foreveryday duringwhichitcarriesonsuchbusiness. (7)Thetotalliabilityofthemembersofacompanylimitedbyguaranteetocontributetotheassetsofthe companyintheeventofitsbeingwoundupshallnotatanytimebelessthanN10,000. (8)Subjecttocompliancewithsubsection(6)ofthissection,thearticlesofassociationofacompanylimitedby guaranteemayprovidethatmemberscanretireorbeexcludedfrommembershipofthecompany. (9)If,inbreachofsubsection(6)ofthissection,thetotalliabilityofthemembersofanycompanylimitedby guaranteeshallatanytimebelessthanN10,000,everydirectorandmemberofthecompanywhoiscognisantof thebreachshallbeliabletoafineofN50foreverydayduringwhichthedefaultcontinues. (10)If,uponthewindingupofacompanylimitedbyguarantee,thereremainsafterthedischargeofallitsdebts andliabilitiesanypropertyofthecompany,thesameshallnotbedistributedamongthemembersbutshallbe transferredtosomeothercompanylimitedbyguaranteehavingobjectssimilartotheobjectsofthecompanyor appliedtosomecharitableobjectandsuchothercompanyorcharityshallbedeterminedbythememberspriorto thedissolutionofthecompany. Memorandumofassociation 27.Requirementswithrespecttothememorandumofacompany (1)Thememorandumofeverycompanyshallstate (a) (b) (c) (d) thenameofthecompany; thattheregisteredofficeofthecompanyshallbesituatedinNigeria; thenatureofthebusinessorbusinesseswhichthecompanyisauthorisedtocarryon,or,ifthe companyisnotformedforthepurposeofcarryingonbusiness,thenatureoftheobjectorobjectsfor whichitisestablished; therestriction,ifany,onthepowersofthecompany;

(e) (f)

thatthecompanyisaprivateorpubliccompany,asthecasemaybe; thattheliabilityofitsmembersislimitedbysharesorbyguaranteeorisunlimited,asthecasemay be.

(2)Ifthecompanyhasasharecapital (a) thememorandumshallalsostatetheamountofauthorisedsharecapital,notbeinglessthan N10,000 inthecaseofaprivatecompanyandN500,000inthecaseofapubliccompany,withwhich thecompany proposedtoberegistered,andthedivisionthereofintosharesofafixedamount; (b) (c) thesubscribersofthememorandumshalltakeamongthematotalnumberofsharesofavalueofnot lessthan25percentoftheauthorisedsharecapital;and eachsubscribershallwriteoppositetohisnamethenumberofshareshetakes.

(3)Asubscriberofthememorandumwhoholdsthewholeoranypartofthesharessubscribedbyhimintrustfor anyotherpersonshalldiscloseinthememorandumthatfactandthenameofthebeneficiary. (4)Thememorandumofacompanylimitedbyguaranteeshallalsostatethat (a)theincomeandpropertyofthecompanyshallbeappliedsolelytowardsthepromotionofitsobjects,andthat noportionthereofshallbepaidortransferreddirectlyorindirectlytothemembersofthecompanyexceptas permittedbyorunderthisAct;and (b)eachmemberundertakestocontributetotheassetsofthecompanyintheeventofitsbeingwoundupwhile heisamemberorwithinoneyearafterheceasestobeamemberforpaymentofdebtsandliabilitiesofthe company,andofthecostsofwindingup,suchamountasmayberequirednotexceedingaspecifiedamountand thetotalofwhichshallnotbelessthanNl0.000, (5)Thememorandumshallbesignedbyeachsubscriberinthepresenceofatleastonewitnesswhoshallattest thesignature. (6)Thememorandumshallbestampedasadeed. 28.Formofmemorandum Subjecttotheprovisionsofsection27ofthisAct,theformofamemorandumofassociationof (a) (b) (c) acompanylimitedbyshares; acompanylimitedbyguarantee;and anunlimitedcompany,

shallbeasspecifiedinTablesB,CandDrespectivelyintheFirstScheduletothisAct,orasnearthatformas circumstancesadmit. [FirstSchedule.TablesB,CandD.] Nameofcompany

29.Nameasstatedinthememorandum (1)Thenameofaprivatecompanylimitedbysharesshallendwiththeword"Limited". (2)Thenameofapubliccompanylimitedbysharesshallendwiththewords"PublicLimitedCompany". (3)Thenameofacompanylimitedbyguaranteeshallendwiththewords"(LimitedbyGuarantee)"inbrackets. (4)Thenameofanunlimitedcompanyshallendwiththeword"Unlimited". (5)Acompanymayusetheabbreviations"Ltd","PLC""(Ltd/Gte)"and"Ultd"forthewords"Limited","Public LimitedCompany","(LimitedbyGuarantee)"and"Unlimited"respectivelyinthenameofthecompany. 30.Prohibitedandrestrictednames (1)NocompanyshallberegisteredunderthisActbyanamewhich (a)isidenticalwiththatbywhichacompanyinexistenceisalreadyregistered,orsonearlyresemblesthatnameas tobecalculatedtodeceive,exceptwherethecompanyinexistenceisinthecourseofbeingdissolvedandsignifies itsconsentinsuchmannerastheCommissionrequires;or (b)containsthewords"ChamberofCommerce"unlessitisacompanylimitedbyguarantee;or (c)intheopinionoftheCommissioniscapableofmisleadingastothenatureorextentofitsactivitiesoris undesirable,offensiveorotherwisecontrarytopublicpolicy;or (d)intheopinionoftheCommissionwouldviolateanyexistingtrademarkorbusinessnameregisteredinNigeria unlesstheconsentoftheownerofthetrademarkorbusinessnamehasbeenobtained. (2)ExceptwiththeconsentoftheCommission,nocompanyshallberegisteredbyanamewhich (a)includestheword"Federal","National","Regional","State","Government",oranyotherwordwhichinthe opinionoftheCommissionsuggestsoriscalculatedtosuggestthatitenjoysthepatronageoftheGovernmentof theFederationortheGovernmentofaStateinNigeria,asthecasemaybe,oranyMinistryorDepartmentof Government;or (b)containstheword"Municipal"or"Chartered"orintheopinionoftheCommissionsuggests,oriscalculatedto suggest,connectionwithanymunicipalityorotherlocalauthority;or (c)containstheword"Cooperative"orthewords"BuildingSociety";or (d)containstheword"Group"or"Holding". 31.Changeofnameofcompany (1)Ifacompany,throughinadvertenceorotherwise,onitsfirstregistrationoronitsregistrationbyanewname,is registeredunderanameidenticalwiththatbywhichacompanyinexistenceispreviouslyregistered,orsonearly resemblingitastobelikelytodeceive,thefirstmentionedcompanymay,withtheapprovaloftheCommission, changeitsname;andiftheCommissionsodirects,withinsixmonthsofitsbeingregisteredunderthatname,the companyconcernedshallchangeitsnamewithinaperiodofsixweeksfromthedateofthedirectionorsuch longerperiodastheCommissionmayallow.

(2)Ifacompanymakesdefaultincomplyingwithadirectionundersubsection(1)ofthissection,itshallbeliable toafineofN25foreverydayduringwhichthedefaultcontinues. (3)Anycompanymay,byspecialresolutionandwiththeapprovaloftheCommissionsignifiedinwriting,change itsname: Providedthatnosuchapprovalshallberequiredwheretheonlychangeinthenameofacompanyisthe substitutionofthewords"PublicLimitedCompany"fortheword"Limited"orviceversaontheconversionofa privatecompanyintoapubliccompanyorapubliccompanyintoaprivatecompanyinaccordancewiththe provisionsofthisAct. (4)NothinginthisActshallprecludetheCommissionfromrequiringacompanytochangeitsnameifitis discoveredthatsuchanameconflictswithanexistingtrademarkorbusinessnameregisteredinNigeriapriorto theregistrationofthecompanyandtheconsentoftheownerofthetrademarkorbusinessnamewasnot obtained. (5)Whereacompanychangesitsname,theCommissionshallenterthenewnameontheregisterinplaceofthe formername,andissueacertificateofincorporationalteredtomeetthecircumstancesofthecase. (6)Thechangeofnameshallnotaffectanyrightsorobligationsofthecompany,orrenderdefectiveanylegal proceedingsbyoragainstthecompany,andanylegalproceedingsthatcouldhavebeencontinuedorcommenced againstitorbyitinitsformernamemaybecontinuedorcommencedagainstorbyitinitsnewname. (7)AnyalterationmadeinthenameunderthissectionshallbepublishedbytheCommissionintheGazette. (8)AcertificateorpublicationintheGazetteunderthissectionshallbeevidenceofthealterationtowhichit relates. 32.Reservationofname (1)TheCommissionmayonwrittenapplicationandonpaymentoftheprescribedfeereserveanamepending registrationofacompanyorachangeofnamebyacompany. (2)Suchreservationasismentionedinsubsection(1)ofthissectionshallbeforsuchperiodastheCommission shallthinkfitnotexceeding60days,andduringtheperiodofreservationnoothercompanyshallberegistered underthereservednameorunderanyothernamewhichintheopinionoftheCommissionbearstooclosea resemblancetothereservedname. Articlesofassociation 33.Articlesforregulatingcompanies Thereshallberegistered,withthememorandumofassociation,articlesofassociationsignedbythesubscribersto thememorandumofassociation,andprescribingregulationsforthecompany. 34.Formandcontentsofarticles (1)Theformandcontentsofthearticlesofassociationofapubliccompanyhavingasharecapital,aprivate companyhavingasharecapital,acompanylimitedbyguaranteeandanunlimitedcompanyshallbeasinPartsI,II,

IIIandIVrespectively,ofTableAintheFirstScheduletothisActwithsuchadditions,omissionsoralterationsas mayberequiredinthecircumstances. [FirstSchedule.PartsI,II,IIIandIV.TableA.] (2)Inthecaseofacompanylimitedbyguarantee,thearticlesofassociationshallstatethenumberofmembers withwhichthecompanyproposestoberegisteredforthepurposeofenablingtheCommissiontodeterminethe feespayableonregistration. (3)Thearticlesofassociationshall (a)beprinted; (b)bedividedintoparagraphsnumberedconsecutively;and (c)besignedbyeachsubscriberofthememorandumofassociationinthepresenceofatleastonewitnesswho shallattestthesignature. (4)Thearticlesshallbearthesamestampdutyasiftheywerecontainedinadeed. Registrationofcompanies 35.Documentsofincorporation (1)AsfromthecommencementofthisAct,acompanyshallbeformedinthemannersetoutinthissection. (2)ThereshallbedeliveredtotheCommission (a)thememorandumofassociationandarticlesofassociationcomplyingwiththeprovisionsofthisPartofthis Act; (b)thenoticeoftheaddressoftheregisteredofficeofthecompanyandtheheadofficeifdifferentfromthe registeredoffice: ProvidedthatapostalboxaddressoraprivatebagaddressshallnotbeacceptedbytheCommissionasthe registeredoffice; (c)astatementintheprescribedformcontainingthelistandparticularstogetherwiththeconsentofthepersons whoaretobethefirstdirectorsofthecompany; (d)astatementoftheauthorisedsharecapitalsignedbyatleastonedirector;and (e)anyotherdocumentrequiredbytheCommissiontosatisfytherequirementsofanylawrelatingtothe formationofacompany. (3)AstatutorydeclarationintheprescribedformbyalegalpractitionerthatthoserequirementsofthisActforthe registrationofacompanyhavebeencompliedwithshallbeproducedtotheCommission,anditmayacceptsucha declarationassufficientevidenceofcompliance: ProvidedthatwheretheCommissionrefusesadeclaration,itshallwithin30daysofthedateofreceiptofthe declarationsendtothedeclarantanoticeofitsrefusalgivingthegroundsofsuchrefusal.

36.Registration (1)TheCommissionshallregisterthememorandumandarticlesunlessinitsopinion (a)theydonotcomplywiththeprovisionsofthisAct;or (b)thebusinesswhichthecompanyistocarryon,ortheobjectsforwhichitisformed,oranyofthem,areillegal; or (c)anyofthesubscriberstothememorandumisincompetentordisqualifiedinaccordancewithsection20ofthis Act;or (d)thereisnoncompliancewiththerequirementofanyotherlawastoregistrationandincorporationofa company;or (e)theproposednameconflictswithorislikelytoconflictwithanexistingtrademarkorbusinessnameregistered inNigeria. (2)AnypersonaggrievedbythedecisionoftheCommissionundersubsection(1)ofthissection,maygivenoticeto theCommissionrequiringittoapplytothecourtfordirectionsandtheCommissionshallwithin21daysofthe receiptofsuchnoticeapplytothecourtforthedirections. (3)TheCommissionmay,inordertosatisfyitselfasprovidedinsubsection(1)(c)ofthissection,byinstrumentin writingrequireapersonsubscribingtothememorandumtomakeandlodgewiththeCommission,astatutory declarationtotheeffectthatheisnotdisqualifiedundersection20ofthisActfromjoininginformingacompany. (4)StepstobetakenunderthisActtoincorporateacompanyshallnotincludeanyinvitationtosubscribefor sharesorotherwisehowsoeveronthebasisofaprospectus. (5)Uponregistrationofthememorandumandarticles,theCommissionshallcertifyunderitsseal (a)thatthecompanyisincorporated; (b)inthecaseofalimitedcompany,thattheliabilityofthemembersislimitedbysharesorbyguarantee;or (c)inthecaseofanunlimitedcompany,thattheliabilityofthemembersisunlimited;and (d)thatthecompanyisaprivateorpubliccompany,asthecasemaybe. (6)ThecertificateofincorporationshallbeprimafacieevidencethatalltherequirementsofthisActinrespectof registrationandofmattersprecedentandincidentaltoithavebeencompliedwithandthattheAssociationisa companyauthorisedtoberegisteredanddulyregisteredunderthisAct. 37.Effectofregistration Asfromthedateofincorporationmentionedinthecertificateofincorporation,thesubscriberofthe memorandumtogetherwithsuchotherpersonsasmay,fromtimetotime,becomemembersofthecompany, shallbeabodycorporatebythenamecontainedinthememorandum,capableforthwithofexercisingallthe powersandfunctionsofanincorporatedcompanyincludingthepowertoholdland,andhavingperpetual successionandacommonseal,butwithsuchliabilityonthepartofthememberstocontributetotheassetsofthe companyintheeventofitsbeingwoundupasismentionedinthisAct.

Capacityandpowersofcompanies 38.Powersofcompanies (1)Excepttotheextentthatthecompany'smemorandumoranyenactmentotherwiseprovides,everycompany shall,forthefurtheranceofitsauthorisedbusinessorobjects,haveallthepowersofanaturalpersonoffull capacity. (2)Acompanyshallnothaveorexercisepowereitherdirectlyorindirectlytomakeadonationorgiftofanyofits propertyorfundstoapoliticalpartyorpoliticalassociation,orforanypoliticalpurpose;andifanycompany,in breachofthissubsectionmakesanydonationorgiftofitspropertytoapoliticalpartyorpoliticalassociation,or foranypoliticalpurpose,theofficersindefaultandanymemberwhovotedforthebreachshallbejointlyand severallyliabletorefundtothecompanythesumorvalueofthedonationorgiftandinaddition,thecompanyand everysuchofficerormembershallbeguiltyofanoffenceandliabletoafineequaltotheamountorvalueofthe donationorgift. 39.Effectofultraviresacts (1)Acompanyshallnotcarryonanybusinessnotauthorisedbyitsmemorandumandshallnotexceedthepowers conferreduponitbyitsmemorandumorthisAct. (2)Abreachofsubsection(1)ofthissection,maybeassertedinanyproceedingsundersections300to313ofthis Actorundersubsection(4)ofthissection. (3)Notwithstandingtheprovisionsofsubsection(1)ofthissection,noactofacompanyandnoconveyanceor transferofpropertytoorbyacompanyshallbeinvalidbyreasonofthefactthatsuchact,conveyanceortransfer wasnotdoneormadeforthefurtheranceofanyoftheauthorisedbusinessofthecompanyorthatthecompany wasotherwiseexceedingitsobjectsorpowers. (4)Ontheapplicationof (a)anymemberofthecompany;or (b)theholderofanydebenturesecuredbyafloatingchargeoveralloranyofthecompany'spropertyorbythe trusteeoftheholdersofanysuchdebentures, thecourtmayprohibit,byinjunction,thedoingofanyactortheconveyanceortransferofanypropertyinbreach ofsubsection(1)ofthissection. (5)Ifthetransactionssoughttobeprohibitedinanyproceedingundersubsection(4)ofthissectionarebeing,or aretobeperformedormadepursuanttoanycontracttowhichthecompanyisaparty,thecourtmay,ifitdeems thesametobeequitableandifallthepartiestothecontractarepartiestotheproceedings,setasideandprohibit theperformanceofsuchcontract,andmayallowtothecompanyortotheotherpartiestothecontract compensationforanylossordamagesustainedbythembyreasonofthesettingasideorprohibitionofthe performanceofsuchcontractbutnocompensationshallbeallowedforlossofanticipatedprofitstobederived fromtheperformanceofsuchcontract. 40.Effectofrelianceonrestrictionsinthememorandum

(1)Wherethereisprovisioninthememorandumofassociationofacompanyrestrictingthepowersandcapacity ofthecompanytocarryonitsauthorisedbusinessorobject,therestrictionmaybereliedonandhaveeffectonly forthepurposeof (a)proceedingsagainstthecompanybyadirectorormemberofthecompany,orwherethecompanyhasissued debenturessecuredbyafloatingchargeoveralloranyofthecompany'sproperty,bytheholderofanyofthe debenturesorthetrusteefortheholdersofthedebentures;or (b)proceedingsbythecompanyoramemberofthecompanyagainstthepresentorformerofficersofthe companyforfailuretoobserveanysuchrestriction;or (c)proceedingsbytheCommissionoramemberofthecompanytowindupthecompany;or (d)proceedingsforthepurposeofrestrainingthecompanyorotherpersonfromactinginbreachofthe memorandumordirectingthecompanyorsuchpersontocomplywiththesame. (2)Apersonmaynotinproceedingsreferredtoinsubsection(1)(a),(b)or(c),ofthissection,relyonarestriction ofthepowerorcapacityofthecompanycontainedinthememoranduminanycasewherehevotedinfavourof, orotherwiseexpresslyorbyconductagreedtothedoingofanactbythecompanyortheconveyancebyortothe companyofpropertywhich,itisallegedintheproceedings,wasorwouldbecontrarytosucharestriction. Effectofmemorandumandarticles 41.Effectofmemorandumandarticles (1)SubjecttotheprovisionsofthisAct,thememorandumandarticles,whenregistered,shallhavetheeffectofa contractundersealbetweenthecompanyanditsmembersandofficersandbetweenthemembersandofficers themselveswherebytheyagreetoobserveandperformtheprovisionsofthememorandumandarticles,as alteredfromtimetotimeinsofarastheyrelatetothecompany,members,orofficersassuch. (2)Allmoneypayablebyanymembertothecompanyunderthememorandumorarticlesshallbeadebtduefrom himtothecompanyandshallbeofthenatureofaspecialitydebt. (3)Wherethememorandumorarticlesempoweranypersontoappointorremoveanydirectororotherofficerof thecompany,suchpowershallbeenforceablebythatpersonnotwithstandingthatheisnotamemberorofficer ofthecompany. (4)Inanyactionbyanymemberorofficertoenforceanyobligationowedunderthememorandumorarticlesto himandanyothermemberorofficer,suchmemberorofficermay,ifanyothermemberorofficerisaffectedby theallegedbreachofsuchobligation,withhisconsent,sueinarepresentativecapacityonbehalfofhimselfandall othermembersorofficerswhomaybeaffectedotherthananywhoaredefendantsandtheprovisionsofPartXI ofthisActshallapply. Member'srighttocopyofmemorandumandarticles 42.Member'srighttocopiesofmemorandum,etc. (1)Acompanyshall,onbeingsorequiredbyanymember,sendtohimacopyofthememorandumandofthe articles,ifany,andacopyofanyenactmentwhichaltersthememorandum,subjecttopayment,inthecaseofa copyofthememorandumandofthearticles,ofN20orsuchlesssumasthecompanymayprescribeandinthe

caseofacopyofanenactmentofsuchsumnotexceedingthepublishedpricethereofasthecompanymay require. (2)Ifacompanymakesdefaultincomplyingwiththissection,thecompanyandeveryofficerofthecompanywho isindefaultshallbeliableforeachoffencetoafinenotexceedingN25. 43.Copiesofmemorandumissuedtoembodyalterations (1)Whereanalterationismadeinthememorandumofacompanyeverycopyofthememorandumissuedafter thedateofthealterationshallbeinaccordancewiththealteration. (2)If,whereanysuchalterationhasbeenmade,thecompanyatanytimeafterthedateofthealterationissues anycopiesofthememorandumwhicharenotinaccordancewiththealteration,itshallbeliabletoafinenot exceedingN25foreachcopysoissued,andeveryofficerofthecompanywhoisindefaultshallbeliabletothelike penalty. Alterationofmemorandumandarticles 44.Restrictiononalterationofmemorandum (1)Acompanymaynotaltertheconditionscontainedinitsmemorandumexceptinthecasesandinthemanner andtotheextentforwhichexpressprovisionismadeinthisAct. (2)Onlythoseprovisionswhicharerequiredbysection27ofthisActorbyanyotherspecificprovisioncontained inthisAct,tobestatedinthememorandumofthecompanyconcerned,shallbedeemedtobeconditions containedinitsmemorandum. 45.Alterationofmemorandum (1)ThenameofthecompanyshallnotbealteredexceptwiththeconsentoftheCommissioninaccordancewith section31ofthisAct. (2)Thebusinesswhichthecompanyisauthorisedtocarryonor,ifthecompanyisnotformedforthepurposeof carryingonbusiness,theobjectsforwhichitisestablished,maybealteredoraddedtoinaccordancewiththe provisionsofsection46orofPartXVofthisAct. (3)Anyrestrictiononthepowersofthecompanymaybealteredinthesamewayasthebusinessorobjectofthe company. (4)Thesharecapitalofthecompanymaybealteredinaccordancewiththeprovisionsofsections100to111of thisAct,butnototherwise. (5)Subjecttosection49ofthisAct,anyotherprovisionofthememorandummaybealteredinaccordancewith section46ofthisAct,orasotherwiseprovidedinthisAct. 46.Modeofalterationofbusinessorobjects (1)Acompanymay,atameetingofwhichnoticeinwritinghasbeendulygiventoallmembers(whetherornot otherwiseentitledthereto),byspecialresolutionaltertheprovisionsofitsmemorandumwithrespecttothe businessorobjectsofthecompany:

Providedthatifanapplicationismadetothecourtinaccordancewiththissectionforthealterationtobe cancelled,itshallnothaveeffectexceptinsofarasitisconfirmedbythecourt. (2)Anapplicationunderthissectionmaybemadetothecourt (a)bytheholdersofnotlessintheaggregatethan15percentinnominalvalueofthecompany'sissuedshare capitaloranyclassthereofor,ifthecompanyisnotlimitedbyshares,notlessthan15percentofthecompany's members;or (b)bytheholdersofnotlessthan15percentofthecompany'sdebenturesentitlingtheholderstoobjectto alterationsofitsobjects: Providedthatanysuchapplicationshallnotbemadebyanypersonwhohasconsentedtoorvotedinfavourofthe alteration. (3)Anapplicationunderthissectionshallbemadenotlaterthan28daysafterthedateonwhichtheresolution alteringthecompany'sbusinessorobjectswaspassed,andmaybemadeonbehalfofthepersonsentitledto maketheapplicationbysuchoneormoreoftheirnumberastheymayappointinwritingforthepurpose. (4)Onanapplicationunderthissection,thecourtmaymakeanorderconfirmingthealterationeitherwhollyorin partandonsuchtermsandconditionsasitthinksfit,andmayadjourntheproceedingsinorderthatan arrangementmaybemadetothesatisfactionofthecourtforthepurchaseoftheinterestofdissentingmembers, andthecourtmaygivesuchdirectionsandmakesuchordersasitthinksexpedientforfacilitatingorcarryinginto effectanysucharrangement: Providedthatnopartofthecapitalofthecompanyshallbeexpendedinanypurchase. (5)Thedebenturesentitlingtheholderstoobjecttoalterationsofacompany'sbusinessorobjectsshallbeany debenturessecuredbyafloatingcharge. (6)Thespecialresolutionalteringacompany'sbusinessorobjectsshallrequirethesamenoticetotheholdersof anysuchdebenturesastomembersofthecompany;andindefaultofanyprovisionsregulatingthegivingof noticetoanysuchdebentureholders,theprovisionsofthecompany'sarticlesregulatingthegivingofnoticeto membersshallapply. (7)Whereacompanypassesaresolutionalteringitsbusinessorobjectsand (a)applicationisthereaftermadetothecourtforitsconfirmationunderthissection,thecompanyshallforthwith givenoticetotheCommissionofthemakingoftheapplication,andthereafterthereshallbedeliveredtothe Commissionwithin15daysfromthedateofitsmaking (i)acertifiedtruecopyoftheorderinthecaseofrefusaltoconfirmtheresolution;and (ii)acertifiedtruecopyoftheorderinthecaseofconfirmationoftheresolutiontogetherwithaprinted copyofthememorandumastherebyaltered; (b)noapplicationismadewithrespecttheretotoacourtunderthissection,thecompanyshallwithin15days fromtheendoftheperiodformakingsuchanapplicationdelivertotheCommissionacopyoftheresolutionas passed.

(8)IftheCommission (a)issatisfied,aprintedcopyofthememorandumasalteredbytheresolutionshallforthwiththereafterbe deliveredtoit; (b)isnotsatisfied,itshallgivenoticeinwritingtothecompanyofitsdecisionandanappealfromitsdecisionshall thereafterlietothecourtatthesuitofanypersonaggrieved,ifmadewithin21daysfromthedateofthereceipt bythecompanyofthenoticeoftherejection,orwithinsuchextendedtimeasthecourtmayallow. (9)ThecourtmayatanytimeextendthetimeforthedeliveryofdocumentstotheCommissionunderparagraph (a)ofsubsection(7)ofthissectionforsuchperiodasthecourtmaythinkproper. (10)IfacompanymakesdefaultingivingnoticeordeliveringanydocumenttotheCommissionasrequiredby subsection(6)ofthissection,thecompanyandeveryofficerofthecompanywhoisindefaultshallbeliabletoa fineofN50. (11)Thevalidityofanalterationoftheprovisionofacompany'smemorandumwithrespecttothebusinessor objectsofthecompanyshallnotbequestionedonthegroundthatitwasnotauthorisedbysubsection(1)ofthis sectionexceptinproceedingstakenforthepurpose(whetherunderthissectionorotherwise)beforethe expirationof21daysafterthedateoftheresolutioninthatbehalf;andwhereanysuchproceedingsaretaken otherwisethanunderthissection,subsections(6),(7),(8)and(9)ofthissectionshallapplyinrelationtheretoasif theyhadbeentakenunderthissection,andasifanyorderdeclaringthealterationinvalidwereanordercancelling itandasifanyorderdismissingtheproceedingswereanorderconfirmingthealteration. (12)Inthissection"member"includesanypersonfinanciallyinterestedinthecompany. 47.Powertoalterprovisionsinthememorandumincertaincases (1)Subjecttotheprovisionsofsection44ofthisActandofthissectionandofanypartofPartAofthisAct(which preservestherightsofminoritiesincertaincases)anyprovisioninacompany'smemorandum,whichmight lawfullyhavebeeninarticlesofassociationinsteadofinthememorandum,maybealteredbythecompanyby specialresolution;butifanapplicationismadetothecourtforthealterationtobecancelled,thealterationshall nothaveeffectexceptinsofarasitisconfirmedbythecourt. (2)Thissectionshallnotapplywherethememorandumitselfprovidesfororprohibitsthealterationofallorany ofthesaidprovisions,andshallnotauthoriseanyvariationorabrogationofthespecialrightsofanyclassof members. (3)Subsections(2),(3),(4),(7),(8)and(9)ofsection46ofthisAct(whichrelatetomodeofalterationofbusiness orobjects)exceptparagraph(b)ofsubsection(2)thereof,shallapplyinrelationtoanyalterationandtoany applicationmadeunderthissectionastheyapplyinrelationtoalterationsandtoapplicationsmadeunderthat section. (4)Thissectionshallapplytoacompany'smemorandum,whetherregisteredbeforeorafterthecommencement ofthisAct. 48.Alterationofarticles (1)SubjecttotheprovisionsofthisActandtotheconditionsorotherprovisionscontainedinitsmemorandum,a companymaybyspecialresolutionalteroraddtoitsarticles.

(2)Anyalterationoradditionsomadeinthearticlesshall,subjecttotheprovisionsofthisAct,beasvalidasif originallycontainedthereinandbesubject,inlikemanner,toalterationbyspecialresolution. 49.Limitationofliabilitytocontributetosharecapitalifmemorandum,etc.,altered Savetotheextenttowhichamemberofacompanyagreesinwritingatanytimetobeboundthereby,and anythingtothecontraryinthememorandumorarticlesnotwithstanding,themembershallnotbeboundbyany alterationmadeinthememorandumorarticlesofthecompanyrequiringhimonorafterthedateofthealteration to (a)takeorsubscribeformoresharesthanheheldatthedateonwhichhebecameamember;or (b)increasehisliabilitytocontributetothesharecapitalofthecompany;or (c)paymoneybyanyothermeanstothecompany. CHAPTER2 Conversionandreregistrationofcompanies 50.Reregistrationofprivatecompanyaspublic (1)Subjecttothissection,aprivatecompanyhavingasharecapitalmaybereregisteredasapubliccompanyif (a)aspecialresolutionthatitshouldbesoreregisteredispassed;and (b)anapplicationforreregistrationisdeliveredtotheCommissiontogetherwiththedocumentsprescribedin subsection(3)ofthissection. (2)Thespecialresolutionshall (a)alterthecompany'smemorandumsothatitstatesthatthecompanyistobeapubliccompany;and (b)makesuchotheralterationsinthememorandumasarenecessarytobringitintoconformitywiththe requirementsofthisActwithrespecttothememorandumofapubliccompanyinaccordancewithsection27of thisAct;and (c)makesuchalterationsinthecompany'sarticlesasarerequisiteinthecircumstances. (3)TheapplicationshallbemadetotheCommissionintheprescribedformandbesignedbyatleastonedirector andthesecretaryofthecompany;andthedocumentstobedeliveredwithitarethefollowing (a)aprintedcopyofthememorandumandarticlesasalteredinpursuanceoftheresolution;and (b)acopyofawrittenstatementbythedirectorsandthesecretarycertifiedonoathbythem,andshowingthat thepaidupcapitalofthecompanyasatthedateoftheapplicationisnotlessthan25percentoftheauthorised sharecapitalasatthatdate;and (c)acopyofthebalancesheetofthecompanyasatthedateoftheresolutionorthepreceding6months, whicheverislater;and (d)astatutorydeclarationintheprescribedformbyadirectorandthesecretaryofthecompany

(i)thatthespecialresolutionrequiredunderthissectionhasbeenpassed;and (ii)thatthecompany'snetassetsarenotlessthantheaggregateofthepaidupsharecapitaland undistributablereserves;and (e)acopyofanyprospectusorstatementinlieuofprospectusdeliveredwithinthepreceding12monthstothe SecuritiesandExchangeCommissionestablishedundertheInvestmentsandSecuritiesAct. [Cap.124.] (4)IftheCommissionissatisfiedthatacompanyhascompliedwiththeprovisionsofthissectionandmaybere registeredasapubliccompany,itshall (a)retaintheapplicationandotherdocumentsdeliveredtoitunderthissection; (b)registertheapplicationandotherdocuments;and (c)issuetothecompanyacertificateofincorporation,statingthatthecompanyisapubliccompany. (5)Upontheissuetoacompanyofthecertificateofincorporationunderthissection (a)thecompanyshallbyvirtueoftheissueofthatcertificatebecomeapubliccompany;and (b)anyalterationsinthememorandumandarticlessetoutintheresolutionshalltakeeffectaccordingly. (6)Thecertificateshallbeprimafacieevidencethat (a)therequirementsofthisActinrespectofreregistrationandofmattersprecedentandincidentaltheretohave beencompliedwith;and (b)thecompanyisapubliccompany. (7)Acompanyshallnotbereregisteredunderthissectionifithaspreviouslybeenreregisteredasanunlimited company. 51.Reregistrationofcompanylimitedbysharesasunlimited (1)Subjectasfollows,acompanywhichisregisteredaslimitedbysharesmaybereregisteredasunlimitedin pursuanceofanapplicationinthatbehalfcomplyingwiththerequirementsofthissection. (2)Acompanyshallbeprecludedfromreregisteringunderthissectionifitislimitedbyvirtueofreregistration undersection52ofthisAct. (3)Apubliccompanyoracompanywhichhaspreviouslybeenreregisteredasanunlimitedcompanyshallnotbe registeredunderthissection. (4)Anapplicationunderthissectionshallbeintheprescribedformandsignedbyadirectorandthesecretaryof thecompany,andbelodgedwiththeCommissiontogetherwiththedocumentsspecifiedinsubsection(6)ofthis section.

(5)Theapplicationshallsetoutsuchalterationsinthecompany'smemorandumandarticlesasarerequisiteto bringitintoconformitywiththerequirementsofthisActwithrespecttothememorandumandarticlesofa companytobeformedasanunlimitedcompany. (6)ThedocumentstobelodgedwiththeCommissionareasfollows (a)theprescribedformofassenttothecompanybeingregisteredasunlimited,subscribedbyoronbehalfofall themembersofthecompany; (b)astatutorydeclarationmadebythedirectorsofthecompany (i)thatthepersonsbywhomoronwhosebehalftheformofassentissubscribedconstitutethewhole membershipofthecompany;and (ii)ifanyofthemembershavenotsubscribedthatformthemselves,thatthedirectorshavetakenallreasonable stepstosatisfythemselvesthateachpersonwhosubscribedtoitonbehalfofamemberwaslawfullyempowered todoso;and (c)aprintedcopyofthememorandumandthearticlesincorporatingthealterationssetoutintheapplication. (7)IftheCommissionissatisfiedthatthecompanyberegisteredunderthissectionasanunlimitedcompany,it shallretaintheapplicationandotherdocumentslodgedwithitunderthissectionand (a)registertheapplicationandotherdocuments;and (b)issuetothecompanyacertificateofincorporationappropriatetothestatustobeassumedbyvirtueofthis section. (8)Ontheissueofthecertificate (a)thestatusofthecompany,byvirtueoftheissue,shallbechangedfromlimitedtounlimited;and (b)thealterationsinthememorandumsetoutintheapplicationandanyalterationinthearticlessosetoutshall takeeffectasifdulymadebyresolutionofthecompany;and (c)theprovisionsofthisActshallapplyaccordinglytothememorandumandarticlesasaltered. (9)Thecertificateshallbeprimafacieevidencethattherequirementsofthissectioninrespectofthere registrationandofmattersprecedentandincidentaltoithavebeencompliedwith,andthatthecompanywas authorisedtobereregisteredunderthisActinpursuanceofthissectionandwasdulysoreregistered. 52.Reregistrationofunlimitedaslimitedbyshares (1)Subjectasfollows,acompanywhichisregisteredasunlimitedmaybereregisteredaslimitedbysharesifa specialresolutionthatitshouldbesoregisteredispassed,andtherequirementsofthissectionarecompliedwith inrespectoftheresolutionandotherwise. (2)Acompanyshallnotunderthissectionbereregisteredasapubliccompanyorcompanylimitedbyguarantee; andacompanyshallbeprecludedfromregisteringunderitifitisunlimitedbyvirtueofreregistrationunder section51ofthisAct.

(3)Thespecialresolutionshallstatetheproposedauthorisedsharecapitalandprovideforthemakingofsuch alterationsinthememorandumasarenecessarytobringitintoconformitywiththerequirementsofthisActwith respecttothememorandumofacompanysolimited,andsuchalterationsinthearticlesasarerequisiteinthe circumstances. (4)Anapplicationintheprescribedformforthecompanytobereregisteredaslimitedsignedbyadirectorand thesecretaryofthecompanyshallbelodgedwiththeCommissiontogetherwiththenecessarydocumentsnot earlierthanthedayonwhichtheresolutionwasfiledundersection237ofthisAct. (5)ThedocumentstobelodgedwiththeCommissionshallbeaprintedcopyofthe (a)memorandumasalteredinpursuanceoftheresolution;and (b)articlesassoaltered. (6)IftheCommissionissatisfiedthatthecompanybereregisteredunderthissectionasacompanylimitedby shares,itshallretaintheapplicationandotherdocumentslodgedwithitunderthissectionandregisterthem,and itshallissuetothecompanyacertificateofincorporationappropriatetothestatustobeassumedbythecompany byvirtueofthissection. (7)Ontheissueofthecertificate (a)thestatusofthecompanyshall,byvirtueoftheissue,changefromunlimitedtolimited;and (b)thealterationsinthememorandumspecifiedintheresolutionandthealterationsin,andadditionsto,the articlessospecifiedshalltakeeffectaccordingly. (8)Thecertificateshallbeprimafacieevidencethattherequirementsofthissectioninrespectofreregistration andofmattersprecedentandincidentaltoithavebeencompliedwith,andthatthecompanywasauthorisedto bereregisteredinpursuanceofthissectionandwasdulysoreregistered. (9)Thereregistrationofanunlimitedcompanyasalimitedcompanyshallnotaffecttherightsandliabilitiesofthe companyinrespectofanydebtorobligationincurred,oranycontractenteredinto,by,to,with,oronbehalfof thecompanybeforethereregistration,andthoserightsorliabilitiesmaybeenforcedinthemannerprovidedby PartIIIofthisActasinthecaseofacompanyregisteredpursuanttoPartIIofthisAct. 53.Reregistrationofpubliccompanyasprivate (1)Apubliccompanymaybereregisteredasaprivatecompanyif (a)aspecialresolutioncomplyingwithsubsection(2)ofthissectionthatitshouldbesoreregisteredispassedand hasnotbeencancelledbythecourtunderthissection; (b)anapplicationforthepurposeintheprescribedformandsignedbyadirectorandthesecretaryofthe companyisdeliveredtotheCommissiontogetherwithaprintedcopyofthememorandumandarticlesofthe companyasalteredbytheresolution;and (c)either

(i)theperiodduringwhichanapplicationforthecancellationoftheresolutionunderthissectionmaybemadehas expiredwithoutanysuchapplicationhavingbeenmade;or (ii)wheresuchanapplicationhasbeenmade,theapplicationhasbeenwithdrawnoranorderhasbeenmade confirmingtheresolutionandacopyofthatorderhasbeendeliveredtotheCommission. (2)Thespecialresolutionshallalterthecompany'smemorandumsothatitstatesthatthecompanyisaprivate companyandshallmakesuchotheralterationsinthecompany'smemorandumandarticlesasarerequisiteinthe circumstances. (3)Wherethespecialresolutionispassed,anapplicationmaybemadetothecourtforthecancellationofthe resolution,andsuchapplicationmaybemadeby (a)theholdersofnotlessintheaggregatethanfivepercentinnominalvalueofthecompany'sissuedshare capital,oranyclassthereof;or (b)notlessthanfivepercentofthecompany'smembers;butnotbyapersonwhohasconsentedtoorvotedin favouroftheresolution. (4)Theapplicationshallbemadewithin28daysafterthepassingoftheresolutionandtheapplicantshall forthwithgivenoticeoftheapplicationintheprescribedformtotheCommissionandtothecompany. (5)Onthehearingoftheapplication,thecourtshallmakeanordereithercancellingorconfirmingtheresolution andmaymakeallsuchordersorgivesuchdirectionsasitmaythinkexpedientunderthecircumstances. (6)Thecompanyshall,within15daysfromthemakingofthecourt'sorder,orwithinsuchotherperiodasthe courtmaybyorderdirect,delivertotheCommissionacertifiedtruecopyoftheorder. (7)IfacompanyfailstodelivertotheCommissionacertifiedtruecopyoftheorderasrequiredinsubsection(6)of thissection,thecompanyandanyofficerofitwhoisindefault,shallbeguiltyofanoffenceandliabletoafineof NI00andforcontinuedcontravention,toadailydefaultfineofN25. (8)IftheCommissionissatisfiedthatacompanymaybereregisteredunderthissection,itshall (a)retaintheapplicationandotherdocumentsdeliveredtoitunderthissection; (b)registertheapplicationandotherdocuments;and (c)issuethecompanywithacertificateofincorporationasaprivatecompany. (9)Ontheissueofthecertificate (a)thecompanyshallbecomeaprivatecompany;and (b)thealterationinthememorandumandarticlessetoutintheresolutionshalltakeeffectaccordingly. (10)Thecertificateshallbeprimafacieevidencethat (a)therequirementsofthissectioninrespectofreregistrationandofmattersprecedentandincidentaltoithave beencompliedwith;and

(b)thecompanyisaprivatecompany. CHAPTER3 Foreigncompanies 54.ForeigncompaniesintendingtocarryonbusinessinNigeria (1)Subjecttosections56to59ofthisAct,everyforeigncompanywhichbeforeorafterthecommencementofthis ActwasincorporatedoutsideNigeria,andhavingtheintentionofcarryingonbusinessinNigeria,shalltakeall stepsnecessarytoobtainincorporationasaseparateentityinNigeriaforthatpurpose,butuntilsoincorporated, theforeigncompanyshallnotcarryonbusinessinNigeriaorexerciseanyofthepowersofaregisteredcompany andshallnothaveaplaceofbusinessoranaddressforserviceofdocumentsorprocessesinNigeriaforany purposeotherthanthereceiptofnoticesandotherdocuments,asmatterspreliminarytoincorporationunderthis Act. (2)Anyactofthecompanyincontraventionofsubsection(1)ofthissectionshallbevoid. (3)Nothinginthissectionshallaffectthestatusof (a)anyforeigncompanywhichbeforethecommencementofthisActwasgrantedexemptionfromcompliance withPartXoftheCompaniesAct1968; (b)anyforeigncompaniesexemptedunderanytreatytowhichNigeriaisaparty. 55.Penalties Ifanyforeigncompanyfailstocomplywiththerequirementsofsection54ofthisActinsofarastheymayapplyto thecompany,thecompanyshallbeguiltyofanoffenceandliableonconvictiontoafineofnotlessthanN2,500; andeveryofficeroragentofthecompanywhoknowinglyandwilfullyauthorisesorpermitsthedefaultorfailure tocomplyshall,whetherornotthecompanyisalsoconvictedofanyoffence,beliableonconvictiontoafineof notlessthanN250andwheretheoffenceisacontinuingonetoafurtherfineofN25foreverydayduringwhich thedefaultcontinues. 56.Powertoexemptforeigncompanies (1)AforeigncompanymayapplytothePresidentforexemptionfromtheprovisionsofsection54ofthisActifthat foreigncompanybelongstooneofthefollowingcategories,thatis (a)foreigncompanies(otherthanthosespecifiedinparagraph(d)ofthissubsection)invitedtoNigeriabyorwith theapprovaloftheFederalGovernmenttoexecuteanyspecifiedindividualproject; (b)foreigncompanieswhichareinNigeriafortheexecutionofspecificindividualloanprojectsonbehalfofa donorcountryorinternationalorganisation; (c)foreigngovernmentownedcompaniesengagedsolelyinexportpromotionactivities;and (d)engineeringconsultantsandtechnicalexpertsengagedonanyindividualspecialistprojectundercontractwith anyofthegovernmentsintheFederationoranyoftheiragenciesorwithanyotherbodyorperson,wheresuch contracthasbeenapprovedbytheFederalGovernment.

(2)AnapplicationforexemptionunderthissectionshallbeinwritingaddressedtotheSecretarytothe GovernmentoftheFederationandshallsetout (a)thenameandplaceofbusinessoftheforeigncompanyoutsideNigeria; (b)thenameandplaceofbusinessortheproposednameandplaceofbusinessoftheforeigncompanyinNigeria; (c)thenameandaddressofeachdirector,partnerorotherprincipalofficeroftheforeigncompany; (d)acertifiedcopyofthecharter,statutes,ormemorandumandarticlesofassociationofthecompany,orother instrumentconstitutingordefiningtheconstitutionofthecompanyandiftheinstrumentisnotwritteninthe Englishlanguage,acertifiedtranslationthereof; (e)thenamesandaddressesofsomeoneormorepersonsresidentinNigeriaauthorisedtoacceptonbehalfof theforeigncompanyservicesofprocessandanynoticesrequiredtobeservedonthecompany; (f)thebusinessorproposedbusinessinNigeriaoftheforeigncompanyandthedurationofsuchbusiness; (g)particularsofanyprojectpreviouslycarriedoutbythecompanyasanexemptedforeigncompany;and (h)suchotherparticularsasmayberequiredbytheSecretarytotheFederalGovernment. (3)WherethePresidentuponthereceiptofanapplicationforexemptionisoftheopinionthatthecircumstances aresuchastorenderitexpedientthatsuchanexemptionshouldbegranted,thePresidentmay,subjecttosuch conditionsasitmayprescribe,exempttheforeigncompanyfromtheobligationsimposedbyorunderthisAct. (4)Everyexemptiongrantedinpursuanceofthissectionshallspecifytheperiodor,asthecasemaybe,theproject orseriesofprojects,forwhichitisgrantedandshalllapseattheendofsuchperiodoruponthecompletionof suchprojectorseriesofprojects. (5)ThePresidentmayatanytimerevokeanyexemptiongrantedtoanycompanyifitisoftheopinionthatthe companyhascontravenedanyprovisionofthisActorhasfailedtofulfillanyconditioncontainedintheexemption orderorforanyothergoodorsufficientreason. (6)ThePresidentshallcausetobepublishedintheGazettethenameofanycompany (a)towhichanexemptionhasbeengrantedandtheperiodor,asthecasemaybe,theprojectorseriesofprojects forwhichtheexemptionisgranted; (b)whoseexemptionhasbeenrevokedandtheeffectivedateofsuchrevocation. 57.Annualreport EveryexemptedforeigncompanyshalldelivertotheCommission,everycalendaryear,areportintheform prescribedbytheCommission. 58.Exemptedforeigncompanytohavestatusofunregisteredcompany SubjecttothisActandsaveasmaybestatedintheinstrumentofexemption,aforeigncompanyexempted pursuanttothisActshallhavethestatusofanunregisteredcompanyandaccordingly,theprovisionsofthisAct

applicabletoanunregisteredcompanyshallapplyinrelationtosuchanexemptedcompanyastheyapplyin relationtoanunregisteredcompanyunderthisAct. 59.Penaltiesforfalseinformation (1)Anypersonwhoforthepurposeofobtaininganexemptionorofcomplyingwithanyoftheprovisionsof section56ofthisAct,makesanystatementorpresentsanyinstrumentwhichisfalseinamaterialparticularshall beguiltyofanoffenceunlessheprovesthathehastakenallreasonablestepstoascertainthetruthofthe statementmadeorcontainedintheinstrumentsopresented. (2)AnypersonwhoisguiltyofanoffenceunderthissectionshallbeliableonconvictiontoafineofN5,000or imprisonmentforatermofthreeyears. 60.Applicationofcertainsectionstoforeigncompanies Fortheavoidanceofdoubt,itisherebydeclaredthat (a)saveasprovidedinsections55,56,57and58ofthisAct,nothinginthisActshallbeconstruedasauthorising thedisregardbyanyexemptedforeigncompanyofanyenactmentorruleoflaw;and (b)nothinginthisChaptershallbeconstruedasaffectingtherightsorliabilityofaforeigncompanytosueorbe suedinitsnameorinthenameofitsagent. CHAPTER4 Promoters 61.Personspromotingacompany Anypersonwhoundertakestotakepartinformingacompanywithreferencetoagivenprojectandtosetitgoing andwhotakesthenecessarystepstoaccomplishthatpurpose,orwho,withregardtoaproposedornewly formedcompany,undertakesapartinraisingcapitalforit,shallprimafaciebedeemedapromoterofthe company: Providedthatapersonactinginaprofessionalcapacityforpersonsengagedinprocuringtheformationofthe companyshallnottherebybedeemedtobeapromoter. 62.Dutiesandliabilitiesofapromoter (1)Apromoterstandsinafiduciaryrelationshiptothecompanyandshallobservetheutmostgoodfaithtowards thecompanyinanytransactionwithitoronitsbehalfandshallcompensatethecompanyforanylosssufferedby reasonofhisfailuresotodo. (2)Apromoterwhoacquiredanypropertyorinformationincircumstancesinwhichitwashisdutyasafiduciaryto acquireitonbehalfofthecompanyshallaccounttothecompanyforsuchpropertyandforanyprofitwhichhe mayhavemadefromtheuseofsuchpropertyorinformation. (3)Anytransactionbetweenapromoterandthecompanymayberescindedbythecompanyunless,afterfull disclosureofallmaterialfactsknowntothepromoter,suchtransactionshallhavebeenenteredintoorratifiedon behalfofthecompany

(a)bythecompany'sboardofdirectorsindependentofthepromoter;or (b)byallthemembersofthecompany;or (c)bythecompanyatageneralmeetingatwhichneitherthepromoternortheholdersofanysharesinwhichheis beneficiallyinterestedshallvoteontheresolutiontoenterintoorratifythattransaction. (4)Noperiodoflimitationshallapplytoanyproceedingsbroughtbythecompanytoenforceanyofitsrights underthissectionbutinanysuchproceedingsthecourtmayrelieveapromoterinwholeorinpartandonsuch termsasitthinksfitfromliabilityhereunderifinallthecircumstances,includinglapseoftime,thecourtthinksit equitabletodoso. PARTIII Actsbyoronbehalfofthecompany Exerciseofcompany'spowers 63.Divisionofpowersbetweengeneralmeetingandboardofdirectors (1)Acompanyshallactthroughitsmembersingeneralmeetingoritsboardofdirectorsorthroughofficersor agents,appointedby,orunderauthorityderivedfrom,themembersingeneralmeetingortheboardofdirectors. (2)SubjecttotheprovisionsofthisAct,therespectivepowersofthemembersingeneralmeetingandtheboardof directorsshallbedeterminedbythecompany'sarticles. (3)Exceptasotherwiseprovidedinthecompany'sarticles,thebusinessofthecompanyshallbemanagedbythe boardofdirectorswhomayexerciseallsuchpowersofthecompanyasarenotbythisActorthearticlesrequired tobeexercisedbythemembersingeneralmeeting. (4)Unlessthearticlesshallotherwiseprovide,theboardofdirectors,whenactingwithinthepowersconferred uponthembythisActorthearticles,shallnotbeboundtoobeythedirectionsorinstructionsofthemembersin generalmeeting: Providedthatthedirectorsactedingoodfaithandwithduediligence. (5)Notwithstandingtheprovisionsofsubsection(3)ofthissection,themembersingeneralmeetingmay (a)actinanymatterifthemembersoftheboardofdirectorsaredisqualifiedorareunabletoactbecauseofa deadlockontheboardorotherwise; (b)institutelegalproceedingsinthenameandonbehalfofthecompany,iftheboardofdirectorsrefuseor neglecttodoso; (c)ratifyorconfirmanyactiontakenbytheboardofdirectors;or (d)makerecommendationstotheboardofdirectorsregardingactiontobetakenbytheboard. (6)Noalterationofthearticlesshallinvalidateanyprioractoftheboardofdirectorswhichwouldhavebeenvalid ifthatalterationhadnotbeenmade.

64.Delegationtocommitteesandmanagingdirectors UnlessotherwiseprovidedinthisActorinthearticles,theboardofdirectorsmay (a)exercisetheirpowersthroughcommitteesconsistingofsuchmembersofthebodyastheythinkfit;or (b)fromtimetotime,appointoneormoreoftheirbodytotheofficeofmanagingdirectorandmaydelegateallor anyoftheirpowerstosuchmanagingdirector. Liabilityforactsofthecompany 65.Actsofgeneralmeeting,boardofdirectors,orofmanagingdirectors Anyactofthemembersingeneralmeeting,theboardofdirectors,orofamanagingdirectorwhilecarryingonin theusualwaythebusinessofthecompany,shallbetreatedastheactofthecompanyitselfandthecompanyshall becriminallyandcivillyliablethereforetothesameextentasifitwereanaturalperson: Providedthat (a)thecompanyshallnotincurcivilliabilitytoanypersonifthatpersonhadactualknowledgeatthetimeofthe transactioninquestionthatthegeneralmeeting,boardofdirectors,ormanagingdirector,asthecasemaybe,had nopowertoactinthematterorhadactedinanirregularmannerorif,havingregardtohispositionwithor relationshiptothecompany,heoughttohaveknownoftheabsenceofsuchpoweroroftheirregularity; (b)ifinfactabusinessisbeingcarriedonbythecompany,thecompanyshallnotescapeliabilityforacts undertakeninconnectionwiththatbusinessmerelybecausethebusinessinquestionwasnotamongthebusiness authorisedbythecompany'smemorandum. 66.Actsofofficersoragents (1)Exceptasprovidedinsection65ofthisAct,theactsofanyofficeroragentofacompanyshallnotbedeemed tobeactsofthecompany,unless (a)thecompany,actingthroughitsmembersingeneralmeeting,boardofdirectors,ormanagingdirector,shall haveexpresslyorimpliedlyauthorisedsuchofficeroragenttoactinthematter;or (b)thecompany,actingasmentionedinparagraph(a)ofthissubsection,shallhaverepresentedtheofficeror agentashavingitsauthoritytoactinthematter,inwhicheventthecompanyshallbecivillyliabletoanyperson whohasenteredintothetransactioninrelianceonsuchrepresentationunlesssuchpersonhadactualknowledge thattheofficeroragenthadnoauthorityorunlesshavingregardtohispositionwithorrelationshiptothe company,heoughttohaveknownofsuchabsenceofauthority. (2)Theauthorityofanofficeroragentofthecompanymaybeconferredpriortoanyactionbyhimorby subsequentratification,andknowledgeofsuchactionbytheofficeroragentandacquiescencethereinbyallthe membersofthecompanyorbythedirectorsforthetimebeing,orbythemanagingdirectorforthetimebeing, shallbeequivalenttoratificationbythemembersingeneralmeeting,boardofdirectors,ormanagingdirector,as thecasemaybe. (3)Nothinginthissectionshallderogatefromthevicariousliabilityofthecompanyfortheactsofitsservants whileactingwithinthescopeoftheiremployment.

67.Whenprovisionexempting,etc.,officerfromliabilitytothecompanyisvoid (1)Anyprovision,whethercontainedinthearticlesofthecompanyorinanycontractwithacompanyor otherwise,forexemptinganyofficerofthecompanyoranyperson(whetheranofficerofthecompanyornot) employedbythecompanyasauditorfrom,orindemnifyinghimagainstanyliabilitywhichbyvirtueofanyruleof lawwouldotherwiseattachtohiminrespectofanynegligence,default,orbreachoftrustofwhichhemaybe guiltyinrelationtothecompany,shallbevoid. (2)Notwithstandingtheprovisionsofsubsection(1)ofthissection (a)apersonshallnotbedeprivedofanyexemptionorrighttobeindemnifiedinrespectofanythingdoneor omittedtobedonebyhimwhileanysuchprovisionasmentionedinthatsubsectionwasinforce;and (b)acompanymay,inpursuanceofanysuchprovisionasmentionedinsubsection(1)ofthissection,indemnify anysuchofficerorauditoragainstanyliabilityincurredbyhimindefendinganyproceedings,whethercivilor criminal,inwhichjudgmentisgiveninhisfavourorinwhichheisacquittedorinconnectionwithanyapplication undersection641ofthisActinwhichreliefisgrantedtohimbythecourt. Constructivenoticeofregistereddocuments 68.Abolitionofconstructivenoticeofregistereddocuments Exceptasmentionedinsection197ofthisAct,regardingparticularsintheregisterofparticularsofcharges,a personshallnotbedeemedtohaveknowledgeofthecontentsofthememorandumandarticlesofacompanyor ofanyotherparticulars,documents,orthecontentsofdocumentsmerelybecausesuchparticularsordocuments areregisteredbytheCommissionorreferredtoinanyparticularsordocumentssoregistered,orareavailablefor inspectionatanofficeofthecompany. 69.Presumptionsofregularity Anypersonhavingdealingswithacompanyorwithsomeonederivingtitleunderthecompany,shallbeentitledto makethefollowingassumptionsandthecompanyandthosederivingtitleunderitshallbeestoppedfromdenying theirtruththat (a)thecompany'smemorandumandarticleshavebeendulycompliedwith; (b)everypersondescribedintheparticularsfiledwiththeCommissionpursuanttosections35and292ofthisAct asadirector,managingdirectororsecretaryofthecompany,orrepresentedbythecompany,actingthroughits membersingeneralmeeting,boardofdirectors,ormanagingdirector,asanofficeroragentofthecompany,has beendulyappointedandhasauthoritytoexercisethepowersandperformthedutiescustomarilyexercisedor performedbyadirector,managingdirector,orsecretaryofacompanycarryingonbusinessofthetypecarriedon bythecompanyorcustomarilyexercisedorperformedbyanofficeroragentofthetypeconcerned; (c)thesecretaryofthecompany,andeveryofficeroragentofthecompanyhavingauthoritytoissuedocuments orcertifiedcopiesofdocumentsonbehalfofthecompany,hasauthoritytowarrantthegenuinenessofthe documentsortheaccuracyofthecopiessoissued; (d)adocumenthasbeendulysealedbythecompanyifitbearswhatpurportstobethesealofthecompany attestedbywhatpurportstobethesignaturesoftwopersonswho,inaccordancewithparagraph(b)ofthis section,canbeassumedtobeadirectorandthesecretaryofthecompany:

Providedthat (i)apersonshallnotbeentitledtomakesuchassumptionsasaforesaid,ifhehadactualknowledgetothe contraryorif,havingregardtohispositionwithorrelationshiptothecompany,heoughttohaveknown thecontrary; (ii)apersonshallnotbeentitledtoassumethatanyoneormoreofthedirectorsofthecompanyhave beenappointedtoactasacommitteeoftheboardofdirectorsorthatanofficeroragentofthecompany hasthecompany'sauthoritymerelybecausethecompany'sarticlesprovidedthatauthoritytoactinthe mattermaybedelegatedtoacommitteeortoanofficeroragent. 70.Liabilityofcompanynotaffectedbyfraudorforgeryofofficer Where,inaccordancewithsections65to69ofthisAct,acompanywouldbeliabletoathirdpartyfortheactsof anyofficeroragent,thecompanyshall,exceptwherethereiscollusionbetweentheofficeroragentandthethird party,beliablenotwithstandingthattheofficeroragenthasactedfraudulentlyorforgedadocumentpurporting tobesealedbyorsignedonbehalfofthecompany. Company'scontracts 71.Formofcontract (1)Contractsonbehalfofacompanymaybemade,variedordischargedasfollows (a)anycontractwhichifmadebetweenindividualswouldbebylawrequiredtobeinwritingunderseal,orwhich wouldbevaried,ordischargedonlybywritingunderseal,maybemade,variedordischarged,asthecasemaybe, inwritingunderthecommonsealofthecompany; (b)anycontractwhichifmadebetweenindividualswouldbebylawrequiredtobeinwriting,signedbytheparties tobechargedtherewith,orwhichcouldbevariedordischargedonlybywritingorwrittenevidencesignedbythe partiestobecharged,maybemade,variedordischarged,asthecasemaybe,inwritingsignedinthenameoron behalfofthecompany;and (c)anycontractwhichifmadebetweenindividualswouldbevalidalthoughmadebyparolonlyandnotreduced intowritingorwhichcouldbevariedordischargedbyparol,maybemadevariedordischarged,asthecasemay be,byparolonbehalfofthecompany. (2)Acontractmadeaccordingtothissectionshallbeeffectualinlaw,andshallbindthecompanyandits successorsandallotherpartiesthereto,theirheirs,executors,oradministrators,asthecasemaybe;andmaybe variedordischargedinthesamemannerinwhichitisauthorisedbythissectiontobemade. 72.Preincorporationcontracts (1)Anycontractorothertransactionpurportingtobeenteredintobythecompanyorbyanypersononbehalfof thecompanypriortoitsformationmayberatifiedbythecompanyafteritsformationandthereuponthecompany shallbecomeboundbyandentitledtothebenefitthereofasifithasbeeninexistenceatthedateofsuchcontract orothertransactionandhadbeenapartythereto.

(2)Priortoratificationbythecompany,thepersonwhopurportedtoactinthenameoforonbehalfofthe companyshall,intheabsenceofexpressagreementtothecontrary,bepersonallyboundbythecontractorother transactionandentitledtothebenefitthereof. 73.Billsofexchangeandpromissorynote. (1)Abillofexchangeorpromissorynoteshallbedeemedtohavebeenmade,accepted,orendorsedonbehalfofa companyifmade,orexpressedtobemade,accepted,orendorsedinthenameofthecompany,orifexpressedto bemade,acceptedorendorsedonbehalforonaccountofthecompanybyapersonactingunderitsauthority. (2)Thecompanyanditssuccessorsshallbeboundtherebyifthecompanyis,inaccordancewithsections65to67 ofthisAct,liablefortheactsofthosewhomade,acceptedorendorseditinitsnameoronitsbehalforaccount, andasignaturebyadirectororthesecretaryonbehalfofthecompanyshallnotbedeemedtobeasignatureby procurationforthepurposesofsection25oftheBillsofExchangeAct. [Cap.B8.] 74.Commonsealofthecompany Acompanyshallhaveacommonseal,theuseofwhichshallberegulatedbythearticles. 75.Officialsealforuseabroad (1)Acompanywhoseobjectsrequireorcompromisethetransactionofbusinessinforeigncountriesmay,if authorisedbyitsarticles,haveforuseinanyterritory,district,orplaceoutsideNigeria,anofficialseal,whichshall beafacsimileofthecommonsealofthecompany,withtheadditiononitsfaceofthenameofeveryterritory, distract,orplacewhereitistobeused. (2)Acompanyhavingsuchanofficialsealmay,bywritingunderitscommonseal,authorizeanypersonappointed forthepurposeinanyterritory,district,orplaceoutsideNigeria,toaffixthesametoanydeedorotherdocument towhichthecompanyispartyinthatterritory,district,orplace. (3)TheAuthorityofanysuchagentshall,asbetweenthecompanyandanypersondealingwiththeagent,continue duringtheperiod,ifany,mentionedintheinstrumentconferringtheauthority,orifnoperiodistherementioned, thenuntilnoticeoftherevocationordeterminationoftheagentsauthorityhasbeengiventothepersondealing withhim. (4)Thepersonaffixinganysuchofficialsealshall,bywritingunderhishand,onthedeedorotherdocumentto whichthesealisaffixed,certifythedateonwhichandplaceatwhichitisaffixed. (5)Adeedorotherdocumenttowhichanofficialsealisdulyaffixedshallbindthecompanyasifithasbeen sealedwiththecommonsealofthecompany. 76.Powersofattorney (1)Acompanymay,bywritingunderseal,empoweranyperson,eithergenerallyorinrespectofanyspecified matter,asitsattorney,toexecutedeedsonitsbehalfinanyplacewithinoroutsideNigeria. (2)Adeedsignedbyapersonempoweredasprovidedinsubsection(1)ofthissectionshallbindthecompanyand havethesameeffectasitwouldhaveifitwereunderthecompany'scommonseal.

Authenticationandserviceofdocuments 77.Authenticationofdocuments Adocumentorproceedingrequiringauthenticationbyacompanymaybesignedbyadirector,secretary,orother authorisedofficerofthecompany,andneednotbeunderitscommonsealunlessotherwisesorequiredinthis PartofthisAct. 78.Serviceofdocumentsoncompanies AcourtprocessshallbeservedonacompanyinthemannerprovidedbytheRulesofCourtandanyother documentmaybeservedonacompanybyleavingitat,orsendingitbypostto,theregisteredofficeorhead officeofthecompany. PARTIV Membershipofthecompany 79.Definitionofmember (1)Thesubscribersofthememorandumofacompanyshallbedeemedtohaveagreedtobecomemembersofthe company,andonitsregistrationshallbeenteredasmembersinitsregisterofmembers. (2)Everyotherpersonwhoagreesinwritingtobecomeamemberofacompany,andwhosenameisenteredinits registerofmembers,shallbeamemberofthecompany. (3)Inthecaseofacompanyhavingasharecapital,eachmembershallbeashareholderofthecompanyandshall holdatleastoneshare. 80.Capacitytobeamember (1)AsfromthecommencementofthisAct,anindividualshallnotbecapableofbecomingamemberofacompany if (a)heisofunsoundmindandhasbeensofoundbyacourtinNigeriaorelsewhere;or (b)heisanundischargedbankrupt. (2)Apersonundertheageof18yearsshallnotbecountedforthepurposeofdeterminingthelegalminimum numberofmembersofacompany. (3)Acorporatebodyinliquidationshallnotbecapableofbecomingamemberofacompany. (4)WhereatthecommencementofthisAct,anypersonfallingwithintheprovisionsofsubsection(1)ofthis sectionisamemberofacompanybyreasonofbeingashareholderofthecompany,hisshareshallvestinhis committeeortrustee,asthecasemaybe. (5)WhereafterthecommencementofthisAct,anyshareholderpurportstotransferanysharestoapersonfalling withintheprovisionsofsubsection(1)ofthissection,thepurportedtransfershallnotvestthetitleinthesharesin thatperson,butthetitleshallremaininthepurportedtransferororhispersonalrepresentativewhoshallholdthe sharesintrustforthatpersonduringtheperiodofhisincapacity.

81.Rightofmembertoattendmeetingsandvote Everymembershallnotwithstandinganyprovisioninthearticles,havearighttoattendanygeneralmeetingofthe companyandtospeakandvoteonanyresolutionbeforethemeeting: Providedthatthearticlesmayprovidethatamembershallnotbeentitledtoattendandvoteunlessallcallsor othersumspayablebyhiminrespectofsharesinthecompanyhavebeenpaid. 82.Personationofmembers Ifanypersonfalselyanddeceitfullypersonatesanymemberofacompanyandtherebyobtainsorendeavoursto obtainanybenefitduetoanysuchmember,heshallbeguiltyofanoffenceandbeliableonconvictionto imprisonmentforatermofnotmorethan7yearsorafineofnotmorethanN2,500. Registerofmembers 83.Registerofmembers (1)Everycompanyshallkeeparegisterofitsmembersandenterinitthefollowingparticulars (a)thenamesandaddressesofthemembers,andinthecaseofacompanyhavingasharecapital,astatementof thesharesandclassofshares,ifany,heldbyeachmember,distinguishingeachsharebyitsnumbersolongasthe sharehasanumber,andoftheamountpaidoragreedtobeconsideredaspaidonthesharesofeachmember; (b)thedateonwhicheachpersonwasregisteredasamember;and (c)thedateonwhichanypersonceasedtobeamember: Providedthat,wherethecompanyhasconvertedanyofitssharesintostockandgivennoticeoftheconversionto theCommission,theregistershallshowtheamountofstockheldbyeachmemberinsteadoftheamountof sharesandtheparticularsrelatingtosharesspecifiedinparagraph(a)ofthissubsection. (2)Theentryrequiredunderparagraph(a)or(b)ofsubsection(1)ofthissection,shallbemadewithin28daysof theconclusionoftheagreementwiththecompanytobecomeamemberor,inthecaseofasubscriberofthe memorandum,within28daysoftheregistrationofthecompany. (3)Theentryrequiredunderparagraph(c)ofsubsection(1)ofthissection,shallbemadewithin28daysofthe dateonwhichthepersonconcernedceasedtobeamember,orifheceasedtobeamemberotherwisethanasa resultofactionbythecompany,within28daysofproductiontothecompanyofevidencesatisfactorytothe companyoftheoccurrenceoftheeventwherebyheceasedtobeamember. (4)Whereacompanymakesdefaultincomplyingwiththeprovisionsofthissection,thecompanyandevery officerofthecompanywhoisindefaultshallbeliabletoafineofN25andadailydefaultfineofN5. (5)Liabilityincurredbyacompanyfromthemakingordeletionofanentryinitsregisterofmembers,orfroma failuretomakeordeleteanysuchentry,shallnotbeenforceableaftertheexpirationof20yearsfromthedateon whichtheentrywasmadeordeletedor,inthecaseofanysuchfailure,fromthedateonwhichthefailurefirst occurred. 84.Locationofregister

(1)Theregisterofmembersshallbekeptattheregisteredofficeofthecompany,exceptthatif (a)theworkofmakingitupisdoneatanotherofficeofthecompany,itmaybekeptatthatotheroffice;and (b)thecompanyarrangeswithsomeotherpersonforthemakingupoftheregistertobeundertakenonbehalfof thecompanybythatperson,itmaybekeptattheofficeofthatotherpersonatwhichtheworkisdone, buttheregistershallnotbekeptinthecaseofacompanyregisteredinNigeriaataplaceoutsideNigeria. (2)EverycompanyshallsendnoticetotheCommissionoftheplacewheretheregisteriskeptandofanychangeof thatplace. (3)Acompanyshallnotbeboundtosendnoticeunderthissubsectionwheretheregisterhas,atalltimessinceit cameintoexistenceor,inthecaseofaregisterinexistenceatthecommencementofthisAct,atalltimessince then,beenkeptattheregisteredofficeofthecompany. (4)Ifacompanymakesdefaultfor28daysincomplyingwithsubsection(2)ofthissection,thecompanyandevery oneofitsofficerswhoisindefaultshallbeliabletoafineofN10and,forcontinuedcontravention,toadaily defaultfineofN5. 85.Indexofmemberstobekept (1)Everycompanyhavingmorethan50membersshall,unlesstheregisterofmembersisinsuchaformasto constituteinitselfanindex,keepanindexofthenamesofthemembersofthecompanyandshall,within14days afterthedateonwhichanyalterationismadeintheregisterofmembers,makeanynecessaryalterationinthe index. (2)Theindexshallinrespectofeachmembercontainsufficientindicationtoenabletheaccountofthatmemberin theregistertobereadilyfound. (3)Theindexshall,atalltimes,bekeptatthesameplaceastheregisterofmembers. (4)Ifdefaultismadeincomplyingwiththeprovisionsofthissection,thecompanyandeveryofficerofthe companywhoisindefaultshallbeliabletoafineofN50. 86.Entryoftrustsprohibited Nonoticeofanytrust,express,impliedorconstructive,shallbeenteredontheregisterofmembersorbe receivablebytheCommission. 87.Inspectionofregisterandindex (1)ExceptwhentheregisterofmembersisclosedundertheprovisionsofthisAct,theregisterandtheindexof members'namesshallbeopenduringbusinesshours(subjecttosuchreasonablerestrictionsasthecompanyin generalmeetingmayimpose,sohowever,thatnotlessthan2hoursineachdayshallbeallowedforinspection)to theinspectionofanymemberofthecompanywithoutcharge,andwiththepermissionofthecompanytoany otherpersononpaymentofN1oranylesssumasthecompanymayprescribeforeachinspection. (2)Anymemberor,withthepermissionofthecompany,anyotherpersonmayrequireacopyoftheregister,orof anypartthereof,onpaymentof50kobo,orsuchlesssumasthecompanymayprescribe,forevery100wordsor

fractionalpartthereofrequiredtobecopied;andthecompanyshallcauseanycopysorequiredbyanypersonto besenttothatpersonwithinaperiodof10dayscommencingonthedaynextafterthedayonwhichthe requirementisreceivedbythecompany. (3)Inthecaseofamember,ifanyinspectionrequiredunderthissectionisrefusedorifanycopyrequiredunder thissectionisnotsentwithintheprescribedperiod,thecompanyandeveryofficerofthecompanywhoisin defaultshallbeliableinrespectofeachoffencetoafineofN10. (4)Inthecaseofanysuchrefusalordefaultinthecaseofamember,thecourtmaybyordercompelanimmediate inspectionoftheregisterandindexordirectthatthecopiesrequiredshallbesenttothepersonsrequiringthem. 88.Consequencesoffailurebyagents'defaulttokeepregister Where,byvirtueofparagraph(b)ofsubsection(1)ofsection84ofthisAct,theregisterofmembersiskeptatthe officeofsomepersonotherthanthecompany,andbyreasonofanydefaultofhis,thecompanyfailstocomply withsubsection(1)or(2)ofsection84ofthisAct,orwithanyrequirementsofthisActastotheproductionofthe register,thatotherpersonshallbeliabletothesamepenaltiesasifhewereanofficerofthecompanywhowasin default,andthepowerofthecourtundersubsection(4)ofsection87ofthisActshallextendtothemakingof ordersagainstthatotherpersonandhisofficersandservants. 89.Powertocloseregister Acompanymay,ongivingnoticebyadvertisementinadailynewspapercirculatinginthedistrictinwhichthe registeredofficeofthecompanyissituated,closetheregisterofmembersoranypartofitforanytimeortimes notexceedingonthewhole30daysineachyear. 90.Powerofcourttorectifyregister (1)If (a)thenameofanypersonis,withoutsufficientcause,enteredinoromittedfromtheregisterofmembersofa company;or (b)defaultismadeorunnecessarydelaytakesplaceinenteringontheregisterthefactofanypersonhaving ceasedtobeamember, thepersonaggrieved,oranymemberofthecompany,orthecompany,mayapplytothecourtforrectificationof theregister. (2)Thecourtmayrefusetheapplication,ororderrectificationoftheregisterandpaymentbythecompanyofany damagessustainedbythepartyaggrieved. (3)Onanapplicationunderthissection,thecourtmaydecideanyquestionrelatingtothetitleofanypersonwho isapartytotheapplicationtohavehisnameenteredinoromittedfromtheregister,whetherthequestionarises betweenmembersorallegedmembers,orbetweenmembersandallegedmembersontheonehandandthe companyontheotherhand,andgenerallymaydecideanyquestionnecessaryorexpedienttobedecidedfor rectificationoftheregister.

(4)InthecaseofacompanyrequiredbythisActtosendalistofitsmemberstotheCommission,thecourt,when makinganorderforrectificationoftheregistershall,byitsorder,directnoticeoftherectificationtobegivento theCommission. 91.Registertobeevidence TheregisterofmembersshallbeprimafacieevidenceofmatterswhicharebythisActdirectedorauthorisedtobe insertedinit. Liabilityofmembers 92.Liabilityofmembers (1)Priortothewindingupofacompany,amemberofthecompanywithsharesshallbeliabletocontributethe balance,ifany,oftheamountpayableinrespectofthesharesheldbyhiminaccordancewiththetermsofthe agreementunderwhichtheshareswereissuedorinaccordancewithacallvalidlymadebythecompanypursuant toitsarticles. (2)Whereanycontributionhasbecomedueandpayablebyreasonofacallvalidlymadebythecompanypursuant tothearticlesorwhere,underthetermsofanyagreementwiththecompany,amemberhasundertakenpersonal liabilitytomakefuturepaymentsinrespectofsharesissuedtohim,theliabilityofthemembershallcontinue notwithstandingthatthesharesheldbyhimaresubsequentlytransferredorforfeitedunderaprovisiontothat effectinthearticles,buthisliabilityshallceaseifandwhenthecompanyshallhavereceivedpaymentinfullofall suchmoneysinrespectoftheshares. (3)Subjecttosubsections(1)and(2)ofthissection,nomemberorpastmembershallbeliabletocontributetothe assetsofthecompany,exceptintheeventofitsbeingwoundup. (4)Intheeventofacompanybeingwoundup,everypresentorpastmembershallbeliabletocontributetothe assetsofthecompanytoanamountsufficientforpaymentofitsdebtsandliabilitiesandforthecosts,chargesand expensesofthewindingupandfortheadjustmentoftherightsofthemembersandpastmembersamong themselves,butsubjecttothefollowingqualifications (a)apastmembershallnotbeliabletocontributeifhehasceasedtobeamemberforaperiodof1yearor upwardsbeforethecommencementofthewindingup; (b)apastmembershallnotbeliabletocontributeunlessitappearstothecourtthattheexistingmembersare unabletosatisfythecontributionsrequiredtobemadebytheminpursuanceofthissection; (c)inthecaseofacompanylimitedbyshares,nocontributionshallberequiredfromanymemberorpastmember exceedingtheamount,ifany,unpaidonthesharesinrespectofwhichheisliableasapresentorpastmember; (d)inthecaseofacompanylimitedbyguarantee,nocontributionshallberequiredfromanymemberorpast memberexceedingtheamountundertakentobecontributedbyhimtotheassetsofthecompanyintheeventof itsbeingwoundup;and (e)anysumduefromthecompanytoamemberorpastmember,inhiscapacityasmember,bywayofdividends orotherwiseshallnotbesetoffagainsttheamountforwhichheisliabletocontributeinaccordancewiththis sectionbutanysuchsumshallbetakenintoaccountforthepurposesoffinaladjustmentoftherightsofthe membersandpastmembersamongstthemselves.

(5)Forthepurposesofthissection,theexpression"pastmember"includestheestateofadeceasedmemberand whereanypersondiesafterbecomingliableasamemberorpastmember,suchliabilityshallbeenforceable againsthisestate. (6)Exceptascontainedinthissection,amemberorpastmembershallnotbeliableasamemberorpastmember foranyofthedebtsandliabilitiesofthecompany. 93.Liabilityforcompanydebtswheremembershipisbelowlegalminimum Ifacompanycarriesonbusinesswithouthavingatleasttwomembersanddoessoformorethan6months,every directororofficerofthecompanyduringthetimethatitsocarriesonbusinesswithonlyoneornomembershall beliablejointlyandseverallywiththecompanyforthedebtsofthecompanycontractedduringthatperiod. Disclosureofbeneficialinterestinshares 94.Powerofcompanytorequiredisclosure (1)Notwithstandingtheprovisionsofsection95ofthisAct,apubliccompanymay,bynoticeinwriting,require anymemberofthecompany,withinsuchreasonabletimeasisspecifiedinthenotice (a)toindicateinwritingthecapacityinwhichheholdsanysharesinthecompany;and (b)ifheholdsthemotherthanasbeneficialowner,toindicateinwritingtheparticularsoftheidentityofpersons interestedinthesharesinquestionandwhetherpersonsinterestedinthesamesharesarepartiestoany agreementorarrangementrelatingtotheexerciseofanyrightsconferredbytheholdingoftheshares. (2)Whereacompanyisformedinpursuanceofanoticegiventoanypersonundersubsection(1)ofthissection, orunderthissubsection,thatanyotherpersonhasaninterestinanysharesinthecompany,thecompanymay,by noticeinwriting,requirethatotherpersonwithinsuchreasonabletimeasisspecifiedinthenotice (a)toindicateinwritingthecapacityinwhichheholdsthatinterest;and (b)ifheholdsitotherwisethanasbeneficialowner,toindicateinwriting,sofarasitlieswithinhisknowledge,the personswhohaveanyinterestsinthem(eitherbynameandaddressorbyotherparticularssufficienttoenable themtobeidentified)andthenatureoftheirinterests. (3)Wheneveracompanyreceivesinformationfromapersoninpursuanceofarequirementimposedonhim underthissectionwithrespecttosharesheldbyamemberofthecompany,itshallbeunderanobligationto inscribeagainstthenameofthememberintheregisterofmembers (a)thefactthattherequirementwasimposed;and (b)theinformationreceivedinpursuanceoftherequirement. (4)Subjecttosubsection(5)ofthissection,anypersonwho (a)failstocomplywithanoticeunderthissection;or (b)inpurportedcompliancewithsuchanotice,makesanystatementwhichheknowstobefalseinamaterial particularorrecklesslymakesanystatementwhichisfalseinamaterialparticular,

shallbeguiltyofanoffenceandliabletoimprisonmentforsixmonthsortoafineofN25foreverydayduring whichthedefaultcontinues. (5)Apersonshallnotbeguiltyofanoffenceundersubsection(4)(a)ofthissection,ifheprovesthatthe informationinquestionwasalreadyinthepossessionofthecompanyorthattherequirementtogiveitwasfor anyotherreasonfrivolousorvexatious. 95.Obligationofdisclosurebysubstantialshareholderinpubliccompany (1)Apersonwhoisasubstantialshareholderinapubliccompanyshallgivenoticeinwritingtothecompany statinghisnameandaddressandgivingfullparticularsofthesharesheldbyhimorhisnominee(namingthe nominee)byvirtueofwhichheisasubstantialshareholder. (2)Apersonisasubstantialshareholderinapubliccompanyifheholdshimselforbyhisnominee,sharesinthe companywhichentitlehimtoexerciseatleast10percentoftheunrestrictedvotingrightsatanygeneralmeeting ofthecompany. (3)Apersonrequiredtogiveanoticeundersubsection(1)ofthissection,shalldosowithin14daysafterthat personbecomesawarethatheisasubstantialshareholder. (4)Thenoticeshallbesogivennotwithstandingthatthepersonhasceasedtobeasubstantialshareholderbefore theexpirationoftheperiodreferredtoinsubsection(3)ofthissection. (5)ApersonwhofailstocomplywiththeprovisionsofthissectionshallbeliabletoafineofN50foreveryday duringwhichthedefaultcontinues. 96.Personceasingtobeasubstantialshareholdertonotifycompany (1)Apersonwhoceasestobeasubstantialshareholderinapubliccompanyshallgivenoticeinwritingtothe companystatinghisnameandthedateonwhichheceasedtobeasubstantialshareholderandgivingfull particularsofthecircumstancesbyreasonofwhichheceasedtobesubstantialshareholder. (2)Apersonrequiredtogivenoticeundersubsection(1)ofthissection,shalldosowithin14daysafterhe becomesawarethathehasceasedtobesubstantialshareholder. 97.Registerofinterestsinshares (1)Apubliccompanyshallkeeparegisterinwhichitshallenter (a)inalphabeticalorder,thenamesofpersonsfromwhomithasreceivedanoticeundersection95ofthisAct; and (b)againsteachnamesoentered,theinformationgiveninthenotice,andwhereitreceivesanoticeundersection 95ofthisAct,theinformationgiveninthatnotice. (2)Theregistershallbekeptattheplacewheretheregisterofmembersrequiredtobekeptundersection84of thisActiskeptandsubjecttothesamerightofinspectionastheregisterofmembers.

(3)TheCommissionmay,atanytime,inwriting,requirethecompanytofurnishitwithacopyoftheregisteror anypartoftheregisterandthecompanyshallfurnishthecopywithin14daysafterthedayonwhichthe requirementisreceivedbythecompany. (4)Ifthecompanyceasestobepubliccompany,itshallcontinuetokeeptheregisteruntiltheendoftheperiodof sixyearsbeginningwiththedaynextfollowingthatonwhichitceasestobesuchacompany. (5)Acompanyshallnot,byreasonofanythingdoneforthepurposesofthissection,beaffectedwithnoticeof,or putonenquiryasto,arightofapersontoorinrelationtoashareinthecompany. (6)Ifdefaultismadeincomplyingwiththissection,thecompanyandeveryofficerofthecompanywhoisin defaultshallbeliabletoafineofN25andadailydefaultfineofN5. 98.Registrationofintereststobedisclosed Thematterrelatingtobeneficialinterestsinsharesrequiredbysection94ofthisActshallbeenteredinadifferent partoftheregisterofinterestswhichshallbesomadeupthattheentriesinscribedinitappearinchronological order. PARTV Sharecapital Minimumsharecapital 99.Authorisedminimumsharecapital (1)Where,afterthecommencementofthisAct,amemorandumdeliveredtotheCommissionundersection35of thisActstatesthattheassociationtoberegisteredistoberegisteredwithshares,theamountofthesharecapital statedinthememorandumtoberegisteredshallnotbelessthantheauthorisedminimumsharecapitalandnot lessthan25percentofthatcapitalshallbetakenbythesubscribersofthememorandum. (2)Nocompanyhavingasharecapitalshall,afterthecommencementofthisAct,beregisteredwithanauthorised sharecapitallessthantheauthorisedminimumsharecapital. (3)Where,atthecommencementofthisAct,theauthorisedsharecapitalofanexistingcompanyislessthanthe authorisedminimumsharecapital,thecompanyshall,notlaterthan30daysaftertheappointedday,increasethe sharecapitaltoanamountnotlessthantheauthorisedminimumsharecapitalofwhichnotlessthan25percent shallbeissued. (4)Subjecttosubsection(3)ofthissectionandtosection103ofthisAct,whereacompanyisregisteredwith shares,itsissuedcapitalshallnotatanytimebelessthan25percentoftheauthorisedsharecapital. (5)Whereacompanytowhichsubsections(3)and(4)ofthissectionapplyfailstocomplywiththeapplicable subsection,itshallbeliabletoafineofN2,500,andeveryofficerwhoisindefaultshallbeliabletoafineofN50 foreverydayduringwhichthedefaultcontinues. Alterationofsharecapital 100.Alterationofsharecapitalbyconsolidation,etc.

(1)Acompanyhavingasharecapitalmayingeneralmeetingandnototherwisealtertheconditionsofits memorandumtothefollowingextent,thatistosay,itmay (a)consolidateanddividealloranypartofitssharecapitalintosharesoflargeramountthanitsexistingshares; (b)convertalloranyofitspaidupsharesintostock,andreconvertthatstockintopaidupsharesofany denomination; (c)subdivideitssharesoranyofthem,intosharesofsmalleramountthanisfixedbythememorandum,so however,thatinthesubdivisiontheproportionbetweentheamountpaidandtheamount,ifany,unpaidoneach reducedshareshallbethesameasitwasinthecaseofthesharefromwhichthereducedshareisderived; (d)cancelshareswhich,atthedateofthepassingoftheresolutioninthatbehalf,havenotbeentakenoragreed tobetakenbyanyperson,anddiminishtheamountofitssharecapitalbytheamountofthesharessocancelled. (2)Cancellationofsharesmadeinpursuanceofthissectionshallnotbedeemedtobeareductionofsharecapital withinthemeaningofthisAct. 101.Noticerequiredwheresharesandstockconsolidated,etc. (1)Ifacompanyhavingsharecapitalhas (a)consolidatedanddivideditssharecapitalintosharesoflargeramountthanitsexistingshares;or (b)convertedanysharesintostock;or (c)reconvertedstockintoshares;or (d)subdivideditssharesoranyofthem;or (e)cancelledanyshares,otherwisethaninconnectionwithareductionofsharecapitalundersection105ofthis Act, itshallwithinonemonthaftersodoing,givenoticeofittotheCommissionspecifying,asthecasemaybe,the sharesconsolidated,divided,converted,subdivided,cancelled,orthestockreconverted. (2)Ifdefaultismadeincomplyingwiththissection,thecompanyandeveryofficerofthecompanywhoisin defaultshallbeliabletoafineofN50foreverydayduringwhichthedefaultcontinues. 102.Increaseofsharecapitalandnoticeofincrease (1)Acompanyhavingasharecapital,whetherornottheshareshavebeenconvertedintostock,mayingeneral meetingandnototherwise,increaseitssharecapitalbynewsharesofsuchamountasitthinksexpedient. (2)Whereacompanyhasincreaseditssharecapitalitshall,within15daysafterthepassingoftheresolution authorisingtheincrease,givetotheCommissionnoticeoftheincreaseandtheCommissionshallrecordthe increase. (3)Where,inconnectionwiththeincreaseofshares,anyapprovalisrequiredtobeobtainedunderanyenactment otherthanthisAct,theCommissionmayonapplicationbyacompanyextendthetimewithinwhichtogivenotice oftheincreasetotheCommission.

(4)Thenoticetobegivenunderthissectionshallincludeanyparticularsprescribedwithrespecttotheclassesof sharesaffectedandtheconditionsubjecttowhichthenewshareshavebeenoraretobeissuedandthenotice shallbeaccompaniedbyaprintedcopyoftheresolutionauthorisingtheincrease. (5)Ifdefaultismadeincomplyingwiththeprovisionsofthissection,thecompanyindefaultshallbeliabletoa fineofN50foreverydayduringwhichthedefaultcontinues. 103.Increaseofpaidupcapitalonincreaseofshares Whereacompanypassesaresolutionincreasingitsauthorisedsharecapital,theincreaseshallnottakeeffect unless (a)withinsixmonthsofgivingnoticeoftheincreasetotheCommissionnotlessthan25percentoftheshare capitalincludingtheincreasehasbeenissued;and (b)thedirectorshavedeliveredtotheCommissionastatutorydeclarationverifyingthatfact. 104.Powerforunlimitedcompanytoprovidereservesharecapitalonreregistration IfanunlimitedcompanyresolvestoberegisteredasalimitedcompanyunderthisAct,itmay (a)increasethenominalamountofitssharecapitalbyincreasingthenominalamountofeachofitsshares,but subjecttotheconditionthatnopartoftheincreasedcapitalshallbecapableofbeingcalledupexceptintheevent andforthepurposeofthecompanybeingwoundup;or (b)providethataspecifiedportionofitsuncalledsharecapitalshallnotbecapableofbeingcalledupexceptinthe eventandforthepurposesofthecompanybeingwoundup. Reductionofsharecapital 105.Restrictiononreductionofissuedsharecapital (1)ExceptasauthorisedbythisAct,acompanyhavingasharecapitalshallnotreduceitsissuedsharecapital. (2)Forthepurposesofthisandothersectionsrelatingtoreductionofsharecapital,anyissueofsharecapitalshall includethesharepremiumaccountandanycapitalredemptionreserveaccountofacompany,and"issuedshare capital"shallbeconstruedaccordingly. 106.Specialresolutionforreductionofsharecapital (1)Subjecttoconfirmationbythecourt,acompanyhavingsharecapitalmay,ifsoauthorisedbyitsarticles,by specialresolutionreduceitssharecapitalinanyway. (2)Inparticular,andwithoutprejudicetosubsection(1)ofthissection,thecompanymay (a)extinguishorreducetheliabilityonanyofitssharesinrespectofsharecapitalnotpaidup;or (b)eitherwithorwithoutextinguishingorreducingliabilityonanyofitsshares,cancelanypaidupsharecapital whichislostorunrepresentedbyavailableassets;or

(c)eitherwithorwithoutextinguishingorreducingliabilityonanyofitsshares,cancelanypaidupsharecapital whichisinexcessofthecompany'swants, andthecompanymay,ifandsofarasisnecessary,alteritsmemorandumbyreducingtheamountofitsshare capitalandofitssharesaccordingly. (3)AspecialresolutionunderthissectionshallinthisActbereferredtoas"aresolutionforreducingshare capital". 107.Applicationtocourtfororderofconfirmation (1)Whereacompanyhaspassedaresolutionforreducingsharecapital,itmayapplytothecourtforanorder confirmingthereduction. (2)Iftheproposedreductionofsharecapitalinvolveseither (a)diminutionofliabilityinrespectofunpaidsharecapital;or (b)subjecttosubsection(6)ofthissection,thepaymenttoashareholderofanypaidupsharecapital, andinanyothercaseifthecourtsodirects,subsection(3),(4)and(5)ofthissectionshallhaveeffect. (3)Everycreditorofthecompanywhoatthedatefixedbythecourtisentitledtoanydebtorclaimwhich,ifthat datewerethecommencementofthewindingupofthecompany,wouldbeadmissibleinproofagainstthe company,shallbeentitledtoobjecttothereductionofcapital. (4)Thecourtshallsettlealistofcreditorsentitledtoobject,andforthatpurpose (a)shallascertain,asfaraspossiblewithoutrequiringanapplicationfromanycreditor,thenamesofthose creditorsandthenatureandamountofthedebtsorclaims; (b)maypublishnoticesfixingadayordayswithinwhichcreditorsnotenteredonthelistaretoclaimtobeso enteredoraretobeexcludedfromtherightofobjectingtothereductionofcapital. (5)Ifacreditorenteredonthelistwhosedebtorclaimisnotdischargedorhasnotbeendetermineddoesnot consenttothereduction,thecourtmay,ifitthinksfit,dispensewiththeconsentofthatcreditor,onthecompany securingpaymentofhisdebtorclaimbyappropriating(asthecourtmaydirect)thefollowingamountif (a)thecompanyadmitsthefullamountofthedebtorclaimor,thoughnotadmittingit,iswillingtoprovideforit, thenthefullamountofthedebtorclaim; (b)thecompanydoesnotadmit,andisnotwillingtoprovidefor,thefullamountofthedebtorclaim,orifthe amountiscontingentornotascertained,thenanamountfixedbythecourtafterthelikeenquiryandadjudication asifthecompanywerebeingwoundupbythecourt. (6)Ifaproposedreductionofsharecapitalinvolveseitherthediminutionofanyliabilityinrespectofunpaidshare capitalorthepaymenttoanyshareholderofanypaidupsharecapital,thecourtmay,ifhavingregardtoany specialcircumstancesofthecaseitthinkspropertodoso,directthatsubsections(3)to(5)ofthissectionshallnot applyasregardsanyclassoranyclassesofcreditors. 108.Courtorderconfirmingreduction

(1)Thecourt,ifsatisfied (a)withrespecttoeverycreditorofthecompanywhoundersection107ofthisActisentitledtoobjecttothe reductionofcapital,thateither (i)hisconsenttothereductionhasbeenobtained;or (ii)hisdebtorclaimhasbeendischargedorhasdetermined,orhasbeensecured;and (b)thatthesharecapitaldoesnotbythisreductionfallbelowtheauthorisedminimumsharecapital, maymakeanorderconfirmingthereductiononsuchtermsandconditionsasitthinksfit. (2)WheretheCourtsoorders,itmayalso (a)ifforanyspecialreasonitthinksitpropertodoso,makeanorderdirectingthatthecompanyshall,duringsuch period(commencingonoratanytimeafterthedateoftheorder)asisspecifiedintheorder,addtoitsnameasits lastwords"andreduced"; (b)makeanorderrequiringthecompanytopublish(asthecourtdirects)thereasonsforreductionofcapitalor suchotherinformationinregardtoitasthecourtthinksexpedientwithaviewtogivingproperinformationtothe publicand(ifthecourtthinksfit)thecauseswhichledtothereduction. (3)Wherethecompanyisorderedtoaddtoitsnamethewords"andreduced",thosewordsshall,untilthe expirationoftheperiodspecifiedintheorder,bedeemedtobepartofthecompany'sname. 109.Registrationoforderandminutesofreduction (1)TheCommission,onproductiontoitoftheorderofthecourtconfirmingthereductionofacompany'sshare capital,andthedeliverytoitofacopyoftheorderandofminutesofthemeetingofthecompany(approvedby thecourt)showing,withrespecttothecompany'ssharecapitalasalteredbytheorder (a)theamountofthesharecapital; (b)thenumberofsharesintowhichitistobedivided,andtheamountofeachshare;and (c)theamount(ifany)atthedateoftheregistrationdeemedtobepaiduponeachshare, shallregistertheorderandminutes. (2)Ontheregistrationoftheorderandminutes,andnotbefore,theresolutionforreducingsharecapitalas confirmedbytheordersoregisteredshalltakeeffect. (3)Anoticeoftheregistrationshallbepublishedinsuchmannerasthecourtmaydirect. (4)TheCommissionshallcertifytheregistrationoftheorderandminutes;andthecertificate (a)maybeeithersignedbytheRegistrarGeneralorauthenticatedbyitsofficialseal; (b)shallbeprimafacieevidencethatalltherequirementsofthisActwithrespecttothereductionofsharecapital havebeencompliedwith,andthatthecompany'ssharecapitalisasstatedintheminutes.

(5)Theminutes,whenregistered,shallbedeemedtobesubstitutedforthecorrespondingpartofthecompany's memorandum,andvalidandalterableasifithadbeenoriginallycontainedinit. (6)Thesubstitutionofsuchminutesforpartofthecompany'smemorandumshallbedeemedanalterationofthe memorandum. 110.Liabilityofmembersonreducedshares (1)Whereacompany'ssharecapitalisreduced,amemberofthecompany(pastorpresent)shallnotbeliablein respectofanysharetoanycallorcontributionexceedinginamountthedifference(ifany)betweentheamountof theshareasfixedbytheminutesandtheamountpaidontheshareorthereducedamount(ifany),whichis deemedtohavebeenpaidonit,asthecasemaybe. (2)Subsections(3)and(4)ofthissectionshallapplyif (a)acreditor,entitledinrespectofadebtorclaimtoobjecttothereductionofsharecapital,byreasonofhis ignoranceoftheproceedingsforreductionofsharecapital,oroftheirnatureandeffectwithrespecttohisclaim, isnotenteredonthelistofcreditors;and (b)afterthereductionofcapital,thecompanyisunable(withinthemeaningofsection409ofthisAct)topaythe amountofhisdebtorclaim. (3)Everypersonwhowasamemberofthecompanyatthedateoftheregistrationoftheorderforreductionand minutes,shallbeliabletocontributeforthepaymentofthedebtorclaiminquestionanamountnotexceeding thatwhichhewouldhavebeenliabletocontributeifthecompanyhadcommencedtobewoundupontheday beforethatdate. (4)Ifthecompanyiswoundup,theCourt,onapplicationofthecreditorinquestionandproofofignorance referredtoinsubsection(2)(a),ofthissection,may(ifitthinksfit),settleaccordinglyalistofpersonssoliableto contribute,andmakeandenforcecallsandordersonthecontributoriessettledonthelist,asiftheywereordinary contributoriesinawindingup. (5)Nothinginthissectionshallaffecttherightsofthecontributoriesamongthemselves. 111.Penaltyforconcealingnameofcreditor,etc. Ifanofficerofthecompany (a)wilfullyconcealsthenameofacreditorentitledtoobjecttothereductionofcapital;or (b)wilfullymisrepresentsthenatureoramountofthedebtorclaimofanycreditor;or (c)aids,abetsorisprivytoanysuchconcealmentormisrepresentationasismentionedabove, heshallbeguiltyofanoffenceandliableonconvictiontoafineofN500 Miscellaneousmattersrelatingtocapital 112.Dutyofdirectorsonseriouslossofcapital

(1)Wherethenetassetsofapubliccompanyarehalforlessofitscalledupsharecapital,thedirectorsshall,not laterthan30daysfromtheearliestdayonwhichthatfactisknowntoadirectorofthecompany,dulyconvenean extraordinarygeneralmeetingofthecompany,foradaynotlaterthan60daysfromthatdayforthepurposeof consideringwhetherany,andifso,whatstepsshouldbetakentodealwiththesituation. (2)Ifthereisafailuretoconveneanextraordinarygeneralmeetingasrequiredbysubsection(1)ofthissection, eachofthedirectorsofthecompanywho (a)knowinglyandwilfullyauthorisesorpermitsthefailure;or (b)aftertheexpiryoftheperiodduringwhichthatmeetingshouldhavebeenconvened,knowinglyandwilfully authorisesorpermitsthefailuretocontinue,shallbeliabletoafineofN500 (3)Nothinginthissectionshallauthorisetheconsideration,atameetingconvenedinpursuanceofsubsection(1) ofthissection,ofanymatterwhichcouldhavebeenconsideredatthatmeetingapartfromthissection. 113.Powertopayinterestoutofcapitalincertaincases Whereanysharesofacompanyareissuedforthepurposesofraisingmoneytodefraytheexpensesofthe constructionofanyworksorbuildingsortheprovisionofanyplantwhichcannotbemadeprofitableforalong period,thecompanymaypayinterestonsomuchofthatsharecapitalasifforthetimebeingpaidupforthe periodandsubjecttotheconditionsandrestrictionsmentionedinthissection,andmaychargethesametocapital aspartofthecostofconstructionoftheworkorbuildingortheprovisionofplant: Providedthat (a)nosuchpaymentshallbemadeunlessitisauthorisedbythearticlesorbyspecialresolution; (b)nosuchpayment,whetherauthorisedbythearticlesorbyspecialresolution,shallbemadewithoutthe previoussanctionoftheCommission; (c)beforesanctioninganysuchpaymenttheCommissionmay,attheexpenseofthecompany,appointapersonto inquireandreporttoitastothecircumstancesofthecase,andmay,beforemakingtheappointment,requirethe companytogivesecurityforthepaymentofthecostsoftheinquiry; (d)thepaymentshallbemadeonlyforsuchperiodasmaybedeterminedbytheCommissionwhichshallinno caseextendbeyondthecloseofsixmonthsafterthehalfyearduringwhichtheworksorbuildingshavebeen actuallycompletedortheplantprovided; (e)therateofinterestshallnotexceedthecurrentbankrate; (f)thepaymentoftheinterestshallnotoperateasareductionoftheamountpaiduponthesharesinrespectof whichitispaid. PARTVI Shares Natureofshares 114.Rightsandliabilitiesattachedtoshares

SubjecttotheprovisionsofthisAct,therightsandliabilitiesattachingtothesharesofacompanyshall (a)bedependentonthetermsofissueandofthecompany'sarticles;and (b)notwithstandinganythingtothecontraryinthetermsorthearticles,includetherighttoattendanygeneral meetingofthecompanyandvoteatsuchameeting. 115.Sharesastransferableproperty Thesharesorotherinterestsofamemberinacompanyshallbepropertytransferableinthemannerprovidedin articlesofassociationofthecompany. 116.Prohibitionofnonvotingandweightedshares (1)Unlessotherwiseprovidedbyanyotherenactment (a)anyshareissuedbyacompanyafterthedateofcommencementofthisAct,shallcarrytherightonapollata generalmeetingofthecompanytoonevoteinrespectofeachshareandnocompanymaybyitsarticlesor otherwiseauthorisetheissueofshareswhichcarrymorethanonevoteinrespectofeachshareorwhichdonot carryanyrighttovote;and (b)where,atthecommencementofthisAct,anyshareofacompanycarriesmorethanonevoteordoesnotcarry anyvoteatageneralmeetingofthecompany,suchashareshallbedeemed,asfromtheappointedday,tocarry onevoteonly. (2)Ifacompanycontravenesanyoftheprovisionsofthissection,thecompanyandanyofficerindefaultshallbe liabletoadailydefaultfineofN50andanyresolutionpassedincontraventionofthissectionshallbevoid. (3)Nothinginthissectionshallaffectanyrightattachedtoapreferenceshareundersection143ofthisAct. Issueofshares 117.Powerofcompaniestoissueshares Subjecttoanylimitationinthearticlesofacompanywithrespecttothenumberofshareswhichmaybeissued, andanypreemptiverightsprescribedinthearticlesinrelationtotheshares,acompanyshallhavethepower,at suchtimesandforsuchconsiderationasitshalldetermine,toissuesharesuptothetotalnumberauthorisedin thememorandum. 118.Issueofclassesofshares (1)Acompanymay,wheresoauthorisedbyitsarticles,issueclassesofshares. (2)Sharesshallnotbetreatedasbeingofthesameclassunlesstheyrankequallyforallpurposes. 119.Issuewithrightsattached Withoutprejudicetoanyspecialrightspreviouslyconferredontheholdersofanyexistingsharesorclassof shares,anyshareinacompanymaybeissuedwithsuchpreferred,deferredorotherspecialrightsorsuch restrictions,whetherwithregardtodividend,returnofcapitalorotherwise,asthecompanymay,fromtimeto time,determinebyordinaryresolution.

120.Issueofsharesatapremium (1)Sharesofacompanymaybeissuedatapremium. (2)Whereacompanyissuessharesatapremium,whetherforcashorotherwise,asumequaltotheaggregate amountorvalueofthepremiumonthosesharesshallbetransferredtoanaccount,tobecalled"theshare premiumaccount",andtheprovisionsofthisActrelatingtothereductionofthesharecapitalofacompanyshall, exceptasprovidedinthissection,applyasifthesharepremiumaccountwerepaidupsharecapitalofthe company. (3)Notwithstanding,anythingtothecontraryinsubsection(2)ofthissection,thesharepremiumaccountmaybe appliedbythecompanyinpayingupunissuedsharesofthecompanytobeissuedtomembersofthecompanyas fullypaidbonusshares,inwritingoff (a)thepreliminaryexpensesofthecompany;or (b)theexpensesof,orthecommissionpaidordiscountallowedon,anyissueofsharesofthecompany;orin providingforthepremiumpayableonredemptionofanyredeemableshareofthecompany. (4)WhereacompanyhasbeforethecommencementofthisActissuedanysharesatapremium,thissectionshall applyasiftheshareshadbeenissuedafterthecommencementofthisAct: Providedthatanypartofthepremiumwhichhasbeensoappliedthatitdoesnotatthecommencementofthis Actformanidentifiablepartofthecompany'sreserveswithinthemeaningoftheSecondScheduletothisAct, shallbedisregardedindeterminingthesumtobeincludedinthesharepremiumaccount. [SecondSchedule.] 121.Issueofsharesatadiscount (1)Subjecttotheprovisionsofthissection,itshallbelawfulforacompanytoissueatadiscountsharesinthe companyofaclassofsharesalreadyissued: Providedthat (a)theissueofthesharesatadiscountisauthorisedbyresolutionpassedingeneralmeetingofthecompany,and thereafterissanctionedbythecourt; (b)theresolutionspecifiesthemaximumrateofdiscountatwhichthesharesaretobeissued;and (c)thesharestobeissuedatadiscountareissuedwithinthemonthafterthedateonwhichtheissueis sanctionedbythecourtorwithinsuchextendedtimeasthecourtmayallow. (2)Whereacompanyhaspassedaresolutionauthorisingtheissueofsharesatadiscount,itmayapplytothe courtforanordersanctioningtheissue,andonanysuchapplicationthecourt,havingregardtoallthe circumstancesofthecase,andifitthinksfitsotodoonsuchtermsandconditionsasitmayimpose,maymakean ordersanctioningtheissue.

(3)Everyprospectusrelatingtotheissueoftheshares,shallcontainparticularsofthediscountallowedonthe issueofthesharesorofsomuchofthatdiscountashasnotbeenwrittenoffatthedateoftheissueofthe prospectus. (4)Ifdefaultismadeincomplyingwithsubsection(3)ofthissection,thecompanyandeveryofficerofthe companywhoisindefaultshallbeliabletoafineofN50foreverydayduringwhichthedefaultcontinues. Subjecttotheprovisionsofsection158ofthisAct,acompanylimitedbysharesmay,ifsoauthorisedbyits articles,issuepreferenceshareswhichshall,orattheoptionofthecompany,beliabletoberedeemed. 123.Validationofimproperlyissuedshares (1)Whereacompanyhaspurportedtoissueorallotsharesandthecreation,issueorallotmentofthoseshares wasinvalidbyreasonofanyprovisionofthisActoranyotherenactmentorofthearticlesofthecompanyor otherwise,orthetermsofissueorallotmentwereinconsistentwithorunauthorisedbyanysuchprovision,the courtmayuponapplicationmadebythecompanyorbyaholderormortgageeofthosesharesorbyacreditorof thecompany,anduponbeingsatisfiedthatinallthecircumstancesitisjustandequitabletodoso,validatethe issueorallotmentofthosesharesorconfirmthetermsoftheissueandallotment,asthecasemaybe. (2)Ineverycasewherethecourtvalidatesanissueorallotmentofsharesorconfirmsthetermsofanissueor allotmentinaccordancewithsubsection(1)ofthissection,itshallmake,uponpaymentoftheprescribedfees,an orderwhichshallbeproofofthevalidationorconfirmationandupontheissueoftheorder,thosesharesshallbe deemedtohavebeenissuedorallottedupontherelevanttermsofissueorallotment. Allotmentofshares 124.Authoritytoallotshares SubjecttotheprovisionsoftheInvestmentandSecuritiesAct,thepowertoallotsharesshallbevestedinthe company,whichmaydelegateittothedirectors,subjecttoanyconditionsordirectionsthatmaybeimposedin thearticlesorfromtimetotimebythecompanyingeneralmeeting. [Cap.124.] 125.Methodofapplicationandallotment Withoutprejudicetotheprovisionsofsections566to574ofthisAct,thefollowingprovisionsshallapplyin respectofanapplicationforanallotmentofissuedsharesofacompany (a)inthecaseofaprivatecompanyorapubliccompanywheretheissueofsharesisnotpublic,thereshallbe submittedtothecompanyawrittenapplicationsignedbythepersonwishingtopurchasesharesandindicating thenumberofsharesrequired; (b)inthecaseofapubliccompany,subjecttoanyconditionsimposedbytheSecuritiesandExchangeCommission wheretheissueofsharesispublic,thereshallbereturnedtothecompanyaformofapplicationasprescribedin thecompany'sarticles,dulycompletedandsignedbythepersonwishingtopurchaseshares; (c)uponthereceiptofanapplication,acompanyshall,whereitwhollyorpartiallyacceptstheapplication,make anallotmenttotheapplicantandwithin42daysaftertheallotmentnotifytheapplicantofthefactofallotment andthenumberofsharesallottedtohim;

(d)anapplicantunderthissectionshallhavetherightatanytimebeforeallotment,towithdrawhisapplicationby writtennoticetothecompany. 126.Allotmentasacceptanceofcontract Anallotmentofsharesmadeandnotifiedtoanapplicantinaccordancewithsection125ofthisActshallbean acceptancebythecompanyoftheofferbytheapplicanttopurchaseitssharesandthecontracttakeseffecton thedateonwhichtheallotmentismadebythecompany. 127.Paymentonallotment Subjecttotheprovisionsofsections135to138ofthisAct,acompanymay,initsarticles,makeprovisionwith respecttopaymentsonallotmentofitsshares. 128.Effectofirregularallotment (1)Anallotmentmadebyacompanybeforetheholdingofthestatutorymeetingtoanapplicantincontravention oftheprovisionsofthisAct,shallbevoidableattheinstanceoftheapplicantwithinonemonthaftertheholding ofthestatutorymeetingofthecompanyandnotlater,orwheretheallotmentismadeaftertheholdingofthe statutorymeeting,withinonemonthafterthedateoftheallotment,andnotlater,andtheallotmentshallbeso voidablenotwithstandingthatthecompanyisinthecourseofbeingwoundup. (2)Ifanydirectorofacompanyknowinglycontravenesorpermitsorauthorisesthecontraventionofanyofthe provisionsofthisActwithrespecttoallotment,heshallbeliabletocompensatethecompanyandtheallottee respectivelyforanyloss,damagesorcostswhichthecompanyortheallotteemayhavesustainedorincurred thereby: Providedthatproceedingstorecoveranysuchloss,damages,orcostsshallnotbecommencedaftertheexpiration oftwoyearsfromthedateoftheallotment. 129.Returnastoallotment (1)Wheneveracompanylimitedbysharesmakesanyallotmentofitsshares,thecompanyshallwithinonemonth thereafterdelivertotheCommissionforregistration (a)areturnoftheallotments,statingthenumberandnominalamountofthesharescomprisedintheallotment, thenames,addressesanddescriptionoftheallottees,andtheamount,ifany,paidordueandpayableoneach share;and (b)inthecaseofsharesallottedasfullyorpartlypaidupotherwisethanincash (i)acontractinwriting,constitutingthetitleoftheallotteetotheallotmenttogetherwithanycontractof sale,orforservicesorotherconsiderationinrespectofwhichthatallotmentwasmade,suchcontracts beingdulystamped; (ii)areturnstatingthenumberandnominalamountofsharessoallotted,theextenttowhichtheyareto betreatedaspaidup,andtheconsiderationforwhichtheyhavebeenallotted;and (iii)particularsofthevaluationoftheconsiderationinaccordancewithsection137ofthisAct,ifany.

(2)Ifdefaultismadeincomplyingwiththissection,everyofficerofthecompanywhoisindefaultshallbeliableto afineofN50foreverydayduringwhichthedefaultcontinues: Providedthat,incaseofdefaultindeliveringtotheCommissionwithinonemonthaftertheallotmentany documentrequiredtobedeliveredbythissection,thecompanyoranyofficerliableforthedefault,mayapplyto thecourtforrelief,andthecourt,ifsatisfiedthattheomissiontodeliverthedocumentwasaccidentalordueto inadvertenceorthatitisjustandequitabletograntrelief,maymakeanorderextendingthetimeforthedelivery ofthedocumentforsuchperiodasthecourtmaythinkproper. Commissionsanddiscounts 130.Prohibitionofpaymentsofcommissions,discountsoutofsharesandcapital (1)Exceptasprovidedinsection131ofthisAct,nocompanyshallapplyanyofitssharesorcapitalmoneyeither directlyorindirectlyinpaymentofanycommission,discountorallowancetoanypersoninconsiderationofhis subscribingoragreeingtosubscribe,whetherabsolutelyorconditionally,foranysharesinthecompany,or procuringoragreeingtoprocuresubscriptions,whetherabsoluteorconditional,foranysharesinthecompany, whetherthesharesorcapitalmoneyaresoappliedbybeingaddedtothepurchasemoneyofanyproperty acquiredbythecompanyortothecontractpriceofanyworktobeexecutedforthecompany,oranysuchmoney ispaidoutofthenominalpurchasemoneyorcontractprice,orotherwise. (2)Nothinginthissectionshallaffectthepaymentofanybrokerageasisusualforacompanytopay. (3)Avendorto,promoterof,orotherpersonwhoreceivespaymentinmoneyorsharesfromacompany,shall haveandshallbedeemedalwaystohavehadpowertoapplyanypartofthemoneyorsharessoreceivedin paymentofanycommission,thepaymentofwhich,ifmadedirectlybythecompany,wouldhavebeenlegalunder thissection. 131.Powertopaycommissionincertaincases (1)Itshallbelawfulforacompanytopayacommissiontoanypersoninconsiderationofhissubscribingor agreeingtosubscribe,whetherabsolutelyorconditionally,foranysharesinthecompanyorprocuringoragreeing toprocuresubscription,whetherabsoluteorconditional,foranysharesinthecompanyif (a)thepaymentofthecommissionisauthorisedbythearticles;and (b)thecommissionpaidoragreedtobepaiddoesnotexceedtenpercentofthepriceatwhichthesharesare issuedortheamountorrateauthorisedbythearticles,whicheveristhelesser; (c)theamountorratepercentofthecommissionpaidoragreedtobepaidis (i)inthecaseofsharesofferedtothepublicforsubscriptiondisclosedintheprospectus;or (ii)inthecaseofsharesnotofferedtothepublicforsubscription,disclosedinthestatementinlieuof prospectus,orinastatementintheprescribedformsignedinlikemannerasastatementinlieuof prospectus,anddeliveredbeforethepaymentofthecommissiontotheCommissionforregistration,and whereacircularornotice,notbeingaprospectusinvitingsubscriptionforthesharesisissued,also disclosedinthatcircularornotice;and

(d)thenumberofshareswhichpersonshaveagreedforacommissiontosubscribeabsolutelyisdisclosedinthe mannerspecifiedinthissection. (2)IfdefaultismadeindeliveringtotheCommissionanydocumentrequiredtobedeliveredtotheCommission underthissection,thecompanyandeveryofficerindefaultshallbeliabletoafineofN250. 132.Statementinbalancesheetastocommission (1)Whereacompanyhaspaidanysumbywayofcommissioninrespectofanysharesinthecompany,theamount sopaidorsomuchofitashasnotbeenwrittenoff,shallbestatedineverybalancesheetofthecompanyuntilthe wholeamounthasbeenwrittenoff. (2)Ifdefaultismadeincomplyingwiththissection,thecompanyandeveryofficerofthecompanyindefaultis guiltyofanoffenceandliabletoafineofN50foreverydayduringwhichthedefaultcontinues. Callonandpaymentforshares 133.Callonshares (1)Subjecttothetermsoftheissueofthesharesandofthearticles,thedirectorsmayfromtimetotimemake callsuponthemembersinrespectofanymoneysunpaidontheirshares(whetheronaccountofthenominalvalue ofthesharesorbywayofpremium)andnotbytheconditionsofallotmentofthesharesmadepayableatfixed times: Providedthatnocallshallexceedonefourthofthenominalvalueoftheshareorbepayableatlessthanone monthfromthedatefixedforthepaymentofthelastprecedingcall,andeachmembershall(subjecttoreceiving atleast14days'noticespecifyingthetimeortimesandplaceofpayment)paytothecompanyatthetimeortimes andplacesospecifiedtheamountcalledonhisshares,sohoweverthatacallmayberevokedorpostponedasthe directorsmaydetermine. (2)Acallshallbedeemedtohavebeenmadeatthetimewhentheresolutionofthedirectorsauthorisingthecall waspassed,andmayberequiredtobepaidbyinstalments. (3)Thejointholdersofashareshallbejointlyandseverallyliabletopayallcallsinrespectoftheshare. (4)Ifasumcalledinrespectofashareisnotpaidbeforeoronthedayappointedforpayment,thepersonfrom whomthesumisdueshallpayinterestonthesumfromthedayappointedforpaymenttothetimeofactual paymentatsuchratenotexceedingthecurrentbankrateperannum,asthedirectorsmaydetermine,butthe directorsshallbeatlibertytowaivepaymentofsuchinterestwhollyorinpart. (5)Anysumwhichbythetermsofissueofasharebecomespayableonallotmentoratanyfixeddate,whetheron accountofthenominalvalueofthesharesorbywayofpremiumshall,forthepurposesoftheseprovisions,be deemedtobeacalldulymadeandpayableonthedateonwhichbythetermsofissuethesamebecomespayable, andincaseofnonpayment,alltherelevantprovisionsofthisActastopaymentofinterestandexpenses, forfeitureorotherwiseshallapplyasifsuchsumhadbecomepayablebyvirtueofacalldulymadeandnotified. (6)Thedirectorsmay,iftheythinkfit,receivefromanymemberwillingtoadvancethesame,alloranypartofthe moneysuncalledandunpaiduponanysharesheldbyhim;anduponalloranyofthemoneyssoadvancedmay (untilthesamewouldbutforsuchadvance,becomepayable)payinterestatsuchratenotexceeding(unlessthe

companyingeneralmeetingshallotherwisedirect)thecurrentbankrateperannumasmaybeagreedupon betweenthedirectorsandthememberpayingsuchsuminadvance. 134.Reserveliabilityofcompanyhavingsharecapital Acompanylimitedbysharesmaybyspecialresolutiondeterminethatanyportionofitssharecapitalwhichhas notbeenalreadycalledupshallnotbecapableofbeingcalledupexceptintheeventandforthepurposesofthe companybeingwoundup;andthereuponthatportionofitssharecapitalshallnotbecapableofbeingcalledup, exceptintheeventandforthepurposesspecifiedinthissection. 135.Paymentforshares Subjecttotheprovisionsofsections136and137ofthisAct,thesharesofacompanyandanypremiumonthem shallbepaidupincash,orwherethearticlessopermit,byavaluableconsiderationotherthancashorpartlyin cashandpartlybyavaluableconsiderationotherthancash. 136.Meaningofpaymentincash Sharesshallnotbedeemedtohavebeenpaidforincashexcepttotheextentthatthecompanyshallactuallyhave receivedcashforthematthetimeof,orsubsequentlyto,theagreementtoissuetheshares,andwheresharesare issuedtoapersonwhohassoldoragreedtosellpropertyorrenderedoragreedtorenderservicestothe companyortopersonsnominatedbyhim,theamountofanypaymentmadeforthepropertyorservicesshallbe deductedfromtheamountofanycashpaymentmadeforthesharesandonlythebalance(ifany)shallbetreated ashavingbeenpaidincashforsuchsharesnotwithstandinganyexchangeofchequesorothersecuritiesfor money. 137.Paymentotherthanincash (1)Whereacompanyagreestoacceptpaymentforitssharesotherwisethanwhollyincash,itshallappointan independentvaluerwhoshalldeterminethetruevalueoftheconsiderationotherthancashandprepareand submittothecompanyareportonthevalueoftheconsideration. (2)Thevaluershallbeentitledtorequirefromtheofficersofthecompanysuchinformationandexplanationashe thinksnecessarytoenablehimtocarryoutthevaluationormakethereportundersubsection(3)ofthissection. (3)Thecompanyshall,notmorethanthreedaysafterthereceiptbyitofthevaluer'sreport,sendacopyofitto theproposedpurchaserofshares,andindicatetotheproposedpurchaserwhetherornotitintendstoacceptthe considerationaspaymentorpartpaymentforitsshares. (4)Acompanyshallnotacceptaspaymentorpartpaymentforitssharesconsiderationotherthancashunlessthe cashvalueoftheconsiderationasdeterminedbythevaluerisworthatleastasmuchasmaybecreditedaspaid upinrespectofthesharesallowedtotheproposedpurchaser. (5)Avaluerwho,inhisreportorotherwise,knowinglyorrecklesslymakesastatementwhichismisleading,false ordeceptiveinamaterialparticular,shallbeguiltyofanoffenceandliabletoimprisonmentfor12monthsortoa fineofN1,000orbothsuchimprisonmentandfine. (6)Forthepurposesofthissection"valuer"meansanauditor,avaluer,asurveyororengineeroranaccountant notbeingapersonintheemploymentofthecompanynoranagentorassociateofthecompanyoranyofits directorsorofficers.

[1991No.46.] 138.Powertopaydifferentamountsonshares Totheextenttowhichitissoauthorisedbyitsarticles,acompanymay (a)makearrangementsontheissueofsharesforadifferencebetweentheshareholdersintheamountsandtimes ofpaymentofcallsontheirshares; (b)acceptfromanymemberthewholeorapartoftheamountremainingunpaidonanysharesheldbyhim, althoughnopartofthatamounthasbeencalledup; (c)paydividendinproportiontotheamountpaiduponeachsharewherealargeramountispaiduponsome sharesthanonothers. Lienandforfeitureofshares 139.Lienonshares (1)Acompanyshallhaveafirstandparamountlienoneveryshare,(notbeingafullypaidshareforallmoneys (whethercurrentlypayableornot)calledorpayableatafixedtimeinrespectofthatshare,andthecompanyshall alsohaveafirstandparamountlienonallshares(otherthanfullypaidshares)standingregisteredinthenameofa singlepersonforallmoneyspresentlypayablebyhimorhisestatetothecompany;butthedirectorsmayatany timedeclareanysharetobewhollyorinpartexemptfromtheprovisionsofthissubsection. (2)Acompany'slien,ifany,onashareshallextendtoalldividendspayableonit. (3)Acompanymaysell,insuchmannerasthedirectorsthinkfit,anysharesonwhichthecompanyhasalien,but nosaleshallbemadeunlessasuminrespectofwhichthelienexistsiscurrentlypayable,noruntiltheexpiration of14daysafteranoticeinwriting,statinganddemandingpaymentofsuchpartoftheamountinrespectofwhich thelienexistsasiscurrentlypayable,hasbeengiventotheregisteredholderforthetimebeingoftheshares,or thepersonentitledtothembyreasonofhisdeathorbankruptcy. (4)Forthepurposeofgivingeffecttoanysuchsale,thedirectorsmayauthorisesomepersontotransferthe sharessoldtothepurchaserofthesharesandthepurchasershallberegisteredastheholderoftheshares comprisedinanysuchtransfer. (5)Thepurchasershallnotbeboundtoseetotheapplicationofthepurchasemoneyandhistitletotheshares shallnotbeaffectedbyanyirregularityorinvalidityintheproceedingsinreferencetothesale. 140.Forfeitureofshares (1)Ifamemberfailstopayanycallorinstalmentofacallonthedayappointedforpayment,thedirectorsmay,at anytimethereafterduringsuchtimeasanypartofthecallorinstalmentremainsunpaid,serveanoticeonhim requiringpaymentofsomuchofthecallorinstalmentasisunpaid,togetherwithanyinterestwhichmayhave accrued. (2)Thenoticeshallnameafurtherday(notearlierthantheexpirationof14daysfromthedateofserviceofthe notice)onorbeforewhichthepaymentrequiredbythenoticeistobemade,anditshallstatethatintheeventof

nonpaymentatorbeforethetimeappointed,thesharesinrespectofwhichthecallwasmadeshallbeliableto beforfeited. (3)Iftherequirementsofanysuchnoticeasismentionedinsubsections(1)and(2)ofthissectionarenot compliedwith,anyshareinrespectofwhichnoticehasbeengivenmayatanytimethereafter,beforethe paymentrequiredbythenoticehasbeenmade,beforfeitedbyaresolutionofthedirectorstothateffect. (4)Aforfeitedsharemaybesoldorotherwisedisposedofonsuchtermsandinsuchmannerasthedirectorsthink fit,andatanytimebeforeasaleordisposition,theforfeituremaybecancelledonsuchtermsasthedirectors thinkfit. (5)Apersonwhoseshareshavebeenforfeitedshallceasetobeamemberinrespectoftheforfeitedshares,but shall,notwithstanding,remainliabletopaytothecompanyallmoneyswhich,atthedateofforfeiture,were payablebyhimtothecompanyinrespectoftheshares,buthisliabilityshallceaseifandwhenthecompany receivespaymentinfullofallsuchmoneysinrespectoftheshares. (6)Astatutorydeclarationthatthedeclarantisadirectororthesecretaryofthecompany,andthatashareinthe companyhasbeendulyforfeitedonadatestatedinthedeclarations,shallbeprimafacieevidenceofthefacts statedinitasagainstallpersonsclaimingtobeentitledtotheshares. (7)Thecompanymayreceivetheconsideration,ifany,givenfortheshareonanysaleordispositionofitandmay executeatransferoftheshareinfavourofthepersontowhomtheshareissoldordisposedof,andheshall thereuponberegisteredastheholderoftheshare,andshallnotbeboundtoseetotheapplicationofthe purchasemoney,ifany,norshallhistitletothesharebeaffectedbyanyirregularityorinvalidityinthe proceedingsinreferencetotheforfeiture,saleordisposaloftheshare. (8)Theprovisionsofthissectionastoforfeitureshallapplyinthecaseofnonpaymentofanysumwhich,bythe termsofissueofashare,becomespayableatafixedtime,whetheronaccountofthenominalvalueoftheshare orbywayofpremium,asifthesamehadbeenpayablebyvirtueofacalldulymadeandnotified. Classesofshares 141.Powertovaryrights (1)Ifatanytimethesharecapitalofacompanyisdividedintodifferentclassesofsharesundersection118ofthis Act,therightsattachedtoanyclass(unlessotherwiseprovidedbythetermsofissueofthesharesofthatclass) may,whetherornotthecompanyisbeingwoundup,bevariedwiththeconsent,inwriting,oftheholdersof threequartersoftheissuedsharesofthatclass,orwiththesanctionofaspecialresolutionpassedataseparate generalmeetingoftheholdersofthesharesoftheclass. (2)Toeverysuchseparategeneralmeetingasismentionedinsubsection(1)ofthissection,theprovisionsofthis Actrelatingtogeneralmeetingsshallapply,sohoweverthatthenecessaryquorumshallbetwopersonsatleast holdingorrepresentingbyproxyonethirdoftheissuedsharesoftheclassandthatanyholderofsharesofthe classpresentinpersonorbyproxymaydemandapoll. (3)Therightsconferredupontheholdersofthesharesofanyclassissuedwithpreferredorotherrightsshallnot, unlessotherwiseexpresslyprovidedbythetermsofissueofthesharesofthatclass,bedeemedtobevariedby thecreationorissueoffurthersharesrankingparipassuwiththem.

142.Applicationforcancellationofvariation (1)Whereinpursuanceofsection141ofthisAct,therightsattachedtoanyclassofsharesareatanytimevaried, theholderofnotlessintheaggregatethanfifteenpercentoftheissuedsharesofthatclass,beingpersonswho didnotconsenttoorvoteinfavouroftheresolutionforthevariation,mayapplytothecourttohavethevariation cancelled,and,whereanysuchapplicationismade,thevariationshallnothaveeffect,unlessanduntilitis confirmedbythecourt. (2)Anapplicationtothecourtunderthissectionshall,inapropercase,bemadewithin21daysafterthedateon whichtheconsentwasgivenortheresolutionwaspassed,asthecasemaybe,andmaybemadeonbehalfofthe shareholdersentitledtomaketheapplicationorbysuchoneormoreoftheirnumberastheymayappointin writingforthepurpose. (3)Ifonanysuchapplicationthecourt,afterhearingtheapplicantandanyotherpersonsapplyingtoittobeheard andappearingtobeinterestedintheapplication,issatisfiedthatthevariationwouldunfairlyprejudicethe shareholdersoftheclassrepresentedbytheapplicant,thecourt,havingregardtoallthecircumstancesofthe case,maydisallowthevariation,andshall,ifnotsatisfied,confirmthevariation. (4)Thedecisionofthecourtonanysuchapplicationshallbefinal. (5)Thecompanyshall,within15daysafterthemakingofanorderbythecourtonanapplicationtoitunderthis section,forwardacopyoftheordertotheCommissionandifdefaultismadeincomplyingwiththeprovisionsof thissubsection,thecompanyandeveryofficerofthecompanywhoisindefaultshallbeliabletoafineofN50for everydayduringwhichthedefaultcontinues. (6)Inthissection,"variation"includesabrogationandcognateexpressionsshallbeconstructedaccordingly. 143.Rightofapreferencesharetomorethanonevote (1)Notwithstandingtheprovisionsofsection116ofthisAct,thearticlesmayprovidethatpreferenceshares issuedafterthecommencementofthisActshallcarrytherightstoattendgeneralmeetingsandonapollatthe meetings,tomorethanonevotepershareinthefollowingcircumstances,butnototherwise,thatistosay (a)uponanyresolutionduringsuchperiodasthepreferentialdividendoranypartofitremainsinarrearsand unpaid,suchperiodstartingfromadatenotmorethan12monthsorsuchlesserperiodasthearticlesmay provide,aftertheduedateofthedividend;or (b)uponanyresolutionwhichvariestherightsattachedtosuchshares;or (c)uponanyresolutiontoremoveanauditorofthecompanyortoappointanotherpersoninplaceofsuch auditor;or (d)uponanyresolutionforthewindingupofthecompanyorduringthewindingupofthecompany. (2)Notwithstandingtheprovisionsofsection116ofthisAct,anyspecialresolutionofacompanyincreasingthe numberofsharesofanyclass,mayvalidlyresolvethatanyexistingclassofpreferencesharesshallcarrytheright tosuchvotesadditionaltoonevotepershareasshallbenecessaryinordertopreservetheexistingratiowhich thevotesexercisablebytheholdersofsuchpreferencesharesatageneralmeetingofthecompanybeartothe totalvotesexercisableatthemeeting.

(3)Forthepurposesofsubsection(2)ofthissection,adividendshallbedeemedtobedueonthedateappointed inthearticlesforthepaymentofthedividendforanyyearorotherperiod,orifnosuchdateisappointed,upon thedayimmediatelyfollowingtheexpirationoftheyearorotherperiod,andwhetherornotsuchdividendshall havebeenearnedordeclared. 144.Constructionofclassrights Inconstruingtheprovisionsofacompany'sarticlesinrespectoftherightsattachedtoshares,thefollowingrules ofconstructionshallbeobserved (a)unlessthecontraryintentionappears,nodividendshallbepayableonanysharesunlessthecompanyshall resolvetodeclaresuchdividend; (b)unlessthecontraryintentionappears,afixedpreferentialdividendpayableonanyclassofsharesiscumulative, thatistosay,nodividendshallbepayableonanysharesrankingsubsequenttothemuntilallthearrearsofthe fixeddividendhavebeenpaid; (c)unlessthecontraryintentionappears,inawindinguparrearsofanycumulativepreferentialdividend,whether earnedordeclaredornot,arepayableuptothedateofactualpaymentinthewindingup; (d)ifanyclassofsharesisexpressedtohavearighttoapreferentialdividend,then,unlessthecontraryintention appears,suchclasshasnofurtherrighttoparticipateindividends; (e)ifanyclassofsharesisexpressedtohavepreferentialrightstopaymentoutoftheassetsofthecompanyinthe eventofwindingup,thenunlessthecontraryintentionappears,suchclasshasnofurtherrighttoparticipatein thedistributionofassetsinthewindingup; (f)indeterminingtherightsofthevariousclassestoshareinthedistributionofthecompany'spropertyona windingup,noregardshallbepaid,unlessthecontraryintentionappears,towhetherornotsuchproperty representsaccumulatedprofitsorsurpluswhichwouldhavebeenavailablefordividendwhilethecompany remainedagoingconcern; (g)subjecttothissection,allsharesrankequallyinallrespectsunlessthecontraryintentionappearsinthe company'sarticles. Numberingofshares 145.Sharestobenumbered Eachshareinacompanyhavingasharecapitalshallbedistinguishedbyitsappropriatenumber: Providedthat,ifatanytimealltheissuedsharesinacompany,orallofitsissuedsharesofaparticularclass,are fullypaidupandrankparipassuforallpurposes,noneofthosesharesneedthereafterhaveadistinguishing numbersolongasitremainsfullypaidupandranksparipassuforallpurposeswithallsharesofthesameclassfor thetimebeingissuedandfullypaidup. Sharecertificates 146.Issueofsharecertificates

(1)Everycompanyshall,withintwomonthsaftertheallotmentofanyofitssharesandwithinthreemonthsafter thedateonwhichatransferofanysuchsharesislodgedwiththecompany,completeandhavereadyfordelivery thecertificatesofallsharesallottedortransferred,unlesstheconditionsofissueofthesharesotherwiseprovide. (2)Everypersonwhosenameisenteredasamemberintheregisterofmembersshallbeentitled,without payment,toreceivewithinthreemonthsofallotmentorlodgementoftransferorwithinsuchotherperiodasthe conditionsofissueshallprovide,onecertificateforallhissharesorseveralcertificateseachforoneormoreofhis sharesuponpaymentofafeeasthedirectorsshall,fromtimetotime,determine. (3)Everycertificateissuedbyacompanyshallbeunderthecompany'ssealandshallspecifythesharestowhichit relatesandtheamountpaiduponthem: Providedthatinrespectofsharesheldjointlybyseveralpersons,thecompanyshallnotbeboundtoissuemore thanonecertificate,anddeliveryofacertificateforsharestooneofseveraljointholdersshallbesufficient deliverytoallsuchholders. (4)Ifasharecertificateisdefaced,lostordestroyed,itmaybereplacedonsuchterms(ifany),astoevidenceand indemnityandthepaymentofoutofpocketexpensesofthecompanyofinvestigatingevidenceasthedirectors thinkfit. (5)Ifanycompanyonwhichanoticehasbeenservedrequiringittomakegoodanydefaultincomplyingwiththe provisionsofsubsection(1)ofthissection,failstomakegoodthedefaultwithin10daysaftertheserviceofthe notice,thecourtmay,ontheapplicationofthepersonentitledtohavethecertificatedeliveredtohim,makean orderdirectingthecompanyandanyofficerofthecompanytomakegoodthedefaultwithinsuchtimeasmaybe specifiedintheorder,andanysuchordermayprovidethatallcostsofandincidentaltotheapplicationshallbe bornebythecompanyorbyanyofficerofthecompanyresponsibleforthedefault. (6)Ifdefaultismadeincomplyingwiththissection,thecompanyandeveryofficerofthecompanywhoisin default,shallbeliabletoafineofN50foreverydayduringwhichthedefaultcontinues. (7)Inthissection,"transfer"meansatransferdulystampedandotherwisevalid,butdoesnotincludeatransfer whichunderthisActacompanyisforanyreasonentitledtorefuseto,anddoesnot,register. 147.Effectofsharecertificate (1)Acertificate,underthecommonsealofthecompany,specifyinganysharesheldbyanymember,shallbe primafacieevidenceofthetitleofthemembertotheshares. (2)Ifanypersonchangeshispositiontohisdetrimentingoodfaithonthecontinuedaccuracyofthestatements madeinacertificate,thecompanyshallbeestoppedfromdenyingthecontinuedaccuracyofsuchstatementsand shallcompensatethepersonforanylosssufferedbyhiminrelianceonthemandwhichhewouldnothave sufferedhadthestatementsbeenorcontinuedtobeaccurate. (3)Nothingcontainedinsubsection(2)ofthissectionshallderogatefromanyrightthecompanymayhavetobe indemnifiedbyanyotherperson. 148.Probate,etc.,asevidenceofgrant Theproductiontoacompanyofanydocumentwhichisbylawsufficientevidenceofprobateofthewill,orletters ofadministrationoftheestate,orconfirmationasexecutor,ofadeceasedpersonhavingbeengrantedtosome

person,shallbeacceptedbythecompanyassufficientevidenceofthegrant,notwithstandinganythinginits articlestothecontrary. 149.Abolitionofsharewarrants (1)AsfromthedateofcommencementofthisAct,nocompanyshallhavethepowertoissuewarrants. (2)Everycompanyshallwithinaperiodof30daysfromthedateofcommencementofthisAct,cancelanyshare warrantspreviouslyissuedbyitwhicharestillvalidonthatdateandenterinitsregisterofmembersthenames andrelevantparticularsofthebearersofthesharewarrants. (3)Apersonwhosenameisenteredinacompany'sregisterofmembersbyvirtueofsubsection(2)ofthissection, shallbedeemedtobeamemberofthecompanywitheffectfromthedateonwhichthesharewarrantthereby cancelled,wasissued. Conversionofsharesintostock 150.Conversionofsharesintostock (1)Theprovisionsofthissectionshallapplywithrespecttotheconversionofalloranyofthesharesofacompany intostockandthereconversionofsuchstockintosharesundertheprovisionsofsection100ofthisAct. (2)Theconversionofanypaidupsharesintostockandthereconversionofanystockintopaidupsharesshallbe byordinaryresolutionofthecompanyatageneralmeeting. (3)Theholdersofstockmaytransferthesame,oranypartofit,inthesamemannerandsubjecttothesame conditions,asandsubjecttowhichthesharesfromwhichthestockarosemight,previoustotheconversion,have beentransferred,orasneartoitascircumstancesadmit;andthedirectorsmay,fromtimetotime,fixthe minimumamountofstocktransferable,sohoweverthatsuchminimumshallnotexceedthenominalamountof thesharesfromwhichthestockarose. (4)Theholdersofstockshall,accordingtotheamountofstockheldbythem,havethesamerights,privilegesand advantagesasregardsdividends,votingatmeetingsofthecompanyandothermattersasiftheyheldtheshares fromwhichthestockarose,butnosuchprivilegeoradvantage(exceptparticipationinthedividendsandprofitof thecompanyandintheassetsonwindingup)shallbeconferredbyanamountofstockwhichwouldnot,if existinginshares,haveconferredthatprivilegeoradvantage. (5)Suchofthearticlesofthecompanyasareapplicabletopaidupsharesshallapplytostock,andthewords "shares"and"shareholder"inthosearticlesshallinclude"stock"and"stockholder. Transferandtransmission 151.Transferofshares (1)Thetransferofacompany'ssharesshallbebyinstrumentoftransferandexceptasexpresslyprovidedinthe articles,transferofsharesshallbewithoutrestrictions. (2)Notwithstandinganythinginthearticlesofacompany,itshallnotbelawfulforthecompanytoregistera transferofsharesinthecompany,unlessaproperinstrumentoftransferhasbeendeliveredtothecompany:

Providedthatnothinginthissectionshallprejudiceanypowerofthecompanytoregisterasshareholder,any persontowhomtherighttoanysharesinthecompanyhasbeentransmittedbyoperationoflaw. (3)Theinstrumentoftransferofanyshareshallbeexecutedbyoronbehalfofthetransferorandtransferee,and thetransferorshallbedeemedtoremainaholderoftheshareuntilthenameofthetransfereeisenteredinthe registerofmembersinrespectoftheshare. (4)Subjecttosuchoftherestrictionsofacompany'sarticlesasmaybeapplicable,anymembermaytransferallor anyofhissharesbyinstrumentinwritinginanyusualorcommonformoranyotherformwhichthedirectorsmay approve. 152.Entryinregisteroftransfers (1)Ontheapplicationofthetransferorofanyshareorinterestinacompany,thecompanyshallenterinits registerofmembers,thenameofthetransfereeinthesameconditionsasiftheapplicationfortheentrywere madebythetransferee. (2)Untilthenameofthetransfereeisenteredintheregisterofmembersinrespectofthetransferredshares,the transferorshall,sofarasconcernsthecompany,bedeemedtoremaintheholderoftheshares. (3)Thecompanymayrefusetoregisterthetransferofashare(notbeingafullypaidshare)toapersonofwhom theydonotapprove,andmayalsorefusetoregisterthetransferofashareonwhichthecompanyhasalien. (4)Thecompanymayrefusetorecogniseanyinstrumentoftransferunless (a)afeeasthecompanymay,fromtimetotime,determineispaidtothecompanyinrespectoftheinstrument; and (b)theinstrumentoftransferisaccompaniedbythecertificateofthesharestowhichitrelatesandsuchother evidenceasthedirectorsmayreasonablyrequiretoshowtherightofthetransferortomakethetransfer;and (c)theinstrumentoftransferisinrespectofonlyoneclassofshares. 153.Noticeofrefusaltoregister (1)Ifacompanyrefusestoregisteratransferofanysharesitshall,withintwomonthsafterthedateonwhichthe transferwaslodgedwithit,sendnoticeoftherefusaltothetransferee. (2)Ifdefaultismadeincomplyingwiththissection,thecompanyandeveryofficerofthecompanywhoisin defaultshallbeliabletoafineofN200. 154.Transferbypersonalrepresentative Atransferoftheshareorotherinterestofadeceasedmemberofacompanymadebyhispersonalrepresentative shall,althoughthepersonalrepresentativeisnothimselfamemberofthecompany,beasvalidasifhehadbeen suchamemberatthetimeoftheexecutionoftheinstrumentoftransfer. 155.Transmissionofshares (1)Incaseofthedeathofamember,thesurvivororsurvivorswherethedeceasedwasajointholder,orthelegal personalrepresentativeofthedeceasedwherehewasasoleholder,shallbetheonlypersonsrecognisedbythe

companyashavinganytitletohisinterestintheshares;butnothinginthissectionshallreleasetheestateofa deceasedjointholderfromanyliabilityinrespectofanysharewhichhadbeenjointlyheldbyhimwithother persons. (2)Anypersonbecomingentitledtoashareinconsequenceofthedeathorbankruptcyofamembermay,upon suchevidencebeingproducedasmay,fromtimetotime,properlyberequiredbythedirectorsandsubjectas hereafterprovidedinthissection,electeithertoberegisteredhimselfasholderoftheshare,ortohavesome personnominatedbyhimregisteredasthetransfereeoftheshare;butthecompanyshall,ineithercase,havethe samerighttodeclineorsuspendregistrationastheywouldhavehadinthecaseofatransferofthesharebythat memberbeforehisdeathorbankruptcy,asthecasemaybe. (3)Ifthepersonsobecomingentitledelectstoberegisteredhimself,heshalldeliverorsendtothecompanya noticeinwritingsignedbyhimstatingthathesoelectsandifheelectstohaveanotherpersonregistered,heshall testifyhiselectionbyexecutingtothatpersonatransferoftheshare. (4)Allthelimitations,restrictionsandprovisionsofthisActandthecompany'sarticlesrelatingtotherightsto transferandtheregistrationoftransfersofshare,shallbeapplicabletoanysuchnoticeortransferasmentioned insubsection(3)ofthissectionasifthedeathorbankruptcyofthememberhadnotoccurredandthenoticeor transferwereatransfersignedbythatmember. (5)Apersonbecomingentitledtoasharebyreasonofthedeathorbankruptcyoftheholder,shallbeentitledto thesamedividendsandotheradvantagestowhichhewouldbeentitledifheweretheregisteredholderofthe share,exceptthatheshallnot,unlessthearticlesotherwiseprovide,beforebeingregisteredasamemberin respectoftheshare,beentitledinrespectofittoexerciseanyrightconferredbymembershipinrelationto meetingsofthecompany: Providedthatthedirectorsmayatanytimegivenoticerequiringanysuchpersontoelecteithertoberegistered himselfortotransfertheshare,andifthenoticeisnotcompliedwithwithin90daysthedirectorsmaythereafter withholdpaymentofalldividends,bonusesorothermoneyspayableinrespectoftheshareuntiltherequirements ofthenoticehavebeencompliedwith. 156.Protectionofbeneficiaries (1)Anypersonclaimingtobeinterestedinanysharesorthedividendsorinterestonthem,mayprotecthis interestbyservingonthecompanyconcernedanoticeandaffidavitofinterest. (2)Notwithstandingtheprovisionsofsection86ofthisAct,thecompanyshallenterontheregisterofmembers, thefactthatsuchnoticehasbeenservedandshallnotregisteranytransferormakeanypaymentorreturnin respectofthesharescontrarytothetermsofthenoticeuntiltheexpirationof42days'noticetotheclaimantof theproposedtransferorpayment. (3)Intheeventofanydefaultbythecompanyincomplyingwiththissection,thecompanyshallcompensateany personinjuredbythedefault. 157.Certificationoftransfers (1)Whentheholderofanysharesofacompanywishestotransfertoanypersononlyapartoftheshares representedbyoneormorecertificates,theinstrumentoftransfertogetherwiththerelevantcertificatesshallbe deliveredtothecompanywitharequestthattheinstrumentoftransferberecognisedandregistered.

(2)Acompanytowhicharequestismadeundersubsection(1)ofthissection,mayrecognisetheinstrumentof transferbyendorsingonitthewords"certificatelodged"orwordstothelikeeffect. (3)Therecognitionbyacompanyofanyinstrumentoftransferofsharesinthecompanyshallbetakenasa representationbythecompanytoanypersonactingonthefaithoftherecognitionthattherehavebeenproduced tothecompanysuchdocumentsasonthefaceofthemshowaprimefacietitletothesharesinthetransferor namedintheinstrumentoftransfer,butnotasarepresentationthatthetransferorhasanytitletotheshares. (4)Whereanypersonactsonthefaithofafalserecognitionbyacompanymadenegligently,thecompanyshallbe underthesameliabilitytothatpersonasiftherecognitionhasbeenmadefraudulently. (5)Forthepurposesofthissection (a)aninstrumentoftransfershallbedeemedtoberecognisedifitbearsthewords"certificatelodged"orwords tothelikeeffect; (b)therecognitionofaninstrumentoftransfershalldeemedtobemadebyacompanyif (i)thepersonissuingtheinstrumentisapersonauthorisedtoissuecertificatedinstrumentsoftransfers onthecompany'sbehalf;and (ii)therecognitionissignedbyapersonauthorisedtorecognisetransfersofsharesonthecompany's behalforbyanyofficerorservanteitherofthecompanyorofabodycorporatesoauthorised; (c)arecognitionshallbedeemedtobesignedbyanypersonif (i)itpurportstobeauthenticatedbyhissignatureorinitials(whetherhandwrittenornot);and (ii)itisnotshownthatthesignatureorinitialswasorwereplacedtherebyanypersonotherthanhimor apersonauthorisedtousethesignatureorinitialsforthepurposeoftransfersonthecompany'sbehalf. Transactionsbycompanyinrespectofitsownshares 158.Redemptionofredeemablepreferenceshares (1)Theprovisionsofthissectionshallapplywithrespecttotheredemptionbyacompanyofanyredeemable preferencesharesissuedbyitundersection122ofthisAct. (2)Thesharesshallnotberedeemedunlesstheyarefullypaid,andredemptionshallbemadeonlyoutof (a)profitsofthecompanywhichwouldotherwisebeavailablefordividend;or (b)theproceedsofafreshissueofsharesmadeforthepurposesoftheredemption. (3)Beforethesharesareredeemed,thepremium,ifany,payableonredemption,shallbeprovidedforoutofthe profitsofthecompanyoroutofthecompany'ssharepremiumaccount. (4)Wheresharesareredeemedotherwisethanoutoftheproceedsofafreshissue,thereshall,outofprofits whichwouldotherwisehavebeenavailablefordividend,betransferredtoareservefund,tobecalled"thecapital redemptionreservefund",asumequaltothenominalamountofthesharesredeemed,andtheprovisionsofthis

Actrelatingtothereductionofthesharecapitalofacompanyshall,exceptasprovidedinthissection,applyasif thecapitalredemptionreservefundwerepaidupsharecapitalofthecompany. (5)Subjecttotheprovisionsofthissection,theredemptionofpreferencesharesthereundermaybeeffectedon suchtermsandinsuchmannerasareprovidedbythearticlesofthecompany. (6)Theredemptionofpreferencesharesunderthissectionbyacompanyshallnotbetakenasreducingthe amountofthecompany'sauthorisedsharecapital. (7)Where,inpursuanceofthissection,acompanyhasredeemedorisabouttoredeemanypreferenceshares,it shallhavepowertoissuesharesuptothenominalamountofthesharesredeemedortoberedeemedasifthose shareshadneverbeenissued,andaccordingly,thesharecapitalofthecompanyshallnot,forthepurposesofany enactmentsrelatingtostampduty,bedeemedtobeincreasedbytheissueofsharesinpursuanceofthis subsection: Providedthat,wherenewsharesareissuedbeforetheredemptionoftheoldshares,thenewsharesshallnot,so farasrelatestostampduty,bedeemedtohavebeenissuedinpursuanceofthissubsection,unlesstheoldshares areredeemedwithinonemonthaftertheissueofthenewshares. (8)Thecapitalredemptionreservefundmay,notwithstandinganythinginthissection,beappliedbythecompany inpayingupunissuedsharesofthecompanytobeissuedtomembersofthecompanyasfullypaidbonusshares. 159.Prohibitionoffinancialassistancebycompanyforacquisitionofitsshares (1)Inthissection,financialassistanceincludesagift,guarantee,securityorindemnity,loan,anyformofcreditand anyfinancialassistancegivenbyacompany,thenetassetsofwhicharetherebyreducedtoamaterialextentor whichhasnonetassets. (2)Subjecttotheprovisionsofthissection (a)whereapersonisacquiringorisproposingtoacquiresharesinacompany,itshallnotbelawfulforthe companyoranyofitssubsidiariestogivefinancialassistancedirectlyorindirectlyforthepurposeofthat acquisitionbeforeoratthesametimeastheacquisitiontakesplace;and (b)whereapersonhasacquiredsharesinacompanyandanyliabilityhasbeenincurred(bythatoranyother person),forthepurposeofthisacquisition,itshallnotbelawfulforthecompanyoranyofitssubsidiariestogive financialassistancedirectlyorindirectlyforthepurposeofreducingordischargingtheliabilitysoincurred. (3)Nothinginsubsection(1)ofthissectionshallbetakentoprohibit (a)thelendingofmoneybythecompanyintheordinarycourseofitsbusiness,wherethelendingofmoneyispart oftheordinarybusinessofacompany; (b)theprovisionbyacompany,inaccordancewithanyschemeforthetimebeinginforce,ofmoneyforthe purchaseof,orsubscriptionfor,fullypaidsharesinthecompanyoritsholdingcompany,beingapurchaseor subscriptionbytrusteesoforforsharestobeheldbyorforthebenefitofemployeesofthecompany,including anydirectorholdingasalariedemploymentorofficeinthecompany;

(c)themakingbyacompanyofloanstopersons,otherthandirectors,bonafideintheemploymentofthe companywithaviewtoenablingthosepersonstopurchaseorsubscribeforfullypaidsharesinthecompanyorits holdingcompany,tobeheldthemselvesbywayofbeneficialownership; (d)anyactortransactionotherwiseauthorisedbylaw. (4)Ifacompanyactsincontraventionofthissection,thecompanyandeveryofficerofthecompanywhoisin defaultshallbeliabletoafinenotexceedingN500. 160.Acquisitionbyacompanyofitsownshares (1)Subjecttotheprovisionsofsubsection(2)ofthissectionanditsarticles,acompanymaynotpurchaseor otherwiseacquiresharesissuedbyit. (2)Acompanymayacquireitsownsharesforthepurposeof (a)settlingorcompromisingadebtorclaimassertedbyoragainstthecompany;or (b)eliminatingfractionalshares;or (c)fulfillingthetermsofanonassignableagreementunderwhichthecompanyhasanoptionorisobligedto purchasesharesownedbyanofficeroranemployeeofthecompany;or (d)satisfyingtheclaimofadissentingshareholder;or (e)complyingwithacourtorder. (3)Acompanymayacceptfromanyshareholder,ashareinthecompanysurrenderedtoitasagift,butmaynot extinguishorreducealiabilityinrespectofanamountunpaidonanysuchshare,exceptinaccordancewith section106ofthisAct. 161.Conditionsforpurchasebyacompanyofitsownshares Notwithstandinganyprovisioninthearticles,acompanyshallnotpurchaseanyofitsownsharesexcepton compliancewiththefollowingconditions,thatis (a)sharesshallonlybepurchasedoutofprofitsofthecompanywhichwouldotherwisebeavailablefordividend ortheproceedsofafreshissueofsharesmadeforthepurposeofthepurchase; (b)redeemablesharesshallnotbepurchasedatapricegreaterthanthelowestpriceatwhichtheyare redeemableorshallberedeemableatthenextdatethereafteratwhichtheyaredueorliabletoberedeemed; (c)nopurchaseshallbemadeinbreachofsection162ofthisAct. 162.Limitonnumberofsharesacquired Notransactionshallbeenteredintobyoronbehalfofacompanywherebythetotalnumberofitsshares,orofits sharesofanyoneclass,heldbypersonsotherthanthecompanyoritsnomineesbecomeslessthan85percentof thetotalnumberofshares,orofsharesofthatclass,whichhavebeenissued: Providedthat

(a)redeemablesharesshallbedisregardedforthepurposesofthissection;and (b)where,aftersharesofanyclasshavebeenissued,thenumberofsuchshareshasbeenreduced,thissection shallapplyasifthenumberoriginallyissued(includingsharesofthatclasscancelledbeforethereductiontook effect)hasbeenthenumberassoreduced. 163.Enforceabilityofcontracttoacquireshares (1)Acontractwithacompanyprovidingfortheacquisitionbythecompanyofsharesinthecompanyisspecifically enforceableagainstthecompany,excepttotheextentthatthecompanycannotperformthecontractwithout therebybeingabreachoftheprovisionsofsection160ofthisAct. (2)Inanyactionbroughtonacontractreferredtoinsubsection(1)ofthissection,thecompanyshallhavethe burdenofprovingthatperformanceofthecontractispreventedbytheprovisionsofsection160ofthisAct. 164.Reissueofsharesacquired Wheresharesinacompanyareredeemed,purchased,acquiredorforfeited,suchsharesshall,unlessthecompany byalterationofitsarticlesofassociationcancelstheshares,beavailableforreissuebythecompany. 165.Acquisitionofsharesofholdingcompany (1)Acompanywhichisasubsidiarymayacquiresharesinitsholdingcompanywherethesubsidiarycompanyis concernedaspersonalrepresentativeortrustee,unlesstheholdingcompanyoranysubsidiaryofitisbeneficially interestedotherwisethanbywayofsecurityforthepurposesofatransactionenteredintobyitintheordinary courseofabusinesswhichincludesthelendingofmoney. (2)Asubsidiarywhichis,atthecommencementofthisAct,aholderofsharesofitsholdingcompanyora subsidiarywhichacquiredsharesinitsholdingcompanybeforeitbecameasubsidiaryofthatholdingcompany, maycontinuetoholdsuchsharesbut,subjecttosubsection(1)ofthissection,shallhavenorighttovoteat meetingsoftheholdingcompanyoranyclassofshareholdersoftheholdingcompanyandshallnotacquireany futuresharesinitexceptonacapitalisationissue. PARTVII Debentures Creationofdebentureanddebenturestock 166.Powertoborrowmoney,tochargepropertyandtoissuedebentures Acompanymayborrowmoneyforthepurposeofitsbusinessorobjectsandmaymortgageorchargeits undertaking,propertyanduncalledcapital,oranypartthereof,andissuedebentures,debenturestockandother securitieswhetheroutrightorassecurityforanydebt,liabilityorobligationofthecompanyorofanythirdparty. 167.Documentsoftitletodebenturesorcertificateofdebenturestock (1)Everycompanyshall,within60daysaftertheallotmentofanyofitsdebenturesoraftertheregistrationofthe transferofanydebentures,delivertotheregisteredholderthereof,thedebentureoracertificateofthe debenturestockunderthecommonsealofthecompany.

(2)Ifadebentureordebenturestockcertificateisdefaced,lostordestroyed,thecompany,attherequestofthe registeredholderofthedebenture,shallissueacertifiedcopyofthedebentureorrenewthedebenturestock certificateonpaymentofafeenotexceedingN5andonsuchtermsastoevidenceandindemnityandthe paymentofthecompany'soutofpocketexpensesofinvestigatingevidence,asthecompanymayreasonably require. (3)Ifdefaultismadeincomplyingwiththissection,thecompanyandanyofficerofthecompanywhoisindefault, shallbeliabletoafinenotexceedingN25;andonapplicationbyanypersonentitledtohavethedebenturesor debenturestockcertificatedeliveredtohim,thecourtmayorderthecompanytodeliverthedebentureor debenturestockcertificateandmayrequirethecompanyandanysuchofficertobearallthecostsofand incidentaltotheapplication. 168.Statementstobeincludedindebentures Everydebentureshallincludeastatementonthefollowingmatters,thatis (a)theprincipalamountborrowed; (b)themaximumdiscountwhichmaybeallowedontheissueorreissueofthedebentures,andthemaximum premiumatwhichthedebenturesmaybemaderedeemable; (c)therateofandthedatesonwhichinterestonthedebenturesissuedshallbepaidandthemannerinwhich paymentshallbemade; (d)thedateonwhichtheprincipalamountshallberepaidorthemannerinwhichredemptionshallbeeffected, whetherbythepaymentofinstalmentsofprincipalorotherwise; (e)inthecaseofconvertibledebentures,thedateandtermsonwhichthedebenturesmaybeconvertedinto sharesandtheamountswhichmaybecreditedaspaiduponthoseshares,andthedatesandtermsonwhichthe holdersmayexerciseanyrighttosubscribeforsharesinrespectofthedebenturesheldbythem; (f)thechargessecuringthedebentureandtheconditionssubjecttowhichthedebentureshalltakeeffect. 169.Effectofstatementsindebentures (1)Statementsmadeindebentureordebenturestockcertificatesshallbeprimafacieevidenceofthetitletothe debenturesofthepersonnamedthereinastheregisteredholderandoftheamountssecuredthereby. (2)Ifanypersonshallchangehispositiontohisdetrimentinrelianceingoodfaithonthecontinuedaccuracyof anystatementsmadeinthedebentureordebenturestockcertificate,thecompanyshallbeestoppedinfavourof suchpersonfromdenyingthecontinuedaccuracyofsuchstatementsandshallcompensatesuchpersonforany losssufferedbyhiminreliancethereonandwhichhewouldnothavesufferedhadthestatementbeenor continuedtobeaccurate: Providedthatnothinginthissubsectionshallderogatefromanyrightthecompanymayhavetobeindemnifiedby anyotherperson. 170.Enforcementofcontractsrelatingtodebentures

Acontractwithacompanytotakeupandpayforanydebenturesofthecompanymaybeenforcedbyanorderfor specificperformance. Typesofdebentures 171.Perpetualdebentures Acompanymayissueperpetualdebentures,andaconditioncontainedinanydebentures,orinanydeedfor securinganydebentures,shallnotbeinvalidbyreasononlythatthedebenturesaremadeirredeemableor redeemableonlyonthehappeningofacontingency,howeverremote,orontheexpirationofaperiod,however long,anyruleofequitytothecontrarynotwithstanding. 172.Convertibledebentures Debenturesmaybeissueduponthetermsthatinlieuofredemptionorrepayment,theymay,attheoptionofthe holderorthecompany,beconvertedintosharesinthecompanyuponsuchtermsasmaybestatedinthe debentures. 173.Securedornakeddebentures (1)Debenturesmayeitherbesecuredbyachargeoverthecompany'spropertyormaybeunsecuredbyany charge. (2)Debenturesmaybesecuredbyafixedchargeoncertainofthecompany'spropertyorafloatingchargeover thewholeoraspecifiedpartofthecompany'sundertakingandassets,orbybothafixedchargeoncertain propertyandafloatingcharge. (3)Achargesecuringdebenturesshallbecomeenforceableontheoccurrenceoftheeventsspecifiedinthe debenturesorthedeedsecuringthesame. (4)Whereanylegalproceedingsarebroughtbyadebentureholdertoenforcethesecurityofaseriesof debenturesofwhichheholdspart,thedebentureholdershallsueinarepresentativecapacityonbehalfofhimself andallotherdebentureholdersofthatseries. 174.Redeemabledebentures Acompanylimitedbysharesmayissuedebentureswhichare,orattheoptionofthecompanyaretobeliable,to beredeemed. 175.Powertoreissueredeemeddebenturesincertaincases (1)WhereeitherbeforeorafterthecommencementofthisAct,acompanyhasredeemedanydebentures previouslyissued,thenunless (a)anyprovision,expressorimplied,tothecontraryiscontainedinthearticlesorinanycontractenteredintoby thecompany;or (b)thecompanyhas,bypassingaresolutiontothateffectorbysomeotheract,manifesteditsintentionthatthe debenturesshallbecancelled,thecompanyshallhave,andshallbedeemedalwaystohavehad,powertoreissue thedebentures,eitherbyreissuingthesamedebenturesorbyissuingotherdebenturesintheirplace.

(2)Onareissueofredeemeddebentures,thepersonentitledtothedebentures,shallhave,andshallbedeemed alwaystohavehad,thesameprioritiesasifthedebentureshadneverbeenredeemed. (3)Whereacompanyhas,eitherbeforeorafterthecommencementofthisAct,depositedanyofitsdebenturesto secureadvances,fromtimetotime,oncurrentaccountorotherwise,thedebentureshallnotbedeemedtohave beenredeemedbyreasononlyoftheaccountofthecompanyhavingceasedtobeindebit,whilstthedebentures remainedsodeposited. (4)Thereissueofadebentureortheissueofanotherdebentureinitsplaceunderthepowergivenbythissection toordeemedtohavebeenpossessedbyacompany,whetherthereissueorissuewasmadebeforeorafterthe commencementofthisAct,shallbetreatedastheissueofanewdebentureforthepurposesofastampduty,but itshallnotbesotreatedforthepurposesofanyprovisionlimitingtheamountornumberofdebenturestobe issued: Providedthatanypersonlendingmoneyonthesecurityofadebenturereissuedunderthissectionwhichappears tobedulystamped,maygivethedebentureinevidenceinanyproceedingsforenforcinghissecuritywithout paymentofthestampdutyoranypenaltyinrespectthereof,unlesshehadnoticeor,butforhisnegligence,might havediscovered,thatthedebenturewasnotdulystamped,butinanysuchcasethecompanyshallbeliabletopay theproperstampdutyandpenalty. (5)Nothinginthissectionshallprejudiceanypowertoissuedebenturesinplaceofanydebenturespaidoffor otherwisesatisfiedorextinguishedwhich,byitsdebenturesorthesecuritiesforthesame,isreservedtoa company. 176.Rightsofdebentureholders (1)Thetrusteeofadebenturetrustdeedshallholdallcontracts,stipulationsandundertakingsgiventohimandall mortgages,chargesandsecuritiesvestedinhiminconnectionwiththedebenturescoveredbythedeed,orsome ofthosedebentures,exclusivelyforthebenefitofthedebentureholdersconcerned(exceptinsofarasthedeed otherwiseprovides)andthetrusteeshallexerciseduediligenceinrespectoftheenforcementofthosecontracts, stipulations,undertakings,mortgages,chargesandsecuritiesandthefulfillmentofhisfunctionsgenerally. (2)Adebentureholdermaysue (a)thecompanywhichissuedthedebenturesheholdsforpaymentofanyamountpayabletohiminrespectofthe debentures;or (b)thetrusteeofthedebenturetrustdeedcoveringthedebenturesheholdsforcompensationforanybreachof thedutieswhichthetrusteeoweshim,andinanysuchaction,itshallnotbenecessaryforanyotherdebenture holdersofthesameclass,oriftheactionisbroughtagainstthecompany,thetrusteeofthecoveringtrustdeed,to bejoinedasaparty. (3)Thissectionshallapplynotwithstandinganythingcontainedinadebentureortrustdeedorotherinstrument, butaprovisioninadebentureortrustdeedshallbevalidandbindingonallthedebentureholdersoftheclass concernedinsofarasitenablesameetingofthedebentureholdersbyaresolutionsupportedbythevotesofthe holdersofatleastthreequartersinvalueofthedebenturesofthatclassinrespectofwhichvotesarecastonthe resolutionto

(a)releaseanytrusteefromliabilityforanybreachofhisdutiestothedebentureholderswhichhehasalready committed,orgenerallyfromliabilityforallsuchbreaches(withoutnecessarilyspecifyingthem)uponhisceasing tobetrustee; (b)consenttothealterationorabrogationofanyoftherights,powersorremediesofthedebentureholdersand thetrusteeofthedebenturetrustdeedcoveringtheirdebentures(exceptthepowersandremediesundersection 209ofthisAct);or (c)consenttothesubstitutionforthedebenturesofadifferentclassissuedbythecompanyoranyothercompany orcorporation,orthecancellationofthedebenturesinconsiderationoftheissuetothedebentureholdersof sharescreditedasfullypaidinthecompanyoranyothercompany. 177.Meetingsofdebentureholders (1)Thetermsofanydebenturesortrustdeedmayprovidefortheconveningofgeneralmeetingsofthedebenture holdersandforthepassing,atsuchmeetings,ofaresolutionbindingonalltheholdersofthedebenturesofthe sameclass. (2)Whetherornotthedebenturesortrustdeedcontainsuchprovisionsasarereferredtoinsubsection(1)ofthis section,theCommissionmayatanytimedirectameetingofthedebentureholdersofanyclasstobeheldand conductedinsuchmannerastheCommissionthinksfittoconsiderancillaryorconsequentialdirectionasitshall thinkfit. (3)Notwithstandinganythingcontainedinadebenturetrustdeed,orinanydebentureorcontractorinstrument, thetrusteeofadebenturedeedshall,ontherequisitionofpersonsholding,atthedateofthedepositofthe acquisitiondebenturescoveredbythetrustdeedwhichcarrynotlessthanonetenthofthetotalvotingrights attachedtoalltheissuedandoutstandingdebenturesofthatclass,forthwith,proceeddulytoconveneameeting ofthatclassofdebentureholders. Fixedandfloatingcharges 178.Meaningof"floating"and"fixed"charges (1)A"floatingcharge"meansanequitablechargeoverthewholeoraspecifiedpartofthecompany's undertakingsandassets,includingcashanduncalledcapitalofthecompanybothpresentandfuture,butsothat thechargeshallnotprecludethecompanyfromdealingwithsuchassetsuntil (a)thesecuritybecomesenforceableandtheholderthereof,pursuanttoapowerinthatbehalfinthedebenture orthedeedsecuringthesame,appointsareceiverormanagerorentersintopossessionofsuchassets;or (b)thecourtappointsareceiverormanagerofsuchassetsontheapplicationoftheholder;or (c)thecompanygoesintoliquidation. (2)Onthehappeningofanyoftheeventsmentionedinsubsection(1)ofthissection,thechargeshallbedeemed tocrystalliseandtobecomeafixedequitablechargeonsuchofthecompany'sassetsasaresubjecttothecharge, andifareceiverormanageriswithdrawnwiththeconsentofthechargee,orthechargeewithdrawsfrom possessionbeforethechargehasbeenfullydischarged,thechargeshallthereuponbedeemedtoceasetobea fixedchargeandagaintobecomeafloatingcharge.

179.Priorityoffixedoverfloatingcharge Afixedchargeonanypropertyshallhavepriorityoverafloatingchargeaffectingthatproperty,unlesstheterms onwhichthefloatingchargewasgrantedprohibitedthecompanyfromgrantinganylaterchargehavingpriority overthefloatingchargeandthepersoninwhosefavoursuchlaterchargewasgrantedhadactualnoticeofthat prohibitionatthetimewhenthechargewasgrantedtohim. 180.Powersofthecourt (1)Wheneverafixedorfloatingchargehasbecomeenforceable,thecourtshallhavepowertoappointareceiver andinthecaseofafloatingcharge,areceiverandmanageroftheassetssubjecttothecharge. (2)Inthecaseofafloatingcharge,thecourtmay,notwithstandingthatthechargehasnotbecomeenforceable, appointareceiverormanagerifsatisfiedthatthesecurityofthedebentureholderisinjeopardy;andthesecurity ofthedebentureholdershallbedeemedtobeinjeopardyifthecourtissatisfiedthateventshaveoccurredorare abouttooccurwhichrenderitunreasonableintheinterestsofthedebentureholderthatthecompanyshould retainpowertodisposeofitsassets. (3)Areceiverormanagershallnotbeappointedasameansofenforcingdebenturesnotsecuredbyanycharge. 181.Advertisementofappointmentofreceiverandmanager Whereareceiverorareceiverandmanagerisappointedbythecourt,advertisementtothiseffectshallbemade bythereceiverorthereceiverandmanagerintheGazetteandintwodailynewspapers. 182.Preferentialpaymenttodebentureholdersincertaincases (1)Whereareceiverisappointedonbehalfoftheholdersofanydebenturesofaregisteredcompanysecuredbya floatingcharge,orpossessionistakenby,oronbehalfofthosedebentureholdersofanypropertycomprisingor subjecttothecharge,thenifthecompanyisnotatthetimeincourseofbeingwoundup,thedebtswhichinevery windingupareundertheprovisionsrelatingtopreferentialpaymentsinPartXVofthisActtobepaidinpriorityto allotherdebts,shallbepaidoutofanyassetscomingtothehandsofthereceiverorotherpersontaking possessionasaforesaidinprioritytoanyclaimforprincipalorinterestinrespectofthedebentures. (2)Intheapplicationoftheprovisionsrelatingtopreferentialpayments (a)section494ofthisActshallbeconstruedasiftheprovisionforpaymentofaccruedholidayremuneration becomingpayableontheterminationofemploymentbeforeorbytheeffectofthewindinguporderor resolution,wereaprovisionforpaymentofsuchremunerationbecomingpayableontheterminationof employmentbeforeorbytheeffectofappointmentofthereceiverorpossessionbeingtakenasaforesaid;and (b)theperiodsoftimementionedthereinshallbereckonedfromthedateoftheappointmentofthereceiverorof possessionbeingtakenasaforesaid,asthecasemaybe,andifsuchdateoccurredbeforethecommencementof thisAct,theprovisionsrelatingtopreferentialpaymentswhichwouldhaveappliedbutforthisAct,shallbe deemedtoremaininfullforce. (3)Anypaymentsmadeunderthissection,shallberecoupedasfarasmaybeoutoftheassetsofthecompany availableforpaymentofgeneralcreditors. Debenturetrustdeed

183.Executionofdebenturetrustdeed (1)Everycompanywhichoffersdebenturestothepublicforsubscriptionorpurchaseshall,beforeissuinganyof thedebentures,executeadebenturetrustdeedinrespectofthemandprocuretheexecutionofthedeedbythe trusteeforthedebentureholdersappointedbythedeed. (2)Nodebenturetrustdeedshallcovermorethanoneclassofdebentures,whetherornotthetrustdeedis requiredbythissectiontobeexecuted. (3)Whereatrustdeedisrequiredtobeexecutedbythissectionbuthasnotbeenexecuted,thecourt,onthe applicationofadebentureholderconcerned,may (a)orderthecompanytoexecuteatrustdeed; (b)directthatapersonnominatedbythecourtshallbeappointedtobetrustee;and (c)givesuchconsequentialdirectionsasitthinksfit,astothecontentsofthetrustdeedanditsexecutionbythe trusteethereof. (4)ForthepurposesofthisAct,debenturesshallbelongtodifferentclassesifdifferentrightsattachtothemin respectof (a)therateof,ordatesforpaymentofinterest; (b)thedateswhen,ortheinstalmentsbywhich,theprincipalofthedebentureshallberepaid,unlessthe differenceissolelythattheclassofdebenturesshallberepaidduringastatedperiodoftimeandparticular debenturesmayberepaidatdifferentdatesduringthatperiodaccordingtoselectionsmadebythecompanyorby drawings,ballotorotherwise; (c)anyrighttosubscribefororconvertthedebenturesintosharesin,orotherdebenturesof,thecompanyorany othercompany;or (d)thepowersofthedebentureholderstorealiseanysecurity. (5)Debenturesfurtherbelongtodifferentclasses,iftheydonotrankequallyforpaymentwhenanysecurity investedinthedebentureholdersunderanytrustdeedisrealisedorwhenthecompanyiswoundup,thatisto say,if,inthecircumstancesmentionedinsubsection(4)ofthissectionthesubjectmatterofanysuchsecurityor theproceedsthereof,oranyassetsavailabletosatisfythedebentures,isorarenottobeappliedinsatisfyingthe debenturesstrictlyinproportiontotheamountofprincipal,premiumsandarrearsofinteresttowhichtheholders ofthemarerespectivelyentitled. (6)Adebentureiscoveredbyatrustdeedif (a)theholderofthedebentureisentitledtoparticipateinanymoneypayablebythecompanyunderthedeed;or (b)isentitledtothebenefitofanymortgage,chargeorsecuritycreatedbythedeed,whetheraloneortogether withotherpersons. (7)Ifacompanyissuesdebenturesincircumstancesinwhichthissectionrequiresadebenturetrustdeedtobe executed,withoutsuchadeedhavingbeenexecutedincompliancewiththissection,orifthecompanyissues

debenturesunderatrustdeedwhichcoverstwoormoreclassesofdebentures,thedirectorsofthecompanywho areindefaultareguiltyofanoffenceandliableonconvictiontoafineofN5,000jointlyorseverally. 184.Contentsofdebenturetrustdeed (1)Everydebenturetrustdeed,whetherrequiredbysection183ofthisActornot,shallstate (a)themaximumsumwhichthecompanymayraisebyissuingdebenturesofthesameclass; (b)themaximumdiscountwhichmaybeallowedontheissueorreissueofthedebentures,andthemaximum premiumatwhichthedebenturesmaybemaderedeemable; (c)thenatureofanyassetsoverwhichamortgage,chargeorsecurityiscreatedbythetrustdeedinfavourofthe trusteeforthebenefitofthedebentureholdersequally,andexceptwheresuchachargeisafloatingchargeora generalfloatingcharge,theidentityoftheassetssubjecttoit; (d)thenatureofanyassetsoverwhichamortgage,chargeorsecurityhasbeenorwillbecreatedinfavourofany personotherthanthetrusteeforthebenefitofthedebentureholdersequally,andexceptwheresuchachargeis afloatingchargeorageneralfloatingcharge,theidentityoftheassetssubjecttoit; (e)whetherthecompanyhascreatedorwillcreateanymortgage,chargeorsecurityforthebenefitofsome,but notall,oftheholdersofdebenturesissuedunderthetrustdeed; (f)anyprohibitionorrestrictiononthepowerofthecompanytoissuedebenturesortocreatemortgages,charges oranysecurityonanyofitsassetsrankinginpriorityto,orequallywiththedebenturesissuedunderthetrust deed; (g)whetherthecompanyshallhavepowertoacquiredebenturesissuedunderthetrustdeedbeforethedateof theirredemptionandtoreissuethedebentures; (h)therateofandthedatesonwhichinterestonthedebenturesissuedunderthetrustdeedshallbepaidandthe mannerinwhichpaymentmaybemade; (i)thedateordatesonwhichtheprincipalorthedebenturesissuedunderthetrustdeedshallberepaid,and unlessthewholeprincipalistoberepaidtoallthedebentureholdersatthesametime,themannerinwhich redemptionshallbeeffected,whetherbythepaymentofequalinstalmentsofprincipalinrespectofeach debenture,orbytheselectionofdebenturesforredemptionbythecompany,orbydrawing,ballot,orotherwise; (j)inthecaseofconvertibledebentures,thedatesandtermsonwhichthedebenturesmaybeconvertedinto sharesandtheamountswhichmaybecreditedaspaiduponthosesharesinrightofthedebenturesheldbythem; (k)thecircumstancesinwhichthedebentureholdersshallbeentitledtorealiseanymortgage,chargeorsecurity investedinthetrusteeoranyotherpersonfortheirbenefit(otherthanthecircumstancesinwhichtheyare entitledtodosobythisAct); (I)thepowersofthecompanyandthetrusteetocallmeetingsofthedebentureholdersandtherightsof debentureholderstorequirethecompanyorthetrusteetocallsuchmeetings; (m)whethertherightsofdebentureholdersmaybealteredorabrogatedandifso,theconditionswhichmustbe fulfilled,andtheprocedurewhichmustbefollowed,toeffectsuchanalterationorabrogation;and

(n)theamountorrateofremunerationtobepaidtothetrusteeandtheperiodforwhichitshallbepaid,and whetheritshallbepaidinprioritytotheprincipal,interestandcostsinrespectofdebenturesissuedunderthe trustdeed. (2)Ifdebenturesareissuedwithoutacoveringdebenturetrustdeedbeingexecuted,thestatementsrequiredby subsection(1)ofhissectionshallbeincludedineachdebentureorinanoteformingpartofthesamedocumentor endorsedthereon,andinapplyingthatsubsectionreferencesthereinto"thedebenturetrustdeed"shallbe construedasreferencestoalloranyofthedebenturesofthesameclass. (3)Subsection(2)ofthissectionshallnotapplyifthedebentureistheonlydebentureoftheclasstowhichit belongswhichhasbeenormaybeissued,andtherightsofthedebentureholdermaynotbealteredorabrogated withouthisconsent. (4)Anydirectorwhoissuesadebentureinviolationoftheprovisionsofthissectionshallbeguiltyofanoffence. 185.Contentsofdebenturecoveredbytrustdeed (1)Everydebenturecoveredbyadebenturetrustdeedshallstate,eitherinthebodythereoforinanoteforming partofthesamedocumentorendorsedthereon (a)themattersrequiredtobestatedinadebenturetrustdeedbyparagraphs(a),(b),(f),(h),(i),(j),(I)and(m)of subsection(1)ofsection184ofthisAct; (b)whetherthetrusteeofthecoveringdebenturetrustdeedholdsthemortgages,chargesandsecuritiesvestedin himbythetrustdeedintrustforthedebentureholdersequally,orintrustforsomeonlyofthedebenture holders,andifso,whichdebentureholders;and (c)whetherthedebentureissecuredbyageneralfloatingchargevestedinthetrusteeofthecoveringdebenture trustdeedorinthedebentureholders. (2)Adebentureissuedbyacompanyshallstateonitsfaceinclearlylegibleprint,thatitisunsecuredifno mortgage,chargeorsecurityisvestedintheholderofthedebentureorinanyotherpersonforhisbenefitas securityforpaymentofprincipalorinterest. (3)Anydirectorofacompanywhoissuesadebentureinviolationoftheprovisionsofsubsections(1)and(2)of thissectionshallbeguiltyofanoffence. 186.Trusteesfordebentureholders (1)Whetherornotadebentureissecuredbyachargeoverthecompany'sproperty,itmaybesecuredbyatrust deedappointingtrusteesforthedebentureholders. (2)Itshallbethedutyofsuchtrusteestosafeguardtherightsofthedebentureholdersand,onbehalfofandfor thebenefitofthedebentureholders,toexercisetherights,powersanddiscretionsconferreduponthembythe trustdeed. (3)Chargessecuringthedebenturesmaybecreatedinfavourofthedebentureholdersbyvestingtheminthe trustees.

(4)Anyprovisioncontainedinatrustdeedorinanycontractwiththeholdersofdebenturessecuredbyatrust deedshallbevoidinsofarasitwouldhavetheeffectofexemptingatrusteethereoffrom,orindemnifyinghim against,liabilityforanybreachoftrustorfailuretoshowthedegreeofcareanddiligencerequiredofhimas trusteehavingregardtothepowers,authoritiesordiscretionsconferredonhimbythetrustdeed: Providedthatnothinghereincontainedshallbedeemedtoinvalidateanyreleaseotherwisevalidlygivenin respectofanythingdoneoromittedtobedonebyatrusteeontheagreementtosuchreleaseofamajorityofnot lessthanthreequartersinvalueofthedebentureholderspresentinperson,orwhereproxiesarepermitted,by proxyatameetingsummonedforthepurpose. (5)Notwithstandinganyprovisionscontainedinthedebenturesortrustdeed,thecourtmay,ontheapplicationof anydebentureholderoroftheCommissionremoveanytrusteeandappointanotherinhisplaceifsatisfiedthat suchtrusteehasinterestswhichconflictormayconflictwiththoseofthedebentureholdersorthatforanyreason itisundesirablethatsuchtrusteeshouldcontinuetoact: Providedthatwhereanysuchapplicationismadebyadebentureholder,thecourtifitthinksfit,mayorderthe applicanttogivesecurityforthepaymentofthecostsofthetrusteeandmaydirectthattheapplicationshallbe heardinChambers. 187.Disqualificationforappointmentastrusteeofdebenturetrustdeed (1)Apersonisnotqualifiedforappointmentasatrusteeofadebenturetrustdeedifheis (a)anofficeroranemployeeofthecompanywhichissuesdebenturescoveredbythetrustdeed orofacompanyinthesamegroupofcompaniesasthecompanysoissuingdebentures; (b)lessthan18yearsofage; (c)ofunsoundmindandhasbeensofoundbyacourtinNigeriaorelsewhere; (d)anundischargedbankrupt; (e)disqualifiedundersection257ofthisActfrombeingappointedasadirectorofacompany; (f)asubstantialshareholder(asdefinedinsection95ofthisAct)ofthecompany. (2)Ifatrusteebecomessubjecttoanyofthedisqualificationsmentionedinsubsection(1)ofthissectionafterhe hasbeenappointed,heshallimmediatelyceasetobequalifiedtoactasatrusteeofthedebenturetrustdeed. (3)Anypersonwhoactsasatrusteeofadebenturetrustdeedshallbeguiltyofanoffence,ifhisappointmentis invalidundersubsection(1)ofthissectionorifheisdisqualifiedfromactingundersubsection(2)ofthissection. 188.Liabilityoftrusteesfordebentureholders (1)Subjecttotheprovisionsofthissection,anythingcontainedinatrustdeedforsecuringanissueofdebentures, orinanycontractwiththeholdersofdebenturessecuredbyatrustdeed,shallbevoidinsofarasitwouldhave theeffectofexemptingatrusteethereoffromorindemnifyinghimagainstliabilityforbreachoftrust,wherehe failstoshowthedegreeofcareanddiligencerequiredofhimastrustee,havingregardtotheprovisionsofthe trustdeedconferringonhimanypowers,authoritiesordiscretions.

(2)Subsection(1)ofthissectionshallnotinvalidate (a)anyreleaseotherwisevalidlygiveninrespectofanythingdoneoromittedtobedonebyatrusteebeforethe givingoftherelease;or (b)anyprovisionenablingsuchareleasetobegiven (i)ontheagreementtheretoofamajorityofnotlessthanthreequartersinvalueofthedebenture holderspresentandvotinginpersonor,whereproxiesarepermitted,byproxyatameetingsummoned forthepurpose;and (ii)eitherwithrespecttospecificactsoromissionsoronthetrusteedyingorceasingtoact. (3)Subsection(1)ofthissectionshallnotoperateto (a)invalidateanyprovisioninforceatthecommencementofthisActinanysuchtrustdeedorcontract,solongas anypersonentitledtothebenefitofthatprovision,orafterwardsgiventhebenefitthereofundersubsection(4)of thissection,remainsatrusteeofthetrustdeedinquestion;or (b)depriveanypersonofanyexemptionorrighttobeindemnifiedinrespectofanythingdoneoromittedtobe donebyhim,whileanysuchprovisionwasinforce. (4)Whileanytrusteeofatrustdeedremainsentitledtothebenefitofaprovisionsavedbysubsection(3)ofthis section,thebenefitofthatprovisionmaybegiven (a)toalltrusteesofthedeed,presentandfuture;or (b)toanynamedtrusteesorproposedtrusteesthereof, byaresolution,passedbyamajorityofnotlessthanthreequartersinvalueofthedebentureholderspresentin personor,whereproxiesarepermittedbyproxyatameetingsummonedforthepurposeinaccordancewiththe provisionsofthetrustdeedor,ifthetrustdeedmakesnoprovisionforsummoningmeetings,ameeting summonedforthepurposeinanymannerapprovedbythecourt. 189.Restrictionsontransferabilityofdebentures (1)Exceptasexpresslyprovidedinthetermsofanydebentures,debenturesshallbetransferablewithout restrictionbyawrittentransferincommonformandsothatthetransfereeshallbeentitledtothedebentureand tothemoneyssecuredtherebywithoutregardtoanyequities,setoff,orcrossclaimbetweenthecompanyand theoriginaloranyintermediateholder. (2)Thetermsofanydebenturemayimposerestrictionsofanynaturewhatsoeveronthetransferabilityof debentures,includingpowerforthecompanytorefusetoregisteranytransferandprovisionsforcompulsory acquisitionorrightsoffirstrefusalinfavourofotherdebentureholders,ormembersorofficersofthecompany: Providedthatifanyrestrictionisimposedontherighttotransferanydebenture,noticeoftherestrictionshallbe endorsedonthefaceofthedebentureordebenturestockcertificateandintheabsenceofsuchendorsement,the restrictionshallbeineffectiveasregardsanytransfereeforvalue,whetherornothehasnoticeoftherestriction. Provisionsastocompany'sregisterofcharges,debentureholdersandastocopiesof

instrumentscreatingcharges 190.Companytokeepcopiesofinstrumentscreatingcharges EverycompanyshallcauseacopyofeveryinstrumentcreatinganychargerequiringregistrationunderthisPartof thisActtobekeptattheregisteredofficeofthecompany: Providedthat,inthecaseofaseriesofuniformdebentures,acopyofonedebentureoftheseriesshallbe sufficient. 191.Company'sregisterofcharges (1)Everylimitedcompanyshallkeepattheregisteredofficeofthecompany,aregisterofchargesandenter thereinallchargesspecificallyaffectingpropertyofthecompanyandallfloatingchargesontheundertakingorany propertyofthecompany,givingineachcaseashortdescriptionofthepropertycharged,theamountofthe charge,and,exceptinthecaseofsecuritiestobearer,thenamesofthepersonsentitledthereto. (2)Ifanyofficerofthecompanyknowinglyandwilfullyauthorisesorpermitstheomissionofanyentryrequiredto bemadeinpursuanceofthissection,heshallbeguiltyofanoffenceandliableonconvictiontoafinenot exceedingN250. 192.Inspectionofregisterandcopiesofinstruments (1)ThecopiesofinstrumentscreatinganychargerequiringregistrationunderthisPartofthisActwiththe Commissionandtheregisterofchargeskeptinpursuanceofsection191ofthisAct,shallbeopenduringbusiness hours(butsubjecttosuchreasonablerestrictionsasthecompanyingeneralmeetingmayimpose,sothatnotless thantwohoursineachdayshallbeallowedforinspection)toinspectionbyanycreditorormemberofthe companywithoutfeeandtheregisterofchargesshallalsobeopentoinspectionbyanyotherpersononpayment ofsuchfee,notexceedingN5foreachinspection,asthecompanymayprescribe. (2)Ifinspectionofcopiesofinstrumentscreatingchargesoroftheregisterisrefused,everyofficerofthecompany whoisindefaultshallbeguiltyofanoffenceandliabletoafinenotexceedingN10foreverydayduringwhichthe refusalcontinues. (3)IfanysuchrefusaloccursinrelationtoacompanyregisteredinNigeriaor,insofarasaforeigncompanyhasan establishedplaceofbusinesswithinNigeriaandaninstrumentcreatesachargeoveranyofitspropertyinNigeria andtherefusalrelatestothatcharge,thecourtmaybyordercompelanimmediateinspectionofthecopiesof instrumentsorregister. 193.Registerofdebentureholders (1)Acompanywhichissuesorhasissueddebenturesshallmaintainaregisteroftheholdersthereof. (2)Theregistershallcontainthefollowinginformationthatis (a)thenamesandaddressesofthedebentureholders; (b)theprincipalofthedebenturesheldbyeachofthem; (c)theamountorthehighestamountofanypremiumpayableonredemptionofthedebentures;

(d)theissuepriceofthedebentureandtheamountpaidupontheissueprice; (e)thedateonwhichthenameofeachpersonwasenteredontheregisterasadebentureholder;and (f)thedateonwhicheachpersonceasedtobeadebentureholder. (3)Theentryrequiredunderthissectionshallbemadewithin30daysoftheconclusionoftheagreementwiththe companytobecomeadebentureholderorwithin30daysofthedateatwhichheceasestobeone. 194.Inspectionofregisterofdebentures,etc. (1)Everyregisterofholdersofdebenturesofacompanyshall,exceptwhendulyclosed(butsubjecttosuch reasonablerestrictionsasthecompanymayingeneralmeetingimpose,sothatnotlessthantwohoursineach dayshallbeallowedforinspection),beopentotheinspectionoftheregisteredholderofanysuchdebenturesor anyholderofsharesinthecompanywithoutfee,andofanyotherpersononpaymentofafeeofN1orsuchless sumasmaybeprescribedbythecompany. (2)Anysuchregisteredholderofdebenturesasaforesaidoranyotherpersonmayrequireacopyoftheregisterof theholdersofdebenturesofthecompanyoranypartthereofonpaymentof50koboforevery100words requiredtobecopied. (3)Acopyofanytrustdeedforsecuringanyissueofdebenturesshallbeforwardedtoeveryholderofanysuch debenturesathisrequestonpaymentinthecaseofaprintedtrustdeed,ofthesumofN1orsuchlesssumasmay beprescribedbythecompany,or,wherethetrustdeedhasnotbeenprinted,onpaymentof50koboforevery 100wordsrequiredtobecopied. (4)Ifinspectionisrefused,oracopyisrefusedornotforwarded,thecompanyandeveryofficerofthecompany whoisindefaultshallbeguiltyofanoffenceandliabletoafinenotexceedingN50andincaseofacontinuing default,toafurtherfineofN10foreverydayduringwhichthedefaultcontinues. (5)Whereacompanyisindefaultasaforesaid,thecourtconvictingmaybyordercompelanimmediateinspection oftheregisterordirectthatthecopiesrequiredshallbesenttothepersonrequiringthem. (6)Forthepurposesofthissection,aregistershallbedeemedtobedulyclosedinaccordancewithprovisions containedinthearticlesorinthedebenturesor,inthecaseofdebenturestock,inthestockcertificates,orinthe trustdeedorotherdocumentsecuringthedebenturesordebenturestock,duringsuchperiods,notexceedingin thewhole30daysinanyyear,asmaybethereinspecified. 195.Entryinregisteroftransfer Ontheapplicationofthetransferorofanydebentureinacompany,thecompanyshallenterinitsregisterof debentureholders,thenameofthetransfereeinthesamemannerandsubjecttothesameconditionsasifthe applicationfortheentryweremadebythetransferee. 196.Noticeofrefusaltoregister (1)Ifacompanyrefusestoregisteratransferofanydebentures,thecompanyshall,withintwomonthsafterthe dateonwhichthetransferwaslodgedwiththecompany,sendtothetransfereenoticeoftherefusal.

(2)Ifanydefaultismadeincomplyingwiththeprovisionsofthissection,thecompanyandeveryofficerofthe companywhoisindefaultshallbeguiltyofanoffenceandliabletoafineofN500. 197.Registrationofchargescreatedbycompanies (1)SubjecttotheprovisionsofthisPartofthisAct,everychargecreatedbyacompany,beingachargetowhich thissectionapplies,shallsofarasanysecurityonthecompany'spropertyorundertakingisconferred,bevoid againsttheliquidatorandanycreditorofthecompany,unlesstheprescribedparticularsofthechargetogether withtheinstrument,ifany,bywhichthechargeiscreatedorevidenced,havebeenoraredeliveredtoorreceived bytheCommissionforregistrationinthemannerrequiredbythisActorbyanyenactmentrepealedbythisAct within90daysafterthedateofitscreation,butwithoutprejudicetoanycontractorobligationforrepaymentof themoneytherebysecured,andwhenachargebecomesvoidunderthissection,themoneytherebysecuredshall immediatelybecomepayable. (2)Theprovisionsofthissectionshallapplytothefollowingchargesthatis (a)achargeforthepurposeofsecuringanyissueofdebentures; (b)achargeonuncalledsharecapitalofthecompany; (c)achargecreatedorevidencedbyaninstrumentwhichifexecutedbyanindividualwouldrequireregistrationas abillofsale; (d)achargeonland,whereversituate,oranyinteresttherein,butnotincludingachargeforrentorother periodicalsumissuingoutofland; (e)achargeonbookdebtsofthecompany; (f)afloatingchargeontheundertakingorpropertyofthecompany; (g)achargeoncallsmadebutnotpaid; (h)achargeonashiporaircraftoranyshareinaship; (i)achargeongoodwill,onapatentoralicenceunderapatent,ontrademarkoronacopyrightoralicenceunder acopyright. (3)WhereachargeaffectsorrelatestopropertysituatedinNigeriaandinadditiontoregistrationunder subsection(1)ofthissection,registrationelsewhereinNigeriaisnecessarytomakethechargevalidoreffectual,it shall,subjecttothissubsection,besufficientevidenceofcompliancewiththerequirementsofsubsection(1)of thissection,if,insteadofdeliveryoftheoriginalinstrumentcreatingorevidencingthecharge,thereisdeliveredto andreceivedbytheCommissionwithintheprescribedperiodof90days,orsuchextendedtimeasthecourtmay allow,atruecopyofitdulycertifiedassuchbythesecretarytothecompany. (4)Areferenceinanyenactmenttothedateofexecutionofaninstrumentforthepurposesofcomputationof timewithinwhichregistrationistobeeffectedwithorwithoutpenalty,shallbeconstruedasareferencetothe dateofpresentationofacopyoftheinstrumenttotheCommissionunderthisAct,andtimeshallbecomputed accordingly;andifacertifiedcopyisdeliveredtotheCommissionunderthissubsection,theoriginalofitshallbe producedtoitforinspectionandcomparison,iftheCommissionsorequires.

(5)InthecaseofachargecreatedoutofNigeria,affectingorinrelationtopropertysituateoutsideNigeria,the deliverytoandthereceiptbytheCommissionofacopyverifiedintheprescribedmanneroftheinstrumentby whichthechargeiscreatedorevidenced,shallhavethesameeffectforthepurposesofthissectionasthedelivery andreceiptoftheinstrumentitself,and90daysafterthedateonwhichtheinstrumentorcopycould,indue courseofpost,andifdespatchedwithdiligence,havebeenreceivedinNigeriashallbesubstitutedfor90days afterthedateofthecreationofthechargesasthetimewithinwhichtheparticularsandinstrumentorcopyareto bedeliveredtotheCommission. (6)WhereachargeiscreatedinNigeriabutaffectsorrelatestopropertyoutsideNigeria,theinstrumentcreating orpurportingtocreatethechargemaybesentforregistrationunderthissection,notwithstandingthatfurther proceedingsmaybenecessarytomakethechargevalidoreffectualaccordingtothelawofthecountryinwhich thepropertyissituate. (7)Whereanegotiableinstrumenthasbeengiventosecurethepaymentofanybookdebtsofacompany,the depositoftheinstrumentforthepurposeofsecuringanadvancetothecompanyshallnot,forthepurposesofthis section,betreatedasachargeonthosebookdebts. (8)Theholdingofdebenturesentitlingtheholdertoachargeonlandshallnot,forthepurposesofthissection,be deemedtobeaninterestinland. (9)Whereaseriesofdebenturescontaining,orgivingbyreferencetoanyotherinstrument,anychargetothe benefitofwhichthedebentureholdersofthatseriesareentitledparipassuiscreatedbyacompany,itshall,for thepurposesofthissection,besufficientiftherearedeliveredtoorreceivedbytheCommissionwithin90days aftertheexecutionofthedeedcontainingthechargeor,ifthereisnosuchdeed,aftertheexecutionofany debenturesoftheseries,thefollowingparticulars (a)thetotalamountsecuredbythewholeseries;and (b)thedatesoftheresolutionsauthorisingtheissuesoftheseriesandthedateofthecoveringdeed,ifany,by whichthesecurityiscreatedordefined;and (c)ageneraldescriptionofthepropertycharged;and (d)thenamesofthetrustees,ifany,forthedebentureholders;togetherwiththedeedcontainingthecharge,or, ifthereisnosuchdeed,oneofthedebenturesoftheseries: Providedthat,wheremorethanoneissueismadeofdebenturesintheseries,thereshallbesenttothe Commissionforentryintheregisterparticularsofthedateandamountofeachissue,butanomissiontodothis shallnotaffectthevalidityofthedebenturesissued. (10)Whereanycommission,allowanceordiscounthasbeenpaidormadeeitherdirectlyorindirectlybya companytoanypersoninconsiderationofhissubscribingoragreeingtosubscribe,whetherabsolutelyor conditionally,foranydebenturesofthecompany,orprocuringoragreeingtoprocuresubscriptions,whether absoluteorconditional,foranysuchdebentures,theparticularsrequiredtobesentforregistrationunderthis sectionshallincludeparticularsastotheamountorratepercentofcommission,discountorallowancesopaidor made,butanomissiontodothisshallnotaffectthevalidityofthedebenturesissued: Providedthatthedepositofanydebenturesassecurityforanydebtofthecompanyshallnot,forthepurposesof thissubsection,betreatedastheissueofthedebenturesatadiscount.

(11)InthisPartofthisAct,"charge"includesmortgage. 198.Registerofparticularsofcharges (1)TheCommissionshallkeepwithrespecttoeachcompany,aregisterintheprescribedformofallthecharges requiringregistrationunderthisPartofthisAct,andshall,onpaymentofsuchfeeasmaybespecifiedby regulationsmadebytheCommission,enterintheregisterwithrespecttosuchchargesthefollowingparticulars (a)inthecaseofachargetothebenefitofwhichtheholdersofaseriesofdebenturesareentitled,such particularsasarespecifiedinsection197(9)ofthisAct; (b)inthecaseofanyothercharge (i)ifthechargeisachargecreatedbythecompany,thedateofitscreation,andifthechargewasacharge existingonpropertyacquiredbythecompany,thedateofitscreationandthedateoftheacquisitionofthe property; (ii)theamountsecuredbythecharge; (iii)shortparticularsoftheproperty;and (iv)thepersonsentitledtothecharge. (2)WhereachargeisregisteredunderthisPartofthisAct,theCommissionshallissuearegistrationcertificate settingoutthepartiestothecharge,theamounttherebysecured,withsuchotherparticularsastheCommission mayconsidernecessary;andthecertificateshallbeprimafacieevidenceofduecompliancewiththerequirements astoregistrationunderthisPartofhisAct. (3)Theregisterkeptinpursuanceofthissectionshallbeopentoinspectionbyanypersononpaymentofsuchfee, notexceedingNlforeachinspectionasmaybespecifiedbyregulationsmadebytheCommission. 199.Dutyofcompanytoregistercharges (1)ItshallbethedutyofacompanytosendtotheCommissionforregistration,theparticularsofeverycharge createdbythecompanyandoftheissuesofdebenturesofaseriesrequiringregistrationundersection197ofthis Act,butregistrationofanysuchchargemaybeeffectedontheapplicationofanypersoninterestedtherein. (2)Whereregistrationiseffectedontheapplicationofsomepersonotherthanthecompany,thatpersonshallbe entitledtorecoverfromthecompanytheamountofanyfeesproperlypaidbyhimtotheCommissiononthe registration. (3)IfanycompanymakesdefaultinsendingtotheCommissionforregistration,theparticularsofanycharge createdbythecompanyoroftheissuesofdebenturesofaseriesrequiringregistrationasaforesaid,then,unless theregistrationhasbeeneffectedontheapplicationofsomeotherperson,thecompanyandeveryofficerofthe companywhoisindefaultshallbeguiltyofanoffenceandliabletoafineofN500. 200.Dutyofcompanyacquiringpropertytoregistersubsistingcharges (1)Whereacompanyacquiresanypropertywhichissubjecttoachargeofanysuchkindaswould,ifithasbeen createdbythecompanyaftertheacquisitionoftheproperty,havebeenrequiredtoberegisteredunderthisPart

ofthisAct,thecompanyshallcausetheprescribedparticularsofthecharge,togetherwithacopy(certifiedinthe prescribedmannertobeacorrectcopy)oftheinstrument,ifany,bywhichthechargewascreatedoris evidenced,tobedeliveredtotheCommissionforregistrationinthemannerrequiredbythisActwithin90days afterthedateonwhichacquisitioniscompleted: Providedthat,ifthepropertyissituatedandthechargewascreatedoutsideNigeria,90daysafterthedateon whichthecopyoftheinstrumentcouldinduecourseofpost,andifdespatchedwithduediligence,havebeen receivedinNigeriashallbesubstitutedfor90daysafterthecompletionoftheacquisition,asthetimewithin whichtheparticularsandthecopyoftheinstrumentaretobedeliveredtotheCommission. (2)Ifdefaultismadeincomplyingwiththissection,thecompanyandeveryofficerofthecompanywhoisin defaultshallbeguiltyofanoffenceandliabletoafineofN250. (3)Itshallbesufficientcompliancewiththissectioninanycaseaffectinglandregisteredunderanyenactmentina State,wherethechargeisregisteredthereunderbeforethelandisacquiredbythecompany,ifatruecopyofthe chargedulycertifiedbytheRegistrarofLandisdeliveredtotheCommissionwithinthetimeprescribedbythis section. 201.Existingcharges (1)Where,atthedateofcommencementofthisAct,acompanyhaspropertyonwhichthereisacharge, particularsofwhichwouldrequireregistrationifithadbeencreatedbythecompanyafterthedateofsuch commencement,then,unlessthechargehasbeendischargedorthepropertyhasceasedtobeheldbythe companypriortotheexpirationofsixmonthsfromthedateofsuchcommencement,thecompanyshall,within thattime,causeparticularsofthechargeasprescribedbysection197ofthisActtobedeliveredtothe Commissionforregistrationtogetherwiththedocument,ifany,bywhichthechargewascreatedoracopy thereof,certifiedasrequiredbythatsection. (2)Everyexistingcompanyshall,priortotheexpirationofsixmonthsfromthecommencementofthisAct,deliver totheCommissionforregistrationastatutorydeclarationmadebyadirectorandthesecretaryofthecompany statingwhetherornotthereareanychargesonthecompany'spropertyofwhichparticularsrequiretobe registeredunderthissectionandconfirmingthatparticularsofanysuchchargeshavebeendulydeliveredtothe Commissionforregistration. (3)Intheeventofdefaultincomplyingwithsubsection(2)ofthissection,thecompanyandeveryofficerofthe companywhoisindefaultshallbeguiltyofanoffenceandliabletoafinenotexceedingN50foreverydayduring whichthedefaultcontinues. (4)Failuretocomplywiththeprovisionsofthissectionshallnotaffectthevalidityofthecharge. 202.Chargestosecurefluctuatingamounts Whereacharge,particularsofwhichrequireregistrationundersection197ofthisAct,isexpressedtosecureall sumsdueortobecomedueorsomeotheruncertainorfluctuatingamount,theparticularsrequiredunder paragraph(a)ofsubsection(9)ofsection197ofthisActshallstatethemaximumsumdeemedtobesecuredby suchcharge(beingthemaximumsumcoveredbythestampdutypaidthereon)andsuchchargeshallbevoid,so farasanysecurityonthecompany'spropertyistherebyconferred,asrespectsanyexcessoverthestated maximum:

Providedthat,if (a)additionalstampdutyissubsequentlypaidonsuchcharge;and (b)atanytimethereafterpriortothecommencementofthewindingupofthecompany,amendedparticularsof thesaidchargestatingtheincreasedmaximumsumdeemedtobesecuredthereby(togetherwiththeoriginal instrumentbywhichthechargewascreatedorevidenced)aredeliveredtotheCommissionforregistration,then, asfromthedateofsuchdelivery,thecharge,ifotherwisevalid,shallbeeffectivetotheextentofsuchincreased maximumsumexceptasregardsanypersonwho,priortothedateofsuchdelivery,hasacquiredanyproprietary rightsin,orafixedorfloatingchargeon,thepropertysubjecttothecharge. 203.Endorsementofcertificateofregistrationondebentures (1)Thecompanyshallcauseacopyofeverycertificateofregistrationgivenundersection198ofthisActtobe endorsedoneverydebentureorcertificateofdebenturestockwhichisissuedbythecompanyandthepaymentof whichissecuredbythechargesoregistered: Providedthatnothinginthissubsectionshallbeconstruedasrequiringacompanytocauseacertificateof registrationofanychargesogiventobeenforcedonanydebentureorcertificateofdebenturestockissuedbythe companybeforethechargewascreated. (2)Ifanypersonknowinglyandwilfullyauthorisesorpermitsthedeliveryofanydebentureorcertificateof debenturestockwhichundertheprovisionsofthissectionisrequiredtohaveendorsedonitacopyofacertificate ofregistrationwithoutthecopybeingsoendorseduponit,heshall,withoutprejudicetoanyotherliability,be guiltyofanoffenceandliabletoafinenotexceedingN500. 204.Entriesofsatisfactionofcharges IftheCommissionissatisfiedwithrespecttoanyregisteredchargethat (a)thedebtforwhichthechargewasgivenhasbeenpaidorsatisfiedinwholeorinpart;or (b)partofthepropertyorundertakingchargedhasbeenreleasedfromthechargeorhasceasedtoformpartof thecompany'spropertyorundertaking,itmayenterontheregisteramemorandumofsatisfactiontotheextent necessarytogiveeffecttheretoand,whereitentersamemorandumofsatisfactionitshall,ifrequired,furnishthe companywithacopyoftheentry,andanysuchentryshallhaveeffect,subjecttotherequirementofanyother enactmentastoregistration. 205.Rectificationofregister Thecourt,onbeingsatisfiedthattheomissiontoregisterachargewithinthetimerequiredbythisActorthatthe omissionormisstatementofanyparticularwithrespecttoanysuchchargeorinamemorandumofsatisfaction wasaccidental,orduetoinadvertenceortosomeothersufficientcause,orisnotofanaturetoprejudicethe positionofcreditorsorshareholdersofthecompany,orthatonothergroundsitisjustandequitabletogrant relief,may,ontheapplicationofthecompanyoranypersoninterestedandonsuchtermsandconditionsas seemstothecourtjustandexpedient,orderthatthetimeforregistrationshallbeextendedor,asthecasemay be,thattheomissionormisstatementshallberectified. 206.Registrationofappointmentorder,etc.

(1)Ifanypersonobtainsanorderfortheappointmentofareceiverormanagerofthepropertyofacompany,or appointssuchareceiverormanagerunderanypowerscontainedinanyinstrument,heshall,withinsevendays fromthedateoftheorderortheappointmentunderthesaidpowers,givenoticeofthefacttotheCommission andtheCommissionshall,onpaymentofsuchfeeasmaybespecifiedbyregulationsmadeunderthisAct,enter thefactintheregisterofcharges. (2)Whereanypersonappointedreceiverormanagerofthepropertyofacompanyunderthepowerscontainedin anyinstrument,ceasestoactassuchreceiverormanager,heshall,onsoceasing,givetheCommissionnoticeto thateffect,andtheCommissionshallenterthenoticeintheregisterofcharges. (3)Ifanypersonmakesdefaultincomplyingwiththerequirementsofthissection,heshallbeguiltyofanoffence andliabletoafinenotexceedingN50foreverydayduringwhichthedefaultcontinues. 207.Inspectionofregisterandcopiesofinstruments (1)ThecopiesofinstrumentscreatinganychargerequiringregistrationunderthisPartofthisActwiththe Commissionandtheregisterofchargeskeptinpursuanceofsection198ofthisAct,shallbeopenduringbusiness hours(butsubjecttosuchreasonablerestrictionsasthecompanyingeneralmeetingmayimpose,sothatnotless thantwohoursineachdayshallbeallowedforinspection)toinspectionbyanycreditorormemberofthe companywithoutfee,andtheregisterofchargesshallalsobeopentoinspectionbyanyotherpersononpayment ofsuchfee,notexceedingN10foreachinspection,asthecompanymayprescribe. (2)Ifinspectionofcopiesofinstrumentscreatingchargesoroftheregisterisrefused,everyofficerofthecompany whoisindefaultshallbeguiltyofanoffenceandliabletoafinenotexceedingN50foreverydayduringwhichthe refusalcontinues. (3)IfanysuchrefusaloccursinrelationtoacompanyregisteredinNigeriaor,insofarasaforeigncompanyhasan establishedplaceofbusinesswithinNigeriaandaninstrumentcreatesachargeoveranyofitspropertyinNigeria andtherefusalrelatestothatcharge,thecourtmaybyordercompelanimmediateinspectionofthecopiesor register. Realisationofsecurity 208.Realisationofdebentureholder'ssecurity (1)Adebentureholdershallbeentitledtorealiseanysecurityvestedinhimorinanyotherpersonforhisbenefit if (a)thecompanyfailstopayanyinstalmentofinterest,orthewholeorpartoftheprincipaloranypremium,owing underthedebentureorthedebenturetrustdeedcoveringthedebenture,withinonemonthafteritbecomesdue; or (b)thecompanyfailstofulfilanyoftheobligationsimposedonitbythedebenturesorthedebenturetrustdeed; (c)anycircumstancesoccurwhichbythetermsofthedebenturesordebenturetrustdeedentitledtheholderof thedebenturetorealisehissecurity;or (d)thecompanyiswoundup.

(2)Adebentureholderwhosedebentureissecuredbyageneralfloatingchargevestedinhimorthetrusteeofthe coveringdebenturetrustdeed,oranyotherperson,shalladditionallybeentitledtorealisehissecurityif (a)anycreditorofthecompanyissuesaprocessofexecutionagainstanyofitsassetsorcommencesproceedings forwindingupofthecompanybyorderofanycourtofcompetentjurisdiction;or (b)thecompanyceasestopayitsdebtsastheyfalldue;or (c)thecompanyceasestocarryonbusiness;or (d)thecompanysuffers,aftertheissueofdebenturesoftheclassconcerned,lossesordiminutionsinthevalueof itsassetswhichintheaggregateamounttomorethanonehalfofthetotalamountowinginrespectof debenturesoftheclassheldbythedebentureholderwhoseekstoenforcehissecurityanddebentureswhose holderranksbeforehimforpaymentofprincipalorinterest;or (e)anycircumstancesoccurwhichentitlesadebentureholderwhoranksforpaymentofprincipalorinterestin prioritytothedebenturessecuredbythegeneralfloatingchargestorealisehissecurity. 209.Remediesavailabletodebentureholders (1)Atanytimeafteradebentureholderoraclassofdebentureholdersbecomesentitledtorealisehisortheir security,areceiverofanyassetssubjecttoamortgage,chargeorsecurityinfavouroftheclassofdebenture holdersorthetrusteeofthecoveringtrustdeed,oranyotherperson,maybeappointedby (a)thattrustee; (b)theholdersofdebenturesofthesameclasscontainingpowertoappoint;or (c)debentureholdershavingmorethanonehalfofthetotalamountowinginrespectofallthedebenturesofthe sameclass;or (d)thecourtontheapplicationofthetrustee. (2)Subjecttoanyconditionsimposedinthedebentureordebenturetrustdeed,adebentureholder,oratrustee inthecaseofatrustdeed,may (a)bringanactioninarepresentativecapacityagainstthecompanyforpaymentandenforcementofthesecurity; or (b)realisehissecurityby (i)bringingaforeclosureaction;or (ii)commencingawindingupproceeding. (3)Areceiverappointedunderthissectionshallhave,subjecttotheordermadebythecourt,powertotake possessionoftheassetssubjecttothemortgage,chargeorsecurityandtosellthoseassetsand,ifthemortgage, chargeorsecurityextendstosuchproperty,tocollectdebtsowedtotheproperty,toenforceclaimsvestedinthe company,tocompromise,settleandenterintoarrangementsinrespectofclaimsbyoragainstthecompany,on thecompany'sbusinesswithaviewtosellingitonthemostfavourableterms,tograntoracceptleasesoflandand

licencesinrespectofpatents,designs,copyrightortrademarks,andtorecoveranyinstalmentunpaidonthe company'sissuedshares. (4)Wherearepresentativeactionisbeingbroughtunderparagraph(a)ofsubsection(2)ofthissection,the approvalofthecourtshallbeobtainedwherethecompanyisbeingwoundup. (5)Theremediesgivenbythissectionshallbeinadditionto,andnotinsubstitutionfor,anyotherpowersand remediesconferredonthetrusteeofthedebenturetrustdeedoronthedebentureholdersbythedebenturesor debenturetrustdeed,andanypowerorremedywhichisexpressedinanyinstrumenttobeexercisableifthe debentureholdersbecomeentitledtorealisetheirsecurity,isexercisableontheoccurrenceofanyoftheevents specifiedinsubsection(1)ofsection208ofthisActorinthecaseofageneralchargeinsubsections(1)and(2)of section208ofthisAct;butamanagerofthebusinessorofanyoftheassetsofacompanymaynotbeappointed forthebenefitofdebentureholdersunlessareceiverhasalsobeenappointedandhasnotceasedtoact. (6)Theprovisionsofsections387to400ofthisActshallapplytoreceiversandmanagersunderthisPartofthis Act. (7)Noprovisioninanyinstrumentwhichpurportstoexcludeorrestricttheremediesgivenbythissectionshallbe valid. 210.Applicationofcertainsections SubjecttotheprovisionsofthisPartofthisActandunlessthecontextotherwiseadmits,theprovisionsofsections 146,147,151,153,156and157ofthisActrelatingtosharecertificatesandtransferofsharesshallapplyin respectofsharesasif"debentures"weresubstitutedfor"shares"and"debentureholders"for"shareholders". PARTVIII Meetingsandproceedingsofcompanies Statutorymeeting 211.Statutorymeeting (1)Everypubliccompanyshall,withinaperiodofsixmonthsfromthedateofitsincorporation,holdageneral meetingofthemembersofthecompany(inthisActreferredtoas"thestatutorymeeting"). (2)Thedirectorsshall,atleast21daysbeforethedayonwhichthestatutorymeetingisheld,forwardtoevery memberofthecompanyacopyofthestatutoryreport. (3)Thestatutoryreportshallbecertifiedbynotlessthantwodirectorsorbyadirectorandthesecretaryofthe companyandshallstate (a)thetotalnumberofsharesallotted,distinguishingsharesallottedasfullyorpartlypaidupotherwisethanin cash,andstatinginthecaseofsharespartlypaidup,theextenttowhichtheyaresopaidup,andineithercase theconsiderationforwhichtheyhavebeenallotted; (b)thetotalamountofcashreceivedbythecompanyinrespectofallthesharesallotted,distinguishedas aforesaid;

(c)thenames,addressesanddescriptionsofthedirectors,auditors,managers,ifany,andsecretaryofthe company; (d)theparticularsofanypreincorporationcontracttogetherwiththeparticularsofany modificationorproposedmodificationthereon; (e)anyunderwritingcontractthathasnotbeencarriedoutandthereasonstherefore; (f)thearrears,ifany,dueoncallsfromeverydirector; (g)theparticularsofanycommissionorbrokeragepaidortobepaidinconnectionwiththeissueorsaleofshares ordebenturestoanydirectorortothemanager. (4)Thereportshallalsocontainanabstractofthereceiptsofthecompanyandofthepaymentsmadefromthem uptoadatewithinsevendaysofthedateofthereport,exhibitingunderdistinctiveheadingsthereceiptsofthe companyfromsharesanddebenturesandothersources,thepaymentsmadefromsuchreceiptsandparticulars concerningthebalanceremaininginhand,andanaccountorestimateofthepreliminaryexpensesofthe company. (5)Thestatutoryreportshall,sofarasitrelatestothesharesallottedbythecompany,andtothecashreceivedin respectofsuchshares,andtothereceiptsandpaymentsofthecompanyoncapitalaccount,becertifiedascorrect bytheauditors. (6)Thedirectorsshallcauseacopyofthestatutoryreport,certifiedasrequiredbythissection,tobedeliveredto theCommissionforregistrationforthwithafterthesendingofcopiestothemembersofthecompany. (7)Thedirectorsshallcausealist,showingthenames,descriptionsandaddressesofthemembersofthecompany andthenumberofsharesheldbythemrespectively,tobeproducedatthecommencementofthemeetingandto remainopenandaccessibletoanymemberofthecompanyduringthecontinuanceofthestatutorymeeting. (8)Themembersofthecompanypresentatthestatutorymeetingshallbeatlibertytodiscussanymatterrelating totheformationofthecompany,anditscommencementofbusinessorarisingoutofthestatutoryreport. (9)Anymemberwhowishesaresolutiontobepassedonanymatterarisingoutofthestatutoryreportshallgive further21daysnoticefromthedateonwhichthestatutoryreportwasreceivedtothecompanyofhisintentionto proposesucharesolution. (10)Thestatutorymeetingmayadjournfromtimetotime,andatanyadjournedmeetinganyresolutionofwhich noticehasbeengiveninaccordancewiththearticles,eitherbeforeorsubsequentlytotheformermeeting,may bepassed,andtheadjournedmeetingshallhavethesamepowersasanoriginalmeeting. 212.Noncomplianceandpenalty Withoutprejudicetotheprovisionsofsection408ofthisAct,ifacompanyfailstocomplywiththerequirements ofsection211ofthisAct,thecompanyandanyofficerindefaultshallbeguiltyofanoffenceandliabletoafineof N50foreverydayduringwhichthedefaultcontinues. Generalmeeting

213.Annualgeneralmeeting (1)Everycompanyshallineachyearholdageneralmeetingasitsannualgeneralmeetinginadditiontoanyother meetingsinthatyear,andshallspecifythemeetingassuchinthenoticescallingit;andnotmorethan15months shallelapsebetweenthedateofoneannualgeneralmeetingofacompanyandthatofthenext: Providedthat (a)solongasacompanyholdsitsfirstannualgeneralmeetingwithin18monthsofitsincorporationitneednot holditinthatyearorinthefollowingyear; (b)exceptforthefirstannualgeneralmeeting,theCommissionshallhavepowertoextendthetimewithinwhich anyannualgeneralmeetingshallbeheld,byaperiodnotexceedingthreemonths. (2)Ifdefaultismadeinholdingameetingofacompanyinaccordancewithsubsection(1)ofthissection,the Commission,may,ontheapplicationofanymemberofthecompanycall,ordirectthecallingof,ageneral meetingofthecompanyandgivesuchancillaryorconsequentialdirectionsastheCommissionthinksexpedient, includingdirectionsmodifyingorsupplementing,inrelationtothecalling,holdingandconductingofthemeeting, theoperationofthecompany'sarticles;anditisherebydeclaredthatthedirectionsthatmaybegivenunderthis subsectionshallincludeadirectionthatonememberofthecompanypresentinpersonorbyproxymayapplyto thecourtforanordertotakeadecisionwhichshallbindallthemembers. (3)Ageneralmeetingheldinpursuanceofsubsection(2)ofthissectionshall,subjecttoanydirectionsofthe Commission,bedeemedtobeanannualgeneralmeetingofthecompany;but,whereameetingsoheldisnot heldintheyearinwhichthedefaultinholdingthecompany'sannualgeneralmeetingoccurred,themeetingso heldshallnotbetreatedastheannualgeneralmeetingfortheyearinwhichitisheldunlessatthatmeetingthe companyresolvesthatitshallbesotreated. (4)Whereacompanyresolvesthatameetingshallbetreatedasitsannualgeneralmeeting,acopyofthe resolutionshall,within15daysafterthepassingthereof,befiledwiththeCommission. (5)Ifdefaultismadeinholdingameetingofthecompanyinaccordancewithsubsection(1)ofthissection,orin complyingwithanydirectionsoftheCommissionundersubsection(2)thereof,thecompanyandeveryofficerof thecompanywhoisindefault,shallbeguiltyofanoffenceandbeliabletoafineofN500,andifdefaultismadein complyingwithsubsection(4)ofthissection,thecompanyandeveryofficerofthecompanywhoisindefaultshall beliabletoafineofN25. 214.Businessestransactedatannualgeneralmeeting Allbusinessestransactedatannualgeneralmeetingsshallbedeemedspecialbusiness,exceptdeclaringa dividend,thepresentationofthefinancialstatementsandthereportsofthedirectorsandauditors,theelectionof directorsintheplaceofthoseretiring,theappointment,andthefixingoftheremunerationoftheauditorsandthe appointmentofthemembersoftheauditcommittee,whichshallbeordinarybusiness. Extraordinarygeneralmeeting 215.Extraordinarygeneralmeeting

(1)Theboardofdirectorsmayconveneanextraordinarygeneralmeetingwhenevertheydeemfit,andifatany timetherearenotwithinNigeriasufficientdirectorscapableofactingtoformaquorum,anydirectormay conveneanextraordinarygeneralmeeting. (2)Anextraordinarygeneralmeetingofacompanymayberequisitionedbyanymemberormembersofthe companyholdingatthedateoftherequisitionnotlessthanonetenthofthepaidupcapitalofthecompanyasat thedateofthedepositcarryingtherightofvoting,orinthecaseofacompanynothavingasharecapital, membersofthecompanyrepresentingnotlessthanonetenthofthetotalvotingrightsofallthemembershaving atthesaiddatearighttovoteatgeneralmeetingsofthecompany,andthedirectorsshallonreceiptofthe requisitionforthwithproceeddulytoconveneanextraordinarygeneralmeetingofthecompany,notwithstanding anythinginitsarticles. (3)Therequisitionshallstatetheobjectsofthemeeting,andbesignedbytherequisitionistsanddepositedatthe registeredofficeofthecompany,andtherequisitionmayconsistofseveraldocumentsinlikeformeachsignedby oneormorerequisitionists. (4)Ifthedirectorsdonotwithin21daysfromthedateofthedepositoftherequisitionproceeddulytoconvenea meeting,therequisitionists,oranyoneormoreofthemrepresentingmorethanonehalfofthetotalvotingrights ofallofthem,maythemselvesconveneameeting: Providedthatanymeetingsoconvenedshallnotbeheldaftertheexpirationofthreemonthsfromthatdate. (5)Ameetingconvenedunderthissectionbyarequisitionistorrequisitionistsshallbeconvenedinthesame manner,asnearlyaspossible,asthatinwhichmeetingsaretobeconvenedbydirectors. (6)Anyreasonableexpensesincurredbytherequisitionistorrequisitionistsbyreasonofthefailureofthe directorsdulytoconveneameeting,shallberepaidtotherequisitionistsbythecompany, (7)Forthepurposeofthissectionthedirectorsshall,inthecaseofameetingatwhicharesolutionistobe proposedasaspecialresolution,bedeemednottohavedulyconvenedthemeetingiftheydonotgivesuchnotice asisrequiredbysection217ofthisAct. (8)Allbusinessestransactedatanextraordinarygeneralmeetingshallbedeemedspecial. 216.Placeofmeeting AllstatutoryandannualgeneralmeetingsshallbeheldinNigeria. Noticeofmeetings 217.Lengthofnoticeforcallingmeetings (1)ThenoticerequiredforalltypesofgeneralmeetingsfromthecommencementofthisActshallbe21daysfrom thedateonwhichthenoticewassentout. (2)Ageneralmeetingofacompanyshall,notwithstandingthatitiscalledbyashorternoticethanthatspecifiedin subsection(1)ofthissection,bedeemedtohavebeendulycalledifitissoagreedinthecaseof (a)ameetingcalledastheannualgeneralmeeting,byallthemembersentitledtoattendandvotethereat;and

(b)anyothergeneralmeeting,byamajorityinnumberofthemembershavingarighttoattendandvoteatthe meeting,beingamajoritytogetherholdingnotlessthan95percentinnominalvalueofthesharesgivingarightto attendandvoteatthemeetingor,inthecaseofacompanynothavingasharecapital,togetherrepresentingnot lessthan95percentofthetotalvotingrightsatthatmeetingofallthemembers. 218.Contentsofnotice (1)Thenoticeofameetingshallspecifytheplace,dateandtimeofthemeeting,andthegeneralnatureofthe businesstobetransactedthereatinsufficientdetailtoenablethosetowhomitisgiventodecidewhetherto attendornot,andwherethemeetingistoconsideraspecialresolution,shallsetoutthetermsoftheresolution. (2)Inthecaseofnoticeofanannualgeneralmeeting,astatementthatthepurposeistotransacttheordinary businessofanannualgeneralmeetingshallbedeemedtobeasufficientspecificationthatthebusinessisforthe declarationofdividends,presentationofthefinancialstatements,reportsofthedirectorsandauditors,the electionofdirectorsintheplaceofthoseretiring,thefixingoftheremunerationoftheauditorsand,ifthe requirementsofsections362and363ofthisActaredulycompliedwith,theremovalandelectionofauditorsand directors. (3)Nobusinessmaybetransactedatanygeneralmeetingunlessnoticeofithasbeendulygiven. (4)Ineverycaseinwhichamemberisentitled,pursuanttosection230ofthisAct,toappointaproxytoattend andvoteinsteadofhim,thenoticeshallcontainwithreasonableprominence,astatementthatthememberhas therighttoappointaproxytoattendandvoteinsteadofhimandthattheproxyneednotbeamemberofthe company,andifdefaultismadeincomplyingwiththissubsectionasrespectsanymeeting,everyofficerofthe companywhoisindefaultshallbeguiltyofanoffenceandliabletoafinenotexceedingN500. (5)Anerrororomissioninanoticewithrespecttotheplace,date,timeorgeneralnatureofthebusinessofa meetingshallnotinvalidatethemeeting,unlesstheofficerofthecompanyresponsiblefortheerrororomission actedinbadfaithorfailedtoexerciseduecareanddiligence: Providedthatinthecaseofaccidentalerrororomission,theofficerresponsibleshalleffectthenecessary correctioneitherbeforeorduringthemeeting. 219.Personsentitledtonotice (1)Thefollowingpersonsshallbeentitledtoreceivenoticeofageneralmeeting (a)everymember; (b)everypersonuponwhomtheownershipofasharedevolvesbyreasonofhisbeingalegalrepresentative, receiveroratrusteeinbankruptcyofamember; (c)everydirectorofthecompany; (d)everyauditorforthetimebeingofthecompany;and (e)thesecretary. (2)Nootherpersonshallbeentitledtoreceivenoticesofgeneralmeetings.

220.Serviceofnotice (1)Anoticemaybegivenbythecompanytoanymembereitherpersonallyorbysendingitbyposttohimortohis registeredaddress,or(ifhehasnoregisteredaddresswithinNigeria)totheaddress,ifany,suppliedbyhimtothe companyforthegivingofnoticetohim. (2)Whereanoticeissentbypost,serviceofthenoticeshallbedeemedtobeeffectedbyproperlyaddressing, prepaying,andpostingalettercontainingthenotice,andtohavebeeneffectedinthecaseofanoticeofa meetingattheexpirationofsevendaysafterthelettercontainingthesameisposted,andinanyothercaseatthe timeatwhichtheletterwouldbedeliveredintheordinarycourseofpost. (3)Anoticemaybegivenbythecompanytothejointholdersofasharebygivingthenoticetothejointholder firstnamedintheregisterofmembersinrespectoftheshare. (4)Anoticemaybegivenbythecompanytothepersonsentitledtoashareinconsequenceofthedeathor bankruptcyofamemberbysendingitthroughthepostinaprepaidletteraddressedtothembyname,orbythe titleofrepresentativesofthedeceased,ortrusteeofthebankrupt,orbyanylikedescription,attheaddress,if any,withinNigeriasuppliedforthepurposebythepersonclaimingtobesoentitled,or(untilsuchanaddresshas beensosupplied)bygivingthenoticeinanymannerinwhichthesamemighthavebeengivenifthedeathor bankruptcyhadnotoccurred. (5)"Registeredaddress"means,inthecaseofamember,anyaddresssuppliedbyhimtothecompanyforthe givingofnoticetohim. 221.Failuretogivenotice (1)Failuretogivenoticeofanymeetingtoapersonentitledtoreceiveitshallinvalidatethemeetingunlesssuch failureisanaccidentalomissiononthepartofthepersonorpersonsgivingthenotice. (2)Failuretogivenoticetoapersonentitledtoitduetoamisrepresentationormisinterpretationoftheprovisions ofthisAct,orofthearticles,shallnotamounttoanaccidentalomissionforthepurposesoftheforegoing subsection. 222.Additionalnotice Inadditiontothenoticerequiredtobegiventothoseentitledtoreceiveitinaccordancewiththeprovisionsof thisAct,everypubliccompanyshall,atleast21daysbeforeanygeneralmeeting,advertiseanoticeofsuch meetinginatleasttwodailynewspapers. 223.Powerofcourttoordermeetings (1)Ifforanyreasonitisimpracticabletocallameetingofacompanyoroftheboardofdirectorsinanymannerin whichmeetingsofthatcompanyorboardmaybecalled,ortoconductthemeetingofthecompanyorboardin themannerprescribedbythearticlesorthisAct,thecourtmay,eitherofitsownmotionorontheapplicationof anydirectorofthecompanyorofanymemberofthecompanywhowouldbeentitledtovoteatthemeeting,in thecaseofthemeetingofthecompany,andofanydirectorofthecompany,incaseofthemeetingoftheboard, orderameetingofthecompanyorboard,asthecasemaybe,tobecalled,heldandconductedinsuchmanneras thecourtthinksfit,andwhereanysuchorderismade,maygivesuchancillaryorconsequentialdirectionsasit thinksexpedient.

(2)Itisherebydeclaredthatthedirectionsthatmaybegivenundersubsection(1)ofthissectionshallincludea directionthatonememberofthecompanypresentinpersonorbyproxyinthecaseofameetingofthecompany, andonedirectorinthecaseoftheboardmay,applytothecourtforanordertotakeadecisionwhichshallbindall themembers. (3)Anymeetingcalled,heldandconductedinaccordancewithanorderundersubsection(1)ofthissection,shall forallpurposesbedeemedtobeameetingofthecompanyoroftheboardofdirectorsdulycalled,heldand conducted. Voting 224.Procedureofvoting (1)Atanygeneralmeeting,aresolutionputtothevoteshallbedecidedonashowofhands, unlessapollis(beforeoronthedeclarationoftheresultoftheshowofhands)demandedby (a)thechairman,whereheisashareholderoraproxy; (b)atleastthreememberspresentinpersonorbyproxy; (c)anymemberormemberspresentinpersonorbyproxyandrepresentingnotlessthanonetenthofthetotal votingrightsofallthemembershavingtherighttovoteatthemeeting;or (d)anymemberormembersholdingsharesinthecompanyconferringarighttovoteatthemeetingbeingshares onwhichanaggregatesumhasbeenpaidupequaltonotlessthanonetenthofthetotalsumpaiduponallthe sharesconferringthatright. (2)Unlessapollissodemanded,adeclarationbythechairmanthataresolutionhasonashowofhandsbeen carriedorcarriedunanimously,orbyaparticularmajority,orlost,andanentrytothateffectinthebook containingtheminutesoftheproceedingsofthecompany,shallbeconclusiveevidenceofthefact,withoutproof ofthenumberorproportionofthevotesrecordedinfavourof,oragainst,theresolution. 225.Righttodemandpoll (1)Anyprovisioncontainedinacompany'sarticlesshallbevoidinsofarasitwouldhavetheeffecteitherof (a) excludingtherighttodemandapollatageneralmeetingonanyquestionotherthanthe electionofthechairmanofthemeetingortheadjournmentofthemeeting;or (b) makingineffectiveademandforapollonanysuchquestionwhichismadebyanyofthepersons mentionedinsection224ofthisAct. (2)Theinstrumentappointingaproxytovoteatameetingofacompanyshallbedeemedalsotoconferauthority todemandorjoinindemandingapoll,andforthepurposesofsubsection(1)ofthissection,ademandbya personasproxyforamembershallbethesameasademandbythemember. (3)Notwithstandingsection224ofthisActandsubsections(1)and(2)ofthissection,thereshallbenorightto demandapollontheelectionofmembersoftheauditcommitteeundersection359ofthisAct. 226.Votingonapoll

(1)Onapolltakenatameetingofacompany,orameetingofanyclassofmembersofacompany,amember entitledtomorethanonevoteneednot,ifhevotes,useallhisvotesorcastallthevotesheusesinthesameway. (2)Exceptasprovidedinsubsection(4)ofthissection,ifapollisdulydemanded,itshallbetakeninsuchmanner asthechairmandirects,andtheresultofthepollshallbedeemedtobetheresolutionofthemeetingatwhichthe pollwasdemanded. (3)Inthecaseofanequalityofvotes,whetheronashowofhandsoronapoll,thechairmanofthemeetingat whichtheshowofhandstakesplaceoratwhichthepollisdemanded,shallbeentitledtoasecondorcastingvote. (4)Apolldemandedontheelectionofachairmanoronaquestionofadjournmentshallbetakenforthwith,and onanyotherquestionshallbetakenatsuchtimeasthechairmanofthemeetingdirects,andanybusinessother thanthatuponwhichapollhasbeendemandedmaybeproceededwithpendingthetakingofthepoll. 227.Rightofattendanceatgeneralmeeting (1)Subjecttosection228ofthisAct,everymembershallhavearighttoattendanygeneralmeetingofthe companyinaccordancewiththeprovisionsofsection81ofthisAct. (2)Inthecaseofjointholders,thevoteoftheseniorjointholderwhotendersavote,whetherinpersonorby proxy,shallbeacceptedtotheexclusionofthevotesoftheotherjointholders;andforthispurposeseniorityshall bedeterminedbytheorderinwhichthenamesstandintheregisterofmembers. (3)Amemberofunsoundmind,orinrespectofwhomanorderhasbeenmadebyanycourthavingjurisdictionin lunacy,mayvote,whetheronashowofhandsoronapoll,byhiscommittee,receiver,curatorbonis,orother personinthenatureofacommittee,receiverorcuratorbonisappointedbythatcourt,andanysuchcommittee, receiver,curatorbonisorotherpersonmayvotebyproxy. 228.Attendanceatmeetings Everypersonwhoisentitledtoreceivenoticeofageneralmeetingofthecompanyasprovidedbysection227of thisActshallbeentitledtoattendsuchameeting. 229.Objectionsastoqualificationtovote Noobjectionsshallberaisedtothequalificationofanyvoterexceptatthemeetingoradjournedmeetingatwhich thevoteobjectedtoisgivenortendered,andeveryvotenotdisallowedatsuchmeetingshallbevalidforall purposesandanysuchobjectionmadeinduetimeshallbereferredtothechairmanofthemeeting,whose decisionshallbefinalandconclusive. 230.Proxies (1)Anymemberofacompanyentitledtoattendandvoteatameetingofthecompanyshallbeentitledtoappoint anotherperson(whetheramemberornot)ashisproxytoattendandvoteinsteadofhim,andaproxyappointed toattendandvoteinsteadofamembershallalsohavethesamerightasthemembertospeakatthemeeting: Providedthat,unlessthearticlesotherwiseprovide,thissectionshallnotapplyinthecaseofacompanynot havingasharecapital.

(2)Ineverynoticecallingameetingofacompanyhavingasharecapital,thereshallappearwithreasonable prominenceastatementthatamemberentitledtoattendandvoteisentitledtoappointaproxyor,wherethatis allowed,twoormoreproxies,toattendandvoteinsteadofhim,andthataproxyneednotbeamemberandif defaultismadeincomplyingwiththissubsectionasrespectsanymeeting,everyofficerofthecompanywhoisin defaultshallbeguiltyofanoffenceandliabletoafineofN250. (3)Anyprovisioncontainedinacompany'sarticlesshallbevoidinsofarasitwouldhavetheeffectofrequiring theinstrumentappointingaproxyoranyotherdocumentnecessarytoshowthevalidityoforotherwiserelating totheappointmentofaproxy,tobereceivedbythecompanyoranyotherpersonmorethan48hoursbeforea meetingoradjournedmeetinginorderthattheappointmentmaybeeffectiveatthemeeting. (4)If,forthepurposeofanymeetingofacompany,invitationstoappointasproxyapersonoroneofanumberof personsspecifiedintheinvitationsareissuedatthecompany'sexpensetosomeonlyofthemembersentitledto besentnoticeofthemeetingandtovotebyproxyatthemeeting,everyofficerofthecompanywhoknowingly andwilfullyauthorisesorpermitstheirissueasaforesaidshallbeguiltyofanoffenceandliabletoafineofN500: Providedthatanofficershallnotbeliableunderthissubsectionbyreasononlyoftheissuetoamemberathis requestinwritingofaformofappointmentnamingtheproxyorofalistofpersonswillingtoactasproxyifthe formorlistisavailableonrequestinwritingtoeverymemberentitledtovoteatthemeetingbyproxy. (5)Avotegiveninaccordancewiththetermsofaninstrumentofproxyshallbevalidnotwithstandingtheprevious deathorinsanityoftheprincipalorrevocationoftheproxyoroftheauthorityunderwhichtheproxywas executed,orthetransferoftheshareinrespectofwhichtheproxyisgiven: Providedthatnointimationinwritingofsuchdeath,insanity,revocationortransferasaforesaidhasbeenreceived bythecompanybeforethecommencementofthemeetingoradjournedmeetingatwhichtheproxyisused. (6)Theinstrumentappointingaproxyshallbeinwriting,underthehandoftheappointerorofhisattorneyduly authorisedinwritingor,iftheappointerisacorporation,eitherunderseal,orunderthehandofanofficeror attorneydulyauthorised. (7)Theinstrumentappointingaproxyandthepowerofattorneyorotherauthority,ifany,underwhichitissigned oracertifiedcopyofthatpowerorauthorityshallbedepositedattheregisteredofficeorheadofficeofthe companyoratsuchotherplacewithinNigeriaasisspecifiedforthatpurposeinthenoticeconveningthemeeting, notlessthan48hoursbeforethetimeforholdingthemeetingoradjournedmeeting,atwhichthepersonnamed intheinstrumentproposestovote,or,inthecaseofapoll,notlessthan24hoursbeforethetimeappointedfor thetakingofthepoll;andindefault,theinstrumentofproxyshallnotbetreatedasvalid. (8)Thissectionshallapplytomeetingsofanyclassofmembersofacompanyasitappliestogeneralmeetingsof thecompany. 231.Corporationrepresentationatmeetingsofcompanies,etc. (1)Acorporation,whetheracompanywithinthemeaningofthisActornot,mayifitis (a) amemberofanothercorporation,beingacompanywithinthemeaningofthisAct,byresolution ofitsdirectorsorothergoverningbody,authorisesuchpersonasitthinksfittoactasitsrepresentativeatany meetingofthecompanyoratanymeetingofanyclassofmembersofthecompany;

 (b) acreditor(includingaholderofdebentures)ofanothercorporation,beingacompanywithinthe meaningofthisAct,byresolutionofitsdirectorsorothergoverningbody,authorisesuchpersonasitthinksfitto actasitsrepresentativeatanymeetingofanycreditorsofthecompanyheldinpursuanceofthisActorofany rulesmadethereunderorinpursuanceoftheprovisionscontainedinanydebentureortrustdeed,asthecase maybe. (2)Apersonauthorisedasprovidedinsubsection(1)ofthissection,shallbeentitledtoexercisethesamepowers onbehalfofthecorporationwhichherepresentsasthatcorporationmightexerciseifitwereanindividual shareholder,creditororholderofdebenturesofthatothercompany. 232.Quorum (1)Unlessotherwiseprovidedinthearticles,nobusinessshallbetransactedatanygeneralmeetingunlessa quorumofmembersispresentatthetimewhenthemeetingproceedstobusinessandthroughoutthemeeting. (2)Unlessotherwiseprovidedinthearticles,thequorumforthemeetingofacompanyshallbeonethirdofthe totalnumberofmembersofthecompanyor25members(whicheverisless)presentinpersonorbyproxy: Providedthatwherethenumberofmembersisnotamultipleofthree,thenthenumbernearesttoonethird,and wherethenumberofmembersissixorless,thequorum,shallbetwomembers. (3)Forthepurposeofdeterminingaquorum,allmembersortheirproxiesshallbecounted. (4)Whereamemberormemberswithdrawfromthemeetingforwhatappearstothechairmantobeinsufficient reasonsandforthepurposeofreducingthequorum,andinfactthequorumisnolongerpresent,themeeting maycontinuewiththenumberpresent,andtheirdecisionshallbindalltheshareholdersandwherethereisonly onemember,hemayseekdirectionofthecourttotakeadecision. (5)Wherethereisaquorumatthebeginning,butnoquorumlaterduetosomeshareholdersleavingforwhat appearstothechairmantobesufficientreasons,themeetingshallbeadjournedtothesameplace,andtime,ina week'stime,andifthereisnoquorumstillattheadjournedmeeting,thememberspresentshallthenbethe quorumandtheirdecisionshallbindallshareholdersandwhereonlyonememberispresent,hemayseek directionofthecourttotakeadecision. Resolutions 233.Resolutions (1)Aresolutionshallbeanordinaryresolutionwhenithasbeenpassedbyasimplemajorityofvotescastbysuch membersofthecompanyas,beingentitledtodoso,voteinpersonorbyproxyatageneralmeeting. (2)Aresolutionshallbeaspecialresolutionwhenithasbeenpassedbynotlessthanthreefourthsofthevotes castbysuchmembersofthecompanyas,beingentitledtodoso,voteinpersonorbyproxyatageneralmeeting ofwhich21days'notice,specifyingtheintentiontoproposetheresolutionasaspecialresolution,hasbeenduly given: Providedthat,ifitissoagreedbymajorityinnumberofthemembershavingtherighttoattendandvoteatany suchmeeting,beingamajoritytogetherholdingnotlessthan95percentinnominalvalueofthesharesgivingthat rightor,inthecaseofacompanynothavingasharecapital,togetherrepresentingnotlessthan95percentofthe

totalvotingrightsatthatmeetingofallthemembers,aresolutionmaybeproposedandpassedasaspecial resolutionatameetingofwhichlessthan21days'noticehasbeengiven. (3)Atanymeetingatwhichaspecialresolutionissubmittedtobepassed,adeclarationofthechairmanthatthe resolutioniscarriedshall,unlessapollisdemanded,beconclusiveevidenceofthefactwithoutproofofthe numberorproportionofthevotesrecordedinfavouroforagainsttheresolution. (4)Incomputingthemajorityofapolldemandedonthequestionthataspecialresolutionbepassed,reference shallbehadtothenumberofvotescastforandagainsttheresolution. (5)Forthepurposesofthissection,noticeofameetingshallbedeemedtobedulygivenandthemeetingtobe dulyheldwhenthenoticeisgivenandthemeetingheldinthemannerprovidedbythisActorthearticles. (6)Acompanymay,byitsarticles,providethatanymatternotrequiredbythearticlesorbythisActtobepassed byaspecialresolution,shallbepassedbyanordinaryresolution. 234.Writtenresolutions Allresolutionsshallbepassedatgeneralmeetingsandshallnotbeeffectiveunlesssopassed: Providedthatinthecaseofaprivatecompanyawrittenresolutionsignedbyallthemembersentitledtoattend andvoteshallbeasvalidandeffectiveasifpassedinageneralmeeting. 235.Circulationofmembers'resolutions (1)Subjecttothefollowingprovisionsofthissection,itshallbethedutyofacompany,ontherequisitioninwriting ofsuchnumberofmembersasishereinafterspecifiedand(unlessthecompanyotherwiseresolves)atthe expenseofthecompanyto (a) givetomembersofthecompanyentitledtoreceivenoticeofthenextannualgeneralmeeting noticeofanyresolutionsubmittedbyamemberwhichmayproperlybemovedandisintendedtobemovedat thatmeeting; (b) circulatetomembersentitledtohavenoticeofanygeneralmeetingsenttothem,anystatement ofnotmorethan1,000wordswithrespecttothematterreferredtoinanyproposedresolutionorthebusinessto bedealtwithatthatmeeting,andwherethestatementhasmorethan1,000wordstocirculateasummaryofit. (2)Thenumberofmembersnecessaryforarequisitionundersubsection(1)ofthissectionshallbe (a) anyoneormoremembersrepresentingnotlessthanonetwentiethofthetotalvotingrightsof allthemembershavingatthedateoftherequisitionarighttovoteatthemeetingtowhichtherequisitionrelates; or (b) notlessthanonehundredmembersholdingsharesinthecompanyonwhichtherehasbeen paidupanaveragesum,permember,ofnotlessthanN500. (3)Noticeofanysuchresolutionshallbegiven,andanysuchstatementshallbecirculated,tomembersofthe companyentitledtohavenoticeofthemeetingsenttothem,byservingacopyoftheresolutionorstatementon eachsuchmemberinanymannerpermittedforserviceofnoticeofthemeeting,andnoticeofanysuchresolution

shallbegiventoanyothermemberofthecompanybygivingnoticeofthegeneraleffectoftheresolutioninany mannerpermittedforgivingnoticeofmeetingsofthecompany: Providedthatthecopyshallbeserved,ornoticeoftheeffectoftheresolutionshallbegiven,asthecasemaybe, inthesamemannerandsofaraspracticable,atthesametimeasnoticeofthemeetingand,whereitisnot practicableforittobeservedorgivenatthattime,itshallbeservedorgivenassoonaspracticablethereafter. (4)Acompanyshallnotbeboundunderthissectiontogivenoticeofanyresolutionortocirculateanystatement unless (a) acopyoftherequisitionsignedbytherequisitionists(ortwoormorecopieswhichbetween themcontainthesignaturesofalltherequisitionists)isdepositedattheregisteredofficeofthecompany (i)inthecaseofarequisitionrequiringnoticeofaresolution,notlessthansixweeksbeforethemeeting; and (ii)inthecaseofanyotherrequisition,notlessthanoneweekbeforethemeeting;and (b) thereisdepositedortenderedwiththerequisition,asumreasonablysufficienttomeetthe company'sexpensesingivingeffectthereto: Providedthatif,afteracopyofarequisitionrequiringnoticeofaresolutionhasbeendepositedattheregistered officeofthecompany,anannualgeneralmeetingiscalledforadatesixweeksorlessafterthecopyhasbeen deposited,thecopy,thoughnotdepositedwithinthetimerequiredbythissubsection,shallbedeemedtohave beenproperlydepositedforthepurposesthereof. (5)Thecompanyshallalsonotbeboundunderthissectiontocirculateanystatementif,ontheapplicationeither ofthecompanyorofanyotherpersonwhoclaimstobeaggrieved,thecourtissatisfiedthattherightsconferred bythissectionarebeingabusedtosecureneedlesspublicityfordefamatorymatter;andthecourtmayorderthe company'scostsonanapplicationunderthissectiontobepaidinwholeorinpartbytherequisitionist, notwithstandingthattherequistionistisnotpartytotheapplication. (6)Notwithstandinganythinginthecompany'sarticles,thebusinesswhichmaybedealtwithatanannualgeneral meetingshallincludeanyresolutionofwhichnoticeisgiveninaccordancewiththissectionandforthepurposes ofthissubsection,noticeshallbedeemedtohavebeensogiven,notwithstandingtheaccidentalomissioningiving ittooneormoremembers. (7)Intheeventofanydefaultincomplyingwiththeprovisionsofthissection,everyofficerofthecompanywhois indefaultshallbeguiltyofanoffenceandliabletoafineofN500. 236.Resolutionsrequiringspecialnotice WherebyanyprovisioncontainedinthisAct,specialnoticeisrequiredofaresolution,theresolutionshallnotbe effectiveunlessnoticeoftheintentiontomoveithasbeengiventothecompanynotlessthan28daysbeforethe meetingatwhichitistobemoved,andthecompanyshallgiveitsmembersnoticeofanysuchresolutionatthe sametimeandinthesamemannerasitgivesnoticeofthemeeting,orifthatisnotpracticable,shallgivethem noticethereof,eitherbyadvertisementinanewspaperhavinganappropriatecirculation,orinanyothermode allowedbythearticles,notlessthan21daysbeforethemeeting:

Providedthatif,afternoticeoftheintentiontomovesucharesolutionhasbeengiventothecompany,ameeting iscalledforadate28daysorlessafterthenoticehasbeengiven,thenotice,thoughnotgivenwithinthetime requiredbythissection,shallbedeemedtohavebeenproperlygivenforpurposesthereof. 237.Registrationandcopiesofcertainresolutions (1)Subjecttosubsection(7)(b)ofsection46ofthisAct,aprintedcopyofeveryresolutionoragreementtowhich thissectionappliesshall,within15daysafterthepassingormakingoftheresolutionoragreement,asthecase maybe,beforwardedtotheCommission. (2)Where,pursuanttotheprovisionsofsections44to47ofthisAct,acompanybyspecialresolutionaltersthe provisionsofitsmemorandumandtheCommissionissatisfiedthatthealterationisnotincompliancewiththe applicableprovisionsofthosesections,itmayrefusetofileacopyoftheresolutioninitsrecordsandshallnotify thecompanyaccordinglyandanypersonaggrievedbytherefusalmayappealtothecourtwithin21daysfromthe receiptofthenotification. (3)Acopyofeverysuchresolutionoragreementforthetimebeinginforceshallbeembodiedinorannexedto everycopyofthearticlesissuedafterthepassingoftheresolutionorthemakingoftheagreement. (4)Thissectionshallapplyto (a) specialresolutions;

(b) resolutionswhichhavebeenagreedtobyallthemembersofacompany,butwhich,ifnotso agreedto,wouldnothavebeeneffectivefortheirpurpose,unless,asthecasemaybe,theyhadbeenpassedas specialresolution;or (c) resolutionsoragreementswhichhavebeenagreedtobyallthemembersofanyclassof shareholdersbutwhich,ifnotsoagreedto,wouldnothavebeeneffectivefortheirpurpose,unlesstheyhadbeen passedbysomeparticularmajorityorotherwiseinsomeparticularmanner,andallresolutionsoragreements whicheffectivelybindallthemembersofanyclassofshareholdersthoughnotagreedtobyallthosemembers; and (d) resolutionsrequiringacompanytobewoundupvoluntarily,passedunderparagraph(a)of section457ofthisAct. (5)Ifacompanyfailstocomplywithsubsection(1)ofthissection,thecompanyandeveryofficerofthecompany whoisindefaultshallbeguiltyofanoffenceandliabletoafineofN50. (6)Ifacompanyfailstocomplywithsubsection(3)ofthissection,thecompanyandeveryofficerofthecompany whoisindefaultshallbeguiltyofanoffenceandliabletoafineofN5foreachcopyinrespectofwhichdefaultis made. (7)Forthepurposesofsubsections(5)and(6)ofthissection,aliquidatorofthecompanyshallbedeemedtobe anofficerofthecompany. 238.Effectofresolutionspassedatadjournedmeetings Wherearesolutionispassedatanadjournedmeetingof

(a) (b) (c)

acompany; theholdersofanyclassofsharesinacompany;or thedirectorsofacompany,

theresolutionshallforallpurposesbetreatedashavingbeenpassedonthedateonwhichitwasinfactpassed, andshallnotbedeemedtohavebeenpassedonanyearlierdate. Miscellaneousmattersrelatingtomeetingsandproceedings 239.Adjournment (1)Thechairmanmay,withtheconsentofanymeetingatwhichaquorumispresent(andshallifsodirectedby themeeting),adjournthemeetingfromtimetotimeandfromplacetoplace,butnobusinessshallbetransacted atanyadjournedmeetingotherthanthebusinessleftunfinishedatthemeetingfromwhichtheadjournmenttook place. (2)Whenameetingisadjournedfor30daysormore,noticeoftheadjournedmeetingshallbegivenasinthecase ofanoriginalmeeting;butotherwiseitshallnotbenecessarytogiveanynoticeofanadjournmentorofthe businesstobetransactedatanadjournedmeeting. (3)Ifwithinonehourfromthetimeappointedforthemeetingaquorumisnotpresent,themeetingifconvened upontherequisitionofmembersshallbedissolved,butinanyothercase,itshallstandadjournedtothesameday inthenextweek,atthesametimeandplaceortosuchotherdayandatsuchothertimeandplaceasthe chairman,andinhisabsencethedirectors,maydirect. (4)Ifameetingstandsadjournedundersubsection(3)ofthissectionanytwoormorememberspresentatthe placeandtimetowhichitsostandsadjournedshallformaquorumandtheirdecisionshallbindallshareholders, andwhereonlyonememberispresent,hemayseekthedirectionofthecourttotakeadecision. 240.Powersanddutiesofthechairmanofthegeneralmeeting (1)Thechairman,ifany,oftheboardofdirectorsshallpresideaschairmanateverygeneralmeetingofthe company,orifthereisnosuchchairman,orifheisnotpresentwithinonehourafterthetimeappointedforthe holdingofthemeetingorisunwillingtoact,thedirectorspresentshallelectoneoftheirnumbertobechairman ofthemeeting. (2)Ifatanymeetingnodirectoriswillingtoactaschairmanorifnodirectorispresentwithinonehourafterthe timeappointedforholdingthemeeting,thememberspresentshallchooseoneoftheirnumbertobechairmanof themeeting. (3)Thedutiesandpowersofthechairmanshallincludeadutyto (a) (b) (c) (d) preserveorderandpowerstotakesuchmeasuresasarereasonablynecessarytodoso; seethatproceedingsareconductedinaregularmanner; ensurethatthetrueintentionofthemeetingiscarriedoutinresolvinganyissuethatarisesbeforeit; ensurethatallquestionsthatarisearepromptlydecided;and

(e)

actbonafideintheinterestofthecompany.

(4)Thechairmanshallcasthisvotebonafideintheinterestofthecompanyasawhole,providedthatifheisalsoa shareholder,hemaycastitinhisowninterest. (5)Thechairmanshallhavepowertoadjournameetinginaccordancewithsection239(1)ofthisAct. 241.Minutesofproceedingsandeffect (1)Everycompanyshallcauseminutesof (a)allproceedingsofgeneralmeetings; (b)allproceedingsatmeetingsofitsdirectors;and (c)wheretherearemanagers,allproceedingsatmeetingsofitsmanagers,tobeenteredinbookskeptforthat purpose. (2)Anysuchminuteifpurportingtobesignedbythechairmanofthemeetingatwhichtheproceedingswereheld, orbythechairmanofthenextsucceedingmeeting,shallbeprimafacieevidenceoftheproceedings. (3)Whereminuteshavebeenmade,inaccordancewiththeprovisionsofthissection,oftheproceedingsatany generalmeetingofthecompanyormeetingofdirectorsormanagers,then,untilthecontraryisproved,the meetingshallbedeemedtohavebeendulyheldandconvened,andallproceedingshadatthemeetingtohave beendulyhad,andallappointmentsofdirectors,managersorliquidatorsshallbedeemedtobevalid. (4)Ifacompanyfailstocomplywiththeprovisionsofsubsection(1)ofthissection,thecompanyandeveryofficer ofthecompanywhoisindefaultshallbeguiltyofanoffenceandliabletoafineofN500. 242.Inspectionofminutebooksandcopies (1)Thebookscontainingtheminutesofproceedingsofanygeneralmeetingofacompanyheldonorafterthe commencementofthisAct,shallbekeptattheregisteredofficeofthecompany,andshallduringbusinesshours (subjecttosuchreasonablerestrictionsasthecompanymaybyitsarticlesoringeneralmeetingimpose,butso thatnolessthansixhoursineachdaybeallowedforinspection)beopentoinspectionbymemberswithout charge. (2)Anymembershallbeentitledtobefurnishedwithinsevendaysafterreceiptofhisrequestinthatbehalftothe company,withacopyofanysuchminutescertifiedbythesecretaryatachargenotexceeding10koboforevery hundredwords. (3)Ifanyinspectionrequiredunderthissectionisrefusedorifanycopyrequiredunderthissectionisnotsent withinthepropertime,thecompanyandeveryofficerofthecompanywhoisindefaultshallbeguiltyofan offenceandliableinrespectofeachoffencetoafineofN25. (4)Inthecaseofanysuchrefusalordefault,thecourtmaybyordercompelanimmediateinspectionofthebooks inrespectofallproceedingsofgeneralmeetings,ordirectthatthecopiesrequiredshallbesenttotheperson requiringthem. 243.Classmeetings

Theprovisionsoftheforegoingsectionsshallapplytoanyclassmeetingsexceptwhereexpresslyexcludedbythis Act. PARTIX Directorsandsecretariesofthecompany CHAPTER1 Directors Meaningofdirectors 244.Meaningofdirectors (1)DirectorsofacompanyregisteredunderthisActarepersonsdulyappointedbythecompanytodirectand managethebusinessofthecompany. (2)Infavourofanypersondealingwiththecompanythereshallbearebuttablepresumptionthatallpersonswho aredescribedbythecompanyasdirectors,whetherasexecutiveorotherwise,havebeendulyappointed. (3)Whereapersonnotdulyappointedactsorholdshimselfoutasadirector,heshallbeguiltyofanoffence,and onconvictionshallbeliabletoimprisonmentfortwoyearsortoafineofN100foreachdayhesoactsortoafine ofN1000eachdayitholdshimout,andheandthecompanymayberestrainedbyanymemberfromsoacting unlessoruntilheisdulyappointed. (4)Ifitisthecompanythatholdshimoutasadirector,itshallbeliabletoafineofN1000eachdayitholdshim out,andheandthecompanymayberestrainedbyanymemberfromsoactingunlessoruntilheisduly appointed. 245.Shadowdirector (1)Withoutprejudicetotheprovisionsofsections244and250,andforthepurposesofsections253,275and281 ofthisAct,"director"shallincludeanypersononwhoseinstructionsanddirectionsthedirectorsareaccustomed toact. (2)Subjecttosections275,280and281ofthisAct,nothingcontainedinsection250ofthisActshallbedeemedto derogatefromthedutiesorliabilitiesofthedulyappointeddirectors. (3)Fortheavoidanceofdoubt,thefactthatapersoninhisprofessionalcapacitygivesadviceandadirectoracts onitshallnotbeconstruedtomakesuchapersonunderthisActapersoninaccordancewithwhosedirectionsor instructionsthedirectorofacompanyisaccustomedtoact. AppointmentofDirectors 246.Numberofdirectors (1)EverycompanyregisteredonorafterthecommencementofthisActshallhaveatleasttwodirectorsandevery companyregisteredbeforethatdateshallbeforetheexpirationofsixmonthsfromthecommencementofthisAct haveatleasttwodirectors.

(2)Anycompanywhosenumberofdirectorsfallsbelowtwo,shallwithinonemonthofitssofallingappointnew directorsandshallnotcarryonbusinessaftertheexpirationofonemonth,unlesssuchnewdirectorsare appointed. (3)Adirectorormemberofacompanywhoknowsthatacompanycarriesonbusinessafterthenumberof directorshasfallenbelowtwoformorethan60daysshallbeliableforallliabilitiesanddebtsincurredbythe companyduringthatperiodwhenthecompanysocarriedonbusiness. 247.Appointmentoffirstdirectors Subjecttosection246ofthisAct,thenumberofdirectorsandthenamesofthefirstdirectorsshallbedetermined inwritingbythesubscribersofthememorandumofassociationoramajorityofthemorthedirectorsmaybe namedinthearticles. 248.Subsequentappointmentsofdirectors (1)Themembersattheannualgeneralmeetingshallhavepowertoreelectorrejectdirectorsandappointnew ones. (2)Intheeventofallthedirectorsandshareholdersdying,anyofthepersonalrepresentativesshallbeableto applytothecourtforanordertoconveneameetingofallthepersonalrepresentativesoftheshareholders entitledtoattendandvoteatageneralmeetingtoappointnewdirectorstomanagethecompany,andiftheyfail toconveneameeting,thecreditors,ifany,shallbeabletodoso. 249.Casualvacancy (1)Theboardofdirectorsshallhavepowertoappointnewdirectorstofillanycasualvacancyarisingoutofdeath, resignation,retirementorremoval. (2)Whereacasualvacancyisfilledbythedirectors,thepersonmaybeapprovedbythegeneralmeetingatthe nextannualgeneralmeeting,andifnotsoapproved,heshallforthwithceasetobeadirector. (3)Thedirectorsmayincreasethenumberofdirectorssolongasitdoesnotexceedthemaximumallowedbythe articles,butthegeneralmeetingshallhavepowertoincreaseorreducethenumberofdirectorsgenerallyandmay determineinwhatrotationthedirectorsshallretire: Providedthatsuchreductionshallnotinvalidateanyprioractoftheremoveddirector. 250.Liabilityofapersonwherenotdulyappointed Whereapersonnotdulyappointedasadirectoractsassuchonbehalfofthecompany,hisactshallnotbindthe companyandheshallbepersonallyliableforsuchaction: Providedthatwhereitisthecompanywhichholdshimoutasdirector,thecompanyshallbeboundbyhisacts. 251.Sharequalificationofdirectors (1)Theshareholdingqualificationfordirectorsmaybefixedbythearticlesofassociationofthecompanyand unlessanduntilsofixednoshareholdingqualificationshallberequired.

(2)Itshallbethedutyofeverydirectorwhoisbythearticlesofthecompanyrequiredtoholdaspecifiedshare qualification,andwhoisnotalreadysoqualified,toobtainqualificationwithintwomonthsafterhisappointment. (3)Theofficeofdirectorofacompanyshallbevacatedifthedirectordoesnotwithintwomonthsfromthedateof hisappointment,obtainhisqualificationoraftertheexpirationofthesaidperiod,heceasesatanytimetoholdhis shareholdingqualification. (4)Apersonvacatingofficeunderthissectionshallbeincapableofbeingreappointeddirectorofthecompany untilhehasobtainedhisshareholdingqualification. (5)If,aftertheexpirationofthesaidperiod,anyunqualifiedpersonactsasadirectorofthecompany,heshallbe liabletoafineofN50foreverydaybetweentheexpirationofthesaidperiodorthedayonwhichheceasedtobe qualified,asthecasemaybe,andthelastdayonwhichitisprovedthatheactedasadirector. 252.Dutyofdirectorstodiscloseagetothecompany (1)Anypersonwhoisappointedortohisknowledgeproposedtobeappointeddirectorofapubliccompanyand whois70ormoreyearsoldshalldisclosethisfacttothemembersatthegeneralmeeting. (2)Anypersonwhofailstodisclosehisageasrequiredunderthissectionshallbeguiltyofanoffenceandliableto afineofN500. 253.Provisionsastoinsolventpersonsactingasdirectors (1)Ifanyperson,beinganinsolventperson,actsasdirectorofordirectlyorindirectlytakespartinorisconcerned inthemanagementofanycompany,heshallbeguiltyofanoffenceandliableonconvictiontoafineofN500,orto imprisonmentforatermnotlessthansixmonthsormorethantwoyears,orboth. (2)Inthissection,"company"includesanunregisteredcompany. 254.Restraintoffraudulentpersons (1)Where (a) apersonisconvictedbyaHighCourtofanyoffenceinconnectionwiththepromotion, formationormanagementofacompany;or (b) inthecourseofwindingupacompanyitappearsthataperson

(i) hasbeenguiltyofanyoffenceforwhichheisliable(whetherhehasbeenconvictedorn undersection506ofthisAct;or

(ii)hasotherwisebeenguilty,whileanofficerofthecompany,ofanyfraudinrelationtothecompanyor ofanybreachofhisdutytothecompany,thecourtshallmakeanorderthatthatpersonshallnotbeadirectorof orinanyway,whetherdirectlyorindirectly,beconcernedortakepartinthemanagementofacompanyfora specifiedperiodnotexceeding10years. (2)Intheforegoingsubsection,theHighCourtandthecourt,whereusedinrelationtothemakingofanorder againstanypersonbyvirtueofparagraph(a)ofsubsection(1)ofthissection,includethecourtbeforewhichheis

convicted,aswellasanycourthavingjurisdictiontowindupthecompany,andinrelationtothegrantingofleave meansanycourthavingjurisdictiontowindupthecompanyasrespectswhichleaveissought. (3)Apersonintendingtoapplyforthemakingofanorderunderthissectionbythecourthavingjurisdictionto windupacompanyshallgivenotlessthantendays'noticeofhisintentiontothepersonagainstwhomtheorder issought,andonthehearingoftheapplication,thelastmentionedpersonmayappearandhimselfgiveevidence orcallwitnesses. (4)Anapplicationforthemakingofanorderunderthissectionbythecourthavingjurisdictiontowindupa company,maybemadebytheofficialreceiver,orbytheliquidatorofthecompanyorbyanypersonwhoisorhas beenamemberorcreditorofthecompany;andonthehearingofanyapplicationforanorderunderthissection bytheofficialreceiverortheliquidator,orofanyapplicationforleaveunderthissectionbyapersonagainst whomanorderhasbeenmadeontheapplicationoftheofficialreceiverorliquidator,theofficialreceiveror liquidatorshallappearandcalltheattentionofthecourttoanymatterswhichseemtohimtoberelevant,and mayhimselfgiveevidenceorcallwitnesses. (5)Anordermaybemadebyvirtueofparagraph(b)(ii)ofsubsection(1)ofthissection,notwithstandingthatthe personconcernedmaybecriminallyliableinrespectofthemattersonthegroundofwhichtheorderistobe made,andforthepurposesofthesaidparagraph(b)(ii)"officer"includesanypersoninaccordancewithwhose directionsorinstructionsthedirectorsofthecompanyhavebeenaccustomedtoact. (6)Ifanypersonactsincontraventionofanordermadeunderthissection,heshallbeguiltyofanoffenceandin respectofeachoffence,beliableonconvictiontoafineofN500ortoimprisonmentforatermofnotlessthansix monthsormorethantwoyears,orboth. 255.Appointmentofdirectorforlife Apersonmaybeappointedadirectorforlifeprovidedthatheshallberemovableundersection262ofthisAct. 256.Righttoappointadirectoratanyage SubjecttotheprovisionsofthisAct,apersonmaybeappointedadirectorofapubliccompanynotwithstanding thatheis70yearsormoreofagebutspecialnoticeshallberequiredofanyresolutionappointingorapprovingthe appointmentofsuchadirectorforthepurposesofthissection,andthenoticegiventothecompanyandbythe companytoitsmembersshallstatetheageofthepersontowhomitrelates. 257.Disqualificationfordirectorship Thefollowingpersonsshallbedisqualifiedfrombeingdirectors (a) (b) (c) (d) aninfant,thatis,apersonundertheageof18years; alunaticorpersonofunsoundmind; apersondisqualifiedundersections253,254and258ofthisAct; acorporationotherthanitsrepresentativeappointedtotheboardforagiventerm.

258.Vacationofofficeofdirector

(1)Theofficeofdirectorshallbevacatedifthedirector (a) (b) (c) (d) (e) ceasestobeadirectorbyvirtueofsection251ofthisAct;or becomesbankruptormakesanyarrangementorcompositionwithhiscreditorsgenerally;or becomesprohibitedfrombeingadirectorbyreasonofanyordermadeundersection254ofthisAct;or becomesofunsoundmind;or resignshisofficebynoticeinwritingtothecompany.

(2)Whereadirectorpresentshimselfforreelection,arecordofhisattendanceatthemeetingsoftheboard duringtheprecedingoneyearshallbemadeavailabletomembersatthegeneralmeetingwhereheistobere elected. 259.Rotationofdirectors (1)Unlessthearticlesotherwiseprovide,atthefirstannualgeneralmeetingofthecompanyallthedirectorsshall retirefromoffice,andattheannualgeneralmeetingineverysubsequentyearonethirdofthedirectorsforthe timebeing,oriftheirnumberisnotthreeoramultipleofthree,thenthenumbernearestonethirdshallretire fromoffice. (2)Thedirectorstoretireineveryyearshallbethosewhohavebeenlongestinofficesincetheirlastelection,but asbetweenpersonswhobecamedirectorsonthesamedaythosetoretireshall(unlesstheyotherwiseagree amongthemselves)bedeterminedbylot. (3)Thecompanyatthemeetingatwhichadirectorretiresinthemannermentionedinsubsections(1)and(2)of thissection,mayfillthevacatedofficebyelectingapersontothatofficeandindefault,theretiringdirectorshall, ifofferinghimselfforreelection,bedeemedtohavebeenreelected,unlessatsuchmeetingitisexpressly resolvednottofillsuchvacatedofficeorunlessaresolutionforthereelectionofsuchdirectorshallhavebeenput tothemeetingandlost. (4)Nopersonotherthanadirectorretiringatthemeetingshall,unlessrecommendedbythedirectors,beeligible forelectiontotheofficeofdirectoratanygeneralmeetingunlessnotlessthanthreenormorethan21days beforethedateappointedforthemeetingthereshallhavebeenleftattheregisteredofficeorheadofficeofthe companynoticeinwriting,signedbyamemberdulyqualifiedtoattendandvoteatthemeetingforwhichsuch noticeisgiven,ofhisintentiontoproposesuchpersonforelection,andalsonoticeinwritingsignedbythat personofhiswillingnesstobeelected. 260.Validityofactsofdirectors Theactsofadirector,manager,orsecretaryshallbevalidnotwithstandinganydefectthatmayafterwardsbe discoveredinhisappointmentorqualification. 261.Modeofvotingonappointmentofdirectors (1)Atageneralmeetingofacompanyotherthanaprivatecompany,amotionfortheappointmentoftwoor morepersonsasdirectorsofthecompanybyasingleresolutionshallnotbemade,unlessresolutionthatitshall besomadehasfirstbeenagreedtobythemeetingwithoutanyvotebeinggivenagainstit.

(2)Aresolutionmovedincontraventionofthissectionshallbevoid,whetherornotitsbeingsomovedwas objectedtoatthetime: Providedthat (a) thissubsectionshallnotbetakenasexcludingtheoperationofsection260ofthisAct;and

(b) wherearesolutionsomovedispassed,noprovisionforautomaticreappointmentofretiring directorsindefaultofanotherappointmentshallapply. (3)Forthepurposesofthissection,amotionforapprovingaperson'sappointmentorfornominatingapersonfor appointmentshallbetreatedasamotionforhisappointment. (4)Nothinginthissectionshallapplytoaresolutionalteringthecompany'sarticles. Removalofdirectors 262.Removalofdirectors (1)Acompanymaybyordinaryresolutionremoveadirectorbeforetheexpirationofhisperiodofoffice, notwithstandinganythinginitsarticlesorinanyagreementbetweenitandhim. (2)Aspecialnoticeshallberequiredofanyresolutiontoremoveadirectorunderthissection,ortoappointsome otherpersoninsteadofadirectorsoremoved,atthemeetingatwhichheisremoved,andonreceiptofnoticeof anintendedresolutiontoremoveadirectorunderthissection,thecompanyshallforthwithsendacopyofitto thedirectorconcerned,andthedirector(whetherornotheisamemberofthecompany)shallbeentitledtobe heardontheresolutionatthemeeting. (3)Wherenoticeisgivenofanintendedresolutiontoremoveadirectorunderthissectionandthedirector concernedmakeswithrespecttoitrepresentationsinwritingtothecompany(notexceedingareasonablelength) andrequeststheirnotificationtomembersofthecompany,thecompanyshall,unlesstherepresentationsare receivedbyittoolateforittodoso (a) inanynoticeoftheresolutiongiventomembersofthecompanystatethefactofthe representationshavingbeenmade;and (b) sendacopyoftherepresentationstoeverymemberofthecompanytowhomnoticeofthe meetingissent(whetherbeforeorafterreceiptoftherepresentationsbythecompany); andifacopyoftherepresentationsisnotsentasrequiredinthissectionbecauseitisreceivedtoolateorbecause ofthecompany'sdefault,thedirectormay(withoutprejudicetohisrighttobeheardorally)requirethatthe representationsshallbereadoutatthemeeting: Providedthatcopiesoftherepresentationsneednotbesentoutandtherepresentationsneednotbereadoutat themeetingif,ontheapplicationeitherofthecompanyoranyotherpersonwhoclaimstobeaggrieved,thecourt issatisfiedthattherightsconferredbythissectionarebeingabusedtosecureneedlesspublicityfordefamatory matterandthecourtmayorderthecompany'scostsonanapplicationunderthissectiontobepaidinwholeorin partbythedirector,notwithstandingthatheisnotapartytotheapplication.

(4)Avacancycreatedbytheremovalofadirectorunderthissection,ifnotfilledatthemeetingatwhichheis removed,maybefilledasacasualvacancy. (5)Apersonappointeddirectorinplaceofapersonremovedunderthissectionshallbetreated,forthepurpose ofdeterminingthetimeatwhichheoranyotherdirectoristoretire,asifhehadbecomedirectoronthedayon whichthepersoninwhoseplaceheisappointedwaslastappointedadirector. (6)Nothinginthissectionshallbetakenasdeprivingapersonremovedunderitofcompensationordamages payabletohiminrespectoftheterminationofhisappointmentasadirectororofanyappointmentterminating withthatasdirector,orasderogatingfromanypowertoremoveadirectorwhichmayexistapartfromthis section. Proceedingsofdirectors 263.Proceedingsofdirectors (1)Thedirectorsmaymeettogetherforthedespatchofbusiness,adjournandotherwiseregulatetheirmeetings astheythinkfit: Providedthatthefirstmeetingofthedirectorsshallbeheldnotlaterthansixmonthsaftertheincorporationof thecompany. (2)Anyquestionarisingatanymeetingshallbedecidedbyamajorityofvotes,andincaseofanequalityofvotes, thechairmanshallhaveasecondorcastingvote. (3)Adirectormay,andthesecretaryontherequisitionofadirectorshall,atanytimesummonameetingofthe directors. (4)Thedirectorsmayelectachairmanoftheirmeetingsanddeterminetheperiodforwhichheistoholdoffice; butifnosuchchairmaniselectedorifatanymeetingthechairmanisnotpresentwithinfiveminutesafterthe timeappointedforholdingthesame,thedirectorspresentmaychooseoneoftheirnumbertobechairmanofthe meeting. (5)Thedirectorsmaydelegateanyoftheirpowerstoamanagingdirectorortocommitteesconsistingofsuch memberormembersoftheirbodyastheythinkfitandthemanagingdirectororanycommitteesoformedshall,in theexerciseofthepowerssodelegated,conformtoanyregulationsthatmaybemadebythedirectors. (6)Acommitteemayelectachairmanofitsmeeting;andifnosuchchairmaniselected,orifatanymeetingthe chairmanisnotpresentwithinfiveminutesafterthetimeappointedforholdingthesame,thememberspresent maychooseoneoftheirnumbertobechairmanofthemeeting. (7)Acommitteemaymeetandadjournasitthinksproper,andanyquestionsarisingshallbedeterminedbya majorityofvotesofthememberspresent,andinthecaseofequalityofvotesthechairmanshallhaveasecondor castingvote. (8)Aresolutioninwriting,signedbyallthedirectorsforthetimebeingentitledtoreceivenoticeofameetingof thedirectors,shallbeasvalidandeffectualasifithadbeenpassedatameetingofthedirectorsdulyconvened andheld. (9)Inallthedirectors'meetings,eachdirectorshallbeentitledtoonevote.

264.Quorum (1)Unlessthearticlesotherwiseprovide,thequorumnecessaryforthetransactionofthebusinessofdirectors shallbetwowheretherearenotmorethansixdirectors,butwheretherearemorethansixdirectors,thequorum shallbeonethirdofthenumberofdirectors,andwherethenumberofdirectorsisnotamultipleofthree,then thequorumshallbeonethirdtothenearestnumber. (2)Whereacommitteeofdirectorsisappointedbytheboardofdirectors,theboardshallfixitsquorum,but wherenoquorumisfixed,thewholecommitteeshallmeetandactbyamajority. 265.Failuretohaveaquorum Wheretheboardisunabletoactbecauseaquorumcannotbeformed,thegeneralmeetingmayactinplaceofthe boardandwhereacommitteeisunabletoactbecauseaquorumcannotbeformed,theboardmayactinplaceof thecommittee. 266.Noticeofmeeting (1)Everydirectorshallbeentitledtoreceivenoticeofthedirectors'meetings,unlessheisdisqualifiedbyany reasonundertheActfromcontinuingwiththeofficeofdirector. (2)Thereshallbegiven14days'noticeinwritingtoalldirectorsentitledtoreceivenoticeunlessotherwise providedinthearticles. (3)Failuretogivenoticeinaccordancewithsubsection(2)ofthissectionshallinvalidatethemeeting. (4)Unlessthearticlesotherwiseprovide,itshallnotbenecessarytogivenoticeofameetingofdirectorstoany directorforthetimebeingabsentfromNigeria,providedthatifhehasgivenanaddressinNigeria,thenoticeshall besenttosuchanaddress. Remunerationandotherpayments 267.Remunerationofdirectors (1)Theremunerationofthedirectorsshall,fromtimetotime,bedeterminedbythecompanyingeneralmeeting andsuchremunerationshallbedeemedtoaccruefromdaytoday. (2)Thedirectorsmayalsobepaidalltravelling,hotelandotherexpensesproperlyincurredbytheminattending andreturningfrommeetingsofthedirectorsoranycommitteeofthedirectorsorgeneralmeetingsofthe companyorinconnectionwiththebusinessofthecompany. (3)Whereremunerationhasbeenfixedbythearticles,itshallbealterableonlybyaspecialresolution. (4)Acompanyshallnotbeboundtopayremunerationtodirectors,butwherethecompanyagreestopay,the directorsshallbepaidsuchremunerationoutofthefundofthecompany. (5)Theamountofremunerationshallbeadebtfromthecompanysothatifdirectorstakeofficeonthebasisof thearticles,theyshallbeabletosuethecompanyonaccountofthedebtorproveitintheliquidation. (6)Adirectorwhoreceivesmoremoneythanheisentitledto,shallbeguiltyofmisfeasanceandshallbe accountabletothecompanyforsuchmoney.

(7)Theremunerationsofdirectorsshallbeapportionable. 268.Remunerationofamanagingdirector (1)Amanagingdirectorshallreceivesuchremuneration(whetherbywayofsalary,commissionorparticipationin profits,orpartlyinonewayandpartlyinanother)asthedirectorsmaydetermine. (2)Whereamanagingdirectorisremovedforanyreasonwhatsoeverundersection262ofthisAct,heshallhavea claimforbreachofcontractifthereisanyorwhereacontractcouldbeinferredfromthetermsofthearticles. (3)Whereheperformssomeserviceswithoutacontract,heshallbeentitledtopaymentonaquantummeruit. 269.Prohibitionoftaxfreepaymentstodirectors (1)Itshallnotbelawfulforacompanytopayadirectorremuneration(whetherasdirectororotherwise)freeof incometax,orotherwisecalculatedbyreferencetoorvaryingwiththeamountofhisincometax,oratorwiththe rateorstandardrateofincometax,exceptunderacontractwhichwasinforceatthecommencementofthisAct, andprovidesexpressly,andnotbyreferencetothearticles,forpaymentorremunerationasaforesaid. (2)Anyprovisioncontainedinacompany'sarticlesorinanycontractotherthansuchacontractasmentionedin subsection(1)ofthissection,orinanyresolutionofacompanyortheresolutionofacompany'sdirectorsfor paymenttoadirectorofremunerationasmentionedinsubsection(1)ofthissection,shallhaveeffectasifit providedforpayment,asagrosssumsubjecttoincometax,ofthenetsumforwhichitactuallyprovides. (3)ThissectionshallnotapplytoremunerationduebeforethisActcomesintoforceorinrespectofaperiod beforeitcomesintoforce. 270.Prohibitionofloanstodirectorsincertaincircumstances (1)Itshallnotbelawfulforacompanytomakealoantoanypersonwhoisitsdirectororadirectorofitsholding company,ortoenterintoanyguaranteeorprovideanysecurityinconnectionwithaloanmadetosuchaperson asearliermentionedbyanyotherperson: Providedthatnothinginthissectionshallapply (a) subjecttosubsection(2)ofthissection,toanythingdonetoprovideanysuchpersonas mentionedinthissubsectionwithfundstomeetexpenditureincurredortobeincurredbyhimforthepurposesof thecompanyorforthepurposeofenablinghimproperlytoperformhisdutiesasanofficerofthecompany;or (b) inthecaseofacompanywhoseordinarybusinessincludesthelendingofmoneyorthegivingof guaranteesinconnectionwithloansmadebyotherpersons,toanythingdonebythecompanyintheordinary courseofthatbusiness. (2)Proviso(a)tosubsection(1)ofthissectionshallnotauthorisethemakingofanyloan,ortheenteringintoany guarantee,ortheprovisionofanysecurityexcept (a) withthepriorapprovalofthecompanygivenatageneralmeetingatwhichthepurposesofthe expenditureandtheamountoftheloanortheextentoftheguaranteeorsecurity,asthecasemaybe,are disclosed;or

 (b) onconditionthat,iftheapprovalofthecompanyisnotgivenasinsubsection(2)(a)ofthis sectionatorbeforethenextfollowingannualgeneralmeeting,theloanshallberepaidortheliabilityunderthe guaranteeorsecurityshallbedischarged,asthecasemaybe,withinsixmonthsfromtheconclusionofthat meeting. (3)Wheretheapprovalofthecompanyisnotgivenasrequiredbyanysuchcondition,thedirectorsauthorising themakingoftheloan,ortheenteringintotheguarantee,ortheprovisionofthesecurity,shallbejointlyand severallyliabletoindemnifythecompanyagainstanylossarisingtherefrom. 271.Paymentbycompanyforlossofoffice,etc.,tobeapproved Itshallnotbelawfulforacompanytomaketoanydirectorofthecompany,anypaymentbywayofcompensation forlossofoffice,orasconsiderationfororinconnectionwithhisretirementfromoffice,unlessparticularswith respecttotheproposedpaymentandtheamounthavebeendisclosedtomembersofthecompanyandthe proposalisapprovedbythecompany. 272.Paymenttodirectorforlossofoffice,etc.,ortransferofpropertyillegal (1)Ifinconnectionwiththetransferofthewholeoranypartoftheundertakingorpropertyofacompany,itis proposedtomakeanypaymenttoadirectorofthecompanybywayofcompensationforlossofoffice,oras considerationfororinconnectionwithhisretirementfromoffice,thepaymentshallbeunlawfulunlessparticulars withrespecttotheproposalandtheamounthavebeendisclosedtomembersofthecompanyandtheproposalis approvedbythecompany. (2)Whereapaymentdeclaredbythissectiontobeillegalismadetoadirectorofacompany,theamountreceived shallbedeemedtohavebeenreceivedbyhimintrustforthecompany. 273.Directorstodisclosepaymentforlossofoffice,etc.,incertaincases (1)Where,inconnectionwiththetransfertoanypersonsofalloranyofthesharesinacompany,beingatransfer resultingfrom (a) anoffermadetothegeneralbodyofshareholders;

(b) anoffermadebyoronbehalfofsomeotherbodycorporatewithaviewtothecompany becomingitssubsidiaryorasubsidiaryofitsholdingcompany; (c) anoffermadebyoronbehalfofanindividualwithaviewtohisobtainingtherighttoexerciseor controltheexerciseofnotlessthanonethirdofthevotingpoweratanygeneralmeetingofthecompany;or (d) anyotherofferwhichisconditionalonacceptancetoagivenextentpaymentistobemadetoa directorofthecompanybywayofcompensationforlossofoffice,orasconsiderationfororinconnectionwithhis retirementfromoffice,itshallbethedutyofthatdirectortodoallthingsreasonablynecessarytosecurethat particularswithrespecttotheproposedpaymentandtheamount,areincludedinorsentwithanynoticeofthe offermadefortheirshareswhichisgiventoanyshareholders. (2)If (a)anysuchdirectorfailstodoallthingsreasonablynecessaryasmentionedinthissection;or

(b)anypersonwhohasbeenproperlyrequiredbyanysuchdirectortoincludethesaidparticularsinorsendthem withanysuchnoticeasaforesaidfailssotodo,heshallbeguiltyofanoffenceandliabletoafineofN20. (3)If (a) therequirementsofsubsection(1)ofthissectionarenotcompliedwithinrelationtoanysuch paymentsasarementionedthere;or (b) themakingoftheproposedpaymentisnot,beforethetransferofanysharesinpursuanceofthe offer,approvedbyameetingsummonedforthepurposeoftheholdersofthesharestowhichtheofferrelates andofotherholdersofsharesofthesameclassasanyofthesaidshares, anysumreceivedbythedirectoronaccountofthepaymentshallbedeemedtohavebeenreceivedbyhimin trustforanypersonwhohassoldhissharesasaresultoftheoffermade,andtheexpensesincurredbyhimin distributingthatsumamongstthosepersonsshallbebornebyhimandnotretainedoutofthatsum. (4)Wheretheshareholdersreferredtoinsubsection(3)(b)ofthissectionarenotallthemembersofthecompany andnoprovisionismadebythearticlesforsummoningorregulatingsuchameetingasismentionedinthat paragraph,theprovisionsofthisActandofthecompany'sarticlesrelatingtogeneralmeetingsofthecompany shall,forthatpurpose,applytothemeetingeitherwithoutmodificationorwithsuchmodificationasthe Commissionontheapplicationofanypersonconcernedmaydirectforthepurposeofadaptingthemtothe circumstancesofthemeeting. (5)Ifatameetingsummonedforthepurposeofapprovinganypaymentasrequiredbyparagraph(b)of subsection(3)ofthissection,aquorumisnotpresentand,afterthemeetinghasbeenadjournedtoalaterdate,a quorumisagainnotpresent,thepaymentshall,forthepurposesofthatsubsectionbedeemedtohavebeen approved. 274.Provisionssupplementarytosections271to273 (1)Where,inproceedingsfortherecoveryofanypaymentwhichhasbeenreceivedbyanypersonintrustby virtueofsubsections(1)and(2)ofsection272orsubsections(1)and(3)ofsection273ofthisAct,itisshownthat (a) thepaymentwasmadeinpursuanceofanyarrangemententeredintoaspartoftheagreement forthetransferinquestion,orwithinoneyearbutbeforetwoyearsafterthatagreementortheofferleading thereto;and (b)thecompanyoranypersontowhomthetransferwasmadewasprivytothatarrangement,the paymentshallbedeemed,exceptinsofarasthecontraryisshown,tobeonetowhichthesubsectionsapply. (2)Ifinconnectionwithanysuchtransferasismentionedinsections272and273ofthisAct (a) thepricetobepaidtoadirectorofthecompanywhoseofficeistobeabolishedorwhoisto retirefromofficeforanysharesinthecompanyheldbyhimisinexcessofthepriceobtainableatthetimeby otherholdersofthelikeshares;or (b) anyvaluableconsiderationisgiventoanysuchdirector,

theexcessorthemoneyvalueoftheconsideration,asthecasemaybe,shall,forthepurposesofthatsection,be deemedtohavebeenapaymentmadetohimbywayofcompensationforlossofoffice,orasconsiderationforor inconnectionwithhisretirementfromoffice. (3)Itisherebydeclaredthatreferencesinsections271to273ofthisActtopaymentsmadetoanydirectorofa companybywayofcompensationforlossofofficeorasconsiderationfororinconnectionwithhisretirement fromofficeshallnotincludeanybonafidepaymentbywayofdamagesforbreachofcontractorbywayofpension inrespectofpastservicesandforthepurposesofthissubsection,"pension"includesanysuperannuation allowance,superannuationgratuityorsimilarpayment. (4)Nothinginsection272or273ofthisActshallbetakentoprejudicetheoperationofanyruleoflawrequiring disclosuretobemadewithrespecttoanysuchpaymentsasarementionedthere,orwithrespecttoanyotherlike paymentsmade,ortobemade,tothedirectorsofacompany. Disclosureofdirectors'interests 275.Registerofdirectors'shareholdingetc. (1)Everycompanyshallkeeparegistershowingasrespectseachdirectorofthecompany(notbeingitsholding company)thenumber,descriptionandamountofanysharesinordebenturesofthecompanyoranyotherbody corporate,beingthecompany'ssubsidiaryorholdingcompany,orasubsidiaryofthecompany'sholdingcompany, whichareheldbyorintrustforhimorofwhichhehasanyrighttobecometheholder(whetheronpaymentor not): Providedthattheregisterneednotincludesharesinanybodycorporatewhichisthewhollyownedsubsidiaryof anotherbodycorporate,andforthispurpose,abodycorporateshallbedeemedtobethewhollyowned subsidiaryofanotherifithasnomembersbutthatotherandthatother'swhollyownedsubsidiariesanditsor theirnominees. (2)Whereanysharesordebenturesfalltobeorceasetoberecordedinthesaidregisterinrelationtoanydirector byreasonofatransactionenteredintoafterthecommencementofthisActandwhileheisadirector,theregister shallalsoshowthedateof,andpriceorotherconsiderationforthetransaction: Providedthatwherethereisanintervalbetweentheagreementforanysuchtransactionandthecompletion thereof,thedateshallbethatoftheagreement. (3)Thenatureandextentofadirector'sinterestorrightinoroveranysharesordebenturesrecordedinrelation tohiminthesaidregistershall,ifhesorequires,beindicatedintheregister. (4)Thecompanyshallnotbyvirtueofanythingdoneforthepurposesofthissection,beaffectedwithnoticeof,or putuponinquiryastotherightsofanypersoninrelationtoanysharesordebentures. (5)Thesaidregistershall,subjecttotheprovisionsofthissection,bekeptatthecompany'sregisteredorhead officeandshallbeopentoinspectionduringbusinesshours(subjecttosuchreasonablerestrictionsasthe companymaybyitsarticlesoringeneralmeetingimpose,sothatnotlessthantwohoursineachdaybeallowed forinspection)asfollows

 (a) duringtheperiodbeginning14daysbeforethedateofthecompany'sannualgeneralmeeting andendingthreedaysafterthedateofitsconclusion,itshallbeopentotheinspectionofanymemberorholder ofdebenturesofthecompany;and (b) duringthatoranyotherperiod,itshallbeopentotheinspectionofanypersonactingonbehalf oftheCommission. (6)Incomputingthe14daysandthethreedaysmentionedinsubsection(5)ofthissection,anydaywhichisa SaturdayorSundayorapublicholidayshallbedisregarded. (7)Withoutprejudicetotherightsconferredbysubsection(5)ofthissection,theCommissionmay,atanytime, requestfortheproductiontoitofacopyoftheregister,oranypartthereof. (8)Theregistershallalsobeproducedatthecommencementofthecompany'sannualgeneralmeetingand remainopenandaccessibleduringthecontinuanceofthemeetingtoanypersonattendingthemeeting. (9)Ifdefaultismadeincomplyingwithsubsection(1)or(2)ofthissection,orifanyinspectionrequiredunderthis sectionisrefused,oranycopyrequiredthereunderisnotsentwithinareasonabletime,thecompanyandevery officerofthecompanywhoisindefaultshallbeguiltyofanoffenceandliabletoafineofN500,andifdefaultis madeincomplyingwithsubsection(8)ofthissection,thecompanyandeveryofficerofthecompanywhoisin defaultshallbeliabletoafineofN50. (10)Ifanyinspectionrequiredunderthissectionisrefused,thecourtmay,byorder,compelanimmediate inspectionoftheregister. (11)Forthepurposesofthissection (a) anyperson,inaccordancewithwhosedirectionsorinstructionsthedirectorsofacompanyare accustomedtoact,shallbedeemedtobeadirectorofthecompany;and (b) adirectorofacompanyshallbedeemedtoholdortohaveanyinterestorrightinorover,any sharesordebentures,ifapermanentrepresentativeofthebodycorporateotherthanthecompanyholdsthemor hasthatinterestorrightinoroverthem,andeither (i)thatpermanentrepresentativeisaccustomedtoactinaccordancewithhisdirectionsorinstructions; or (ii)heisentitledtoexerciseorcontroltheexerciseofonethirdormoreofthevotingpoweratany generalmeetingofthatbodycorporate. 276.Generaldutytogivenotice,etc. (1)Itshallbethedutyofanydirectorofacompanytogivenoticetothecompanyofsuchmattersrelatingto himselfasmaybenecessaryforthepurposesofsections275and277ofthisActexceptsofarasitrelatestoloans madebythecompanyorbyanyotherpersonunderaguaranteefromoronasecurityprovidedbythecompany, toanofficerthereof. (2)Anysuchnoticegivenforthepurposesofsection275ofthisAct,shallbeinwritingandifitisnotgivenata meetingofthedirectors,thedirectorgivingitshalldoallthingsreasonablynecessarytosecurethatitisbrought upandreadatthenextmeetingofdirectorsafteritisgiven.

(3)Subsection(1)ofthissectionshall,totheextenttowhichitappliesinrelationtodirectors,applytothelike extentfor (a) thepurposesofsection277ofthisActinrelationtoofficersotherthandirectors;

(b) thepurposesofsections276and277ofthisActinrelationtopersonswhoareorhaveatany timeduringtheprecedingfiveyearsbeenofficersofthecompany. (4)Anypersonwhomakesdefaultincomplyingwiththeforegoingprovisionsofthissectionshallbeguiltyofan offenceandliabletoafineofN50. 277.Disclosurebydirectorsofinterestsincontracts (1)Subjecttotheprovisionsofthissection,itshallbethedutyofadirectorofacompanywhoisinanyway, whetherdirectlyorindirectly,interestedinacontractorproposedcontractwiththecompany,todeclarethe natureofhisinterestatameetingofthedirectorsofthecompany. (2)Inthecaseofaproposedcontract,thedeclarationrequiredbythissectiontobemadebyadirectorshallbe madeatthemeetingofthedirectorsatwhichthequestionofenteringintothecontractisfirsttakeninto consideration,or,ifthedirectorwasnotatthedateofthatmeetinginterestedintheproposedcontract,atthe nextmeetingofthedirectorsheldafterhebecamesointerested,andinacasewherethedirectorbecomes interestedinacontractafteritismade,thesaiddeclarationshallbemadeatthefirstmeetingofthedirectorsheld afterhebecomessointerested. (3)Forthepurposeofthissection,ageneralnoticegiventothedirectorsofacompanybyadirectortotheeffect thatheisamemberofaspecifiedcompanyorfirmandistoberegardedasinterestedinanycontractwhichmay, afterthedateofthenotice,bemadewiththatcompanyorfirm,shallbedeemedtobeasufficientdeclarationof interestinrelationtoanycontractsomade: Providedthatanysuchnoticeshallnothaveeffectunlessitisgivenatameetingofthedirectorsorthedirector doesallthingsreasonablynecessarytosecurethatitisbroughtupandreadatthenextmeetingofthedirectors afteritisgiven. (4)Anydirectorwhofailstocomplywiththeprovisionsofthissectionshallbeguiltyofanoffenceandliabletoa fineofN100. (5)Nothinginthissectionshallbetakentoprejudicetheoperationofanyruleoflawrestrictingdirectorsofa companyfromhavinganyinterestincontractswiththecompany. 278.Particularswithrespecttodirectorsintradecatalogues,etc. (1)Everycompanytowhichthissectionappliesshall,inalltradecirculars,showcardsandbusinesslettersonorin whichthecompany'snameappearsandwhichareissuedorsentbythecompanytoanypersoninNigeria,statein legiblecharacterswithrespecttoeverydirectorthefollowingparticulars (a) (b) (c) hispresentforename,ortheinitialsthereof,andpresentsurname; anyformerforenamesandsurnames; hisnationality,ifnotaNigerian:

Providedthat,ifspecialcircumstancesexistwhichtheCommissionisoftheopinionrenderitexpedientthatsuch anexemptionshouldbegranted,theCommissionmay,subjecttosuchconditionsasitmayprescribebynotice publishedintheGazette,exemptacompanyfromtheobligationsimposedbythissubsection. (2)ThissectionshallapplytoeverycompanyincorporatedunderthisAct,oranyenactmentrepealedbyit. (3)Ifacompanymakesdefaultincomplyingwiththissection,everyofficerofthecompanywhoisindefaultshall beguiltyofanoffenceandliableonconvictionforeachoffencetoafineofN50: Providedthatnoproceedingsshallbeinstitutedunderthissectionexceptby,orwiththeconsentof,theAttorney GeneraloftheFederation. (4)Forthepurposesofthissection (a)"initials"includesarecognisedabbreviationofaforename; (b)referencestoaformerforenameorsurnameinthecaseofamarriedwomandonotincludethenameor surnamebywhichshewasknownprevioustothemarriage;and (c) "showcards"meanscardscontainingorexhibitingarticlesdealtwith,orsamplesorrepresentations thereof. Dutiesofdirectors 279.Dutiesofdirectors (1)Adirectorofacompanystandsinafiduciaryrelationshiptowardsthecompanyandshallobservetheutmost goodfaithtowardsthecompanyinanytransactionwithitoronitsbehalf. (2)Adirectorshallalsoowefiduciaryrelationshipwiththecompanyinthefollowingcircumstances (a) whereadirectorisactingasagentofaparticularshareholder;

(b) whereeventhoughheisnotanagentofanyshareholder,suchashareholderorotherpersonis dealingwiththecompany'ssecurities. (3)Adirectorshallactatalltimesinwhathebelievestobethebestinterestsofthecompanyasawholesoasto preserveitsassets,furtheritsbusiness,andpromotethepurposesforwhichitwasformed,andinsuchmanneras afaithful,diligent,carefulandordinarilyskilfuldirectorwouldactinthecircumstances. (4)Thematterstowhichthedirectorofacompanyistohaveregardintheperformanceofhisfunctionsinclude theinterestsofthecompany'semployeesingeneral,aswellastheinterestsofitsmembers. (5)Adirectorshallexercisehispowersforthepurposeforwhichheisspecifiedandshallnotdosoforacollateral purpose,andthepower,ifexercisedfortherightpurpose,doesnotconstituteabreachofduty,ifit,incidentally, affectsamemberadversely. (6)Adirectorshallnotfetterhisdiscretiontovoteinaparticularway. (7)WhereadirectorisallowedtodelegatehispowersunderanyprovisionofthisAct,suchadirectorshallnot delegatethepowerinsuchawayandmannerasmayamounttoanabdicationofduty.

(8)Noprovision,whethercontainedinthearticlesorresolutionsofacompany,orinanycontract,shallrelieveany directorfromthedutytoactinaccordancewiththissectionorrelievehimfromanyliabilityincurredasaresultof anybreachofthedutiesconferreduponhimunderthissection. (9)Anydutyimposedonadirectorunderthissectionshallbeenforceableagainstthedirectorbythecompany. 280.Conflictsofdutiesandinterests (1)ThepersonalinterestofadirectorshallnotconflictwithanyofhisdutiesasadirectorunderthisAct. (2)Adirectorshallnot (a)inthecourseofmanagementofaffairsofthecompany;or (b)intheutilisationofthecompany'sproperty,makeanysecretprofitorachieveotherunnecessarybenefits. (3)Adirectorshallbeaccountabletothecompanyforanysecretprofitmadebyhimoranyunnecessarybenefit derivedbyhimcontrarytotheprovisionsofsubsection(2)ofthissection. (4)Theinabilityorunwillingnessofthecompanytoperformanyfunctionsordutiesunderitsarticlesand memorandumshallnotconstituteadefencetoanybreachofdutyofadirectorunderthisAct. (5)Thedutynottomisusecorporateinformationshallnotceasebyadirectororanofficerhavingresignedfrom thecompany,andheshallstillbeaccountableandcanberestrainedbyaninjunctionfrommisusingthe informationreceivedbyvirtueofhispreviousposition. (6)Whereadirectordiscloseshisinterestsbeforethetransactionandbeforethesecretprofitsaremadebefore thegeneralmeeting,whichmayormaynotauthoriseanyresultingprofits,hemayescapeliability,butheshallnot escapeliabilityifhedisclosesonlyafterhehasmadethesecretprofits,andinthiscase,heshallaccountforthe profits. 281.Multipledirectorships Thefactthatapersonholdsmorethanonedirectorshipshallnotderogatefromhisfiduciarydutiestoeach company,includingadutynottousetheproperty,opportunityorinformationobtainedinthecourseofthe managementofonecompanyforthebenefitoftheothercompany,ortohisownorotherperson'sadvantage. 282.Dutyofcareandskill (1)Everydirectorofacompanyshallexercisethepowersanddischargethedutiesofhisofficehonestly,ingood faithandinthebestinterestsofthecompany,andshallexercisethatdegreeofcare,diligenceandskillwhicha reasonablyprudentdirectorwouldexerciseincomparablecircumstances. (2)Failuretotakereasonablecareinaccordancewiththeprovisionsofsection282ofthisAct,shallgroundan actionfornegligenceandbreachofduty. (3)Eachdirectorshallbeindividuallyresponsiblefortheactionsoftheboardinwhichheparticipated,andthe absencefromtheboard'sdeliberations,unlessjustified,shallnotrelieveadirectorofsuchresponsibility. (4)Thesamestandardofcareinrelationtothedirector'sdutiestothecompanyshallberequiredforboth executiveandnonexecutivedirectors:

Providedthatadditionalliabilityandbenefitmayariseunderthemasterandservantlawinthecaseofan executivedirectorifthereisanexpressorimpliedcontracttothateffect. 283.Legalpositionofdirectors (1)Directorsaretrusteesofthecompany'smoneys,propertiesandtheirpowersandassuchmustaccountforall themoneysoverwhichtheyexercisecontrolandshallrefundanymoneysimproperlypaidaway,andshallexercise theirpowershonestlyintheinterestofthecompanyandalltheshareholders,andnotintheirownorsectional interests. (2)Adirectormay,whenactingwithinhisauthorityandthepowersofthecompany,beregardedasagentsofthe companyunderPartIIIofthisAct. Propertytransactionsbydirectors 284.Substantialpropertytransactionsinvolvingdirectors,etc. (1)Subjecttotheexceptionsprovidedbysection285ofthisAct,acompanyshallnotenterintoanarrangement (a) wherebyadirectorofthecompanyoritsholdingcompany,orapersonconnectedwithsucha director,acquiresoristoacquireoneormorenoncashassetsoftherequisitevaluefromthecompany;or (b)wherebythecompanyacquiresoristoacquireoneormorenoncashassetsoftherequisitevalue fromsuchadirectororapersonsoconnected,unlessthearrangementisfirstapprovedbyaresolutionofthe companyingeneralmeetingandifthedirectororconnectedpersonisadirectorofitsholdingcompanyora personconnectedwithsuchadirector,byaresolutioningeneralmeetingoftheholdingcompany. (2)Forthepurposeofsubsection(1)ofthissection,anoncashassetisoftherequisitevalueif,atthetimethe arrangementinquestionisenteredinto,itsvalueisnotlessthanN2000but(subjecttothat)exceedsN100,000or 20percentofthecompany'sassetvalue,thatis (a) exceptinacasefallingwithinparagraph(b)ofthissubsectionthevalueofthecompany'snet assetdeterminedbyreferencetotheaccountspreparedandlaidunderPartXIinrespectofthelastprecedingyear inrespectofwhichsuchaccountsweresolaid;and (b) wherenoaccountshavebeensopreparedandlaidbeforethattime,theamountofthe company'scalledupsharecapital. (3)Forthepurposesofthissectionandsections285and286ofthisAct,ashadowdirectorshallbetreatedasa director. 285.Exceptionsfromsection284 (1)Noapprovalshallberequiredtobegivenundersection284ofthisActbyanybodycorporateunlessitisa companywithinthemeaningofthisAct,orifitisawhollyownedsubsidiaryofanybodycorporate. (2)Section283ofthisActshallnotapplytoanarrangementfortheacquisitionofanoncashassetif

 (a) theassetistobeacquiredbyaholdingcompanyfromanyofitswhollyownedsubsidiariesor fromaholdingcompanybyanyofitswhollyownedsubsidiaryofaholdingcompanyfromanotherwhollyowned subsidiaryofthatsameholdingcompany;or (b) thearrangementisenteredintobyacompanywhichisbeingwoundup,unlessthewindingupis amember'svoluntarywindingup. (3)Subsection(1)(a)ofsection284ofthisActshallnotapplytoanarrangementwherebyapersonistoacquirean assetfromacompanyofwhichheisamember,ifthearrangementismadewiththatpersoninhischaracterasa member. 286.Liabilitiesarisingfromcontraventionofsection284 (1)Anarrangemententeredintobyacompanyincontraventionofsection284ofthisActandanytransaction enteredintoinpursuanceofthearrangement(whetherbythecompanyoranyotherperson),shallbevoidableat theinstanceofthecompany,unlessoneormoreoftheconditionsspecifiedinsubsection(2)ofthissectionis satisfied. (2)Theconditionsarethat (a) restitutionofanymoneyorotherassetwhichisthesubjectmatterofthearrangementor transactionisnolongerpossibleorthecompanyhasbeenindemnifiedinpursuanceofthissectionbyanyother personforthelossordamagesufferedbyit;or (b) anyrightsacquiredbonafideforvalueandwithoutactualnoticeofthecontraventionbyany personwhoisapartytothearrangementortransactionwouldbeaffectedbyitsavoidance;or (c) thearrangementis,withinareasonableperiod,affirmedbythecompanyingeneralmeeting and,ifitisanarrangementforthetransferofanassettoorbyadirectorofitsholdingcompanyorapersonwhois connectedwithsuchadirector,issoaffirmedwiththeapprovaloftheholdingcompanygivenbyaresolutionin generalmeeting. (3)Ifanarrangementisenteredintowithacompanybyadirectorofthecompanyoritsholdingcompanyora personconnectedwithhimincontraventionofsection284ofthisAct,thatdirectorandthepersonsoconnected, andanyotherdirectorofthecompanywhoauthorisesthearrangementoranytransactionenteredintoin pursuanceofsuchanarrangement,shallbeguiltyofanoffenceandliable (a) toaccounttothecompanyforanygainwhichhehasmadedirectlyorindirectlybythe arrangementortransaction;and (b) (jointlyandseverallywithanyotherpersonliableunderthissubsection)toindemnifythe companyforanylossordamageresultingfromthearrangementortransaction. (4)Subsection(3)ofthissectionshallbewithoutprejudicetoanyliabilityimposedotherwisethanbythat subsection,andissubjecttothefollowingtwosubsections;andtheliabilityundersubsection(3)ofthesection ariseswhetherornotthearrangementortransactionenteredintohasbeenavoidedinpursuanceofsubsection (1)ofthissection.

(5)Ifanarrangementisenteredintobyacompanyandapersonconnectedwithadirectorofthecompanyorits holdingcompanyincontraventionofsection284ofthisAct,thatdirectorshallnotbeliableundersubsection(3) ofthissectionifheshowsthathetookallreasonablestepstosecurethecompany'scompliancewiththatsection. (6)Inanycase,apersonsoconnectedandanysuchotherdirectorasismentionedinsubsection(3)ofthissection, shallnotbesoliableifheshowsthatatthetimethearrangementwasenteredinto,hedidnotknowtherelevant circumstancesconstitutingthecontravention. (7)Thissectionshallhaveeffectwithrespecttoreferencesinsections284,285and286ofthisActtoaperson being"connected"withadirectorofacompany,andtoadirectorbeing"associatedwith"or"controlling"abody corporate. (8)Apersonisconnectedwithadirectorofacompanyifhe(notbeinghimselfadirectorofit)1S (a) thatdirector'sspouse,childorstepchild,includingillegitimatechild; exceptwherethecontextotherwiserequires,abodycorporatewithwhichthedirectoris

(b) associated;or (c)

apersonactinginhiscapacityastrusteeofanytrust,thebeneficiariesofwhichinclude

(i)thedirector,hisspouse,anychildrenorstepchildren;or (ii)abodycorporatewithwhichheisassociated,orofatrustwhosetermsconferapoweronthetrustees thatmaybeexercisedforthebenefitofthedirector,hisspouseoranychildrenorstepchildrenofhis,oranysuch bodycorporate;or (d) apersonactinginhiscapacityaspartnerofthatdirectororofanypersonwho,byvirtueof paragraphs(a),(b)or(c)ofthissubsection,isconnectedwiththatdirector. 287.Prohibitionofsecretbenefits (1)Adirectorshallnotacceptabribe,agift,orcommissioneitherincashorkindfromanypersonorashareinthe profitofthatpersoninrespectofanytransactioninvolvinghiscompanyinordertointroducehiscompanytodeal withsuchaperson. (2)Ifadirectorcontravenestheprovisionsofsection287(1)ofthisAct,hecommitsabreachofdutyandthe companyshallrecoverfromthedirectortheactualgiftandthensuehimandtheotherpersonjointlyandseverally fordamagessustainedwithoutanydeductioninrespectofwhatthedirectorhasreturned. (3)Wherethegiftismadeafterthetransactionhasbeencompletedinaformofunsolicitedgiftasasignof gratitude,thedirectormaybeallowedtokeepthegift,providedhedeclaresitbeforetheboardandthatfactshall alsoappearintheminutesbookofthedirectors. (4)Inallcasesconcerningsecretbenefits,thepleathatthecompanybenefitedorthatthegiftwasacceptedin goodfaithshallbenodefence. Miscellaneousmattersrelatingtodirectors 288.Directorswithunlimitedliabilityinrespectofalimitedcompany

(1)Inalimitedcompanytheliabilityofthedirectorsormanagersorofthemanagingdirector,may,ifsoprovided bythememorandum,beunlimited. (2)Inalimitedcompanyinwhichtheliabilityofadirectorormanagerisunlimited,thedirectorsandanymanagers ofthecompanyandthememberwhoproposesapersonforelectionorappointmenttotheofficeofdirectoror manager,shalladdtothatproposalastatementthattheliabilityofthepersonholdingthatofficeshallbe unlimited,andbeforethepersonacceptstheofficeoractstherein,noticeinwritingthathisliabilityshallbe unlimitedshallbegiventohimbythefollowingoroneofthefollowingpersons,namely,thepromotersofthe company,thedirectorsofthecompany,anymanagersofthecompanyandthesecretaryofthecompany. (3)Ifanydirector,manager,orpromotermakesdefaultinaddingsuchastatement,orifanypromoter,director, managerorsecretarymakesdefaultingivingsuchanotice,heshallbeguiltyofanoffenceandliabletoafineof N100andshallalsobeliableforanydamagewhichthepersonsoelectedorappointedmaysustainfromthe default. 289.Specialresolutionoflimitedcompanymakingliabilityofdirectorsunlimited (1)Alimitedcompany,ifsoauthorisedbyitsarticles,may,byspecialresolution,alteritsmemorandumsoasto renderunlimitedtheliabilityofitsdirectorsormanagers,orofanymanagingdirector. (2)Uponthepassingofanysuchspecialresolution,theprovisionsofitshallbeasvalidasiftheyhadbeen originallycontainedinthememorandum. 290.Personalliabilityofdirectorsandofficers (1)Whereacompany (a)receivesmoneybywayofloanforspecificpurpose;or (b)receivesmoneyorotherpropertybywayofadvancepaymentfortheexecutionofacontractorproject;and (c)withintenttodefraud,failstoapplythemoneyorotherpropertyforthepurposeforwhichitwasreceived, everydirectororotherofficerofthecompanywhoisindefaultshallbepersonallyliabletothepartyfromwhom themoneyorpropertywasreceivedforarefundofthemoneyorpropertysoreceivedandnotappliedforthe purposeforwhichitwasreceived: Providedthatnothinginthissectionshallaffecttheliabilityofthecompanyitself. 291.Director'scontractofemploymentformorethanfiveyears (1)Theprovisionsofthissectionshallapplyinrespectofanytermofanagreementwherebyadirector's employmentwiththecompanyofwhichheisadirectoror,whereheisthedirectorofaholdingcompany,his employmentwithinthegroup,istocontinueormaybecontinued,otherwisethanattheinstanceofthecompany (whetherundertheoriginalagreemententeredintoinpursuanceofitornot),foraperiodofmorethanfiveyears duringwhichtheemployment (a)cannotbeterminatedbythecompanybynotice;or (b)canbesoterminatedonlyinspecifiedcircumstances.

(2)Inanysuchcasewhere (a)apersonisoristobeemployedwithacompanyunderanagreementwhichcannotbeterminatedbythe companybynoticeorcanbesoterminatedonlyinspecifiedcircumstances;and (b)morethansixmonthsbeforetheexpirationoftheperiodforwhichheisortobesoemployed,thecompany entersintoafurtheragreementotherwisethaninpursuanceofarightconferredbyorundertheoriginal agreementontheotherpartytoitunderwhichheistobeemployedwiththecompanyor,whereheisadirector ofaholdingcompany,withinthegroup, thissectionshallapplyasiftotheperiodforwhichheistobeemployedunderthatfurtheragreementtherewere addedafurtherperiodequaltotheunexpiredperiodoftheoriginalagreement. (3)Acompanyshallnotincorporateinanagreementsuchatermasismentionedinsubsection(1)ofthissection unlessthetermisfirstapprovedbyaresolutionofthecompanyingeneralmeetingandinthecaseofadirectorof aholdingcompany,byaresolutionofthatcompanyingeneralmeeting. (4)Noapprovalshallberequiredtobegivenunderthissectionbyanybodycorporateunlessitisacompany withinthemeaningofthisAct,orifitisawhollyownedsubsidiaryofanybodycorporate. (5)Aresolutionofacompanyapprovingsuchatermasismentionedinsubsection(1)ofthissection,shallnotbe passedatageneralmeetingofthecompanyunlessawrittenmemorandumsettingouttheproposedagreement incorporatingthetermisavailableforinspectionbymembersofthecompanyboth (a)atthecompany'sregisteredofficefornotlessthan15daysendingwiththedateofthemeeting;and (b)atthemeetingitself. (6)Atermincorporatedinanagreementincontraventionofthissectionshalltotheextentthatitcontravenesthe section,bevoid;andthatagreementandinacasewheresubsection(2)ofthissectionapplies,theoriginal agreementsshallbedeemedeachtocontainatermentitlingthecompanytoterminateitatanytimebythegiving ofreasonablenotice. (7)Inthissection (a)"employment"includesemploymentunderacontractforservices;and (b)"group"inrelationtoadirectorofaholdingcompany,meansthegroupwhichconsistsofthatcompanyandits subsidiariesandforpurposesofthissection,ashadowdirectorshallbetreatedasadirector. 292.Registerofdirectorsandsecretaries (1)Everycompanyshallkeepatitsregisteredoffice,aregisterofitsdirectorsandsecretaries. (2)Theregistershallcontainthefollowingparticularswithrespecttoeachdirector,thatistosayhispresent forenameandsurname,anyformerforenameandsurname,hisusualresidentialaddress,hisnationality,his businessoccupation,ifany,particularsofanyotherdirectorshipsheldbyhimandthedateofhisbirth: Providedthatitshallnotbenecessaryfortheregistertocontainparticularsofdirectorshipsheldbyadirectorin companiesofwhichthewholecompanyisthewhollyownedsubsidiary,orwhicharethewhollyowned

subsidiarieseitherofthecompanyorofanothercompanyofwhichthecompanyisthewhollyownedsubsidiary, andforthepurposeofthisproviso (i) "company"includesanybodycorporateincorporatedinNigeria;and

(ii) abodycorporateshallbedeemedtobethewhollyownedsubsidiaryofanotherifithasno membersexceptthatotherandthatother'swhollyownedsubsidiariesanditsortheirnominees. (3)Theregistershallcontainthefollowingparticularswithrespecttothesecretary,inthecaseofanindividual,his presentforenameandsurname,anyformerforenamesandsurnameandhisusualresidentialaddress;andinthe caseofacorporationitsregisterednameandregisteredorheadoffice. (4)Thecompanyshallwithintheperiodsrespectivelymentionedinsubsection(5)ofthissection,sendtothe Commissionareturnintheprescribedformcontainingtheparticularsspecifiedintheregisterandnotificationin theprescribedformofanychangeamongitsdirectorsorinitssecretaryorinanyoftheparticularscontainedin theregister,specifyingthedateofthechange. (5)Theperiodsreferredtoinsubsection(4)ofthissectionshallbetheperiodwithinwhich (a) thereturnistobesentwhichshallbeaperiodof14daysfromthedateofincorporationofthe company;and (b) thenotificationofachangeistobesentwhichshallbe14daysfromthehappeningthereof:

Providedthat,inthecaseofareturncontainingparticularswithrespecttoanypersonwhoisthecompany's secretaryatthecommencementofthisAct,theperiodshallbe14daysfromthecommencementofthisAct. (6)Theregistertobekeptunderthissectionshallduringbusinesshours(subjecttosuchreasonablerestrictionsas thecompanymaybyitsarticlesoringeneralmeetingimpose,sothatnolessthantwohoursineachdaybe allowedforinspection)beopentoinspectionbyanymemberofthecompanywithoutchargeandbyanyother persononpaymentof50korsuchlesssumasthecompanymayprescribe,foreachinspection. (7)Ifanyinspectionrequiredunderthissectionisrefused,orifdefaultismadeincomplyingwiththeprovisionsof subsections(1),(2),(3)and(4)ofthissection,thecompanyandeveryofficerofthecompanywhoisindefault shallbeguiltyofanoffenceandliabletoafineofN50. (8)Incaseofanysuchrefusalordefaultasmentionedinsubsection(7)ofthissection,thecourtmaybyorder compelaninspectionoftheregisterorthatthecopiesrequiredbesentasprovidedinthissection. (9)Forthepurposeofthissection (a) apersoninaccordancewithwhosedirectionsorinstructionthedirectorsofacompanyare accustomedtoactshallbedeemedtobeadirectorandofficerofthecompany; (b) referencestoaformerforenameorsurnameinthecaseofamarriedwomanshallnotinclude thenameorsurnamebywhichshewasknownprevioustothemarriage. CHAPTER2

Secretaries 293.Secretaries (1)Everycompanyshallhaveasecretary. (2)Anythingrequiredorauthorisedtobedonebyorofthesecretarymay,iftheofficeisvacantorthereisforany otherreasonnosecretarycapableofacting,bedonebyorofanyassistantordeputysecretaryor,ifthereisno assistantordeputysecretarycapableofacting,byorofanyofficerofthecompanyauthorisedgenerallyor speciallyinthatbehalfbythedirectors. 294.Avoidanceofactsdonebyapersonasdirectorandsecretary Aprovisionrequiringorauthorisingathingtobedonebyorofadirectorandthesecretaryshallnotbesatisfiedby itsbeingdonebyorofthesamepersonactingbothasdirectorandas,orinplaceofthesecretary. 295.Qualificationofasecretary Itshallbethedutyofadirectorofacompanytotakeallreasonablestepstoensurethatthesecretaryofthe companyisapersonwhoappearstohavetherequisiteknowledgeandexperiencetodischargethefunctionsofa secretaryofacompany,andinthecaseofapubliccompany,heshallbe (a) (b) amemberoftheInstituteofCharteredSecretariesandAdministrators;or alegalpractitionerwithinthemeaningoftheLegalPractitionersAct;or

[Cap.L11.] (c) amemberoftheInstituteoftheCharteredAccountantsofNigeriaorsuchotherbodiesof accountantsasareestablishedfromtimetotimebyanAct;or (d) anypersonwhohasheldtheofficeofthesecretaryofapubliccompanyforatleastthreeyears ofthefiveyearsimmediatelyprecedinghisappointmentinapubliccompany;or (e) abodycorporateorfirmconsistingofmemberseachofwhomisqualifiedunderparagraphs(a), (b),(c),or(d)ofthissection. 296.Appointmentandremovalofasecretary (1)Asecretaryshallbeappointedbythedirectorsand,subjecttotheprovisionsofthissection,mayberemoved bythem. (2)Whereitisintendedtoremovethesecretaryofapubliccompany,theboardofdirectorsshall givehimnotice (a) (b) (c) statingthatitisintendedtoremovehim; settingoutthegroundsonwhichitisintendedtoremovehim; givinghimaperiodnotlessthansevenworkingdayswithinwhichtomakehisdefence;and

(d)

givinghimanoptiontoresignhisofficewithinaperiodofsevenworkingdays.

(3)Where,followingthenoticeprescribedinsubsection(2)ofthissection,thesecretarydoesnotwithinthegiven periodresignhisofficeormakeadefence,theboardmayremovehimfromofficeandshallmakeareporttothe nextgeneralmeeting;butwherethesecretary,withoutresigninghisoffice,makesadefenceandtheboarddoes notconsideritsufficient,iftheground (a) onwhichitisintendedtoremovehimisthatoffraudorseriousmisconduct,theboardmay removehimfromofficeandshallreporttothenextgeneralmeeting;and (b) isotherthanoffraudorseriousmisconduct,theboardshallnotremovehimwithoutthe approvalofthegeneralmeeting,butmaysuspendhimandshallreporttothenextgeneralmeeting. (4)Notwithstandinganyruleoflaw,whereasecretarysuspendedunderparagraph(b)ofsubsection(3)ofthis sectionisremovedwiththeapprovalofthegeneralmeeting,theremovalmaytakeeffectfromsuchtimeasthe generalmeetingmaydetermine. 297.Fiduciaryinterestsofasecretary Asecretaryshallnotowefiduciarydutiestothecompany,butwhereheisactingasitsagentheshallowefiduciary dutiestoit,andassuchshallbeliabletothecompanywherehemakessecretprofitsorletshisdutiesconflictwith hispersonalinterests,orusesconfidentialinformationheobtainedfromthecompanyforhisownbenefit. 298.Dutiesofasecretary (1)Thedutiesofasecretaryshallincludethefollowing (a) attendingthemeetingofthecompany,theboardofdirectorsanditscommittees,renderingall necessarysecretarialservicesinrespectofthemeetingandadvisingoncompliancebythemeetingswiththe applicablerulesandregulations; (b) thisAct; (c) maintainingtheregistersandotherrecordsrequiredtobemaintainedbythecompanyunder

renderingproperreturnsandgivingnotificationtotheCommissionrequiredunderthisAct;and carryingoutsuchadministrativeandothersecretarialdutiesasdirectedbythedirector,orthe

(d) Company.

(2)Thesecretaryshallnotwithouttheauthorityoftheboardexerciseanypowersvestedinthedirectors. PARTX Protectionofminorityagainstillegalandoppressiveconduct Actionbyoragainstthecompany 299.Onlycompanymaysueforwrongorratifyirregularconduct

SubjecttotheprovisionsofthisAct,whereanirregularityhasbeencommittedinthecourseofacompany'saffairs oranywronghasbeendonetothecompany,onlythecompanycansuetoremedythatwrongandonlythe companycanratifytheirregularconduct. 300.Protectionofminority:injunctionanddeclarationincertaincases Withoutprejudicetotherightsofmembersundersections303to308andsections310to312ofthisActorany otherprovisionsofthisAct,thecourt,ontheapplicationofanymember,maybyinjunctionordeclarationrestrain thecompanyfromthefollowing (a) enteringintoanytransactionwhichisillegalorultravires;

(b) purportingtodobyordinaryresolutionanyactwhichbyitsconstitutionortheActrequirestobe donebyspecialresolution; (c) anyactoromissionaffectingtheapplicant'sindividualrightsasamember;

(d) committingfraudoneitherthecompanyortheminorityshareholderswherethedirectorsfailto takeappropriateactiontoredressthewrongdone; (e) whereacompanymeetingcannotbecalledintimetobeofpracticaluseinredressingawrong donetothecompanyortominorityshareholders;and (f) wherethedirectorsarelikelytoderiveaprofitorbenefit,orhaveprofitedorbenefitedfrom theirnegligenceorfromtheirbreachofduty. 301.Personalandrepresentativeaction (1)Whereamemberinstitutesapersonalactiontoenforcearightduetohimpersonally,heshallnotbeentitled toanydamagesbutadeclarationorinjunctiontorestrainthecompanyand/orthedirectorsfromdoinga particularact. (2)Whereamemberinstitutesarepresentativeactiononbehalfofhimselfandotheraffectedmembersto enforceanyrightsduetothem,heshallnotbeentitledtoanydamagesbuttoadeclarationorinjunctionto restrainthecompanyand/ordirectorsfromdoingaparticularact. (3)Whereanymemberinstitutesanactionunderthissection,thecourtmayawardcoststohimpersonally whetherornothisactionsucceeds. (4)Inanyproceedingsbyamemberundersection300ofthisAct,thecourtmay,ifitthinksfit,orderthatthe membershallgivesecurityforcosts. 302.Definitionofmember Forthepurposeofsections300and301ofthisAct,"member"includes (a) (b) thepersonalrepresentativeofadeceasedmember;and anypersontowhomshareshavebeentransferredortransmittedbyoperationoflaw.

303.Commencingderivativeaction

(1)Subjecttotheprovisionsofsubsection(2)ofthissection,anapplicantmayapplytothecourtforleavetobring anactioninthenameoronbehalfofacompany,ortointerveneinanactiontowhichthecompanyisaparty,for thepurposeofprosecuting,defendingordiscontinuingtheactiononbehalfofthecompany. (2)Noactionmaybebroughtandnointerventionmaybemadeundersubsection(1)ofthissection,unlessthe courtissatisfiedthat (a) thewrongdoersarethedirectorswhoareincontrol,andwillnottakenecessaryaction;

(b) theapplicanthasgivenreasonablenoticetothedirectorsofthecompanyofhisintentionto applytothecourtundersubsection(1)ofthissectionifthedirectorsofthecompanydonotbring,diligently prosecuteordefendordiscontinuetheaction; (c) theapplicantisactingingoodfaith;and

(d) itappearstobeinthebestinterestofthecompanythattheactionbebrought,prosecuted, defendedordiscontinued. 304.Powersofthecourt (1)Inconnectionwithanactionbroughtorintervenedundersection303ofthisAct,thecourtmay,atanytime, makeanysuchorderorordersasitthinksfit. (2)Withoutprejudicetothegeneralityofsubsection(1)ofthissection,thecourtmaymakeoneormoreofthe followingorders,thatisanorder (a) (b) authorisingtheapplicantoranyotherpersontocontroltheconductoftheaction; givingdirectionsfortheconductoftheaction;

(c) directingthatanyamountadjudgedpayablebyadefendantintheactionshallbepaid,inwhole orinpart,directlytoformerandpresentsecurityholdersofthecompanyinsteadoftothecompany; (d) requiringthecompanytopayreasonablelegalfeesincurredbytheapplicantinconnectionwith theproceedings. 305.Evidenceofshareholders'approvalnotdecisive Anapplicationmadeoranactionbroughtorintervenedinundersection303ofthisActshallnotbestayedor dismissedbyreasononlythatitisshownthatanallegedbreachofarightoradutyowedtothecompanyhasbeen ormaybeapprovedbytheshareholdersofsuchcompany,butevidenceofapprovalbytheshareholdersmaybe takenintoaccountbythecourtinmakinganorderundersection304ofthisAct. 306.Court'sapprovaltodiscontinue Anapplicationmadeoranactionbroughtorintervenedinundersection303ofthisActshallnotbestayed, discontinued,settledordismissedforwantofprosecutionwithouttheapprovalofthecourtgivenuponsuch termsasthecourtthinksfitand,ifthecourtdeterminesthattherightsofanyapplicantmaybesubstantially affectedbysuchstay,discontinuance,settlementordismissal,thecourtmayorderanypartytotheapplicationor actiontogivenoticetotheapplicant.

 307.Nosecurityforcosts Anapplicantshallnotberequiredtogivesecurityforcostsinanyapplicationmadeoractionbroughtor intervenedinundersection303ofthisAct. 308.Interimcosts Inanapplicationmadeoranactionbroughtorintervenedinundersection303ofthisAct,thecourtmayatany timeorderthecompanytopaytotheapplicantinterimcostsbeforethefinaldispositionoftheapplicationor action. 309.Definition Insections303to308ofthisAct,"applicant"means (a) aregisteredholderorabeneficialownerandaformerregisteredholderorbeneficialowner,ofa securityofacompany; (b) (c) adirectororanofficeroraformerdirectororofficerofacompany; theCommission;or

(d) anyotherpersonwhointhediscretionofthecourt,ISaproperpersontomakeanapplication undersection303ofthisAct. Reliefonthegroundsofunfairlyprejudicialandoppressiveconduct 310.Application (1)Anapplicationtothecourtbypetitionforanorderundersection311ofthisActinrelationto acompanymaybemadebyanyofthefollowingpersons (a) (b) (c) (d) (e) amemberofthecompany; adirectororofficerorformerdirectororofficerofthecompany; acreditor; theCommission;or anyotherpersonwho,inthediscretionofthecourt,istheproperpersontomakean

applicationundersection311ofthisAct. (2)Insections311to313ofthisAct,"member"includes (a) (b) thepersonalrepresentativeofadeceasedmember;and anypersontowhomshareshavebeentransferredortransmittedbyoperationoflaw.

311.Groundsuponwhichanapplicationmaybemade (1)Anapplicationforreliefonthegroundthattheaffairsofacompanyarebeingconductedinanillegalor oppressivemannermaybemadetothecourtbypetition. (2)Anapplicationtothecourtbypetitionforanorderunderthissectioninrelationtoacompanymaybemade (a) byamemberofthecompanywhoalleges

(i)thattheaffairsofthecompanyarebeingconductedinamannerthatisoppressiveorunfairly prejudicialto,orunfairlydiscriminatoryagainst,amemberormembers,orinamannerthatisindisregardofthe interestsofamemberorthemembersasawhole;or (ii)thatanactoromissionoraproposedactoromission,byoronbehalfofthecompanyoraresolution, oraproposedresolution,ofaclassofmembers,wasorwouldbeoppressiveorunfairlyprejudicialto,orunfairly discriminatoryagainst,amemberorwasorwouldbeinamannerwhichisindisregardoftheinterestsofa memberorthememberasawhole;or (b) byanyofthepersonsmentionedunderparagraphs(b)(c)and(e)ofsubsection(1)ofsection310ofthis Actwhoalleges (i)thattheaffairsofthecompanyarebeingconductedinamanneroppressiveorunfairlyprejudicialtoor discriminatoryagainstorwhichisinamannerindisregardoftheinterestsofthatperson, (ii)thatanactoromission,oraproposedactoromissionwasorwouldbeoppressiveorunfairly prejudicialto,orunfairlydiscriminatoryagainst,orwhichisinamannerindisregardoftheinterestsofthat person,or (c) bytheCommissioninacasewhereitappearstoitintheexerciseofitspowersundertheprovisionsof thisactoranyotherenactmentthat (i)theaffairsofthecompanyarebeingconductedinamannerthatisoppressiveorunfairlyprejudicialto, orunfairlydiscriminatoryagainstamemberormembersorinamannerwhichisindisregardofthepublicinterest; or (ii)anyactualorproposedactoromissionofthecompany(includinganactoromissiononitsbehalf) whichwasorwouldbeoppressive,orunfairlyprejudicialto,orunfairlydiscriminatoryagainstamemberor membersinamannerwhichisindisregardofthepublicinterests. 312.Powersofthecourt (1)Ifthecourtissatisfiedthatapetitionundersections310and311ofthisActiswellfounded,it maymakesuchorderorordersasitthinksfitforgivingreliefinrespectofthemattercomplainedof. (2)Withoutprejudicetothegeneralityofsubsection(1)ofthissection,thecourtmaymakeoneor moreofthefollowingordersthatis,anorder (a)thatthecompanybewoundup;

(b)forregulatingtheconductoftheaffairsofthecompanyinfuture; (c)forthepurchaseofthesharesofanymemberbyothermembersofthecompany; (d)forthepurchaseofthesharesofanymemberbythecompanyandforthereductionaccordinglyofthe companyscapital; (e)directingthecompanytoinstitute,prosecute,defendordiscontinuespecificproceedings,orauthorisinga memberorthecompanytoinstitute,prosecute,defendordiscontinuespecificproceedingsinthenameoron behalfofthecompany; (f)varyingorsettingasideatransactionorcontracttowhichthecompanyisapartyandcompensatingthe companyoranyotherpartytothetransactionorcontract; (g)directinganinvestigationtobemadebytheCommission; (h)appointingareceiverorareceiverandmanagerofpropertyofthecompany; (i)restrainingapersonfromengaginginspecificconductorfromdoingaspecificactorthing; (j)requiringapersontodoaspecificactorthing. (3)Whereanorderthatacompanybewoundupismadeunderthissection,theprovisionsofthis Actrelatingtowindingupofcompaniesshallapply,withsuchadaptationsasarenecessary,asiftheorderhad beenmadeuponanapplicationdulyfiledinthecourtbythecompany. (4)Whereanorderunderthissectionmakesanyalterationoradditiontothememorandumorarticlesofa company,then,notwithstandinganythinginanyotherprovisionofthisActbutsubjecttotheprovisionsofthe order,thecompanyshallnothavepower,withouttheleaveofthecourt,tomakeanyfurtheralterationor additiontothememorandumandarticlesinconsistentwiththeprovisionsoftheorderbut,subjecttothe foregoingprovisionsofthissubsection,thealterationoradditionshallhaveeffectasifithadbeendulymadebya resolutionofthecompany. (5)Acertifiedtruecopyofanordermadeunderthissectionalteringorgivingleavetoalteracompanys memorandumorarticlesshall,within14daysfromthemakingoftheorderorsuchlongerperiodasthecourtmay allow,bedeliveredbythecompanytotheCommissionforregistration;andifthecompanymakesdefaultin complyingwiththeprovisionsofthissubsection,thecompanyandeveryofficerofitwhoisindefaultshallbe guiltyofanoffenceandliabletoafineofN50and,forcontinuedcontravention,toadailydefaultfineofN25. 313.Penaltyforfailuretocomplywithorderofthecourt Anypersonwhocontravenesorfailstocomplywithanordermadeundersection312ofthisActthatisapplicable tohim,shallbeguiltyofanoffenceandbeliabletoafineofN500orimprisonmentforatermofoneyearorto bothsuchfineandimprisonment. Investigationofcompaniesandtheiraffairs 314.Investigationofacompanyonitsownapplicationorthatofitsmembers

(1)TheCommissionmayappointoneormorecompetentinspectorstoinvestigatetheaffairsofacompanyandto reportontheminsuchmannerasitmaydirect. (2)Theappointmentmaybemade (a)inthecaseofacompanyhavingasharecapital,ontheapplicationofmembersholdingnotlessthanone quarteroftheclassofsharesissued; (b)inthecaseofacompanynothavingasharecapital,ontheapplicationofnotlessthanonequarterinnumber ofthepersonsonthecompany'sregisterofmembers;and (c)inanyothercase,onapplicationofthecompany. (3)TheapplicationshallbesupportedbysuchevidenceastheCommissionmayrequireforthepurposeofshowing thattheapplicantorapplicantshavegoodreasonforrequiringtheinvestigation. 315.Otherinvestigationsofcompany (1)TheCommissionshallappointoneormorecompetentinspectorstoinvestigatetheaffairsofacompanyand reportontheminsuchmannerasitdirects,ifthecourtbyorderdeclaresthatitsaffairsoughtbesoinvestigated. (2)TheCommissionmaymakesuchanappointmentifitappearstoitthattherearecircumstancessuggesting that (a)thecompany'saffairsarebeingorhavebeenconductedwithintenttodefrauditscreditorsorthecreditorsof anyotherperson,orinamannerwhichisunfairlyprejudicialtosomepartofitsmembers;or (b)anyactualorproposedactoromissionofthecompany(includinganactoromissiononitsbehalf)isorwould besoprejudicial,orthatthecompanywasformedforanyfraudulentorunlawfulpurpose;or (c)personsconcernedwiththecompany'sformationorthemanagementofitsaffairshaveinconnection therewithbeenguiltyoffraud,misfeasanceorothermisconducttowardsitortowardsitsmembers;or (d)thecompany'smembershavenotbeengivenalltheinformationwithrespecttoitsaffairswhichtheymight reasonablyexpect. (3)Subsections(1)and(2)ofthissectionshallbewithoutprejudicetothepowersoftheCommissionunder section322ofthisAct,andthepowerconferredbysubsection(2)ofthissectionshallbeexercisablewithrespect toabodycorporate,notwithstandingthatitisinacourseofbeingvoluntarilywoundup. (4)Referenceinsubsection(2)ofthissectiontoacompany'smembers,includesanyofthefollowingpersons (a)thepersonalrepresentativesofadeceasedmember;and (b)anypersontowhomshareshavebeentransferredortransmittedbyoperationoflaw. 316.Inspectors'powersduringinvestigation (1)Ifaninspectorappointedundersection314or315ofthisActtoinvestigatetheaffairsofacompanythinksit necessaryforthepurposesofhisinvestigationtoinvestigatealsotheaffairsofanotherbodycorporatewhichisor atanyrelevanttimehasbeenthecompany'ssubsidiaryorholdingcompany,orasubsidiaryofitsholdingcompany

oraholdingcompanyofitssubsidiary,heshallreportontheaffairsoftheotherbodycorporatesofarashethinks thattheresultsofhisinvestigationofitsaffairsarerelevanttotheinvestigationoftheaffairsofthecompanyfirst mentionedabove. (2)Aninspectorappointedundereithersection314or315ofthisActmayatanytimeinthecourseofhis investigation,withoutthenecessityofmakinganinterimreport,informtheCommissionofmatterscomingtohis knowledgeasaresultoftheinvestigationtendingtoshowthatanoffencehasbeencommitted. 317.Productionofdocumentsandevidencetoinspectors (1)Whenaninspectorisappointedundersection314or315ofthisAct,itshallbethedutyofallofficersand agentsofthecompany,andofallofficersandagentsofanyotherbodycorporatewhoseaffairsareinvestigated undersection316ofthisAct (a)toproducetotheinspectorallbooksanddocumentsoforrelatingtothecompanyor,asthecasemaybe,the otherbodycorporatewhichareintheircustodyorpower; (b)toattendbeforetheinspectorwhenrequiredtodoso;and (c)otherwisetogivetheinspectorallassistanceinconnectionwiththeinvestigationwhichheisreasonablyableto give. (2)Iftheinspectorconsidersthatapersonotherthananofficeroragentofthecompanyorotherbodycorporate isormaybeinpossessionofinformationconcerningitsaffairs,hemayrequirethatpersontoproducetohimany booksordocumentsinhiscustodyorpowerrelatingtothecompanyorotherbodycorporate,toattendbefore himandotherwisetogivehimallassistanceinconnectionwiththeinvestigationwhichheisreasonablyableto give;anditisthatperson'sdutytocomplywiththerequirement. (3)Aninspectormayexamineonoaththeofficersandagentsofthecompanyorotherbodycorporate,andany suchpersonasismentionedinsubsection(2)ofthissectioninrelationtotheaffairsofthecompanyorother body,andadministeranoathaccordingly. (4)Inthissection,areferencetoofficersortoagentsincludespast,aswellaspresent,officersoragents(asthe casemaybe);and"agent"inrelationtoacompanyorotherbodycorporate,includesitsbankersandsolicitorsand personsemployedbyitasauditors,whetherthesepersonsareorarenotofficersofthecompanyorotherbody corporate. (5)Ananswergivenbyapersontoaquestionputtohiminexerciseofpowersconferredbythissection(whether asithaseffectinrelationtoaninvestigationunderanyofsections314to316ofthisActasappliedbyanyother sectioninthisAct)maybeusedinevidenceagainsthim. 318.Powerofinspectortocallfordirectors'bankaccounts (1)Ifaninspectorhasreasonablegroundsforbelievingthatadirector,orpastdirector,ofthecompanyorother bodycorporatewhoseaffairsheisinvestigatingmaintainsorhasmaintainedabankaccountofanydescription (whetheraloneorjointlywithanotherpersonandwhetherinNigeriaorelsewhere),intooroutofwhichtherehas beenpaid

(a)theemolumentsorpartoftheemolumentsofhisofficeassuchdirector,particularsofwhichhavenotbeen disclosedinthefinancialstatementsofthecompanyorotherbodycorporateforanyfinancialyear,contrarytothe provisionsofPartVoftheFourthScheduletothisAct(inrelationtoparticularinaccountsofdirectors); [FourthSchedule.] (b)anymoneywhichhasresultedfromorbeenusedinthefinancingofanundisclosedtransaction,arrangement oragreement;or (c)anymoneywhichhasbeeninanywayconnectedwithanactoromissionorseriesofactsoromissions,which onthepartofthatdirectorconstitutedmisconduct(whetherfraudulentornot)towardsthecompanyorbody corporateoritsmembers, theinspectormayrequirethedirectortoproducetohimalldocumentsinthedirector'spossession,orunderhis control,relatingtothatbankaccount. (2)Forpurposesofsubsection(1)(b),ofthissection,an"undisclosed"transaction,arrangementoragreementis onetheparticularsofwhichhavenotbeendisclosedinthefinancialstatementofanycompanyorinastatement annexedtheretoforanyfinancialyear,includingthedisclosureofcontractsbetweencompaniesandtheir directors. 319.Obstructionofinspectorstobetreatedascontemptofcourt (1)Whenaninspectorisappointedundersection314or315ofthisActtoinvestigatetheaffairsofacompany,the followingappliesinthecaseof (a)anyofficeroragentofthecompany; (b)anyofficeroragentofanotherbodycorporatewhoseaffairsareinvestigatedundersection316ofthisAct;and (c)anysuchpersonasismentionedinsection317(2)ofthisAct. (2)Subsection(4)ofsection317ofthisActshallapplywithregardstoreferencesinsubsection(1)ofthissection toanofficeroragent. (3)Ifthatperson (a)refusestoproduceanybookordocumentwhichitishisdutyundersection317or318ofthisActtoproduce; or (b)refusestoattendbeforetheinspectorwhenrequiredtodoso;or (c)refusestoansweranyquestionputtohimbytheinspectorwithrespecttotheaffairsofthecompanyorother bodycorporate(asthecasemaybe), theinspectormaycertifytherefusalinwritingtothecourt. (4)Thecourtmaythereuponenquireintothecase;andafterhearinganywitnesseswhomaybeproducedagainst oronbehalfoftheallegedoffenderandafterhearinganystatementwhichmaybeofferedindefence,thecourt maypunishtheoffenderinlikemannerasifhehadbeenguiltyofcontemptofthecourt.

320.Inspector'sreport (1)Theinspectormay,andifsodirectedbytheCommissionshall,makeinterimreportstotheCommission,andon theconclusionofhisinvestigationshallmakeafinalreporttoitandanysuchreportshallbewrittenorprinted,as theCommissionmaydirect. (2)TheCommissionmaydirectthatacopyoftheinspector'sreportbeforwardedtothecompanyatitsregistered orheadoffice. (3)Whereaninspectorisappointedundersection314ofthisActinpursuanceofanorderofthecourt,the Commissionshallfurnishacopyofanyofitsreportstothecourt. (4)Inanyothercase,theCommissionmay,ifitthinksfit (a)furnishacopyonrequestandonpaymentoftheprescribedfeeto (i)anymemberofthecompanyorotherbodycorporatewhichisthesubjectofthereport; (ii)anypersonwhoseconductisreferredtointhereport; (iii)theauditorsofthatcompanyorbodycorporate; (iv)theapplicantsfortheinvestigation; (v)anyotherpersonwhosefinancialinterestsappeartotheCommissiontobeaffectedbythemattersdealtwith inthereport,whetherascreditorsofthecompanyorbodycorporate,orotherwise;and (b)causeanysuchreporttobeprintedandpublished. 321.Powertobringcivilproceedingsoncompany'sbehalf (1)If,fromanyreportmadeundersection320ofthisActitappearstotheCommissionthatanycivilproceedings oughtinthepublicinteresttobebroughtbythecompanyoranybodycorporate,theCommissionmayitselfbring suchproceedingsinthenameandonbehalfofthecompanyorthebodycorporate. (2)TheCommissionshallindemnifythebodycorporateagainstanycostsorexpensesincurredbyitinorin connectionwithproceedingsbroughtunderthissection;andanycostsorexpensessoincurredshall,ifnot otherwiserecoverable,bedefrayedoutoftheConsolidatedRevenueFund. 322.CriminalproceedingsandotherproceedingsbytheAttorneyGeneraloftheFederation (1)If,fromanyreportmadeundersection320ofthisAct,itappearsthatanypersonhas,inrelationtothe companyoranybodycorporatewhoseaffairshavebeeninvestigatedbyvirtueofsection316ofthisAct,been guiltyofanyoffenceforwhichheiscriminallyliable,thereportshallbereferredtotheAttorneyGeneralofthe Federation. (2)IftheAttorneyGeneraloftheFederationconsidersthatthecasereferredtohimisoneinwhichaprosecution oughttobeinstituted,heshalldirectactionaccordingly,anditshallbethedutyofallofficersandagentsofthe companyorotherbodycorporate,asthecasemaybe(otherthanthedefendantintheproceedings),togiveall assistanceinconnectionwiththeprosecutionwhichtheyarereasonablyabletogive.

(3)If,fromanyreportmadeundersection320ofthisAct,itappearstotheCommissionthatproceedingsoughtin thepublicinteresttobebroughtbyanybodycorporatedealtwithbythereportfortherecoveryofdamagesin respectofanyfraud,misfeasanceorothermisconductinconnectionwiththepromotionorformationofthatbody corporateorthemanagementofitsaffairs,orfortherecoveryofanypropertyofthebodycorporatewhichhas beenmisappliedorwrongfullyretained,itmayreferthecasetotheAttorneyGeneraloftheFederationforhis opinionastothebringingofproceedingsforthatpurposeinthenameofthebodycorporateandifproceedings arebrought,itshallbethedutyofallofficersandagentsofthecompanyorotherbodycorporateasthecasemay be(otherthanthedefendantsinproceedings),togivehimallassistanceinconnectionwiththeproceedingswhich theyarereasonablyabletogive. (4)Costsandexpensesincurredbyabodycorporateinorinconnectionwithanyproceedingsbroughtbyitunder subsection(3)ofthissectionshall,ifnototherwiserecoverable,bedefrayedoutoftheConsolidatedRevenue Fund. 323.PoweroftheCommissiontopresentwindinguppetition If,inthecaseofanybodycorporateliabletobewoundupunderthisAct,itappearstotheCommissionfroma reportmadebyaninspectorundersection320ofthisActthatitisexpedientinthepublicinterestthatthebody corporateshouldbewoundup,theCommissionmay(unlessthebodycorporateisalreadywoundupbythecourt) presentapetitionforittobesowoundupifthecourtthinksitjustandequitabletodoso. 324.Expensesofinvestigation (1)Theexpensesofanincidentalto,aninvestigationbyaninspectorappointedbytheCommissionunderthe foregoingprovisionsofthisAct,shallbedefrayedinthefirstinstanceoutoftheConsolidatedRevenueFund,but thefollowingpersonsshall,totheextentmentioned,beliabletomakerepayment,thatistosay (a)anypersonwhoisconvictedonaprosecutioninstituted,asaresultoftheinvestigationbytheAttorney GeneraloftheFederation,orwhoisorderedtopaydamagesorrestoreanypropertyinproceedingsbroughtby virtueofsubsection(3)ofsection322ofthisAct,mayinthesameproceedingsbeorderedtopaythesaid expensestosuchextentasarespecifiedintheorder; (b)anybodycorporateinwhosenameproceedingsarebroughtasaforesaidshallbeliabletotheextentofthe amountorvalueofanysumsorpropertyrecoveredbyitasaresultofthoseproceedings; (c)unlessastheresultoftheinvestigationaprosecutionisinstitutedbytheAttorneyGeneraloftheFederation, theapplicantsfortheinvestigation,wheretheinspectorwasappointedundersection314ofthisAct,shallbe liabletosuchextent(ifany)astheCommissionmaydirect, andanyamountforwhichabodycorporateisliablebyvirtueofparagraph(b)ofthissubsection,shallbeafirst chargeonthesumsorpropertymentionedinthatparagraph. (2)Forthepurposesofthissection,anycostsorexpensesincurredbytheCommissioninorinconnectionwith proceedingsbroughtbyvirtueofsubsection(2)ofsection321ofthisAct,shallbetreatedasexpensesofthe investigationgivingrisetotheproceedings. (3)ExpensestobedefrayedbytheCommissionunderthissectionshall,sofarasnotrecoveredthereunder,be paidoutoftheappropriateConsolidatedRevenueFund.

325.Inspectors'reporttobeusedasevidenceinlegalproceedings (1)Acopyofanyreportofaninspectorappointedundersections314and315ofthisAct,certifiedbythe Commissiontobeatruecopy,shallbeadmissibleinanylegalproceedingsasevidenceoftheopinionofthe inspectorinrelationtoanymattercontainedinthereport. (2)Adocumentpurportingtobesuchacertificateasismentionedaboveshallbereceivedinevidenceandbe deemedtobesuchacertificate,unlessthecontraryisproved. 326.Appointment,etc.,ofinspectorstoinvestigateownershipofacompany (1)WhereitappearstotheCommissionthatthereisgoodreasonsotodo,itmayappointoneormorecompetent inspectorstoinvestigateandreportonthemembershipofanycompany,andotherwisewithrespecttothe company,forthepurposeofdeterminingthetruepersonswhoareorhavebeenfinanciallyinterestedinthe successorfailure(realorapparent)ofthecompanyorabletocontrolormateriallytoinfluencethepolicyofthe company. (2)Theappointmentofaninspectorunderthissectionmaydefinethescopeofhisinvestigation,whetheras respectsthematterortheperiodtowhichitistoextendorotherwise,andinparticularmaylimitinvestigationto mattersconnectedwithparticularsharesordebentures. (3)Whereanapplicationforaninvestigationunderthissectionwithrespecttoparticularsharesordebenturesofa companyismadetotheCommissionbymembersofthecompany,andthenumberofapplicantsortheamountof thesharesheldbythemisnotlessthanthatrequiredforanapplicationfortheappointmentofaninspectorunder paragraphs(a)and(b)ofsubsection(2)ofsection314ofthisAct (a)theCommissionshallappointaninspectortoconductthatinvestigation,unlessitissatisfiedthatthe applicationisvexatious;and (b)theinspector'sappointmentshallnotexcludefromthescopeofhisinvestigationanymatterwhichthe applicationseekstoinclude,exceptinsofarastheCommissionissatisfiedthatitisreasonableforthematterto beinvestigated. (4)Subjecttothetermsofaninspector'sappointment,hispowersshallextendtotheinvestigationofany circumstancessuggestingtheexistenceofanarrangementorunderstandingwhich,thoughnotlegallybinding,is orwasobservedorlikelytobeobservedinpracticeandwhichisrelevanttothepurposesofhisinvestigation. 327.Provisionsapplicabletoinvestigation (1)Forthepurposesofanyinvestigationundersection326ofthisAct,theprovisionsofsections316to 320ofthisActshallapplywiththenecessarymodificationstoreferencestotheaffairsofthecompanyorthoseof anybodycorporate,sohowever,that (a)thesaidsectionsshallapplyinrelationtoallpersonswhoareorhavebeen,orwhomtheinspectorhas reasonablecausetobelievetobeorhavebeen,financiallyinterestedinthesuccessorfailureortheapparent successorfailureofthecompanyoranyotherbodycorporatewhosemembershipisinvestigatedwiththatofthe company;orabletocontrolormateriallytoinfluencethepolicythereof,includingpersonsconcernedonlyon behalfofothers,astheyapplyinrelationtoofficersandagentsofthecompanyoroftheotherbodycorporate,as thecasemaybe;and

(b)theCommissionshallnotbeboundtofurnishthecompanyoranyotherpersonwithacopyofanyreportbyan inspectorappointedunderthissectionorwithacompletecopythereofifheisofopinionthatthereisgoodreason fornotdivulgingthecontentsofthereportsorofpartthereof,butshallkeepacopyofanysuchreport,or,asthe casemaybe,thepartsofanyreport,asregardswhichheisnotofthatopinion. (2)Theexpensesofanyinvestigationundersection326ofthisActshallbedefrayedoutoftheConsolidated RevenueFund. 328.Powertorequireinformationastopersonsinterestedinshares,etc. (1)WhereitismadetoappeartotheCommissionthatthereisgoodreasontoinvestigatetheownershipofany sharesinordebenturesofacompanyandthatitisunnecessarytoappointaninspectorforthepurpose,the Commissionmayrequireanypersonwhoithasreasonablecausetobelieve (a)tobeortohavebeeninterestedinthosesharesordebentures;or (b)toactortohaveactedinrelationtothosesharesordebenturesasalegalpractitioneroranagentofsomeone interestedtherein, togivetotheCommissionanyinformationwhichthepersonhasormightreasonablybeexpectedtoobtainasto thepresentandpastinterestinthosesharesordebenturesandthenamesandaddressesofthepersons interested,andofanypersonswhoactorhaveactedontheirbehalfinrelationtothesharesordebentures. (2)Forthepurposesofthissection,apersonshallbedeemedtohaveaninterestinashareordebentureifhehas anyrighttoacquireordisposeoftheshareordebentureoranyinterestthereinortovoteinrespectthereof,orif hisconsentisnecessaryfortheexerciseofanyoftherightsofotherpersonsinterestedtherein,orifotherpersons interestedthereincanberequiredorareaccustomedtoexercisetheirrightsinaccordancewithhisinstructions. (3)Anypersonwhofailstogiveanyinformationrequiredofhimunderthissection,orwho,ingivinganysuch information,makesanystatementwhichheknowstobefalseinamaterialparticular,orrecklesslymakesany statementwhichisfalseinamaterialparticularshallbeguiltyofanoffenceandliabletoafineofN500orto imprisonmentforatermofsixmonthsortoboth. 329.Powertoimposerestrictionsonshares,etc. (1)Where,inconnectionwithaninvestigationundersection326or328ofthisAct,itappearstotheCommission thatthereisdifficultyinfindingouttherelevantfactsaboutanyshare(whetherissuedortobeissued),andthat thedifficultyisduewhollyormainlytotheunwillingnessofthepersonsconcerned,oranyofthem,toassistthe investigationasrequiredbythisAct,theCommissionmayinwritingdirectthatthesharesshalluntilfurthernotice besubjecttotherestrictionsimposedbythissection. (2)Solongasanysharesaredirectedtobesubjecttotherestrictionsimposedbythissection (a)anytransferofthoseshares,orincaseofunissuedshares,anytransferoftherighttobeissuedtherewithand anyissuethereof,shallbevoid; (b)novotingrightsshallbeexercisableinrespectofthoseshares; (c)nofurthersharesshallbeissuedinrightofthosesharesorinpursuanceofanyoffermadetotheholder thereof;

(d)exceptinaliquidation,nopaymentshallbemadeofanysumsduefromthecompanyonthoseshares,whether inrespectofcapitalorotherwise. (3)WheretheCommissiondirectssharestobesubjecttorestrictionsunderthissection,orrefusestodirectthat sharesshallceasetobesubjectthereto,anypersonaggrievedtherebymayappealtothecourt,andthecourtmay, ifitseesfit,directthatthesharesshallceasetobesubjecttothesaidrestrictions. (4)Anydirectionororderofthecourtthatsharesshallceasetobesubjecttorestrictionsunderthissection, expressedtobemadewithaviewtopermittingatransferofthoseshares,maycontinuetherestrictions mentionedinparagraphs(c)and(d)ofsubsection(2)ofthissection,eitherinwholeorinpart,sofarastheyrelate toanyrightacquiredoroffermadebeforethetransfer. (5)Anypersonwho (a)exercisesorpurportstoexerciseanyrighttodisposeofanyshareswhich,tohisknowledge,areforthetime beingsubjecttorestrictionsunderthissection;or (b)votesinrespectofanysuchshares,whetherasholderorproxy,orappointsaproxytovoteinrespectthereof; or (c)beingtheholderofanysuchshares,failstonotifythattheyaresubjecttothesaidrestrictions, shallbeguiltyofanoffenceandliabletoafineofN500orimprisonmentforatermofsixmonths,ortoboth. (6)Wheresharesinanycompanyareissuedincontraventionofthesaidrestrictions,thecompanyandevery officerofthecompanywhoisindefaultshallbeguiltyofanoffenceandliabletoafineofN500. (7)AprosecutionshallnotbeinstitutedunderthissectionexceptbyorwiththeconsentoftheAttorneyGeneral oftheFederation. (8)Thissectionshallapplyinrelationtodebenturesasitappliesinrelationtoshares. 330.Savingsforlegalpractitionersandbankers NothingintheforegoingprovisionsofthisPartofthisActshallrequiredisclosuretotheCommissionortoan inspectorappointedbyitby (a)alegalpractitionerofanyprivilegedcommunicationmadetohiminthatcapacity,exceptasregardsthename andaddressofhisclient;or (b)acompany'sbankersassuch,ofanyinformationastotheaffairsofanyoftheircustomersotherthanthe company. PARTXI Financialstatementsandaudit CHAPTER1 Financialstatements

Accountingrecords 331.Companiestokeepaccountingrecords (1)Everycompanyshallcauseaccountingrecordstobekeptinaccordancewiththissection. (2)Theaccountingrecordsshallbesufficienttoshowandexplainthetransactionsofthecompanyandshallbe suchasto (a)disclosewithreasonableaccuracy,atanytime,thefinancialpositionofthecompany;and (b)enablethedirectorstoensurethatanyfinancialstatementspreparedunderthisPartcomplywiththe requirementsofthisActastotheformandcontentofthecompany'sfinancialstatements. (3)Theaccountingrecordsshall,inparticular,contain (a)entriesfromdaytodayofallsumsofmoneyreceivedandexpendedbythecompany,andthemattersin respectofwhichthereceiptandexpendituretookplace;and (b)arecordoftheassetsandliabilitiesofthecompany. (4)Ifthebusinessofthecompanyinvolvesdealingingoods,theaccountingrecordsshallcontain (a)statementsofstocksheldbythecompanyattheendofeachyearofthecompany; (b)allstatementsofstocktakingsfromwhichanysuchstatementofstockasismentionedinparagraph(a)ofthis subsectionhasbeenoristobeprepared;and (c)exceptinthecaseofgoodssoldbywayofordinaryretailtrade,statementsofallgoodssoldandpurchased, showingthegoodsandthebuyersandsellersinsufficientdetailtoenableallthesetobeidentified. 332.Placeanddurationofrecords (1)TheaccountingrecordsofacompanyshallbekeptatitsregisteredofficeorsuchotherplaceinNigeriaasthe directorsthinkfit,andshallatalltimesbeopentoinspectionbytheofficersofthecompany. (2)Subjecttoanydirectionwithrespecttothedisposalofrecordsgivenunderwindinguprulesmadeunder section552ofthisAct,accountingrecordswhichacompanyisrequiredbysection331ofthisActtokeepshallbe preservedbyitforaperiodofsixyearsfromthedateonwhichtheyweremade. 333.Penaltiesfornoncompliancewithsections331and332 (1)Ifacompanyfailstocomplywithanyprovisionofsection331or332(1)ofthisAct,everyofficerofthe companywhoisindefaultshallbeguiltyofanoffenceunlessheshowsthatheactedhonestlyandthatinthe circumstancesinwhichthebusinessofthecompanywascarriedon,thedefaultwasexcusable. (2)Anofficerofacompanyshallbeguiltyofanoffenceifhefailstotakeallreasonablestepsforsecuring compliancebythecompanywithsection332ofthisAct,orhasintentionallycausedanydefaultbythecompany underit.

(3)Apersonguiltyofanoffenceunderthissection,shallbeliabletoimprisonmentforatermnotexceedingsix monthsortoafineofN500. 334.Directors'dutytoprepareannualaccounts (1)Inthecaseofeverycompany,thedirectorsshallinrespectofeachyearofthecompany,preparefinancial statementsfortheyear. (2)Subjecttosubsection(3)ofthissection,thefinancialstatementsrequiredundersubsection(1)ofthissection shallinclude (a)statementoftheaccountingpolicies; (b)thebalancesheetasatthelastdayoftheyear; (c)aprofitandlossaccountor,inthecaseofacompanynottradingforprofit,anincomeandexpenditureaccount fortheyear; (d)notesontheaccounts; (e)theauditors'reports; (f)thedirectors'report; (g)astatementofthesourceandapplicationoffund; (h)avalueaddedstatementfortheyear; (i)afiveyearfinancialsummary;and (j)inthecaseofaholdingcompany,thegroupfinancialstatements. (3)Thefinancialstatementsofaprivatecompanyneednotincludethemattersstatedinparagraphs(a),(g),(h) and(i)ofsubsection(2)ofthissection. (4)Thedirectorsshallattheirfirstmeetingaftertheincorporationofthecompany,determinetowhatdatein eachyearfinancialstatementsshallbemadeup,andtheyshallgivenoticeofthedatetotheCommissionwithin 14daysofthedetermination. (5)Inthecaseofaholdingcompany,thedirectorsshallensurethat,exceptwhereintheiropiniontherearegood reasonsagainstit,theyearofeachofitssubsidiariesshallcoincidewiththeyearofthecompany. Formandcontentofcompanyindividualandgroupfinancialstatements 335.Formandcontentofindividualfinancialstatements (1)Thefinancialstatementsofacompanypreparedundersection334ofthisAct,shallcomplywiththe requirementsoftheSecondScheduletothisAct(sofarasapplicable)withrespecttotheirformandcontent,and withtheaccountingstandardslaiddownintheStatementsofAccountingStandardsissuedfromtimetotimeby theNigerianAccountingStandardsBoardtobeconstitutedbytheMinisterafterdueconsultationwithsuch accountingbodiesashemaydeemfitincircumstancesforthispurposes:

[SecondSchedule.] ProvidedthatsuchaccountingstandardsdonotconflictwiththeprovisionsofthisActortheSecondScheduleto thisAct. (2)Thebalancesheetshallgiveatrueandfairviewofthestateofaffairsofthecompanyasattheendoftheyear; andtheprofitandlossaccountshallgiveatrueandfairviewoftheprofitorlossofthecompanyfortheyear. (3)Thestatementofthesourceandapplicationoffundsshallprovideinformationonthegenerationand utilisationoffundsbythecompanyduringtheyear. (4)Thevalueaddedstatementshallreportthewealthcreatedbythecompanyduringtheyearanditsdistribution amongvariousinterestgroupssuchastheemployees,thegovernment,creditors,proprietorsandthecompany. (5)Thefiveyearfinancialsummaryshallprovideareportforacomparisonoveraperiodoffiveyearsormoreof vitalfinancialinformation. (6)Subsection(2)ofthissectionshalloverride (a)therequirementsoftheSecondScheduletothisAct;and [SecondSchedule.] (b)allotherrequirementsofthisActastothematterstobeincludedintheaccountsofacompanyorinnotesto thoseaccounts;andaccordinglytheprovisionsofsubsections(7)and(8)ofthissectionshallhaveeffect. (7)Ifthebalancesheetorprofitandlossaccountdrawnupinaccordancewiththoserequirementswouldnot providesufficientinformationtocomplywithsubsection(2)ofthissection,anynecessaryadditionalinformation shallbeprovidedinthatbalancesheetorprofitandlossaccount,orinanotetotheaccounts. (8)If,owingtospecialcircumstancesinthecaseofanycompany,compliancewithanysuchrequirementin relationtothebalancesheetorprofitandlossaccountwouldpreventcompliancewithsubsection(2)ofthis section,(evenifadditionalinformationwereprovidedinaccordancewithsubsection(4)ofthissection),the directorsshalldepartfromthatrequirementinpreparingthebalancesheetorprofitandlossaccount(sofaras necessary)inordertocomplywithsubsection(2)ofthissection. (9)Ifthedirectorsdepartfromanysuchrequirement,particularsofthedeparture,thereasonsforitanditseffects shallbegiveninanotetotheaccounts. (10)Subsections(1)to(9)ofthissectionshallnotapplytogroupaccountspreparedundersection336ofthisAct andsubsections(1)and(2)ofthissectionshallapplytoacompany'sprofitandlossaccount(orrequirethenotes otherwiserequiredinrelationtothataccount)if (a)thecompanyhassubsidiaries;and (b)theprofitandlossaccountisframedasaconsolidatedaccountdealingwithalloranyofthesubsidiariesofthe companyaswellasthecompany (i)complieswiththerequirementsofthisActrelatingtoconsolidatedprofitandlossaccount;and

(ii)showshowmuchoftheconsolidatedprofitandlossfortheyearisdealtwithintheindividualfinancial statementsofthecompany. (11)Ifgroupfinancialstatementsarepreparedandadvantageistakenofsubsection(7)ofthissection,thatfact shallbedisclosedinanotetothegroupfinancialstatements. 336.Groupfinancialstatementsofholdingcompany (1)If,attheendofayearacompanyhassubsidiaries,thedirectorsshall,aswellaspreparingindividualaccounts forthatyear,alsopreparegroupfinancialstatementsbeingaccountsorstatementswhichdealwiththestateof affairsandprofitorlossofthecompanyandthesubsidiaries. (2)Theprovisionsofsubsection(1)ofthissectionshallnotapplyifthecompanyisawhollyownedsubsidiaryof anotherbodycorporateincorporatedinNigeria. (3)Agroupfinancialstatementmaynotdealwithasubsidiary,ifthedirectorsofthecompanyareoftheopinion that (a)itisimpracticable,orwouldbeofnorealvaluetothemembers,inviewoftheinsignificantamountsinvolved; or (b)itwouldinvolveexpenseordelayoutofproportiontoitsvaluetomembersofthecompany;or (c)theresultwouldbemisleading,orharmfultothebusinessofthecompanyoranyofitssubsidiaries;or (d)thebusinessoftheholdingcompanyandthatofthesubsidiaryaresodifferentthattheycannotreasonablybe treatedasasingleundertaking. (4)Thegroupfinancialstatementsofacompanyshallconsistofaconsolidated (a)balancesheetdealingwiththestateofaffairsofthecompanyandallthesubsidiariesofthecompany;and (b)profitandlossaccountofthecompanyanditssubsidiaries. (5)Ifthedirectorsareoftheopinionthatitisbetterforthepurposeofpresentingthesameorequivalent informationaboutthestateofaffairsandprofitorlossofthecompanyanditssubsidiaries,andthattosopresent itmaybereadilyappreciatedbythemembersofthecompany,thegroupfinancialstatementsmaybepreparedin aformnotconsistentwithsubsection(1)ofthissectionandinparticularthegroupfinancialstatementmayconsist of (a)morethanonesetofconsolidatedfinancialstatementsdealingrespectivelywiththecompanyandonegroup ofsubsidiariesandwithothergroupsofsubsidiaries;or (b)separatefinancialstatementsdealingwitheachofthesubsidiaries;or (c)statementsexpandingtheinformationaboutthesubsidiariesinindividualfinancialstatementsofthecompany, orinanyotherform. (6)Thegroupfinancialstatementsmaybewhollyorpartlyincorporatedintheindividualbalancesheetandprofit andlossaccountoftheholdingcompany.

337.Formandcontentofgroupfinancialstatements (1)ThegroupfinancialstatementsofaholdingcompanyshallcomplywiththerequirementsoftheSecond ScheduletothisAct,sofarasapplicabletogroupfinancialstatementsintheforminwhichthoseaccountsare preparedwithrespecttotheformandcontentofthosestatementsandanyadditionalinformationtobeprovided bywayofnotestothoseaccounts. [SecondSchedule.] (2)Groupfinancialstatementstogetherwithanynotesthereonshallgiveatrueandfairviewofthestateofaffairs andprofitorlossofthecompanyandthesubsidiariesdealtwithbythosestatementsasawhole. (3)Subsection(2)ofthissectionshalloverride (a)therequirementsoftheSecondScheduletothisAct;and [SecondSchedule.] (b)alltherequirementsofthisActastothematterstobeincludedingroupfinancialstatementsorinnotesto thosestatementsandaccordinglysubsections(4)and(5)ofthissectionshallhaveeffect. (4)IfgroupfinancialstatementsarenotinaccordancewiththerequirementsofthisActbynotprovidingsufficient informationincompliancewithsubsection(2)ofthissection,anynecessaryadditionalinformationshallbe providedin,orinanoteto,thegroupfinancialstatements. (5)If,owingtospecialcircumstancesinthecaseofanycompany,compliancewithanysuchrequirementsin relationtoitsgroupfinancialstatementswouldpreventthestatementsfromcomplyingwithsubsection(2)ofthis section,(evenifadditionalinformationwereprovidedinaccordancewithsubsection(4)ofthissection,the directorsmaydepartfromthatrequirementinpreparingthegroupfinancialstatements). 338.Meaningof"holdingcompany","subsidiary"and"whollyownedsubsidiary" (1)Subjecttosubsection(4)ofthissection,acompanyshallforthepurposesofthisActbedeemedtobea subsidiaryofanothercompanyif (a)thecompany (i)isamemberofitandcontrolsthecompositionofitsboardofdirectors;or (ii)holdsmorethanhalfinnominalvalueofitsequitysharecapital;or (b)thefirstmentionedcompanyissubsidiaryofanycompanywhichisthatother'ssubsidiary. (2)Forthepurposesofsubsection(1)ofthissection,thecompositionoftheboardofdirectorsofacompanyshall bedeemedtobecontrolledbyanothercompanyifthatothercompanybytheexerciseofsomepower,without theconsentorconcurrenceofanyotherperson,canappointorremovetheholdersofallormajorityofthe directors. (3)Forpurposesofsubsection(2)ofthissection,theothercompanyshallbedeemedtohavepowertoappointa directorwithrespecttowhichanyofthefollowingconditionsissatisfiedthat

(a)apersoncannotbeappointedtoitwithouttheexerciseinhisfavourbytheothercompanyofsuchpowerasis mentionedinthissection;or (b)theappointmentofapersontothedirectorshipfollowsnecessarilyfromhisappointmentasdirectorofthe othercompany;or (c)thedirectorshipisheldbytheothercompanyitselforbyasubsidiaryofit. (4)Indeterminingwhetheronecompanyisasubsidiaryofanother (a)anysharesheldorpowerexercisablebytheotherinafiduciarycapacityshallbetreatedasnotheldor exercisablebyit; (b)subjecttoparagraphs(c)and(d)ofthissubsection,anysharesheldorpowerexercisable (i)byanypersonasnomineefortheother(exceptwheretheotherisconcernedonlyinafiduciary capacity);or (ii)by,orbyanomineefor,asubsidiaryortheother(notbeingasubsidiarywhichisconcernedonlyina fiduciarycapacity),shallbetreatedasheldorexercisablebytheother; (c)anysharesheldorpowerexercisablebyanypersonbyvirtueoftheprovisionsofanydebenturesofthefirst mentionedcompanyorofatrustdeedforsecuringanyissueofsuchdebenturesshallbedisregarded; (d)anysharesheldorpowerexercisableby,orbyanomineefor,theotheroritssubsidiary(notbeingheldor exercisableasmentionedinparagraph(c)ofthissubsection),shallbetreatedasnotheldorexercisablebythe other,iftheordinarybusinessoftheotheroritssubsidiary(asthecasemaybe)includesthelendingofmoneyand thesharesareheldorthepowerisexercisableasabovementionedbywayofsecurityonlyforthepurposesofa transactionenteredintointheordinarycourseofthatbusiness. (5)ForthepurposesofthisAct (a)acompanyshallbedeemedtobetheholdingcompanyofanother,iftheotherisitssubsidiary;and (b)abodycorporateshallbedeemedtobethewhollyownedsubsidiaryofanother,ifithasnomemberexcept thatotherandthatother'swhollyownedsubsidiariesareitsortheirnominees. (6)Inthissection,"company"includesanybodycorporate. 339.Additionaldisclosurerequiredinnotestofinancialstatements (1)TheadditionalmatterscontainedintheThirdScheduletothisActshallbedisclosedinthecompany'sfinancial statementsfortheyear;andinthatSchedule,whereathingisrequiredtobestatedorshownorinformationis requiredtobegiven,itshallbeconstruedtomeanthatthethingshallbestatedorshown,ortheinformationisto begiveninanotetothosestatements. [ThirdSchedule.] (2)IntheThirdScheduletothisAct [ThirdSchedule.]

(a)PartsIandIIdealrespectivelywiththedisclosureofparticularsofthesubsidiariesofthecompanyandits shareholders; (b)PartIIIdealswiththedisclosureoffinancialinformationrelatingtosubsidiaries; (c)PartIVrequiresasubsidiarycompanytodiscloseitsultimateholdingcompany; (d)PartVdealswiththeemolumentsofdirectors,includingemolumentswaived,pensionsofdirectorsand compensationforlossofofficetodirectorsandpastdirectors;and (e)PartVIdealswithdisclosureofthenumberoftheemployeesofthecompanywhoareremuneratedathigher rates. (3)WheneveritisstatedintheThirdScheduletothisActthatthissubsectionshallapplytocertainparticularsor information,theparticularsorinformationshallbeannexedtotheannualreturnfirstmadebythecompanyafter copiesofitsfinancialstatementshavebeenlaidbeforeitsshareholdersinageneralmeetingandifacompanyfails tosatisfyanobligationthusimposed,thecompanyandeveryofficerofitwhoisindefaultshallbeguiltyofan offenceandliabletoafineofN50andforcontinuedcontravention,toadailydefaultfineofN10. [ThirdSchedule.] (4)Itshallbethedutyofanydirectorofacompanytogivenoticetothecompanyofsuchmattersrelatingto himselfasmaybenecessaryforthepurposesofPartVoftheThirdScheduletothisActandthisappliestopersons whoareorhaveatanytimeintheprecedingthreeyearsbeenofficersasitappliestodirectors. [ThirdSchedule.] (5)Apersonwhomakesdefaultincomplyingwiththeprovisionsofsubsection(4)ofthissection,shallbeguiltyof anoffenceandliabletoafineofN10foreverydayduringwhichthedefaultcontinues. 340.Disclosureofloansinfavourofdirectorsandconnectedpersons (1)ThegroupfinancialstatementsofaholdingcompanyforayearshallcomplywithPartIoftheFourthSchedule tothisAct(sofarasapplicable)asregardsthedisclosureoftransactions,arrangementsandagreements mentionedtherein,includingloans,quasiloansandotherdealingsinfavourofdirectors. [FourthSchedule.] (2)Inthecaseofacompanyotherthanaholdingcompany,itsindividualaccountsshallcomplywithPartIofthe FourthScheduletothisAct(sofarasapplicable)asregardsdisclosurematterscontainedtherein. [FourthSchedule.] (3)ParticularswhicharerequiredtobecontainedinPartIoftheFourthScheduletothisActinanyfinancial statementsshallberequiredinrespectofshadowdirectorsaswellasadirectorgivenbywayofnotes. [FourthSchedule.] (4)Wherebyvirtueofsubsection(2)or(3)ofsection336ofthisAct,acompanydoesnotpreparegroupfinancial statementsforayear,itshalldisclosesuchmattersinitsindividualstatementsaswouldhavebeendisclosedin groupfinancialstatements.

(5)Therequirementsofthissectionshallapplywithsuchmodificationsasarenecessarytobringtheminlinewith PartIoftheFourthScheduletothisAct(includingwithparticularsofexceptionsinrespectofrecognisedbanks)it shalldisclose. [FourthSchedule.] 341.Disclosureofloans,etc.,toofficersofthecompanyandstatementsofamountsoutstanding (1)ThegroupfinancialstatementsofaholdingcompanyforayearshallcomplywithPartIIoftheFourthSchedule tothisAct(sofarasapplicable)asregardstransactions,arrangementsandagreementsmadebythecompanyora subsidiaryofitforpersonswhoatanytimeduringthatyearwereofficersofthecompanybutnotdirectors. [FourthSchedule.] (2)Inthecaseofacompanyotherthanaholdingcompany,itsindividualaccountsshallcomplywithPartIIofthe FourthScheduletothisAct(sofarasapplicable)asregardsmatterscontainedtherein. [FourthSchedule.] (3)Subsections(1)and(2)ofthissectionshallnotapplyinrelationtoanytransactionoragreementmadebya recognisedbankforanyofitsofficersorforanyoftheofficersofitsholdingcompany. (4)ParticularsrequiredbyPartIIoftheFourthScheduletothisActtobeinanyaccountsshallbegivenbywayof notestotheaccounts. [FourthSchedule.] (5)Wherebyvirtueofsubsection(2)or(3)ofsection336ofthisAct,acompanydoesnotpreparegroupfinancial statementsforayear,itshalldisclosethisfactinitsindividualfinancialstatementsasrequiredbysubsection(1)of thissection. Directors'reports 342.Directors'report (1)Inthecaseofeverycompany,thereshallbepreparedinrespectofeachyear,areportbythedirectors (a)containingafairviewofthedevelopmentofthebusinessofthecompanyanditssubsidiariesduringtheyear andoftheirpositionattheendofit;and (b)statingtheamount(ifany)whichtheyrecommendshouldbepaidasdividendandtheamount(ifany)which theyproposetocarrytoreserves. (2)Thedirectors'reportshallstatethenamesofthepersonswho,atanytimeduringtheyear,weredirectorsof thecompany,andthefinancialactivitiesofthecompanyanditssubsidiariesinthecourseoftheyearandany significantchangeinthoseactivitiesintheyear. (3)Thereportshallalsostatethematters,andgivetheparticulars,requiredbyPartIoftheFifthScheduletothis Act. [FifthSchedule.]

(4)PartIIoftheFifthScheduletothisActshallapplyasregardsthematterstobestatedinthereportofthe directorsinthecircumstancesspecifiedtherein. [FifthSchedule.] (5)PartIIIoftheFifthScheduletothisActshallapplyasregardsthematterstobestatedinthedirectors'report relativetotheemployment,trainingandadvancementofdisabledpersons,thehealth,safetyandwelfareatwork oftheemployeesofthecompanyandtheinvolvementofemployeesintheaffairs,policyandperformanceofthe company. [FifthSchedule.] (6)InrespectofanyfailuretocomplywiththerequirementsofthisActastothematterstobestatedandthe particularstobegiveninthedirectors'report,everypersonwhowasadirectorofthecompanyimmediately beforetheendoftheperiodprescribedforlayinganddeliveringfinancialstatementsshallbeguiltyofanoffence andliableonconvictiontoatermofimprisonmentfornotmorethansixmonthsortoafineofN500. (7)Inproceedingsforanoffenceundersubsection(6)ofthissection,itshallbeadefenceforthepersontoprove thathetookallreasonablestepsforsecuringcompliancewiththerequirementsinquestion. Procedureoncompletionoffinancialstatements 343.Signingofbalancesheetanddocumentstobeannexedthereto (1)Acompany'sbalancesheetandeverycopyofitwhichislaidbeforethecompanyingeneralmeetingor deliveredtotheCommissionshallbesignedonbehalfoftheboardbytwoofthedirectorsofthecompany. (2)Ifacopyofthebalancesheet (a)islaidbeforethecompanyordeliveredtotheCommissionwithoutbeingsignedasrequiredbythissection;or (b)notbeingacopysolaidordelivered,isissued,circulatedorpublishedinacasewherethebalancesheethas notbeensignedassorequiredorwhere(thebalancesheethavingbeensosigned)thecopydoesnotincludea copyofthesignatureasthecasemaybe, thecompanyandeveryofficerofitwhoisindefaultshallbeguiltyofanoffenceandliableonconvictiontoafine ofN300. (3)Acompany'sprofitandlossaccountand,sofarasnotincorporatedinitsindividualbalancesheetorprofitand lossaccount,anygroupaccountsofaholdingcompany,shallbeannexedtothebalancesheet,andtheauditors' reportandthedirectors'reportshallalsobeattachedtothebalancesheet. (4)Thebalancesheetandtheprofitandlossaccountannexedtoitshallbeapprovedbytheboardofdirectorsand signedontheirbehalfbytwodirectorsauthorisedtodoso. 344.Personsentitledtoreceivefinancialstatementsasofright (1)Inthecaseofeverycompany,acopyofthecompany'sfinancialstatementsfortheyearshall,notlessthan21 daysbeforethedateofthemeetingatwhichtheyaretobelaidinaccordancewithsection345ofthisActbesent toeachofthefollowingpersons

(a)everymemberofthecompany(whetherornotentitledtoreceivenoticeofgeneralmeetings); (b)everyholderofthecompany'sdebentures,(whetherornotsoentitled);and (c)allpersonsotherthanmembersanddebentureholders,beingpersonssoentitled. (2)Inthecaseofacompanynothavingasharecapital,subsection(1)ofthissectionshallnotrequireacopyofthe financialstatementstobesenttoamemberofthecompanywhoisnotentitledtoreceivenoticesofgeneral meetingsofthecompany,ortoaholderofthecompany'sdebenturewhoisnotsoentitled. (3)Subsection(1)ofthissectionshallnotrequirecopiesofthefinancialstatementstobesentto (a)amemberofthecompanyoradebentureholder,beingineithercaseapersonwhoisnotentitledtoreceive noticesofgeneralmeetings,andofwhoseaddressthecompanyisunaware;or (b)morethanoneofthejointholdersofanysharesordebenturesnoneofwhomareentitledtoreceivesuch notices;or (c)thosewhoarenotsoentitledinthecaseofjointholdersofsharesordebentures,someofwhomarenot entitledtoreceivesuchnotices. (4)Ifcopiesofthefinancialstatementsaresentlessthan21daysbeforethedateofthemeeting,itshall, notwithstandingthatfact,bedeemedtohavebeendulysentifitissoagreedbyallthemembersentitledto attendandvoteatthemeeting. (5)Ifdefaultismadeincomplyingwithsubsection(1)ofthissection,thecompanyandeveryofficerofitwhoisin defaultshallbeguiltyofanoffenceandisliabletoafineofN250. 345.Directors'dutytolayanddeliverfinancialstatements (1)Inrespectofeachyear,thedirectorsshallatadatenotlaterthan18monthsafterincorporationofthe companyandsubsequentlyonceatleastineveryyear,laybeforethecompanyingeneralmeetingcopiesofthe financialstatementsofthecompanymadeuptoadatenotexceedingninemonthsprevioustothedateofthe meeting. (2)Theauditors'reportshallbereadbeforethecompanyingeneralmeeting,andbeopentotheinspectionofany memberofthecompany. (3)Inrespectofeachyear,thedirectorsshalldeliverwiththeannualreturntotheCommissionacopyofthe balancesheet,theprofitandlossaccountandthenotesonthestatementswhichwerelaidbeforethegeneral meetingasrequiredbythissection. (4)Inthecaseofanunlimitedcompany,thedirectorsshallnotberequiredbysubsection(3)ofthissectionto deliveracopyoftheaccountsif (a)atnotimeduringtheaccountingreferenceperiodhasthecompanybeen,toitsknowledge,thesubsidiaryofa companythatwasthenlimitedandatnosuchtime,toitsknowledge,havetherebeenheldorbeenexercisable, byoronbehalfoftwoormorecompaniesthatwerethenlimited,sharesorpowerswhich,iftheyhadbeenheldor beenexercisablebyoneofthem,wouldhavemadethecompanyitssubsidiary;and

(b)atnosuchtimehasthecompanybeentheholdingcompanyofacompanywhichwasthenlimited. (5)Referencesinthissectiontoacompanythatwaslimitedataparticulartimearetoabodycorporate(under whateverlawincorporated)theliabilityofwhosememberswasatthattimelimited. 346.Penaltyfornoncompliancewithsection345 (1)Ifinayearanyoftherequirementsofsection345(1)or(3)ofthisActisnotcompliedwithbyanycompany, everypersonwhoimmediatelybeforetheendofthatperiodwasadirectorofthecompanyshallinrespectofeach ofthosesubsectionswhichisnotsocompliedwith,beguiltyofanoffenceandliabletoadailydefaultfineofN50 inthecaseofasmallcompany,acompanylimitedbyguaranteeoranunlimitedcompany,andN500inthecaseof anyothercompany. (2)Ifapersonischargedwithanoffenceinrespectofanyoftherequirementsofsubsection(1)or(3)ofsection 345ofthisAct,itshallbeadefenceforhimtoprovethathetookallreasonablestepsforsecuringthatthose requirementsbecompliedwithbeforetheendoftheperiodallowedforlayinganddeliveringaccounts. (3)Inproceedingsunderthissectionwithrespecttoarequirementtolayacopyofadocumentbeforeacompany ingeneralmeeting,ortodeliveracopyofadocumenttotheCommission,itshallnotbeadefencetoprovethat thedocumentinquestionwasnotinfactpreparedasrequiredbythisPartofthisAct. 347.Defaultorderincaseofnoncompliance (1)If (a)inrespectofayear,anyoftherequirementsofsubsections(1)and(3)ofsection345ofthisActhasnotbeen compliedwithbyacompanybeforetheendoftheperiodallowedforlayinganddeliveringfinancialstatements; and (b)thedirectorsofthecompanyfailtomakegoodthedefaultwithin14daysaftertheserviceof anoticeonthemrequiringcompliance,thecourtmayonapplicationbyanymemberorcreditorofthecompanyor bytheCommissionmakeanorderdirectingthedirectors(oranyofthem)tomakegoodthedefaultwithinsuch timeasmaybespecifiedintheorder. (2)Thecourt'sordermayprovidethatallcostsofandincidentaltotheapplicationshallbebornebythedirectors. (3)Nothinginthissectionshallaffecttheprovisionsofsection346ofthisAct. 348.Penaltyforlayingordeliveringdefectivefinancialstatements (1)Ifanyfinancialstatementsofacompany(otherthanitsgroupfinancialstatement)ofwhichacopyislaid beforetheshareholdersingeneralmeetingordeliveredtotheCommissiondonotcomplywiththerequirementof thisActastothematterstobeincludedin,orinanoteto,thosefinancialstatements,everypersonwhoatthe timewhenthecopyislaidordeliveredisadirectorofthecompanyshallbeguiltyofanoffenceandinrespectof eachoffence,liabletoafineofN100. (2)Ifanygroupfinancialstatementsofwhichacopyislaidbeforeacompanyinageneralmeetingordeliveredto theCommissiondonotcomplywithsection345(4)and(5)orsection346ofthisActandwiththeother requirementsofthisActastothematterstobeincludedinorinanotetothosefinancialstatements,everyperson

whoatthetimewhenthecopywassolaidordeliveredwasadirectorofthecompanyshallbeguiltyofanoffence andliabletoafineofN250. (3)Inproceedingsagainstapersonforanoffenceunderthissection,itshallbeadefenceforhimtoprovethathe tookallreasonablestepsforsecuringcompliancewiththerequirementsinquestion. 349.Shareholders'righttoobtaincopiesoffinancialstatements (1)Anymemberofacompany,whetherornotheisentitledtohavesenttohimcopiesofthecompany'sfinancial statements,andanyholderofthecompany'sdebentures(whetherornotsoentitled)shallbeentitledtobe furnished(ondemandandwithoutcharge)withacopyofthecompany'slastfinancialstatements. (2)If,whenapersonmakesademandforadocumentwithwhichheisentitledbythissectiontobefurnished, defaultismadeincomplyingwiththedemandwithinsevendaysafteritsmaking,thecompanyandeveryofficer ofitwhoisindefaultshallbeguiltyofanoffenceandliabletoadailydefaultfineofNl00,unlessitisprovedthat thepersonhasalreadymadeademandfor,andbeenfurnishedwith,acopyofthedocuments. Modifiedfinancialstatements 350.Entitlementtodeliverfinancialstatementsinmodifiedform (1)Incertaincasesacompany'sdirectorsmay,inaccordancewithPart1oftheSeventhScheduletothisAct, delivermodifiedfinancialstatementsinrespectofayearasasmallcompany. [SeventhSchedule.] (2)Forthepurposesofsections351to353andtheSeventhScheduletothisAct,"deliver"meansdelivertothe Commission. [SeventhSchedule.] 351.Qualificationofasmallcompany (1)Acompanyqualifiesasasmallcompanyinayearifforthatyearthefollowingconditionsaresatisfied (a) itisaprivatecompanyhavingasharecapital;

(b) theamountofitsturnoverforthatyearisnotmorethanN2millionorsuchamountasmaybefixedby theCommission; (c) (d) (e) itsnetassetsvalueisnotmorethanN1millionorsuchamountasmaybefixedbytheCommission; noneofitsmembersisanalien; noneofitsmembersisaGovernmentoraGovernmentcorporationoragencyoritsnominee;and

(f)thedirectorsbetweenthemholdnotlessthan51percentofitsequitysharecapital. (2)Inapplyingsubsection(1)ofthissection,toaperiodwhichisacompany'syearbutnotinfactayear,the maximumfiguresforturnoverinparagraph(b)ofthatsubsectionshallbeproportionatelyadjusted. 352.Modifiedindividualfinancialstatements

(1)Thedirectorsofacompanymay(subjecttosection353ofthisActwherethecompanyhassubsidiaries)deliver individualfinancialstatementsmodifiedasforasmallcompanyinthecasesspecifiedinsubsections(2)and(3)of thissection;andPart1oftheSeventhScheduleshallapplywithrespecttothedeliveryoffinancialstatementsso modified. [SeventhSchedule.] (2)Inrespectofthecompany'sfirstyearthedirectorsmaydeliverfinancialstatementsmodifiedasforasmall company,ifinthatyearitqualifiesassmall. (3)Thedirectorsmayinrespectofacompany'syearsubsequenttothefirst (a)deliverfinancialstatementsmodifiedasforasmallcompanyifthecompanyqualifiesassmallanditalsoso qualifiedintheprecedingyear; (b)deliverfinancialstatementsmodifiedasforasmallcompany(althoughnotqualifyinginthatyearassmall),ifin theprecedingyearitsoqualifiedandthedirectorswereentitledtodeliverfinancialstatementssomodifiedin respectofthatyear; (c)deliverfinancialstatementsmodifiedasforasmallcompanyif,inthatyearthecompanyqualifiesassmalland thedirectorswereentitledunderparagraph(b)ofthissubsectiontodeliverfinancialstatementssomodifiedfor theprecedingyear(althoughthecompanydidnotinthatyearqualifyassmall). 353.Modifiedfinancialstatementsofholdingcompany (1)Thissectionshallapplytoaholdingcompanywhereinrespectofayearsection336ofthisActrequiresthe preparationofgroupfinancialstatementsforthecompanyanditssubsidiaries. (2)Thedirectorsoftheholdingcompanymaynotundersection352ofthisActdeliverfinancialstatements modifiedasforasmallcompany,unlessthegroup(thatistosay,theholdingcompanyanditssubsidiaries together)isinthatyearasmallgroupandthegroupissmallifitwouldsoqualifyundersection351ofthisAct (applyingthatsectionasdirectedbysubsections(3)and(4)ofthissection,ifitwereallonecompany. (3)Thefigurestobetakenintoaccountindeterminingwhetherthegroupissmallshallbethegroupaccount figures,thatis (a)wherethegroupfinancialstatementsarepreparedasconsolidatedfinancialstatements,thefiguresfor turnoverandbalancesheettotal;and (b)wherethegroupfinancialstatementsarenotpreparedasconsolidatedfinancialstatements,thecorresponding figuresgiveninthegroupfinancialstatements,withsuchadjustmentaswouldhavebeenmadeifthestatements hadbeenpreparedinconsolidatedform;aggregatedineithercasewiththerelevantfiguresforthesubsidiaries(if any)omittedfromthegroupaccounts(exceptingthoseforanysubsidiaryomittedundersection336(3)(a)ofthis Actonthegroundofimpracticability). (4)Inthecaseofeachsubsidiaryomittedfromthegroupfinancialstatements,thefiguresrelevantasregards turnover,andbalancesheettotalshallbethosewhichareincludedinthefinancialstatementsofthatsubsidiary preparedinrespectofitsrelevantyear(withsuchadjustmentaswouldhavebeenmadeifthosefigureshadbeen includedingroupfinancialstatementspreparedinconsolidatedform).

(5)Forthepurposesofsubsection(4)ofthissection,therelevantyearofthesubsidiaryshallbe (a)ifitsyearendswiththatoftheholdingcompanytowhichthegroupfinancialstatementsrelate,thatyear;and (b)ifnot,thesubsidiary'syearendinglastbeforetheendoftheyearoftheholdingcompany. (6)Ifthedirectorsareentitledtodelivermodifiedfinancialstatements,theymayalsodelivermodifiedgroup financialstatements,andsuchgroupfinancialstatements (a)ifconsolidated,maybeinaccordancewithPartIIoftheSeventhSchedule(whileotherwisecomprisingor correspondingwithgroupfinancialstatementspreparedundersection336ofthisAct);and [SeventhSchedule.] (b)ifnotconsolidated,maybesuchas(togetherwithanynotes)givethesameorequivalentinformationas requiredbyparagraph(a)ofthissubsection, andPartIIItotheSeventhScheduletothisActshallapplytomodifiedgroupfinancialstatementswhether consolidatedornot. [SeventhSchedule.] Publicationoffinancialstatements 354.Publicationbyacompanyoffullindividualorgroupfinancialstatements (1)Thissectionshallapplytothepublicationbyacompanyoffullindividualorgroupfinancialstatements,thatis tosay,thestatementsrequiredbysection345ofthisActtobelaidbeforethecompanyingeneralmeetingand deliveredtotheCommission,includingthedirectors'report,unlessdispensedwithunderparagraph3oftheSixth ScheduletothisAct,butdoesnotapplytointerimfinancialstatements. [SixthSchedule.] (2)Ifacompanypublishesindividualfinancialstatements(modifiedorother)forayear,itshallpublishwiththem therelevantauditors'report. (3)Ifacompanyrequiredbysection336ofthisActtopreparegroupfinancialstatementsforayear,publishes individualfinancialstatementsforthatyear,itshallalsopublishwiththemitsgroupfinancialstatements(which maybemodifiedfinancialstatementsbutonlyiftheindividualfinancialstatementsaremodified). (4)Ifacompanypublishesgroupfinancialstatements(modifiedornot)otherwisethantogetherwithitsindividual financialstatements,itshallpublishwiththemtherelevantauditors'report. (5)Referencesinthissectiontotherelevantauditor'sreportaretotheauditors'reportundersection359ofthis Actor,inthecaseofmodifiedfinancialstatements(individualorgroup),theauditors'specialreportunder paragraph10oftheSixthScheduletothisAct. [SixthSchedule.] (6)Acompanywhichcontravenesanyprovisionofthissectionandanyofficerofitwhoisindefault,shallbeguilty ofanoffenceandliabletoadailydefaultfineofN100.

355.Publicationofabridgedfinancialstatements (1)Thissectionshallapplytothepublicationbyacompanyofabridgedfinancialstatements,thatistosay,any balancesheetorprofitandlossaccountrelatingtoayearofthecompanyorpurportingtodealwithanysuchyear, otherwisethanaspartoffullfinancialstatements(individualorgroup)towhichsection354ofthisActapplies. (2)Thereferenceinsubsection(1)ofthissectiontoabalancesheetorprofitandlossaccount,inrelationto financialstatementspublishedbyaholdingcompany,includesanaccountinanyformpurportingtobeabalance sheetorprofitandlossaccountforthegroupconsistingoftheholdingcompanyanditssubsidiaries. (3)Ifthecompanypublishesabridgedfinancialstatements,itshallpublishwiththosestatements,astatement indicating (a)thatthestatementsarenotfullfinancialstatements; (b)whetherfullindividualorfullgroupfinancialstatementsaccordingastheabridgedstatementsdealsolelywith thecompany'sownaffairsorwiththeaffairsofthecompanyandanysubsidiarieshavebeendeliveredtothe Commissionor,inthecaseofanunlimitedcompanyexemptedundersubsection(4)ofsection345ofthisAct, fromtherequirementtodeliverfinancialstatements,thatthecompanyissoexempted; (c)whetherthecompany'sauditorshavemadeareportundersection359ofthisActonthecompany'sfinancial statementsforanyyearwithwhichtheabridgedfinancialstatementspurporttodeal;and (d)whetheranyreportsomadewasunqualified(meaningthatitwasareport,withoutqualification,totheeffect thatintheopinionofthepersonmakingit,thecompany'sfinancialstatementshadbeenproperlyprepared). (4)Whereacompanypublishesabridgedfinancialstatements,itshallnotpublishwiththosestatementsanysuch reportoftheauditorsasismentionedinsubsection(3)(c)ofthissection. (5)Acompanywhichcontravenesanyprovisionofthissectionandanyofficersofitwhoisindefault,shallbe guiltyofanoffenceandliabletoadailydefaultfineofN100. Supplementary 356.Powertoalteraccountingrequirements (1)TheMinistermayafterconsultationwiththeNigerianAccountingStandardsBoardbyregulationsinastatutory instrument (a)addtotheclassesofdocuments (i)tobecomprisedinacompany'sfinancialstatementsforayeartobelaidbeforethecompanyin generalmeetingasrequiredbysection345,ofthisAct;or (ii)tobedeliveredtotheCommissionunderthatsection,andmakeprovisionastothematterstobe includedinanydocumenttobeaddedtoeitherclass;or (b)modifytherequirementsofthisActastothematterstobestatedinadocumentofanysuchclass;or (c)reducetheclassesofdocumentstobedeliveredtotheCommissionundersection343ofthisAct.

CHAPTER2 Audit 357.Appointmentofauditors (1)Everycompanyshallateachannualgeneralmeetingappointanauditororauditorstoauditthe financialstatementsofthecompany,andtoholdofficefromtheconclusionofthat,untiltheconclusionofthe next,annualgeneralmeeting. (2)Atanyannualgeneralmeetingaretiringauditor,howeverappointed,shallbereappointedwithoutany resolutionbeingpassedunless (a)heisnotqualifiedforreappointment;or (b)aresolutionhasbeenpassedatthatmeetingappointingsomeotherpersoninsteadofhimorproviding expresslythatheshallnotbereappointed;or (c)hehasgiventhecompanynoticeinwritingofhisunwillingnesstobereappointed: Providedthatwherenoticeisgivenofanintendedresolutiontoappointsomepersonorpersonsinplaceofa retiringauditor,andbyreasonofthedeath,incapacityordisqualificationofthatpersonorofallthosepersons,as thecasemaybe,theresolutioncannotbeproceededwith,theretiringauditorshallnotbeautomaticallyre appointedbyvirtueofthissubsection. (3)Whereatanannualgeneralmeeting,noauditorsareappointedorreappointed,thedirectorsmayappointa persontofillthevacancy. (4)Thecompanyshall,withinoneweekofthepowerofthedirectorsundersubsection(3)ofthissectionbecoming exercisable,givenoticeofthatfacttotheCommission;andifacompanyfailstogivenoticeasrequiredbythis subsection,thecompanyandeveryofficerofthecompanywhoisindefaultshallbeguiltyofanoffenceandliable toafineofN100foreverydayduringwhichthedefaultcontinues. (5)Subjectashereinafterprovided,thefirstauditorsofacompanymaybeappointedbythedirectorsatanytime beforethecompanyisentitledtocommencebusinessandauditorssoappointedshallholdofficeuntilthe conclusionofthenextannualgeneralmeeting: Providedthat (a)thecompanymayatageneralmeetingremoveanysuchauditorsandappointintheirplaceanyotherperson whohasbeennominatedforappointmentbyanymemberofthecompanyandofwhosenominationnoticehas beengiventothemembersofthecompanynotlessthan14daysbeforethedateofthemeeting;and (b)ifthedirectorsfailtoexercisetheirpowersunderthissubsection;thecompanymay,inageneralmeeting convenedforthatpurpose,appointthefirstauditorsandthereuponthesaidpowersofthedirectorsshallcease. (6)Thedirectorsmayfillanycasualvacancyintheofficeofauditorbutwhileanysuchvacancycontinues,the survivingorcontinuingauditororauditors,ifany,mayact. 358.Qualificationofauditors

(1)TheprovisionsoftheInstituteofCharteredAccountantsofNigeriaActshallhaveeffectinrelationtoany investigationorauditforthepurposeofthisActsohoweverthatnoneofthefollowingpersonsshallbequalified forappointmentasauditorofacompany,thatis [Cap.111.] (a)anofficerorservantofthecompany; (b)apersonwhoisapartneroforintheemploymentofanofficerorservantofthecompany;or (c)abodycorporate, [1990No.32.] andreferencesinthesubsectiontoanofficerorservantshallbeconstruedasnotincludingreferencestoan auditor. (2)Intheapplicationofsubsection(1)ofthissection,thedisqualificationshallextendandapplytopersonswhoin respectofanyperiodofanauditwereintheemploymentofthecompanyorwereotherwiseconnectedtherewith inanymanner. (3)Apersonshallalsonotqualifyforappointmentasanauditorofacompanyifheis,undersubsection(6)ofthis section,disqualifiedforappointmentasauditorofanyotherbodycorporatewhichisthatcompany'ssubsidiaryor holdingcompanyorasubsidiaryofthatcompany'sholdingcompany,orwouldbesodisqualifiedifthebody corporatewereacompany. (4)Notwithstandingsubsections(1),(2)and(3),ofthissection,afirmisqualifiedforappointmentasauditorofa companyif,butonlyif,allthepartnersarequalifiedforappointmentasauditorsofit. (5)Nopersonshallactasauditorofacompanyatatimewhenheknowsthatheisdisqualifiedforappointmentto thatofficeandifanauditorofacompanytohisknowledgebecomessodisqualifiedduringhistermofoffice,he shallthereuponvacatehisofficeandgivenoticeinwritingtothecompanythathehasvacateditbyreasonofthat disqualification. (6)Apersonwhoactsasauditorincontraventionofsubsection(5),ofthissectionorfailswithoutreasonable excusetogivenoticeofvacatinghisofficeasrequiredbythatsubsection,shallbeguiltyofanoffenceandliableto afineofN500and,forcontinuedcontravention,toadailydefaultfineofN50. 359.Auditors'report (1)Theauditorsofacompanyshallmakeareporttoitsmembersontheaccountsexaminedbythem,andon everybalancesheetandprofitandlossaccount,andonallgroupfinancialstatements,copiesofwhicharetobe laidbeforethecompanyinageneralmeetingduringtheauditors'tenureofoffice. (2)Theauditors'reportshallstatethematterssetoutintheSixthScheduletothisAct. [1991No.46.SixthSchedule.] (3)Inadditiontothereportmadeundersubsection(1)ofthissection,theauditorshallinthecaseofapublic companyalsomakeareporttoanauditcommitteewhichshallbeestablishedbythepubliccompany.

(4)Theauditcommitteereferredtoinsubsection(3)ofthissection,shallconsistofanequalnumberofdirectors andrepresentativesoftheshareholdersofthecompany(subjecttoamaximumnumberofsixmembers)andshall examinetheauditors'reportandmakerecommendationsthereontotheannualgeneralmeetingasitmaythink fit: Provided,however,thatsuchmemberoftheauditcommitteeshallnotbeentitledtoremunerationandshallbe subjecttoreelectionannually. (5)Anymembermaynominateashareholderasamemberoftheauditcommitteebygivingnoticeinwritingof suchnominationtothesecretaryofthecompanyatleast21daysbeforetheannualgeneralmeeting. (6)Subjecttosuchotheradditionalfunctionsandpowersthatthecompany'sarticlesofassociationmaystipulate, theobjectivesandfunctionsoftheauditcommitteeshallbeto (a)ascertainwhethertheaccountingandreportingpoliciesofthecompanyareinaccordancewithlegal requirementsandagreedethicalpractices; (b)reviewthescopeandplanningofauditrequirements; (c)reviewthefindingsonmanagementmattersinconjunctionwiththeexternalauditoranddepartmental responsesthereon; (d)keepunderreviewtheeffectivenessofthecompany'ssystemofaccountingandinternalcontrol; (e)makerecommendationstotheBoardinregardtotheappointment,removalandremunerationoftheexternal auditorsofthecompany;and (f)authorisetheinternalauditortocarryoutinvestigationsintoanyactivitiesofthecompanywhichmaybeof interestorconcerntothecommittee. 360.Auditors'dutiesandpowers (1)Itshallbethedutyofthecompany'sauditors,inpreparingtheirreporttocarryoutsuchinvestigationsasmay enablethemtoformanopinionastothefollowingmatterswhether (a)properaccountingrecordshavebeenkeptbythecompanyandproperreturnsadequatefortheiraudithave beenreceivedfrombranchesnotvisitedbythem; (b)thecompany'sbalancesheetand(ifnotconsolidated)itsprofitandlossaccountareinagreementwiththe accountingrecordsandreturns. (2)Iftheauditorsareofopinionthatproperaccountingrecordshavenotbeenreceivedfrombranchesnotvisited bythem,orifthebalancesheetand(ifnotconsolidated)theprofitandlossaccountarenotinagreementwiththe accountingrecordsandreturns,theauditorsshallstatethatfactintheirreport. (3)Everyauditorofacompanyshallhavearightofaccessatalltimestothecompany'sbooks,accountsand vouchers,andbeentitledtorequirefromthecompany'sofficesuchinformationandexplanationsashethinks necessaryfortheperformanceoftheauditor'sduties.

(4)IftherequirementsofPartVandVIoftheThirdScheduleandPartsItoIIIoftheFourthScheduletothisActare notcompliedwithintheaccounts,itshallbetheauditors'dutytoincludeintheirreport,sofarastheyare reasonablyabletodoso,astatementgivingtherequiredparticulars. [ThirdSchedule.FourthSchedule.] (5)Itshallbetheauditors'dutytoconsiderwhethertheinformationgiveninthedirectors'reportfortheyearfor whichtheaccountsarepreparedisconsistentwiththoseaccounts;andiftheyareofopinionthatitisnot,they shallstatethatfactintheirreport. 361.Remunerationofauditors (1)Theremunerationoftheauditorsofacompany (a)inthecaseofanauditorappointedbythedirectors,maybefixedbythedirectors;or (b)shall,subjecttotheforegoingparagraph,befixedbythecompanyingeneralmeetingorinsuchmannerasthe companyingeneralmeetingmaydetermine. (2)Forthepurposesofsubsection(7)ofthissection,"remuneration"includessumspaidbythecompanyin respectoftheauditors'expenses. 362.Removalofauditors (1)Acompanymaybyordinaryresolutionremoveanauditorbeforetheexpirationofhistermofoffice, notwithstandinganythinginanyagreementbetweenitandhim. (2)Wherearesolutionremovinganauditorispassedatageneralmeetingofacompany,thecompanyshallwithin 14daysgivenoticeofthatfactintheprescribedformtotheCommissionandifacompanyfailstogivethenotice requiredbythissubsection,thecompanyandeveryofficerofitwhoisindefaultshallbeguiltyofanoffenceand liabletoadailydefaultfineofN100. (3)Nothinginthissectionshallbetakenasdeprivingapersonremovedunderitofcompensationordamages payabletohiminrespectoftheterminationofhisappointmentasauditororofanyappointmentterminatingwith thatasauditor. 363.Auditors'righttoattendcompany'smeetings (1)Acompany'sauditorsshallbeentitledtoattendanygeneralmeetingofthecompanyandtoreceiveallnotices ofandothercommunicationsrelatingtoanygeneralmeetingwhichamemberofthecompanyisentitledto receiveandtobeheardatanygeneralmeetingwhichtheyattendonanypartofthebusinessofthemeeting whichconcernsthemasauditor. (2)Anauditorofacompanywhohasbeenremovedshallbeentitledtoattend (a)thegeneralmeetingatwhichhistermofofficewouldotherwisehaveexpired;and (b)anygeneralmeetingatwhichitisproposedtofillthevacancycausedbyhisremoval,

andtoreceiveallnoticesof,andothercommunicationsrelatingto,anysuchmeetingwhichanymemberofthe companyisentitledtoreceive,andtobeheardatanysuchmeetingwhichheattendsonanypartofthebusiness ofthemeetingwhichconcernshimasformerauditorofthecompany. 364.Supplementaryprovisionsrelatingtoauditors (1)Aspecialnoticeshallberequiredforaresolutionatageneralmeetingofacompany (a)appointingasauditorapersonotherthanaretiringauditor;or (b)fillingacasualvacancyintheofficeofauditor;or (c)reappointingasauditoraretiringauditorwhowasappointedbythedirectorstofillacasualvacancy;or (d)removinganauditorbeforetheexpirationofhistermofoffice. (2)Onreceiptofnoticeofsuchanintendedresolutionasismentionedinsubsection(1),thecompanyshall forthwithsendacopyofit (a)tothepersonproposedtobeappointedorremoved,asthecasemaybe; (b)inacasewithinsubsection(1)(a)ofthissection,totheretiringauditors;and (c)where,inacasewithinsubsection(1)(b)or(c)ofthissection,thecasualvacancywascausedbytheresignation ofanauditor,totheauditorwhoresigned. (3)Wherenoticeisgivenofsucharesolutionasismentionedinsubsection(1)(a)or(d)ofthissectionandthe retiringauditor(or,asthecasemaybe,theauditorproposedtoberemoved)makeswithrespecttotheintended resolutionrepresentationsinwritingtothecompanynotexceedingareasonablelength,andrequeststheir notificationtomembersofthecompany,thecompanyshall(unlesstherepresentationsarereceivedbyittoolate forittodoso) (a)inanynoticeoftheresolutiongiventomembersofthecompany,statethefactoftherepresentationshaving beenmade;and (b)sendacopyoftherepresentationstoeverymemberofthecompanytowhomnoticeofthemeetingisorhas beensent. (4)Ifacopyofanysuchrepresentationsisnotsentoutasrequiredbysubsection(3)ofthissectionbecausethey werereceivedtoolateorbecauseofthecompany'sdefault,theauditormay(withoutprejudicetohisrighttobe heardorally)requirethattherepresentationsshallbereadoutatthemeeting. (5)Copiesoftherepresentationsneednotbesentoutandtherepresentationsneednotbereadoutatthe meetingif,ontheapplicationeitherofthecompanyorofanyotherpersonclaimingtobeaggrieved,thecourtis satisfiedthattherightsconferredbythissectionarebeingabusedtosecureneedlesspublicityfordefamatory matter;andthecourtmayorderthecompany'scostsontheapplicationtobepaidinwholeorinpartbythe auditor,notwithstandingthatheisnotapartytotheapplication. 365.Resignationofauditors

(1)Anauditorofacompanymayresignhisofficebydepositinganoticeinwritingtothateffectatthecompany's registeredoffice;andanysuchnoticeshalloperatetobringhistermofofficetoanendonthedateofwhichthe noticeisdeposited,oronsuchlaterdateasmaybespecifiedinit. (2)Anauditor'snoticeofresignationshallnotbeeffectiveunlessitcontainseither (a)astatementtotheeffectthattherearenocircumstancesconnectedwithhisresignationwhichheconsiders shouldbebroughttothenoticeofthemembersorcreditorsofthecompany;or (b)astatementofanysuchcircumstancesasarementionedabove. (3)Whereanoticeunderthissectionisdepositedatacompany'sregisteredoffice,thecompanyshallwithin14 dayssendacopyofthenotice (a)totheCommission;and (b)ifthenoticecontainedastatementundersubsection(2)(b)ofthissection,toeverypersonwhoundersection 344ofthisActisentitledtobesentcopiesofthefinancialstatements. (4)Thecompanyoranypersonclaimingtobeaggrievedmay,within14daysofthereceiptbythecompanyofa noticecontainingastatementundersubsection(2)(b)ofthissection,applytothecourtforanorderunder subsection(5)ofthissection. (5)Ifonsuchanapplicationthecourtissatisfiedthattheauditorisusingthenoticetosecureneedlesspublicityfor defamatorymatter,itmay,byorder,directthatcopiesofthenoticeneednotbesentout;andthecourtmay furtherorderthecompany'scostsontheapplicationtobepaidinwholeorinpartbytheauditor,notwithstanding thatheisnotapartytotheapplication. (6)Thecompanyshall,within14daysofthecourt'sdecision,sendtothepersonsmentionedinsubsection(3)of thissection (a)ifthecourtmakesanorderundersubsection(5)ofthissection,astatementsettingouttheeffectoftheorder; (b)ifnot,acopyofthenoticecontainingthestatementundersubsection(2)(b)ofthissection. (7)Ifdefaultismadeincomplyingwiththeprovisionsofsubsection(3)or(6)ofthissection,thecompanyand everyofficerofitwhoisindefaultshallbeguiltyofanoffenceandliabletoadailydefaultfineofN100. 366.Rightofresigningauditortorequisitioncompanymeeting (1)Whereanauditor'snoticeofresignationcontainsastatementundersection365(2)(b)ofthisAct,theremay bedepositedwiththenoticearequisitionsignedbytheauditorcallingonthedirectorsofthecompanyforthwith dulytoconveneanextraordinarygeneralmeetingofthecompanyforthepurposeofreceivingandconsidering suchexplanationofthecircumstancesconnectedwithhisresignationashemaywishtoplacebeforethemeeting. (2)Whereanauditor'snoticeofresignationcontainssuchastatement,theauditormayrequestthecompanyto circulatetoitsmembersbefore (a)thegeneralmeetingatwhichhistermofofficewouldotherwisehaveexpired;or

(b)anygeneralmeetingatwhichitisproposedtofillthevacancycausedbyhisresignationorconvenedonhis requisition, astatementinwriting(notexceedingareasonablelength)ofthecircumstancesconnectedwithhisresignation. (3)Ifaresigningauditorrequeststhecirculationofastatementbyvirtueofsubsection(2)ofthissection,the companyshall(unlessthestatementisreceivedbyittoolateforittocomply) (a)inanynoticeofthemeetinggiventomembersofthecompany,statethefactofthestatementhavingbeen made;and (b)sendacopyofthestatementtoeverymemberofthecompanytowhomnoticeofthemeetingisorhasbeen sent. (4)Ifthedirectorsdonotwithin21daysfromthedateofthedepositofarequisitionunderthissectionproceed dulytoconveneameetingforadaynotmorethan28daysafterthedateonwhichthenoticeconveningthe meetingisgiven,everydirectorwhofailstotakeallreasonablestepstosecurethatameetingisconvenedas mentionedaboveshallbeguiltyofanoffenceandliabletoafineofN500. (5)Ifacopyofthestatementmentionedinsubsection(2)ofthissectionisnotsentoutasrequiredbysubsection (3)ofthissectionbecauseitwasreceivedtoolateorbecauseofthecompany'sdefault,theauditormay(without prejudicetohisrighttobeheardorally)requirethatthestatementshallbereadoutatthemeeting. (6)Copiesofastatementneednotbesentoutandthestatementneednotbereadoutatthemeetingif,onthe applicationeitherofthecompanyorofanyotherpersonwhoclaimstobeaggrieved,thecourtissatisfiedthatthe rightsconferredbythissectionarebeingabusedtosecureneedlesspublicityfordefamatorymatter;andthecourt mayorderthecompany'scostsonsuchanapplicationtobepaidinwholeorinpartbytheauditor, notwithstandingthatheisnotapartytotheapplication. (7)Anauditorwhohasresignedhisofficeshallbeentitledtoattendanysuchmeetingasismentionedin subsection(2)(a)or(b)ofthissectionandtoreceiveallnoticesofandothercommunicationsrelatingtoanysuch meetingwhichanymemberofthecompanyisentitledtoreceive,andtobeheardatanysuchmeetingwhich concernshimasformerauditorofthecompany. 367.Powersofauditorsinrelationtosubsidiaries (1)Whereacompanyhasasubsidiary,then (a)ifthesubsidiaryisabodycorporateincorporatedinNigeriaitshallbethedutyofthesubsidiariesandits auditorstogivetheauditorsoftheholdingcompanysuchinformationandexplanationasthoseauditorsmay reasonablyrequireforthepurposesoftheirdutiesasauditorsoftheholdingcompany; (b)inanyothercase,itshallbethedutyoftheholdingcompany,ifrequiredbyitsauditorstodoso,totakeall suchstepsasarereasonablyopentoittoobtainfromthesubsidiarysuchinformationandexplanationasare mentionedabove. (2)Ifasubsidiaryorholdingcompanyfailstocomplywiththeprovisionsofsubsection(1)ofthissection,the subsidiaryorholdingcompany,andeveryofficerofitwhoisindefault,shallbeguiltyofanoffenceandliabletoa fine;andifanauditorfailswithoutreasonableexcusetocomplywithparagraph(a)ofthesubsection,heshallbe guiltyofanoffenceandsoliable.

368.Liabilityofauditorsfornegligence (1)Acompany'sauditorshallintheperformanceofhisduties,exerciseallsuchcare,diligenceandskillasis reasonablynecessaryineachparticularcircumstance. (2)Whereacompanysufferslossordamageasaresultofthefailureofitsauditortodischargethefiduciaryduty imposedonhimbysubsection(1)ofthissection,theauditorshallbeliablefornegligenceandthedirectorsmay instituteanactionfornegligenceagainsthiminthecourt. (3)Ifthedirectorsfailtoinstituteanactionagainsttheauditorundersubsection(2)ofthissection,anymember maydosoaftertheexpirationof30days'noticetothecompanyofhisintentiontoinstitutesuchaction. 369.Falsestatementstoauditors (1)Anofficerofacompanycommitsanoffenceifheknowinglyorrecklesslymakestoacompany'sauditorsa statement(whetherwrittenororal)which (a)conveysorpurportstoconveyanyinformationorexplanationwhichtheauditorsrequire,orareentitledto require,asauditorsofthecompany;and (b)ismisleading,falseordeceptiveinamaterialparticular. (2)ApersonguiltyofanoffenceunderthissectionshallbeliabletoimprisonmentforoneyearortoafineofN500 orboth. PARTXII Annualreturns 370.Annualreturnbycompanylimitedbysharesorguarantee Everycompanyshall,onceatleastineveryyear,makeanddelivertotheCommissionanannualreturnintheform, andcontainingthemattersspecifiedinsections371,372or373ofthisActasmaybeapplicable: Providedthatacompanyneednotmakeareturnunderthissectioneitherintheyearofitsincorporationor,ifitis notrequiredbysection213ofthisActtoholdanannualgeneralmeetingduringthefollowingyear,inthatyear. 371.Annualreturnbycompanyhavingsharesotherthansmallcompany (1)Theannualreturnbyacompanyhavingsharesotherthanasmallcompanyshallcontainwithrespecttothe registeredofficeofthecompany,registersofmembersanddebentureholders,sharesanddebentures, indebtedness,pastandpresentmembersanddirectorsandsecretary,themattersspecifiedinPartIoftheEighth ScheduletothisAct,andthesaidreturnshallbeintheformsetoutinPartIIofthatScheduleorasneartoitas circumstancesadmit. [EighthSchedule.] (2)Wherethecompanyhasconvertedanyofitssharesintostockandgivennoticeoftheconversiontothe Commission,thelistreferredtoinparagraph5ofPartIoftheEighthScheduletothisActshallstatetheamountof stockheldbyeachoftheexistingmembersinsteadoftheamountofsharesandtheparticularsrelatingtoshares requiredbythatparagraph.

[EighthSchedule.] (3)Thereturnmay,inanyyear,ifthereturnforeitherofthetwoimmediatelyprecedingyearshasgiven,asatthe dateofthatreturn,thefullparticularsrequiredbythesaidparagraph5oftheEighthScheduletothisAct,giveonly suchparticularsrequiredbythatparagraphasrelatetopersonsceasingtobeorbecomingmemberssincethedate ofthelastreturnandtosharestransferredsincethatdateintheamountofstockheldbyamember. [EighthSchedule.] 372.Annualreturnbysmallcompany TheannualreturnbyasmallcompanyshallcontainthemattersspecifiedinPartIoftheNinthScheduletothisAct andthereturnshallbeintheformsetoutinPartIIofthatScheduleorasneartoitascircumstancesadmit. [NinthSchedule.] 373.Annualreturnbycompanylimitedbyguarantee (1)TheannualreturnbyacompanylimitedbyguaranteeshallbeintheformprescribedintheTenthScheduleto thisActorasneartoitascircumstancesadmit. [TenthSchedule.] (2)Thereshallbeannexedtothereturnastatementcontainingparticularsofthetotalamountofthe indebtednessofthecompanyinrespectofallmortgagesandchargeswhicharerequiredtoberegisteredwiththe CommissionunderthisAct. 374.Timeforcompletionofannualreturn Theannualreturnshallbecompletedwithin42daysaftertheannualgeneralmeetingfortheyear,whetherornot thatmeetingisthefirstoronlyordinarygeneralmeetingofthecompanyinthatyear,andthecompanyshall forthwithforwardtotheCommissionacopysignedbothbyadirectorandbythesecretaryofthecompany. 375.Documentstobeannexedtoannualreturn (1)Subjecttotheprovisionsofsection377ofthisAct,thereshallbeannexedtotheannualreturn (a)awrittencopy,certifiedbothbyadirectorandbythesecretaryofthecompanytobeatruecopy,ofevery balancesheetandprofitandlossaccountlaidbeforethecompanyingeneralmeetingheldintheyeartowhichthe returnrelates(includingeverydocumentrequiredbylawtobeannexedtothebalancesheet);and (b)acopy,certifiedasaforesaid,ofthereportoftheauditorson,andofthereportofthedirectorsaccompanying, eachsuchbalancesheet. (2)Ifanysuchbalancesheetasismentionedinsubsection(1)ofthesectionordocumentrequiredbylawtobe annexeddoesnotcomplywiththerequirementofthelawasinforceatthedateoftheauditwithrespecttothe formofbalancesheetsordocumentsaforesaid,asthecasemaybe,thereshallbemadesuchadditionstoand correctionsinthecopyaswouldhavebeenrequiredtobemadeinthebalancesheetordocumentinorderto complywiththerequirements,andthefactthatthecopyhasbeensoamendedshallbestatedonit. 376.Certificatesbyprivatecompanyandsmallcompanyinannualreturn

(1)Aprivatecompanyshallsendwiththeannualreturnrequiredbysections371,372or373ofthisActa certificatesignedbothbyadirectorandbythesecretaryofthecompanythatthecompanyhasnot,sincethedate ofthelastreturn,or,inthecaseofafirstreturn,sincethedateoftheincorporationofthecompany,issuedany invitationtothepublictosubscribeforanysharesordebenturesofthecompany,and,wheretheannualreturn disclosesthefactthatthenumberofmembersofthecompanyexceedsfifty,alsoacertificatesosignedthatthe excessconsistswhollyofpersonswhoundersubsection(3)ofsection22ofthisActarenotincludedinreckoning thenumberoffifty. (2)Asmallcompanyshallinadditiontothecertificaterequiredundersubsection(1)ofthissection,sendwiththe annualreturnacertificatesignedbyadirectorandthesecretarythat (a)itisaprivatecompanylimitedbyshares; (b)theamountofitsturnoverforthatyearisnotmorethanN2millionorsuchamountasmaybefixedbythe Commission; (c)itsnetassetsvalueisnotmorethanN1millionorsuchamountasmaybefixedbytheCommission; (d)noneofitsmembersisanalien; (e)noneofitsmembersisaGovernment,aGovernmentagentornominee;and (f)thedirectorsamongthemholdnotlessthan51percentoftheequitysharecapitalofthecompany. 377.Exceptionincertaincasesofunlimitedcompaniesandsmallcompaniesfromrequirementsofsection375 (1)Anunlimitedcompanyshallbeexemptedfromtherequirementsimposedbysection375ofthisActasto documentstobeannexedtotheannualreturnif,butonlyif (a)atnotimeduringtheperiodtowhichthereturnrelateshasitbeen,toitsknowledge,thesubsidiaryofa companythatwasthenlimitedandatnosuchtime,toitsknowledge,havetherebeenheldorexercisablebyoron behalfoftwoormorecompaniesthatwerelimited,sharesorpowerswhich,hadtheybeenheldorexercisableby oneofthem,wouldhavemadethecompanyitssubsidiary; (b)atnosuchtimehasitbeentheholdingcompanyofacompanythatwasthenlimited. (2)Asmallcompanyshallalsobeexemptedfromtherequirementsimposedbysection375ofthisActprovided thatitcomplieswiththeprovisionofsection351ofthisAct. 378.Penaltyfornoncompliancewithsections370to376 (1)Ifacompanyrequiredtocomplywithanyoftheprovisionsofsections370to376ofthisActfailstodoso,the companyandeverydirectororofficerofthecompanywhoisindefaultshallbeguiltyofanoffenceandliabletoa fineofN1,000inthecaseofapubliccompanyandN100inthecaseofaprivatecompany. (2)Forthepurposesofsubsection(1)ofthissection,"officer"includesanypersoninaccordancewiththose directionsorinstructionsthedirectorsofthecompanyareaccustomedtoact. PARTXIII Dividendsandprofits

379.Declarationofdividendsandpaymentofinterimdividend (1)Acompanymay,ingeneralmeeting,declaredividendsinrespectofanyyearorotherperiodonlyonthe recommendationofthedirectors. (2)Thecompanymayfromtimetotimepaytothememberssuchinterimdividendsasappeartothedirectorsto bejustifiedbytheprofitsofthecompany. (3)Thegeneralmeetingshallhavepowertodecreasetheamountofdividendrecommendedbythedirectors,but shallhavenopowertoincreasetherecommendedamount. (4)Wheretherecommendationofthedirectorsofacompanywithrespecttothedeclarationofadividendis variedinaccordancewithsubsection(3)ofthissectionbythecompanyingeneralmeeting,astatementtothat effectshallbeincludedintherelevantannualreturn. (5)SubjecttotheprovisionsofthisAct,dividendsshallbepayabletotheshareholdersonlyoutofthedistributable profitsofthecompany. 380.Distributableprofits Subjecttothecompanybeingabletopayitsdebtsastheyfalldue,thecompanymaypay dividendsoutofthefollowingprofits (a)profitsarisingfromtheuseofthecompany'spropertyalthoughitisawastingasset; (b)revenuereserves; (c)realisedprofitonafixedassetsold,butwheremorethanoneassetissold,thenetrealisedprofitontheassets sold. 381.Restrictionondeclarationandpaymentofdividends Acompanyshallnotdeclareorpaydividendiftherearereasonablegroundsforbelievingthatthecompanyisor wouldbe,afterthepayment,unabletopayitsliabilitiesastheybecomedue. 382.Unclaimeddividends (1)Wheredividendsarereturnedtothecompanyunclaimed,thecompanyshallsendalistofthenamesofthe personsentitledwiththenoticeofthenextannualgeneralmeetingtothemembers. (2)Aftertheexpirationofthreemonthsofthenoticementionedinsubsection(1)ofthissection,thecompany mayinvesttheunclaimeddividendforitsownbenefitinaninvestmentoutsidethecompanyandnointerestshall accrueonthedividendsagainstthecompany. (3)Wheredividendshavebeensenttomembersandthereisanomissiontosendtosomemembersduetothe faultofthecompany,thedividendsshallearninterestatthecurrentbankratefromthreemonthsafterthedate onwhichtheyoughttohavebeenposted. (4)Forthepurposeofliability,thedateofpostingthedividendwarrantshallbedeemedtobethedateofpayment andproofofwhetherithasbeensentisaquestionoffact.

383.Reserveandcapitalisation (1)Thedirectorsmay,beforerecommendinganydividend,setasideoutoftheprofitsofthecompanysuchsums astheythinkproperasareserveorreserveswhichshall,atthediscretionofthedirectors,beapplicableforany purposetowhichtheprofitsofthecompanymaybeproperlyapplied,andpendingsuchapplicationmay,atthe likediscretion,eitherbeemployedinthebusinessofthecompanyorbeinvestedinsuchinvestments(otherthan sharesofthecompany)asthedirectorsmayfromtimetotimethinkfit;andthedirectorsmayalsowithoutplacing thesametoreserve,carryforwardanyprofitswhichtheymaythinkprudentnottodistribute. (2)Thecompanyingeneralmeetingmayupontherecommendationofthedirectorsresolvethatitisdesirableto capitaliseanypartoftheamountforthetimebeingstandingtothecreditofanyofthecompany'sreserve accountsortothecreditoftheprofitandlossaccountorotherwiseavailablefordistribution. (3)Suchsummaybesetfreefordistributionamongthememberswhowouldhavebeenentitledtodividendsin thesameproportionsonconditionthatthesamebenotpaidincashbutbeappliedeitheronortowardspayingup anyamountsforthetimebeingunpaidonanysharesheldbysuchmembersrespectivelyorpayingupinfull unissuedsharesordebenturesofthecompanytobeallottedanddistributedtocreditorsasfullypaidup. (4)Thecompanymaydecidebyaresolutionwhatpartistobedistributedincashorinsharesandthedirectors shallgiveeffecttosuchresolution. (5)Sharepremiumaccountandacapitalredemptionreservefundmay,forthepurposesofthissubsection,only beappliedinthepayingupofunissuedsharestobeissuedtomembersofthecompanyasfullypaidbonusshares. (6)Wherearesolutionisundersubsections(2)to(5)ofthissectionpassed,thedirectorsshallmakeall appropriationsandapplicationsoftheundividedprofitsresolvedtobecapitalisedthereby,andallallotmentsand issuesoffullypaidsharesordebentures,ifany,andgenerallydoallactsandthingsrequiredtogiveeffecttoit. (7)Thedirectorsshallhavepowertomakesuchprovisionbytheissueoffractionalcertificatesorbypaymentin cashorotherwiseastheythinkfitinthecaseofsharesordebenturesbecomingdistributableinfractions. (8)Anypersonmaybeauthorisedbythedirectorstoenteronbehalfofallthemembersentitledunderthissection intoanagreementwiththecompanytoprovidefortheallotmenttothemrespectively,creditedasfullypaidup,of anyfurthersharesordebenturestowhichtheymaybeentitleduponsuchcapitalisation,or(asthecasemay require)forthepaymentupbythecompanyontheirbehalf,oftheamountsoranypartoftheamountsremaining unpaidontheirexistingshares,andanyagreementmadeundersuchauthorityshallbeeffectiveandbindingonall suchmembers. 384.Employees'sharesandprofitsharing Ifunderhiscontractofservice,anemployeeisentitledtoshareintheprofitsofthecompanyasanincentive,he shallbeentitledtoshareintheprofitsofthecompany,whetherornotdividendshavebeendeclared. 385.Rightoftheshareholderstosuefordividends Dividendsshallbespecialdebtsdueto,andrecoverableby,shareholderswithin12years,andactionableonly whendeclared. 386.Liabilityforpayingdividendoutofcapital

(1)Alldirectorswhoknowinglypay,orarepartytothepaymentofdividendoutofcapitalorotherwisein contraventionofthisPartofthisAct,shallbepersonallyliablejointlyandseverallytorefundtothecompanyany amountsopaid. (2)Suchdirectorsshallhavetherighttorecoverthedividendfromshareholderswhoreceiveitwithknowledge thatthecompanyhadnopowertopayit. PARTXIV Receiversandmanagers Appointmentofreceiversandmanagers 387.Disqualificationforappointmentasareceiverormanager (1)Thefollowingpersonsshallnotbeappointedoractasreceiversormanagersofanyproperty orundertakingofanycompany (a)aninfant; (b)anypersonfoundbyacompetentcourttobeofunsoundmind; (c)abodycorporate; (d)anundischargedbankrupt,unlessheshallhavebeengivenleavetoactasareceiverormanagerofthe propertyorundertakingofthecompanybythecourtbywhichhewasadjudgedbankrupt; (e)adirectororauditorofthecompany; (f)anypersonconvictedofanyoffenceinvolvingfraud,dishonesty,officialcorruptionormoralturpitudeandwho isdisqualifiedundersection254ofthisAct. (2)Anyappointmentmadeincontraventionoftheprovisionsofsubsection(1)ofthissectionshallbevoidandif anyofthepersonsnamedinparagraphs(c),(d),(e)and(f)ofthatsubsectionshallactasareceiverormanager,he shallbeguiltyofanoffenceandliabletoafinenotexceedingN2,000inthecaseofabodycorporateor,inthecase ofanindividual,toimprisonmentforatermnotexceedingsixmonthsortoafinenotexceedingN500. (3)Whereanyofthepersonsmentionedinsubsection(1)ofthissectionisatthecommencementofthisActacting asareceiverormanager,hemayberemovedbythecourtonanapplicationbyapersoninterested. 388.Powerofthecourttoappointofficialreceiverfordebentureholdersandothers Whereanapplicationismadetothecourttoappointareceiveronbehalfofthedebentureholderorother creditorsofacompanywhichisbeingwoundupbythecourt,anofficialreceivermaybeappointed. 389.Appointmentofreceiversandmanagersbythecourt (1)Notwithstandingtheprovisionsofparagraph(d)ofsubsection(1)ofsection209ofthisAct,thecourtmay,on theapplicationofapersoninterested,appointareceiverorareceiverandmanagerofthepropertyorundertaking ofacompanyif

(a)theprincipalmoneyborrowedbythecompanyortheinterestisinarrears;or (b)thesecurityorpropertyofthecompanyisinjeopardy. (2)Areceiverormanagerofanypropertyorundertakingofacompanyappointedbythecourtshallbedeemedto beanofficerofthecourtandnotofthecompanyandshallactinaccordancewiththedirectionsandinstructions ofthecourt. 390.Receiversandmanagersappointedoutofcourt (1)Areceiverormanagerofanypropertyorundertakingofacompanyappointedoutofcourtunderapower containedinanyinstrumentshall,subjecttosection393ofthisAct,bedeemedtobeanagentofthepersonor personsonwhosebehalfheisappointedand,ifappointedmanagerofthewholeoranypartoftheundertakingof acompany,heshallbedeemedtostandinafiduciaryrelationshiptothecompanyandobservetheutmostgood faithtowardsitinanytransactionwithitoronitsbehalf. (2)Suchamanager (a)shallactatalltimesinwhathebelievestobethebestinterestsofthecompanyasawholesoastopreserveits assets,furtheritsbusiness,andpromotethepurposesforwhichitwasformed,andinsuchmannerasafaithful, diligent,carefulandordinarilyskilfulmanagerwouldactinthecircumstances; (b)inconsideringwhetheraparticulartransactionorcourseofactionisinthebestinterestofthecompanyasa whole,mayhaveregardtotheinterestsoftheemployees,aswellasthemembersofthecompany,and,when appointedby,orasarepresentativeof,aspecialclassofmembersorcreditorsmaygivespecial,butnotexclusive, considerationtotheinterestsofthatclass. (3)Nothingcontainedinthearticlesofacompany,orinanycontract,orinanyresolutionofacompany,shall relieveanymanagerfromthedutytoactinaccordancewithsubsection(2)ofthissectionorrelievehimfromany liabilityincurredasaresultofanybreachofsuchduty. 391.Powerofareceiverormanagerappointedoutofcourttoapplytothecourtfordirections Areceiverormanagerofthepropertyofacompanyappointedinaccordancewiththeprovisionsofsubsection(1) ofsection390ofthisActmayapplytothecourtfordirectioninrelationtoanyparticularmatterarisingin connectionwiththeperformanceofhisfunctions,andonanysuchapplication,thecourtmaygivesuchdirections ormakesuchorderdeclaringtherightsofpersonsbeforethecourtorotherwise,asitthinksjust. 392.Notificationthatareceiverormanagerhasbeenappointed (1)Whereareceiverormanagerofthepropertyofacompanyhasbeenappointed,noticeshallbegiventothe Commissionwithin14days,indicatingthetermsofandremunerationfortheappointment,andeveryinvoice, orderforgoodsorbusinessletterissuedbyoronbehalfofthecompany,orthereceiverormanagerorthe liquidatorofthecompany,beingadocumentonorinwhichthecompany'snameappears,shallcontaina statementthatareceiverormanagerhasbeenappointed. (2)Ifdefaultismadeincomplyingwiththissection,thecompanyandanyofthefollowingpersons,whoknowingly andwilfullyauthorisesorpermitsthedefault,namely,anyofficerofthecompany,anyliquidatorofthecompany andanyreceiverormanager,shallbeguiltyofanoffenceandliabletoafinenotexceedingN25foreveryday duringwhichthedefaultcontinues.

Duties,powersandliabilitiesofreceiversandmanagers 393.Duties,powers,etc,ofreceiversandmanagers (1)Apersonappointedareceiverofanypropertyofacompanyshall,subjecttotherightsofpriorincumbrancers, takepossessionofandprotecttheproperty,receivetherentsandprofitsanddischargealloutgoingsinrespect thereofandrealisethesecurityforthebenefitofthoseonwhosebehalfheisappointed,butunlessappointed manager,heshallnothavepowertocarryonanybusinessorundertaking. (2)Apersonappointedmanagerofthewholeoranypartoftheundertakingofacompanyshallmanagethesame withaviewtothebeneficialrealisationofthesecurityofthoseonwhosebehalfheisappointed. (3)Withoutprejudicetosubsection(1)or(2)ofthissection,whereareceiverormanagerisappointedforthe wholeorsubstantiallythewholeofacompany'sproperty,thepowersconferredonhimbythedebenturesby virtueofwhichhewasappointedshallbedeemedtoinclude(exceptinsofarastheyareinconsistentwithanyof theprovisionsofthosedebentures)thepowersspecifiedintheEleventhScheduletothisAct. [EleventhSchedule.] (4)Asfromthedateofappointmentofareceiverormanager,thepowersofthedirectorsorliquidatorsina members'voluntarywindinguptodealwiththepropertyorundertakingoverwhichheisappointedshallcease unlessanduntilthereceiverormanagerisdischarged. (5)If,ontheappointmentofareceiverormanager,thecompanyisbeingwoundupundertheprovisionrelating tocreditors'voluntarywindingup,orthepropertyconcernedisinthehandsofsomeotherofficerofthecourt,the liquidatororofficershallnotbeboundtorelinquishcontrolofsuchpropertytothereceiverormanagerexcept undertheorderofthecourt. 394.Liabilitiesofreceiversandmanagersoncontracts (1)Areceiverormanagerofanypropertyorundertakingofacompanyshallbepersonallyliableonanycontract enteredintobyhimexceptinsofarasthecontractotherwiseexpresslyprovides. (2)Asregardscontractsenteredintobyareceiverormanagerintheproperperformanceofhisfunctions,such receiverormanagershall,subjecttotherightsofanypriorincumbrancers,beentitledtoanindemnityinrespect ofliabilitythereonoutofthepropertyoverwhichhehasbeenappointedtoactasreceiverormanager. (3)Areceiverormanagerappointedoutofcourtunderapowercontainedinanyinstrumentshallalsobeentitled, asregardscontractsenteredintobyhimwiththeexpressorimpliedauthorityofthoseappointinghim,toan indemnityinrespectofliabilitythereonfromthoseappointinghimtotheextenttowhichheisunabletorecover inaccordancewithsubsection(2)ofthissection. 395.Powerofcourttofixremunerationonapplicationofliquidator (1)Thecourtmay,ontheapplicationofthecompanyortheliquidatorofacompany,byorderfixtheamounttobe paidbywayofremunerationtoanypersonwho,underthepowerscontainedinanyinstrument,hasbeen appointedasreceiverormanagerofthepropertyofthecompany. (2)Thepowersofthecourtundersubsection(1)ofthissectionshall,wherenopreviousorderhasbeenmadewith respecttheretounderthatsubsection

(a)extendtofixingtheremunerationforanyperiodbeforethemakingoftheorderortheapplicationtherefore; and (b)beexercisablenotwithstandingthatthereceiverormanagerhasdiedorceasedtoactbeforethemakingofthe orderortheapplicationtherefore;and (c)extend,wherethereceiverormanagerhasbeenpaidorhasretainedforhisremunerationforanyperiod beforethemakingoftheorderanyamountinexcessofthatsofixedforthatperiod,torequiringhimorhis personalrepresentativestoaccountfortheexcessorsuchpartthereofasmaybespecifiedintheorder: Providedthatthepowerconferredbyparagraph(c)ofthissubsectionshallnotbeexercisedasrespectsanyperiod beforethemakingoftheapplicationfortheorderunlessintheopinionofthecourttherearespecial circumstancesmakingitproperforthepowertobesoexercised. (3)Thecourtmay,fromtimetotime,onanapplicationmadeeitherbythecompanyortheliquidatororbythe receiverormanager,varyoramendanordermadeundersubsection(1)ofthissection. (4)Thissectionshallapplywhetherthereceiverormanagerhasbeenappointedbeforeorafterthe commencementofthisAct,andtoperiodsbefore,aswellastoperiodsafter,thecommencementofthisAct. Procedureafterappointment 396.Provisionsastoinformationwherereceiverormanagerappointed (1)Whereareceiverormanagerofthewholeorsubstantiallythewholeofthepropertyofacompany(inthis sectionandinsection397ofthisActreferredtoas"thereceiver")hasbeenappointedonbehalfoftheholdersof anydebenturesofthecompanysecuredbyafloatingcharge,then,subjecttotheprovisionsofthissectionandof section397ofthisAct (a)thereceivershallforthwithsendnoticetothecompanyofhisappointmentandtheterms;and (b)thereshall,within14daysafterreceiptofthenotice,orsuchlongerperiodasmaybeallowedbythecourtor bythereceiver,bemadeoutandsubmittedtothereceiverinaccordancewithsection397ofthisAct,astatement intheprescribedformastotheaffairsofthecompany;and (c)thereceivershallwithintwomonthsafterreceiptofthesaidstatementsend (i)totheCommissionortothecourtacopyofthestatementandofanycommentsheseesfittomake thereonandinthecaseoftheCommissionalsoasummaryofthestatementandofhiscomments,ifany,thereon; (ii)tothecompanyacopyofanysuchcommentsasaforesaidorifhedoesnotseefittomakeany comment,anoticetothateffect;and (iii)toanytrusteesforthedebentureholdersonwhosebehalfhehasbeenappointedand,sofarasheis awareoftheiraddresses,toallsuchdebentureholders,acopyofthesaidsummary. (2)Thereceivershallwithintwomonths,orsuchlongerperiodasthecourtmayallowaftertheexpirationofthe periodof12monthsfromthedateofhisappointmentandofeverysubsequentperiodof12months,andwithin twomonths,orsuchlongerperiodasthecourtmayallowafterheceasestoactasreceiverormanagerofthe propertyofthecompany,sendtotheCommission,toanytrusteesforthedebentureholdersofthecompanyon

whosebehalfhewasappointed,tothecompanyand(sofarasheisawareoftheiraddresses)toallsuch debentureholders,anabstractintheprescribedformshowinghisreceiptsandpaymentsduringthatperiodof12 months,or,whereheceasestoactasaforesaid,duringtheperiodfromtheendoftheperiodtowhichthelast precedingabstractrelatesuptothedateofhissoceasing,andtheaggregateamountsofhisreceiptsandofhis paymentsduringallprecedingperiodssincehisappointment. (3)Wherethereceiverisappointedunderthepowerscontainedinanyinstrument,thissectionshallhaveeffect (a)withtheomissionofthereferencestothecourtinsubsection(1)ofthissection;and (b)withthesubstitutionforthereferencestothecourtinsubsection(2)ofthissection,ofreferencestothe Commission;andinanyothercasereferencestothecourtshallbetakenasreferringtothecourtbywhichthe receiverwasappointed. (4)Subsection(1)ofthissectionshallnotapplyinrelationtotheappointmentofareceiverormanagertoactwith anexistingreceiverormanagerorinplaceofareceiverormanagerdyingorceasingtoact,exceptthat,where thatsubsectionappliestoareceiverormanagerwhodiesorceasestoactbeforeithasbeenfullycompliedwith, thereferencesinparagraphs(b)and(c)thereoftothereceivershall,subjecttosubsection(5)ofthissection, includereferencestohissuccessorandtoexpression"thereceiver"whereusedin,orinrelationto,subsection(2) ofthissection. (5)Thissectionandsection397ofthisAct,wherethecompanyisbeingwoundup,shallapplynotwithstanding thatthereceiverormanagerandtheliquidatorarethesameperson. (6)Nothinginsubsection(2)ofthissectionshallbetakentoprejudicethedutyofthereceivertorenderproper accountsofhisreceiptsandpaymentstothepersonstowhom,andatthetimesatwhich,hemayberequiredto dosoapartfromthatsubsection. (7)Ifthereceivermakesdefaultincomplyingwiththerequirementsofthissection,heshallbeguiltyofanoffence andliabletoafineofN25foreverydayduringwhichthedefaultcontinues. 397.Specialprovisionsastostatementsubmittedtoreceiver (1)Thestatementsastotheaffairsofacompanyrequiredbysection396ofthisAct,tobesubmittedtothe receiver(orhissuccessor)shallshowasatthedateofthereceiver'sappointment,theparticularsorthecompany's assets,debtsandliabilities,thenames,residencesandoccupationsofitscreditors,thesecuritiesheldbythem respectively,thedateswhenthesecuritieswererespectivelygivenandsuchfurtherorotherinformationasmay beprescribed. (2)Thestatementshallbesubmittedby,andbeverifiedby,affidavitofoneormoreofthepersonswhoareatthe dateofthereceiver'sappointmentthedirectors,andbythepersonwhoisatthatdatethesecretaryofthe company,orbysuchofthepersonshereafterinthissubsectionmentionedasthereceiver(orhissuccessor), subjecttothedirectionofthecourt,mayrequiretosubmitandverifythestatement,thatistosay,persons (a)whoareorhavebeenofficersofthecompany; (b)whohavetakenpartintheformationofthecompanyatanytimewithinoneyearbeforethedateofthe receiver'sappointment;

(c)whoareintheemploymentofthecompany,orhavebeenintheemploymentofthecompanywithintheyear, andareintheopinionofthereceivercapableofgivingtheinformationrequired; (d)whoareorhavebeenwithinthesaidyearofficersoforintheemploymentofacompanywhichis,orwithinthe saidyearwas,anofficerofthecompanytowhichthestatementrelates. (3)Anypersonmakingthestatementandaffidavitshallbeallowed,andshallbepaidbythereceiver(orhis successor)outofhisreceipts,suchcostsandexpensesincurredinandaboutthepreparationandmakingofthe statementandaffidavitasthereceiver(orhissuccessor)mayconsiderreasonable,subjecttoanappealtothe court. (4)Wherethereceiverisappointedunderthepowerscontainedinanyinstrument,thissectionshallhaveeffect withthesubstitutionforreferencestothecourtofreferencestotheCommissionandreferencestoanaffidavit,of referencestoastatutorydeclaration;andinanyothercasereferencestothecourtshallbetakenasreferringto thecourtbywhichthereceiverwasappointed. (5)Ifanypersonwithoutreasonableexcusemakesdefaultincomplyingwiththerequirementsofthissection,he shallbeguiltyofanoffenceandliabletoafineofN50foreverydayduringwhichthedefaultcontinues. (6)Referencesinthissectiontothereceiver'ssuccessorshallincludeacontinuingreceiverormanager. Accountsbyreceiverormanager 398.DeliverytoCommissionofaccountsofreceiversandmanagers (1)Exceptwheresection396(2)ofthisActapplies,everyreceiverormanagerofthepropertyofacompanywho hasbeenappointedunderthepowerscontainedinanyinstrumentshall,withinonemonthorsuchlongerperiods astheCommissionmayallow,aftertheexpirationoftheperiodofsixmonthsfromthedateofhisappointment, andofeverysubsequentperiodofsixmonths,andwithinonemonthafterheceasestoactasreceiverormanager, delivertotheCommissionforregistrationanabstractintheprescribedformshowinghisreceiptsandhis paymentsduringthatperiodofsixmonths,orwhereheceasestoactasaforesaid,duringtheperiodfromtheend oftheperiodtowhichthelastprecedingabstractrelates,uptothedateofhisceasing,andtheaggregateamount ofhisreceiptsandofhispaymentsduringallprecedingperiodssincehisappointment. (2)Everyreceiverormanagerwhomakesdefaultincomplyingwiththeprovisionsofthissectionshallbeguiltyof anoffenceandliabletoafineofN25foreverydayduringwhichthedefaultcontinues. Dutyastoreturns 399.Enforcementofdutyofreceiversandmanagerstomakereturns,etc. (1)Ifanyreceiverormanagerofthepropertyofacompanyhaving (a)madedefaultinfiling,deliveringormakinganyreturns,accountorotherdocument,oringivinganynotice whichareceiverormanagerisbylawrequiredtofile,delivers,makesorgivesorfailstomakegoodthedefault within14daysaftertheserviceonhimofanoticerequiringhimtodoso;or (b)beenappointedunderthepowerscontainedinanyinstrumenthas,afterbeingrequiredatanytimebythe liquidatorofthecompanysotodo,failstorenderproperaccountsofhisreceiptsandpaymentandtovouchthe sameandtopayovertotheliquidatortheamountproperlypayabletohim,

thecourtmay,onanapplicationmadeforthepurpose,makeanorderdirectingthereceiverormanager,asthe casemaybe;tomakegoodthedefaultwithinsuchtimeasmaybespecifiedintheorder. (2)Inthecaseofanysuchdefaultasismentionedinparagraph(a)ofsubsection(1)ofthissection,anapplication forthepurposesofthissectionmaybemadebyanymemberorbytheCommission,andinthecaseofanysuch defaultasismentionedinparagraph(b)ofthatsubsection,theapplicationshallbemadebytheliquidator,andin eithercasetheordermayprovidethatallcostsshallbebornebythereceiverormanager,asthecasemaybe. (3)Nothinginthissectionshallbetakentoprejudicetheoperationofanyenactmentimposingpenaltieson receiversinrespectofanysuchdefaultasismentionedinsubsection(1)ofthissection. Constructionofreferences 400.Constructionofreferencestoreceiversandmanagers Itisherebydeclaredthat,exceptwherethecontextotherwiserequires (a)anyreferenceinthisActtoareceiverormanagerofthepropertyofacompany,ortoareceiverthereof, includesareferencetoareceiverormanager,orasthecasemaybetoareceiverofpartonlyofthatpropertyand toareceiveronlyoftheincomearisingfromthatpropertyorfrompartthereof;and (b)anyreferenceinthisActtotheappointmentofareceiverormanagerunderpowerscontainedinany instrument,includesareferencetoanappointmentmadeunderpowerswhich,byvirtueofanyenactment,are impliedinandhaveeffectasifcontainedinaninstrument. PARTXV Windingupofcompanies CHAPTER1 Preliminary Modesofwindingup 401.Modesofwindingup (1)Thewindingupofacompanymaybeeffected (a)bythecourt;or (b)voluntarily;or (c)subjecttothesupervisionofthecourt. (2)TheprovisionsofthisActwithrespecttowindingupshallapply,unlessthecontraryappears,tothewindingup ofacompanyinanyofthosemodes. Contributories 402.Liabilityascontributoriesofpresentandpastmembers

Intheeventofacompanybeingwoundup,everypresentandpastmembershallbeliabletocontributetothe assetsofthecompanyasprovidedinsection92ofthisAct. 403.Definitionofcontributory Theterm"contributory"meanseverypersonliabletocontributetotheassetsofacompanyintheeventofits beingwoundupandforthepurposesofallproceedingsfordeterminingandallproceedingspriortothefinal determinationofthepersonswhoaretobedeemedcontributories,theexpressionshallincludeanyperson allegedtobeacontributory. 404.Natureofliabilityofcontributory Theliabilityofacontributoryshallcreateadebtofthenatureofaspecialityaccruingandduefromhimatthetime whenhisliabilitycommenced,butpayableatthetimeswhencallsaremadeforenforcingtheliability. 405.Contributoriesincaseofdeathofmember (1)Ifacontributorydieseitherbeforeorafterhehasbeenplacedonthelistofcontributories,hispersonal representativesandhisheirsanddevisees,shallbeliableinduecourseofadministrationtocontributetothe assetsofthecompanyindischargeofhisliabilityandtheyshallbecontributoriesaccordingly. (2)Wherethepersonalrepresentativesareplacedonthelistofcontributories,theheirsordeviseesneednotbe added;buttheymaybeaddedasandwhenthecourtthinksfit. (3)Ifthepersonalrepresentativesmakedefaultinpayinganymoneyorderedtobepaidbythem,proceedingsmay betakenforadministeringthewholeoranypartoftheestateofthedeceasedcontributory,andforcompelling paymentoutofitofthemoneydue. 406.Contributoriesincaseofbankruptcyofmember (1)Ifacontributorybecomesbankrupt,eitherbeforeorafterhehasbeenplacedonthelistofcontributories, then (a)histrusteeinbankruptcyshallrepresenthimforallthepurposesofthewindingup,andshallbeacontributory accordingly,andmaybecalledontoadmittoproofagainsttheestateofthebankrupt,orotherwisetoallowtobe paidoutofhisassetsinduecourseoflaw,anymoneyduefromthebankruptinrespectofhisliabilitytocontribute totheassetsofthecompany;and (b)theremaybeprovedagainsttheestateofthebankrupttheestimatedvalueofhisliabilitytofuturecallsaswell ascallsalreadymade. (2)Theprovisionsofthissectionshallextendandapplywithallnecessarychangestothecaseofaninsolvent person. CHAPTER2 Windingupbythecourt Jurisdiction 407.Jurisdictionastowindingup

(1)ThecourthavingjurisdictiontowindupacompanyshallbetheFederalHighCourtwithinwhoseareaof jurisdictiontheregisteredofficeorheadofficeofthecompanyissituate. (2)Forthepurposeofthissection,"registeredoffice"or"headoffice"meanstheplacewhichhaslongestbeen theregisteredofficeorheadofficeofthecompanyduringthesixmonthsimmediatelyprecedingthepresentation ofthepetitionforwindingup. Casesinwhichcompanymaybewoundupbycourt 408.Circumstancesinwhichcompaniesmaybewoundupbycourt Acompanymaybewoundupbythecourtif (a)thecompanyhasbyspecialresolutionresolvedthatthecompanybewoundupbythecourt; (b)defaultismadeindeliveringthestatutoryreporttotheCommissionorinholdingthestatutorymeeting; (c)thenumberofmembersisreducedbelowtwo; (d)thecompanyisunabletopayitsdebts; (e)thecourtisofopinionthatitisjustandequitablethatthecompanyshouldbewoundup. 409.Definitionofinabilitytopaydebts Acompanyshallbedeemedtobeunabletopayitsdebtsif (a)acreditor,byassignmentorotherwise,towhomthecompanyisindebtedinasumexceedingN2,000,then due,hasservedonthecompany,byleavingitatitsregisteredofficeorheadoffice,ademandunderhishand requiringthecompanytopaythesumsodue,andthecompanyhasforthreeweeksthereafterneglectedtopay thesumortosecureorcompoundforittothereasonablesatisfactionofthecreditor;or (b)executionorotherprocessissuedonajudgment,Actororderofanycourtinfavourofacreditorofthe companyisreturnedunsatisfiedinwholeorinpart;or (c)thecourt,aftertakingintoaccountanycontingentorprospectiveliabilityofthecompany,issatisfiedthatthe companyisunabletopayitsdebts. Petitionsforwindingupandeffectsthereof 410.Provisionsastoapplicationforwindingup (1)Anapplicationtothecourtforthewindingupofacompanyshallbebypetitionpresentedsubjecttothe provisionsofthissection,eitherby (a)thecompany; (b)acreditor,includingacontingentorprospectivecreditorofthecompany; (c)theofficialreceiver; (d)acontributory;

(e)atrusteeinbankruptcyto,orapersonalrepresentativeof,acreditororcontributory; (f)theCommissionundersection323ofthisAct; (g)areceiver,ifauthorisedbytheinstrumentunderwhichhewasappointed;or (h)byalloranyofthoseparties,togetherorseparately. (2)Notwithstandinganythinginsubsection(1)ofthissection (a)acontributoryshallnotbeentitledtopresentapetitionforwindingupacompanyunless (i)thenumberofmembersisreducedbelowtwo;or (ii)thesharesinrespectofwhichheiscontributoryorsomeofthem,wereoriginallyallottedtohimor havebeenheldbyhim,andregisteredinhisname,foratleastsixmonthsduringthe18monthsbeforethe commencementofthewindingup,orhavedevolvedonhimthroughthedeathofaformerholder; (b)awindinguppetitionshallnot,ifthegroundofthepetitionisdefaultindeliveringthestatutoryreporttothe Commissionorinholdingthestatutorymeeting,bepresentedbyanypersonexceptashareholder,orbeforethe expirationof14daysafterthelastdayonwhichthemeetingshouldhavebeenheld; (c)thecourtshallnothearawindinguppetitionpresentedbyacontingentorprospectivecreditoruntilsufficient securityforcostshasbeengiven,andaprimafaciecaseforwindinguphasbeenestablishedtoitssatisfaction; (d)inanycasefallingwithinsection320or321ofthisAct(proceedingsoninspector'sreports)orparagraph(e)of section408ofthisAct,awindinguppetitionmaybepresentedbytheCommissionwiththeapprovalofthe AttorneyGeneraloftheFederation. (3)Whereacompanyisbeingwoundupvoluntarilyorsubjecttosupervision,awindinguppetitionmaybe presentedbytheofficialreceiverattachedtothecourt,aswellasbyanyotherpersonauthorisedinthatbehalf undertheotherprovisionsofthissection;butthecourtshallnotmakeawindinguporderonanysuchpetition unlessitissatisfiedthatthevoluntarywindinguporwindingupsubjecttosupervisioncannotbecontinuedwith dueregardtotheinterestsofthecreditorsorcontributories. (4)Acontributoryshallbeentitledtopresentawindinguppetitionnotwithstandingthattheremaynotbeassets availableonthewindingupfordistributiontocontributories. 411.Powersofcourtonhearingpetition (1)Onhearingawindinguppetitionthecourtmaydismissit,oradjournthehearingconditionallyor unconditionally,ormakeanyinterimorder,oranyotherorderthatitthinksfit;butthecourtshallnotrefuseto makeawindinguporderonthegroundonlythattheassetsofthecompanyhavebeenmortgagedtoanamount equaltoorinexcessofthoseassets,orthatthecompanyhasnoassets. (2)Unlessitappearstothecourtthatsomeotherremedyisavailableandthatthepetitionersareacting unreasonablyinseekingawindinguporderinsteadofpursuingthatremedy,thecourt,onhearingapetitionby contributorymembersofacompanyforreliefbywindinguponthegroundthatitwouldbejustandequitableso todo,shallmaketheorderasprayedifofopinionthatthepetitionersareentitledtothereliefsought.

(3)WhereapetitionispresentedonthegroundofdefaultindeliveringthestatutoryreporttotheCommissionor inholdingthestatutorymeeting,thecourt,insteadofmakingawindinguporder,maydirectthedeliveryofthe statutoryreportortheholdingofameeting,asthecasemayrequire,andorderthecoststobepaidbythe personswho,intheopinionofthecourt,areresponsibleforthedefault. 412.Powertostayorrestrainproceedingsagainstcompany Whereawindinguppetitionhasbeenpresentedandanactionorotherproceedingagainstacompanyis institutedorpendinginanycourt(inthissectionreferredtoas"thecourtconcerned"),thecompanyorany creditororcontributorymay,beforethemakingofthewindinguporder,applytothecourtconcernedforan orderstayingproceedings;andthecourtconcernedmay,withorwithoutimposingterms,stayorrestrain proceedings,orifitthinksfit,referthecasetothecourthearingthewindinguppetition. 413.Avoidanceofdispositionsofproperty,etc.,aftercommencementofwindingup Inawindingupbythecourt,anydispositionofthepropertyofthecompany,includingthingsinactionandany transferofshares,oralterationinthestatusofthemembersofthecompany,madeafterthecommencementof thewindingupshall,unlessthecourtotherwiseorders,bevoid. 414.Avoidanceofattachments,etc. Whereacompanyisbeingwoundupbythecourt,anyattachment,sequestration,distressorexecutionputin forceagainsttheestateoreffectsofthecompanyafterthecommencementofthewindingupshallbevoid. Commencementofwindingup 415.Commencementofawindingupbythecourt (1)Where,beforethepresentationofapetitionforthewindingupofacompanybythecourt,aresolutionhas beenpassedbythecompanyforvoluntarywindingup,thewindingupofthecompanyshallbedeemedtohave commencedatthetimeofthepassingoftheresolution,andunlessthecourt,onproofoffraudormistake,thinks fitotherwisetodirect,allproceedingstakeninthevoluntarywindingupshallbedeemedtohavebeenvalidly taken. (2)Inanyothercase,thewindingupofacompanybythecourtshallbedeemedtocommenceatthetimeofthe presentationofthepetitionforthewindingup. Consequencesofwindinguporder 416.CopyofordertobeforwardedtoCommission Onthemakingofawindinguporder,acopyoftheordershallforthwithbeforwardedbythecompany,or otherwiseasmaybeprescribed,totheCommission,whichshallmakeaminutethereofinitsbooksrelatingtothe company. 417.Actionsstayedonwindinguporder Ifawindinguporderismadeoraprovisionalliquidatorisappointed,noactionorproceedingshallbeproceeded withorcommencedagainstthecompanyexceptbyleaveofthecourtgivenonsuchtermsasthecourtmay impose.

418.Effectofwindinguporder Anorderforwindingupacompanyshalloperateinfavourofallthecreditorsandofallthecontributoriesofthe companyasifmadeonthejointpetitionofacreditorandofacontributory. Officialreceiver 419.Definitionofofficialreceiver (1)ForthepurposeofthisActandsofarasitrelatestothewindingupofcompaniesbythecourt,"official receiver"meanstheDeputyChiefRegistraroftheFederalHighCourtoranofficerdesignatedforthepurposeby theChiefJudgeoftheCourt. (2)Anysuchofficershall,forthepurposeofhisdutiesunderthisAct,bestyled"theofficialreceiver". 420.Statementofcompany'saffairstobesubmittedtoofficialreceiver (1)Wherethecourthasmadeawindinguporderorappointedaprovisionalliquidatorthereshall,unlessthecourt thinksfittoorderotherwiseandsoorders,bemadeoutandsubmittedtotheofficialreceiverastatementasto theaffairsofthecompanyintheprescribedform,verifiedbyaffidavit,andshowingtheparticularsofitsassets, debtsandliabilities,thenames,residencesandoccupationsofitscreditors,thesecuritiesheldbythem respectively,thedateswhenthesecuritieswererespectivelygiven,thelistofmembersandthelistofchargesand suchfurtherorotherinformationasmaybeprescribedorastheofficialreceivermayrequire. (2)Thestatementshallbesubmittedandverifiedbyoneormoreofthepersonswhoareattherelevantdatethe directorsandthepersonwhoisatthatdatethesecretaryofthecompany,orbysuchofthepersonsmentionedin thissubsectionastheofficialreceiver,subjecttothedirectionofthecourt,mayrequiretosubmitandverifythe statement,thatistosaypersonswho (a)areorhavebeenofficersofthecompany; (b)havetakenpartintheformationofthecompanyatanytimewithinoneyearbeforetherelevantdate; (c)havebeenorareintheemploymentofthecompanywithinthesaidyear,andareintheopinionoftheofficial receivercapableofgivingtheinformationrequired; (d)areorhavebeenwithinthesaidyearofficersoforintheemploymentofacompanywhichis,orwithinthesaid yearwas,anofficerofthecompanytowhichthestatementrelates. (3)Thestatementshallbesubmittedwithin14daysfromtherelevantdateorwithinsuchextendedtimeasthe officialreceiverorthecourtmayforspecialreasonsappoint. (4)Anypersonmakingorconcurringinmakingthestatementandaffidavitrequiredbythissectionshallbe allowed,andshallbepaidbytheofficialreceiverorprovisionalliquidator,asthecasemaybe,outoftheassetsof thecompanysuchcostsandexpensesincurredinandaboutthepreparationandmakingofthestatementand affidavitastheofficialreceivermayconsiderreasonable,subjecttoanappealtothecourt. (5)Ifanyperson,withoutreasonableexcuse,makesdefaultincomplyingwiththerequirementsofthissection,he shallbeguiltyofanoffenceandliabletoafineofN25foreverydayduringwhichthedefaultcontinues.

(6)Anypersonstatinghimselfinwritingtobeacreditororcontributoryofthecompanyshallbeentitledby himselforbyhisagentatallreasonabletimes,onapaymentoftheprescribedfeetoinspectthestatement submittedinpursuanceofthissection,andtoacopyoforextractfromit. (7)Anypersonuntruthfullysostatinghimselftobeacreditororcontributoryshallbeguiltyofcontemptofcourt andshall,ontheapplicationoftheliquidatororoftheofficialreceiver,bepunishableaccordingly. (8)Inthissection,theexpression"therelevantdate"means,inacasewhereaprovisionalliquidatorisappointed, thedateofhisappointmentandinacasewherenosuchappointmentismade,thedateofthewindinguporder. 421.Reportbyofficialreceiver (1)Ifawindinguporderismade,theofficialreceivershallassoonaspracticableafterreceiptofthestatementto besubmittedundersection420ofthisActorwherethecourtordersthatnostatementshallbesubmitted,as soonaspracticableafterthedateoftheorder,submitapreliminaryreporttothecourt (a)astotheamountofcapitalissued,subscribedandpaidup,andtheestimatedamountofassetsandliabilities; and (b)ifthecompanyhasfailed,astothecausesofthefailure;and (c)whether,inhisopinion,furtherinquiryisdesirableastoanymatterrelatingtothepromotion,formationor failureofthecompany. (2)Theofficialreceivermayifhethinksfit,makefurtherreports,statingthemannerinwhichthecompanywas formedandwhetherinhisopinionfraudhasbeencommittedbyanypersoninitspromotionorformation,orby anyofficerofthecompanyinrelationtothecompanysinceitsformationandthereportsmayincludeanyother matterswhich,inhisopinion,itisdesirabletobringtothenoticeofthecourt. (3)Ifanyfurtherreportunderthissectionindicatesthecommissionoffraud,thecourtshallhavethefurther powersprovidedinsection450ofthisAct(whichconfersauthoritytoorderpublicexaminationofcertain officials). Liquidators 422.Appointment,remunerationandtitleofliquidators (1)Thecourtmayappointaliquidatororliquidatorsforthepurposeofconductingtheproceedingsinwindingupa companyandperformingsuchdutiesinreferencetheretoasthecourtmayimposeandwherethereisavacancy, theofficialreceivershallbyvirtueofhisoffice,actasliquidatoruntilsuchtimeasthevacancyisfilled. (2)Atanytimeafterthepresentationofapetitionandbeforethemakingofawindinguporder,theappointment shallbeprovisionalandthecourtmakingtheappointmentmaylimitandrestrictthepowersoftheliquidatorby theorderappointinghim. (3)Intheapplicationoftheforegoingprovisionsofthissection (a)ifaprovisionalliquidatoristobeappointedbeforethemakingofawindinguporder,theofficialreceiver,or anyotherfitperson,maybesoappointed;

(b)onthemakingofawindinguporder,ifnoliquidatorisappointed,theofficialreceivershallbyvirtueofhis officebecometheliquidator; (c)theofficialreceiverinhiscapacityasprovisionalliquidatorshall,andinanyothercasemay,summonmeetings ofcreditorsandcontributoriesofthecompanytobeheldseparatelyforthepurposeofdeterminingwhetheror notanapplicationistobemadetothecourtforappointingaliquidatorinplaceoftheofficialreceiver; (d)ifapersonotherthantheofficialreceiverisappointedliquidator,heshallnotbecapableofactinginthat capacityuntilhehasnotifiedhisappointmenttotheCommissionandgivensecurityintheprescribedmannerto thesatisfactionofthecourt. (4)Ifmorethanoneliquidatorofacompanyisappointedbythecourt,thecourtshalldeclarewhetheranythingby thisActrequiredorauthorisedtobedonebyaliquidatoristobedonebyalloranyoneormoreofthem. (5)Aliquidatorappointedbythecourtmayresign,or,oncauseshown,beremovedbythecourt;andanyvacancy intheofficeofaliquidatorsoappointedshallbefilledbythecourt. (6)Whereapersonotherthantheofficialreceiverisappointedaliquidator,heshallreceivesalaryinanamount, orremunerationbywayofpercentageorotherwise,asthecourtmaydirect;and,ifmoresuchpersonsthanone areappointedliquidators,theirremunerationshallbedistributedamongtheminsuchproportionsasthecourt directs. (7)Wherealiquidatorofacompanyisappointed,heshall,afterhisindividualname (a)ifheistheofficialreceiver,bedescribedas"officialreceiverandliquidatorof(addherenameofthe company)";and (b)inanyothercasebedescribedas"liquidatorof(addherenameofthecompany)". (8)Theactsofaliquidatorshallbevalidnotwithstandinganydefectsthatmayafterwardsbediscoveredinhis appointmentorqualification. (9)Ifaliquidatorisappointedunderthissection,allthepowersofthedirectorsshallcease,exceptsofarasthe courtmaybyordersanctionthecontinuancethereof. 423.Custodyofcompany'sproperty Inawindingupbythecourttheliquidatorshalltakeintohiscustody,orunderhiscontrol,allthepropertyand chosesinactiontowhichthecompanyisorappearstobeentitled. 424.Vestingofpropertyofcompanyinliquidator Whereacompanyisbeingwoundupbythecourt,thecourtmayontheapplicationoftheliquidatorbyorder directthatalloranypartofthepropertyofwhatsoeverdescriptionbelongingtothecompanyorheldbytrustees onitsbehalfshallvestintheliquidatorbyhisofficialname,andthereupon,butsubjecttotherequirementsof registrationunderanyparticularenactment,thepropertytowhichtheorderrelatesshallvestaccordingly;andthe liquidatormay,aftergivingsuchindemnity,ifany,asthecourtmaydirect,bringordefendinhisofficialnameany actionorotherlegalproceedingwhichrelatestothatpropertyorwhichitisnecessarytobringordefendforthe purposeofeffectuallywindingupthecompanyandrecoveringitsproperty.

425.Powersofliquidator (1)Theliquidatorinawindingupbythecourtshallhavepower,withthesanctioneitherofthecourtorofthe committeeofinspection,to (a)bringordefendanyactionorotherlegalproceedinginthenameandonbehalfofthecompany; (b)carryonthebusinessofthecompanysofarasmaybenecessaryforitsbeneficialwindingup; (c)appointalegalpractitioneroranyotherrelevantprofessionaltoassisthimintheperformanceofhisduties; (d)payanyclassesofcreditorsinfull; (e)makeanycompromiseorarrangementwithcreditorsorpersonsclaimingtobecreditors,orhavingoralleging themselvestohaveanyclaim,presentorfuture,certainorcontingent,ascertainedorsoundingonlyindamages againstthecompany,orwherebythecompanymayberenderedliable; (f)compromiseallcallsandliabilitiestocalls,debtsandliabilitiescapableofresultingindebts,andallclaims, presentorfuture,certainorcontingent,ascertainedorsoundingonlyindamages,subsistingorsupposedto subsistbetweenthecompanyandacontributoryorallegedcontributoryorotherdebtororpersonapprehending liabilitytothecompany,andallquestionsinanywayrelatingtooraffectingtheassetsorthewindingupofthe company,onsuchtermsasmaybeagreed,andtakeanysecurityforthedischargeofanysuchcall,debt,liability orclaimandgiveacompletedischargeinrespectthereof; (2)Theliquidatorinwindingupbythecourtshallhavepowerto (a)sellthepropertyofthecompanyofwhatevernaturebypublicauctionorprivatecontract,withpowerto transferthewholethereoftoanypersonorcompanyortosellthesameinparcels; (b)doallactsandtoexecute,inthenameandonbehalfofthecompany,alldeeds,receiptsandotherdocuments, andforthatpurposetouse,whennecessary,thecompany'sseal; (c)prove,rankandclaiminthebankruptcy,insolvencyorsequestrationofanycontributoryforanybalanceagainst hisestate,andtoreceivedividendsinthebankruptcy,insolvencyorsequestrationinrespectofthatbalanceasa separatedebtduefromthebankruptorinsolvent,andrateablywiththeotherseparatecreditors; (d)draw,accept,makeandindorseanybillofexchangeorpromissorynoteinthenameandonbehalfofthe companywiththesameeffectwithrespecttotheliabilityofthecompanyasifthebillornotehadbeendrawn, accepted,madeorindorsedbyoronbehalfofthecompanyinthecourseofitsbusiness; (e)raiseonthesecurityoftheassetsofthecompanyanymoneyrequisite; (f)takeoutinhisofficialnamelettersofadministrationtoanydeceasedcontributory,andtodoinhisofficial nameanyotheractnecessaryforobtainingpaymentofanymoneyduefromacontributoryorhisestatewhich cannotbeconvenientlydoneinthenameofthecompany,andinallsuchcasesthemoneydueshall,forthe purposeofenablingtheliquidatortotakeoutthelettersofadministrationorrecoverthemoney,bedeemedtobe duetotheliquidatorhimself; (g)appointanagenttodoanybusinesswhichtheliquidatorisunabletodohimself;

(h)doallsuchotherthingsasmaybenecessaryforwindinguptheaffairsofthecompanyanddistributingits assets. (3)Theexercisebytheliquidatorinawindingupbythecourtofthepowersconferredbythissectionshallbe subjecttothecontrolofthecourt,andanycreditororcontributorymayapplytothecourtwithrespecttoany exerciseorproposedexerciseofanyofthosepowers. 426.Liquidatortogiveinformation,etc.,toofficialreceiver Ifduringthewindingupofacompanybythecourtapersonotherthantheofficialreceiverisappointedliquidator, heshallgivetheofficialreceiversuchinformationandaccesstoandfacilitiesforinspectingthebooksand documentsofthecompany,andgenerallyanyaidrequisiteornecessaryforenablingthatofficertoperformhis dutiesunderthisAct. 427.Exerciseandcontrolofliquidator'spowers (1)SubjecttotheprovisionsofthisAct,theliquidatorofacompanybeingwoundupbythecourtshall,inthe administrationanddistributionoftheassetsofthecompanyamongitscreditors,haveregardtodirectionsgiven byresolutionofthecreditorsorcontributoriesatanygeneralmeeting,orbythecommitteeofinspection;so howeverthatdirectionsgivenbythecreditorsorcontributoriesatanygeneralmeetingshall,incaseofconflict, overridedirectionsgivenbythecommitteeofinspection. (2)Theliquidatormaysummongeneralmeetingsofthecreditorsorcontributoriesforthepurposeofascertaining theirwishes,anditshallbehisdutytosummonmeetingsatsuchtimesasthecreditorsorcontributoriesby resolutioneitheratthemeetingappointingtheliquidatororotherwise,maydirect,orwheneverrequestedin writingtodosobyonetenthinvalueofthecreditorsorcontributories,asthecasemaybe. (3)Theliquidatormayapplytothecourtinthemannerprescribedfordirectionsinrelationtoanyparticular matterarisingunderthewindingup. (4)SubjecttotheprovisionsofthisAct,theliquidatorshallusehisowndiscretioninthemanagementoftheestate anditsdistributionamongthecreditors. (5)Anypersonsaggrievedbyanactordecisionoftheliquidator,mayapplytothecourtforsuchorderinthe premisesasitthinksjust;andthecourtmayconfirm,reverse,ormodifytheactordecision. 428.Paymentsbyliquidatorintocompaniesliquidationaccount (1)Everyliquidatorofacompanybeingwoundupbythecourtshall,insuchmannerandatsuchtimesasthe Commissiondirects,paymoneysreceivedbyhimintothepublicfundoftheFederationkeptbytheCommission underandforthepurposesofthisActandknownas"theCompaniesLiquidationAccount",andtheAccountant GeneraloftheFederationshallfurnishhimwithacertificateofreceiptforthemoneysopaid: Providedthat,ifthecommitteeofinspectionsatisfiestheCommissionthatforthepurposeofcarryingonthe businessofthecompanyorofobtainingadvances,orforanyotherreason,itisfortheadvantageofthecreditors orcontributoriesthattheliquidatorshouldhaveanaccountwithanybank,theCommissionshall,onthe applicationofthecommitteeofinspection,authorisetheliquidatortomakehispaymentsintoandoutofsuch bankinNigeriaasthecommitteemayselect,andthereuponthosepaymentsshallbemadeintheprescribed manner.

(2)Iftheliquidatorofacompanybeingwoundupasaforesaid,atanytimeretainsformorethantendaysan amountinexcessofeitherN500or,inanyparticularcase,suchotheramountastheCommissionmayapprove, andfailstosatisfytheCommissionastotheneedfortheretentionbeyondthattime,theliquidatorshallpay interestontheamountsoretainedinexcess,attherateoftwentypercentperannum,andshallbeliableto (a)disallowanceofthewholeorsuchpartofhisremunerationastheCommissionthinksfit;and (b)removalfromoffice, andinaddition,heshallbeliabletopayanyexpensesoccasionedbytheretention. (3)Aliquidatorofacompanywhichisbeingwoundupbythecourtshallnotpayanysumsreceivedbyhimas liquidatorintohisprivatebankingaccount. 429.Audit,etc.,ofliquidator'saccount (1)Everyliquidatorofacompanybeingwoundupbythecourtshall,atsuchtimesasmaybeprescribed,butnot lessthantwiceineachyearduringhistenureofoffice,sendtotheCommissionanaccountofhisreceiptsand paymentsasliquidator. (2)Theaccountshallbeinduplicateintheprescribedform,andshallbeverifiedbyastatutorydeclarationinthe prescribedform. (3)TheCommissionshallcausetheaccounttobeaudited,andforthepurposeoftheaudittheliquidatorshall furnishtheCommissionwithsuchvouchersandinformationastheCommissionmayrequire,andtheCommission mayatanytimerequiretheproductionof,andmayinspect,anybooksoraccountskeptbytheliquidator. (4)Whentheaccounthasbeenaudited,onecopyshallbefiledandkeptbytheCommission,andtheothercopy shallbewiththecourtandeachshallbeopentoinspectionbyanycreditororotherpersoninterested,on paymentoftheprescribedfee. (5)TheCommissionshallcausetheaccountwhenaudited,orasummarythereof,tobeprinted,andshallsenda printedcopyoftheaccountorsummarybyposttoeverycreditorandcontributory. 430.Bookstobekeptbyliquidator Everyliquidatorofacompanywhichisbeingwoundupbythecourtshall,inthemannerprescribed,keepproper booksinwhichheshallcausetobemadeentriesorminutesofproceedingsatmeetings,andofsuchothermatters asmaybeprescribed,andanycreditororcontributorymay,subjecttothecontrolofthecourt,personallyorbyhis agentinspectanysuchbooks. 431.Releaseofliquidator (1)Wheretheliquidatorofacompanybeingwoundupbythecourthasrealisedallthepropertyofthecompany, orsomuchofitasmay,inhisopinion,berealisedwithoutneedlesslyprotractingtheliquidation,andhas distributedafinaldividend,ifany,tothecreditors,andadjustedtherightsofthecontributoriesamong themselves,andmadeafinalreturn,ifany,tothecontributories,orhasresigned,orhasbeenremovedfromhis office,theCommissionshall,ontheapplicationoftheliquidator,causeareportontheaccountsoftheliquidator tobeprepared.

(2)TheCommissionshallconsiderthereportreferredtoinsubsection(1)ofthissectiontogetherwithany objectionthatmayberaisedbyanycreditor,orcontributory,orpersoninterestedagainstthereleaseofthe liquidator,andmaygrantorwithholdthereleaseasitdeemsfitsubjectneverthelesstoanappealtothecourt. (3)Ifthereleaseofaliquidatoriswithheld,thecourtmay,ontheapplicationofanycreditor,orcontributory,or personinterested,makesuchorderasitthinksjust,chargingtheliquidatorwiththeconsequencesofanyactor defaultwhichhemayhavedoneormadecontrarytohisduty. (4)AnorderoftheCommissionreleasingtheliquidatorshalldischargehimfromallliabilityinrespectofanyact doneordefaultmadebyhimintheadministrationoftheaffairsofthecompany,orotherwiseinrelationtohis conductasliquidator;butanysuchordermayberevokedonproofthatitwasobtainedbyfraudorbysuppression orconcealmentofanymaterialfact. (5)Wheretheliquidatorhasnotpreviouslyresignedorbeenremoved,hisreleaseshalloperateasaremovalof himfromhisoffice. 432.Controloverliquidators (1)TheCommissionshalltakecognisanceoftheconductofliquidatorsofcompanieswhicharebeingwoundupby thecourtandifaliquidatordoesnotfaithfullyperformhisdutiesanddulyobservealltherequirementsimposed onhimbyanyenactment,orotherwisewithrespecttotheperformanceofhisduties,orifanycomplaintismade totheCommissionbyanycreditororcontributoryinregardthereto,theCommissionshallinquireintothematter, andmaytakesuchactionthereonasitthinksfit,includingthedirectionofalocalinvestigationofthebooksand vouchersoftheliquidator. (2)TheCommissionmayatanytimerequiretheliquidatorofacompanybeingwoundupbythecourttoanswer anyinquiryinrelationtoanywindingupinwhichheisengagedandiftheCommissionthinksfit,itmayapplyto thecourttoexaminetheliquidatororanyotherpersononoathconcerningthewindingup. Committeeofinspection,specialmanager,etc. 433.Powertoappointcommitteeofinspectionaftermeetingofcreditorsandothers (1)Whereawindinguporderismadebythecourt,itshallbethebusinessoftheseparatemeetingsofcreditors andcontributoriessummonedforthepurposeofdeterminingwhetherornottoapplytothecourtforanorder appointingaliquidatorinplaceoftheofficialreceiver,todeterminewhetherornotapplicationshouldbemadeto thecourtfortheappointmentofacommitteeofinspectiontoactwiththeliquidator,andwhoaretobemembers ofthecommittee,iftheappointmentismade. (2)Thecourtmaymakeanyappointmentandorderrequiredtogiveeffecttoanydeterminationunderthissection andifthereisadifferencebetweenthedeterminationsofthemeetingsofthecreditorsandcontributoriesin respectofthemattersaforesaid,thecourtshalldecidethedifferenceandmakeanyorderitthinksnecessary. 434.Powers,etc.,ofcommitteeofinspection (1)AcommitteeofinspectionappointedunderthisActshallconsistofcreditorsandcontributoriesofthecompany orpersonsholdinggeneralpowersofattorneyfromcreditorsorcontributoriesinsuchproportionsasmaybe agreedonbythemeetingsofcreditorsandcontributoriesoras,incaseofdifference,maybedeterminedbythe court.

(2)Acommitteeofinspectionshallmeetatthetimeortimesappointed,sohoweverthatthereshallbeameeting atleastonceineverymonthduringitsexistence;buttheliquidatororanymemberofthecommitteemayconvene ameetingasandwhennecessary. (3)Ameetingofacommitteeofinspectionshallbedeemedconvenedifamajorityofmembersarepresent;butat anysuchmeetingthecommitteemayactbyamajorityofthememberspresent. (4)Amemberofthecommitteemayresignbynoticeinwritingsignedbyhimanddeliveredtotheliquidator. (5)Ifamemberofthecommitteebecomesbankruptorcompoundsorarrangeswithhiscreditorsorisabsentfrom fiveconsecutivemeetingsofthecommitteewithoutleaveofthosememberswhotogetherwithhimselfrepresent thecreditorsorcontributories,asthecasemaybe,hisofficeshallthereuponbecomevacant. (6)Amemberofthecommitteemayberemovedbyanordinaryresolutionatameetingofcreditors,ifhe representscreditors,orofcontributories,ifherepresentscontributories,ofwhichsevendays'noticehasbeen given,statingtheobjectofthemeeting. (7)Onavacancyoccurringinthecommittee,theliquidatorshallforthwithsummonameetingofcreditorsorof contributories,asthecasemayrequire,tofillthevacancy,andthemeetingmay,byresolution,reappointthe sameorappointanothercreditororcontributorytofillthevacancy: Providedthatiftheliquidator,havingregardtothepositioninthewindingup,isoftheopinionthatitis unnecessaryforthevacancytobefilledhemayapplytothecourtandthecourtmaymakeanorderthatthe vacancyshallnotbefilled,orshallnotbefilledexceptinsuchcircumstancesasmaybespecifiedintheorder. (8)Thecontinuingmembersofthecommittee,ifnotlessthantwo,mayactnotwithstandinganyvacancyinthe committee. 435.Powerswherenocommitteeofinspectionisappointed Where,inthecaseofwindingup,thereisnocommitteeofinspection,theCommissionmay,ontheapplicationof theliquidator,ifhethinksfit,doanyactorthingorgiveanydirectionorpermissionwhichisbythisActauthorised orrequiredtobedoneorgivenbythecommittee. 436.Powertoappointspecialmanager (1)Wheretheofficialreceiverbecomestheliquidatorofacompany,whetherprovisionallyorotherwise,hemay,if satisfiedthatthenatureoftheestateorbusinessofthecompany,ortheinterestsofthecreditorsor contributoriesgenerally,requiretheappointmentofaspecialmanageroftheestateorbusinessofthecompany otherthanhimself,applytothecourtforanorderappointingaspecialmanagertoactduringsuchtimeasthe courtmaydirect,withsuchpowers,includingthoseofareceiverormanager,asmaybeentrustedtohimbythe court,andthecourtmaymakeanyordernecessary. (2)Aspecialmanagerappointedunderthissectionshallreceiveremunerationasfixedbythecourt,andshallgive securityandaccountinsuchmannerastheCommissiondirects. 437.Officialreceiverasreceiverfordebentureholders,etc. Itisherebydeclaredthatwhereapplicationismadetothecourttoappointareceiveronbehalfofthedebenture holdersorothercreditorsofacompanybeingwoundupbythecourt,theofficialreceivermaybesoappointed.

Generalpowersofcourtincaseofwindingupbycourt 438.Powertostaywindingup (1)Thecourtmayatanytimeafteranorderforwindingup,ontheapplicationeitherofaliquidatorortheofficial receiveroranycreditororcontributory,andonprooftothesatisfactionofthecourtthatallproceedingsin relationtothewindingupoughttobestayed,makeanorderstayingtheproceedingseitheraltogetherorfora limitedtime,onsuchtermsandconditionsasthecourtthinksfit. (2)Thecourtmay,atanytimeafteranorderforwindingup,ontheapplicationeitheroftheliquidatorora creditor,andafterhavingregardtothewishesofthecreditorsandcontributories,makeanorderdirectingthat thewindingup,orderedbythecourt,shallbeconductedasacreditors'voluntarywindingup,andifthecourtdoes so,thewindingupshallbesoconducted. (3)Onanyapplicationunderthissection,thecourtmay,beforemakinganorder,requiretheofficialreceiverto furnishtothecourtareportwithrespecttoanyfactsormatterswhichareinhisopinionrelevanttothe application. (4)Acopyofeveryordermadeunderthissectionshallforthwithbeforwardedbythecompany,orotherwiseas maybeprescribed,totheCommission,whichshallmakeaminuteoftheorderinitsbooksrelatingtothe company. (5)IfdefaultismadeinlodgingacopyofanordermadeunderthissectionwiththeCommissionasrequiredby subsection(4)ofthissection,everyofficerofthecompanyorotherpersonwhoknowinglyauthorisesorpermits thedefaultshallbeguiltyofanoffencepunishablebyadailydefaultfineofN25. 439.Settlementoflistofcontributoriesandapplicationofassets (1)Assoonasmaybeaftermakingawindinguporder,thecourtshallsettlealistofcontributories,andmay rectifytheregisterofmembersinallcaseswhererectificationisrequiredinpursuanceofthisAct,andthecourt shallcausetheassetsofthecompanytobecollected,andappliedindischargeofitsliabilities: Providedthatwhereitappearstothecourtthatitwillnotbenecessarytomakecallsonoradjusttherightsof contributories,thecourtmaydispensewiththesettlementofalistofcontributories. (2)Insettlingthelistofcontributories,thecourtshalldistinguishbetweenpersonswhoarecontributoriesintheir ownrightandpersonswhoarecontributoriesasbeingrepresentativesoforliableforthedebtsofothers. 440.Deliveryofpropertytoliquidator Thecourtmay,atanytimeaftermakingawindinguporderrequireanycontributoryforthetimebeingonthelist ofcontributoriesandanytrustee,receiver,banker,agent,orofficerofthecompanytopay,deliver,convey, surrenderortransferforthwith,orwithinsuchtimeasthecourtdirects,totheliquidatoranymoney,property,or booksandpapersinhishands,towhichthecompanyisprimafacieentitled. 441.Paymentsbycontributorytocompanyandsetoffallowance (1)Thecourtmay,atanytimeaftermakingawindinguporder,makeanorderonanycontributoryforthetime beingonthelistofcontributoriestopay,inthemannerdirectedbytheorder;anymoneyduefromhimorfrom

theestateofthepersonwhomherepresentstothecompany,exclusiveofanymoneypayablebyhimorthe estatebyvirtueofanycallinpursuanceofthisAct. (2)Thecourtmakinganorderunderthissection (a)inthecaseofanunlimitedcompany,mayallowtothecontributorybywayofsetoffanymoneyduetohimor totheestatewhichherepresentsfromthecompanyofanyindependentdealingorcontractwiththecompany, butnotanymoneyduetohimasamemberofthecompanyinrespectofanydividendorprofit; (b)inthecaseofalimitedcompany,maymaketoanydirectorormanagerwhoseliabilityisunlimitedortohis estate,thelikeallowanceasinparagraph(a)ofthissubsection. (3)Inthecaseofanycompany,limitedorunlimited,whenallthecreditorsarepaidinfull,themoneydueonany accountwhatevertoacontributoryfromthecompanymaybeallowedtohimbywayofsetoffagainstany subsequentcall. 442.Powerofcourttomakecalls (1)Thecourtmay,atanytimeaftermakingawindinguporder,andeitherbeforeorafterithasascertainedthe sufficiencyoftheassetsofthecompany,makecallsonalloranyofthecontributoriesforthetimebeingsettledon thelistofthecontributoriestotheextentoftheirliability,forpaymentofanymoneywhichthecourtconsiders necessarytosatisfythedebtsandliabilitiesofthecompany,andthecosts,chargesandexpensesofwindingup, andfortheadjustmentoftherightsofthecontributoriesamongthemselves,andmakeanorderforpaymentof anycallssomade. (2)Inmakingacallunderthissection,thecourtshalltakeintoconsiderationtheprobabilitythatsomeofthe contributoriesmayfail,whollyorpartiallytopaythecall. 443.Powertoorderpaymentintocompanies'liquidationaccount (1)Thecourtmayorderanycontributory,purchaserorotherpersonfromwhommoneyisduetothecompanyto payitintothecompany'sliquidationaccountreferredtoinsection428ofthisActtotheaccountoftheliquidator insteadofdirecttotheliquidatorandanysuchordermaybeenforcedinthesamemannerasifithaddirected paymenttotheliquidator. (2)Moneysandsecuritiespaidordeliveredintothecompany'sliquidationaccountintheeventofawindingupby thecourtshallbesubjectinallrespectstoanyrelevantorderofthecourt. 444.Orderoncontributorytobeconclusiveevidence (1)Anordermadebythecourtonacontributoryshall,subjecttoanyrightofappeal,beconclusiveevidencethat money,ifanytherebyappearingtobedueororderedtobepaid,isdue. (2)Allotherpertinentmattersstatedintheordershallbetakentobetrulystatedasagainstallpersonsandinall proceedings,exceptproceedingsagainstthelandofadeceasedcontributory,whentheordershallbeonlyprima facieevidenceforthepurposeofcharginghisland,unlesshisheirsordeviseeswereonthelistofcontributoriesat thetimetheorderwasmade. 445.Powertoexcludecreditorsnotprovingintime

Thecourtmayfixatimeortimeswithinwhichcreditorsaretoprovetheirdebtsorclaims,orbeexcludedfromthe benefitofanydistributionmadebeforethosedebtsareproved. 446.Adjustmentofrightsofcontributories Thecourtshalladjusttherightsofthecontributoriesamongthemselves,anddistributeanysurplusamongthe personsentitledthereto. 447.Inspectionofbooksbycreditorsandcontributories (1)Thecourtmay,atanytimeaftermakingawindinguporder,makesuchorderforinspectionofthebooksand papersofthecompanybycreditorsandcontributoriesasthecourtthinksjust,andanybooksandpapersinthe possessionofthecompanymaybeinspectedbycreditorsorcontributoriesaccordingly,butnotfurtheror otherwise. (2)Nothinginthissectionshallbetakenasexcludingorrestrictinganystatutoryrightsofagovernment departmentorpersonactingundertheauthorityofagovernmentdepartment. 448.Powertoordercostsofwindinguptobepaidoutofassets Thecourtmay,intheeventoftheassetsbeinginsufficienttosatisfytheliabilities,makeanorderastothe paymentoutoftheassetsofthecosts,chargesandexpensesincurredinthewindingupinsuchorderofpriorityas thecourtthinksjust. 449.Powertosummonpersonssuspectedofhavingpropertyofcompany,etc. (1)Thecourtmay,atanytimeaftertheappointmentofaprovisionalliquidatororthemakingofawindingup order,summonbeforeitanyofficerofthecompanyorpersonknownorsuspectedtohaveinhispossessionany propertyofthecompanyorsupposedtobeindebtedtothecompany,oranypersonwhothecourtdeemscapable ofgivinginformationconcerningthepromotion,formation,trade,dealings,affairsorpropertyofthecompany. (2)Thecourtmayexamineonoathanypersonsosummonedconcerningthemattersaforesaideitherbywordof mouthoronwritteninterrogatories,andmayreducehisanswerstowritingandrequirehimtosignthem. (3)Thecourtmayrequireanypersonsummonedundersubsection(1)ofthissection,toproducebooksandpapers inhiscustodyorpowerrelatingtothecompanybut,whereanysuchpersonclaimsalienonbooksorpapers producedbyhim,theproductionshallbewithoutprejudicetothelien,andthecourtshallhavejurisdictioninthe windinguptodetermineallquestionsrelatingtothatlien. (4)Ifanypersonsosummonedasaforesaid,afterbeingtenderedareasonablesumforhisexpenses,refusesto comebeforethecourtatthetimeappointed,nothavinglawfulimpediment(madeknowntothecourtatthetime ofitssittingandallowedbyit),thecourtmaycausehimtobeapprehendedandbroughtbeforethecourtfor examination. 450.Powertoorderpublicexaminationofpromoters,etc. (1)Whereanorderismadeforwindingupacompanybythecourtandtheofficialreceivermakesafurtherreport underthisActstatingthatinhisopinionafraudhasbeencommittedbyanypersoninthepromotionorformation ofthecompany,orbyanydirectororotherofficerofthecompanyinrelationtothecompanysinceitsformation, thecourtmay,afterconsiderationofthereport,directthatanypersonwhohastakenanypartinthepromotion

orformationofthecompany,orhasbeenadirectororofficerofthecompany,shallattendbeforethecourtona dayappointedbythecourtforthatpurpose,andbepubliclyexaminedastothepromotionorformationorthe conductofthebusinessofthecompany,orastohisconductanddealingasdirectororofficerthereof. (2)Theofficialreceivershalltakepartintheexamination,andforthatpurposemay,ifspeciallyauthorisedbythe Commissioninthatbehalf,employalegalpractitioner. (3)Theliquidator,wheretheofficialreceiverisnottheliquidator,andanycreditororcontributory,mayalsotake partintheexamination,eitherpersonallyorbyalegalpractitioner. (4)Thecourtmayputsuchquestionstothepersonexaminedasthecourtthinksfit. (5)Thepersonexaminedshallbeexaminedonoath,andshallanswerallsuchquestionsasthecourtmayputor allowtobeputtohim. (6)Apersonorderedtobeexaminedunderthissectionshallathisowncost,beforehisexamination,befurnished withacopyoftheofficialreceiver'sreport,andmayathisowncostemployalegalpractitionerwhoshallbeat libertytoputtohimsuchquestionsasthecourtmaydeemjustforthepurposeofenablinghimtoexplainor qualifyanyanswersgivenbyhim: Providedthatifanysuchpersonappliestothecourttobeexculpatedfromanychargesmadeorsuggestedagainst him,itshallbethedutyoftheofficialreceivertoappearonthehearingoftheapplicationandcalltheattentionof thecourttoanymatterswhichappeartotheofficialreceivertoberelevant,andifthecourtafterhearingany evidencegivenorwitnessescalledbytheofficialreceiver,grantstheapplication,thecourtmayallowtheapplicant suchcostsasinitsdiscretionitmaythinkfit. (7)Notesoftheexaminationshallbetakendowninwriting,andshallbereadovertoorby,andsignedby,the personexamined,andmaythereafterbeusedinevidenceagainsthim,andshallbeopentotheinspectionofany creditororcontributoryatallreasonabletimes. (8)TheCourtmay,ifitthinksfit,adjourntheexaminationfromtimetotime. (9)Anexaminationunderthissectionmay,ifthecourtsodirects,andsubjecttogeneralrulesmadeundersection 453ofthisAct,beheldbeforeanymagistrate,andthepowersofthecourtunderthissectionastotheconductof theexaminationbutnotastocosts,maybeexercisedbythemagistratebeforewhomtheexaminationisheld. 451.Powertoarrestabscondingcontributory Thecourt,atanytimeeitherbeforeoraftermakingawindinguporder,onproofofprobablecauseforbelieving thatacontributoryisabouttoquitNigeriaorotherwisetoabscond,ortoremoveorconcealanyofhisproperty forthepurposeofevadingpaymentofcalls,orofavoidingexaminationrespectingtheaffairsofthecompany,may causethecontributorytobearrested,andhisbooksandpapersandmovablepersonalproperty,tobeseized,and himandthemtobesafelykeptuntilsuchtimeasthecourtmayorder. 452.Powersofcourtcumulative AnypowersbythisActconferredonthecourtshallbeinadditiontoandnotinrestrictionofany existingpowersofinstitutingproceedingsagainstanycontributoryordebtorofthecompany,ortheestateofany contributoryordebtor,fortherecoveryofanycallorothersums.

453.Delegationtoliquidatorofcertainpowersofcourt (1)Provisionmaybemadebyrulesforenablingorrequiringalloranyofthepowersanddutiesconferredand imposedonthecourtbythisAct,inrespectofthemattersfollowing,tobeexercisedorperformedbythe liquidatorasanofficerofthecourt,andsubjecttothecontrolofthecourt,thatistosay,thepowersanddutiesof thecourtinrespectof (a)theholdingandconductingofmeetingstoascertainthewishesofcreditorsandcontributories; (b)thesettlingoflistsofcontributoriesandtherectifyingoftheregisterofmemberswhererequired,andthe collectingandapplyingoftheassets; (c)requiringdeliveryofpropertyordocumentstotheliquidator; (d)themakingofcalls; (e)thefixingofatimewithinwhichdebtsandclaimsshallbeproved. (2)Nothinginthissectionshallauthorisetheliquidator,withoutthespecialleaveofthecourt,torectifythe registerofmembers,or,withouteitherthespecialleaveofthecourtorthesanctionofthecommitteeof inspection,tomakeanycall. 454.Dissolutionofcompany (1)Iftheaffairsofacompanyhavebeenfullywoundupandtheliquidatormakesanapplicationinthatbehalf,the courtshallorderthedissolutionofthecompanyandthecompanyshallbedissolvedaccordinglyfromthedateof theorder. (2)Acopyoftheordershall,within14daysfromthedatewhenmade,beforwardedbytheliquidatortothe Commissionwhoshallmakeinitsbooksaminuteofthedissolutionofthecompany. (3)Iftheliquidatormakesdefaultincomplyingwiththerequirementsofthissection,heshallbeguiltyofan offenceandliabletoafineofN25foreverydayduringwhichheisindefault. Enforcementofandappealsfromorders 455.Powertoenforceorders AnordermadebyacourtunderthisActmaybeenforcedinthesamemannerasordersmadeinanyaction pendingtherein. 456.Appealsfromorders Subjecttorulesofcourt,anappealfromanyorderordecisionmadeorgiveninthewindingupofa companybythecourtunderthisAct,shalllieinthesamemannerandsubjecttothesameconditionsasanappeal fromanyorderordecisionofthecourtincaseswithinitsordinaryjurisdiction. CHAPTER3 Voluntarywindingup

Resolutionsforandcommencementofvoluntarywindingup 457.Circumstancesinwhichcompanymaybewoundupvoluntarily Anycompanymaybewoundupvoluntarily (a)whentheperiod,ifany,fixedforthedurationofthecompanybythearticlesexpires,ortheevent,ifany, occurs,onoccurrenceofwhichthearticlesprovidedthatthecompanyistobedissolvedandthecompanyin generalmeetinghaspassedaresolutionrequiringthecompanytobewoundupvoluntarily; (b)ifthecompanyresolvesbyspecialresolutionthatthecompanybewoundupvoluntarilyandreferencesinthis Acttoa"resolutionforvoluntarywindingup"meansaresolutionpassedunderanyoftheparagraphsofthis section. 458.Noticeofresolutiontowindupvoluntarily (1)Ifacompanypassesaresolutionforvoluntarywindingupitshall,within14daysafterthepassingofthe resolution,givenoticeoftheresolutionbyadvertisementintheGazetteortwodailynewspapersandtothe Commission. (2)Ifdefaultismadeincomplyingwiththissection,thecompanyandeveryofficerofthecompanywhoisin defaultshallbeliabletoafineofN500andforthepurposesofthissubsectiontheliquidatorofthecompanyshall bedeemedtobeanofficerofthecompany. 459.Commencementofvoluntarywindingup Avoluntarywindingupshallbedeemedtocommenceatthetimeofthepassingoftheresolutionforvoluntary windingup. Consequencesofvoluntarywindingup 460.Effectofvoluntarywindinguponbusiness,etc.,ofcompany Incaseofvoluntarywindingup,thecompanyshall,fromthecommencementofthewindingup,ceasetocarryon itsbusiness,exceptsofarasmayberequiredforthebeneficialwindingupthereof: Providedthatthecorporatestateandcorporatepowersofthecompanyshall,notwithstandinganythingtothe contraryinitsarticles,continueuntilitisdissolved. 461.Avoidanceoftransfer,etc.,aftercommencementofvoluntarywindingup Anytransferofshares,notbeingatransfermadetoorwiththesanctionoftheliquidator,andanyalterationinthe statusofthemembersofthecompany,madeafterthecommencementofavoluntarywindingup,shallbevoid. Declarationofsolvency 462.Statutorydeclarationofsolvencywhereproposaltowindupvoluntarily (1)WhereonorafterthecommencementofthisAct,itisproposedtowindupacompanyvoluntarily,the directorsofthecompanyor,inthecaseofacompanyhavingmorethantwodirectors,themajorityofthe directors,mayatameetingofthedirectorsmakeastatutorydeclarationtotheeffectthattheyhavemadeafull

inquiryintotheaffairsofthecompanyandthat,havingsodone,theyhaveformedtheopinionthatthecompany willbeabletopayitsdebtsinfullwithinsuchperiod,notexceeding12monthsfromthecommencementofthe windingup,asisspecifiedinthedeclaration. (2)AdeclarationmadeasaforesaidshallhavenoeffectforthepurposesofthisActunless (a)itismadewithinthefiveweeksimmediatelyprecedingthedateofthepassingoftheresolutionforwindingup thecompanyandisdeliveredtotheCommissionforregistrationbeforethatdate;and (b)itembodiesastatementofthecompany'sassetsandliabilitiesasatthelatestpracticabledatebeforethe makingofthedeclaration. (3)Anydirectorofacompanymakingadeclarationunderthissectionwithouthavingreasonablegroundsforthe opinionthatthecompanywillbeabletopayitsdebtsinfullwithintheperiodspecifiedinthedeclaration,shallbe guiltyofanoffenceandliableonconvictiontoafineofN1,500ortoimprisonmentforatermofthreemonths,or toboth;andifthecompanyiswoundupinpursuanceofaresolutionpassedwithintheperiodoffiveweeksafter themakingofthedeclaration,butitsdebtsarenotpaidorprovidedforinfullwithintheperiodstatedinthe declaration,itshallbepresumed,untilthecontraryisshown,thatthedirectordidnothavereasonablegroundsfor hisopinion. (4)Awindingupinanycasewhereadeclarationhasbeenmadeanddeliveredinaccordancewiththissection, shallinthisActbereferredtoas"amembers'voluntarywindingup"andawindingupinanycasewherea declarationhasnotbeenmadeanddeliveredasaforesaidshallinthisActbereferredtoas"acreditors'voluntary windingup". (5)Subsections(1)to(3)ofthissectionshallnotapplytoawindingupcommencedbeforethecommencementof thisAct. Provisionsapplicabletoamembers'voluntarywindingup 463.Provisionsapplicabletoamembers'voluntarywindingup Theprovisionsfollowing,thatistosay,sections464to470ofthisAct,shall,subjecttothealternativeprovisionin section469ofthisAct,applyinrelationtoamembers'voluntarywindingup. 464.Powertoappoint,etc.,liquidators (1)Thecompanyingeneralmeetingshallappointoneormoreliquidatorsforthepurposeofwindinguptheaffairs anddistributingtheassetsofthecompany,andmayfixtheremunerationtobepaidtohimorthem. (2)Ifaliquidatorisappointedunderthissection,allthepowersofthedirectorsshallcease,exceptsofarasthe companyingeneralmeetingortheliquidatorsanctionsthecontinuancethereof. 465.Powertofillvacancyinofficeofliquidators (1)Ifavacancyoccursbydeath,resignationorotherwiseintheofficeofaliquidatorappointedbythecompany, thecompanyingeneralmeetingmay,subjecttoanyarrangementwithitscreditors,fillthevacancy;andforthat purposeageneralmeetingmaybeconvenedbyanycontributoryor,ifthereweremoreliquidatorsthanone,by thecontinuingliquidators.

(2)ThegeneralmeetingshallbeheldinthemannerprovidedbythisActorbythearticles,orinsuchmanneras may,onapplicationbyanycontributoryorbythecontinuingliquidators,bedeterminedbythecourt. 466.Liquidatortocallcreditors'meetingoninsolvency (1)If,inthecaseofawindingupcommencedafterthecommencementofthisAct,theliquidatorisatanytimeof opinionthatthecompanywillnotbeabletopayitsdebtsinfullwithintheperiodstatedinthedeclarationunder section462ofthisAct,heshallforthwithsummonameetingofthecreditors,andlaybeforethemeetinga statementoftheassetsandliabilitiesofthecompany. (2)Iftheliquidatorfailstocomplywiththissection,heshallbeguiltyofanoffenceandliabletoafineofN500. 467.Liquidatortocallgeneralmeetingatendofeachyear (1)Subjecttotheprovisionsofsection469ofthisAct,intheeventofthewindingupcontinuingformorethanone year,theliquidatorshallsummonageneralmeetingofthecompanyattheendofthefirstyearfromthe commencementofthewindingup,andofeachsucceedingyear,oratthefirstconvenientdatewithinthree monthsfromtheendoftheyearorsuchlongerperiodastheCommissionmayallow,andshalllaybeforethe meetinganaccountofhisactsanddealingsandoftheconductofthewindingupduringtheprecedingyear. (2)Iftheliquidatorfailstocomplywiththissection,heshallbeguiltyofanoffenceandliabletoafineofN50. 468.Finalmeetinganddissolution (1)Subjecttotheprovisionsofsection469ofthisAct,assoonastheaffairsofthecompanyarefullywoundup, theliquidatorshallprepareanaccountofthewindingup,showinghowthewindinguphasbeenconductedand thepropertyofthecompanyhasbeendisposedof;andwhentheaccountisprepared,heshallcallageneral meetingofthecompanyforthepurposeoflayingbeforeittheaccount,andgivinganyexplanationthereof. (2)ThemeetingshallbecalledbynoticepublishedintheGazetteandinsomenewspaperprintedinNigeriaand circulatinginthelocalitywherethemeetingisbeingcalled,specifyingthetime,placeandobjectthereof,and publishedonemonthatleastbeforethemeeting. (3)Withinsevendaysafterthemeeting,theliquidatorshallsendtotheCommissionacopyoftheaccount,and shallmakeareturntoitoftheholdingofthemeetingandofitsdateandifthecopyisnotsentorthereturnisnot madeinaccordancewiththissubsection,theliquidatorshallbeguiltyofanoffenceandliabletofineofN15for everydayduringwhichthedefaultcontinues: Providedthat,ifaquorumisnotpresentatthemeeting,theliquidatorshallinlieuofthereturnhereinbefore mentioned,makeareturnthatthemeetingwasdulysummonedandthatnoquorumwaspresentthereat,and uponsuchareturnbeingmade,theprovisionsofthissubsectionastothemakingofthereturnshallbedeemedto havebeencompliedwith. (4)TheCommission,onreceivingtheaccountandtheappropriatereturn,shallforthwithregisterthem,andon theexpirationofthreemonthsfromtheregistrationofthereturn,thecompanyshallbedeemedtobedissolved: Providedthatthecourtmay,ontheapplicationoftheliquidatororofanyotherpersonwhoappearstothecourt tobeinterested,makeanorderdeferringthedateatwhichthedissolutionofthecompanyistotakeeffectfor suchtimeasthecourtthinksfit.

(5)Itshallbethedutyofthepersononwhoseapplicationanorderofthecourtunderthissectionismade,within sevendaysafterthemakingoftheorder,todelivertotheCommissionanofficecopyoftheorderforregistration, andifthatpersonfailssotodoheshallbeliabletoafineofN20foreverydayduringwhichthedefaultcontinues. (6)Iftheliquidatorfailstocallageneralmeetingofthecompanyasrequiredbythissection,heshallbeguiltyof anoffenceandliabletoafineofN50. 469.Alternativeprovisionsastoannualandfinalmeetingsininsolvencycases Wheresection466ofthisActhaseffect,sections477and478thereofshallapplytothewindinguptothe exclusionofthetwolastforegoingsections,asifthewindingupwereacreditors'voluntarywindingupandnota members'voluntarywindingup: Providedthattheliquidatorshallnotberequiredtosummonameetingofcreditorsundersection477ofthisAct attheendofthefirstyearfromthecommencementofthewindingup,unlessthemeetingheldundersection466 ofthisActisheldmorethanthreemonthsbeforetheendofthatyear. 470.Booksandaccountsduringmembers'voluntarywindingup (1)Theliquidatorinamembers'voluntarywindingupshallkeepproperrecordsandbooksofaccountwithrespect tohisactsanddealingsandoftheconductofthewindingupandofallreceiptsandpaymentsbyhimandsolong ashecarriesonthebusinessofthecompany,shallkeepadistinctaccountofthetrading. (2)Intheeventofthewindingupcontinuingformorethanayear,theliquidatorshallsummonageneralmeeting ofthecompanyattheendofthefirstyearfromthecommencementofthewindingupandofeachsucceeding year,oratthefirstconvenientdatewithinthreemonthsoftheendoftheyearorsuchlongerperiodasthe Commissionmayallow,andshalllaybeforethemeetinganaccountofhisactsanddealingsandoftheconductof thewindingupduringtheprecedingyearandofthetradingduringsuchtimeasthebusinessofthecompanyhas beencarriedon,andwithin28daysthereaftershallsendacopyofsuchaccountstotheCommissionfor registration. (3)Sosoonastheaffairsofthecompanyarefullywoundup,theliquidatorshallprepareandsendtoevery memberofthecompanyfinalaccountsofthewindingupshowinghowthewindinguphasbeenconducted,the resultofthetradingduringsuchtimeasthebusinessofthecompanyhasbeencarriedon,andhowthepropertyof thecompanyhasbeendisposedof,andthereuponshallconveneageneralmeetingofthecompanyforthe purposeoflayingbeforeitsuchaccountsandofgivinganexplanationthereof. (4)Within28daysafterthemeetingreferredtointheimmediatelyprecedingsubsection,theliquidatorshallsend totheCommissionforregistrationcopiesoftheaccountslaidbeforethemeetingandastatementoftheholding ofthemeetingandofitsdate: Providedthatifaquorumwasnotpresentatthemeetingtheliquidator,inlieuofthestatementhereinbefore mentioned,shallsendastatementthatthemeetingwasdulyconvenedandthatnoquorumwaspresentthereat. (5)Therecords,booksandaccountsreferredtointhissectionshallbeinsuchform,ifany,astheCommissionmay fromtimetotimeprescribeandshallgiveatrueandfairviewofthemattersthereinrecordedandofthe administrationofthecompany'saffairsandofthewindingup.

(6)Theaccountsreferredtoinsubsections(2)and(3)ofthissection,shallbeauditedbytheauditorofthe companypriortobeinglaidbeforethecompanyingeneralmeetinginaccordancewithsuchsubsectionsandthe auditorsshallstateinareportannexedtheretowhether,intheiropinionandtothebestoftheirinformation (a)theyhaveobtainedalltheinformationandexplanationsnecessaryforthepurposeoftheiraudit; (b)properbooksandrecordshavebeenmaintainedbytheliquidatorinaccordancewiththisAct,andsuch accountsareinaccordancewiththebooksandrecordsandgivealltheinformationrequiredbythisActinthe mannerthereinrequiredandgiveatrueandfairviewofthemattersstatedinsuchaccounts: Providedthatsuchauditandauditors'reportshallnotberequiredif (i)theliquidator,oroneoftheliquidatorsifmorethanone,isdulyqualifiedundertheprovisionsofthis Actforappointmentasauditorofapubliccompany;and (ii)onorafterhisappointmentasliquidator,thecompanyresolvedbyspecialresolutionthatthe accountsshallnotbeauditedinaccordancewiththissubsection. (7)Meetingsrequiredtobeconvenedunderthissectionortheimmediatelyforegoingsection,shallbeconvened andheld,sofarasmaybe,inaccordancewiththeprovisionsofthisActandtheregulationsofthecompany relatingtogeneralmeetings. (8)Theliquidatorshallpreservethebooksandpapersofthecompanyandoftheliquidatorforaperiodoffive yearsfromthedissolutionofthecompanybutthereaftermaydestroysuchbooksandpapersunlessthe Commissionshallotherwisedirect,inwhicheventheshallnotdestroythesameuntiltheCommissionconsentsin writing. (9)Ifaliquidatorshouldfailtocomplywithanyoftheprovisionsofthissection,heshallbeguiltyofanoffenceand liabletoafinenotexceedingN230foreachdefault. Provisionsapplicabletoacreditors'voluntarywindingup 471.Provisionsapplicabletocreditors'windingupvoluntarily Theprovisionsfollowing,thatistosaysections472to478ofthisAct,shallapplyinrelationtoacreditors' voluntarywindingup. 472.Meetingofcreditors (1)Thecompanyshallcauseameetingofthecreditorsofthecompanytobesummonedfortheday,ortheday nextfollowingtheday,onwhichthereistobeheldthemeetingatwhichtheresolutionforvoluntarywindingupis tobeproposed,andshallcausethenoticesofthemeetingofcreditorstobesentbyposttothecreditors simultaneouslywiththesendingofthenoticesofthemeetingsofthecompany. (2)ThecompanyshallcausenoticeofthemeetingofthecreditorstobepublishedonceintheGazetteandonceat leastintwonewspapersprintedinNigeriaandcirculatinginthedistrictwheretheregisteredofficeorprincipal placeofbusinessofthecompanyissituate. (3)Thedirectorsofthecompanyshall

(a)causeafullstatementofthepositionofthecompany'saffairstogetherwithalistofthecreditorsofthe companyandtheestimatedamountoftheirclaimstobelaidbeforethemeetingofthecreditorstobeheldas aforesaid;and (b)appointoneoftheirnumbertopresideatthesaidmeeting. (4)Itshallbethedutyofthedirectorsoappointedtoattendthemeetingandpresidethereat. (5)Ifthemeetingofthecompanyatwhichtheresolutionforvoluntarywindingupistobeproposed,isadjourned andtheresolutionispassedatanadjournedmeeting,anyresolutionpassedatthemeetingofthecreditorsheldin pursuanceofsubsection(1)ofthissectionshallhaveeffectasifithadbeenpassedimmediatelyafterthepassing oftheresolutionforwindingupthecompany. (6)Ifdefaultismadeby (a)thecompanyincomplyingwithsubsection(1)or(2)ofthissection; (b)thedirectorsofthecompanyincomplyingwithsubsection(3)ofthissection; (c)anydirectorofthecompanyappointedtopreside,incomplyingwithsubsection(4)ofthissection, thecompany,directorsordirector,asthecasemaybe,shallbeguiltyofanoffenceandliabletoafineofN250and inthecaseofdefaultbythecompany,everyofficerofthecompanywhoisindefaultshallbeliabletothelike penalty. 473.Appointmentofliquidatorandcesserofdirectors'powers (1)Thecreditorsandthecompanyattheirrespectivemeetingsmentionedinsection472ofthisActmaynominate apersontobeliquidatorforthepurposeofwindinguptheaffairsanddistributingtheassetsofthecompany,and ifthecreditorsandthecompanynominatedifferentpersons,thepersonnominatedbythecreditorsshallbe liquidator,andifnopersonisnominatedbythecreditorsthepersonifany,nominatedbythecompany,shallbe liquidator: Providedthatinthecaseofdifferentpersonsbeingnominated,anydirector,memberorcreditorofthecompany may,withinsevendaysafterthedateonwhichthenominationwasmadebythecreditors,applytothecourtfor anorderdirectingthatthepersonsnominatedasliquidatorbythecompanyshallbeliquidatorinsteadoforjointly withthepersonnominatedbythecreditors,orappointingsomeotherpersontobeliquidatorinsteadofthe personappointedbythecreditors. (2)Ontheappointmentofaliquidator,allthepowersofthedirectorsshallcease,exceptsofarasthecommittee ofinspection,orifthereisnosuchcommittee,thecreditors,sanctionthecontinuancethereof. 474.Appointmentofcommitteeofinspection (1)Thecreditorsatthemeetingtobeheldinpursuanceofsection472ofthisActoratanysubsequentmeeting may,iftheythinkfit,appointacommitteeofinspectionconsistingofnotmorethanfivepersons,andifsucha committeeisappointed,thecompanymay,eitheratthemeetingatwhichtheresolutionforvoluntarywindingup ispassedoratanytimesubsequentlyingeneralmeeting,appointsuchnumberofpersonsastheythinkfittoact asmembersofthecommitteenotexceedingfiveinnumber:

Providedthatthecreditorsmay,iftheythinkfit,resolvethatalloranyofthepersonssoappointedbythe companyshallnotbemembersofthecommitteeofinspection,andifthecreditorssoresolve,thepersons mentionedintheresolutionshallnot,unlessthecourtotherwisedirects,bequalifiedtoactasmembersofthe committee,andonanyapplicationtothecourtunderthisprovisionthecourtmay,ifitthinksfit,appointother personstoactassuchmembersinplaceofthepersonsmentionedintheresolution. (2)SubjecttotheprovisionsofthissectionandtogeneralrulesmadeunderthisAct,theprovisionsofsection434 ofthisAct(exceptsubsection(1)ofthissection),shallapplywithrespecttoacommitteeofinspectionappointed underthissectionastheyapplywithrespecttoacommitteeofinspectionappointedinawindingupbythecourt. 475.Fixingofliquidators'remuneration Thecommitteeofinspection,orifthereisnosuchcommittee,thecreditors,mayfixtheremunerationtobepaid totheliquidatororliquidators. 476.Powertofillvacancyintheofficeofliquidator Ifavacancyoccurs,bydeath,resignationorotherwise,intheofficeofaliquidator,otherthanaliquidator appointedby,orbythedirectionofthecourt,thecreditorsmayfillthevacancy. 477.Liquidatortocallmeetingsofcompanyandothersattheendofeachyear (1)Intheeventofthewindingupcontinuingformorethanoneyear,theliquidatorshallsummonageneral meetingofthecompanyandameetingofthecreditorsattheendofthefirstyearfromthecommencementofthe windingup,andofeachsucceedingyear,oratthefirstconvenientdatewithinthreemonthsfromtheendofyear, orsuchlongerperiodastheCommissionmayallow,andshalllaybeforethemeetingsanaccountofhisactsand dealingsandoftheconductofthewindingupduringtheprecedingyear. (2)Iftheliquidatorfailstocomplywiththeprovisionsofthissection,heshallbeguiltyofanoffenceandliabletoa fineofN50. 478.Finalmeetinganddissolution (1)Assoonastheaffairsofthecompanyarefullywoundup,theliquidatorshallprepareanaccountofthewinding up,showinghowthewindinguphasbeenconductedandthepropertyofthecompanyhasbeendisposedof,and thereuponheshallcallageneralmeetingofthecompanyandameetingofthecreditorsforthepurposeoflaying theaccountbeforethemeetingsandgivinganyexplanationthereof. (2)EachsuchmeetingshallbecalledbynoticepublishedintheGazetteandinsomenewspapersprintedinNigeria andcirculatinginthelocalitywherethemeetingisbeingcalled,specifyingthetime,placeandobjectthereof,and publishedonemonthatleastbeforethemeeting. (3)Withinsevendaysafterthedateofthemeeting,orifthemeetingsarenotheldonthesamedate,afterthe dateofthelatermeeting,theliquidatorshallsendtotheCommissionacopyoftheaccount,andshallmakea returntoitoftheholdingofthemeetingsandoftheirdates,andifthecopyisnotsentorthereturnisnotmade inaccordancewiththissubsection,theliquidatorshallbeguiltyofanoffenceandliabletoafineofN25forevery dayduringwhichthedefaultcontinues: Providedthat,ifaquorumisnotpresentateithersuchmeetingstheliquidatorshall,inlieuofthereturn hereinbeforementioned,makeareturnthatthemeetingwasdulysummonedandthatnoquorumwaspresent;

anduponsuchareturnbeingmadetheprovisionsofthissubsectionastothemakingofthereturnshall,inrespect ofthatmeeting,bedeemedtohavebeencompliedwith. (4)TheCommission,onreceivingtheaccount,and,inrespectofeachsuchmeeting,eitherofthereturns mentionedabove,shallforthwithregisterthem,andontheexpirationofthreemonthsfromtheregistration thereof,thecompanyshallbedeemedtobedissolved: Providedthatthecourtmay,ontheapplicationoftheliquidatororofanyotherpersonwhoappearstothecourt tobeinterested,makeanorderdeferringthedateatwhichthedissolutionofthecompanyistotakeeffectfor suchtimeasthecourtthinksfit. (5)Itshallbethedutyofthepersononwhoseapplicationanorderofthecourtunderthissectionismade,within sevendaysafterthemakingoftheorder,todelivertotheCommissionanofficecopyoftheorderforregistration, andifthatpersonsfailssotodoheshallbeguiltyofanoffenceandliabletoafineofN25foreverydayduring whichthedefaultcontinues. (6)Iftheliquidatorfailstocallageneralmeetingofthecompanyorameetingofthecreditorsasrequiredbythis section,heshallbeguiltyofanoffenceandliabletoafineofN250. Provisionsapplicabletoeveryvoluntarywindingup 479.Provisionsapplicabletoeveryvoluntarywindingup Theprovisionsfollowing,thatistosay,sections480to485ofthisAct,shallapplytoeveryvoluntarywindingup, whetheramembers'oracreditors'windingup. 480.Distributionofpropertyofcompany SubjecttotheprovisionsofthisActastopreferentialpayments,thepropertyofacompanyshall,onitswinding up,beappliedinsatisfactionofitsliabilitiesparipassuand,subjecttosuchapplicationshall,unlessthearticles otherwiseprovide,bedistributedamongthemembersaccordingtotheirrightsandinterestsinthecompany. 481.Powers,etc.,ofliquidatorineveryvoluntarywindingup (1)Theliquidatormay (a)inthecaseofamembers'voluntarywindingup,withthesanctionofspecialresolutionofthecompany,and,in thecaseofacreditors'voluntarywindingup,withthesanctionofthecourtor,thecommitteeofinspectionorif thereisnosuchcommittee,ameetingofthecreditors,exerciseanyofthepowersgivenbyparagraphs(d),(e)and (f)ofsection425(1)ofthisActtoaliquidatorinawindingupbythecourt; (b)withoutsanction,exerciseanyoftheotherpowersgivenbythisActtotheliquidatorinawindingupbythe court; (c)exercisethepowerofthecourtunderthisActofsettlingalistofcontributories,andthelistofcontributories shallbeprimafacieevidenceoftheliabilityofthepersonsnamedthereintobecontributories; (d)exercisethecourt'spowerofmakingcalls;

(e)summongeneralmeetingsofthecompanyforthepurposeofobtainingthesanctionofthecompanybyspecial resolutionorforanyotherpurposehemaythinkfit. (2)Theliquidatorshallpaythedebtsofthecompanyandshalladjusttherightsofthecontributoriesamong themselves. (3)Whereseveralliquidatorsareappointed,anypowergivenbythisActmaybeexercisedbysuchoneormoreof themasmaybedeterminedbyanynumbernotlessthantwo. 482.Powerofcourttoappoint,etc.,liquidator If,inanyvoluntarywindingup,thereisnoliquidatoracting,thecourtmayappointaliquidatorandinanycasethe courtmay,oncauseshown,removealiquidatorandappointanotherliquidator. 483.Powertoapplytocourttodeterminequestionsorexercisepowers (1)Theliquidatororanycontributoryorcreditormayapplytothecourttodetermineanyquestionarisinginthe windingupofacompany,toexercise,asrespectstheenforcingofcallsoranyothermatter,alloranyofthe powerswhichthecourtmightexerciseifthecompanywerebeingwoundupbythecourt. (2)Ifthecourtissatisfiedthatthedeterminationofthequestionortherequiredexerciseofpowerwillbejustand beneficial,itmaygiveeffectwhollyorpartiallytotheapplicationonsuchtermsandconditionsasitthinksfit,or makesuchotherorderasthecasemayrequire. (3)Acopyofanordermadeunderthissectionstayingtheproceedingsinthewindingup,shallforthwithbe forwardedbythecompany,orotherwiseasmaybeprescribed,totheCommission,whichshallmakeaminuteof theorderinitsbooksrelatingtothecompany. 484.Costsofvoluntarywindingup Allcosts,chargesandexpensesproperlyincurredinthewindingup,includingtheremunerationoftheliquidator, shallbepayableoutoftheassetsofthecompanyinprioritytoallotherclaims. 485.Savingofrightsofcreditorsandcontributories Thewindingupofacompanyshallnotbartherightofanycreditororcontributorytohaveitwoundupbythe court;butwheretheapplicantforwindingupisacontributory,anordershallnotbemadeunlessthecourtis satisfiedthattherightsofcontributoriesshallbeprejudicedbythemembers'orcreditors'voluntarywindingup,as thecasemaybe. CHAPTER4 Windingupsubjecttosupervisionofcourt 486.Powertoorderwindingupsubjecttosupervision Ifacompanypassesaresolutionforvoluntarywindingup,thecourtmayonpetitionorderthatthevoluntary windingupshallcontinuebutsubjecttosuchsupervisionofthecourt,andwithsuchlibertyforcreditors, contributories,orotherstoapplytothecourt,andgenerallyonsuchtermsandconditions,asthecourtthinksjust. 487.Effectofpetitionforwindingupsubjecttosupervision

Apetitionforthecontinuanceofavoluntarywindingupsubjecttothesupervisionofthecourtshall,forthe purposeofgivingjurisdictiontothecourtoveractions,bedeemedtobeapetitionforwindingupbythecourt. 488.Applicationofsections413and414 Awindingupsubjecttothesupervisionofthecourtshall,forthepurposesofsections413and414ofthisAct,be deemedtobeawindingupbythecourt. 489.Powerofcourttoappoint,etc.,liquidators (1)Whereanorderismadeforawindingupsubjecttosupervision,thecourtmaybythesameoranysubsequent orderappointanadditionalliquidator. (2)Aliquidatorappointedbythecourtunderthissectionshallhavethesamepowers,besubjecttothesame obligations,andinallrespectsstandinthesameposition,asifhehadbeendulyappointedinaccordancewiththe provisionsofthisActwithrespecttotheappointmentofliquidatorsinavoluntarywindingup. (3)Thecourtmayremoveanyliquidatorsoappointedbythecourtoranyliquidatorcontinuedunderthe supervisionorder,andmayfillanyvacancyoccasionedbytheremoval,orbydeathorresignation. 490.Effectofsupervisionorder (1)Whereanorderismadeforawindingupsubjecttosupervision,theliquidatormay,subjecttoanyrestrictions imposedbythecourt,exerciseallhispowers,withoutthesanctionorinterventionofthecourt,inthesame mannerasifthecompanywerebeingwoundupvoluntarily: Providedthatthepowersspecifiedinparagraphs(d),(e)and(f)ofsection425(1)ofthisActshallnotbeexercised bytheliquidatorexceptwiththesanctionofthecourtor,inacasewherebeforetheorderthewindingupwasa creditors'voluntarywindingup,withthesanctionofthecourtorthecommitteeofinspection,or(ifthereisno suchcommittee)ameetingofthecreditors. (2)Awindingupsubjecttothesupervisionofthecourtshallnotamounttoawindingupbythecourtforthe purposeoftheprovisionsofthisActasspecifiedintheTwelfthScheduletothisAct(dealingwithprovisionswhich donotapplyinthecaseofwindingupsubjecttothesupervisionofthecourt)but,subjecttothis,anorderfora windingupsubjecttosupervisionshallforallpurposesbeanorderforwindingupbythecourt: [TwelfthSchedule.] Providedthatwheretheorderforwindingupsubjecttosupervisionofthecommitteewasmadeinrelationtoa creditors'voluntarywindingupinwhichacommitteeofinspectionhadbeenappointed,theordershallbedeemed tobeanorderforwindingupbythecourtforthepurposesofsection434ofthisAct,(exceptsubsection(1) thereof)saveinsofarastheoperationofthatsectionisexcludedinavoluntarywindingupbygeneralrulesmade underthisAct. CHAPTER5 Provisionsapplicabletoeverymodeofwindingup 491.Liquidatortogivenoticeofappointment

(1)Theliquidatorshall,within14daysafterhisappointment,publishintheGazetteandintwodailynewspapers anddelivertotheCommissionforregistrationanoticeofhisappointmentinsuchformastheCommissionmay fromtimetotimeapprove. (2)Iftheliquidatorfailstocomplywiththerequirementsofthissection,heshallbeguiltyofanoffenceandliable toafineofN25foreverydayduringwhichthedefaultcontinues. Proofandrankingofclaims 492.Debtsofalldescriptionsmaybeproved Ineverywindingup(subject,inthecaseofinsolventcompanies,totheapplicationinaccordancewiththe provisionsofthisActofthelawofbankruptcy),alldebtspayableonacontingency,andallclaimsagainstthe company,presentorfuture,certainorcontingent,ascertainedorsoundingonlyindamages,shallbeadmissibleto proofagainstthecompany,ajustestimatebeingmade,sofaraspossible,ofthevalueofsuchdebtsorclaimsas maybesubjecttoanycontingencyorsoundonlyindamages,orforsomeotherreasonsdonotbearacertain value. 493.Applicationofbankruptcyrulesincertaincases InthewindingupofaninsolventcompanyregisteredinNigeriathesamerulesshallprevailandbeobservedwith regardtotherespectiverightsofsecuredandunsecuredcreditorsandtodebtsprovableandtothevaluationof annuitiesandfutureandcontingentliabilitiesasareinforceforthetimebeingunderthelawofbankruptcyin Nigeriawithrespecttotheestatesofpersonsadjudgedbankrupt,andallpersonswhoinanysuchcasewouldbe entitledtoproveforandreceivedividendsoutoftheassetsofthecompanymaycomeinunderthewindingup andmakesuchclaimsagainstthecompanyastheyrespectivelyareentitledtobyvirtueofthissection. 494.Preferentialpayments (1)Inawindingupthereshallbepaidinprioritytoallotherdebts (a)alllocalratesandchargesduefromthecompanyattherelevantdate,andhavingbecomedueandpayable within12monthsnextbeforethatdate,andallpayasyouearntaxdeductions,assessedtaxes,landtax,property orincometaxassessedonorduefromthecompanyuptotheannualdayofassessmentnextbeforetherelevant date,andinthecaseofpayasyouearntaxdeductionsnotexceedingdeductionsmadeinrespectofoneyearof assessmentand,inanyothercase,notexceedinginthewholeoneyear'sassessment; (b)deductionsundertheNigeriaSocialInsuranceTrustFundAct; [Cap.N88.] (c)allwagesorsalaryofanyclerkorservantinrespectofservicesrenderedtothecompany; (d)allwagesofanyworkmanorlabourer,whetherpayablefortimeorforpiecework,inrespectofservices renderedtothecompany; (e)allaccruedholidayremunerationbecomingpayabletoanyclerk,servant,workmanorlabourer(orinthecase ofhisdeathtoanyotherpersoninhisrights)ontheterminationofhisemploymentbeforeorbytheeffectofthe windinguporderorresolution;

(f)unlessthecompanyisbeingwoundupvoluntarilymerelyforthepurposeofreconstructionorofamalgamation withanothercompanyorunlessthecompanyhasatthecommencementofthewindingupundersuchacontract withinsurersasismentionedinsection26oftheWorkmen'sCompensationAct,rightscapableofbeing transferredtoandvestedintheworkman,allamountsdueinrespectofanycompensationorliabilityfor compensationundertheActaforesaid,accruedbeforetherelevantdate. [Cap.W6.] (2)WhereanycompensationundertheWorkmen'sCompensationActisaweeklypayment,theamountduein respectthereofshall,forthepurposeofparagraph(e)ofsubsection(1)ofthissection,betakentobetheamount ofthelumpsumforwhichtheweeklypaymentcould,ifredeemable,beredeemediftheemployermadean applicationforthatpurposeundertheaforesaidAct. (3)Whereanypaymentonaccountofwagesorsalaryhasbeenmadetoanyclerk,servant,workmanorlabourer intheemploymentofacompanyoutofthemoneyadvancedbysomepersonsforthatpurpose,thatpersonshall inawindinguphavearightofpriorityinrespectofthemoneysoadvancedandpaiduptotheamountbywhich thesuminrespectofwhichthatclerk,servant,workmanorlabourerwouldhavebeenentitledtopriorityinthe windinguphasbeendiminishedbyreasonofthepaymenthavingbeenmade. (4)Theforegoingdebtsshall (a)rankequallyamongthemselvesandbepaidinfull,unlesstheassetsareinsufficienttomeetthem,inwhich casetheyshallabateinequalproportions;and (b)sofarastheassetsofthecompanyavailableforpaymentofgeneralcreditorsareinsufficienttomeetthem, havepriorityovertheclaimsofholdersofdebenturesunderanyfloatingchargecreatedbythecompanyandbe paidaccordinglyoutofanypropertycomprisedinorsubjecttothatcharge. (5)Subjecttotheretentionofsuchsumsasmaybenecessaryforthecostsandexpensesofthewindingup,the foregoingdebtsshallbedischargedforthwithsofarastheassetsaresufficienttomeetthem. (6)Inthissection"therelevantdate"means (a)inthecaseofacompanyorderedtobewoundupcompulsorilywhichhadnotpreviouslycommencedtobe woundupvoluntarily,thedateofthewindinguporder;and (b)inanyothercase,thedateofthecommencementofthewindingup. Effectofwindinguponantecedentandothertransactions 495.Fraudulentpreference (1)Anyconveyance,mortgage,deliveryofgoods,payment,executionorotheractrelatingtopropertywhich would,ifmadeordonebyoragainstanindividual,bedeemedinhisbankruptcyafraudulentpreference,shall,if madeordonebyoragainstacompany,bedeemed,intheeventofitsbeingwoundup,afraudulentpreferenceof itscreditors,andbeinvalidaccordingly. (2)Anyconveyanceorassignmentbyacompanyofallitspropertytotrusteesforthebenefitofallitscreditors shallbevoid.

(3)Forthepurposesofthissection,thepresentationofapetitionforwindingupinthecaseofawindingupbyor subjecttothesupervisionofthecourt,andaresolutionforwindingupinthecaseofavoluntarywindingup,shall bedeemedtocorrespondwiththeactofbankruptcyinthecaseofanindividual. 496.Liabilitiesandrightsofcertainfraudulentlypreferredpersons (1)WhereanythingmadeordoneafterthecommencementofthisActisvoidundersection495ofthisActasa fraudulentpreferenceofapersoninterestedinpropertymortgagedorchargedtosecurethecompany'sdebt,the personpreferredshall,withoutprejudicetoanyliabilitiesorrightsarisingapartfromthisprovision,besubjectto thesameliabilities,andhavethesamerights,asifhehadundertakentobepersonallyliableassuretyforthedebt, totheextentofthechargeonthepropertyorhavevalueofhisinterest,whicheveristheless,andthevalueofthe saidperson'sinterestshallbedeterminedasatthedateofthetransactionconstitutingthefraudulentpreference, andshallbedeterminedasiftheinterestwerefreeofallincumbrancesotherthanthosetowhichthechargefor thecompany'sdebtwasthesubject. (2)Whereforthepurposesofthissection,applicationismadetothecourtwithrespecttoanypaymentonthe groundthatthepaymentwasfraudulentpreferenceofasuretyorguarantor,thecourtshallhavejurisdictionto determineanyquestionswithrespecttothepaymentarisingbetweenthepersontowhomthepaymentwas madeandthesuretyorguarantor,andtograntreliefinrespectthereof,notwithstandingthatitisnotnecessaryso todoforthepurposesofthewindingup,andforthatpurposemaygiveleavetobringinthesuretyorguarantoras athirdpartyasinthecaseofanactionfortherecoveryofthesumpaid. (3)Subsection(2)ofthissectionshallapply,withthenecessarymodifications,inrelationtotransactionsother thanthepaymentofmoney,asitappliesinrelationtopayments. 497.Avoidanceofattachments,etc.,onwindingupsubjecttosupervisionofthecourt Whereacompanyisbeingwoundupsubjecttothesupervisionofthecourt,anyattachment,sequestrationor executionputinforceagainsttheestateoreffectsofthecompanyafterthecommencementofthewindingup, shallbevoid. 498.Effectoffloatingcharge Whereacompanyisbeingwoundup,afloatingchargeontheundertakingorpropertyofthecompanycreated withinthreemonthsofthecommencementofthewindingupshall,unlessitisprovedthatthecompany immediatelyafterthecreationofthechargewassolvent,beinvalid,excepttotheamountofanycashpaidtothe companyatthetimeoforsubsequentlytothecreationof,andinconsiderationfor,thecharge,togetherwith interestonthatamountatthecurrentbankrate. 499.Disclaimerofonerousproperty (1)Whereanypartofthepropertyofacompanywhichisbeingwoundupconsistsoflandofanytenureburdened withonerouscovenants,ofsharesorstockincompanies,ofunprofitablecontracts,orofanyotherpropertythatis unsaleable,ornotreadilysaleable,byreasonofitsbindingthepossessorthereoftotheperformanceofany onerousactortothepaymentofanysumofmoney,theliquidatorofthecompany,notwithstandingthathehas endeavouredtosellorhastakenpossessionofthepropertyorexercisedanyactofownershipinrelationthereto, may,withtheleaveofthecourt,andsubjecttotheprovisionsofthissection,bywritingsignedbyhim,atanytime within12monthsafterthecommencementofthewindinguporsuchextendedperiodasmaybeallowedbythe court,disclaimtheproperty:

Providedthat,whereanysuchpropertyhasnotcometotheknowledgeoftheliquidatorwithinonemonthafter thecommencementofthewindingup,thepowerunderthissectionofdisclaimingthepropertymaybeexercised atanytimewithin12monthsafterhehasbecomeawarethereoforsuchextendedperiodasmaybeallowedby thecourt. (2)Adisclaimerunderthissectionshalloperatetodetermine,asfromthedateofthedisclaimer,therights, interestandliabilitiesofthecompany,andthepropertyofthecompany,inorinrespectoftheproperty disclaimed,butshallnot,exceptsofarasisnecessaryforthepurposeofreleasingthecompanyandtheproperty ofthecompanyfromliability,affecttherightsorliabilitiesofanyotherperson. (3)Thecourt,beforeorongrantingleavetodisclaim,mayrequiresuchnoticestobegiventopersonsinterested, andimposesuchtermsasaconditionofgrantingleave,andmakesuchotherorderinthematterasthecourt thinksjust. (4)Theliquidatorshallnotbeentitledtodisclaimanypropertyunderthissectioninanycasewhereanapplication inwritinghasbeenmadetohimbyanypersonsinterestedinthepropertyrequiringhimtodecidewhetherornot hewilldisclaim,andtheliquidatorhasnot,withinaperiodof28daysafterthereceiptoftheapplicationorsuch furtherperiodasmaybeallowedbythecourt,givennoticetotheapplicantthatheintendstoapplytothecourt forleavetodisclaim,and,inthecaseofacontract,iftheliquidator,aftersuchanapplication,doesnotwithinthat periodorfurtherperioddisclaimthecontract,thecompanyshallbedeemedtohaveadoptedit. (5)Thecourtmay,ontheapplicationofanypersonwhois,asagainsttheliquidator,entitledtothebenefitor subjecttotheburdenofacontractonsuchtermsastopaymentbyortoeitherparty,ofdamagesforthenon performanceofthecontract,orotherwiseasthecourtthinksjustandanydamagespayableundertheorderto anysuchpersonmaybeprovedbyhimasadebtinthewindingup. (6)Thecourtmay,onanapplicationbyanypersonwhoclaimsanyinterestinanypropertydisclaimedunderthis section,orisunderanyliabilitynotdischargedbythisActinrespectofanydisclaimedproperty,andonhearing anysuchpersonsasitthinksfit,makeanorderforthevestingofthepropertyinorthedeliveryofthepropertyto anypersonsentitledthereto,ortowhomitmayseemjustthatthepropertyshouldbedeliveredbywayof compensationforsuchliabilityasaforesaid,oratrusteeforhim,andonsuchtermsasthecourtthinksjustandon anysuchvestingorderbeingmade,thepropertycomprisedthereinshallvestaccordinglyinthepersontherein namedinthatbehalfwithoutanyconveyanceorassignmentforthepurpose. (7)Wherethepropertydisclaimedisofaleaseholdnaturethecourtshallnotmakeavestingorderinfavourofany personclaimingunderthecompany,whetherasanunderlesseeorasamortgageebydemise,amortgagebyway oflegalchargeormortgage,asthecasemaybe,exceptuponthetermsofmakingthatperson (a)subjecttothesameliabilitiesandobligationsasthosetowhichthecompanywassubjectundertheleasein respectofthepropertyatthecommencementofthewindingup;or (b)ifthecourtthinksfit,subjectonlytothesameliabilitiesandobligationsasiftheleasehadbeenassignedto thatpersonatthatdate, andineithereventifthecasesorequires,asiftheleasehadcomprisedonlythepropertycomprisedinthevesting order,andanymortgageeorunderlesseedecliningtoacceptavestingorderuponsuchtermsshallbeexcluded fromallinterestinandsecurityupontheproperty,andifthereisnopersonclaimingunderthecompanywhois willingtoacceptanorderuponsuchterms,thecourtshallhavepowertovesttheestateandinterestofthe

companyinthepropertyinanypersonliable,eitherpersonallyorinarepresentativecharacter,andeitheralone orjointlywiththecompany,toperformthelessee'scovenantsinthelease,freedanddischargedfromallestates, incumbrancesandinterestscreatedthereinbythecompany. (8)Anypersoninjuredbytheoperationofadisclaimerunderthissectionshallbedeemedtobeacreditorofthe companytotheamountoftheinjury,andmayaccordinglyprovetheamountasadebtinthewindingup. 500.Restrictionofrightsofcreditorastoexecution,etc.,onwindingupofcompany (1)Whereacreditorissuesexecutionagainstanygoodsorlandofacompany,orattachesanydebtduetothe company,andthecompanyissubsequentlywoundup,thecreditorshallnotbeentitledtoretainthebenefitof theexecutionorattachmentagainsttheliquidatorinthewindingupofthecompany,unlesshehascompletedthe executionorattachmentbeforethecommencementofthewindingup: Providedthat (a)whereanycreditorhashadnoticeofameetinghavingbeencalledatwhicharesolutionforvoluntarywinding upistobeproposed,thedateonwhichthecreditorsohadnoticeshall,forthepurposesoftheforegoing provision,besubstitutedforthedateofthecommencementofthewindingup; (b)ifapersonpurchasesingoodfaithunderasalebythesheriffanygoodsofacompanyonwhichanexecution hasbeenlevied,heshallacquireagoodtitletothemagainsttheliquidator; (c)therightsconferredbythissubsectionontheliquidatormaybesetasidebythecourtinfavourofthecreditor tosuchextentandsubjecttosuchtermsasthecourtthinksfit. (2)Forthepurposesofthissection,anexecutionagainstgoodsshallbetakentobecompletedbyseizureandsale, andanattachmentofadebtshallbedeemedtobecompletedbyreceiptofthedebt,andanexecutionagainst landshallbedeemedtobecompletedbyseizureand,inthecaseofanequitableinterest,bytheappointmentofa receiver. 501.Dutyofsheriffastogoodstakeninexecution (1)Subjecttotheprovisionsofsubsection(3)ofthissection,whereanygoodsofacompanyaretakeninexecution andbeforethesalethereoforthecompletionoftheexecutionbythereceiptorrecoveryofthefullamountofthe levy,noticeisservedonthesheriffthataprovisionalliquidatorhasbeenappointedorthatawindinguporderhas beenmadeorthataresolutionforvoluntarywindinguphasbeenpassed,thesheriffshall,onbeingsorequired, deliverthegoodsandanymoneyseizedorreceivedinpartsatisfactionoftheexecutiontotheliquidator,butthe costsoftheexecutionshallbeafirstchargeonthegoodsormoneysodelivered,andtheliquidatormaysellthe goods,orasufficientpartthereof,forthepurposeofsatisfyingthatcharge. (2)Subjecttotheprovisionsofsubsection(3)ofthissection,whereunderanexecutioninrespectofajudgment forasumexceedingN100thegoodsofacompanyaresoldormoneyispaidinordertoavoidthesale,thesheriff shalldeductthecostsoftheexecutionfromtheproceedsofthesaleorthemoneypaid,andretainthebalancefor 14daysandifwithinthattimenoticeisservedonhimofapetitionforthewindingupofthecompanyhavingbeen presentedorofameetinghavingbeencalledatwhichthereistobeproposedaresolutionforthevoluntary windingupofthecompanyandanorderismadeoraresolutionispassed,asthecasemaybe,forthewindingup ofthecompany,thesheriffshallpaythebalancetotheliquidator,whoshallbeentitledtoretainitasagainstthe executioncreditor.

(3)Therightsconferredbythissectionontheliquidatormaybesetasidebythecourtinfavourofthecreditorto suchextentandsubjecttosuchtermsasthecourtthinksfit. (4)Inthissectionandsection500ofthisAct (a)"goods"includeschattelspersonal;and (b)"sheriffincludesanyofficerchargedwiththeexecutionofawritorotherprocess. Offencesantecedenttoorincourseofwindingup 502.Offencesbyofficersofcompanyinliquidation (1)Ifanyperson,beingapastorpresentofficerofacompanywhichatthetimeofthecommissionofthealleged offenceisbeingwoundup,whetherbyorunderthesupervisionofthecourtorvoluntarily,orissubsequently orderedtobewoundupbythecourtorsubsequentlypassesaresolutionforvoluntarywindingup (a)doesnottothebestofhisknowledgeandbelieffullyandtrulydiscoverordelivertotheliquidatorallthe property,landedandpersonal,ofthecompany,andhowandtowhom,forwhatconsiderationandwhen,the companydisposedofanypartthereof,exceptsuchpartashasbeendisposedofintheordinarywayofthe businessofthecompany;or (b)doesnotdeliveruptotheliquidator,orashedirects,allsuchpartoftherealandpersonalpropertyofthe companyasisinhiscustodyorunderhiscontrol,andwhichheisrequiredbylawtodeliverup;or (c)doesnotdeliveruptotheliquidator;orashedirects,allbooksandpapersinhiscustodyorunderhiscontrol belongingtothecompanyandwhichheisrequiredbylawtodeliverup;or (d)within12monthsnextbeforethecommencementofthewindinguporatanytimethereafter,concealsany partofthepropertyofthecompanytothevalueofN100orupwards,orconcealsanydebtduetoorfromthe company;or (e)within12monthsnextbeforethecommencementofthewindinguporatanytimethereafter,fraudulently removesanypartofthepropertyofthecompanytothevalueofN100orupwards;or (f)makesanymaterialomissioninanystatementrelatingtotheaffairsofthecompany;or (g)knowingorbelievingthatafalsedebthasbeenprovedbyanypersonunderthewindingup,failsfortheperiod ofonemonthtoinformtheliquidatorthereof;or (h)afterthecommencementofthewindingup,preventstheproductionofanybookorpaperaffectingorrelating tothepropertyoraffairsofthecompany;or (i)within12monthsnextbeforethecommencementofthewindinguporatanytimethereafter (i)conceals,destroys,mutilatesorfalsifies,orisprivytotheconcealment,destruction,mutilationor falsificationofthebookorpaperaffectingorrelatingtothepropertyoraffairsofthecompany;or (ii)makesorisprivytothemakingofanyfalseentryinanybookorpaperaffectingorrelatingtothe propertyoraffairsofthecompany;or

(iii)fraudulentlypartswith,altersormakesanyomissionin,orisprivytothefraudulentlypartingwith, alteringormakinganyomissioninanydocumentaffectingorrelatingtothepropertyoraffairsofthecompany;or (iv)atanymeetingofthecreditorsofthecompany,attemptstoaccountforanypartofthepropertyof thecompanybyfictitiouslossesorexpenses;or (v)madefalserepresentationorotherfraud,obtainedanypropertyfororonbehalfofthecompanyon creditwhichthecompanydoesnotsubsequentlypayfor;or (vi)underthefalsepretencethatthecompanyiscarryingonitsbusiness,obtainsoncredit,fororon behalfofthecompanyanypropertywhichthecompanydoesnotsubsequentlypayfor;or (vii)pawns,pledgesordisposesofanypropertyofthecompanywhichhasbeenobtainedoncreditand hasnotbeenpaidfor,unlesssuchpawning,pledging,ordisposingisintheordinarywayofthebusinessofthe company;or (j)isguiltyofanyfalserepresentationorotherfraudforthepurposeofobtainingtheconsentofthecreditorsof thecompanyoranyofthemtoanagreementwithreferencetotheaffairsofthecompanyortothewindingup, heshallbeguiltyofanoffenceandshall,inthecaseoftheoffencesmentionedrespectivelyinsubparagraphs(iv), (v)and(vi)ofthissubsection,beliableonconvictiontoimprisonmentforatermof12months,andinthecaseof anyotheroffenceunderthissubsection,shallbeliableonconvictiontoimprisonmentforatermoftwoyears: Providedthatitshallbeagooddefencetoachargeunderanyofparagraphs(a),(b),(c),(d),(f),(v)and(vi)ofthis subsection,iftheaccusedprovesthathehadnointenttodefraud,andtoachargeunderanyofparagraphs(h),(i) and(j),ifheproveshehadnointentiontoconcealthestateofaffairsofthecompanyortodefeatthelaw. (2)Whereanypersonpawns,pledgesordisposesofanypropertyincircumstanceswhichamounttoanoffence undersubparagraph(vii)ofparagraph(i)ofsubsection(1)ofthissection,everypersonwhotakesinpawnor pledge,orotherwisereceivesthepropertyknowingittobepawned,pledgedordisposedofinsuchcircumstances asaforesaid,shallbeguiltyofanoffence,andonconvictionthereofliabletobepunishedinthesamewayasifhe hadreceivedthepropertyknowingittohavebeenobtainedincircumstancesamountingtoanoffence. (3)Forthepurposesofthissection,"officer"includesanypersoninaccordancewithwhosedirectionsor instructionsthedirectorsofacompanyhavebeenaccustomedtoact. 503.Falsificationofbooks Ifanyofficerorcontributoryofanycompanybeingwoundupdestroys,mutilates,altersorfalsifiesanybooks, papersorsecurities,ormakesorisprivytothemakingofanyfalseorfraudulententryinanyregister,bookof accountordocumentbelongingtothecompanywithintenttodefraudordeceiveanyperson,heshallbeguiltyof anoffenceandliableonconvictiontoimprisonmentforatermoftwoyearsorafineofN2,500. 504.Fraudsbyofficersofcompaniesinliquidation Ifanyperson,beingatthetimeofthecommissionoftheallegedoffenceanofficerofacompanywhichis subsequentlyorderedtobewoundupbythecourt,orsubsequentlypassesaresolutionforvoluntarywindingup (a)hasbyfalsepretencesorbymeansofanyotherfraudinducedanypersontogivecredittothecompany;or

(b)withintenttodefraudcreditorsofthecompany,hasmadeorcausedtobemadeanygiftortransferofor chargeon,orhascausedorconnivedatthelevyingofanyexecutionagainst,thepropertyofthecompany;or (c)withintenttodefraudcreditorsofthecompany,hasconcealedorremovedanypartofthepropertyofthe companysince,orwithintwomonthsbefore,thedateofanyunsatisfiedjudgmentororderforpaymentofmoney obtainedagainstthecompany, heshallbeguiltyofanoffenceandliableonconvictiontoimprisonmentforatermoftwoyears. 505.Liabilitywhereproperaccountsnotkept (1)If,whereacompanyiswoundup,itisshownthatproperbooksofaccountwerenotkeptbythecompany throughouttheperiodoftwoyearsimmediatelyprecedingthecommencementofthewindinguportheperiod betweentheincorporationofthiscompanyandthecommencementofthewindingup,whicheveristheshorter, everyofficerofthecompanywhoisindefaultshall,unlessheshowsthatheactedhonestlyandthatinthe circumstancesinwhichthebusinessofthecompanywascarriedonthedefaultwasexcusable,beguiltyofan offenceandbeliableonconvictioninthecourttoafineofN250. (2)Forthepurposesofthissection,properbooksofaccountshallbedeemednottohavebeenkeptinthecaseof anycompanyiftherehavenotbeenkeptsuchbooksofaccountsasarenecessarytoexhibitandexplainthe transactionsandfinancialpositionofthetradeorbusinessofthecompany,includingbookscontainingentries fromdaytodayinsufficientdetailofallcashreceivedandcashpaid;and,wherethetradeorbusinesshas involveddealingingoods,statementsoftheannualstocktakingsand(exceptincaseofgoodssoldbywayof ordinaryretailtrade)ofallgoodssoldandpurchased,showingthegoodsandthebuyersandsellersthereofin sufficientdetailstoenablethosegoodsandthosebuyersandsellerstobeidentified. 506.Responsibilityforfraudulenttrading (1)If,inthecourseofthewindingupofacompany,itappearsthatanybusinessofthecompanyhasbeencarried oninarecklessmannerorwithintenttodefraudcreditorsofthecompanyorcreditorsofanyotherpersonforany fraudulentpurpose,thecourt,ontheapplicationoftheofficialreceiver,ortheliquidatororanycreditoror contributoryofthecompany,may,ifitthinkspropersotodo,declarethatanypersonswhowereknowingly partiestothecarryingonofthebusinessinmanneraforesaidshallbepersonallyresponsible,withoutany limitationofliabilityforalloranyofthedebtsorotherliabilitiesofthecompanyasthecourtmaydirect. (2)Wherethecourtmakesadeclarationastoresponsibilityfordebtsorliabilitiesundersubsection(1)ofthis section,itmaygiveanydirectionitthinksproperforthepurposeofgivingeffecttothatdeclaration,andin particularthecourtmaymakeprovisionformakingtheliabilityofanysuchpersonunderthedeclarationacharge onanydebtorobligationduefromthecompanytohim,oronanymortgageorchargeoranyinterestinany mortgageorchargeoranyassetsofthecompanyheldbyorvestedinhim,oranycompanyorpersononhis behalf,oranypersonclaimingasassigneefromorthroughthepersonliableoranycompanyorpersonactingon hisbehalf,andmayfromtimetotimemakeanyfurtherordernecessaryforenforcinganychargeimposedunder thissubsection. (3)Whereanybusinessofacompanyiscarriedonwithsuchintentorforsuchpurposeasismentionedin subsection(1)ofthissection(otherthanrecklessly),everypersonwhowasknowinglyapartytothecarryingonof thebusinessinmanneraforesaid,shallbeguiltyofanoffence,andliableonconvictiontoafineofN2,500orto imprisonmentforatermoftwoyears,ortoboth.

(4)Initsoperation,thissectionshallhaveeffect,sohoweverthat (a)adeclarationmaybemadenotwithstandingthatthepersonconcernedmaybecriminallyliableinrespectof matterswhicharegroundsforthedeclarationandadeclaration,ifmade,shallbedeemedtobeafinaljudgment ofthecourt; (b)theofficialreceiverortheliquidator,asthecasemaybe,onthehearingofanapplicationtothecourt,may himselfgiveevidenceorcallwitnesses; (c)thereshallbeincludedintheexpression"assignee"anypersontowhomorinwhosefavourbythedirectionof thepersonliablethedebt,obligation,mortgage,orchargewascreated,issuedortransferred,ortheinterest created,otherthananypersonbeinganassigneeforvaluableconsiderationgiveningoodfaithandwithoutnotice ofanyofthemattersonthegroundofwhichthedeclarationismade; (d)"valuableconsideration"shallnotincludeconsiderationbywayofmarriage. 507.Powerofcourttoassessdamagesagainstdelinquentdirectors,etc. (1)If,inthecourseofwindingupacompany,itappearsthatanypersonwhohastakenpartintheformationor promotionofthecompany,oranypastorpresentdirector,managerorliquidator,oranyofficerofthecompany, hasmisappliedorretainedorbecomeliableoraccountableforanymoneyorpropertyofthecompany,orbeen guiltyofanymisfeasanceorbreachofdutyinrelationtothecompanywhichwouldinvolvecivilliabilityatthesuit ofthecompany,thecourtmay,ontheapplicationoftheofficialreceiver,oroftheliquidator,orofanycreditoror contributory,examineintotheconductofthepromoter,director,liquidatororofficer,andcompelhimtorepayor restorethemoneyorpropertyoranypartthereofrespectivelywithinterestatsuchratesasthecourtthinksjust, ortocontributesuchsumtotheassetsofthecompanybywayofcompensationinrespectofthemisapplication, retainer,misfeasanceorbreachoftrustasthecourtthinksjust. (2)Theprovisionsofthissectionshallextendtoanyreceiverofthepropertyofacompany,andshallinanycase haveeffectnotwithstandingthattheoffenceisoneforwhichtheoffendermaybecriminallyliable. (3)Whereanorderforpaymentofmoneyismadeunderthissection,theordershallbedeemedtobeafinal judgmentofthecourt. 508.Prosecutionofdelinquentofficersandmembersofacompany (1)Ifitappearstothecourt,inthecourseofwindingupby,orsubjecttothesupervisionofthecourt,thatany pastorpresentofficer,oranymemberofthecompanyhasbeenguiltyofanyoffenceinrelationtothecompany forwhichheiscriminallyliable,thecourtmay,eitherontheapplicationofanypersoninterestedinthewindingup orofitsownmotiondirecttheliquidatortoreferthemattertotheAttorneyGeneraloftheFederation. (2)Ifitappearstotheliquidatorinthecourseofavoluntarywindingupthatanypastorpresentofficer,orany memberofthecompanyhasbeenguiltyofanyoffenceinrelationtothecompanyforwhichheiscriminallyliable, heshallforthwithreportthemattertotheAttorneyGeneraloftheFederationandshallfurnishhimsuch informationandgivetohimsuchaccesstoandfacilitiesforinspectingandtakingcopiesofanydocuments,being informationordocumentsinthepossessionorunderthecontroloftheliquidatorandrelatingtothematterin question,ashemayrequire.

(3)Whereanyreportismadeundersubsection(2)ofthissectiontotheAttorneyGeneraloftheFederationhe may,ifhethinksfit,applytothecourtforanorderconferringonhimoranypersondesignatedbyhimforthe purposewithrespecttothecompanyconcerned,allsuchpowersofinvestigatingtheaffairsofthecompanyasare providedbythisActinthecaseofawindingupbythecourt. (4)Ifitappearstothecourtinthecourseofavoluntarywindingupthatanypastorpresentofficer,orany memberofthecompanyhasbeenguiltyasaforesaid,andthatnoreportwithrespecttothematterhasbeen madebytheliquidatortotheAttorneyGeneraloftheFederationundersubsection(2)ofthissection,thecourt mayontheapplicationofanypersoninterestedinthewindinguporofitsownmotion,directtheliquidatorto makesuchareport,andonareportbeingmadeaccordingly,theprovisionsofthissectionshallhaveeffectas thoughthereporthadbeenmadeinpursuanceoftheprovisionsofsubsection(2)ofthissection. (5)If,whereanymatterisreportedorreferredtotheAttorneyGeneraloftheFederationunderthissection,he considersthatthecaseisoneinwhichaprosecutionoughttobeinstituted,heshallinstituteproceedings accordingly,anditshallbethedutyoftheliquidatorandofeveryotherofficerandagentofthecompanypastand present(otherthanthedefendantintheproceedings)togivehimallassistanceinconnectionwiththeprosecution whichheisreasonablyabletogiveanditisherebydeclaredforthepurposesofthissubsection,thatthe expression"agent"inrelationtoacompanyincludesanybankerorsolicitorofthecompanyandanyperson employedbythecompanyasauditor,whetherthatpersonisorisnotanofficerofthecompany. (6)Ifanypersonfailsorneglectstogiveassistanceinthemannerrequiredbysubsection(3)ofthissection,the courtmay,ontheapplicationoftheAttorneyGeneraloftheFederation,directthatpersontocomplywiththe requirementsofthesaidsubsection,andwhereanysuchapplicationismadewithrespecttoaliquidator,the court,may,unlessitappearsthatthefailureorneglecttocomplywasduetotheliquidatornothavinginhishands sufficientassetsofthecompanytoenablehimsotodo,directthatthecostsoftheapplicationshallbeborneby theliquidatorpersonally. Supplementaryprovisionsastowindingup 509.Disqualificationsforappointmentasliquidator (1)Thefollowingpersonsshallnotbecompetenttobeappointedortoactasliquidatorofacompany,whetherin awindingupby,orunderthesupervisionofthecourt,orinavoluntarywindingup (a)aninfant; (b)anyonefoundbythecourttobeofunsoundmind; (c)abodycorporate; (d)anundischargedbankrupt; (e)anydirectorofthecompanyunderliquidation; (f)anypersonconvictedofanyoffenceinvolvingfraud,dishonesty,officialcorruptionormoralturpitudeandin respectofwhomthereisasubsistingorderundersection254ofthisAct. (2)Anyappointmentmadeincontraventionoftheprovisionsofsubsection(1)ofthissectionshallbevoidandif anyofthepersonsnamedinparagraphs(c),(d)(e),and(f)ofthatsubsectionshallactasaliquidatorofthe company,heshallbeguiltyofanoffenceandliabletoafinenotexceedingN2,500inthecaseofabodycorporate

or,inthecaseofanindividual,toimprisonmentforatermnotexceedingsixmonthsortoafinenotexceeding N500ortobothsuchimprisonmentandfine. 510.Corruptinducementaffectingappointmentasliquidator Anypersonwhogivesoragreesorofferstogivetoanymemberorcreditorofacompanyanyvaluable considerationwithaviewtosecuringhisownappointmentornomination,ortosecuringorpreventingthe appointmentornominationofsomepersonotherthanhimselfasthecompany'sliquidator,shallbeguiltyofan offenceandliabletoafineofN250. 511.Enforcementofdutyofliquidatortomakereturns,etc. (1)Ifaliquidatormakesdefaultinfiling,deliveringormakinganyreturn,accountorotherdocument,oringiving anynoticewhichheisbylawrequiredtofile,deliver,makeorgive,andfailstomakegoodthedefaultwithin14 daysaftertheserviceonhimofanoticerequiringhimtodoso,thecourtmay,onanapplicationmadetothecourt byanycontributoryorcreditorofthecompanyorbytheCommission,makeanorderdirectingtheliquidatorto makegoodthedefaultwithinsuchtimeasisspecifiedintheorder. (2)Anyorderunderthissectionmayprovidethatthecostsofanyexpensesincidentaltotheapplicationshallbe bornebytheliquidatorandnothinginthissectionshallbetakentoprejudicetheoperationofanyenactment imposingpenaltiesonaliquidatorinrespectofanysuchdefault. 512.Notificationthatacompanyisinliquidation (1)Whereacompanyisbeingwoundup,whetherbyorunderthesupervisionofthecourtorvoluntarily,every invoice,orderforgoodsorbusinessletterissuedbyoronbehalfofthecompanyoraliquidatorofthecompany,or areceiverormanagerofthepropertyofthecompany,beingadocumentonorinwhichthenameofthecompany appears,shallcontainastatementthatthecompanyisbeingwoundup. (2)Ifdefaultismadeincomplyingwiththeprovisionsofthissection,thecompanyandanyofthefollowing personswhoknowinglyandwilfullyauthorisesorpermitsthedefault,namely,anyofficerofthecompany,any liquidatorofthecompanyandanyreceiverormanager,shallbeguiltyofanoffenceandliabletoafineofN100. 513.Exemptionfromstampduty (1)Inthecaseofawindingupbythecourt,oracreditors'voluntarywindingup (a)everyassurancerelatingtoanypropertyofthecompany,ortoanymortgage,chargeorotherencumbrance thereonoranyrightorinterestinanyproperty,inanyeventformingpartoftheassetsofthecompanyandwhich, aftertheexecutionoftheassurance,eitheratlaworinequityis,orremainspartoftheassetsofthecompany;and (b)everypowerofattorney,proxypaper,writ,order,certificate,affidavit,bondorotherinstrumentorwriting relatingsolelytothepropertyofanycompanywhichisbeingsowoundup,ortoanyproceedingunderanysuch windingup,shallbeexemptedfromdutieschargeableunderanylaw,enactmentrelatingtostampduties. (2)Inthissection,"assurance"includesanydeed,conveyance,instrument,discharge,assignmentorsurrender. 514.Booksofcompanytobeevidence

Whereacompanyisbeingwoundup,allbooksandpapersofthecompanyandoftheliquidatorsshall,asbetween thecontributoriesofthecompany,beprimafacieevidenceofthetruthofallmatterspurportingtobetherein recorded. 515.Disposalofbooks,etc.,ofcompany (1)Whereacompanyisbeingwoundupandisabouttobedissolved,thebooksandpapersofthecompanyandof theliquidatorsmaybedisposedofasfollows,thatistosay (a)inthecaseofawindingupbyorsubjecttothesupervisionofthecourt,insuchwayasthecourtdirects; (b)inthecaseofamembers'voluntarywindingup,insuchwayasthecompanybyspecialresolutiondirectsand, inthecaseofacreditors'voluntarywindingup,insuchwayasthecommitteeofinspectionor,ifthereisnosuch committee,asthecreditorsofthecompany,maydirect. (2)Afterfiveyearsfromthedissolutionofthecompanynoresponsibilityshallrestonthecompany,the liquidators,oranypersontowhomthecustodyofthebooksandpapershasbeencommitted,byreasonofany bookorpapernotbeingforthcomingtoanypersonclaimingtobeinterestedtherein. (3)ProvisionsmaybemadebygeneralrulesforenablingtheCommissiontoprevent,forsuchperiod(not exceedingfiveyearsfromthedissolutionofthecompany)asitmaythinkproper,thedestructionofthebooksand papersofacompanywhichhasbeenwoundup,andforenablinganycreditororcontributoryofthecompanyto makerepresentationstoitandtoappealtothecourtfromanydirectionwhichmaybegivenbyitinthematter. (4)Ifanypersonactsincontraventionofanygeneralrulesmadeforthepurposesofthissectionorofanydirection oftheCommissionthereunder,heshallbeguiltyofanoffenceandliabletoafineofN1,000. 516.Informationastopendingliquidationsanddisposalofunclaimedassets (1)Ifwhereacompanyisbeingwoundup,thewindingupisnotconcludedwithinoneyearafterits commencement,theliquidatorshall,atsuchintervalsasmaybeprescribed,untilthewindingupisconcluded, sendtotheCommissionastatementintheprescribedformandcontainingtheprescribedparticularswithrespect totheproceedingsinandpositionoftheliquidation. (2)Anypersonstatinghimselfinwritingtobeacreditororcontributoryofthecompanyshallbeentitled,by himselforbyhisagentatallreasonabletimes,onpaymentoftheprescribedfee,toinspectthestatement,andto receiveacopythereoforextracttherefrom;butanypersonuntruthfullysostatinghimselftobecreditoror contributoryshallbeguiltyofcontemptofcourt,andshallbepunishableaccordinglyontheapplicationofthe liquidatororoftheofficialreceiver. (3)Ifaliquidatorfailstocomplywiththerequirementsofthissection,heshallbeguiltyofanoffenceandliableto afineofN50foreachdayduringwhichthedefaultcontinues. (4)Ifitappearsfromanysuchstatementorotherwisethataliquidatorhasinhiscustodyorunderhiscontrolany moneyrepresentingunclaimedorundistributedassetsofthecompanywhichhaveremainedunclaimedor undistributedforsixmonthsafterthedateoftheirreceipt,theliquidatorshallforthwithpaythesametothe companiesliquidationaccountmentionedinsection257ofthisActandshallbeentitledtoacertificateofreceipt intheprescribedformforthemoneysopaid,whichshallbeaneffectualdischargetohim.

(5)Forthepurposesofascertainingandgettinginanymoneypayableintothecompaniesliquidationaccountin pursuanceofthissection,thefollowingpowersmaybeexercisedbytheauthoritiesnamed,thatistosay (a)theCommissionmayatanytimeorderanysuchliquidatortosubmittoitanaccountverifiedbyaffidavitofthe sumsreceivedandpaidbyhimunderorinpursuanceoftheliquidation,andmaydirectandenforceanauditof theaccountandiftheliquidatorfailstosubmittheaccountwithinsuchreasonabletimeastheCommission directs,heshallbeguiltyofcontemptofcourtandmay,ontheapplicationoftheCommissiontothecourtmade forthepurpose,bepunishedaccordingly;and (b)thecourtmay,ifdefaultismadeinsubmittingtheaccountreferredtoinparagraph(a)ofthissection (i)bywarrantaddressedtoanypoliceofficer,causetheliquidatortobearrested,andallbooks,papers andmoneyorgoods,relatingtotheliquidationinhispossessiontobeseizedandhimandthemtobesafelykept untilsuchtimeasthecourtmayorder; (ii)atanytimebyorderaddressedtothePostmasterGeneraloftheNigerianPostalServicerequirethat, foraperiodofnotmorethanthreemonths,lettersaddressedtotheliquidatorandsentthroughthepost,bein courseofpost,redirected,sentordeliveredtooratanyplaceorplacesmentionedintheorder; (iii)summontheliquidatororhiswife,oranypersonknownorsuspectedtohaveinhispossessionany books,orpapersrelatingtotheliquidation,andanymoneyorgoodsbelongingtotheliquidatororrepresenting anyunclaimedorundistributedassetsofthecompanyasaforesaid,orsummonanypersonwhomthecourtdeems capableofgivinginformationrespectinganysuchbooks,papers,money,goodsorotherassets,andrequireany personsummonedunderthisparagraphtoproducedocumentsinhiscustodyorunderhiscontrolrelatingtothe liquidator'sdealingswiththepropertyofthecompany; (iv)whereanypersononexaminationbeforeitadmitsthatheisindebtedtothecompany,byordermade ontheapplicationoftheofficialreceiverorliquidator,directpaymenttotheofficialreceiverorliquidator,asthe casemaybe,oftheamountadmitted,oranypartthereof,eitherinfulldischargeofthewholeamountinquestion ornotatsuchtimeandinsuchmannerasthecourtthinksfit,withorwithoutcostsoftheexamination; (v)examineonoath,eitherbywordofmouthorwritteninterrogatories,anypersonsobroughtbeforeit concerningtheliquidatorandhisdealingswiththepropertyofthecompany; (vi)ifanypersononexaminationbeforethecourtadmitsthathehasinhispossessionanymoney properlypayableintothecompany'sliquidationaccountinpursuanceofthissection,orderhimtopayanysuch moneyforthwithintothataccount. (6)Anypersonclaimingtobeentitledtomoneypaidintothecompany'sliquidationaccountinpursuanceofthis sectionmayapplytotheCommissionforpayment,andtheCommission,iftheliquidatorcertifiestheclaim,may makeanorderforpaymentaccordingly. (7)AnappealshalllietothecourtbyanypersonclaimingtobedissatisfiedwiththedecisionoftheCommissionin respectofanyclaimmadeunderthissection. 517.Resolutionspassedatadjournedmeetingsofcreditors,etc.

Wherearesolutionispassedatanadjournedmeetingofanycreditorsorcontributoriesofacompany,the resolutionshall,forallpurposes,betreatedashavingbeenpassedonthedateonwhichitwasinfactpassed,and shallnotbedeemedtohavebeenpassedonanyearlierdate. 518.Powertomakeoverassetstoemployees (1)Onthewindingupofacompany(whetherbythecourtorvoluntarily),theliquidatormay,subjecttothe followingprovisionsofthissection,makeanypaymentwhichthecompanyhas,beforethecommencementofthe windingup,decidedtomakeundersection566ofthisAct. (2)Thepowerwhichacompanymayexercisebyvirtueonlyofsection566ofthisActmaybeexercisedbythe liquidatorafterthewindinguphascommencedif,afterthecompany'sliabilitieshavebeenfullysatisfiedand provisionhasbeenmadeforthecostsofthewindingup,theexerciseofthatpowerhasbeensanctionedbysuch resolutionofthecompanyaswouldberequiredofthecompanyitselfbysubsection(3)ofsection566ofthisAct beforethatcommencement,asifparagraph(b)ofthatsubsectionwereomittedandanyotherrequirement applicabletoitsexercisebythecompanyhadbeenmet. (3)Anypaymentwhichmaybemadebyacompanyunderthissectionmaybemadeoutofthecompany'sassets whichareavailabletothemembersonthewindingup. (4)Onawindingupbythecourt,theexercisebytheliquidatorofhispowersunderthissectionshallbesubjectto thecourt'scontrolandanycreditororcontributorymayapplytothecourtwithrespecttoanyexerciseor proposedexerciseofthepower. (5)Subsections(1)and(2)ofthissectionshallhaveeffectnotwithstandinganyruleorlaworsection480ofthis Act. Supplementarypowersofcourt 519.Meetingstoascertainwishesofcreditorsandothers (1)Thecourtmay,astoallmattersrelatingtothewindingupofacompany,haveregardtothewishesofthe creditorsorcontributoriesofthecompany,asprovedtoitbyanysufficientevidence,andmay,ifitthinksfit,for thepurposesofascertainingthosewishes,directmeetingsofthecreditorsorcontributoriestobecalled,heldand conductedinsuchmannerasthecourtdirectsandmayappointapersontoactaschairmanofanysuchmeeting andtoreporttheresultthereoftothecourt. (2)Inthecaseofcreditors,regardshallbehadtothevalueofeachcreditor'sdebt. (3)Inthecaseofcontributories,regardshallbehadtothenumberofvotesconferredoneachcontributorybythis Actorthearticles. 520.Judicialnoticeofsignaturesofofficersofcourt,etc. InallproceedingsunderthisPartofthisAct,allcourts,Judges,andpersonsjudiciallyacting,andallofficers, judicialorministerial,ofanycourtoremployedinenforcingtheprocessofanycourt,shalltakejudicialnoticeof thesignatureofanyofficerofcourtandalsooftheofficialsealorstampofacourtappendedtoorimpressedon anydocumentmade,issuedorsignedundertheprovisionsofthisPartofthisAct,oronanyofficialcopyofany suchdocument.

521.Judicialnoticeofsignaturesofcertaingovernmentofficials (1)DocumentspurportingtobeordersorcertificatesmadeorissuedbytheAttorneyGeneraloftheFederationor theCommissionforthepurposesofthisActandtobesignedbytheAttorneyGeneraloftheFederationorthe AccountantGeneraloftheFederation,orunderthesealoftheCommissionorsignedbyanypersonauthorisedin thatbehalfbythemor,it,andinpropercasetobesealedwherenecessary,shallbereceivedinevidenceand deemedtobesuchorders,orcertificateswithoutfurtherproof,unlessthecontraryisshown. (2)AcertificatesignedbytheAttorneyGeneraloftheFederationortheAccountantGeneraloftheFederationor underthesealoftheCommissionthatanyordermade,certificateissued,oractdone,istheorder,certificateor actoftheAttorneyGeneraloftheFederation,AccountantGeneraloftheFederationortheCommission,asthe casemaybe,shallbeconclusiveofthefactsocertified. 522.Specialcommissionersforreceivingevidence (1)Whereacompanyisincourseofbeingwoundup,allmagistratesshallbecommissionersforthepurposeof takingevidenceunderthisActandthecourtmayreferthewholeoranypartoftheexaminationofanywitnesses underthisActtoanypersonherebyappointedcommissioner. (2)Everycommissionershall,inadditiontoanypowerswhichhemightlawfullyexerciseasamagistrate,havein themattersoreferredtohimallthesamepowersasthecourtofsummoningandexaminingwitnesses,of requiringtheproductionordeliveryofdocuments,ofpunishingdefaultsbywitnessesandofallowingcostsand expensestowitnesses. (3)Theexaminationsotakenshallbereturnedorreportedtothecourtinsuchmannerasthatcourtdirects. 523.AffidavitsinNigeriaandelsewhere AnaffidavitrequiredtobeswornundertheprovisionsorforthepurposesofthisPartofthisActmaybeswornin NigeriaorelsewhereinaccordancewiththeprovisionsoftheOathsActorunderanyotherenactmentorlaw providingfortheadministrationofoathsandallcourts,Judges,commissioners,andpersonsactingjudiciallyshall takejudicialnoticeofthesealorstamporsignatures(asthecasemaybe)ofanycourt,Judge,person,consul,or viceconsul,attached,appended,orsubscribedtoanysuchaffidavit,ortoanyotherdocumenttobeusedforthe purposesofthisPartofthisAct. [Cap.O1.] Provisionsastodissolution 524.Powerofcourttoavoiddissolutionofcompany (1)Whereacompanyhasbeendissolved,thecourtmayatanytimewithintwoyearsofthedateofthe dissolution,onanapplicationbeingmadeforthepurposebytheliquidatorofthecompanyorbyanyotherperson whoappearstothecourttobeinterested,makeanorder,uponsuchtermsasthecourtmaythinkfit,declaring thedissolutiontohavebeenvoid,andthereuponsuchproceedingsmaybetakenasmighthavebeentakenifthe companyhadnotbeendissolved. (2)Itshallbethedutyofthepersononwhoseapplicationtheorderwasmade,withinsevendaysafterthemaking oftheorder,orsuchfurthertimeasthecourtmayallow,todelivertotheCommissionforregistrationanoffice

copyoftheorder,andifthatpersonfailssotodoheshallbeliabletoafineofN25foreverydayduringwhichthe defaultcontinues. 525.PowerofCommissiontostrikeoffdefunctcompany (1)WheretheCommissionhasreasonablecausetobelievethatacompanyisnotcarryingonbusinessorin operation,itmaysendtothecompanybypostaletterinquiringwhetherthecompanyiscarryingonbusinessorin operation. (2)IftheCommissiondoesnotwithinonemonthofsendingtheletterreceiveanyanswerthereto,itshallwithin 14daysaftertheexpirationofthemonthsendtothecompanybypostaregisteredletterreferringtothefirst letter,andstatingthatnoanswertheretohasbeenreceived,andthatifananswerisnotreceivedtothesecond letterwithinonemonthfromthedatethereof,noticeshallbepublishedintheGazettewithaviewtostrikingthe nameofthecompanyofftheregister. (3)IftheCommissionreceivesananswertotheeffectthatthecompanyisnotcarryingonbusinessorin operation,ordoesnotwithinonemonthaftersendingthesecondletterreceiveanyanswer,itmaypublishinthe Gazette,andsendtothecompanybypost,anoticethatattheexpirationofthreemonthsfromthedateofthat noticethenameofthecompanymentionedthereinshall,unlesscauseisshowntothecontrary,bestruckoffthe registerandthecompanyshallbedissolved. (4)If,inanycasewhereacompanyisbeingwoundup,theCommissionhasreasonablecausetobelieveeitherthat noliquidatorisacting,orthattheaffairsofthecompanyarefullywoundup,andthereturnsrequiredtobemade bytheliquidatorhavenotbeenmadeforaperiodofsixconsecutivemonths,theCommissionshallpublishinthe Gazetteandsendtothecompanyortheliquidator,ifany,alikenoticeasisprovidedinsubsection(3)ofthis section. (5)AttheexpirationofthetimementionedinthenoticetheCommissionmay,unlesscausetothecontraryis previouslyshownbythecompany,strikeitsnameofftheregister,andshallpublishnoticethereofintheGazette andonthepublicationintheGazetteofnoticeasaforesaid,thecompanyshallbedissolved: Providedthat (a)theliability,ifany,ofeverydirector,managingofficerandmemberofthecompanyshallcontinueandmaybe enforcedasifthecompanyhadnotbeendissolved;and (b)nothinginthissubsectionshallaffectthepowerofthecourttowindupacompanythenameofwhichhas beenstruckofftheregister. (6)Anycompanyormemberorcreditoraggrievedbythestrikingofftheregisterofthecompanyunderthis sectionmayapplytothecourtatanytimebeforetheexpirationof20yearsfromthepublicationofthenotice undersubsection(5)ofthissection,foranorderrestoringthecompanytotheregister;andifthecourtissatisfied that,atthetimeofthestrikingoff,thecompanywascarryingonbusinessorinoperation,orthatotherwiseitis justtorestoreittotheregister,thecourtmayorderthenameofthecompanytoberestoredtotheregister;and anorderunderthissubsectionmayincludeanydirectionsthecourtthinksfit,andprovisionmaybemadetherein forplacingthecompanyandallotherpersonsinthesameposition,asnearlyasmaybeas,ifthenameofthe companyhadnotbeenstruckofftheregister;andupondeliveryofanofficecopytotheCommissionfor registration,theordershallhaveeffectaccordingtoitstenorandmayberegisteredaccordingly.

(7)Anynoticetoaliquidatortobesentunderthissectionmaybeaddressedtotheliquidatorathislastknown placeofbusiness,andanyletterornoticetobesentunderthissectiontoacompanymaybeaddressedtothe companyatitsregisteredorheadoffice. 526.Propertyofdissolvedcompanytobedeclaredasbonavacantia Whereacompanyisdissolved,allpropertyandrightswhatsoevervestedinorheldontrustforthecompany immediatelybeforeitsdissolution,includingleaseholdproperty(butnotincludingpropertyheldbythecompany ontrustforanyotherperson)shall,subjectandwithoutprejudicetoanyorderwhichmayatanytimebemadeby thecourtundersection524or525ofthisAct,bedeemedtobevestedintheStatewithoutfurtherassurance,as bonavacantia. Centralaccounts 527.Companiesliquidationaccountdefined (1)Thereshallcontinuetobeanaccountcalledthecompaniesliquidationaccount,keptonbehalfofthe CommissionbytheAccountantGeneraloftheFederation,intowhichshallbepaidallmoneysreceivedbythe CommissioninrespectofproceedingsunderthisActinconnectionwiththewindingupofcompanies. (2)AllpaymentsoutofmoneystandingtothecreditoftheCommissioninthecompaniesliquidationaccountshall bemadebytheAccountantGeneralintheprescribedmanner. 528.Investmentofsurplusfundsingovernmentsecurities,etc. (1)Ifthecashbalancestandingtothecreditofthecompaniesliquidationaccountisinexcessoftheamountwhich intheopinionoftheCommissionisrequiredforthetimebeingtoanswerdemandsinrespectofcompanies' estates,theCommissionshallnotifytheexcesstotheAccountantGeneraloftheFederationandtheAccountant GeneraloftheFederationmayinvesttheexcessoranypartthereof,inGovernmentsecurities,tobeplacedtothe creditofsuchaccountashemaydeemfitinthecircumstances. (2)Ifanypartofthemoneysoinvestedis,intheopinionoftheCommission,requiredtoansweranydemandsin respectofcompanies'estates,theCommissionshallnotifytotheAccountantGeneraloftheFederationthe amountsorequired,andtheAccountantGeneraloftheFederationshallthereuponrepaytotheCommissionsuch sumasmayberequiredtothecreditofthecompaniesliquidationaccount,andforthatpurposemaydirectthe saleofsuchpartofthesecuritiesasmaybenecessary. (3)ThedividendsoninvestmentsunderthissectionshallbepaidtosuchaccountastheAccountantGeneralofthe Federationmaydirect,andregardshallbehadtotheamountthusderivedinfixingthefeespayableinrespectof proceedingsinthewindingupofcompanies. 529.Separateaccountsofparticularestates (1)AnaccountshallbekeptbytheCommissionofthereceiptsandpaymentsinthewindingupofeachcompany, and,whenthecashbalancestandingtothecreditoftheaccountofanycompanyisinexcessoftheamountwhich, intheopinionofthecommitteeofinspection,isrequiredforthetimebeingtoanswerdemandsinrespectofthat company'sestate,theCommissionshall,ontherequestofthecommittee,investtheamountnotsorequiredin Governmentsecurities,tobeplacedtothecreditofthesaidaccountforthebenefitofthecompany.

(2)Ifanypartofthemoneysoinvestedis,intheopinionofthecommitteeofinspection,requiredtoanswerany demandsinrespectoftheestateofthecompany,thecommissionershall,ontherequestofthatcommittee,raise suchsumasmayberequiredbythesaleofsuchpartofthesaidsecuritiesasmaybenecessary. (3)Thedividendsoninvestmentsunderthissectionshallbepaidtothecreditofthecompany. (4)Wherethebalanceatthecreditofanycompany'saccountinthehandsoftheCommissionexceedsN10,000 andtheliquidatorgivesnoticetotheCommissionthattheexcessisnotrequiredforthepurposesofthe liquidation,thecompanyshallbeentitledtointerestontheexcessatthecurrentbankrate. Returnsbyofficersofcourts 530.Returnsbyofficersinwindingup TheofficersofthecourtsactinginthewindingupofcompaniesshallmaketotheCommissionsuchreturnsofthe businessoftheirrespectivecourtsandoffices,atsuchtimes,andinsuchmannerandformasmaybeprescribed, andfromthosereturnstheCommissionshallcausebookstobepreparedwhichshallbeopenedforpublic informationandsearches. Accountstobepreparedannually 531.Annualaccountsofcompanywindingupanddisposal (1)TheCommissionandeveryofficerbywhomfeesaretakenunderthisActinrelationtothewindingupof companies,shallmakereturnsandgiveinformationtotheAccountantGeneraloftheFederationinsuchformas hemayrequire;andtheaccountsoftheCommissionrelatingtothewindingupofcompaniesshallbeauditedas soonasmaybeaftertheendofeachyearinthemannerprescribedbytheConstitutionoftheFederalRepublicof Nigeria,1999. [Cap.C23.] (2)TheAccountantGeneraloftheFederationshall,beforetheendofeachyearinwhichtheauditismade, prepareforsubmissiontothePresidentanaccountofthewindingupofcompanies,asauditedbytheAccountant GeneralfortheFederation,showinginrespectofsuchwindingup,thereceiptsandexpenditureduringthe previousyear,andanyothermatterswhichthePresidentortheMinister,asthecasemaybe,mayrequire. [Cap.C23.] CHAPTER6 Windingupofunregisteredcompanies 532.Windingupofunregisteredcompany SubjecttotheprovisionsofthisPartofthisAct,anunregisteredcompanymaybewoundupunderthisActandall theprovisionsofthisAct,withrespecttowindingupshallapplytoanunregisteredcompany,withthefollowing exceptions (a)theprincipalplaceofbusinessofanunregisteredcompanyshallforallthepurposesofthewindingupbe deemedtobetheregisteredofficeofthecompany;

(b)anunregisteredcompanyshallnotbewoundupunderthisActvoluntarilyorsubjecttosupervision; (c)anunregisteredcompanymaybewoundupif (i)thecompanyisdissolved,orhasceasedtocarryonbusinessoriscarryingonbusinessonlyforthe purposeofwindingupitsaffairs; (ii)thecompanyisunabletopayitsdebts; (iii)thecourtisofopinionthatitisjustandequitablethatthecompanyshouldbewoundup; (d)anunregisteredcompanyshall,forpurposesofthisAct,bedeemedtobeunabletopayitsdebtsif (i)acreditor,byassignmentorotherwise,towhomthecompanyisindebtedinasumexceedingN100 thendue,hasservedonthecompany,byleavingatitsprincipalplaceofbusiness,orbydeliveringtothesecretary orsomedirector,manager,orprincipalofficerofthecompany,orbyotherwiseservinginsuchmannerasthe courtmayapproveordirect,ademandunderhishandrequiringthecompanytopaythesumsodue,andthe companyhasfor21daysaftertheserviceofthedemandneglectedtopaythesum,ortosecureorcompoundfor ittothesatisfactionofthecreditor; (ii)anyactionorotherproceedingshasbeeninstitutedagainstanymemberforanydebtordemanddue fromthecompany,orfromhiminhiscapacityasamember,andnoticeinwritingoftheinstitutionoftheactionor proceedinghavingbeenservedonthecompanybyleavingitatitsprincipalplaceofbusiness,orbydeliveringitto thesecretary,orsomedirector,manager,orprincipalofficerofthecompany,orbyotherwiseservingthenoticein suchmannerasthecourtmayapproveordirect,thecompanyhasnotwithin28daysafterserviceofthenotice secured,orcompoundedforthedebtordemandorprocuredtheactionorproceedingtobestayed,orwithinthat periodhasnotindemnifiedthedefendanttohisreasonablesatisfactionagainsttheactionorproceeding,and againstallcosts,damagesandexpensestobeincurredbyhimbyreasonofthesame; (iii)executionorotherprocessissuedonajudgment,actororderobtainedinanycourtinfavourofa creditoragainstthecompany,oranymemberthereofassuch,oranypersonauthorisedtobesuedasnominal defendantonbehalfofthecompany,isreturnedunsatisfied; (iv)itisotherwiseprovedtothesatisfactionofthecourtthatthecompanyisunabletopayitsdebts. 533.Contributoriesinwindingupunregisteredcompany (1)Intheeventofanunregisteredcompanybeingwoundupeverypersonshallbedeemedtobeacontributory whoisliabletopayorcontributetothepaymentofanydebtorliabilityofthecompany,ortopayorcontributeto thepaymentofanysumfortheadjustmentoftherightsofthemembersamongthemselves,ortopayor contributetothepaymentofthecostsandexpensesofwindingupthecompany,andeverycontributoryshallbe liabletocontributetotheassetsofthecompanyallsumsduefromhiminrespectofanysuchliabilityasaforesaid. (2)Intheeventofthedeath,bankruptcy,orinsolvencyofanycontributory,theprovisionsofthisActwithrespect tothepersonalrepresentatives,heirs,anddeviseesofdeceasedcontributories,andthetrusteesofbankruptor insolventcontributories,asthecasemaybe,shallapply. 534.Powerofcourttostayorrestrainproceedings

TheprovisionsofthisActwithrespecttostayingandrestrainingactionsandproceedingsagainstacompanyatany timeafterthepresentationofapetitionforwindingupandbeforethemakingofawindingupordershall,inthe caseofanunregisteredcompany,wheretheapplicationtostayorrestrainisbyacreditor,extendtoactionsand proceedingsagainstanycontributoryofthecompany. 535.Action,etc.,stayedonwindinguporder Whereanorderhasbeenmadeforwindingupanunregisteredcompany,noactionorproceedingshallbe proceededwithorcommencedagainstanycontributoryofthecompanyinrespectofanydebtofthecompany exceptbyleaveofthecourt,andsubjecttosuchtermsasthecourtmayimpose. 536.ProvisionsofthisParttobecumulative TheprovisionsofthisPartofthisActwithrespecttounregisteredcompaniesshallbeinadditiontoandnotin restrictionofanyprovisionshereinbeforeinthisActcontainedwithrespecttowindingupcompaniesbythecourt, andthecourtorliquidatormayexerciseanypowerstodoanyactinthecaseofunregisteredcompanieswhich mightbeexercisedordonebyitorhiminwindingupcompaniesformedandregisteredunderthisAct;butan unregisteredcompanyshallnot,exceptintheeventofitsbeingwoundup,bedeemedtobeacompanyunderthis Act,andthenonlytotheextentprovidedbythisPartofthisAct. PARTXVI Arrangementsandcompromise 537.Definitionof"arrangement" InthisPartofthisAct,theexpression"arrangement"meansanychangeintherightsorliabilitiesofmembers, debentureholdersorcreditorsofacompanyoranyclassofthemorintheregulationofacompany,otherthana changeeffectedunderanyotherprovisionofthisActorbytheunanimousagreementofallpartiesaffected thereby. 538.Arrangementonsaleofcompany'spropertyduringmembers'voluntarywindingup (1)Withaviewtoeffectinganyarrangement,acompanymaybyspecialresolutionresolvethatthecompanybe putintomembers'voluntarywindingupandthattheliquidatorbeauthorisedtosellthewholeorpartofits undertakingorassetstoanotherbodycorporate,whetheracompanywithinthemeaningofthisActornot(inthis sectioncalled"thetransfereecompany")inconsiderationorpartconsiderationoffullypaidshares,andto distributethesameinspecieamongthemembersofthecompanyinaccordancewiththeirrightsinthe liquidation. (2)Anysaleordistributioninpursuanceofaspecialresolutionunderthissectionshallbebindingonthecompany andallmembersthereofandeachmembershallbedeemedtohaveagreedwiththetransfereecompanyto acceptthefullypaidshares,debentures,policies,cashorotherlikeintereststowhichheisentitledundersuch distribution: Providedthatif (a)withinoneyearfromthedateofthepassingofanyspecialresolutionasisreferredtoinsubsection(1)ofthis section,anorderismadeundersections310to312ofthisActdealingwithreliefonthegroundsofunfairly

prejudicialandoppressiveconductorforthewindingupofthecompanyunderacreditors'voluntarywindingup, thearrangementforthesaleanddistributionshallnotbevalidunlesssanctionedbythecourt; (b)anymemberofthecompany,bywritingaddressedtotheliquidatorandleftattheregisteredofficeorhead officeofthecompany,within30daysafterthepassingoftheresolution,dissentstherefrominrespectofanyof thesharesheldbyhim,theliquidatorshalleitherabstainfromcarryingtheresolutionintoeffectorshallpurchase suchsharesatapricetobedeterminedinthemannerprovidedbysubsection(4)ofthissection. (3)Anymemberwhofailstosignifyhisdissentinaccordancewithsubsection(2)ofthissectionshallbedeemedto haveacceptedtheresolution. (4)Iftheliquidatorelectstopurchasethesharesofanymemberwhohasexpressedhisdissentinaccordancewith subsection(2)ofthissection,thepricepayablethereforeshallbedeterminedbyagreementinthecaseofa privatecompanyinwhichaliensdonotparticipate,andinthecaseofapubliccompanyoraprivatecompanyin whichaliensparticipate,bytheSecuritiesandExchangeCommission: Providedthatinthecaseofaprivatecompanyinwhichnoaliensparticipate (a)suchpriceshallbedeterminedbyestimatingwhatthememberconcernedwouldhavereceivedhadthewhole oftheundertakingofthecompanybeensoldasagoingconcernforcashtoawillingbuyerandtheproceeds,less thecostofwindingup,beendividedamongstthemembersinaccordancewiththeirrights; (b)thepurchasemoneyshallbepaidbythecompanybeforethecompanyisdissolvedandberaisedbythe liquidatoror,indefaultofanydirectioninthespecialresolution,insuchmannerashemaythinkfitaspartofthe expensesofthewindingup. (5)Nothingcontainedinthissectionshallauthoriseanyvariationorabrogationoftherightsofanycreditorofthe company. (6)Ifanycompany,otherwisethanundertheforegoingprovisionsofthissection,sellsorresolvestosellthewhole orpartofitsundertakingorassetstoanotherbodycorporateinconsiderationorpartconsiderationofanyshares, debentures,policiesorotherlikeinterestinthatbodycorporate,andresolvestodistributethesameinspecie amongmembersofthecompany(whetherinliquidationorbywayofdividend),anymemberofthecompanymay bynoticeinwritingaddressedtothecompanyandleftattheregisteredofficeorheadofficeofthecompany within30daysafterthepassingoftheresolutionauthorisingsuchdistribution,requirethecompanyeitherto abstainfromcarryingtheresolutionintoeffectortopurchaseanyofhissharesatapricetobedeterminedinthe mannerprovidedbysubsection(4)ofthissection. (7)Nothingcontainedinsubsection(6)ofthissectionshallauthoriseanycompanytopurchaseitsownsharesor makeanydistributionstoitsshareholdersexceptinaccordancewiththeprovisionsofthisAct. 539.Powertocompromisewithcreditorsandmembers (1)Whereacompromiseorarrangementisproposedbetweenacompanyanditscreditorsoranyclassofthem, thecourtmay,ontheapplication,inasummaryway,ofthecompanyoranyofitscreditorsormembersor,inthe caseofacompanybeingwoundup,oftheliquidator,orderameetingofthecreditorsorclassofcreditors,orof themembersofthecompany,orclassofmembers,asthecasemaybe,tobesummonedinsuchamannerasthe courtdirects.

(2)Ifamajorityrepresentingnotlessthanthreequartersinvalueofthesharesofmembersorclassofmembers, oroftheinterestofcreditorsorclassofcreditors,asthecasemaybe,beingpresentandvotingeitherinpersonor byproxyatthemeeting,agreetoanycompromiseorarrangement,thecompromiseorarrangementmaybe referredbythecourttotheSecuritiesandExchangeCommissionwhichshallappointoneormoreinspectorsto investigatethefairnessofthesaidcompromiseorarrangementandtomakeawrittenreportthereontothecourt withinatimespecifiedbythecourt. (3)Ifthecourtissatisfiedastothefairnessofthecompromiseorarrangement,itshallsanctionthesameandthe compromiseorarrangementshallbebindingonallthecreditorsortheclassofcreditorsoronthemembersorthe classofmembersasthecasemaybe,andalsothecompanyorinthecaseofacompanyinthecourseofbeing woundup,ontheliquidatorandcontributoriesofthecompany. (4)Anordermadeundersubsection(3)ofthissectionshallhavenoeffectuntilacertifiedtruecopyoftheorder hasbeendeliveredbythecompanytotheCommissionforregistrationandacopyofeverysuchordershallbe annexedtoeverycopyofthememorandumofthecompanyissuedaftertheorderhasbeenmade. (5)Ifacompanymakesdefaultincomplyingwithsubsection(4)ofthissection,thecompanyandeveryofficerof thecompanywhoisindefaultshallbeliabletoafineofN5foreachcopyinrespectofwhichdefaultismade. (6)Inthissectionandsection540ofthisAct,"company"meansanycompanyliabletobewoundupunderthis Act. 540.Informationastocompromisewithcreditorsandmembers (1)Whereameetingofcreditorsoranyclassofcreditorsorofmembersoranyclassofmembersissummoned undersection539ofthisAct,thereshall (a)witheverynoticesummoningthemeetingwhichissenttoacreditorormember,besentalsoastatement explainingtheeffectofthecompromiseorarrangementandinparticularstatinganymaterialinterestsofthe directorsofthecompany,whetherasdirectorsorasmembersorascreditorsofthecompanyorotherwise,and theeffectthereonofthecompromiseorarrangementinsofarasitisdifferentfromtheeffectonthelikeinterest ofotherpersons;and (b)ineverynoticesummoningthemeetingwhichisgivenbyadvertisement,beincludedsuchastatementas aforesaid,oranotificationoftheplaceatwhichandthemannerinwhichcreditorsormembersentitledtoattend themeetingmayobtaincopiesofsuchastatementasaforesaid. (2)Wherethecompromiseorarrangementaffectstherightsofdebentureholdersofthecompany,thestatement shallgivethelikeexplanationasrespectsthetrusteesofanydeedforsecuringtheissueofthedebentureasitis requiredtogiveasrespectsthecompany'sdirectors. (3)Whereanoticegivenbyadvertisementincludesanotificationthatcopiesofastatementexplainingtheeffects ofthecompromiseorarrangementproposedcanbeobtainedbycreditorsormembersentitledtoattendthe meeting,everysuchcreditorormembershall,onmakingapplicationinthemannerindicatedbythenotice,be furnishedbythecompanyfreeofchargewithacopyofthestatement. (4)Whereacompanymakesdefaultincomplyingwithanyrequirementofthissection,thecompanyandevery officerofthecompanywhoisindefaultshallbeliabletoafineofN1,500andforthepurposeofthissubsection

anyliquidatorofthecompanyandanytrusteeofadeedforsecuringtheissueofdebenturesofthecompanyshall bedeemedtobeanofficerofthecompany: Providedthatapersonshallnotbeliableunderthissubsection,ifthatpersonshowsthatthedefaultwasdueto refusalofanyotherperson,beingadirectorortrusteefordebentureholders,tosupplythenecessaryparticulars astohisinterests. (5)Itshallbethedutyofanydirectorofthecompanyandofanytrusteefordebentureholdersofthecompanyto givenoticetothecompanyofsuchmattersrelatingtohimselfasmaybenecessaryforthepurposeofthissection, andanypersonwhomakesdefaultincomplyingwiththissubsectionshallbeliabletoafineofN100. PARTXVII Miscellaneousandsupplemental ApplicationofthisPartofthisAct 541.ApplicationofthisPartofthisAct (1)Exceptasotherwiseprovided,thisPart,thatis,PartAofthisAct,shallapplyto (a)allcompaniesformedandregisteredunderthisAct; (b)allexistingcompanies; (c)allcompaniesincorporated,formedorregisteredunderotherenactments;and (d)unregisteredcompanies. (2)ThisActshallnotapplytounionsofworkersorofemployers;andregistrationofanysuchunionwhether describedassuchaunionorastradeunionshall,ifeffectedundertheCompaniesAct,1968beforeitsrepealby thisAct,bevoid. [1968No.51.] 542.Acttooverridememorandum,articles,etc. (1)ExceptasotherwiseexpresslyprovidedinthisAct (a)theprovisionsofthisActshallhaveeffectnotwithstandinganythingtothecontrarycontainedinthe memorandumorarticlesofacompany,orinanyagreementexecuted,byit,orinanyresolutionpassedbythe companyingeneralmeetingorbyitsboardofdirectorswhetherthesameberegistered,executedorpassed,as thecasemaybe,beforeorafterthecommencementofthisAct;and (b)anyprovisioncontainedinthememorandumorarticles,agreementorresolutionasinparagraph(a)ofthis subsectionshall,totheextenttowhichitisrepugnanttotheprovisionsofthisAct,becomeorbevoid,asthecase maybe. (2)AnyprovisionofthisActoverridingorinterpretingacompany'sarticlesasifareenactedprovisionofthe CompaniesAct,1968shall,exceptasprovidedbythisAct,applyinrelationtoarticlesinforceatthe

commencementofthisAct,aswellastoarticlescomingintoforcethereafter,andshallapplyalsoinrelationtoa company'smemorandumasitappliesinrelationtoitsarticles. [1968No.51.] 543.ApplicationofActtocompaniesunderformerenactments IntheapplicationofthisActtoexistingcompanies,itshallapplyinthesamemanner (a)inthecaseofalimitedcompany,otherthanacompanylimitedbyguarantee,asifthecompanyhadbeen formedandregisteredunderthisActasacompanylimitedbyshares; (b)inthecaseofacompanylimitedbyguarantee,asifthecompanyhasbeenformedandregisteredunderthis Actasacompanylimitedbyguarantee;and (c)inthecaseofacompany,otherthanalimitedcompany,asifthecompanyhadbeenformedandregistered underthisActasanunlimitedcompany: Providedthatreference,expressorimplied,tothedateofregistrationshallbeconstruedasareferencetothe dateatwhichthecompanywasregisteredundertheCompaniesAct,1912asthefirstNigerianenactmentin respectofcompanies,orasthecasemaybe,anyenactmentrelatingtocompaniesthereafterinforceinNigeria beforethecommencementofthisAct. [Vol.VIIIof1912.] 544.ApplicationofActtocompaniesregisteredbutnotformed ThisActshallapplytoeverycompanyregisteredbutnotformedundertheCompaniesAct,1912referredtoin section543ofthisActor,asthecasemaybe,anyenactmentrelatingtocompaniesthereafterinforceinNigeria beforethecommencementofthisAct: [Vol.VIIIof1912.] Providedthatreference,expressorimplied,tothedateofregistrationshallbeconstruedasareferencetothe dateatwhichthecompanywasregisteredundertheenactmentinforceinNigeriaatthedatewhenitwas registered. 545.ApplicationofActtounlimitedcompaniesregisteredunderformerenactments ThisActshallapplytoeveryunlimitedcompanyregisteredasalimitedcompanyinpursuanceofsection52ofthe CompaniesAct,1968orofanyenactmentreplacedbythatsection,asthecasemaybe,inthesamemannerasit appliestoanunlimitedcompanyregisteredinpursuanceofthisActasalimitedcompany: [1968No.51.] Providedthatreference,expressorimplied,tothedateofregistrationshallbeconstruedasareferencetothe dateatwhichthecompanywasregisteredasalimitedcompanyunderthesaidsection52oranyenactment replacedbythatsection,asthecasemaybe. 546.RestrictedapplicationofActtounregisteredcompanies

(1)TheprovisionsofthisActspecifiedincolumn2oftheThirteenthScheduletothisAct(whichrespectively relatedtoallbodiescorporate,incorporatedinandhavingaprincipalplaceofbusinessinNigeria,otherthanthose mentionedinsubsection(2)ofthissectionasiftheywerecompaniesregisteredunderthisAct,butsubjecttoany limitationsmentionedinrelationtothoseprovisionsrespectivelyinthethirdcolumnofthatScheduleandtosuch adaptationandmodifications(ifany)asmaybespecifiedbyordermadebytheMinisterandpublishedinthe Gazette. [ThirteenthSchedule.] (2)Theprovisionsofsubsection(1)ofthissectionshallnotapplybyvirtueofthissectiontoanyofthefollowing, thatistosay (a)anybodyincorporatedunderanyenactmentotherthanthisAct; (b)anybodynotformedforthepurposeofcarryingonabusinesswhichhasforitsobjectstheacquisitionofgain bythebodyorbytheindividualmembersthereof;and (c)anybodyforthetimebeingexemptedbythedirectionofthePresident. (3)Thissectionshallnotrepealorrevokeinwholeorinpartanyenactmentorotherinstrumentconstitutingor regulatinganybodyinrelationtowhichthesaidprovisionsareappliedbyvirtueofthissection;butinrelationto anysuchbody,theoperationofanysuchenactmentorinstrumentshallbesuspendedinsofarasitisinconsistent withanyofthesaidprovisionsastheyapplyforthetimebeingtothatbody. Administration 547.Registeredandheadofficeofcompany (1)TheaddressoftheregisteredorheadofficeofacompanygiventotheCommissioninaccordancewith paragraph(e)ofsubsection(2)ofsection35ofthisActoranychangeintheaddressmadeinaccordancewiththe provisionsofthissection,shallbetheofficetowhichallcommunicationsandnoticestothecompanymaybe addressed. (2)Noticeofanychangeintheaddressoftheregisteredorheadofficeofthecompanyshallbegivenwithin14 daysofthechangetotheCommissionwhichshallrecordthesame: ProvidedthatapostalboxaddressoraprivatemailbagaddressshallnotbeacceptedbytheCommissionasthe registeredorheadoffice. (3)Ifacompanycarriesonbusinesswithoutcomplyingwithsubsection(2)ofthissection,thecompanyandevery officerindefaultshallbeguiltyofanoffenceliableonconvictiontoafineofN50foreverydayduringwhichthe companysocarriesonbusiness. (4)Thefactthatachangeintheaddressofacompanyisincludedinitsannualreturnshallnotbetakentosatisfy theobligationimposedbythissection. (5)WhereacompanyincorporatedbeforethecommencementofthisActhasprovidedanaddressnotin accordancewiththissectionorsection35ofthisAct,asthecasemaybe,itshallwithin14daysaftersuch commencementcomplywiththerequirementsofthissectionandthefailureshallbeanoffencepunishableas prescribedbythissection.

548.Publicationofnamebycompany (1)Everycompany,afterincorporation,shall (a)paintoraffix,andkeeppaintedoraffixed,itsnameandregistrationnumberontheoutsideofeveryofficeor placeinwhichitsbusinessiscarriedon,inaconspicuousposition,inletterseasilylegible; (b)haveitsnameengravedinlegiblecharactersonitsseals;and (c)haveitsnameandregistrationnumbermentionedinlegiblecharactersinallbusinesslettersofthecompany andinallnotices,advertisements,andotherofficialpublicationsofthecompany,andinallbillsofexchange, promissorynotes,endorsements,cheques,andordersformoneyorgoodspurportingtobesignedbyoronbehalf ofthecompany,andinallbillsorparcels,invoices,receipts,andlettersofcreditofthecompany. (2)Ifacompanyfailstopaintoraffix,andkeeppaintedoraffixeditsnameinthemannerdirectedbythisAct,it shallbeliabletoafineofN100fornotsopaintingoraffixingitsname,andforeverydayduringwhichitsnameis notsokept,paintedoraffixed;andeverydirectorandmanagerofthecompanywhoknowinglyandwilfully authorisesorpermitsthedefaultshallbeliabletothelikepenalty. (3)Ifacompanyfailstocomplywiththeprovisionsofparagraph(b)or(c)ofsubsection(1)ofthissection,the companyshallbeguiltyofanoffenceandliabletoafineofN500. (4)Ifanyofficerofacompanyoranypersononitsbehalf (a)usesorauthorisestheuseofanysealpurportingtobeasealofthecompanywhereonitsnameisnotso engravedasaforesaid;or (b)issuesorauthorisestheissueofanybusinessletterofthecompanyoranynotice,orotherofficialpublication ofthecompany,orsignsorauthorisestobesignedonbehalfofthecompanyanybillofexchange,promissory note,endorsement,chequeororderformoneyorgoodswhereinitsnameisnotmentionedinthemanner aforesaid;or (c)issuesorauthorisestobeissuedanybillorparcel,invoice,receipt,orletterofcreditofthecompany,wherein itsnameisnotmentionedinmanneraforesaid,heshallbeguiltyofanoffenceandonconvictionliabletoafineof N500andshallfurtherbepersonallyliabletotheholderofanysuchbillofexchange,promissorynote,cheque,or orderformoneyorgoods,fortheamountthereof,unlessitisdulypaidbythecompany. 549.Fees (1)ThereshallbepaidtotheCommissioninrespectoftheseveralmattersmentionedintheFifteenthScheduleto thisActthefeesthereonspecified;andwherenoprovisionismadeforfeesinparticularcases,theMinistermay withtheapprovalofthePresidentbyorderpublishedintheGazetteprescribefeesandamendthesaidSchedule togiveeffecttoit. [FifteenthSchedule.] (2)Subjecttosubsection(3)ofthissection,anyfeespaidtotheRegistrarofCompaniesbeforethe commencementofthisActshallbedeemedtohavebeenvalidlypaidunderthisAct.

(3)Thefeesreferredtoinsubsection(2)tothissectionshallceasetobepayableimmediatelythefeesspecifiedin theFifteenthScheduleofthisActbecomeoperativeandpayable. [FifteenthSchedule.] (4)AllfeespaidtotheCommissionandnototherwisedirectedbythisActforpaymentintoaparticularaccount, shallbepaidintotheConsolidatedRevenueFundoftheFederation. 550.Formofregister,etc. (1)Anyregister,record,index,minutebookorbookofaccountrequiredbythisActtobemadeandkeptbya companymaybemadebymakingentriesinboundbooksorinlooseleaves,whetherpastedornot,orina photographicfilmform,ormaybeenteredorrecordedbyanyinformationstoragedevicethatiscapableof reproducingtherequiredinformationinintelligiblewrittenformwithinareasonabletime,orbyrecordingthe mattersinquestioninanyothermannerinaccordancewithacceptedcommercialusage. (2)Whereanysuchregister,record,index,minutebookorbookofaccountisnotkeptbymakingentriesina boundbook,butbysomeothermeans,adequateprecautionsshallbetakenforguardingagainstfalsificationand forfacilitatingitsdiscoveryandwheredefaultismadeincomplyingwiththeprovisionsofthissubsection,the companyandeveryofficerofthecompanywhoisindefaultshallbeliabletoafineofN50andwheretheoffence isacontinuingone,shallinadditionbeliabletoafineofN50foreverydayduringwhichthedefaultcontinues. (3)Whereanysuchregister,index,minutebookoraccountingrecordisnotkeptbymakingentriesinabound book,butbysomeothermeansincludingelectronicmeans,adequateprecautionsshallbetakenforguarding againstfalsificationandfacilitatingitsdiscovery. (4)Ifdefaultismadeincomplyingwiththeprovisionsofsubsection(3)ofthissection,thecompanyandevery officerofitwhoisindefaultshallbeguiltyofanoffenceandliabletoafineofN50andforcontinuing contravention,toadailydefaultfineofN5. (5)Thepowerconferredonacompanybysubsection(1)ofthissectiontokeeparegister,orotherrecordby recordingthemattersinquestionotherwisethanbymakingentriesinboundbooks,includespowertokeepthe registerorotherrecordbyrecordingthosemattersotherwisethaninlegibleform,solongastherecordingis capableofbeingreproducedinalegibleform. (6)Anyprovisionsofaninstrumentmadebyacompanybefore1October,1968whichrequiresaregisterof holdersofthecompanydebenturestobekeptinalegibleform,shallbereadasrequiringtheregistertobekeptin alegibleornonlegibleform. (7)Ifanysuchregisterorotherrecordofacompanyasismentionedinsubsection(2)ofthissectionoraregister ofholdersofacompany'sdebentures,iskeptbythecompanybyrecordingthemattersinquestionotherwisethan inalegibleform,thedutyimposedonthecompanybythisActtoallowinspectionofortofurnishacopyofthe registerorotherrecordoranypartofit,shallbetreatedasadutytoallowinspectionof,ortofurnisha reproductionoftherecordingoroftherelevantpartofitinalegibleform. 551.Inspection,etc.,ofdocumentskeptbytheCommission

(1)Anypersonmay,onpaymentofthefeesprescribedinPartIIIoftheFifteenthScheduletothisAct,inspect documentsorobtaincertificatesofincorporationorcopiesoforextractsfromdocumentsheldbytheCommission forthepurposesofthisAct. [FifteenthSchedule.] (2)WhereacopyorextractfromanydocumentregisteredunderthisActiscertifiedbytheCommissiontobea truecopyorextract,itshallinallproceedingsbeadmissibleinevidenceasofequalvaliditywiththeoriginal document,anditshallbeunnecessarytoprovetheofficialpositionofthepersoncertifyingthecopyorextract. (3)NoprocessforcompellingtheproductionofanydocumentkeptbytheCommissionshallissuefromanycourt, exceptwiththeleaveofthatcourt,andsuchprocess,ifissued,shallbearthereonastatementthatitisissuedwith theleaveofthecourt. 552.Rulesofcourtforwindingupofcompanies,etc. (1)TheChiefJudgeoftheFederalHighCourtmaymakerulesofcourtforcarryingintoeffecttheobjectsofthisAct sofarastheyrelatetothewindingupofcompaniesorgenerallyinrespectofotherapplicationstoacourtunder thisAct. (2)Forthepurposeofthissection,itisdeclaredthatrulesmadeforthepurposeofanyenactmentpassedormade onorbefore,ortohaveeffectonorafter,thecommencementofthisActshall,onitscommencement,ensureand haveeffectwheretheyarenotinconsistentwithrulesofcourtmadeordeemedtohavebeenmade,underthis section. 553.Certaincompaniestopublishstatementinprescribedform (1)Everybankingcompanyoraninsurancecompanyoradeposit,provident,orbenefitsocietyshall,beforeit commencesbusiness,andalsoonthefirstMondayinFebruaryandthefirstTuesdayinAugustineveryyearduring whichitcarriesonbusiness,submittotheCommissionastatementintheformintheFourteenthScheduletothis Actorasneartheretoascircumstancesmayadmit. [FourteenthSchedule.] (2)Acopyofthestatementshallbeputupinaconspicuousplaceintheregisteredofficeofthecompany,andin everybranchofficeorplacewherethebusinessofthecompanyiscarriedon. (3)Everymemberandeverycreditorofthecompanyshallbeentitledtoacopyofthestatement,onpaymentofa sumnotexceedingN1. (4)Ifdefaultismadeincompliancewiththissection,thecompanyshallbeguiltyofanoffenceandliabletoafine ofN100foreverydayduringwhichthedefaultcontinues;andeverydirectorandmanagerofthecompanywho knowinglyandwilfullyauthorisesorpermitsthedefaultshallbeliabletothelikepenalty. (5)ForthepurposesofthisAct,acompanythatcarriesonthebusinessofinsuranceincommonwithanyother businessorbusinessesshallbedeemedtobeaninsurancecompany. Legalproceedings,etc. 554.Prosecutionofoffences

(1)AlloffencesunderthisActmaybetriedbyacourtofcompetentjurisdictionintheplacewheretheoffenceis allegedtohavebeencommitted. (2)WhereprovisionismadeinthisActforacriminalsanctiontobeimposedincaseofanact,omissionordefault withoutreferencethereintothedefaultbeinganoffence,orwithoutreferencetoconvictionthereofinacourt,as thecasemaybe,thereferencetotheact,omissionordefaultshallbeconstruedasreferabletoanoffence,and theexpression"offences"asusedinthissectionshallhaveeffectinrelationtoanysuchact,omissionordefault. 555.Production,etc.,ofbookswhereoffencessuspected (1)If,onapplicationmadetoaJudgeoftheFederalHighCourtinchambersbytheAttorneyGeneralofthe Federation,thereisshowntobereasonablecausetobelievethatapersonhas,whileanofficerofacompany, committedanoffenceinconnectionwiththemanagementofthecompany'saffairsandthatevidenceofthe commissionoftheoffenceistobefoundinanybooksorpapersoforunderthecontrolofthecompany,anorder maybemade (a)authorisinganypersonnamedthereintoinspectthesaidbooksorpapersoranyofthemforthepurposeof investigatingandobtainingevidenceoftheoffence;or (b)requiringthesecretaryofthecompanyoranyotherofficerthereofasmaybenamedintheordertoproduce thesaidbooksorpapers,toapersonandataplacenamedintheorder. (2)Theprovisionsofsubsection(1)ofthissectionshallapplyalsoinrelationtoanybooksorpapersofaperson carryingonthebusinessofbankingsofarastheyrelatetothecompany'saffairs,asitappliestoanybooksor papersoforunderthecontrolofthecompany,exceptthatnosuchorderasisreferredtoinparagraph(b)ofthat subsectionshallbemadebyvirtueofthissubsection. (3)NoappealshallliefromthedecisionofaJudgeoftheFederalHighCourtonanyapplicationunderthissection. 556.Costsinactionsbycertainlimitedcompanies Wherealimitedcompanyistheplaintiffinanyactionorotherlegalproceedings,anyJudgehavingjurisdictionin themattermay,ifitappearsbycredibletestimonythatthereisreasontobelievethatthecompanymaybeunable topaythecostsofthedefendantifsuccessfulinhisdefence,requiresufficientsecuritytobegivenforthosecosts, andmaystayallproceedingsuntilthesecurityisgiven. 557.Savingforprivilegedcommunications WhereproceedingsareinstitutedunderthisActagainstanypersonbytheAttorneyGeneraloftheFederation, nothinginthisActshallbetakentorequireanypersonwhohasactedaslegalpractitionerforthedefendantto discloseanyprivilegedcommunicationmadetohiminthatcapacity. 558.Powerofcourttograntreliefincertaincases (1)Ifinanyproceedingfornegligence,defaultorbreachofdutyorbreachoftrustagainstanofficerofacompany orapersonemployedbyacompanyasauditor,itappearstothecourthearingthecasethattheofficerorperson isormaybeliableinrespectofthenegligence,default,orbreachofdutyorbreachoftrust,butthathehasacted honestlyandreasonablyandthat,havingregardtoallthecircumstancesofthecase,includingthoseconnected withhisappointmentheoughtfairlytobeexcusedforthenegligence,defaultorbreachofdutyorbreachoftrust, thatcourtmayrelievehim,eitherwhollyorpartly,fromthisliabilityonsuchtermsasthecourtmaydeemfit.

(2)Whenanysuchofficerorpersonaforesaidhasreasontoapprehendthatanyclaimmaybemadeagainsthimin respectofanynegligence,default,breachofdutyorbreachoftrust,hemayapplytothecourtforrelief,andthe courtonanysuchapplicationshallhavethesamepowertorelievehimasunderthissectionitwouldhavehadifit hadbeenacourtbeforewhichproceedingsagainstthatpersonfornegligence,default,breachofdutyorbreachof trusthadbeenbrought. 559.Penaltyforimproperuseofcertainwords Ifanypersontradesorcarriesonbusinessunderanynameortitleofwhichthelastwordorwordsare "Unlimited","Limited","PublicLimitedCompany"or"LimitedbyGuarantee"ortheirabbreviations,heshall,unless dulyincorporatedasanunlimitedcompany,aprivatecompanylimitedbyshares,apubliccompanylimitedby shares,oracompanylimitedbyguarantee,respectively,beguiltyofanoffenceandliabletoafineofN50forevery dayduringwhichthenameortitleisused. 560.Penaltyforfalsestatements (1)WhereapenaltyisnotelsewhereprescribedinthisActandsubjecttotheprovisionsofsubsection(2)ofthis section,ifanypersoninanyreturn,report,certificate,balancesheet,orotherdocumentrequiredbyorforthe purposeofanyoftheprovisionsofthisAct,wilfullymakesastatementwhichisfalseinanymaterialparticular knowingittobefalse,heshallbeguiltyofanoffenceandliable (a)onconvictionintheHighCourttoimprisonmentforatermoftwoyears;or (b)onconvictioninalowercourt,toafineofN1000ortoimprisonmentforatermoffourmonths,ortobothsuch fineandimprisonment. (2)Nothinginthissectionshallaffecttheprovisionsofanyenactmentimposingpenaltiesinrespectofperjuryin forceinNigeria. 561.Extendedeffectofpenaltyforoffenceoffraudulenttrading Theprovisionsofsection506(3)ofthisAct(whichimposesapenaltyforcertainoffencesconnectedwith fraudulenttradingdiscoveredonwindingupacompanyshallextendandapplytocaseswherefraudulenttrading isdiscoveredincircumstancesotherthanonwindingupacompany. 562.Applicationoffines AnycourtimposingafineunderthisActmaydirectthatthewholeoranypartthereofbeappliedinortowards paymentofthecostsoftheproceedings,orinortowardsrewardingthepersononwhoseinformationoratwhose suitthefineisrecoveredandsubjecttoanysuchdirection,allfinesunderthisActshall,notwithstandinganything inanyotherenactment,bepaidintotheappropriateConsolidatedRevenueFund. 563.ApplicationbytheCommissiontothecourtfordirections (1)TheCommissionmayapplytocourtfordirectionsinrespectofanymatterconcerningitsduties,powersand functionsunderthisActandonanysuchapplication,thecourtmaygivesuchdirectionsandmakesuchfurther orderasitthinksfitinthecircumstances. (2)TheCommissionmayconductenquireswithrespecttothecompliancewiththeprovisionsofthisActbyany personorcompany.

Miscellaneous 564.Schedules,TablesandForms;alterationandapplication (1)TheCommissionmay,withtheapprovalofthePresident,byregulationororder,publishedintheGazette,add to,deletefromorotherwisealterthewholeoranypartofanyoftheSchedules,TablesorFormsprescribedorin forceunderthisAct. (2)Itisherebydeclaredthatuntilregulations,rulesorordersaremadeunderandforthepurposesofthisAct prescribingformsforuse,theformsinforceatthecommencementofthisActshallbedeemedtohavebeenmade underitandshallhaveeffectaccordingly. 565.EnforcementofdutyofcompanytomakereturnstoCommission (1)Ifacompany,havingmadedefaultincomplyingwithanyprovisionofthisActrequiringittofilewith,deliveror sendtotheCommissionanyreturn,accountorotherdocument,ortogivenoticetoitofanymatter,failstomake goodthedefaultwithin14daysaftertheserviceofanoticeonthecompanyrequiringittodoso,thecourtmay, ontheapplicationofanymemberorcreditorofthecompanyoroftheCommission,orderthecompanyandany officertomakegoodthedefaultwithinsuchtimeasmaybespecifiedintheorder. (2)Anyorderunderthissectionmayprovidethatallcostsoforincidentaltotheapplicationshallbebornebythe companyorbyanyofficerofthecompanyresponsibleforthedefault. (3)Nothinginthissectionshallbetakentoprejudicetheoperationofanyenactmentimposingpenaltiesona companyoritsofficersinrespectofanysuchdefaultasaforesaid. 566.Powerofcompanytoprovideforemployeesoncessationortransferofbusiness (1)Thepowersofacompanyinclude(iftheywouldnototherwisedosoapartfromthissection)powertomake thefollowingprovisionsforthebenefitofpersonsemployedorformerlyemployedbythecompanyoranyofits subsidiaries,thatistosay,provisioninconnectionwiththecessationorthetransfer,toanypersonofthewholeor partoftheundertakingofthecompanyorsubsidiary. (2)Thepowerconferredbysubsection(1)ofthissectionshallbeexercisablenotwithstandingthatitsexerciseis notinthebestinterestofthecompany. (3)Thepowerwhichacompanymayexercisebyvirtueonlyofsubsection(1)ofthissectionshallonlybeexercised bythecompanyifsanctioned (a)inacasenotfallingwithinparagraph(b)or(c)ofthissubsection,byaresolutionofthecompany;or (b)ifsoauthorisedbythememorandumorarticles,aresolutionofthedirectors;or (c)ifthememorandumorarticlesrequiretheexerciseofthepowertobesanctionedbyaresolutionotherthana simpleresolutionofthecompany,withthesanctionofthatotherresolution. (4)Anypaymentwhichmaybemadebyacompanyunderthissectionmay,ifmadebeforethecommencementof anywindingupofthecompany,bemadeoutofprofitsofthecompanywhichareavailablefordividend. 567.InterpretationofcertainwordsusedinPartAofthisAct

(1)InthisPart,thatis,PartAofthisAct,unlessthecontextotherwiserequires "accounts"includesacompany'sgroupaccounts,whetherpreparedintheformofaccountsornot; "agent"doesnotincludealegalpractitioneractingascounselforanyperson; "alien"meansapersonorassociation,whethercorporateorunincorporated,otherthanaNigeriacitizenor association; "annualreturn"meansthereturnrequiredtobemade,inthecaseofacompanylimitedbysharesundersections 371and372and,inthecaseofacompanylimitedbyguarantee,undersection373ofthisAct; "theappointedday"meansaperiodofoneyearfromthecommencementofthisAct; "arrangement"hasthemeaningassignedtoitundersection537ofthisAct; "articles"meansthearticlesofassociationofacompany,asoriginallyframedorasalteredbyspecialresolution, includingsofarastheyapplytotheregulationscontainedinTableAintheFirstSchedulesoftheCompaniesAct, 1922orinthatTableasalteredbyanysubsequentenactmentorreprintofthelaws,orinTableAintheFirst ScheduletothisAct; [FirstSchedule.] "authorisedminimumsharecapital"meansN10,000inthecaseofaprivatecompanyandN500,000inthecaseof apubliccompany; "authorisedsharecapital"meansthesharecapitalofacompanyatanygiventime; "bookandpaper"and"bookorpaper"includeaccounts,deeds,writings,anddocuments; "circulatingcapital"meansaportionofthesubscribedcapitalofthecompanyintendedtobeusedbybeing temporarilypartedwithandcirculatedinbusiness,intheformofmoney,goodsandotherassets,andwhich,or theproceedsofwhich,areintendedtoreturntothecompanywithanincrement,andareintendedtobeused againandagain,andtoalwaysreturnwithsomeaccretion; "Commission"meanstheCorporateAffairsCommissionestablishedundersection1ofthisAct; "company"or"existingcompany"meansacompanyformedandregisteredunderthisActor,asthecasemaybe, formedandregisteredinNigeriabeforeandinexistenceonthecommencementofthisAct; "companylimitedbyguarantee"and"companylimitedbyshares"havethemeaningsassignedtothem respectivelybysection21ofthisAct; "companiesliquidationaccount"meanstheaccountkeptonbehalfoftheCommissionpursuanttosection428of thisAct; "contributory"meanseverypersonliabletocontributetotheassetsofacompanyintheeventofitsbeingwound upandforthepurposesofallproceedingsfordetermining,andallproceedingspriortothefinaldeterminationof, thepersonswhoaretobedeemedcontributories,theexpressionincludesanypersonallegedtobecontributory;

"court"or"thecourt"usedinrelationtoacompany,meanstheFederalHighCourt,andtotheextenttowhich applicationmaybemadetoitas;courtincludestheCourtofAppealandtheSupremeCourtofNigeria; "creditorsvoluntarywindingup"hasthemeaningassignedtoitbysection462(4)ofthisAct; "debenture"meansawrittenacknowledgementofindebtednessbythecompany,settingoutthetermsand conditionsoftheindebtedness,andincludesdebenturestock,bondsandanyothersecuritiesofacompany whetherconstitutingachargeontheassetsofthecompanyornot; "director"includesanypersonoccupyingthepositionofdirectorbywhatevernamecalled;andincludesany personinaccordancewithwhosedirectionsorinstructionsthedirectorsofthecompanyareaccustomedtoact; "dividend"meansaproportionofthedistributedprofitsofthecompanywhichmaybeafixedannualpercentage, asinthecaseofpreferenceshares,oritmaybevariableaccordingtotheprosperityorothercircumstancesofthe company,asinthecaseofequityshares; "document"includessummons,notice,orderandotherlegalprocess,andregister; "equityshare"meansashareotherthanapreferenceshare;and"equitycapital"shallbeconstruedaccordingly; "fixedcapital"meansthatcapitalwhichacompanyretainsintheformofassetsuponwhichthesubscribedcapital orothersumhasbeenexpended,andwhichassetseitherthemselvesproducedincome,independentofany furtheractionbythecompany,orbeingretainedbythecompanyaremadeuseoftoproduceincomeorgain profits; "foreigncompany"meansacompanyincorporatedelsewherethaninNigeria; "forename"includesaChristiannameandapersonalname,and"surname"includesapatronymic; "Gazette"meanstheofficialGazetteoftheFederation; "groupfinancialstatements"hasthemeaningassignedtoitbysection336(1)ofthisAct; "holdingcompany"meansaholdingcompanyasdefinedbysection338ofthisAct; "inabilitytopaydebts"inrelationtoacompanyhasthemeaningassignedbysection409ofthisAct; "insolventperson"whereusedinthisActmeansanypersoninNigeriawho,inrespectofanyjudgment,Actor courtorderagainsthim,isunabletosatisfyexecutionorotherprocessissuedthereoninfavourofacreditor,and theexecutionorotherprocessremainsunsatisfiedfornotlessthansixweeks; "issuedgenerally"means,inrelationtoaprospectus,issuedtopersonswhoarenotexistingmembersor debentureholdersofthecompany; "issuedsharecapital"inrelationtoanyreductionhasthemeaningassignedbysection105(2)ofthisAct; "legalpractitioner"hasthemeaningassignedtoitbytheLegalPractitionersAct; [Cap.L11.]

"member"includestheheir,executor,administratororotherpersonalrepresentative,asthecasemaybe,ofthe member; "members'voluntarywindingup"hasthemeaningassignedtoitbysection462(4)ofthisAct; "memorandum"meansthememorandumofassociationofacompanyasoriginallyframedorasalteredin pursuanceofanyenactment; "Minister"meanstheMinisterchargedwithresponsibilityfortrade;and"Ministry"shallbeconstituted accordingly; "noncashasset"meansanypropertyorinterestinpropertyotherthancashandforthispurpose,cashincludes foreigncurrency; "officer"inrelationtoabodycorporate,includesadirector,managerorsecretary; "officialreceiver"meanstheofficerbywhatevernamecalledorknownchargedwithcontrolofaffairsin bankruptcyandiftheappointmentisvacantforanyreasonwhatsoever,meansthesheriff; "personalrepresentative"wherecustomarylawisapplicable,includessuccessorsappointedinrespectof deceasedcontributories; "preferenceshare"meansashare,bywhatevernamedesignated,whichdoesnotentitletheholderofittoany righttoparticipatebeyondaspecifiedamountinanydistributionwhetherbywayofdividendoronredemption,in awindingup,orotherwise; "prescribed"means,asrespectstheprovisionsofthisAct(otherthanastothewindingupofcompanies), prescribedbycourtor,asthecasemaybe,byotherproperauthoritybyregulationsororder,andastowindingup, meansasprescribedbyrulesofcourt,ordeemedsotobe; "privatecompany"hasthemeaningassignedtoitbysection22(1)ofthisAct; "prospectus"meansanyprospectus,notice,circular,advertisement,orotherinvitation,offeringtothepublicfor subscriptionorpurchaseanysharesordebenturesofacompanyandincludesanydocumentwhich,savetothe extentthatitofferssecuritiesforaconsiderationotherthancash,isaprospectus; "receiver"includesamanager; "recognisedstockexchange"meansanybodyofpersonsforthetimebeingrecognisedbytheSecuritiesand ExchangeCommissionasastockexchangedealinginshares,debenturesandothersecurities; "registeredcompany"meansacompanyincorporatedordeemedtobeincorporatedunderthisAct; "theRegistrarGeneral"meanstheRegistrarGeneralappointedundersection8ofthisAct; "resolutionforreducingsharecapital"hasthemeaningassignedtoitbysection106ofthisAct; "resolutionforvoluntarywindingup"hasthemeaningassignedtoitbysection457ofthisAct; "rules"includesrulesmadebytheChiefJudgeoftheFederalHighCourtforthepurposeofsection453or516of thisAct,andincludesrulesofcourtmadeordeemedtohavebeenmadeundersection552ofthisActandall

incidentalforms;andalsorulesmadebytheCorporateAffairsCommissionandtheSecuritiesandExchange CommissionunderthisAct; "securities"includesshares,debentures,debenturestock,bonds,notes(otherthanpromissorynotes)andunits underaunittrustscheme; "share"meanstheinterestsinacompany'ssharecapitalofamemberwhoisentitledtoshareinthecapitalor incomeofsuchcompany;andexceptwhereadistinctionbetweenstockandsharesisexpressedorimplied, includesstock; "smallcompany"hasthemeaningassignedtoitundersection351ofthisAct; "statutorydeclaration"meansadeclarationvoluntarilymadeundertheOathsActandinNigeriaincludesoneso madeunderanyotherenactmentorlawprovidingforthetakingofavoluntarydeclaration; [Cap.01.] "statutorymeeting"meansthemeetingrequiredtobeheldbysection211(1)ofthisAct; "statutoryreport"hasthemeaningassignedtoitbysection211(2)ofthisAct; "subsidiary"means,inrelationtoabodycorporate,asubsidiaryasdefinedbysection338ofthisAct; "TableA"meansTableAintheFirstScheduletothisAct; "unlimitedcompany"hasthemeaningassignedtoitbysection21(1)ofthisAct; "unregisteredcompany"whereusedinPartXVofthisAct,includesanypartnership,associationorcompanywith thefollowingexceptions (a)acompanyandanyexistingcompanyregisteredunderthisAct;and (b)apartnership,associationorcompanywhichconsistsoflessthaneightmembersandisnotaforeign partnership,associationorcompany. (2)ReferencesinthisActtobodiescorporateortocorporationsexcludecorporationssole;butunlessthecontext otherwiserequires,theyshallincludereferencestocompaniesincorporatedoutsideNigeria. (3)ForthepurposeofanyprovisioninthisActwhichstipulatesthatanofficerofacompanywhoisindefaultshall beliabletoafineorotherpenalty,orpersonallyliabletoanythirdparty,referenceto"officerwhoisindefault" shallbeconstruedasareferencetoanyofficerofthecompanywhoknowinglyandwilfullyauthorisesorpermits orconnivesatdefault,refusalorcontraventionspecifiedintheprovision. 568.Repealandsavings (1)Subjecttotheprovisionsofthissection,theCompaniesAct1968andtheCompanies(SpecialProvisions)Act shall,onthecommencementofthisAct,berepealed. [1968No.51.]

(2)NothinginthisActshallaffectanyorder,rule,regulation,appointment,conveyance,mortgage,deedor agreement,made,resolutionpassed,directiongiven,proceedingtaken,instrumentissuedorthingdoneunderthe enactmentherebyrepealed;butanysuchorder,rule,regulation,appointment,conveyance,mortgage,deed, agreement,resolution,direction,proceeding,instrumentorthingifinforceimmediatelybeforethe commencementofthisActshall,onthecommencementofthisAct,continueinforce,andsofarasitcouldhave beenmade,passed,given,taken,issuedordoneunderthisActshallhaveeffectasifsomade,passed,given, taken,issuedordone. (3)NothinginthisActshallbeconstruedsoastoprohibitthecontinuationofaninspectionbyinspectors appointedunderanyenactmentherebyrepealed,begunbeforethecommencementofthisAct,andsection325of thisActshallapplytoareportofinspectorsappointedunderanyenactmentherebyrepealedasitappliestoa reportofinspectorsappointedundersection314ofthisAct. (4)Where,undertheprovisionsofsection261oftheCompaniesAct1968aprosecutionbyaliquidatorhasbeen directedbythecourtandhasnotbeencompletedonthecommencementofthisAct,subsection(2)ofthatsection shallhaveeffectandbeconstruedasifallexpensesproperlyincurredbytheliquidatorintheprosecutionaretobe defrayedasdirectedbythecourtundersection438ofthisAct,andnotinaccordancewiththatsubsection. [1968No.51.] (5)Anyregisterkeptundertheenactmentherebyrepealedshallbedeemedtobekeptunderthecorresponding provisionsofthisAct. (6)FundsandaccountsconstitutedunderthisActshallbedeemedtobeincontinuationofthecorresponding fundsandaccountsconstitutedundertheenactmentherebyrepealed. (7)NothinginthisActshallaffect (a)theincorporationofanycompanyregisteredunderanyenactmentherebyrepealed;or (b)TableAintheFirstScheduleoftheCompaniesActinsofarasitappliestoanycompanyexistingatthe commencementofthisAct,exceptasotherwiseprovidedinthisAct. [1968No.51.] (8)Whereanyoffence,beinganoffenceforthecontinuanceofwhichapenaltywasprovided,hasbeencommitted underanyenactmentherebyrepealed,proceedingsmaybetakenunderthisActinrespectofthecontinuanceof theoffenceafterthecommencementofthisAct,inthesamemannerasiftheoffencehadbeencommittedunder thecorrespondingprovisionsofthisAct. (9)WherebyanyenactmentrepealedbythisActatimeisfixedforthedoingofanactortheperformanceofa dutyandinanyparticularcasethattimehasexpiredorbutforthisActwouldhaveexpiredbetweenthedateof thecommencementofthisActandthedateofitssigning,thetimesofixedshall,fortheavoidanceofdoubt,be deemedtohavebeenextendedsoastoexpirenotlaterthan7daysafterthedateofcommencementofthisAct, sohoweverthatnothinghereinshallbeconstruedtoauthoriseanyextensionoftimeforthedoingor performance,asthecasemaybe,ofanactordutyotherwisetobedoneorperformedwithinaperiodoftime limitedbyanysuchrepealedenactment.

(10)TheprovisionsofthisActwithrespecttowindingup(otherthansection510whichimposesapenaltyfor corruptinducementaffectingappointmentofaliquidator,shallnotapplytoanycompanyofwhichthewindingup commencedbeforethecomingintooperationofthisAct,buteverysuchcompanyshallbewoundupinthesame mannerandwiththesameincidentsasifthisAct(apartfromsection510)hadnotbeenmadeand,forthe purposesofthewindingup,theenactmentunderwhichthewindingupcommencedshallbedeemedtoremainin force. (11)Acopyofeveryorderstayingtheproceedingsinawindingupcommencedasaforesaidshallforthwithbe forwardedbythecompany,orotherwiseasmaybeprescribed,totheCommission,whichshallmakeaminuteof theorderinitsbooksrelatingtothecompany. (12)Inthissection"enactmentherebyrepealed"includesanyenactmentrepealedorreplacedbytheCompanies Act1968,whichitselfisrepealedbythisAct. PARTB Businessnames 569.TheCommissiontoadministerbusinessnames ThisPartofthisActandPartCthereofshallbeadministeredbytheCorporateAffairsCommissionestablished underPartAofthisAct. 570.Establishmentofbusinessnames'registryineachState ThereshallbeestablishedineachStateoftheFederation,aregisterofficeofbusinessnameswherethereshallbe keptaregisterintheprescribedforminwhichshallbeenteredsuchmattersasarerequiredbythisActorany regulationmadethereundertobeenteredinit. 571.AppointmentofRegistrarandotherofficers (1)TheRegistrarGeneralofCompaniesappointedundersection8ofthisActshallbetheRegistrarofBusiness Names. (2)TheremaybeappointedfromtimetotimefitpersonstobeAssistantRegistrarsofBusinessNamesorother officersasmaybenecessaryfortheadministrationofthispartofthisAct. 572.FunctionsofRegistrarandAssistantRegistrars (1)TheRegistrarshallcausebusinessnamestoberegisteredinaccordancewiththeprovisionsofthispartofthis Act. (2)ForthepurposeoftheregistrationunderthisPartofthisAct,ofthebusinessnamesofafirm,individualor corporationatanyoftheregisterofficesofbusinessnames,anyAssistantRegistrarmay,subjecttoanydirection thattheCommissionmaygive,performanyactordischargeanydutywhichtheRegistrarmaylawfullyperformor dischargeorisrequiredbythisActtoperformordischarge,and,subjecttothat,anyreferenceinthisPartofthis ActtotheRegistrar,unlessthecontextotherwiseadmits,shallaccordinglybedeemedtoincludeareferencetoan AssistantRegistrar.

(3)Withoutprejudicetothegeneralityoftheforegoingprovisionsofsubsection(1)ofthissection,anAssistant RegistrarmaybeassignedtotheregistryofbusinessnamesinaStateforthepurposeofregisteringbusiness namesandkeepingaregisterofbusinessnames. 573.Registrationofbusinessnames (1)Everyindividual,firmorcorporationhavingaplaceofbusinessinNigeriaandcarryingonbusinessundera businessnameshallberegisteredinthemannerprovidedinthisPartofthisActif (a)inthecaseofafirm,thenamedoesnotconsistofthetruesurnameofallpartnerswithoutanyadditionother thanthetrueforenamesoftheindividualpartnersortheinitialsofsuchforenames; (b)inthecaseofanindividual,thenamedoesnotconsistofhistruesurnamewithoutanyadditionotherthanhis trueforenamesortheinitialsthereof; (c)inthecaseofacorporation,whetherornotregisteredunderthisAct,thenamedoesnotconsistofits corporatenamewithoutanyaddition. (2)Notwithstandingsubsection(1)ofthissectionwhere (a)theadditionmerelyindicatesthatthebusinessiscarriedoninsuccessiontoaformerownerofthebusiness, thatadditionshallnotofitselfrenderregistrationnecessary; (b)twoormoreindividualpartnershavethesamesurname,theadditionofan"s"attheendofthatsurnameshall notofitselfrenderregistrationnecessary;and (c)thebusinessiscarriedonbyareceiverormanagerappointedbyanycourt,registrationshallnotbenecessary. 574.Procedureforregistration (1)Everyfirm,individualorcorporationrequiredunderthisActtoberegisteredshall,within28daysafterthefirm, individualorcorporationcommencesthebusinessinrespectofwhichregistrationisrequiredorwithinthree monthsofthecomingintooperationofthisAct,furnishtotheRegistrarattheregistryintheStateinwhichthe principalplaceofbusinessofthefirm,companyorindividualissituated,astatementinwritingintheprescribed form,signedasrequiredbythissectionandcontainingthefollowingparticulars (a)thebusinessnameor,ifthebusinessiscarriedonundertwoormorebusinessnames,eachofthosebusiness names; (b)thegeneralnatureofthebusiness; (c)thefullpostaladdressoftheprincipalplaceofbusiness; (d)thefullpostaladdressofeveryotherplaceofbusiness; (e)wheretheregistrationtobeeffectedisthatofafirm (i)thepresentforenamesandsurname,anyformerforenamesorsurname,thenationalityand,ifthat nationalityisnotthenationalityoforigin,thenationalityoforigin,theage,thesex,theusualresidenceandany otherbusinessoccupationofeachoftheindividualswhoarepartners;and

(ii)thecorporatenameandregisteredofficeofsuchcorporationwhichisapartner; (f)wheretheregistrationtobeeffectedisthatofanindividual,thepresentforenamesandsurname,anyformer forenamesorsurnames,thenationalityand,ifthatnationalityisnotthenationalityoforigin,thenationalityof origin,theage,thesex,theusualresidenceandanyotherbusinessoccupationoftheindividual; (g)wheretheregistrationtobeeffectedisthatofacompany,thenameandregisteredofficeofthecompany; (h)thedateofcommencementofthebusiness,whetherbeforeorafterthecomingintooperationofthisAct. (2)Wheretheregistrationtobeeffectedisthatofanindividualorafirmconsistingonlyofindividuals,thereshall besubmittedtotheRegistrarcopiesofthepassportphotographsoftheindividualcertifiedinamannerrequired bytheRegistrar. (3)Wheretheregistrationtobeeffectedisthatofafirmorindividualcarryingonbusinessonbehalfofanother individual,firmorcorporationwhetherasnomineeortrustee,thestatementrequiredbysubsection(1)ofthis sectiontobefurnishedshallcontainthefollowingparticularsinadditiontotheparticularsrequiredbythat subsection (a)thepresentforenamesandsurname,anyformerforenamesorsurname,thenationalityand,ifthatnationality isnotthenationalityoforigin,thenationalityoforiginandtheusualresidenceofeachindividualonwhosebehalf thebusinessiscarriedon; (b)thenameofeachfirmorcorporationinwhosebehalfthebusinessiscarriedon. (4)Wheretheregistrationtobeeffectedisthatofafirmorindividualcarryingonbusinessasgeneralagentforany concerncarryingonbusinessoutsideNigeriaandnothavingaplaceofbusinessinNigeria,thestatementrequired bysubsection(1)ofthissectiontobefurnishedshall,inadditiontotheparticularsrequiredbythatsubsection, statethenameandfullpostaladdressofeachsuchconcern,providedthatinthecaseofafirmorindividual carryingonbusinessasgeneralagentforthreeormoresuchconcerns,itshallbesufficienttostatethefactthat thebusinessissocarriedonandthecountriesinwhichtheconcernscarryonbusiness. (5)Astatementfurnishedinaccordancewithsubsections(1)to(4)ofthissectionshall (a)inthecaseofastatementfurnishedbyanindividual,besignedbyhim; (b)inthecaseofastatementfurnishedbyafirm,besignedbyeachindividualwhoisapartnerandbyadirectoror thesecretaryofeachcorporationwhichispartner; (c)inthecaseofacompany,besignedbyadirectororthesecretary: Providedthat,ifthestatementisaccompaniedbyastatutorydeclarationmadebyanypersontotheeffectthathe isapartnerofthefirmorisadirectororthesecretaryofacorporationwhichisapartnerofthefirm,the statementmaybesignedbythatpersonalone. (6)Astatementfurnishedinaccordancewithsubsections(1)to(4)ofthissectionbyanindividualwhoisaminor orbyafirmofwhichoneofthepartnersisaminorshall,inadditiontotherequirementsofsubsection(1)ofthis section,besignedbyamagistrate,legalpractitionerorpoliceofficeroforabovetherankofAssistant SuperintendentofPolice.

575.Entryofbusinessnameintheregister (1)OnreceiptbytheRegistrarofthestatementofparticularsrequiredtobefurnishedundersection574ofthis Act,heshall,subjecttosubsection(2)ofthissectionandtotheprovisionsofanyregulationsmadeunderthisAct, causetobeenteredintheregisterthebusinessnameoftheindividual,companyorfirmandfilethestatement. (2)TheRegistrarshalladdtothebusinessnameintheregistertheidentificationlettersoftheStatewhichshallbe inbracketsattheendofthebusinessname,andtheseshallformpartofthebusinessname. 576.Certificateofregistration (1)Ontheregistrationofanyfirm,companyorindividualunderthisAct,theRegistrarshallissueacertificateinthe prescribedformcontainingthebusinessnametogetherwiththedistinguishingStateidentificationlettersin bracketsattheendofthename. (2)Ontheregistrationofanychangeintheparticularsregisteredinrespectofanyfirm,companyorindividual,the Registrarmayinhisdiscretioneitheramendthecertificatepreviouslyissuedorissueafreshcertificate. (3)Acertificateissuedunderthissectionshallbesentbyregisteredpostordeliveredtothefirm,companyor individualregistering,whoshallthereuponexhibitandthereaftermaintainthesameinaconspicuouspositionat theprincipalplaceofthebusinesssoregistered: Providedthat (a)whereafreshcertificatehasbeenissuedundersubsection(2)ofthissection,theprovisionsofthissubsection shallapplytosuchfreshcertificateonlyandnottothecertificateoriginallyissued;and (b)whereanycertificatehasbeenlostordestroyedorrenderedillegible,acopyofsuchcertificatecertifiedbythe Registrarmaybeexhibitedinplaceoftheoriginal. (4)Whereafirm,companyorindividualregisteredunderthisActhasmorethanoneplaceofbusiness,theoriginal certificateshallbeexhibitedandmaintainedasrequiredbysubsection(3)ofthissectionattheprincipalplaceof businessandacopyofthecertificatecertifiedbytheRegistrarshallbeexhibitedandthereaftermaintainedina conspicuouspositionineachoftheotherplacesofbusiness. 577.Registrationofchanges (1)Wheneverachangeismadeoroccursintheparticularsrequiredbysection657ofthisActtobefurnishedin respectofanyfirm,companyorindividualregisteredunderthatsection,otherthanparticularsastotheageofan individual,thefirmorindividualshallwithin28daysaftersuchchangenotifythechangetotheRegistraratthe registerofficeatwhichthefirm,companyorindividualisregistered. (2)Thenoticerequiredundersubsection(1)ofthissectionshallbeinwritingsignedasprovidedinsection574of thisAct. 578.Removalofnamefromregister (1)Ifanyfirm,companyorindividualregisteredunderthisActceasestocarryonbusiness,itshallbethedutyof thepartnerinthefirmatthetimewhenitceasedtocarryonbusinessoroftheindividualorifheisdeadhis

personalrepresentative,withinthreemonthsafterthebusinesshasceasedtobecarriedon,tosendbypostor delivertotheRegistraranotice,statingthatthefirmorindividualhasceasedtocarryonbusiness. (2)Onreceiptofsuchanoticeasmentionedinsubsection(1)ofthissection,theRegistrarmayremovethefirm, companyorindividualfromtheregister. (3)WheretheRegistrarhasreasonablecausetobelievethatanyfirm,companyorindividualregisteredunderthis Actisnotcarryingonbusiness,hemaysendtothefirm,companyorindividualbyregisteredpostanoticethat, unlessananswerisreceivedtosuchnoticewithintwomonthsfromthedatethereof,thefirm,companyor individualmayberemovedfromtheregister. (4)IftheRegistrareitherreceivesananswerfromthefirm,companyorindividualtotheeffectthatthefirm, companyorindividualisnotcarryingonbusinessordoesnotwithintwomonthsfromthedateofthenotice receiveananswer,hemayremovethefirm,companyorindividualfromtheregister. 579.Prohibitedandrestrictednames (1)Whereanybusinessnameunderwhichthebusinessofapersoniscarriedonortobecarriedon (a)containstheword"National","Government","Municipal","State","Federal",oranyotherwordwhichimports orsuggeststhatthebusinessenjoysthepatronageoftheFederal,StateorLocalGovernment;or (b)containstheword"cooperative"oritsequivalentinanyotherlanguageoranyabbreviationthereof;or (c)containsthewords"ChamberofCommerce","BuildingSociety","Guarantee","Trustee","Investment","Bank", "Insurance",oranywordofsimilarconnotation;or (d)isidenticalwithorsimilartoanamebywhichanyfirm,companyorindividualisregisteredunderthisPartof thisActoranycompanyisregisteredunderthisAct;or (e)issimilartoanytrademarkregisteredinNigeria, andtheRegistrarisofopinionthatregistrationwouldlikelymisleadthepublic,thentheRegistrarshall,unlessthe consentoftheCommissionhasbeenfirstobtainedbytheperson,refusetoregisterthebusinessnameor,asthe casemaybe,canceltheregistrationthereof. (2)Whereanybusinessnameunderwhichthebusinessofapersoniscarriedon (a)containsanywordwhich,intheopinionoftheRegistrar,islikelytomisleadthepublicastothenationality,race orreligionofthepersonsbywhomthebusinessiswhollyormainlyownedorcontrolled;or (b)is,intheopinionoftheRegistrar,deceptiveorobjectionableinthatitcontainsareferencedirectorotherwise toanypersonage,practiceorinstitution,orisotherwiseunsuitableasabusinessname, theRegistrarshallrefusetoregisterthebusinessname,or,asthecasemaybe,canceltheregistrationthereof,but anypersonaggrievedbyadecisionoftheRegistrarunderthissubsectionmay,withinonemonthofsuchrefusalor cancellation,appealtotheCommission.

(3)TheRegistrarmayrefusetoregisteranindividualorfirmunderthisPartofthisActiftheageoftheindividual orofanyindividualwhoisapartnerisstatedinthestatementfurnishedundersection574ofthisActtobeless than18years. (4)WheretheRegistrarhasirrefutableevidencetotheeffectthatanindividual,firmorcorporationthathas previouslybeeninvolvedinfraudulenttrademalpractices,eitherinlocalorinternationaltrade,issubmittingan applicationfortheregistrationofanewbusinessname,theRegistrarshallrefusetoregistersuchabusinessname. 580.Searches TheRegistrarshallallowsearchestobemadeatallreasonabletimesinanyregisterbook,registerorfileof registereddocumentsinhispossession. 581.Copiesofentriesinregisters (1)TheRegistrarshalluponrequestgiveacertifiedcopyofanyentryinanyregisterbook,registerorfiled documentsinhispossession. (2)Everysuchcertifiedcopyshallbereceivedinevidence,withoutanyfurtherorotherproof,inalllegal proceedings,civilorcriminal. 582.Publicationoftruename (1)EveryindividualorfirmrequiredbythisActtoberegisteredshallinalltradecatalogues,trade circulars,showcardsandbusinesslettersissuedorsentbytheindividualorfirmtoanyperson,havementionedin legiblecharacters (a)inthecaseofanindividual,hispresentforenamesortheinitialsthereofandpresentsurnameandanyformer forenamesorsurnameandhisnationality;and (b)inthecaseofafirm,thepresentforenamesortheinitialsthereofandpresentsurname,andanyformer forenamesorsurnamesandthenationalityofallthepartnersinthefirmorinthecaseofacorporationbeinga partner,thecorporatename;and (c)theregistrationnumberofthebusinessname. (2)Wheretheindividualreferredtoinsubsection(1)ofthissectionisaminor,thewords"aminor"shallbeadded, inbrackets,afterhisname. 583.Liabilityofpersonindefault WhereanyfirmorindividualrequiredunderthisActtofurnishastatementofparticularsorofanychangein particulars,makesdefaultinsodoing,therightsofsuchdefaulterunderorarisingoutofanycontractmadeor enteredintobyoronbehalfofsuchdefaulterinrelationtothebusinessinrespectofwhichparticularswhere requiredatanytimewhileheisindefault,shallnotbeenforceablebyactionorotherlegalproceedingseitherin thebusinessnameorotherwise: Providedthat

(a)thedefaultermayapplytoaHighCourtinwhichanysuchcontractwouldotherwisebeenforceableforrelief againstthedisabilityimposedbythissectionandaHighCourtinwhichanysuchcontractwouldotherwisebe enforceable,onbeingsatisfiedthatthedefaultwasaccidental,orduetoinadvertence,orsomeothersufficient cause,orthatonothergroundsitisjustandequitabletograntrelief,maygrantsuchreliefeithergenerallyas regardsallcontractsenforceablebythecourtorasrespectanyparticularcontractandonsuchconditionsasthe courtmayimpose; (b)nothinghereincontainedshallprejudicetherightsofanyotherpartiesasagainstthedefaulterinrespectof suchcontractasaforesaid; (c)ifanyactionorproceedingshallbecommencedbyanyotherpartyagainstthedefaultertoenforcetherightsof suchpartyinrespectofsuchcontract,nothinghereincontainedshallprecludethedefaulterfromenforcinginthat actionorproceedingbywayofcounterclaim,setofforotherwisesuchrightsashemayhaveagainstthatpartyin respectofsuchcontract. 584.Offencesandpenalties (1)IfanyfirmorindividualrequiredunderthisActtoberegistered (a)failstocomplywiththeprovisionsofsection574ofthisAct;or (b)failstocomplywiththeprovisionsofsection577ofthisAct;orsubsection(4)ofsection576ofthisAct;or (c)failstocomplywiththeprovisionsofsubsection(3)orsubsection(4)ofsection576ofthisPart;or (d)carriesonbusinessunderabusinessname,registrationofwhichhasbeenrefusedorcancelledundersection 579ofthisAct, everypartnerinthefirmortheindividualshallbeguiltyofanoffenceandliableonconvictiontoafineofN50for everydayduringwhichthedefaultcontinues,andthecourtshallorderastatementoftherequiredparticularsto befurnishedtotheRegistrarwithinsuchtimeasmaybespecifiedintheorder. (2)Ifanypersonwhosedutyitisundersubsection(1)ofsection578ofthisActtogivenoticethatanyfirmor individualhasceasedtocarryonbusiness,failstocomplywiththeprovisionsofthatsubsection,heshallbeguilty ofanoffenceandliableonconvictiontoafineofN520. (3)Ifanyfirm,companyorindividualinissuinganytradecatalogues,tradecircular,showcardorbusinessletter failstocomplywiththeprovisionsofsection582,ofthisAct,everypartnerinthefirmortheindividualshallbe guiltyofanoffenceandliableonconvictiontoafineofN250. (4)IfanystatementrequiredtobefurnishedunderthisActcontainsanymatterwhichisfalseinanymaterial particulartotheknowledgeofanypersonsigningit,suchpersonshallbeguiltyofanoffenceandliableon convictiontoafineofN500ortoimprisonmentforsixmonthsortobothsuchfineandimprisonment. 585.Regulations TheMinistermaywiththeapprovalofthePresident,makeregulations (a)forthegovernanceandguidanceoftheRegistrarandAssistantRegistrarsandofallpersonsactingunderthem;

(b)prescribingtheformstobeusedforthepurposeofthisPartofthisAct; (c)prescribingthefeestobetakenbytheofficersbyorbeforewhomtheactsforwhichthefeesarepayableare doneunderthisPartofthisAct; (d)generallyfortheconductandregulationofregistrationunderthisPartofthisActandanymattersincidental thereto. 586.Validityofpreviousregistration AnyfirmorcompanyorindividualwhoimmediatelybeforethecomingintooperationofthisActwasregistered undertheRegistrationofBusinessNamesAct1961,herebyrepealed,shallbedeemedtoberegisteredunderand inaccordancewiththisActandtheprovisionsofthisActshallapplyinrespectofsuchfirm,companyorindividual accordingly,andanystatementfurnishedunderthesaidActherebyrepealedshallbedeemedtohavebeen furnishedunderandinaccordancewiththisAct. [1961No.17.] 587.Annualreturns (1)Everyfirm,companyorindividualcarryingonbusinessunderaregisteredbusinessnameshall,notlaterthan the30thdayofJuneineachyear,exceptthecalendaryearinwhichthebusinessnameisregistered,delivertothe Commissionareturninaprescribedformshowingtheparticularsofthefirm,companyorindividuals,thenature ofthebusinesscarriedonandthestateofthefinancialaffairsofthebusinesscarriedonbythefirm,companyor individualinthebusinessnameduringtheprecedingperiodofJanuary1toDecember31. (2)Thereturnsshallbesigned,inthecaseofanindividualorfirmconsistingonlyofindividuals,bytheindividuals andinthecaseofacompanyorapartnerwhoisacompany,byadirectorandthesecretary. (3)FailuretocomplywithanyoftheprovisionsofthissectionshallbepunishablewithafineofN200,andadaily defaultfineofN25. 588.InterpretationofwordsusedinthisPart (1)InthisPartofthisAct,unlessthecontextotherwiserequires "AssistantRegistrar"meansanAssistantRegistrarofBusinessNamesappointedundersection571ofthisAct; "business"includesanytrade,industryandprofessionandanyoccupationcarriedonforprofit; "businessname",meansthenameorstyleunderwhichanybusinessiscarriedonwhetherinpartnershipor otherwise; "firm"meansanunincorporatedbodyoftwoormoreindividualsoroneormoreindividualandoneormore corporations,ortwoormorecorporations,whoorwhichhaveenteredintopartnershipwithoneanotherwitha viewtocarryingonbusinessforprofit; "forename"whenusedwithasurnameincludesanyfirstname; "initials"includesanyrecognisedabbreviationofaforename;

"Minister"meanstheMinisterchargedwithresponsibilityformattersrelatingtotheregistrationofbusiness names; "minor"meansapersonwhohasnotattainedtheageof18years; "person"includesafirm,individualorcorporation; "Registrar"meanstheRegistrarofBusinessNames; "showcards"meansacardcontainingorexhibitingarticlesdealtwith,orsamplesorrepresentationsthereof. (2)TheRegistrationofabusinessnameunderthisActshallnotbeconstruedasauthorisingtheuseofthatnameif, apartfromsuchregistration,theusethereofcouldbeprohibited. 589.Repealof1961No.17 TheRegistrationofBusinessNamesAct1961isherebyrepealed. [1961No.17.] PARTC Incorporatedtrustees 590.Incorporationoftrusteesofcertaincommunities,bodiesandassociations (1)Whereoneormoretrusteesareappointedbyanycommunityofpersonsboundtogetherbycustom,religion, kinshipornationalityorbyanybodyorassociationofpersonsestablishedforanyreligious,educational,literary, scientific,social,development,cultural,sportingorcharitablepurpose,heortheymay,ifsoauthorisedbythe community,bodyorassociation(inthisActreferredtoas"theassociation")applytotheCommissioninthe mannerhereafterprovidedforregistrationunderthisActasacorporatebody. (2)UponbeingsoregisteredbytheCommission,thetrusteeortrusteesshallbecomeacorporatebodyin accordancewiththeprovisionsofsection679ofthisPartofthisAct. 591.Methodofapplication (1)Applicationundersection596ofthisActshallbeintheformprescribedbytheCommissionandshallstate (a)thenameoftheproposedcorporatebodywhichmustcontainthewords"IncorporatedTrusteesof; (b)theaimsandobjectsoftheassociationwhichmustbefortheadvancementofanyreligious,educational, literary,scientific,social,development,cultural,sportingorcharitablepurpose,andmustbelawful; (c)thenames,addressesandoccupationsofthesecretaryoftheassociation,ifany. (2)Thereshallbeattachedtotheapplication (a)twoprintedcopiesoftheconstitutionoftheassociation;(b)dulysignedcopiesoftheminutesofthemeeting appointingthetrusteesandauthorisingtheapplication,showingthepeoplepresentandthevotesscored; (c)theimpressionordrawingoftheproposedcommonseal.

(3)Theapplicationshallbesignedbythepersonmakingit. (4)TheCommissionmayrequiresuchdeclarationorotherevidenceinverificationofthestatementsand particularsintheapplication,andsuchotherparticulars,information,andevidence,ifany,asitmaythinkfit. (5)Ifanypersonknowinglymakesanyfalsestatementorgivesanyfalseinformationforthepurposeof incorporatingtrusteesunderthisPartofthisAct,heshallbeguiltyofanoffenceandliableonconvictionto imprisonmentforoneyearortoafineofN100 592.Qualificationoftrustees (1)Apersonshallnotbequalifiedtobeappointedasatrusteeif (a)heisaninfant;or (b)heisapersonofunsoundmindhavingbeensofoundbyacourt; (c)heisanundischargedbankrupt;or (d)hehasbeenconvictedofanoffenceinvolvingfraudordishonestywithinfiveyearsofhisproposed appointment. (2)Ifapersondisqualifiedunderparagraph(c)or(d)ofsubsection(1)ofthissectionactsasatrustee,heshallbe liabletoafineofN50foreverydayduringwhichhesoacts. 593.Constitution Theconstitutionoftheassociationshallinadditiontoanyothermatter (a)statethenameortitleoftheassociationwhichshallnotconflictwiththatofacompany,orwithabusiness nameortrademarkregisteredinNigeria; (b)theaimsandobjectsoftheassociation;and (c)makeprovisions,inrespectofthefollowing (i)appointment,powers,duties,tenureofofficeandreplacementofthetrustees; (ii)theuseandcustodyofthecommonseal; (iii)themeetingsoftheassociation; (iv)thenumberofmembersofthegoverningbody,ifany,theprocedurefortheirappointmentandremoval,and theirpowers;and (v)wheresubscriptionsandothercontributionsaretobecollected,theprocedurefordisbursementofthefunds oftheassociation,thekeepingofaccountsandtheauditingofsuchaccounts. 594.Advertisementandobjections

(1)IftheCommissionissatisfiedthattheapplicationhascompliedwiththeprovisionsofsections591,592and593 ofthisAct,itshallcausetheapplicationtobepublishedinaprescribedformintwodailynewspaperscirculatingin theareawherethecorporationistobesituatedandatleastoneofthenewspapershallbeanationalnewspaper. (2)Theadvertisementshallinviteobjections,ifany,totheregistrationofthebody. (3)TheobjectionshallstatethegroundsonwhichitismadeandshallbeforwardedtoreachtheCommission within28daysofthedateofthelastofthepublicationsinthenewspapers. (4)Ifanyobjectionsaremade,theCommissionshallconsiderthemandmayrequiretheobjectionsandapplicants tofurnishfurtherinformationorexplanation,andmayupholdorrejecttheobjectionsasitconsidersfitandinform theapplicantaccordingly. 595.Registrationandcertificate (1)If,aftertheadvertisement,noobjectionisreceivedwithintheperiodspecifiedinsection596ofthisActor, whereanyobjectionisreceived,andthesameisrejected,theCommission,havingregardtoallthecircumstances, mayassenttotheapplicationorwithholditsassent. (2)IftheCommissionassentstotheapplication,itshallregisterthetrusteesandissueacertificateinthe prescribedform. 596.Effectofregistrationandcertificate (1)Fromthedateofregistration,thetrusteeortrusteesshallbecomeabodycorporatebythenamedescribedin thecertificate,andshallhaveperpetualsuccessionandacommonseal,andpowertosueandbesuedinits corporatenameassuchtrusteeortrusteesandsubjecttosection602ofthisPartofthisActtoholdandacquire, andtransfer,assignorotherwisedisposeofanyproperty,orintereststhereinbelongingto,orheldforthebenefit ofsuchassociation,insuchmannerandsubjecttosuchrestrictionsandprovisionsasthetrusteesmightwithout incorporation,holdoracquire,transfer,assignorotherwisedisposeofthesameforthepurposesofsuch community,bodyorassociationofpersons. (2)Thecertificateofincorporationshallvestinthebodycorporateallpropertyandinterestsofwhatevernatureor tenurebelongingtoorheldbyanypersonintrustforsuchcommunity,bodyorassociationofpersons. (3)Acertificateofincorporationwhengrantedshallbeprimafacieevidencethatallthepreliminaryrequisitions hereincontainedandrequiredinrespectofsuchincorporationhavebeencompliedwith,andthedateof incorporationmentionedinsuchcertificateshallbedeemedtobethedateonwhichincorporationhastaken place. 597.Changesofnamesorobjects (1)Wheretheassociationisdesirousofchangingoralteringitsnameorobjectsoranyofthem,the trusteesshallapplytotheCommissionintheprescribedformsettingoutthealterationsdesiredandattachinga copyoftheresolutionapprovingthechangeanddulycertifiedbythetrustees. (2)TheCommissiononreceiptoftheapplicationshallconsideritand,ifsatisfiedthatthechangeoralterationis primafacielawfulshall

(a)causetheapplicationtobepublishedintwodailynewspapersinthemannerspecifiedinsubsection(1)of section593ofthisAct;and (b)directthecorporationtodisplayforatleast28daysanoticeoftheproposedchangeoralteration conspicuouslymountedatthecorporationheadquarters,oratanybranchoffices,oranysuchplaceswherea majorityofthemembersarelikelytoseeit,astheCommissionmayrequire, (3)Thepublicationandnoticesshallcallforobjectionswhich,ifany,shallstatethegroundsofobjectionandbe forwardedtoreachtheCommissionnotlaterthan28daysafterthelastofthepublicationsinthenewspapers. (4)Theprovisionsofsection593andofsubsection(1)ofsection594ofthisPartofthisActshallapplytothis sectionastheyapplytoanapplicationforregistration. (5)IftheCommissionassentstotheapplication,thealterationsshallbemadeandinthecaseofachangeofname, theCommissionshallissueanewcertificateinthenewnameinplaceoftheformercertificate. 598.Alterationofprovisionsoftheconstitution Subjecttosections593and594ofthisPartofthisAct,anassociationwhosetrusteesareincorporatedunderthis PartofthisActmayalteritsconstitutionbyaresolutionpassedbyasimplemajorityofitsmembersandapproved bytheCommission. 599.Replacementandappointmentofadditionaltrustees (1)Whereabodyorassociationintendstoreplacesomeorallitstrusteesortoappointadditionaltrustees,itmay byresolutionatageneralmeetingdosoandapplyintheprescribedformfortheapprovaloftheCommission. (2)Uponsuchapplicationtheprovisionofsubsections(2)to(4)ofsection597ofthisActshallapplytothissection astheyapplytothechangeofnameorobject. (3)IftheCommissionassentstotheapplication,itshallsignifyitsassentinwritingtothecorporationandthe appointmentshallbecomevalidasfromthedateoftheresolutionappointingthetrustees. 600.ChangesincontraventionofcertainprovisionsofthisPartofthisAct Anychangeoralterationspurportedtobemadeincontraventionofsection597,598or599ofthisPartofthisAct shallbevoid. 601.Councilorgoverningbody Theassociationmayappointacouncil,orgoverningbody,whichshallincludethetrusteesandmay,subjecttothe provisionsofthisPartofthisAct,assigntoitsuchadministrativeandmanagementfunctionsasitdeems expedient. 602.Exerciseofpowersoftrustee ThepowersvestedinthetrusteesbyorunderthisActshallbeexercisedsubjecttothedirectionsofthe association,orofthecouncilorgoverningbodyappointedundersection601ofthisPartofthisAct,asthecase maybe. 603.Applicationofincomeandproperty

(1)TheincomeandpropertyofabodyorassociationwhosetrusteeortrusteesareincorporatedunderthisPartof thisActshallbeappliedsolelytowardsthepromotionoftheobjectsofthebodyassetforthinitsconstitutionand noportionthereofshallbepaidortransferreddirectlyorindirectly,bywayofdividend,bonus,orotherwiseby wayofprofittoanyofthemembersoftheassociation. (2)Nothinginsubsection(1)ofthissectionshallpreventthepayment,ingoodfaith,ofreasonableandproper remunerationtoanofficerorservantofthebodyinreturnforanyserviceactuallyrenderedtothebodyor association: Providedthat (a)withtheexceptionofexofficiomembersofthegoverningcouncil,nomemberofacouncilofmanagementor governingbodyshallbeappointedtoanysalariedofficeofthebody,oranyofficeofthebodypaidbyfees;and (b)noremunerationorotherbenefitinmoneyormoney'sworthshallbegivenbythebodytoanymemberofsuch councilorgoverningbody,exceptrepaymentofoutofpocketexpensesorreasonableandproperrentfor premisesdemised,orlettothebodyorreasonablefeeforservicesrendered. (3)Ifanypersonknowinglyactsorjoinsinactingincontraventionofthissection,heshallbeliabletorefundsuch incomeorpropertysomisappliedtotheassociation. 604.Commonseal Thecommonsealofthebodycorporateshallhavesuchdeviceasmaybeapprovedbythe Commission;andanyinstrumenttowhichthecommonsealofthecorporatebodyhasbeenaffixedinapparent compliancewiththeregulationsfortheuseofthecommonsealshallbebindingonthecorporatebody, notwithstandinganydefectorcircumstanceaffectingtheexecutionofsuchinstrument. 605.Contractofcorporatebody SubjecttotheprovisionsofthisPartofthisActandoftheconstitutionoftheassociation,thecorporatebodymay contractinthesameformandmannerasanindividual. 606.Documentsandinspection (1)TheCommissionshallpreservealldocumentsdeliveredtoitunderthisPartofthisAct. (2)AnypersonmayonapplicationtotheCommissionbepermittedtoinspectthedocumentskeptunder subsection(1)ofthissectiononpaymentofaprescribedfeeandmayrequireacopyorextractofanysuch documenttobecertifiedbytheCommissiononpaymentofaprescribedfee. 607.Annualreturns (1)Thetrusteesofthecorporationshallnotearlierthan30Juneorlaterthan31Decembereachyear(otherthan theyearinwhichitisincorporated),submittotheCommissionareturnshowing,amongotherthings,thenameof thecorporation,thenames,addressesandoccupationsofthetrustees,andmembersofthecouncilorgoverning body,particularsofanylandheldbythecorporatebodyduringtheyear,andofanychangeswhichhavetaken placeintheconstitutionoftheassociationduringtheprecedingyear.

(2)Ifthetrusteesfailtocomplywithsubsection(1)ofthissectiontheyshallbeliabletoafineofN5foreachday duringwhichthedefaultcontinues. 608.DissolutionofacorporatebodyformedunderthisAct (1)AbodycorporateformedunderthisPartofthisActmaybedissolvedbythecourtona petitionbroughtforthatpurposeby (a)thegoverningbodyorcouncil;or (b)oneormoretrustees;or (c)membersoftheassociationconstitutingnotlessthan50percentofthetotalmembership;or (d)theCommission. (2)Thegroundsonwhichthebodycorporatemaybedissolvedare (a)thattheaimsandobjectsforwhichitwasestablishedhavebeenfullyrealisedandnousefulpurposewouldbe servedbykeepingthecorporationalive; (b)thatthebodycorporateisformedtoexistforaspecifiedperiodandthatperiodhasexpiredanditisnot necessaryforittocontinuetoexist; (c)thatalltheaimsandobjectsoftheassociationhavebecomeillegalorotherwisecontrarytopublicpolicy;and (d)thatitisjustandequitableinallthecircumstancesthatthebodycorporatebedissolved. (3)Atthehearingofthepetition,allpersonswhoseinterestorrightsmay,intheopinionofthecourt,beaffected bythedissolutionshallbeputonnotice. (4)Ifintheeventofawindingupordissolutionofthecorporatebodythereremainsafterthesatisfactionofallits debtsandliabilities,anypropertywhatsoever,thesameshallnotbepaidtoordistributedamongthemembersof theassociation,butshallbegivenortransferredtosomeotherinstitutionshavingobjectssimilartotheobjectsof thebody,suchinstitutionstobedeterminedbythemembersoftheassociationatorbeforethetimeof dissolution. (5)Ifeffectcannotbegiventotheprovisionsofsubsection(4)ofthissection,theremainingpropertyshallbe transferredtosomecharitableobject. 609.Regulations TheMinistermay,withtheapprovalofthePresident,makeregulationsgenerallyforthepurposeofthisPartof thisActand,inparticular,withoutprejudicetothegeneralityoftheforegoingprovisions,makeregulations (a)prescribingtheformsandreturnsandotherinformationrequiredunderthisPartofthisAct; (b)prescribingtheprocedureforobtaininganyinformationrequiredunderthisPartofthisAct; (c)requiringreturnstobemadewithintheperiodspecifiedthereinbyanybodycorporatetowhichthisPartofthis Actapplies.

610.InterpretationofwordsusedinthisPart InthisPartofthisAct,unlessthecontextotherwiserequires "Commission"meanstheCorporateAffairsCommissionestablishedundersection1ofthisAct; "court"meanstheFederalHighCourt; "FederalGazette"meanstheFederalGovernmentOfficialGazette;and "Minister"meanstheMinisterchargedwithresponsibilityformattersrelatingtotrade. 611.RepealofCap.98of1958Edition TheLand(PerpetualSuccession)Act,isherebyrepealed. [Cap.98of1958Edition.] 612.Validityofpreviousregistrations AlltrusteesdulyregisteredasbodiescorporateundertheLand(PerpetualSuccession)Actshall,asfrom thedateofcomingintooperationofthisAct,bedeemedtoberegisteredunderandinaccordancewiththisPart ofthisActandtheprovisionsofthisPartofthisActshallapplyinrespectofsuchtrusteesaccordingly. PARTD Shorttitle 613.Shorttitle ThisActmaybecitedastheCompaniesandAlliedMattersAct. SCHEDULES FirstSchedule [Sections28and34.] TableA Formofarticlesofassociation PARTI Regulationsforthemanagementofapubliccompanylimitedbyshares Interpretation 1.(1)IntheseRegulations"theAct"meanstheCompaniesandAlliedMattersAct. (2)Unlessthecontextotherwiserequires,wordsorexpressionscontainedintheseRegulationsbearthesame meaningasintheAct.

Classesofshares 2.Thecompanymayfromtimetotimeissueclassesofshares.Itshallbetheresponsibilityofthedirectorsto determinetheclassesofsharestobeissued.Alltherightsorrestrictionsattachedtoeachparticularclassofshares shallbespecifiedinthetermsofissuebutsuchrightsmayatanytimebevariedinaccordancewiththeprovisions ofsection141oftheAct. Commissionsandbrokerage 3.Thecompanymayexercisethepowersofpayingcommissionsconferredbysection131oftheAct,providedthat theratepercentortheamountofthecommissionpaidoragreedtobepaidshallbedisclosedinthemanner requiredbythesaidsection.Suchcommissionsmaybesatisfiedbythepaymentofcashortheallotmentoffullyor partlypaidsharesorpartlyinonewayandpartlyintheother. 4.Thecompanymayalsoonanyissueofsharespaysuchbrokerageasmaybelawful. Alterationofcapital 5.Thecompanymayfromtimetotimebyordinaryresolutioneffectanalterationofitssharecapitalinanyofthe wayssetoutinsection100oftheAct. 6.SubjecttotheprovisionsoftheActonreductionofcapital,thecompanymay,wheneveritconsidersit expedienttodoso,byspecialresolutionreduceitssharecapital,anycapitalredemptionfundoranyshare premiumaccount. Meetings 7.Theannualgeneralmeetingshallbeheldatsuchtimeandplaceasthedirectorsshallappoint. 8.Thechairman,ifany,oftheboardofdirectorsshallpresideaschairmanateverygeneralmeetingofthe company,orifthereisnosuchchairman,orifheisnotpresentwithinthirtyminutesafterthetimeappointedfor theholdingofthemeetingorisunwillingtoact,thedirectorspresentshallelectoneoftheirnumbertobe chairmanofthemeeting. 9.Ifatanymeetingnodirectoriswillingtoactaschairmanorifnodirectorispresentwithinthirtyminutesafter thetimeappointedforholdingthemeeting,thememberspresentshallchooseoneoftheirnumbertobe chairmanofthemeeting. Voting 10.Nomembershallbeentitledtovoteatanygeneralmeetingunlessallcallsorothersumspayablebyhimin respectofsharesinthecompanyhavebeenpaid. Theseal 11.Thedirectorsshallprovideforthesafecustodyoftheseal,whichshallonlybeusedbytheauthorityofthe directorsorofacommitteeofthedirectorsauthorisedbythedirectorsinthatbehalfandeveryinstrumentto whichthesealisaffixedshallbesignedbyadirector,andcountersignedbythesecretaryorbyaseconddirectoror bysomeotherpersonappointedbythedirectorsforthepurpose.

Notices 12.Anoticemaybegivenbythecompanytoanymembereitherpersonallyorbysendingitbyposttohimorto hisregisteredaddress,or(ifhehasnoregisteredaddresswithinNigeria)totheaddress,ifany,withinNigeria suppliedbyhimtothecompanyforthegivingofnoticetohim.Whereanoticeissentbypost,serviceofthe noticeshallbedeemedtobeeffectedbyproperlyaddressing,prepaying,andpostingalettercontainingthe notice,andtohavebeeneffectedattheexpirationofsevendaysafterthelettercontainingthesameisposted. Names,addressesanddescriptionsofsubscribers 1. 2. 3. 4. IssaKanoof ...................... Businessman Businessman JohnA1abiof ...................... Businessman

CalebOkochaof ...................... ThomasOgbobineof

......................

Businessman

Datedthe...........................................................dayof................................20................................. Witnesstotheabovesignatures A.B.,No.13ArabaStreet,Lagos PARTII Regulationsforthemanagementofaprivatecompanylimitedbyshares Interpretation 1.(1)IntheseRegulations"theAct"meanstheCompaniesandAlliedMattersAct. (2)Unlessthecontextotherwiserequires,wordsorexpressionscontainedintheseRegulationsbearthesame meaningasintheAct. Classesofshares 2.Thecompanymayfromtimetotimeissueclassesofshares.Itshallbetheresponsibilityofthedirectorsto determinetheclassesofsharestobeissued.Alltherightsorrestrictionsattachedtoeachparticularclassofshares shallbespecifiedinthetermsofissuebutsuchrightsmayatanytimebevariedinaccordancewiththeprovisions ofsection141oftheAct. Restrictionontransferofshares 3.Thedirectorsmay,intheirabsolutediscretionandwithoutgivinganyreason,refusetoregisteranytransferof anyshare,whetherornotitisafullypaidshare. Preemptiverightsofshareholdersofthecompany

4.Thecompanyshallnotallotanyneworunissuedsharesunlessthesameareofferedinthefirstinstancetoall theshareholdersortoalltheshareholdersoftheclassorclassesbeingissuedinproportionasnearlyasmaybeto theirexistingholdings. 5.Theoffertoexistingshareholdersshallbebynoticespecifyingthenumberofsharestowhichtheshareholderis entitledtosubscribeandlimitingatime,notbeinglessthan28daysaftertheserviceofthenotice,afterthe expirationofwhichtheoffer,ifnotaccepted,willbedeemedtobedeclined.Onthereceiptofanintimationfrom theshareholderthathedeclinestoacceptthesharesofferedoraftertheexpirationofthestipulatedtime,asthe casemaybe,theboardofdirectorsmay,subjecttothetermsofanyresolutionofthecompany,disposeofthe sharesatapricenotlessthanthatspecifiedintheoffer,insuchmannerastheythinkmostbeneficialtothe company. 6.Regulations4and5abovearenotalterableexceptwiththeunanimousconsentofallthemembersofthe company. Commissionsandbrokerage 7.Thecompanymayexercisethepowersofpayingcommissionsconferredbysection131oftheAct,providedthat theratepercentortheamountofthecommissionpaidoragreedtobepaidshallbedisclosedinthemanner requiredbythesaidsection.Suchcommissionmaybesatisfiedbythepaymentofcashortheallotmentoffullyor partlypaidsharesorpartlyinonewayandpartlyintheother. 8.Thecompanymayalsoonanyissueofsharespaysuchbrokerageasmaybelawful. Alterationofcapital 9.Thecompanymayfromtimetotimebyordinaryresolutioneffectanalterationofitssharecapitalinanyofthe wayssetoutinsection100oftheAct. 10.SubjecttotheprovisionsoftheActonreductionofcapital,thecompanymay,wheneveritconsidersit expedienttodoso,byspecialresolutionreduceitssharecapital,anycapitalredemptionfundoranyshare premiumaccount. Meetings 11.Theannualgeneralmeetingshallbeheldatsuchtimeandplaceasthedirectorsshallappoint. 12.Thechairman,ifany,oftheboardofdirectorsshallpresideaschairmanateverygeneralmeetingofthe company,orifthereisnosuchchairman,orifheisnotpresentwithinthirtyminutesafterthetimeappointedfor theholdingofthemeetingorisunwillingtoact,thedirectorspresentshallelectoneoftheirnumbertobe chairmanofthemeeting. 13.Ifatanymeetingnodirectoriswillingtoactaschairmanorifnodirectorispresentwithinthirtyminutesafter thetimeappointedforholdingthemeeting,thememberspresentshallchooseoneoftheirnumbertobe chairmanofthemeeting. Voting 14.Nomembershallbeentitledtovoteatanygeneralmeetingunlessallcallsorothersumspayablebyhimin respectofsharesinthecompanyhavebeenpaid.

Theseal 15.Thedirectorsshallprovideforthesafecustodyoftheseal,whichshallonlybeusedbytheauthorityofthe directorsorofacommitteeofthedirectorsauthorisedbythedirectorsinthatbehalfandeveryinstrumentto whichthesealisaffixedshallbesignedbyadirector,andcountersignedbythesecretaryorbyaseconddirectoror bysomeotherpersonappointedbythedirectorsforthepurpose. Notices 16.Anoticemaybegivenbythecompanytoanymembereitherpersonallyorbysendingitbyposttohimorto hisregisteredaddress,or(ifhehasnoregisteredaddresswithinNigeria)totheaddress,ifany,withinNigeria suppliedbyhimtothecompanyforthegivingofnoticetohim.Whereanoticeissentbypost,serviceofthe noticeshallbedeemedtobeeffectedbyproperlyaddressing,prepaying,andpostingalettercontainingthe notice,andtohavebeeneffectedattheexpirationofsevendaysafterthelettercontainingthesameisposted. Names,addressesanddescriptionsofsubscribers 1. 2. JohnAlabiof IssaKanoof ....................... ....................... Businessman Businessman

DATEDthe............................................dayof........................................20................................ Witnesstotheabovesignatures A.B.,No.13ArabaStreet,Lagos PARTIII Regulationsforthemanagementofacompanylimitedbyguarantee Interpretation 1.Unlessthecontextotherwiserequires,wordsorexpressionscontainedintheseRegulationsbearthesame meaningasintheCompaniesandAlliedMattersAct. Membershipofthecompany 2.ThenumberofmemberswithwhichthecompanyproposestoberegisteredISten,butthedirectorsmayfrom timetotimeregisteranincreaseofmembers. Meetings 3.Theannualgeneralmeetingshallbeheldatsuchtimeandplaceasthedirectorsshallappoint. 4.Thechairman,ifany,oftheboardofdirectorsshallpresideaschairmanateverygeneralmeetingofthe company,orifthereisnosuchchairman,orifheisnotpresentwithinthirtyminutesafterthetimeappointedfor theholdingofthemeetingorisunwillingtoact,thedirectorspresentshallelectoneoftheirnumbertobe chairmanofthemeeting.

5.Ifatanymeetingnodirectoriswillingtoactaschairmanorifnodirectorispresentwithinthirtyminutesafter thetimeappointedforholdingthemeeting,thememberspresentshallchooseoneoftheirnumbertobe chairmanofthemeeting. Theseal 6.Thedirectorsshallprovideforthesafecustodyofthesealwhichshallonlybeusedbytheauthorityofthe directorsorofacommitteeofthedirectorsauthorisedbythedirectorsinthatbehalfandeveryinstrumentto whichthesealisaffixedshallbesignedbyadirector,andcountersignedbythesecretaryorbyaseconddirectoror bysomeotherpersonappointedbythedirectorsforthepurpose. Notices 7.Anoticemaybegivenbythecompanytoanymembereitherpersonallyorbysendingitbyposttohimortohis registeredaddress,or(ifhehasnoregisteredaddresswithinNigeria)totheaddress,ifany,withinNigeriasupplied byhimtothecompanyforthegivingofnoticetohim.Whereanoticeissentbypost,serviceofthenoticeshallbe deemedtobeeffectedbyproperlyaddressing,prepaying,andpostingalettercontainingthenotice,andtohave beeneffectedattheexpirationofsevendaysafterthelettercontainingthesameisposted. Names,addressesanddescriptionsofsubscribers 1. 2. 3. 4. 5. 6. OkonBasseyOkonof JohnItamof EkanemJames OjoIbidapo ................................................. ................................................. ................................................. ................................................. .............................................. Schoolmaster Schoolmaster

Schoolmistress Schoolmaster Schoolmaster

ChikeOkorocha

AnnaMomohof ..............................................

Schoolmistress

DATEDthe......................................dayof..............................................20......................... Witnesstotheabovesignatures 6. B.K,No.13DukeStreet,IkotEkpene PARTIV Regulationsforthemanagementofanunlimitedcompany Interpretation (1)IntheseRegulationstheActmeanstheCompaniesandAlliedMattersAct. (2)Unlessthecontextotherwiserequires,wordsorexpressionscontainedintheseRegulationsbearthesame meaningasintheAct. Membershipofthecompany

2.Thenumberofmemberswithwhichthecompanyproposestoberegisteredistwenty,butthe directorsmayfromtimetotimeregisteranincreaseofmembers. Classesofshares 3.Thecompanymayfromtimetotimeissueclassesofshares.Itshallbetheresponsibilityofthedirectorsto determinetheclassesofsharestobeissued.Alltherightsorrestrictionsattachedtoeachparticularclassofshares shallbespecifiedinthetermsofissuebutsuchrightsmayatanytimebevariedinaccordancewiththeprovisions ofsection141oftheAct. Commissionsandbrokerage 4.Thecompanymayexercisethepowersofpayingcommissionsconferredbysection131oftheAct,providedthat theratepercentortheamountofthecommissionpaidoragreedtobepaidshallbedisclosedinthemanner requiredbythesaidsection.Suchcommissionmaybesatisfiedbythepaymentofcashortheallotmentoffullyor partlypaidsharesorpartlyinonewayandpartlyintheother. 5.Thecompanymayalsoonanyissueofsharespaysuchbrokerageasmaybelawful. Alterationofcapital 6.Thecompanymaybyspecialresolution (a)increasethesharecapitalbyanysumtobedividedintosharesofsuchamountasthe resolutionmayprescribe; (b)consolidateitssharesintosharesofalargeramountthanitsexistingshares; (c)subdivideitssharesintosharesofasmalleramountthanitsexistingshares; (d)cancelanyshareswhichatthedateofthepassingoftheresolutionhavenotbeentakenoragreedtobetaken byanyperson;or (e)reduceitssharecapitalinanyway. Meetings 7.Theannualgeneralmeetingshallbeheldatsuchtimeandplaceasthedirectorsshallappoint. 8.Thechairman,ifany,oftheboardofdirectorsshallpresideaschairmanateverygeneralmeetingofthe company,orifthereisnosuchchairman,orifheisnotpresentwithinthirtyminutesafterthetimeappointedfor theholdingofthemeetingorisunwillingtoact,thedirectorspresentshallelectoneoftheirnumbertobe chairmanofthemeeting. 9.Ifatanymeetingnodirectoriswillingtoactaschairmanorifnodirectorispresentwithinthirtyminutesafter thetimeappointedforholdingthemeeting,thememberspresentshallchooseoneoftheirnumbertobe chairmanofthemeeting. Voting

10.Nomembershallbeentitledtovoteatanygeneralmeetingunlessallcallsorothersumspayablebyhimin respectofsharesinthecompanyhavebeenpaid. Theseal 11.Thedirectorsshallprovideforthesafecustodyoftheseal,whichshallonlybeusedbytheauthorityofthe directorsorofacommitteeofthedirectorsauthorisedbythedirectorsinthatbehalfandeveryinstrumentto whichthesealisaffixedshallbesignedbyadirector,andcountersignedbythesecretaryorbyaseconddirectoror bysomeotherpersonappointedbythedirectorsforthepurpose. Notices 12.Anoticemaybegivenbythecompanytoanymembereitherpersonallyorbysendingitbyposttohimorto hisregisteredaddress,or(ifhehasnoregisteredaddresswithinNigeria)totheaddress,ifany,withinNigeria suppliedbyhimtothecompanyforthegivingofnoticetohim.Whereanoticeissentbypost,serviceofthe noticeshallbedeemedtobeeffectedbyproperlyaddressing,prepaying,andpostingalettercontainingthe notice,andtohavebeeneffectedattheexpirationofsevendaysafterthelettercontainingthesameisposted. Names,addressesanddescriptionsofsubscribers 1. 2. 3. 4. 5. 6. 7. DATEDthe...............................................dayof................................20.......................... Witnesstotheabovesignatures 1. B.,No.20SaparaStreet,Abuja TABLEB Formofmemorandumofassociationofacompanylimitedbyshares 1.Thenameofthecompanyis"TheVictoriaBeachWaterTransportLimited." 2.TheregisteredofficeofthecompanywillbesituatedinLagosState,Nigeria. 3.Thebusinessforwhichthecompanyisestablishedistheconveyanceofpassengersandgoodsinshipsorboats betweensuchplacesasthecompanymayfromtimetotimedetermine. JoanAlabiof IssaKanoof ............................................. ............................................. Businesswoman Businessman

CalebOkochaof ............................................. ThomasOgbobineof OjoIbidapoof

Businessman

............................................. .......................................... ..........................................

Businessman Businessman

ChikaOkorochaof

Businesswoman

AuduMomohof ..........................................

Businessman

4.Thecompanyisaprivatecompany. 5.Theliabilityofthemembersislimitedbyshares. 6.ThesharecapitalofthecompanyisN10,000dividedinto10,000sharesofN1.00each. We,theseveralpersonswhosenamesandaddressesaresubscribed,aredesirousofbeingformedintoacompany, inpursuanceofthismemorandumofassociation,andwerespectivelyagreetotakethenumberofsharesinthe capitalofthecompanysetagainstourrespectivenames. 1. 2. 3. DATEDthe...................................dayof....................................................20........................ Witnesstotheabovesignatures 1. B.,No.13ArabaStreet,Lagos TABLEC Formofmemorandumofassociationofacompanylimitedbyguarantee 1.Thenameofthecompanyis"TheOkeItaSchoolAssociation(LimitedbyGuarantee)." 2.TheregisteredofficeofthecompanywillbesituatedinAkwaIbomState,Nigeria. 3.TheobjectsforwhichthecompanyisestablishedarethecarryingonofschoolsforboysinIkotEkpeneandin suchotherplaceswithintheStateasthecompanyhereafterdecideupon. 4.Thecompanyisaprivatecompany. 5.Theliabilityofthemembersislimitedbyguarantee. 6.Theincomeandpropertyofthecompanyshallbeappliedsolelytowardsthepromotionofitsobjects,andno portionoftheincomeorpropertyshallbepaidortransferreddirectlytothemembersofthecompanyexceptas permittedbyorundertheCompaniesandAlliedMattersAct. Descriptionof Noofshares Subscribers Numberofshares Takenbyeachcustomer 1,500 5,000 1,000 8,500

Namesandaddresses JohnAlabiof IssaKanoof

................................... ...................................

Businessman Businessman

CalebOkochaof ................................... Totalsharestaken

Businessman

7.Everymemberofthecompanyundertakestocontributetotheassetsofthecompanyintheeventofitsbeing woundupwhileheisamemberorwithinoneyearafterwards,forpaymentofthedebtsandliabilitiesofthe companycontractedbeforeheceasestobeamember,andthecosts,chargesandexpensesofwindingup,andfor theadjustmentoftherightsofthecontributoriesamongthemselves,suchamountasmayberequirednot exceedingN2,000,sohoweverthatthetotalamounttobesocontributedbyallthemembersshallnotbelessthan N10,000. Names,addressesanddescriptionsofsubscribers 1. 2. 3. 4. 5. 6. DATEDthe..........................................dayof...............................20........................ Witnesstotheabovesignatures A.B.,No.13DukeStreet,IkotEkpene TABLED Formofmemorandumofassociationofanunlimitedcompany 1.Thenameofthecompanyis"ThePatentStereotypeUnlimited." 2.TheregisteredofficeofthecompanywillbesituatedintheFederalCapitalTerritory,Abuja, Nigeria. 3.Thebusinessforwhichthecompanyisestablishedistheworkingofapatentmethodoffoundingandcasting stereotypeplates,ofwhichmethodJohnSmithisthesolepatentee. 4.Thecompanyisapubliccompany. 5.Theliabilityofthecompanyisunlimited. 6.Thesharecapitalofthecompanyisonemillionnairadividedinto10,000sharesofN100each. We,theseveralpersonswhosenamesandaddressesaresubscribed,aredesirousofbeingformedintoacompany, inpursuanceofthismemorandumofassociation,andwerespectivelyagreetotakethenumberofsharesinthe capitalofthecompanysetagainstourrespectivenames. JohnBasseyOkonof JohnItamof ................................... ................................... Schoolmaster Schoolmaster

EkanemJamesof................................... OjoIbidapoof

Schoolmistress Schoolmaster Schoolmaster

................................... ...................................

ChikeOkorochaof

AnnaMomohof ...................................

Schoolmistress

Descriptionof

Numberofshares takenbyeachsubscriber 1,000 1,000 500 1,000 500 500 500 5,000

Namesandaddresses 1. 2. 3. 4. 5. 6. 7. JoanAlabiof IssaKanoof

Subscribers

................... ................... ................... ................... ................... ...................

Businesswoman Businessman Businessman Businessman Businessman Businessman

CalebOkochaof ThomasOgbobineof OjoIbidapoof

ChikaOkorochaof

AuduMomohof ...................

Businesswoman

Totalsharestaken

DATEDthe...................................................dayof........................................20........................ Witnesstotheabovesignatures A.B.,No.20SaparaStreet,Abuja SecondSchedule [Sections120,335,337.] Formandcontentofcompany'sfinancialstatements PARTI Generalinformationtobedisclosed Generalrulesandformats SECTIONA Generalinformationtobedisclosed 1.Allaccountinginformationthatwillassistuserstoassessthefinancialliquidity,profitabilityandviabilityofa companyshouldbedisclosedandpresentedinalogical,clearandunderstandablemanner. 2.Thefinancialstatementsofacompanyshallstate (a)thenameofthecompany; (b)theperiodoftimecovered;

(c)abriefdescriptionofitsactivities; (d)itslegalform; (e)itsrelationshipwithitssignificantlocalandoverseassuppliers(ifany)includingtheimmediateandultimate parent,associatedoraffiliatedcompany. 3.Financialstatementsshallincludethefollowing [1991No.46.] (a)statementofaccountingpolicies; (b)balancesheet; (c)profitandlossaccountorincomestatement; (d)notesontheaccounts; (e)statementofsourceandapplicationoffunds; (f)valueaddedstatement; (g)fiveyearfinancialsummary. 4.Financialimplicationofintercompanytransferandtechnicalmanagementagreementsbetweenthecompany anditssignificantlocalandoverseassuppliers(ifany)includingitsimmediateandultimate,associated,affiliated companyshouldbedisclosed. 5.Financialstatementsshouldshowcorrespondingfiguresfortheprecedingperiod. SECTIONB Generalrules 6.(1)SubjecttothefollowingprovisionsofthisSchedule (a)everybalancesheetofacompanyshallshowtheitemslistedineitherofthebalancesheetformatssetout belowinsectionCofthisPart;and (b)everyprofitandlossaccountofacompanyshallshowtheitemslistedinanyoneoftheprofitandlossaccount formatssosetout;ineithercaseintheorderandundertheheadingsandsubheadingsgivenintheformat adopted. (2)Subparagraph(1)aboveisnottobereadasrequiringtheheadingorsubheadingforanyitemstobe distinguishedbyanyletterornumberassignedtothatitemintheformatadopted. 7.(1)Where,inaccordancewithparagraph1,acompany'sbalancesheetorprofitandlossaccountforanyyear hasbeenpreparedbyreferencetooneoftheformatssetoutinsectionCofthisSchedule,thedirectorsofthe companyshalladoptthesameformatinpreparingtheaccountsforsubsequentyearsofthecompanyunlessin theiropiniontherearespecialreasonsforachange.

(2)Particularsofanychangeintheformatadoptedinpreparingacompany'sbalancesheetorprofitandloss accountinaccordancewithparagraph1shallbedisclosed,andthereasonsforthechangeshallbeexplainedina notetotheaccountsinwhichthenewformatisfirstadopted. 8.(1)Anyitemrequiredinaccordancewithparagraph1tobeshowninacompany'sbalancesheetorprofitand lossaccount,maybeshowningreaterdetailthanrequiredbytheformatadopted. (2)Acompany'sbalancesheetorprofitandlossaccountmayincludeanitemrepresentingorcoveringtheamount ofanyassetorliability,incomeorexpenditurenototherwisecoveredbyanyoftheitemslistedintheformat adopted,butthefollowingshallnotbetreatedasassetsinanycompany'sbalancesheet (a)preliminaryexpenses; (b)expensesorcommissiononanyissueofsharesordebentures;and (c)researchanddevelopmentcosts. (3)Inpreparingacompany'sbalancesheetorprofitandlossaccount,thedirectorsofthecompanyshalladaptthe arrangementandheadingsandsubheadingsotherwiserequiredbyparagraph1inrespectoftheitemstowhich anArabicnumberisassignedintheformatadopted,inanycasewherethespecialnatureofthecompany's businessrequiressuchadaptation. (4)ItemstowhichArabicnumbersareassignedinanyoftheformatssetoutinsectionBbelowmaybecombined inacompany'saccountsforanyyearifeither (a)theirindividualamountsarenotmaterialtoassessingthestateofaffairsorprofitorlossofthecompanyfor thatyear;or (b)thecombinationfacilitatesthatassessment, butinacasewithinparagraph(b)theindividualamountsofanyitemsocombinedshallbedisclosedinanoteto theaccounts. (5)Subjecttoparagraph9(3)below,aheadingorsubheadingcorrespondingtoanitemlistedintheformat adoptedinpreparingacompany'sbalancesheetorprofitandlossaccountshallnotbeincludedifthereisno amounttobeshownforthatiteminrespectoftheyeartowhichthebalancesheetorprofitandlossaccount relates. (6)Everyprofitandlossaccountofacompanyshallshowtheamountofthecompany'sprofitorlossonordinary activitiesbeforetaxation. (7)Everyprofitandlossaccountofacompanyshallshowseparatelyasadditionalitems (a)anyamountsetasideorproposedtobesetasideto,orwithdrawnorproposedtobewithdrawnfrom, reserves;and (b)theaggregateamountofanydividendspaidandproposed.

9.(1)Inrespectofeveryitemshowninacompany'sbalancesheetorprofitandlossaccount,thecorresponding amountfortheyearimmediatelyprecedingthattowhichthebalancesheetorprofitandlossaccountrelatesshall alsobeshown. (2)Wherethatcorrespondingamountisnotcomparablewiththeamounttobeshownfortheiteminquestionin respectoftheyeartowhichthebalancesheetorprofitandlossaccountrelates,theformeramountshallbe adjustedandparticularsoftheadjustmentandthereasonsforitshallbedisclosedinanotetotheaccounts. (3)Paragraph8(5)doesnotapplyinanycasewhereanamountcanbeshownfortheiteminquestioninrespect oftheyearimmediatelyprecedingthattowhichthebalancesheetorprofitandlossaccountrelates,andthat amountshallbeshownundertheheadingorsubheadingrequiredbyparagraph1forthatitem. 10.Amountsinrespectofitemsrepresentingassetsorincomemaynotbesetoffagainstamountsinrespectof itemsrepresentingliabilitiesorexpenditure(asthecasemaybe),orviceversa. SECTIONC Therequiredformatsforaccounts Preliminary 11.ReferencesinthisPartofthisScheduletotheitemslistedinanyoftheformatssetoutbelowaretothose itemsreadtogetherwithanyofthenotesfollowingtheformatswhichapplytoanyofthoseitems,andthe requirementimposedbyparagraph1toshowtheitems,listedinanysuchformatintheorderadoptedinthe format,issubjecttoanyprovisioninthosenotesforalternativepositionsforanyparticularitems. 12.Anumberinbracketsfollowinganyiteminanyoftheformatssetoutbelowisareferencetothenoteofthat numberinthenotesfollowingtheformats. 13.Inthenotesfollowingtheformats (a)theheadingofeachnotegivestherequiredheadingorsubheadingfortheitemtowhichitappliesanda referencetoanylettersandnumbersassignedtothatitemintheformatssetoutbelow(takingareferenceinthe caseofFormat2ofthebalancesheetformatstotheitemlistedunder"assets"orunder"liabilities"asthecase mayrequire);and (b)referencestoanumberedformataretothebalancesheetformatorasthecasemayrequiretotheprofitand lossaccountformatofthatnumbersetoutbelow. Balancesheetformats FORMATI A.Calledupsharecapitalnotpaid(1) B.Fixedassets 1. 2. Landandbuildings. Plantandmachinery.

3. 4. 5.

Fixtures,fittings,toolsandequipment. Constructioninprogress. Prepaymentforstocksintransit.

C.Longterminvestments 1. 2. 3. 4. 5. 6. 7. 8. Sharesingroupcompanies. Loanstogroupcompanies. Sharesinrelatedcompanies. Loanstorelatedcompanies. Otherinvestmentsotherthanloans. Otherloans. Ownshares(Treasuryshares)(4). Bonds,debenturesandFederalGovernmentDevelopmentStocks.

D.Deferredcharges 1. 2. 3. 4. E.Currentassets 1. 2. 3. 4. 5. IIDebtors(5) 1. 2. 3. Tradedebtors. Amountowedbygroupcompanies. Amountowedbyrelatedcompanies. Stocks. Rawmaterialsandconsumables. Workinprogress. Finishedgoodsandgoodsawaitingsale. Prepaymentforstocksintransit. Developmentcosts. Concessions,patents,licences,franchise,trademarksandsimilarrightsandassets(2). Goodwill(3). Prepaymentforservicestobereceived.

4. 5. 6.

Otherdebtors. Calledupsharecapitalnotpaid(1). Prepaymentsandaccruedincome.

IIIShortterminvestment 1. 2. 3. Sharesingroupcompanies. Ownshares(Treasuryshares)(4). Otherinvestments.

IVCashatbankandinhand F.Prepaymentsandaccruedincome(6) G.Creditors:amountsfallingduewithinoneyear 1. 2. 3. 4. 5. 6. 7. 8. 9. Debentureloans(7). Bankloansandoverdrafts. Paymentsreceivedonaccount(8). Tradecreditors. Billsofexchangepayable. Amountsowedtogroupcompanies. Amountsowedtorelatedcompanies. Othercreditorsincludingtaxation(P.A.Y.E.)andNationalProvidentFund(socialsecurity)(9). Accrualsanddeferredincome(10).

H.Netcurrentassets(liabilities)(11) I.Totalassetslesscurrentliabilities J.Creditors:amountfallingdueaftermorethanoneyear 1. 2. 3. 4. 5. Debentureloans(7). Bankloansandoverdrafts. Paymentsreceivedonaccount(8). Tradecreditors. Billsofexchangepayable.

6. 7. 8. 9.

Amountsowedtogroupcompanies. Amountsowedtorelatedcompanies. Othercreditorsincludingtaxationandsocialsecurity(9). Accrualsanddeferredincome(10).

K.Provisionsforliabilitiesandcharges 1. 2. 3. Pensionsandsimilarobligations. Taxation,includingdeferredtaxation. Otherprovisions.

L.Accrualsanddeferredincome(10) M.Capitalandreserves ICalledupsharecapital(12) IISharepremiumaccount IIIRevaluationreserves IVOtherreserves 1. 2. 3. 4. Capitalredemptionreserve. Reserveforownshares. Reservesprovidedforbythearticlesofassociation. Otherreserves.

VProfitandlosstransferredfromProfitandLossAccountorIncomeStatement Balancesheetformats FORMAT2 ASSETS A.Calledupsharecapitalnotpaid(1) B.Tangibleassets 1. 2. 3. Landandbuildings. Plantandmachinery. Fixtures,fittings,toolsandequipment.

4.

Paymentsonaccountandassetsincourseofconstruction.

C.Longterminvestment 1. 2. 3. 4. 5. 6. 7. Sharesingroupcompanies. Loanstogroupcompanies. Sharesinrelatedcompanies. Loanstorelatedcompanies. Otherinvestmentsotherthanloans. Otherloans. Ownshares(TreasuryShares)(4).

D.Deferredcharges 1. 2. 3. 4. E.Currentassets IStocks 1. 2. 3. 4. IIDebtors(5) 1. 2. 3. 4. 5. 6. Tradedebtors. Amountsowedbygroupcompanies. Amountsowedbyrelatedcompanies. Otherdebtors. Calledupsharecapitalnotpaid(1). Prepaymentsandaccruedincome(6). Rawmaterialsandconsumables. Workinprogress. Finishedgoodsandgoodsawaitingsale. Paymentsforstocksintransit. Developmentcosts. Concessions,patents,licences,trademarksandsimilarrightsandassets(2). Goodwill(3). Paymentsonaccount.

IIShortterminvestments 1. 2. 3. Sharesingroupcompanies. Ownshares(TreasuryShares)(4). Otherinvestments.

IVCashatbankandinhand F.Prepaymentsandaccruedincome(6) CAPITALANDLIABILITIES A.Capitalandreserves ICalledupsharecapital(12) IISharepremiumaccount IIIRevaluationreserve IVOtherreserves 1. 2. 3. 4. Capitalredemptionreserves. Reserveforownshares(12A). Reservesprovidedforbythearticlesofassociation. Otherreserves.

VProfitandlossaccount(Retainedearnings)(12B) B.Currentliabilities 1. 2. 3. 4. 5. Debentureloans(7). Tradecreditors. Bankloansandoverdrafts. Paymentsreceivedinadvance(8). Billsofexchangepayable.

C.Nontradecurrentliabilities 1. 2. 3. Provisionforpensionandothersimilarobligations. Provisionsfortaxationincludingdeferredtaxes,NationalProvidentFund(socialsecurity)(9). Otherprovisions.

4. 5.

Accrualsanddeferredincome(10). Transactionsbetweenandwithingroup: (a)Amountowedtogroupcompanies. (b)Amountowedtorelatedcompanies. (c)Others.

Portionsoflongtermliabilitiesdueinthecurrentperiod. D.Longtermliabilities 1. 2. 3. Debentureloans(portionsnotduenextyear). Bonds(portionnotduenextyear). Otherlongtermdebts(portionnotduenextyear). Notesonthebalancesheetformats (1)Calledupsharecapitalnotpaid(Formats1and2,itemsAandEII5). ThisitemmaybeshownineitherofthetwopositionsgiveninFormats1and2. (2)Concessions,patents,licences,trademarksandsimilarrightsandassets(Formats1and2,itemD2). Amountsinrespectofassetsshallonlybeincludedinacompany'sbalancesheetunderthisitemifeither (a)theassetswereacquiredforvaluableconsiderationandarenotrequiredtobeshownundergoodwill;or (b)theassetsinquestionwerecreatedbythecompanyitself. (3)Goodwill(Formats1and2,itemsD3)Amountsrepresentinggoodwillshallonlybeincludedtotheextent thatthegoodwillwasacquiredforvaluableconsideration. (4)Ownshares(Formats1and2,itemsC7andEIII2)Thenominalvalueofthesharesheldshallbeshown separately. (5)Debtors(Formats1and2,itemsEII1to6)Theamountfallingdueaftermorethanoneyearshallbeshown separatelyforeachitemincludedunderdebtors. (6)Prepaymentsandaccruedincome(Formats1and2,itemsEII6andF)Thisitemmaybeshownineitherof thetwopositionsgiveninFormats1and2. (7)Debentureloans(7)(Format1,itemsG1andB1andFormat2,itemC1)Theamountofanyconvertibleloans shallbeshownseparately. (8)Paymentsreceivedonaccount(Format1,itemsG3andJ3andFormat2,itemC3)Paymentsreceivedon accountofordersshallbeshownforeachoftheseitemsinsofarastheyarenotshownasdeductionsfromstocks.

(9)Othercreditorsincludingtaxation(Format1,itemsG8andJ8andFormat2,itemC2)Theamountfor creditorsinrespectoftaxationshallbeshownseparatelyfromtheamountforothercreditors. (10)Accrualsanddeferredincome(Format1,itemsG9,J9andL1andFormat2,itemC4)Thetwopositions givenforthisiteminFormatIatE9andH9areanalternativetothepositionatJ,butiftheitemisnotshownina positioncorrespondingtothatatJ,itmaybeshownineitherorbothoftheothertwopositions(asthecasemay require). ThetwopositionsgivenforthisiteminFormat2arealternatives. (11)Netcurrentassets(liabilities)(Format1,itemH)Indeterminingtheamounttobeshownforthisitemany amountsshownunderprepaymentsandaccruedincomeshallbetakenintoaccountwherevershown. (12)Calledupsharecapital(Format1,itemK1andFormat2,itemA)Theamountofallottedsharecapitaland theamountofcalledupsharecapitalwhichhasbeenpaidupshallbeshownseparately. (13)CreditorsAmountsfallingduewithinoneyearandafteroneyearshallbeshownseparatelyforeachofthese itemsandtheiraggregateshallbeshownseparatelyforalloftheseitems. Profitandlossaccountformats FORMAT1 (Seenote(17)below) 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. Turnover. Costofsales(14). Grossprofitorloss. Distributionexpenses(14). Administrationexpenses(14). Otheroperatingincome(14). Incomefromsharesingroupcompanies. Incomefromsharesinrelatedcompanies. Incomefromotherfixedassetinvestments(15). Otherinterestreceivableandsimilarincome(15). Amountswrittenoffinvestments. Accruedinterestexpenseandsimilarcharges. Taxonprofitorlossonordinaryactivities. Profitorlossonordinaryactivitiesaftertaxation.

15. 16. 17. 18. 19. 20. 21. 22.

Extraordinaryincome. Extraordinarycharges. Extraordinaryprofitorloss. Taxonextraordinaryprofitorloss. Othertaxesundertheaboveitems. Profitorlossforthefinancialyear. Earningspershare. Dividendpershare. Profitandlossaccountformats FORMAT2

1. 2. 3. 4. 5.

Salesorrevenue. Changeinstocksoffinishedgoodsandinworkinprogress. Ownworkcapitalised. Otheroperatingincome. (a)Rawmaterialsandconsumables. (b)Otherexternalcharges.

6.

Staffcosts: (a)wagesandsalaries; (b)otherpensioncosts.

7.(a)Depreciationoffixedassets,depletionandamortisationofwastingandintangibleassets; (b)Exceptionalamountswrittenoffcurrentassets. 8.Otheroperatingcharges. 9.Incomefromsharesingroupcompanies. 10.Incomefromsharesinrelatedcompanies. 11.Incomefromotherfixedassetinvestments(15). 12.Otherinterestreceivableandsimilarincome(15). 13.Amountswrittenoffinvestments.

14.Interestpayableandsimilarcharges(16). 15.Taxonprofitorlossonordinaryactivities. 16.Profitorlossonordinaryactivitiesaftertaxation. 17.Extraordinaryincome. 18.Extraordinarycharges. 19.Extraordinaryprofitorloss. 20.Taxonextraordinaryprofitorloss. 21.Othertaxesnotshownundertheaboveitem. 22.ProfitorlossforthecurrentyeartransferredtoRetainedEarningsorReserve. Profitandlossaccountformats FORMAT3 (Seenote(17)below) A.Charges 1.Costofsales(14). 2.Distributioncosts(14). 3.Administrativeexpenses(14). 4.Amountswrittenoffinvestments. 5.Interestpayableandsimilarcharges(16). 6.Taxonprofitorlossonordinaryactivities. 7.Profitorlossonordinaryactivitiesaftertaxation. 8.Extraordinarycharges. 9.Taxonextraordinaryprofitorloss. 10.Othertaxesnotshownundertheaboveitems. 11.Profitorlossforthefinancialyear. B.Income 1.Turnover. 2.Otheroperatingincome.

3.Incomefromsharesingroupcompanies. 4.Incomefromsharesinrelatedcompanies. 5.Incomefromotherfixedassetinvestments(15). 6.Otherinterestreceivableandsimilarincome(15). 7.Profitorlossonordinaryactivitiesaftertaxation. 8.Extraordinaryincome. 9.Profitorlossforthefinancialyear. Profitandlossaccountformats FORMAT4 A.Charges 1.Reductioninstocksoffinishedgoodsandinworkinprogress. 2.(a)Rawmaterialsandconsumables; (b)Otherexternalcharges. 3.Staffcosts: (a)wagesandsalaries; (b)otherpensioncosts. 4.(a)Depreciationandotheramountswrittenofftangibleandintangiblefixedassets; (b)Exceptionalamountswrittenoffcurrentassets. 5.Otheroperatingcharges. 6.Amountswrittenoffinvestments. 7.Interestpayableandsimilarcharges(16). 8.Taxonprofitorlossonordinaryactivities. 9.Profitorlossonordinaryactivitiesaftertaxation. 10.Extraordinarycharges. 11.Taxonextraordinaryprofitorloss. 12.Othertaxesnotshownundertheaboveitems. 13.Profitorlossforthefinancialyear.

B.Income 1.Turnover. 2.Increaseinstocksoffinishedgoodsandinworkinprogress. 3.Ownworkcapitalised. 4.Otheroperatingincome. 5.Incomefromsharesingroupcompanies. 6.Incomefromsharesinrelatedcompanies. 7.Incomefromotherfixedassetinvestments(15). 8.Otherinterestreceivableandsimilarincome(15). 9.Profitorlossonordinaryactivitiesaftertaxation. 10.Extraordinaryincome. 11.Profitorlossforthefinancialyear. Notesontheprofitandlossaccountformat (14)Costofsales:distributioncosts:administrativeexpenses(Format1,items2,4and5andFormat3,itemsA1, 2and3)Theseitemsshallbestatedaftertakingintoaccountanynecessaryprovisionsfordepreciationor diminutioninvalueofassets. (15)Incomefromotherfixedassetinvestments:otherinterestreceivableandsimilarincome(Format1,items9 and10:Format2,items11and12:Format3,itemsB5and6:Format4,itemsB7and8)Incomeandinterest derivedfromgroupcompaniesshallbeshownseparatelyfromincomeandinterestderivedfromothersources. (16)Interestpayableandsimilarcharges(Format1,item12:Format2,item14:Format3,itemA5:Format1, itemA7)Theamountpayabletogroupcompaniesshallbeshownseparately. (17)Formats1and3Theamountofanyprovisionsfordepreciationanddiminutioninvalueoftangibleand intangiblefixedassetsfallingtobeshownunderitems7(a)andA4(a)respectivelyinFormats2and4,shallbe disclosedinanotetotheaccountsinanycasewheretheprofitandlossaccountispreparedbyreferenceto Format1orFormat3. PARTII Accountingprinciplesandrules SECTIONA AccountingPrinciples Preliminary

14.Subjecttoparagraph15,theamountstobeincludedinrespectofallitemsshowninacompany'sfinancial statementsshallbedeterminedinaccordancewithgenerallyacceptedaccountingprinciples,andwiththe accountingstandardslaiddownfromtimetotimebytheNigerianAccountingStandardsBoard. Departurefromtheaccountingprinciples 15.Ifitappearstothedirectorsofacompanythattherearespecialreasonsfordepartingfromanyofthe principlesstatedaboveinpreparingthecompany'sfinancialstatementsinrespectofanyfinancialyeartheymay doso,butparticularsofthedeparture,thereasonsforitanditseffectshallbegiveninanotetotheaccounts. SECTIONB Historicalcostaccountingrules Preliminary 16.SubjecttosectionCofthisPartofthisSchedule,theamountstobeincludedinrespectofallitems showninacompany'sfinancialstatementsshallbedeterminedinaccordancewiththerulessetoutinparagraphs 1728. Fixedassets 17.Subjecttoanyprovisionfordepreciationordimunitioninvaluemadeinaccordancewithparagraph18or19, theamounttobeincludedinrespectofanyfixedassetshallbeitspurchasepriceorproductioncost. 18.Inthecaseofanyfixedassetwhichhasalimitedusefuleconomiclife,theamountof (a)itspurchasepriceorproductioncost;or (b)whereitisestimatedthatanysuchassetswillhavearesidualvalueattheendoftheperiodofitsuseful economiclife,itspurchasepriceorproductioncostlessthatestimatedresidualvalue, shallbereducedbyprovisionsfordepreciationcalculatedtowriteoffthatamountsystematicallyovertheperiod oftheasset'susefuleconomiclife. 19.(1)WhereafixedassetinvestmentofadescriptionfallingtobeincludedunderitemBIIIofeitherthebalance sheetformatssetoutinPartIofthisSchedulehaddiminishedinvalue,provisionsfordiminutioninvaluemaybe madeinrespectofitandtheamounttobeincludedinrespectofitmaybereducedaccordingly;andanysuch provisionswhicharenotshownintheprofitandlossaccountshallbedisclosed(eitherseparatelyorinaggregate) inanotetotheaccounts. (2)Provisionsfordiminutioninvalueshallbemadeinrespectofanyfixedassetwhichhaddiminishedinvalueif thereductioninitsvalueisexpectedtobepermanent(whetheritsusefuleconomiclifeislimitedornot),andthe amounttobeincludedinrespectofitshallbereducedaccordingly;andanysuchprovisionswhicharenotshown intheprofitandlossaccount,shallbedisclosed(eitherseparatelyorinaggregate)inanotetotheaccounts. (3)Wherethereasonsforwhichanyprovisionwasmadeinaccordancewithsubparagraph(1)or(2)haveceased toapplytoanyextent,thatprovisionshallbewrittenbacktotheextentthatitisnolongernecessary;andany

amountswrittenbackinaccordancewiththissubparagraphwhicharenotshownintheprofitandlossaccount, shallbedisclosed(eitherseparatelyorinaggregate)inanotetotheaccounts. Rulesfordeterminingparticularfixedassetitems 20.(1)Notwithstandingthataniteminrespectof"developmentcosts"isincludedunder"fixedassets"inthe balancesheetformatssetoutinPartIofthisSchedule,anamountmayonlybeincludedinacompany'sbalance sheetinrespectofdevelopmentcostsinspecialcircumstances. (2)Ifanyamountisincludedinacompany'sbalancesheetinrespectofdevelopmentcoststhefollowing informationshallbegiveninanotetotheaccounts (a)theperiodoverwhichtheamountofthosecostsoriginallycapitalisedisbeingoristobewrittenoff; and (b)thereasonforcapitalisingthedevelopmentcostsinquestion. 21.(1)Theapplicationofparagraphs17to19inrelationtogoodwill(inanycasewheregoodwillistreatedasan asset)issubjecttothefollowingprovisionsofthisparagraph. (2)Theamountoftheconsiderationforgoodwillacquiredbyacompanyshallbereducedbyprovisionfor amortisationcalculatedtowriteoffthatamountsystematicallyoveraperiodoffiveyearsorlessasmaybe determinedbythedirectorsofthecompany. (3)Inanycasewhereanygoodwillacquiredbyacompanyisshownorincludedasanassetinthecompany's balancesheet,theperiodchosenforwritingofftheconsiderationforthatgoodwillandthereasonsforchoosing thatperiodshallbedisclosedinanotetotheaccounts. Currentassets 22.Subjecttoparagraph23,theamounttobeincludedinrespectofanycurrentassetshallbeitspurchaseprice orproductioncost. 23.(1)Ifthenetrealisablevalueofanycurrentassetislowerthanitspurchasepriceorproductioncost,the amounttobeincludedinrespectofthatassetshallbethenetrealisablevalue. (2)Wherethereasonsforwhichanyprovisionfordiminutioninvaluewasmadeinaccordancewithsubparagraph (1)haveceasedtoapplytoanyextent,thatprovisionshallbewrittenbacktotheextentthatitisnolonger necessary. Miscellaneousandsupplementaryprovision Excessofmoneyowedovervaluereceivedasanassetitem 24.(1)Wheretheamountrepayableonanydebtowedbyacompanyisgreaterthanthevalueofthe considerationreceivedinthetransactiongivingrisetothedebt,theamountofthedifferencemaybetreatedasan asset. (2)Whereanysuchamountissotreated

(a)itshallbewrittenoffreasonableamountseachyearandmustbecompletelywrittenoffbeforerepaymentof thedebt;and (b)ifthecurrentamountisnotshownasaseparateiteminthecompany'sbalancesheetitmustbedisclosedina notetotheaccounts. Assetsincludedatafixedamount 25.(1)Subjecttothefollowingsubparagraphassetswhichfalltobeincluded (a)amongstthefixedassetsofacompanyundertheitem"tangibleassets";or (b)amongstthecurrentassetsofacompanyundertheitem"rawmaterialandconsumables", maybeincludedatafixedquantityandvalue. (2)Subparagraph(1)appliestoassetsofakindwhichareconstantlybeingreplaced,where (a)theiroverallvalueisnotmaterialtoassessingthecompany'sstateofaffairs;and (b)theirquantity,valueandcompositionarenotsubjecttomaterialvariation. Determinationofpurchasepriceorproductioncost 26.(1)Thepurchasepriceofanassetshallbedeterminedbyaddingtotheactualpricepaidanyexpenses incidentaltoitsacquisition. (2)Theproductioncostofanassetshallbedeterminedbyaddingtothepurchasepriceoftherawmaterialsand consumablesusedtheamountofthecostsincurredbythecompanywhicharedirectlyattributabletothe productionofthatasset. (3)Inaddition,theremaybeincludedintheproductioncostofanasset (a)areasonableproportionofthecostsincurredbythecompanywhichareonlyindirectlyattributabletothe productionofthatasset,butonlytotheextentthattheyrelatetotheperiodofproduction;and; (b)interestoncapitalborrowedtofinancetheproductionofthatasset,totheextentthatitaccruesinrespectof theperiodofproduction: Provided,however,inacasewithinparagraph(b)above,thattheinclusionoftheinterestindeterminingthecost ofthatassetandtheamountoftheinterestsoincludedisdisclosedinanotetotheaccounts. (4)Inthecaseofcurrentassetsdistributioncostsmaynotbeincludedinproductioncosts. 27.(1)Subjecttothequalificationmentionedbelow,thepurchasepriceorproductioncostof (a)anyassetswhichfalltobeincludedunderanyitemshowninacompany'sbalancesheetunderthegeneralitem "stocks";and (b)anyassetswhicharetangibleassets(includinginvestments),

maybedeterminedbytheapplicationofanyofthemethodsmentionedinsubparagraph(2)belowinrelationto anysuchassetsofthesameclass. Themethodchosenmustbeonewhichappearstothedirectorstobeappropriateinthecircumstancesofthe company. (2)Thosemethodsare (a)themethodknownas"firstin,firstout"(FIFO); (b)themethodknownas"lastin,firstout"(LIFO); (c)aweightedaverageprice;and (d)anyothermethodsimilartoanyofthemethodsmentionedabove. (3)Whereinthecaseofanycompany (a)thepurchasepriceorproductioncostofassetsfallingtobeincludedunderanyitemshowninthecompany's balancesheethasbeendeterminedbytheapplicationofanymethodpermittedbythisparagraph;and (b)theamountshowninrespectofthatitemdiffersmateriallyfromtherelevantalternativeamountgivenbelow inthisparagraph, theamountofthedifferenceshallbedisclosedinanotetotheaccounts. (4)Subjecttosubparagraph(5)below,forthepurposesofsubparagraph(3)(b)above,therelevantalternative amount,inrelationtoanyitemshowninacompany'sbalancesheet,istheamountwhichwouldhavebeenshown inrespectofthatitemifassetsofanyclassincludedunderthatitematanamountdeterminedbyanymethod permittedbythisparagraphhadinsteadbeenincludedattheirreplacementcostasatthebalancesheetdate. (5)Therelevantalternativeamountmaybedeterminedbyreferencetothemostrecentactualpurchasepriceor productioncostbeforethebalancesheetdateoftheassetsofanyclassincludedundertheiteminquestion insteadofbyreferencetotheirreplacementcostasatthatdate,butonlyiftheformerappearstothedirectorsof thecompanytoconstitutethemoreappropriatestandardofcomparisoninthecaseofassetsofthatclass. (6)Forthepurposesofthisparagraph,assetsofanydescriptionshallberegardedastangibleifassetsofthat descriptionaresubstantiallyindistinguishableonefromanother. Substitutionoforiginalstatedamountwherepriceorcostunknown 28.Wherethereisnorecordofthepurchasepriceorproductioncostofanyassetsofacompanyorofanyprice, expensesorcostsrelevantfordeterminingitspurchasepriceorproductioncostinaccordancewithparagraph26, oranysuchrecordcannotbeobtainedwithoutunreasonableexpenseordelay,itspurchasepriceorproduction costshallbetakenforthepurposesofparagraph17to23tobethevaluerecordofitsvaluemadeonorafterits acquisitionorproductionbythecompany. SECTIONC Alternativeaccountingrules

Preliminary 29.(1)TherulessetoutinsectionBarereferredtobelowinthisScheduleasthehistoricalcostaccountingrules. (2)Thoserules,withtheomissionofparagraph16,21and25to28,arereferredtobelowinthisPartofthis Scheduleasthedepreciationrules;andreferencesbelowinthisScheduletothehistoricalcostaccountingrulesdo notincludethedepreciationrulesastheyapplybyvirtueofparagraph32. 30.Subjecttoparagraph32to34,theamounttobeincludedinrespectofassetsofanydescriptionmentionedin paragraph26maybedeterminedonanybasissomentioned. Alternativeaccountingrules 31.(1)Intangiblefixedassets,otherthangoodwill,maybeincludedattheircurrentcost. (2)Tangiblefixedassetsmaybeincludedatamarketvaluedeterminedasatthedateoftheirvaluationorattheir currentcost. (3)InvestmentsofanydescriptionfallingtobeincludedunderitemBIIIofeitherofthebalancesheetformatsset outinPartIofthisSchedulemaybeincludedeither (a)atamarketvaluedeterminedasatthedateoftheirlastvaluation;or (b)atavaluedeterminedonanybasiswhichappearstothedirectorstobeappropriateinthecircumstancesofthe company, butinthelattercaseparticularsofthemethodofvaluationadoptedandofthereasonsforadoptingitshallbe disclosedinanotetotheaccounts. (4)InvestmentsofanydescriptionfallingtobeincludedunderitemCIIIofeitherofthebalancesheetformatsset outinPartIofthisSchedulemaybeincludedattheircurrentcost. (5)Stocksmaybeincludedattheircurrentcost. Applicationofthedepreciationrules 32.(1)Wherethevalueofanyassetsofacompanyisdeterminedonanybasismentionedinparagraph31,that valueshallbe,or(asthecasemayrequire)bethestartingpointfordetermining,theamounttobeincludedin respectofthatassetinthecompany'saccounts,insteadofitspurchasepriceorproductioncostoranyvalue previouslysodeterminedforthatasset;andthedepreciationrulesshallapplyaccordinglyinrelationtoanysuch assetwiththesubstitutionforanyreferencetoitspurchasepriceorproductioncostofareferencetothevalue mostrecentlydeterminedforthatassetonanybasismentionedinparagraph31. (2)Theamountofanyprovisionfordepreciationrequiredinthecaseofanyfixedassetbyparagraph18or19asit appliesbyvirtueofsubparagraph(1)isreferredtobelowinthisparagraphas theadjustedamount,andtheamountofanyprovisionwhichwouldberequiredbythatparagraphinthecaseof thatassetaccordingtothehistoricalcostaccountingrules,isreferredtoasthehistoricalcostamount. (3)Wheresubparagraph(1)appliesinthecaseofanyfixedasset,theamountofanyprovisionfordepreciationin respectofthatasset

(a)includedinanyitemshownintheprofitandlossaccountinrespectofamountswrittenoffassetsofthe descriptioninquestion;or (b)takenintoaccountinstatinganyitemsoshownwhichisrequiredbynote(14)ofthenotesontheprofitand lossaccountformatssetoutinPartIofthisScheduletobestatedaftertakingintoaccountanynecessary provisionsfordepreciationordiminutioninvalueofassetsincludedunderit, maybethehistoricalcostamountinsteadoftheadjustedamountprovidedthattheamountofanydifference betweenthetwoisshownseparatelyintheprofitandlossaccountorinanotetotheaccounts. Additionalinformationtobeprovidedincaseofdeparturefromhistoricalcostsaccountingrules 33.(1)Thisparagraphapplieswheretheamountstobeincludedinrespectofassetscoveredbyanyitemsshown inacompany'saccountshavebeendeterminedonanybasismentionedinparagraph31. (2)Theitemsaffectedandthebasisofvaluationadoptedindeterminingtheamountsoftheassetsinquestionin thecaseofsuchitemshallbedisclosedinanotetotheaccounts. (3)Inthecaseofeachbalancesheetitemaffected(exceptstocks)either (a)thecomparableamountsdeterminedaccordingtothehistoricalcostaccountingrules;or (b)thedifferencesbetweenthoseamountsandthecorrespondingamountsactuallyshowninthebalancesheetin respectofthatitem, shallbeshownseparatelyinthebalancesheetorinanotetotheaccounts. (4)Insubparagraph(3)abovereferencesinrelationtoanyitemtothecomparableamountsdeterminedasthere mentionedarereferencesto (a)theaggregateamountwhichwouldberequiredtobeshowninrespectofthatitemiftheamountstobe includedinrespectofalltheassetscoveredbythatitemweredeterminedaccordingtothehistoricalcost accountingrules;and (b)theaggregateamountofthecumulativeprovisionsfordepreciationordiminutioninvaluewhichwouldbe permittedorrequiredindeterminingthoseamountsaccordingtothoserules. Revaluationreserve 34.(1)Withrespecttoanydeterminationofthevalueofanassetofacompanyonanybasismentionedin paragraph31,theamountofanyprofitorlossarisingfromthatdetermination(afterallowing,whereappropriate, foranyprovisionsfordepreciationordiminutioninvaluemadeotherwisethanbyreferencetothevaluetobe determinedandanyadjustmentsofanysuchprovisionsmadeinthelightofthatdetermination)shallbecredited or(asthecasemaybe)debitedtoaseparatereserve("therevaluationreserve"). (2)Theamountoftherevaluationreserveshallbeshowninthecompany'sbalancesheetunderaseparatesub headinginthepositiongivenfortheitem"revaluationreserve"inFormat1or2ofthebalancesheetformatsset outinPart1ofthisSchedule,butneednotbeshownunderthatname.

(3)Therevaluationreserveshallbereducedtotheextentthattheamountsstandingtothecreditofthereserve areintheopinionofthedirectorsofthecompanynolongernecessaryforthepurposeoftheaccountingpolicies adoptedbythecompany;butanamountmayonlybetransferredfromthereservetotheprofitandlossaccountif either (a)theamountinquestionwaspreviouslychargedtothataccount;or (b)itrepresentsrealisedprofit. (4)Thetreatmentfortaxationpurposesofamountscreditedordebitedtotherevaluationreserveshallbe disclosedinanotetotheaccounts. PARTIII Notestotheaccounts Preliminary 35.AnyinformationrequiredinthecaseofanycompanybythefollowingprovisionsofthisPartofthisSchedule shall(ifnotgiveninthecompany'saccounts)begivenbywayofanotetothoseaccounts. Disclosureofaccountingpolicies 36.Theaccountingpoliciesadoptedbythecompanyindeterminingtheamountstobeincludedinrespectofitems showninthebalancesheetandindeterminingtheprofitorlossofthecompanyshallbestated(includingsuch policieswithrespecttothedepreciationanddiminutioninvalueofassets). Informationsupplementingthebalancesheet 37.Paragraphs38to50requireinformationwhicheithersupplementtheinformationgivenwithrespecttoany particularitemsshowninthebalancesheetorisotherwiserelevanttoassessingthecompany'sstateofaffairsin thelightoftheinformationsogiven. Sharecapitalanddebentures 38.(1)Thefollowinginformationshallbegivenwithrespecttothecompany'ssharecapital (a)theauthorisedsharecapital;and (b)wheresharesofmorethanoneclasshavebeenallotted,thenumberandaggregatenominalvalueorsharesof eachclassallotted. (2)Inthecaseofanypartoftheallottedsharecapitalthatconsistsofredeemableshares,thefollowing informationshallbegiven (a)theearliestandlatestdatesonwhichthecompanyhaspowertoredeemthoseshares; (b)whetherthosesharesmustberedeemedinanyeventorareliabletoberedeemedattheoptionofthe companyoroftheshareholder;and (c)whetherany(and,ifso,what)premiumispayableonredemption.

39.(1)Ifthecompanyhasallotedanysharesduringthefinancialyear,thefollowinginformationshallbegiven (a)thereasonformakingtheallotment; (b)theclassesofsharesallotted;and (c)asrespectseachclassofshares,thenumberallotted,theiraggregatenominalvalue,andtheconsideration receivedbythecompanyfortheallotment. (2)Withrespecttoanycontingentrighttotheallotmentofsharesinthecompany,thefollowingparticularsshall begiven (a)thenumber,descriptionandamountofthesharesinrelationtowhichtherightisexercisable; (b)theperiodduringwhichitisexercisable; (c)thepricetobepaidforthesharesallotted. (3)Insubparagraph(2)above"contingentrighttotheallotmentofshares"meansanyoptiontosubscribefor sharesandanyotherrighttorequiretheallotmentofsharesandtoanypersonwhetherarisingontheconversion intosharesofsecuritiesofanyotherdescriptionorotherwise. 40.(1)Ifthecompanyhasissuedanydebenturesduringthefinancialyeartowhichtheaccountsrelate,the followinginformationshallbegiven (a)thereasonformakingtheissue; (b)theclassesofdebenturesissued;and (c)asrespectseachclassofdebentures,theamountissuedandtheconsiderationreceivedbythecompanyforthe issue. (2)Particularsofanyredeemeddebentureswhichthecompanyhaspowertoreissueshallalsobegiven. (3)Whereanyofthecompany'sdebenturesareheldbyanomineeofortrusteeforthecompany,thenominal amountofthedebenturesandtheamountatwhichtheyarestatedintheaccountingrecordskeptbythe companyinaccordancewithsection331ofthisActshallbestated. Fixedassets 41.(1)Inrespectofeachitemwhichisorwouldbutforparagraph8(4)(b)beshownunderthegeneralitem"fixed assets"inthecompany'sbalancesheet,thefollowinginformationshallbegiven (a)theappropriateamountsinrespectofthatitemasatthedateofthebeginningofthefinancialyearandasat thebalancesheetdaterespectively; (b)theeffectonanyamountshowninthebalancesheetinrespectofthatitemof (i)anyrevisionoftheamountinrespectofanyassetincludedunderthatitemmadeduringthatyearonanybasis mentionedinparagraph31; (ii)acquisitionsduringthatyearofanyassets;

(iii)disposalsduringthatyearofanyassets;and (iv)anytransferofassetsofthecompanytoandfromthatitemduringthatyear. (2)Thereferenceinsubparagraph(1)(a)totheappropriateamountsinrespectofanyitemasatanydatethere mentioned,isareferencetoamountsrepresentingtheaggregateamountsdetermined,asatthatdate,inrespect ofassetsfallingtobeincludedunderthatitemoneitherofthefollowingbases,thatistosay (a)onthebasisofpurchasepriceorproductioncost(determinedinaccordancewithparagraphs21and27);or (b)onanybasismentionedinparagraph31,(leavingoutofaccountineithercaseanyprovisionfordepreciationor diminutioninvalue). (3)Inrespectofeachitemwithinsubparagraph(1) (a)thecumulativeamountofprovisionsfordepreciationordiminutioninvalueofassetsincludedunderthatitem asateachdatementionedinsubparagraph(1)(a); (b)theamountofanysuchprovisionsmadeinrespectofthefinancialyear; (c)theamountofanyadjustmentmadeinrespectofanysuchprovisionsduringthatyearinconsequenceofthe disposalofanyassets;and (d)theamountofanyotheradjustmentsmadeinrespectofanysuchprovisionsduringthatyear, shallalsobestated. 42.Whereanyfixedassetsofthecompany,otherthanlistedinvestments,areincludedunderanyitemshownin thecompany'sbalancesheetatanamountdeterminedonanybasismentionedinparagraph31,thefollowing informationshallbegiven (a)theyears(sofarastheyareknowntothedirectors)inwhichtheassetswereseverallyvaluedandtheseveral values;and (b)inthecaseofassetsthathavebeenvaluedduringthefinancialyear,thenameofthepersonswhovaluedthem orparticularsoftheirqualificationfordoingsoand(whicheverisstated)thebasesofvaluationusedbythem. 43.Inrelationtoanyamountwhichisorwouldbutforparagraph8(4)(b)beshowninrespectoftheitem"land andbuildings"inthecompany'sbalancesheet,thereshallbestated (a)howmuchoftheamountisascribabletolandheldunderstatutoryrightofoccupancyandhowmuchtoland heldunderasublease;and (b)howmuchoftheamountascribabletolandheldunderasubleaseisascribabletolandheldonlongleaseand howmuchtolandheldonshortlease. Investments 44.(1)Inrespectoftheamountofeachitemwhichisorwouldforparagraph8(4)(b)beshowninthecompany's balancesheetunderthegeneralitem"investments"(whetherasfixedassetsorascurrentassets)thereshallbe stated

(a)howmuchofthatamountisascribabletolistedinvestments;and (b)howmuchofanyamountsoascribableisascribabletoinvestmentsasrespectswhichtherehasbeengranteda listingonarecognisedstockexchangeandhowmuchtootherlistedinvestments. (2)Wheretheamountofanylistedinvestmentsisstatedforanyiteminaccordancewithsubparagraph(1)(a), thefollowingamountsshallalsobestated (a)theaggregatemarketvalueofthoseinvestmentswhereitdiffersfromtheamountsostated;and (b)boththemarketvalueandthestockexchangevalueofanyinvestmentsofwhichtheformervalueis,forthe purposesoftheaccounts,takenasbeinghigherthanthelatter. Reservesandprovisions 45.(1)Whereanyamountistransferred (a)toorfromanyreserves;or (b)toanyprovisionsforliabilitiesandcharges;or (c)fromanyprovisionsforliabilitiesandchargesotherwisethanforthepurposeforwhichtheprovisionwas established, andthereservesorprovisionsareorwouldbutforparagraph8(4)(b)beshownasseparateitemsinthe company'sbalancesheet,theinformationmentionedinthefollowingsubparagraphshallbegiveninrespectof theaggregateofreservesorprovisionsincludedinthesameitem. (2)Thatinformationis (a)theamountofthereservesorprovisionsasatthedateofthebeginningoftheyearandasat thebalancesheetdaterespectively; (b)anyamounttransferredtoorfromthereservesorprovisionsduringthatyear;and (c)thesourceandapplicationrespectivelyofanyamountsotransferred. (3)Particularsshallbegivenofeachprovisionincludedintheitem"otherprovisions"inthecompany'sbalance sheetinanycasewheretheamountofthatprovisionismaterial. Provisionfortaxation 46.Theamountofanyprovisionsfortaxationotherthandeferredtaxationshallbestated. Detailsofindebtedness 47.(1)Inrespectofeachitemshownunder"creditors"inthecompany'sbalancesheetthereshallbestated (a)theaggregateamountofanydebtsincludedunderthatitemwhicharepayableorrepayable otherwisethanbyinstalmentsandfalldueforpaymentorrepaymentaftertheendoftheperiodoffiveyears beginningwiththedaynextfollowingtheendofthefinancialyear;and

(b)theaggregateamountofanydebtssoincludedwhicharepayableorrepayablebyinstalmentsandany ofwhichfalldueforpaymentaftertheendofthatperiod, andinthecaseofdebtswithinparagraph(a)above,theaggregateamountofinstalmentsfallingdueaftertheend ofthatperiodshallalsobedisclosedforeachsuchitem. (2)Subjecttosubparagraph(3),inrelationtoeachdebtfallingtobetakenintoaccountundersubparagraph(1), thetermsofpaymentsorrepaymentandtherateofanyinterestpayableondebtshallbestated. (3)Ifthenumberofdebtsissuchthat,intheopinionofthedirectors,compliancewithsubparagraph(2)would resultinastatementofexcessivelength,itshallbesufficienttogiveageneralindicationofthetermsofpayment orrepaymentandtheratesofanyinterestpayableonthedebts. (4)Inrespectofeachitemshownunder"creditors"inthecompany'sbalancesheetthereshallbestated (a)theaggregateamountofanydebtsincludedunderthatiteminrespectofwhichanysecurityhasbeengivenby thecompany;and (b)anindicationofthenatureofthesecuritiessogiven. (5)Referencesaboveinthisparagraphtoanitemshownunder"creditors"inthecompany'sbalancesheetinclude referenceswhereamountsfallingduetocreditorswithinoneyearandaftermorethanoneyeararedistinguished inthebalancesheet (a)inacasewithinsubparagraph(1),toanitemshownunderthelatterofthosecategories;and (b)inacasewithinsubparagraph(4),toanitemshownundereitherofthosecategories, andreferencestoitemsshownunder"creditors"includereferencestoitemswhichwould,butforparagraph8(4) (b),beshownunderthatheading. 48.Ifanyfixedcumulativedividendsonthecompany'ssharesareinarrear,thereshallbestated (a)theamountofthearrears;and (b)theperiodforwhichthedividendsor,ifthereismorethanoneclass,eachclassofthemisinarrears. Guaranteeandotherfinancialcommitments 49.(1)Particularsshallbegivenofanychargeontheassetsofthecompanytosecuretheliabilitiesofanyother person,includingwherepracticable,theamountsecured. (2)Thefollowinginformationshallbegivenwithrespecttoanyothercontingentliabilitynot providedfor (a)theamountorestimatedamountofthatliability; (b)itslegalnature;and (c)whetheranyvaluablesecurityhasbeenprovidedbythecompanyinconnectionwiththatliabilityandifso, what.

(3)Thereshallbestated,wherepracticable (a)theaggregateamountorestimatedamountofcontractsforcapitalexpenditure,sofarasnotprovidedfor;and (b)theaggregateamountorestimatedamountofcapitalexpenditureauthorisedbythedirectorswhichhasnot beencontractedfor. (4)Particularsshallbegivenof (a)anypensioncommitmentsincludedunderanyprovisionshowninthecompany'sbalancesheet;and (b)anysuchcommitmentsforwhichnoprovisionhasbeenmade, andwhereanysuchcommitmentrelateswhollyorpartlytopensionspayabletopastdirectorsofthecompany, separateparticularsshallbegivenofthatcommitmentsofarasitrelatestosuchpensions. (5)Particularsshallalsobegivenofanyotherfinancialcommitmentswhich (a)havenotbeenprovidedfor;and (b)arerelevanttoassessingthecompany'sstateofaffairs. (6)Commitmentswithinanyoftheprecedingsubparagraphsundertakenonbehalfoforforthebenefitof (a)anyholdingcompanyorfellowsubsidiaryofthecompany;or (b)anysubsidiaryofthecompany, shallbestatedseparatelyfromtheothercommitmentswithinthatsubparagraphandcommitmentswithin paragraph(a)shallbestatedseparatelyfromthosewithinparagraph(b). Miscellaneousmatters 50.(1)Particularsshallbegivenofanycasewherethepurchasepriceorproductioncostofanyassetisforthefirst timedeterminedunderparagraph28. (2)Whereanyoutstandingloansmadeundertheauthorityofsection159(3)(b)or(c)ofthisAct(variouscasesof financialassistancebyacompanyforpurchaseofitsownshares)areincludedunderanyitemshowninthe company'sbalancesheet,theaggregateamountofthoseloansshallbedisclosedforeachiteminquestion. (3)Theaggregateamountwhichisrecommendedfordistributionbywayofdividendshallbestated. Informationsupplementingtheprofitandlossaccount 51.Paragraphs52to56requireinformationwhicheithersupplementstheinformationgivenwithrespecttoany particularitemsshownintheprofitandlossaccountorotherwiseprovidesparticularsofincomeorexpenditureof thecompanyorofcircumstancesaffectingtheitemsshownintheprofitandlossaccount. Separatestatementofcertainitemsofincomeandexpenditure 52.(1)Subjecttothefollowingprovisionsofthisparagraph,eachoftheamountsmentionedbelowshallbestated.

(2)Theamountoftheinterestonoranysimilarchargesinrespectof (a)bankloansandoverdrafts,andloansmadetothecompany(otherthanbankloansandoverdrafts)which (i)arerepayableotherwisethanbyinstalmentsandfalldueforrepaymentbeforetheendoftheperiodof fiveyearsbeginningwiththedaynextfollowingtheendofthefinancialyear;or (ii)arerepayablebyinstalmentsthelastofwhichfallsdueforpaymentbeforetheendofthatperiod;and (b)loansofanyotherkindmadetothecompany, butthissubparagraphshallnotapplytointerestorchargesonloanstothecompanyfromgroupcompanies,but withthatexception,itappliestointerestorchargesonallloans,whethermadeonthesecurityofdebenturesor not. (3)Theamountsrespectivelysetasideforredemptionofsharecapitalandforredemptionofloans. (4)Theamountofincomefromlistsinvestments. (5)Theamountofrentsfromland(afterdeductionofgroundrents,ratesandotheroutgoings). Thisamountneedonlybestatedifasubstantialpartofthecompany'srevenueforthefinancialyearconsistsof rentsfromland. (6)Theamountchargedtorevenueinrespectofsumspayableinrespectofthehireofplantandmachinery. (7)Theamountoftheremunerationoftheauditors(taking"remuneration"forthepurposesofthissub paragraph,asincludinganysumspaidbythecompanyinrespectoftheauditors'expenses). ParticularsofTaxes 53.(1)ThebasisonwhichthechargeforNigeriancorporationtaxandNigerianincometaxiscomputedshallbe stated. (2)Particularsshallbegivenofanyspecialcircumstancesaffectingliabilityinrespectoftaxationofprofits,income orcapitalgainsforthefinancialyearorliabilityinrespectoftaxationofprofits,incomeorcapitalgainsfor succeedingfinancialyears. (3)Thefollowingamountshallbestated (a)theamountofthechargeforNigeriancorporationtax; (b)ifthatamountwouldhavebeengreaterbutforrelieffromdoubletaxation,theamountwhichitwouldhave beenbutforsuchrelief; (c)theamountofthechargeforNigerianincometax;and (d)theamountofthechargefortaxationimposedoutsideNigeriaprofits,incomeand(sofaraschargedto revenue)capitalgains,

andtheseamountsshallbestatedseparatelyinrespectoftheamountwhichisorwouldbutforparagraph8(4) (b)beshownunderthefollowingitemsintheprofitandlossaccount,thatistosay"taxonprofitorlosson ordinaryactivities"and"taxonextraordinaryprofitorloss." Particularsofturnover 54.(1)Ifinthecourseofthefinancialyearthecompanyhascarriedonbusinessoftwoormorelinesthat,inthe opinionofthedirectors,differsubstantiallyfromeachother,thereshallbestatedinrespectofeachline (describingit) (a)theamountoftheturnoverattributabletothatline;and (b)theamountoftheprofitorlossofthecompanybeforetaxationwhichisintheopinionofthedirectors attributabletothatline. (2)Ifinthecourseofthefinancialyearthecompanyhassuppliedmarketsthat,intheopinionofthedirectors, differsubstantiallyfromeachother,theamountoftheturnoverattributabletoeachsuchmarketshallalsobe stated. Inthisparagraph"market"meansamarketdelimitedbygeographicalbounds. (3)Inanalysingforthepurposesofthisparagraph,thesource,intermsofbusinessorintermsofmarket,of turnoveror,(asthecasemaybe)ofprofitorloss,thedirectorsofthecompanyshallhaveregardtothemannerin whichthecompany'sactivitiesareorganised. (4)Forthepurposesofthisparagraph (a)classesofbusinesswhich,intheopinionofthedirectors,donotdiffersubstantiallyfromeachothershallbe treatedasoneclass;and (b)marketswhich,intheopinionofthedirectors,donotdiffersubstantiallyfromeachothershallbetreatedas onemarket, andanyamountsproperlyattributabletoonelineofbusinessor(asthecasemaybe)toonemarketwhicharenot material,maybeincludedintheamountstatedinrespectofanother. Particularsofstaff 55.(1)Thefollowinginformationshallbegivenwithrespecttotheemployeesofthecompany (a)theaveragenumberofpersonsemployedbythecompanyinthefinancialyear;and (b)theaveragenumberofpersonssoemployedwithineachcategoryofpersonsemployedbythecompany. (2)Theaveragenumberrequiredbysubparagraph(1)(a)or(b)shallbedeterminedbydividingtherelevant annualnumberbythenumberofweeksinthefinancialyear. (3)Therelevantannualnumbershallbedeterminedbyascertainingforeachweekinthefinancialyear (a)forthepurposesofsubparagraph(1)(a),thenumberofpersonsemployedundercontractsofservicebythe companyinthatweek(whetherthroughouttheweekornot);

(b)forthepurposesofsubparagraph(1)(b),thenumberofpersonsinthecategoryinquestionofpersonsso employed, andineithercase,addingtogetheralltheweeklynumbers. (4)Inrespectofallpersonsemployedbythecompanyduringthefinancialyearwhoaretakenintoaccountin determiningtherelevantannualnumberforthepurposesofsubparagraph(1)(a),thereshallbestatedthe aggregateamountsrespectivelyof (a)wagesandsalariespaidorpayableinrespectofthatbehalf;and (b)otherpensioncostssoincurred, saveinsofarasthoseamountsoranyofthemarestatedintheprofitandlossaccount. (5)Thecategoriesofpersonsemployedbythecompanybyreferencetowhichthenumberrequiredtobe disclosedbysubparagraph(1)(b)istobedetermined,shallbesuchasthedirectorsmayselect,havingregardto themannerinwhichthecompany'sactivitiesareorganised. Miscellaneousmatters 56.(1)Whereanyamountrelatingtoanyprecedingyearisincludedinanyitemintheprofitandlossaccount,the effectshallbestated. (2)Particularsshallbegivenofanyextraordinaryincomeorchargesarisingintheyear. (3)Theeffectshallbestatedofanytransactionsthatareexceptionalbyvirtueofsizeorincidencethoughtheyfall withintheordinaryactivitiesofthecompany. General 57.(1)Wheresumsoriginallydenominatedinforeigncurrencieshavebeenbroughtintoaccountunderanyitem showninthebalancesheetorprofitandlossaccount,thebasisonwhichthosesumshavebeentranslatedinto Nigeriancurrencyshallbestated. (2)Subjecttothefollowingsubparagraph,inrespectofeveryitemstatedinanotetotheaccounts,the correspondingamountforthefinancialyearimmediatelyprecedingthattowhichtheaccountsrelateshallalsobe statedandwherethecorrespondingamountisnotcomparable,itshallbeadjustedandparticularsofthe adjustmentandthereasonsforitshallbegiven. (3)Subparagraph(2)shallnotapplyinrelationtoanyamountstatedbyvirtueofanyofthefollowingprovisionsof thisAct (a)section339asapplyingPartsIandIIoftheThirdSchedule(proportionofsharecapitalofsubsidiariesandother bodiescorporateheldbythecompany,etc.); (b)sections340and341andtheFourthScheduletothisAct(particularsofloanstodirectors;etc.);and (c)paragraphs41and45above. PARTIV

Specialprovisionswherethecompanyisaholdingorsubsidiarycompany Company'sownfinancialstatements 58.Whereacompanyisaholdingcompanyorasubsidiaryofanotherbodycorporateandanyitemrequiredby PartIofthisScheduletobeshowninthecompany'sbalancesheetinrelationtogroupcompaniesincludes (a)amountsattributabletodealingswithorinterestsinanyholdingcompanyorfellowsubsidiaryofthecompany; or (b)amountsattributabletodealingswithorinterestsinanysubsidiaryofthecompany, theaggregateamountswithinparagraphs(a)and(b)respectivelyshallbeshownasseparateitems,eitherbyway ofsubdivisionoftherelevantiteminthebalancesheetorinanotetothecompany'saccounts. 59.(1)Subjecttothefollowingsubparagraph,wherethecompanyisaholdingcompany,thenumber,description andamountofthesharesinanddebenturesofthecompanyheldbyitssubsidiariesortheirnomineesshallbe disclosedinanotetothecompany'saccounts. (2)Subparagraph(1)shallnotapplyinrelationtoanysharesordebentures (a)inthecaseofwhichthesubsidiaryisconcernedaspersonalrepresentative;or (b)inthecaseofwhichitisconcernedastrustee, providedthatinthelattercaseneitherthecompanynoranysubsidiaryofthecompanyisbeneficiallyinterested underthetrust,otherwisethanbywayofsecurityonlyforthepurposesofatransactionenteredintobythe ordinarycourseofabusinesswhichincludesthelendingofmoney. TheSecondScheduletothisActhaseffectfortheinterpretationofthereferenceinthissubparagraphtoa beneficialinterestunderatrust. ConsolidatedaccountsofholdingcompanyandSubsidiaries 60.Subjecttoparagraphs62and65,theconsolidatedbalancesheetandprofitandlossaccountshallcombinethe informationcontainedintheseparatebalancesheetsandprofitandlossaccountsoftheholdingcompanyandof thesubsidiariesdealtwithbytheconsolidatedaccounts,butwithsuchadjustments(ifany)asthedirectorsofthe holdingcompanythinknecessary. 61.Subjecttoparagraphs62to65,andtoPartVofthisSchedule,theconsolidatedaccountsshall,ingivingthe informationrequiredbyparagraph60,complysofaraspracticablewiththerequirementsofthisScheduleand withtheotherrequirementsofthisActasiftheyweretheaccountsofanactualcompany. 62.ThefollowingprovisionsofthisAct,namely (a)section339asapplyingtheSixthSchedule,butonlyPartsII,III,VandVIofthatSchedule;and (b)sections415and416andtheSixthSchedule,sofarasrelatingtoaccountsotherthangroupaccounts, shallnot,byvirtueofparagraphs60and61,applyforthepurposesoftheconsolidatedaccounts.

63.Paragraph61iswithoutprejudicetoanyrequirementofthisActwhichapplies(otherwisethanbyvirtueof paragraph61or62)togroupaccounts. 64.(1)Notwithstandingparagraph61,theconsolidatedaccountspreparedbyaholdingcompanymaydealwithan investmentofanymemberofthegroupinthesharesofanybodycorporatebywayoftheequitymethodof accountinginanycasewhereitappearstothedirectorsoftheholdingcompanythatthatbodycorporateisso closelyassociatedwithanymemberofthegroupastojustifytheuseofthatmethodindealingwithinvestments bythatoranyothermemberofthegroupinthesharesofthatbodycorporate. (2)Inthisparagraph,referencestothegroup,inrelationtoconsolidatedaccountspreparedbyaholdingcompany, arereferencestotheholdingcompanyandthesubsidiariesdealtwithbytheaccounts. 65.(1)Notwithstandingparagraphs60and61,paragraphs17to19and21shallnotapplytoanyamountshownin theconsolidatedbalancesheetinrespectofgoodwillarisingonconsolidation. 66.Inrelationtoanysubsidiariesoftheholdingcompanynotdealtwithbytheconsolidatedaccounts,paragraphs 58and59shallapplyforthepurposeofthoseaccountsasifthoseaccountsweretheaccountsofanactual companyofwhichtheyweresubsidiaries. Groupfinancialstatementsnotpreparedasconsolidatedfinancialstatements 67.Groupfinancialstatementswhicharenotpreparedasconsolidatedstatements,togetherwithanynotesto thosestatements,shallgivethesameequivalentinformationasthatrequiredtobegivenbyconsolidatedfinancial statementsbyvirtueofparagraphs60to66. Provisionsofgeneralapplication 68.(1)Thisparagraphapplieswherethecompanyisaholdingcompanyandeither (a)doesnotpreparegroupaccounts;or (b)preparesgroupaccountswhichdonotdealwithoneormoreofitssubsidiaries, andreferencesbelowinthisparagraphtothecompany'ssubsidiariesshallbereadinacasewithinparagraph(b) asreferencestosuchofthecompany'ssubsidiariesasareexcludedfromthegroupaccounts. (2)Subjecttothefollowingprovisionsofthisparagraph (a)thereasonswhythesubsidiariesarenotdealtwithingroupaccounts;and (b)astatementshowinganyqualificationcontainedinthereportsoftheauditorsofthesubsidiariesontheir accountsfortheirrespectiveyearsendingwithorduringtheyearofthecompany,andanynoteorsaving containedinthoseaccountstocallattentiontoamatterwhich,apartfromthenoteorsaving,wouldproperly havebeenreferredtoinsuchaqualification,insofarasthematterwhichisthesubjectofthequalificationornote isnotcoveredbythecompany'sownaccountsandismaterialfromthepointofviewofitsmembers,shallbe giveninanotetothecompany'saccounts. (3)Subjecttothefollowingprovisionsofthisparagraph,theaggregateamountofthetotalinvestmentofthe holdingcompanyinthesharesofthesubsidiariesundertheequitymethodofvaluationshallbestatedinanoteto thecompany'sfinancialstatements.

(4)Subparagraph(3)shallnotapplywherethecompanyisawhollyownedsubsidiaryofanotherbodycorporate incorporatedinNigeriaifthereisindeedinanotetothecompany'saccountsastatementthatintheopinionof thedirectorsofthecompanytheaggregatevalueoftheassetsofthecompanyconsistingofsharesinoramounts owing(whetheronaccountofaloanorotherwise)from,thecompany'ssubsidiariesisnotlessthantheaggregate oftheamountsatwhichthoseassetsarestatedorincludedinthecompany'sbalancesheet. (5)Insofarasinformationrequiredbyanyoftheprecedingprovisionsofthisparagraphtobestatedinanoteto thecompany'saccountsisnotobtainable,astatementtothateffectshallbegiveninsteadinanotetothose accounts. (6)TheCommissionmay,ontheapplicationorwiththeconsentofacompany'sdirectors,directthatinrelationto anysubsidiary,subparagraphs(2)and(3)shallnotapplyorshallapplyonlytosuchextentasmaybeprovidedby thedirection. (7)Whereinanycasewithinsubparagraph(1)(b)thegroupaccountsareconsolidatedaccounts,references aboveinthisparagraphtothecompany'saccountsandthecompany'sbalancesheetrespectively,shallbereadas referencestotheconsolidatedaccountsandtheconsolidatedbalancesheet. 69.Whereacompanyhassubsidiarieswhoseyearsdidnotendwiththatofthecompany,thefollowing informationshallbegiveninrelationtoeachsuchsubsidiary(whetherornotdealtwithinanygroupaccounts preparedbythecompany)bywayofanotetothecompany'saccountsor(wheregroupaccountsareprepared)to thegroupaccounts,thatistosay (a)thereasonswhythecompany'sdirectorsconsiderthatthesubsidiaries'yearsshouldnotendwiththatofthe company; (b)thedatesofwhichthesubsidiaries'yearendinglastbeforethatofthecompanyrespectivelyendedorthe earliestandlatestofthosedates;and (c)thedateimmediatelyfollowingthelaststatementswhentheaccountswillbeconsolidatedorbereclassified whereappropriateasinvestmentproperties(longtimeinvestments). PARTV InterpretationofSchedule 70.ThefollowingparagraphsapplyforthepurposesofthisScheduleanditsinterpretation. Assets:fixedorcurrent 71.Assetsofacompanyaretakentobefixedassetsiftheyareintendedforuseonacontinuingbasisinthe company'sactivitiesandanyassetsnotintendedforsuchuseshallbetakentobecurrentassets. Balancesheetdate 72."Balancesheetdate"inrelationtoabalancesheet,meansthedateasatwhichthebalancesheetwas prepared. Capitalisation

73.Referencestocapitalisinganyworkorcostsaretotreatingthatworkorthosecostsasafixedasset. Fellowsubsidiary 74.Abodycorporateistreatedasafellowsubsidiaryofanotherbodycorporateifbotharesubsidiariesofthe samebodycorporatebutneitheristheother's. Groupcompanies 75."Groupcompany"inrelationtoanycompany,meansanybodycorporatewhichISthatcompany'ssubsidiary orholdingcompany,orasubsidiaryofthatcompany'sholdingcompany. Historicalcostaccountingrules 76.Referencestothehistoricalcostaccountingrulesshallbereadinaccordancewithparagraph29. Leases 77.(1)"Longlease"meansaleasewithrespecttowhichtheportionofthetermforwhichitwasgranted remainingunexpiredattheendoftheyearis (a)incaseofarightofoccupancytoland,notlessthanfiftyyears; (b)inanyothercase,notlessthantwelvemonths. (2)"shortlease"meansaleasewhichisnotalonglease. (3)"lease"includesanagreementforalease. Listedinvestments 78."Listedinvestment"meansaninvestmentasrespectswhichtherehasbeengrantedalistingonarecognised stockexchange,oronanystockexchangeofrepute(otherthanarecognisedstockexchange)outsideNigeria. Loans 79.Aloanistreatedasfallingdueforrepayment,andaninstalmentofaloanistreatedasfallingdueforpayment, ontheearliestdateonwhichthelendercouldrequirerepaymentor(asthecasemaybe)payment,ifheexercised alloptionsandrightsavailabletohim. Materiality 80.AmountswhichintheparticularcontextofanyprovisionofthisSchedule,thedisclosureofwhichwillinfluence theopinionofthereaderoruseroffinancialstatements,andwhicharenotmaterialmaybedisregardedforthe purposesofthatprovision. Notestotheaccounts 81.Notestoacompany'saccountsmaybecontainedintheaccountsorinaseparatedocumentannexedtothe accounts. Provisions

82.(1)Referencestoprovisionsfordepreciationordiminutioninvalueofassetsaretoanyamountwrittenoffby wayofprovidingfordepreciationordiminutioninvalueofassets. (2)AnyreferenceintheprofitandlossaccountformatssetoutinPartIofthisScheduletothedepreciationof,or amountswrittenoff,assetsofanydescriptionistoanyprovisionfordepreciationordiminutioninvalueofassets ofthatdescription. 83.Referencestoprovisionsforliabilitiesorchargesaretoanyamountretainedasreasonablynecessaryforthe purposeofprovidingforanyliabilityorlosswhichiseitherlikelytobeincurred,orcertaintobeincurred,but uncertainastoamountorastothedateonwhichitwillarise. Purchaseprice 84.References(howeverexpressed)tothepurchasepriceofanyassetofacompanyorofanyrawmaterialsor consumablesusedintheproductionofanysuchasset,includeanyconsideration(whetherincashorotherwise) givenbythecompanyinrespectofthatassetorinrespectofthosematerialsorconsumables(asthecasemay require).Thisincludesthecostsofputtingitintoconditionreadyforitsintendeduse. Realisedprofits 85.Withoutprejudiceto (a)theconstructionofanyotherexpression(whereappropriate)byreferencetoacceptedaccountingprinciplesor practice;or (b)anyspecificprovisionforthetreatmentofprofitsofanydescriptionasrealised, itisherebydeclaredfortheavoidanceofdoubtthatreferencesinthisScheduletorealisedprofits,inrelationtoa company'saccounts,aretosuchprofitsofthecompany's,falltobetreatedasrealisedprofitsforthepurposesof thoseaccountsinaccordancewithprinciplesgenerallyacceptedwithrespecttothedetermination,foraccounting purposes,ofrealisedprofitsatthetimewhenaccountsareprepared. Relatedcompanies 86.(1)"Relatedcompany",inrelationtoanycompany,meansanybodycorporate(otherthanonewhichisa groupcompanyinrelationtothatcompany)inwhichthatcompanyholdsonalongtermbasisaqualifyingcapital interestforthepurposeofsecuringacontributiontothatcompany'sownactivitiesbytheexerciseofanycontrol orinfluencearisingfromthatinterest. (2)Inthisparagraph"qualifyingcapitalinterest"means,inrelationtoanybodycorporate,aninterestinshares comprisedintheequitysharecapitalofthatbodycorporateofaclasscarryingrightstovoteinallcircumstancesat generalmeetingsofthatbodycorporate. (3)Where (a)acompanyholdsaqualifyingcapitalinterestinabodycorporate; (b)acompanyexercisesmaterialinfluenceinmattersrelatingtodividends,commercialandfinancialpolicies;and

(c)thenominalvalueofanyrelevantsharesinthatbodycorporateheldbythatcompanyisequaltotwentyper centormoreofthenominalvalueofallrelevantsharesinthatbodycorporate, itshallbepresumedtoholdthatinterestonthebasisandforthepurposementionedinsubparagraph(1),unless thecontraryisshown. (4)Insubparagraph(2)"relevantshares"means,inrelationtoanybodycorporate,anysuchsharesinthatbody corporateasarementionedinsubparagraph(c). Staffcosts 87.(1)"Pensioncosts"includesany(pastorpresent)costs,othercontributionsbythecompanyforthepurposes ofanypensionschemeestablishedforthepurposeofprovidingpensionsforpersonsemployedbythecompany, anysumssetasideforthatpurposeandanyamountspaidbythecompanyinrespectofpensionswithoutfirst beingsosetaside. (2)Anyamountstatedinrespectofeitheroftheaboveitemsorinrespectoftheitem"wagesandsalaries"inthe company'sprofitandlossaccountshallbedeterminedbyreferencetopaymentsmadeorcostsincurredinrespect ofallpersonsemployedbythecompanyduringtheyearwhoaretakenintoaccountindeterminingtherelevant annualnumberforthepurposesofparagraph55(1)(a). Turnover 88."Turnover",inrelationtoacompany,meanstheamountsderivedfromtheprovisionofgoodsandservices fallingwithinthecompany'sordinaryactivities,afterdeductionof (a)tradediscounts; (b)valueaddedtax;and (c)anyothertaxesbasedontheamountssoderived. THIRDSCHEDULE [Section339.] Miscellaneousmatterstobedisclosedinnotestocompanyfinancialstatements PARTI Particularsofsubsidiaries 1.If,attheendoftheyear,thecompanyhassubsidiariesthereshall,inthecaseofeachsubsidiary,bestated (a)thenameofthesubsidiary;and (i)ifitisincorporatedinNigeria,theaddressofitsregisteredoffice;and (ii)ifitisincorporatedoutsideNigeria,thecountryinwhichitisincorporatedandtheaddressofits registeredoffice;and

(b)inrelationtosharesofeachclassofthesubsidiaryheldbythecompany,theidentityoftheclassandthe proportionofthenominalvalueoftheallottedsharesofthatclassrepresentedbythesharesheld. 2.Theparticularsrequiredbyparagraph1include,withreferencetotheproportionofthenominalvalueofthe allottedsharesofaclassrepresentedbysharesheldbythecompany,astatementoftheextent(ifany)towhichit consistsinsharesheldby,orbyanomineefor,asubsidiaryofthecompanyandtheextent(ifany)towhichit consistsinsharesheldby,orbyanomineefor,thecompanyitself. 3.Paragraph1doesnotrequirethedisclosureofinformationwithrespecttoabodycorporatewhichisthe subsidiaryofanotherandisincorporatedoutsideNigeriaor,beingincorporatedinNigeria,carriesonbusiness outsideitifthedisclosurewould,intheopinionoftheMinister,beharmfulorjeopardizesnationalinterest. 4.If,attheendofitsfinancialyear,thecompanyhassubsidiariesandthedirectorsareoftheopinionthatthe numberofthemissuchthatcompliancewithparagraph1wouldresultinparticularsofexcessivelengthbeing given,compliancewiththatparagraphshallberequiredonlyinthecaseofthesubsidiariescarryingonthe business,theresultsofthecarryingonofwhich(intheopinionofthedirectors),principallyaffectedtheamountof theprofitorlossofthecompanyanditssubsidiariesortheamountoftheassetsofthecompanyandits subsidiaries. 5.Ifadvantageistakenofparagraph4,theremustbeincludedinthestatementrequiredbythisPartthe informationthatitdealsonlywiththesubsidiariescarryingonsuchbusinessesasarereferredtointhatparagraph; andinthatcasesection339(3)ofthisAct(subsequentdisclosurewithannualreturn)appliestotheparticulars givenincompliancewithparagraph1,togetherwiththosewhich(butforthefactthatadvantageissotaken) wouldhavetobesogiven. 6.ForpurposesofthisPart,sharesofabodycorporatearetreatedasheld,ornotheld,byanothersuchbodyif theywouldbyvirtueofsection338(4)ofthisActbetreatedasbeingheldor(asthecasemaybe)notheldbythat otherbodyforthepurposeofdeterminingwhetherthefirstmentionedbodyisitssubsidiary. PARTII Shareholdingincompanies,etc.,otherthansubsidiaries 7.If,attheendofayear,thecompanyholdssharesofanyclasscomprisedintheequitysharecapitalofanother bodycorporate(notbeingitssubsidiary)exceedinginnominalvaluetwentypercentofthenominalvalueofthe allottedsharesofthatclass,thereshallbestated (a)thenameofthatotherbodycorporate;and (i)ifitisincorporatedinNigeriaandifitisregisteredinNigeria,thepartofNigeriainwhichitis registered;and (ii)ifitisincorporatedoutsideNigeria,thecountryinwhichitisincorporated; (b)theidentityoftheclassandtheproportionofthenominalvalueoftheallottedsharesofthatclassrepresented bythesharesheld; (c)ifthecompanyalsoholdssharesinthatotherbodycorporateoranotherclass(whetherornotcomprisedinits equitysharecapital),orofotherclasses(whetherornotsocomprised),thelikeparticularsasrespectsthatother classor(asthecasemaybe)thoseotherclasses;and

(d)theaccountingtreatment,thatistosay,theequityorcosts. 8.If,attheendofitsyear,thecompanyholdssharescomprisedinthesharecapitalofanotherbodycorporate (notbeingitssubsidiary)exceedinginnominalvalueonetenthoftheallottedsharecapitalofthatotherbody, thereshallbestated (a)withrespecttothatotherbodycorporate,thesameinformationasisrequiredbyparagraph7(a);and (b)theidentityofeachclassofsuchsharesheldandtheproportionofthenominalvalueoftheallottedsharesof thatclassrepresentedbythesharesofthatclassheldbythecompany. 9.If,attheendofitsyear,thecompanyholdssharesinanotherbodycorporate(notbeingitssubsidiary)andthe amountofallsharesinitwhichthecompanyholds(asstatedorincludedinthecompanyaccounts)exceedsone tenthoftheamountofthecompany'sassets(assostated),thereshallbestated (a)withrespecttotheotherbodycorporate,thesameinformationasisrequiredbyparagraph7(a);and (b)inrelationtosharesinthatotherbodycorporateofeachclassheld,theidentityoftheclassandtheproportion ofthenominalvalueoftheallottedsharesofthatclassrepresentedbythesharesheld. 10.NoneoftheforegoingprovisionsofthisPartrequiresthedisclosurebyacompanyofinformationwithrespect toanotherbodycorporateifthatotherisincorporatedoutsideNigeriaor,beingincorporatedinNigeria,carrieson businessoutsideitifthedisclosurewould,intheopinionofthecompany'sdirectors,beharmfultothebusinessof thecompanyorofthatotherbodyandtheMinisteragreesthattheinformationneednotbedisclosed. 11.If,attheendofitsyear,thecompanyfallswithinparagraph7or8inrelationtomorebodiescorporatethan one,andthenumberofthemissuchthat,inthedirectors'opinion,compliancewitheitherorbothofthose paragraphswouldresultinparticularsofexcessivelengthbeinggiven,compliancewithparagraph7or(asthecase maybe)paragraph8,isnotrequiredexceptinthecaseofbodiescarryingonthebusinesstheresultsofthe carryingonofwhich(inthedirectors'opinion)principallyaffectedtheamountoftheprofitorlossofthecompany ortheamountofitsassets. 12.Ifadvantageistakenofparagraph11,thereshallbeincludedinthestatementdealingwiththebodieslast mentionedinthatparagraph,theinformationthatitdealswiththem;andsection339(3)ofthisAct(subsequent disclosureinannualreturn)appliestotheparticularsgivenincompliancewithparagraph7or8(asthecasemay be),togetherwiththosewhich,but,forthefactthatadvantageissotaken,wouldhavetobesogiven. 13.ForthepurposesofthisPart,sharesofabodycorporatearetreatedasheld,ornotheld,byanothersuchbody iftheywould,byvirtueofsection338(4)ofthisAct(butontheassumptionthatparagraph(b)(ii)wereomitted fromthatsubsection)betreatedasbeingheldor(asthecasemaybe),notheld,bythatotherbodyforthe purposeofdeterminingwhetherthefirstmentionedbodyisitssubsidiary. PARTIII Financialinformationaboutsubsidiaries 14.If (a)attheendofitsyearthecompanyhassubsidiaries;and

(b)itisrequiredbyparagraph1inPartIabovetodiscloseparticularswithrespecttoanyofthosesubsidiaries, theadditionalinformationspecifiedbelowshallbegivenwithrespecttoeachsubsidiarytowhichtherequirement underparagraph1applies. 15.If (a)attheendoftheyearthecompanyholdssharesinanotherbodycorporate;and (b)itisrequiredbyparagraph8inPartIIabovetodiscloseparticularswithrespecttothatbodycorporate;and (c)thesharesheldbythecompanyinthatbodycorporateexceedinnominalvaluefiftyonepercentofthe allottedsharecapitalofthatbody,theadditionalinformationspecifiedbelowshallbegivenwithrespecttothat bodycorporate. 16.Theinformationrequiredbyparagraph10,shall,inrelationtoanybodycorporate(whetherasubsidiaryofthe companyornot),containtheaggregateamountofthecapitalandreservesofthatbodycorporateasattheendof itsrelevantyear,anditsprofitorlossforthatyear;andforthispurposetherelevantyearis (a)iftheyearofthebodycorporateendswiththatofthecompanygivingtheinformationinanotetoitsaccounts, thatfinancialyear;and (b)ifnot,thebodycorporate'sfinancialyearendinglastbeforetheendoftheyearofthecompanygivingthat information. Thisissubjecttotheexceptionsandotherprovisionsinthenextparagraph. 17.(1)Theinformationotherwiserequiredbyparagraph16neednotbegiveninrespectofasubsidiaryofa companyif,either (a)thecompanyisexemptunderthisActfromtherequirementtopreparegroupaccounts,asbeingattheendof itsyearthewhollyownedsubsidiaryofanotherbodycorporateincorporatedinNigeria;or (b)thecompanypreparesgroupaccountsand (i)theaccountsofthesubsidiaryareincludedinthegroupaccounts;or (ii)theinvestmentofthecompanyinthesharesofthesubsidiaryisincludedin,orinanoteto,the company'saccountsbywayoftheequitymethodofvaluation. (2)Thatinformationneednotbegiveninrespectofanotherbodycorporateinwhichthecompanyholdssharesif thecompany'sinvestmentinthosesharesisincludedin,orinanoteto,theaccountsbywayoftheequitymethod ofvaluation. (3)Thatinformationneednotbegiveninrespectofanybodycorporateif (a)thatbodyisnotrequiredbyanyprovisionofthisActtodeliveracopyofitsbalancesheetforitsrelevantyear mentionedinparagraph16,anddoesnototherwisepublishthatbalancesheetinNigeriaorelsewhere;and (b)thesharesheldbythecompanyinthatbodydonotamounttoatleastfiftyonepercentinnominalvalueof thebody'sallottedsharecapital.

(4)Informationotherwiserequiredbyparagraph16neednotbegivenifitisnotmaterial. 18.Where,withrespecttoanysubsidiaryofthecompanyoranyotherbodycorporate,particularswhichwould otherwiseberequiredbyparagraph1inPartIorparagraph8inPartIIofthisScheduletobestatedinanoteto thecompany'saccountsareomittedbyvirtueofparagraph4or(asthecasemaybe)paragraph11,section339(3) ofthisAct(subsequentdisclosureinnextannualreturn)shallapply (a)toanyinformationwithrespecttoanyothersubsidiaryorbodycorporatewhichisgiveninanotetothe company'saccountsinaccordancewiththisPart;and (b)toanyinformationwhichwouldhavebeenrequiredbythisParttobegiveninrelationtoasubsidiaryorother bodycorporatebutfortheexemptionunderparagraph4or11. 19.ForthepurposesofthisPart,sharesofabodycorporateshallbetreatedasheld,ornotheld,bythecompany iftheywould,byvirtueofsection338(4)ofthisAct(butontheassumptionthatparagraph(b)(ii)wereomitted fromthatsubsection),betreatedasbeingheldor(asthecasemaybe),notheldbythecompanyforthepurpose ofdeterminingwhetherthatbodycorporateisthecompany'ssubsidiary. PARTIV Identificationofultimateholdingcompany 20.If,attheendofitsyear,thecompanyisthesubsidiaryofanotherbodycorporate,thereshallbestatedthe nameofthebodycorporateregardedbythedirectorsasbeingthecompany'sultimateholdingcompanyand,if knowntothem,thecountryinwhichitisincorporated. 21.Paragraph20shallnotrequirethedisclosurebyacompanywhichcarriesonbusinessoutsideNigeriaof informationwithrespecttothebodycorporateregardedbytheMinisterasbeingitsultimateholdingcompanyif thedisclosurewould,inhisopinion,beharmfultoorjeopardisenationalinterest. PARTV Chairman'sanddirectors'emoluments,pensionsandcompensationforlossofoffice Emoluments 22.(1)Thereshallbeshowntheaggregateamountofthedirectors'emoluments.(2)Thisamount (a)includesanyemolumentspaidtoorreceivablebyapersoninrespectofhisservicesasdirectorofthecompany orinrespectofhisservices,whiledirectorofthecompany,asdirectorofanysubsidiaryofitorotherwisein connectionwiththemanagementoftheaffairsofthecompanyoranysubsidiaryofit;and (b)shalldistinguishbetweenemolumentsinrespectofservicesofadirector,whetherofthecompanyorits subsidiary,andotheremoluments. (3)Forthepurposesofthisparagraph,"emolument"inrelationtoadirector,includesfeesandpercentages,any sumspaidbywayofexpenses,allowances,(insofarasthosesumsarechargedtoNigerianincometax),any contributionspaidinrespectofhimunderanypensionsschemeandestimatedmoneyvalueofanyotherbenefits receivedbyhimotherwisethanincash.

23.Acompanywhichisneitheraholdingcompanynorasubsidiaryofanotherbodycorporateneednotcomply withparagraphs24to27belowasrespectsayearinthecaseofwhichtheamountshownincompliancewith paragraph22abovedoesnotexceedN120,000. 24.(1)Thefollowingappliesasrespectstheemolumentsofthecompany'schairman,andforthispurpose "chairman"meansthepersonelectedbythedirectorstobechairmanoftheirmeetingsandincludesaperson, who,thoughnotsoelected,holdsanyoffice(howeverdesignated)which,inaccordancewiththecompany's constitution,carrieswithitfunctionssubstantiallysimilartothosedischargedbyapersonsoelected. (2)Ifonepersonhasbeenchairmanthroughouttheyear,thereshallbeshownwithrespecttothatpersonduring theyear,hisemolumentssofarasattributabletotheperiodduringwhichhewaschairman,unlesshisdutiesas chairmanwerewhollyormainlydischargedoutsideNigeria. (3)Otherwise,thereshallbeshownwithrespecttoeachpersonwhohasbeenchairmanduringtheyear,his emolumentssofarasattributabletotheperiodduringwhichhewaschairman,unlesshisdutiesaschairmanwere whollyormainlydischargedoutsideNigeria. 25.(1)Thefollowingappliesasrespectstheemolumentsofdirectors. (2)Withrespecttoalldirectors(otherthananywhodischargedtheirdutiesassuchwhollyormainlyoutside Nigeria),thereshallbeshown (a)thenumber(ifany)whohadnoemolumentsorwhoseseveralemolumentsamountedtonotmorethan N10,000;and (b)byreferencetoeachpairofadjacentpointsonascalewhereonthelowestpointisN10,000andthesucceeding onesaresuccessiveintegralmultiplesofN10,000,thenumber(ifany)whoseseveralemolumentsexceededthe lowestpointbutdidnotexceedthehigher. (3)If,ofthedirectors(otherthananywhodischargedtheirdutiesassuchwhollyormainlyoutsideNigeria),the emolumentsofeachoftwoormoreexceedtherelevantamount,theemolumentsofhim(orthem,inthecaseof equality)whohadthegreateror,asthecasemaybe,thegreatest,shallalsobeshown. (4)If,ofthedirectors(otherthananywhodischargedtheirdutiesassuchwhollyormainlyoutsideNigeria),the emolumentsofeachoftwoormoreexceedtherelevantamount,theemolumentsofhim(orthem,inthecaseof equality)whohadthegreateror,asthecasemaybe,theleast,shallalsobeshown. (5)The"relevantamount" (a)ifonepersonhasbeenchairmanthroughouttheyear,meanstheamountofhisemoluments;and (b)otherwise,meansanamountequaltotheaggregateoftheemoluments,sofarasattributabletotheperiod duringwhichhewaschairman,ofeachpersonwhohasbeenchairmanduringtheyear. 26.Thereshallunderparagraphs24and25bebroughtintoaccountasemolumentsofapersonallsuchamounts (otherthancontributionspaidinrespectofhimunderapensionscheme)asinhiscasearetobeincludedinthe amountshownunderparagraph22. Emolumentswaived

27.(1)Thereshallbeshown (a)thenumberofdirectorswhohavewaivedrightstoreceiveemolumentswhich,butforthewaiver,wouldhave fallentobeincludedintheamountshownunderparagraph22;and (b)theaggregateamountofthoseemoluments. (2)Forthesepurposes (a)itisassumedthatasumnotreceivableinrespectofaperiodwouldhavebeenpaidatthetimeatwhichitwas duetobepaid; (b)asumnotsoreceivablethatwaspayableonlyondemand,beingasumtherighttoreceivewhichhasbeen waived,isdeemedtohavebeenduetobepaidatthetimeofthewaiver. Pensionsofdirectorsandpastdirectors 28.(1)Thereshallbeshowntheaggregateamountofdirectors'orpastdirectors'pensions. (2)Thisamountshallnotincludeanypensionpaidorreceivableunderapensionschemeiftheschemeissuchthat thecontributionsunderitaresubstantiallyadequateforthemaintenanceofthescheme;but,subjecttothis,it includesanypensionpaidorreceivableinrespectofanysuchservicesofadirectororpastdirectorasare mentionedinparagraph22(2)whethertoorbyhimor,onhisnominationorbyvirtueofdependenceonorother connectionwithhim,toorbyanyotherperson. (3)Theamountshownshalldistinguishbetweenpensionsinrespectofservicesasdirector,whetherofthe companyoritssubsidiary,andotherpensions. Compensationtodirectorsforlossofoffice 29.(1)Thereshallbeshowntheaggregateamountofanycompensationtodirectorsorpastdirectorsinrespectof lossofoffice. (2)Thisamount (a)includesanysumspaidtoorreceivablebyadirectororpastdirectorbywayofcompensationforthelossof officeasdirectorofthecompanyorfortheloss,whiledirectorofthecompanyoronorinconnectionwithhis ceasingtobeadirectorofit,orofanyotherofficeinconnectionwiththemanagementofthecompany'saffairsor ofanyofficeasdirectororotherwiseinconnectionwiththemanagementoftheaffairsofanysubsidiaryofthe company;and (b)shalldistinguishbetweencompensationinrespectoftheofficeofdirector,whetherofthecompanyorits subsidiary,andcompensationinrespectofotheroffices. (3)Referencestocompensationforlossofofficeincludessumspaidasconsiderationfororinconnectionwitha person'sretirementfromoffice. Supplementary 30.(1)Thefollowingapplieswithrespecttotheamountstobeshownunderparagraphs22,28and29.

(2)Theamountineachcaseincludesallrelevantsumspaidbyorreceivablefrom (a)thecompany;and (b)thecompany'ssubsidiaries;and (c)anyotherperson, exceptsumstobeaccountedfortothecompanyoranyofitssubsidiaries,topastorpresentmembersofthe companyoranyofitssubsidiariesoranyclassofthosemembers. (3)Theamounttobeshownunderparagraph29shalldistinguishbetweenthesumsrespectivelypaidbyor receivablefromthecompany,thecompany'ssubsidiariesandpersonsotherthanthecompanyanditssubsidiaries. 31.(1)Theamountstobeshownforanyyearunderparagraphs22,28and29arethesumsreceivableinrespect ofthatyear(wheneverpaid)or,inthecaseofsumsnotreceivableinrespectofaperiod,thesumspaidduringthat year. (2)Butwhere (a)anysumsarenotshowninanotetotheaccountsfortherelevantyearonthegroundthatthepersonreceiving themisliabletoaccountforthemasmentionedinparagraph30(2),buttheliabilityisthereafterwhollyorpartly releasedorisnotenforcedwithinaperiodoftwoyears;or (b)anysumspaidbywayofexpensesallowancearechargedtoincometaxaftertheendoftherelevantyear, thosesumsshall,totheextenttowhichtheliabilityisreleasedornotenforcedortheyarechargedasmentioned above(asthecasemaybe),beshowninanotetothefirstaccountsinwhichitispracticabletoshowthem,and shallbedistinguishedfromtheamountstobeshownapartfromthisprovision, 32.Whereitisnecessarytodosoforthepurposeofmakinganydistinctionrequiredbytheprecedingparagraphs inanamounttobeshownincompliancewiththisPart,thedirectorsmayapportionanypaymentsbetweenthe mattersinrespectofwhichthesehavebeenpaidorarereceivableinsuchmannerastheythinkappropriate. Interpretation 33.(1)Thefollowingshallapplyfortheinterpretationofparagraphs22to32. (2)Areferencetothecompany'ssubsidiary (a)inrelationtoapersonwhoisorwas,whileadirectorofthecompany,adirectoralso,byvirtueofthe company'snomination(directorindirect)oranyotherbodycorporateincludes,(subjecttothefollowingsub paragraph)thatbodycorporate,whetherornotitisorwasinfactthecompany'ssubsidiary;and (b)forpurposesofparagraphs22to28(includinganyprovisionofthisPartreferringtoparagraph22)istoa subsidiaryatthetimetheserviceswererendered,andforpurposesofparagraph29,toasubsidiaryimmediately beforethelossofofficeasdirector. (3)Thefollowingdefinitionsapply (a)"pension"includesanysuperannuationallowance,superannuationgratuityorsimilarpayment;

(b)"pensionscheme"meansaschemefortheprovisionofpensioninrespectofservicesasdirectororotherwise whichismaintainedinwholeorinpartbymeansofcontributions;and (c)"contribution",inrelationtoapensionscheme,meansanypayment(includinganinsurancepremium)paidfor thepurposesoftheschemebyorinrespectofpersonsrenderingservicesinrespectofwhichpensionswillormay becomepayableunderthescheme,exceptthatitdoesnotincludeanypaymentinrespectoftwoormorepersons iftheamountpaidinrespectofeachofthemisnotascertainable. Supplementary 34.ThisPartofthisSchedulerequiresinformationtobegivenonlysofarasitiscontainedinthecompany'sbooks andpapersorthecompanyhastherighttoobtainitfromthepersonsconcerned. PARTVI Particularsrelatingtonumberofemployeesremuneratedathigherrates 35.(1)Thereshallbeshownbyreferencetoeachpairofadjacentpointsonascalewhereonthelowestpointis N60,000andthesucceedingonesaresuccessiveintegralmultiplesofN10,000beginningwiththatinthecaseof whichthemultiplierisseven,thenumber(ifany)ofpersonsinthecompany'semploymentwhoseseveral emolumentsexceededthelowerpointbutdidnotexceedthehigher. (2)Thepersonswhoseemolumentsaretobetakenintoaccountforthispurposeshallnotinclude (a)directorsofthecompany;or (b)persons(otherthandirectorsofthecompany)who (i)ifemployedbythecompanythroughoutthefinancialyear,workedwhollyormainlyduringthatyear outsideNigeria;or (ii)ifemployedbythecompanyforpartonlyofthatyear,workedwhollyormainlyduringthatpart outsideNigeria. 36.(1)Forthesepurposes,aperson'semolumentsincludeanypaidtoorreceivablebyhimfromthecompany,the company'ssubsidiariesandanyotherpersoninrespectofhisservicesasapersonintheemploymentofthe companyorasubsidiaryofitorasadirectorofasubsidiaryofthecompany(exceptsumstobeaccountedforto thecompanyoranyofitssubsidiaries). (2)"Emoluments"hereincludesfeesandpercentages,anysumspaidbywayofexpensesallowancesinsofaras thosesumsarechargedtoNigerianincometax,andtheestimatedmoneyvalueofanyotherbenefitsreceivedbya personotherwisethanincash. (3)Theamountstobebroughtintoaccountforthepurposeofcomplyingwithparagraph35,arethesums receivableinrespectoftheyear(wheneverpaid)or,inthecaseofsumsnotreceivablesumsinrespectofaperiod, thesumspaidduringthatyear. (4)Butwhere

(a)anysumsarenotbroughtintoaccountforthatyearonthegroundthatthepersonreceivingthemisliableto accountforthemasmentionedinsubparagraph(1),buttheliabilityiswhollyorpartlyreleasedorisnotenforced withinaperiodoftwoyears;or (b)anysumspaidtoapersonbywayofexpensesallowance,arechargedtoNigerianincometaxaftertheendof theyear, thosesumsshall,totheextenttowhichtheliabilityisreleasedornotenforcedortheyarechargedasabove mentioned(asthecasemaybe),bebroughtintoaccountforthepurposeofcomplyingwithparagraph25onthe firstoccasiononwhichitispracticabletodoso. 37.Referencesinparagraph36toacompany'ssubsidiary (a)inrelationtoapersonwhoisorwas,whileemployedbythecompany,adirector,byvirtueofthecompany's nomination(directorindirect),ofanyotherbodycorporate,includethatbodycorporate(butsubjecttothe followingsubparagraph),whetherornotitisorwasinfactthecompany'ssubsidiary;and (b)aretobetakenasreferringtoasubsidiaryatthetimetheserviceswererendered. FOURTHSCHEDULE [Sections340and341.] Particularsincompanyfinancialstatementsofloanandothertransactions favouringdirectorsandofficers PART1 Matterstobedisclosedundersection340 1.GroupfinancialstatementsshallcontaintheparticularsrequiredbythisScheduleof (a)anytransactionorarrangementofakinddescribedinsection270ofthisActenteredintobythecompanyorby asubsidiaryofthecompanyforapersonwhoatanytimeduringtheyearwasadirectorofthecompanyorits holdingcompany,orwasconnectedwithsuchadirector; (b)anagreementbythecompanyorbyasubsidiaryofthecompanytoenterintoanysuchtransactionor arrangementforapersonwhowasatanytimeduringtheyearadirectorofthecompanyoritsholdingcompany, orwasconnectedwithsuchadirector;and (c)anyothertransactionorarrangementwiththecompanyorsubsidiaryofitinwhichapersonwhoatanytime duringtheyearwasadirectorofthecompanyoritsholdingcompanyhad,directlyorindirectly,amaterial interest. 2.Theaccountspreparedbyacompanyotherthanaholdingcompanyshallcontaintheparticularsrequiredbythis Scheduleof

(a)anytransactionorarrangementofakinddescribedinsection270ofthisActenteredintobythecompanyfora personwhoatanytimeduringtheyearwasadirectorofitorofitsholdingcompanyorwasconnectedwithsucha director; (b)anagreementbythecompanytoenterintoanysuchtransactionorarrangementforapersonwhoatanytime duringtheyearwasadirectorofthecompanyoritsholdingcompanyorwasconnectedwithsuchadirector;and (c)anyothertransactionorarrangementwiththecompanyinwhichapersonwho,atanytimeduringtheyear, wasadirectorofthecompanyorofitsholdingcompanyhad,directlyorindirectly,amaterialinterest. 3.(1)Forpurposesofparagraphs1(c)and2(c),atransactionorarrangementbetweenacompanyandadirector ofitorofitsholdingcompany,orapersonconnectedwithsuchadirector,istobetreated(ifitwouldnot otherwisebeso),asatransaction,arrangementoragreementinwhichthatdirectorisinterested. (2)Aninterestinsuchatransactionorarrangementisnot"material"forpurposesofthosesubparagraphsifinthe board'sopinionitisnotso;butthisshallbewithoutprejudicetothequestionwhetherornotsuchaninterestis materialinacasewheretheboardhavenotconsideredthematter. "Theboard"heremeansthedirectorsofthecompanypreparingtheaccounts,oramajorityofthosedirectors,but excludingineithercasethedirectorwhoseinterestitis. 4.Paragraphs1and2shallnotapply,forthepurposesofaccountspreparedbyacompanywhichis,oristhe holdingcompanyofarecognisedbank,inrelationtoatransactionorarrangementofakinddescribedinsection 270ofthisActoranagreementtoenterintosuchatransactionorarrangement,towhichthatrecognisedbankisa party. 5.Paragraphs1and2shallnotapplyinrelationtothefollowingtransactions,arrangementsandagreements (a)atransaction,arrangementoragreementbetweenonecompanyandanotherinwhichadirectoroftheformer orofitssubsidiaryorholdingcompanyisinterestedonlybyvirtueofhisbeingadirectorofthelatter; (b)acontractofservicebetweenacompanyandoneofitsdirectorsoradirectorofitsholdingcompany,or betweenadirectorofacompanyandanyofthatcompany'ssubsidiaries;or (c)atransaction,arrangementoragreementwhichwasnotenteredintoduringtheyearandwhichdidnotsubsist atanytimeduringthatyear. 6.Paragraphs1and2shallapplywhetherornot (a)thetransactionorarrangementwasprohibitedbysection270ofthisAct; (b)thepersonforwhomitwasmadewasadirectorofthecompanyorwasconnectedwithadirectorofitatthe timeitwasmade; (c)inthecaseofatransactionorarrangementmadebyacompanywhichatanytimeduringafinancialyearisa subsidiaryofanothercompany,itwasasubsidiaryofthatothercompanyatthetimethetransactionor arrangementwasmade. 7.Neitherparagraph1(c)norparagraph2(c)appliesinrelationtoanytransactionorarrangementif

(a)eachpartytothetransactionorarrangementwhichisamemberofthesamegroupofcompanies(meaninga holdingcompanyanditssubsidiaries)asthecompanyenteredintothetransactionorarrangementintheordinary courseofbusiness;or (b)thetermsofthetransactionorarrangementarenotlessfavourabletoanysuchpartythanitwouldbe reasonabletoexpectiftheinterestmentionedinthatsubparagraphhadnotbeenaninterestofapersonwho wasadirectorofthecompanyorofitsholdingcompany. 8.Neitherparagraph1(c)norparagraph2(c)appliesinrelationtoanytransactionorarrangementif (a)thecompanyisamemberofagroupofcompanies(meaningaholdingcompanyanditssubsidiaries);and (b)eitherthecompanyisawhollyownedsubsidiaryornobodycorporate(otherthanthecompanyorasubsidiary ofthecompany)whichisamemberofthegroupofcompanies,whichincludesthecompany'sultimateholding company,wasapartytothetransactionorarrangement;and (c)thedirectorinquestionwasatsometimeduringtherelevantperiodassociatedwiththecompany;and (d)thematerialinterestofthedirectorinquestioninthetransactionorarrangementwouldnothaverisenifhe hadnotbeenassociatedwiththecompanyatanytimeduringtherelevantperiod. TheparticularsrequiredbythisPart 9.(1)Subjecttothenextparagraph,theparticularsrequiredbythisPartarethoseoftheprincipaltermsofthe transaction,arrangementoragreement. (2)Withoutprejudicetothegeneralityofsubparagraph(1),thefollowingparticularsarerequired (a)astatementofthefacteitherthatthetransaction,arrangementoragreementwasmadeorsubsisted(asthe casemaybe)duringtheyear; (b)thenameofthepersonforwhomitwasmadeand,wherethatpersonisorwasconnectedwithadirectorof thecompanyorofitsholdingcompany,thenameofthatdirector; (c)inacasewhereparagraph1(c)or2(c)applies,thenameofthedirectorwiththematerialinterestandthe natureofthatinterest; (d)inthecaseofaloanoranagreementforaloanoranarrangementwithinsection270ofthisActrelatingtoa loan (i)theamountoftheliabilityofthepersontowhomtheloanwasorwasagreedtobemade,inrespectof principalandinterest,atthebeginningandattheendoftheyear; (ii)themaximumamountofthatliabilityduringthatyear; (iii)theamountofanyinterestwhich,havingfallendue,hasnotbeenpaid;and (iv)theamountofanyprovision(withinthemeaningoftheSecondScheduletothisAct)madeinrespect ofanyfailureoranticipatedfailurebytheborrowertorepaythewholeorpartoftheloanortopaythewholeor partofanyinterestonit;

(e)inthecaseofaguaranteeorsecurityoranarrangementwithinsection270ofthisActrelatingtoaguarantee orsecurity (i)theamountforwhichthecompany(oritssubsidiary)wasliableundertheguaranteeorinrespectof thesecuritybothatthebeginningandattheendoftheyear; (ii)themaximumamountforwhichthecompany(oritssubsidiary)maybecomesoliable;and (iii)anyamountpaidandanyliabilityincurredbythecompany(oritssubsidiary)forthepurposeof fulfillingtheguaranteeordischargingthesecurity(includinganylossincurredbyreasonoftheenforcementofthe guaranteeorsecurity);and (f)inthecaseofanytransaction,arrangementoragreementotherthanthosementionedinsubparagraphs(d) and(e),thevalueofthetransactionorarrangementor(asthecasemaybe),thevaluetowhichtheagreement relates. 10.Inparagraph9(2)above,subparagraphs(c)to(f)shallnotapplyinthecaseofaloanorquasiloanmadeor agreedtobemadebyacompanytoorforabodycorporatewhichiseither (a)abodycorporateofwhichthatcompanyisawhollyownedsubsidiary;or (b)awhollyownedsubsidiaryofabodycorporateofwhichthatcompanyisawhollyownedsubsidiary;or (c)awhollyownedsubsidiaryofthatcompany,ifparticularsofthatloan,quasiloanoragreementforitwouldnot havebeenrequiredtobeincludedinthatcompany'sannualaccountsifthefirstmentionedbodycorporatehad notbeenassociatedwithadirectorofthatcompanyatanytimeduringtherelevantperiod. Transactionsexcludedfromsection340 11.(1)Inrelationtoacompany'saccountsforayear,compliancewiththisPartshallnotberequiredinthecaseof transactionsofakindmentionedinthefollowingsubparagraphwhicharemadebythecompanyorasubsidiaryof itforapersonwhoatanytimeduringthatfinancialyearwasadirectorofthecompanyorofitsholdingcompany, orwasconnectedwithsuchadirector,iftheaggregateofthevaluesofeachtransaction,arrangementor agreementsomadeforthatdirectororanypersonconnectedwithhim,lesstheamount(ifany)bywhichthe liabilitiesofthepersonforwhomthetransactionorarrangementwasmadehasbeenreduced,didnotatanytime duringtheyearexceedN10,000. (2)Thetransactionsinquestionare (a)credittransactions; (b)guaranteesprovidedorsecuritiesenteredintoinconnectionwithcredittransactions; (c)arrangementswithinsection270ofthisActrelatingtocredittransactions; (d)agreementstoenterintocredittransactions. 12.Inrelationtoacompany'saccountsforafinancialyear,compliancewiththisPartshallnotberequiredby virtueofparagraph1(c)or2(c)inthecaseofanytransactionorarrangementwithacompanyoranyofits

subsidiariesinwhichadirectorofthecompanyoritsholdingcompanyhad,directlyorindirectly,amaterial interestif (a)thevalueofeachtransactionorarrangementwithinparagraph1(c)or2(c)(asthecasemaybe)inwhichthat directorhad(directlyorindirectly)amaterialinterestandwhichwasmadeafterthecommencementoftheyear withthecompanyoranyofitssubsidiaries;and (b)thevalueofeachsuchtransactionorarrangementwhichwasmadebeforethecommencementoftheyearless theamount(ifany)bywhichtheliabilitiesofthepersonforwhomthetransactionorarrangementwasmadehave beenreduced, didnotatanytimeduringtheyearexceedintheaggregateN3,000or,ifmore,didnotexceedN19,000oroneper centofthevalueofthenetassetsofthecompanypreparingtheaccountsinquestionasattheendoftheyear, whicheveristheless. Forthispurpose,acompany'snetassetsaretheaggregateofitsassetslesstheaggregateofitsliabilities ("liabilities"toincludeanyprovisionforliabilitiesorchargeswithinparagraph83oftheSecondScheduletothis Act). PARTII Matterstobedisclosedundersection341 13.ThisPartofthisScheduleshallapplyinrelationtothefollowingclassesoftransactions,arrangementsand agreements (a)loans,guaranteesandsecuritiesrelatingtoloans,arrangementsofakinddescribedundersection270ofthis Actrelatingtoloansandagreementstoenterintoanyoftheforegoingtransactionsandagreements; (b)quasiloans,guaranteesandsecuritiesrelatingtoquasiloans,arrangementsofakinddescribedineitherof thosesubsectionsrelatingtoquasiloansandagreementstoenterintoanyoftheforegoingtransactionsand arrangements; (c)credittransactions,guaranteesandsecuritiesrelatingtocredittransactionsandarrangementsofakind describedineitherofthosesubsectionsrelatingtocredittransactionsandagreementstoenterintoanyofthe foregoingtransactionsandarrangements. 14.(1)TocomplywiththisPartofthisSchedule,theaccountsmustcontainastatement,inrelationto transactions,arrangementsandagreements,madeasmentionedinsection270(1)ofthisAct (a)theaggregateamountsoutstandingattheendofthefinancialyearundertransactions,arrangementsand agreementswithinsubparagraphs(a),(b)and(c)respectivelyofparagraph13above;and (b)thenumberofofficersforwhomthetransactions,arrangementsandagreementsfallingwithineachofthose subparagraphs,weremade. (2)Thisparagraphdoesnotapplytotransactions,arrangementsandagreementsmadebythecompanyoranyof itssubsidiariesforanofficerofthecompanyiftheaggregateamountoutstandingattheendoftheyearunder suchtransactions,arrangements,andagreementdonotexceedN5,000.

FifthSchedule [Section342.] Matterstobedealtwithindirectors'report PARTI Mattersofageneralnature Assetvalues 1.(1)Ifsignificantchangesinthefixedassetsofthecompanyorofanyofitssubsidiarieshaveoccurredinthe financialyear,thereportshallcontainparticularsofthechanges. (2)If,inthecaseofsuchofthoseassetsasconsistininterestsinland,theirmarketvalue(asattheendoftheyear) differssubstantially,fromtheamountatwhichtheyareincludedinthebalancesheet,andthedifferenceisinthe directors'opinion,ofsuchsignificanceastorequirethattheattentionofmembersofthecompanyorofholdersof itsdebenturesshouldbedrawntoit,thereportshallindicatethedifferencewithsuchdegreeofprecisionasis practicable. Directors'interests 2.(1)Thereportshallstatethefollowingwithrespecttoeachpersonwho,attheendoftheyear,wasadirectorof thecompany (a)whetherornot,accordingtotheregisterkeptbythecompanyforthepurposesofsections276and277ofthis Act(director'sobligationtonotifyhisinterestsinthecompanyandcompaniesinthesamegroup),hewasatthe endofthatyearinterestedinsharesin,ordebenturesof,thecompanyoranyotherbodycorporate,beingthe company'ssubsidiaryorholdingcompanyorasubsidiaryofthecompany'sholdingcompany; (b)ifhewassointerested (i)thenumberandamountofsharesin,anddebenturesof,eachbody(specifyingit)inwhich,according tothatregister,hewastheninterested; (ii)whetherornot(accordingtothatregister)hewas,atthebeginningofthatyearor,ifhewasnotthen adirector,whenhebecameone,interestedinsharesin,ordebenturesof,thecompanyoranyothersuchbody corporate;and (iii)ifhewas,thenumberandamountofsharesinanddebenturesof,eachbody(specifyingit)inwhich, accordingtothatregister,hewasinterestedatthebeginningoftheyearor(asthecasemaybe)whenhebecame adirector. (2)Aninterestinsharesordebentureswhich,undersections276and277ofthisAct,fallstobetreatedasbeing theinterestofadirectorissotreatedforthepurposesofthisparagraph;andthereferencesabovetothetime whenapersonbecameadirector,inthecaseofapersonwhobecamedirectoronmorethanoneoccasion,isthe timewhenhefirstbecameadirector.

(3)Theparticularsrequiredbythisparagraphmaybegivenbywayofnotestothecompany'saccountsinrespect oftheyear,insteadofbeingstatedinthedirectors'report. Charitablegifts 3.(1)Moneygivenforcharitablepurposestoapersonwho,whenitwasgiven,wasordinarilyresidentoutside Nigeriaistobeleftoutoftheaccount. (2)"Charitablepurposes"meanspurposeswhichareexclusivelycharitable. Miscellaneous 4.Thedirectors'reportshallcontain (a)particularsofanyimportanteventsaffectingthecompanyoranyofitssubsidiarieswhichhaveoccurredsince theendoftheyear; (b)anindicationoflikelyfuturedevelopmentsinthebusinessofthecompanyandofitssubsidiaries; (c)anindicationoftheactivities(ifany)ofthecompanyanditssubsidiariesinthefieldofresearchand development; (d)namesofdistributorsofthecompany'sproducts;and (e)particularsofdonationsandgiftsmadeforanypurpose. PARTII Disclosurerequiredbycompanyacquiringitsownshares,etc. 5.ThisPartofthisScheduleshallapplywheresharesinacompany (a)arepurchasedbythecompanyorareacquiredbyitbyforfeitureorsurrenderinlieuofforfeiture,orin pursuanceofsection160ofthisAct(acquisitionofownsharesbycompanylimitedbyshares);or (b)arerequiredbyanotherpersonincircumstanceswhereparagraph(b)or(c)ofsection159(3)ofthisActapplies (acquisitionbycompany'snominee,orbyanotherwithcompanyfinancialassistance,thecompanyhavinga beneficialinterest);or (c)aremadesubjecttoalienorotherchargestaken(whetherexpresslyorotherwise)bythecompanyand permittedbysection125(1)or(4)ofthisAct. 6.Thedirectors'reportwithrespecttoayearshallstate (a)thenumberandnominalvalueofthesharessopurchased,theaggregateamountoftheconsiderationpaidby thecompanyforsuchsharesandthereasonsfortheirpurchase; (b)thenumberandnominalvalueofthesharessoacquiredbythecompany,acquiredbyanotherpersoninsuch circumstancesandsochargedrespectivelyduringtheyear;

(c)themaximumnumberandnominalvalueofshareswhich,havingbeensoacquiredbythecompany,acquired byanotherpersoninsuchcircumstancesorsocharged(whetherornotduringthatyear)areheldatanytimeby thecompanyorthatotherpersonduringtheyear; (d)wherethenumberandnominalvalueofthesharesofanyparticulardescriptionarestatedinpursuanceofany oftheprecedingsubparagraphs,thepercentageofthecalledupsharewhichsharesofthatdescriptionrepresent; (e)whereanyoftheshareshavebeensocharged,theamountofthechargeineachcase; whereanyoftheshareshavebeendisposedofbythecompanyorthepersonwhoacquiredtheminsuch circumstancesformoneyormoney'sworth,theamountorvalueoftheconsiderationineachcase;and (g)theexcessofthesellingpriceoverthepurchasepriceofeachshareresoldortheexcessofthecostoverthe sellingpricewhichwastakentocapitalreserve. PARTIII Employmentandemployees Employmentofdisabledpersons 7.Thedirectors'reportshallcontainastatementshowinghowmanydisabledpersonswereemployedduringthe yearanddescribingthepolicywhichthecompanyhasappliedduringtheyear (a)forgivingfullandfairconsiderationtoapplicationsforemploymentbythecompanymadebydisabledpersons, havingregardtotheirparticularaptitudesandabilities; (b)forcontinuingtheemploymentof,andforarrangingappropriatetrainingfor,employeesof thecompanywhohavebecomedisabledpersonsduringtheperiodwhentheywereemployedbythecompany; and (c)otherwiseforthetraining,careerdevelopmentandpromotionofdisabledpersonsemployedbythecompany. Health,safetyandwelfareatworkofcompany'semployees 8.Thedirectors'reportshallcontainastatementastothearrangementinforceintheyearforsecuringthehealth, safetyandwelfareatworkofemployeesofthecompanyanditssubsidiaries,andforprotectingotherpersons againstriskstohealthorsafetyarisingoutoforinconnectionwiththeactivitiesatworkofthoseemployees. Employeeinvolvementandtraining 9.Thedirectors'reportshallcontainastatementdescribingtheactionthathasbeentakenduringtheyearto introduce,maintainordeveloparrangementsaimedat (a)providingemployeessystematicallywithinformationonmattersofconcerntothemasemployees; (b)consultingemployeesortheirrepresentativesonaregularbasissothattheviewsofemployeescanbetaken intoaccountinmakingdecisionswhicharelikelytoaffecttheirinterests;

(c)encouragingtheinvolvementofemployeesinthecompany'sperformancethroughanemployees'share schemeorbysomeothermeans;and (d)achievingacommonawarenessonthepartofallemployeesofthefinancialandeconomicfactorsaffectingthe performanceofthecompany. 10.Thedirectors'reportshallcontainastatementshowingthearrangementsmadeorfacilitiesprovidedbythe companyforthetrainingofemployeesduringtheyear. SixthSchedule [Sections350,352,354,359.] Matterstobeexpresslystatedinauditor'sreport 1.Whethertheyhaveobtainedalltheinformationandexplanationswhichtothebestoftheirknowledgeand beliefwerenecessaryforthepurposeoftheiraudit. 2.Whether,intheiropinion,properbooksofaccounthavebeenkeptbythecompany,sofarasappearsfromtheir examinationofthosebooks,andproperreturnsadequateforthepurposesoftheiraudithavebeenreceivedfrom branchesnotvisitedbythem. 3.(1)Whetherthecompany'sbalancesheetand(unlessitisframedasaconsolidatedprofitandlossaccount) profitandlossaccountdealtwithbythereportareinagreementwiththebooksofaccountandreturns. (2)Whether,intheiropinionandtothebestoftheirinformationandaccordingtotheexplanationsgiventhem, thesaidstatementsgivetheinformationrequiredbythisActinthemannersorequiredandgiveatrueandfair view (a)inthecaseofthebalancesheet,ofthestateofthecompany'saffairsasattheendofitsyear;and (b)inthecaseoftheprofitandlossaccount,oftheprofitandlossforitsyear;orasthecasemaybe,giveatrue andfairviewthereofsubjecttothenondisclosureofanymatters(tobeindicatedinthereport)which,byvirtueof PartIoftheSecondScheduleofthisAct,arenotrequiredtobedisclosed. 4.Inthecaseofaholdingcompany,submittinggroupfinancialstatementswhether,intheiropinion,thegroup financialstatementshavebeenproperlypreparedinaccordancewiththeprovisionsofthisActsoastogiveatrue andfairviewofthestateofaffairsandprofitorlossofthecompanyanditssubsidiariesandassociatesdealtwith hereby,sofarasconcernsmembersofthecompany,orthecasemaybesoastogiveatrueandfairviewthereof subjecttothenondisclosureofanymatterstobeindicatedinthereportwhichbyvirtueofPartIoftheSecond ScheduletothisActarenotrequiredtobedisclosed. SeventhSchedule [Sections352,353.] Modifiedfinancialstatementsofcompaniesqualifyingassmallcompanies PARTI Modifiedfinancialstatements

Introductory Accountsmodifiedasforasmallcompany 1.(1)Inrespectoftherelevantfinancialyear,theremaybedeliveredacopyofamodifiedbalancesheet,instead ofthefullbalancesheet. (2)Themodifiedbalancesheetshallbeanabbreviatedversionofthefullbalancesheet,showingonlythoseitems towhichaletterorRomannumberisassignedinthebalancesheetformatadoptedundertheSecondSchedule PartI,tothisActbutinotherrespectscorrespondingtothefullbalancesheet. (3)Thecopyofthemodifiedbalancesheetshallbesignedasrequiredbysection343ofthisAct. 2.Acopyofthecompany'sprofitandlossaccountneednotbedeliverednoracopyofthedirectors'report otherwiserequiredbysection345ofthisAct. 3.TheinformationrequiredbyPartsVandVIoftheThirdScheduleofthisActneednotbegiven. 4.TheinformationrequiredbytheThirdScheduletothisActtobegiveninnotestotheaccountsneednotbe given,withtheexceptionofanyinformationrequiredbythefollowingprovisionsofthatSchedule paragraph36(accountingpolicies),paragraph38(sharecapital) paragraph39(particularsofallotments),paragraph47(1)and(4)(particularsofdebts) paragraph57(1)(basisoftranslationofforeigncurrencyamountsintonaira),and paragraph57(2)(correspondingamountsforprecedingyear);andthereferenceheretoparagraph57(2)includes thatsubparagraphasappliedtoanyitemstatedinanotetothecompany'saccounts,whetherbyvirtueofa requirementoftheThirdScheduleorunderanyotherprovisionofthisAct. 5.Ifamodifiedbalancesheetisdelivered,thereshallbedisclosedinit(orinanotetothecompany'saccounts delivered) (a)theaggregateoftheamountsrequiredbynote(5)ofthenotesonthebalancesheetformatssetoutinthe SecondSchedulePartItobeshownseparatelyforeachitemincludedunderdebtors(amountsfallingdueafter oneyear);and (b)theaggregateoftheamountsrequiredbynote(13)ofthosenotestobeshownseparatelyforeachitem includedundercreditorsinformat2(amountsfallingduewithinoneyearoraftermorethanoneyear). 6.Thecompanysbalancesheetshallcontainastatementbythedirectorsthat (a)theyrelyonsections350to353ofthisActasentitlingthemtodelivermodifiedaccounts;and (b)theydosoonthegroundthatthecompanyisentitledtothebenefitofthosesectionsasasmallcompany, andthestatementshallappearinthebalancesheetimmediatelyabovethesignaturesofthedirectors. 7.(1)Theaccountsdeliveredshallbeaccompaniedbyaspecialreportoftheauditorsstatingthatintheiropinion

(a)thedirectorsareentitledtodelivermodifiedaccountsinrespectofthefinancialyearasclaimedinthe directorsstatement;and (b)anyaccountscomprisedinthedocumentsdeliveredasmodifiedaccountsareproperlypreparedassuchin accordancewiththisSchedule. (2)Acopyoftheauditorsreportundersection359ofthisActneednotbedelivered;butthefulltextofitshallbe reproducedinthespecialreportunderthisparagraph. (3)Ifthedirectorsproposetorelyonsections350to353ofthisActasentitlingthemtodelivermodifiedaccounts, itshallbetheauditorsdutytoprovidethemwithareportstatingwhether,intheiropinion,thedirectorsareso entitled,andwhetherthedocumentstobedeliveredasmodifiedaccountsareproperlypreparedinaccordance withthisAct. 8.Subjectasabove,wherethedirectorsrelyonsections350to353ofthisActindeliveringanydocuments,and (a)thecompanyisentitledtothebenefitofthosesectionsonthegroundclaimedbythedirectorsintheir statementunderparagraph6;and (b)theaccountscomprisedinthedocumentsareproperlypreparedinaccordancewiththisSchedule, thensection345(3)ofthisActshallhaveeffectasifanydocumentwhichbyvirtueofthisPartofthisScheduleis includedinoromittedfromthedocumentsdeliveredasmodifiedaccountswere(or,asthecasemaybe),not requiredbythisActtobecomprisedinthecompanysaccountsinrespectoftheyear. PARTII Modifiedgroupfinancialstatements(inconsolidatedform)forsmallcompanies Introductory 9.InthisPartofthisScheduleparagraphs1016relatetomodifiedfinancialstatementsforasmallgroup. Smallgroups 10.(1)Inrespectoftherelevantyear,theremaybedeliveredacopyofamodifiedbalancesheet,insteadofthe fullconsolidatedbalancesheet. (2)Themodifiedbalancesheetshallbeanabbreviatedversionofthefullconsolidatedbalancesheet,showingonly thoseitemstowhichaletterorRomannumeralisassignedinthebalancesheetformatadoptedundertheSecond SchedulePartI,butinotherrespectscorrespondingtothefullconsolidatedbalancesheet. 11.Acopyoftheprofitandlossaccountneednotbedeliverednoracopyofthedirectorsreportotherwise requiredbysection343ofthisAct. 12.TheinformationrequiredbytheSecondScheduletothisActtobegiveninnotestogroupfinancialstatements neednotbegiven,withtheexceptionofanyinformationrequiredbyprovisionsofthatSchedulelistedin paragraph4above. 13.Thereshallbedisclosedinthemodifiedbalancesheet,orinanotetothegroupaccountsdelivered,aggregate amountscorrespondingtothosespecifiedinparagraph5above.

14.TheinformationrequiredbyPartVandVIoftheThirdScheduleneednotbegiven. PARTIII Modifiedgroupaccountsconsolidatedorothers 15.Ifmodifiedgroupaccountsaredelivered,thefollowingparagraphsapply. 16.Thedirectors'statementrequiredbyparagraph6tobecontainedinthebalancesheetincludeastatement thatthedocumentsdeliveredincludemodifiedgroupaccounts,inrelianceonsection353ofthisAct. 17.(1)Theauditors'specialreportunderparagraph7shallincludeastatementthatintheiropinion (a)thedirectorsareentitledtodelivermodifiedgroupaccounts,asclaimedintheirstatementinthebalance sheet;and (b)anyaccountscomprisedinthedocumentsdeliveredasmodifiedgroupfinancialstatementsareproperly preparedassuchinaccordancewiththisSchedule. (2)Acopyoftheauditors'reportundersection359neednotbedelivered;butthefulltextofitshallbe reproducedinthespecialreportunderparagraph7. (3)Ifthedirectorsproposetorelyonsection353asentitlingthemtodelivermodifiedgroupfinancialstatements, itistheauditors'dutytoprovidethemwithareportstatingwhether,intheiropinion,thedirectorsaresoentitled, andwhetherthedocumentstobedeliveredasmodifiedgroupfinancialstatementsareproperlypreparedin accordancewiththisSchedule. 18.Subjectasabove,wherethedirectorsrelyonsection353indeliveringanydocuments,and (a)thecompanyisentitledtothebenefitofthatsectiononthegroundclaimedbythedirectorsintheirstatement inthebalancesheet;and (b)theaccountscomprisedinthedocumentsdeliveredasmodifiedfinancialstatementsareproperlypreparedin accordancewiththisSchedule, thensection345(3)haseffectasifanydocumentwhichbyvirtueofthisScheduleisincludedinoromittedfrom thedocumentsdeliveredasmodifiedgroupfinancialstatementswere(or,asthecasemaybe,werenot)required bythisActtobecomprisedinthecompany'sfinancialstatementsinrespectoftheyear. EighthSchedule [Section371.] Contentsandformofannualreturnsofacompanyhavingsharesotherthanasmallcompany PARTI Contents 1.Theaddressoftheregisteredofficeofthecompany.

2.(1)Iftheregisterofmembersis,undertheprovisionsofthisAct,keptelsewherethanattheregisteredofficeof thecompany,theaddressoftheplacewhereitiskept. (2)Ifanyregisterofholdersofdebenturesofthecompanyoranyduplicateofanysuchregisterorpartofany suchregisteris,undertheprovisionsofthisActkeptelsewherethanattheregisteredofficeofthecompany,the addressoftheplacewhereitiskept. 3.Asummary,distinguishingbetweensharesissuedforcashandsharesissuedasfullyorpartlypaidorotherwise thanincash,specifyingthefollowingparticulars (a)theamountofthesharecapitalofthecompanyandthenumberofsharesintowhichitisdivided; (b)thenumberofsharestakenfromthecommencementofthecompanyuptothedateofthereturn; (c)theamountcalleduponeachshare; (d)thetotalamountofcallsreceived; (e)thetotalamountofcallsunpaid; (f)thetotalamountofthesums(ifany)paidbywayofcommissioninrespectofanysharesordebentures; (g)thediscountallowedontheissueofanysharesissuedatadiscountorsomuchofthatdiscountashasnotbeen writtenoffatthedateonwhichthereturnismade; (h)thetotalamountofthesums(ifany)allowedbywayofdiscountinrespectofanydebenturessincethedateof thelastreturn;and (i)thetotalnumberofsharesforfeited. 4.Particularsofthetotalamountoftheindebtednessofthecompanyinrespectofallmortgagesandcharges whicharerequiredtoberegisteredwiththeCommissionunderthisAct. 5.Alist (a)containingthenamesandaddressesofallpersonswho,onthefourteenthdayafterthecompany'sannual generalmeetingfortheyear,aremembersofthecompany,andofpersonswhohaveceasedtobememberssince thedateofthelastreturnor,inthecaseofthefirstreturn,sincetheincorporationofthecompany; (b)statingthenumberofsharesheldbyeachoftheexistingmembersatthedateofthereturn,specifyingshares transferredsincethedateofthelastreturn(or,inthecaseofthefirstreturn,sincetheincorporationofthe company)bypersonswhoarestillmembersandhaveceasedtobemembersrespectively,andthedatesof registrationofthetransfers; (c)ifthenamesaforesaidarenotarrangedinalphabeticalorder,havingannexedtheretoan indexsufficienttoenablethenameofanypersonthereintobeeasilyfound. 6.Allsuchparticularswithrespecttothepersonswhoatthedateofthereturnarethedirectorsofthecompany andanypersonwhoatthatdateisthesecretaryofthecompanyasarebythisActrequiredtobecontainedwith respecttodirectorsandthesecretaryrespectivelyintheregisterofthedirectorsandsecretariesofacompany.

PARTII Form ANNUALRETURNOF.....................................................................................................Limited madeuptothedayof20....(beingthefourteenthdayafterthedate oftheannualgeneralmeetingfortheyear.............................................20......................................) ______________________________________________________________________________ 1.Address.......................................................................................................................................... (Addressoftheregisteredofficeofthecompany) 2.Situationofregistersofmembersanddebentureholders. (a)(Addressofplaceatwhichtheregisterofmembersiskept,ifotherthantheregisteredofficeofthecompany). (b)(AddressofanyplaceinNigeriaotherthantheregisteredofficeofthecompanyatwhichiskeptanyregisterof holdersofdebenturesofthecompanyoranyduplicateofanysuchregisterorpartofanysuchregister). _____________________________________________________________________________ 3.Summaryofsharecapitalanddebentures. (a)Nominalsharecapital NominalsharecapitalN (Insertnumberandclass) ................................................. ................................................. ................................................. (b)Issuedsharecapitalanddebentures Number Class Shares dividedinto: each each each

sharesof sharesof sharesof

................................................. ................................................. .................................................

Numberofsharesofeachclasstakenuptothedate ofthisreturn(whichnumbermustagreewiththetotal showninthelistasheldbyexistingmembers). Numberofsharesofeachclassissuedsubjectto paymentwhollyincash.

Numberofsharesofeachclassissuedaspartlypaidup sharesissuedas foraconsiderationotherthancashandextenttowhich paiduptotheofN eachsuchshareissopaidup. pershare Numberofshares(ifany)ofeachclassissuedata discount. Amountofdiscountontheissueofshareswhichhas N notbeenwrittenoffatthedateofthisreturn. ...............pershareon................... shares AmountcalledN............ uponnumberN.......................pershareon.................... shares ofsharesofN..................................shareon................... shares eachclassN....................................pershare................. shares Totalamountofcallsreceived,includingpaymentson N applicationandallotmentandanysumsreceivedon sharesforfeited. Totalamount(ifany)agreedtobeconsideredaspaidon shares thenumberofshareseachclassissuedasfullypaid........ upforaconsideration....................................................... shares paidotherthancash......................................................... shares Totalamount(ifany)agreedas....................................... shares N......................................................tobeconsidered shares paidonnumberofsharesoreachclassissuedaspartly shares paidupforaconsiderationotherthancash.......................... Totalamountofcallsunpaid N Totalamountofthesums(ifany)paidbywayofcom N missioninrespectofanysharesordebentures. Totalamountofthesums(ifany)allowedbywayof N discountinrespectofanydebenturessincethedateof thelastreturn. Total numberofsharesofeachclassforfeited................. shares 4.Particularsofindebtedness. Totalamountofindebtednessofthecompanyinrespectofallmortgagesandchargeswhichare requiredtoberegisteredwiththeCommissionundertheCompaniesandAlliedMattersAct. 5.Listofpastandpresentmembers. Listofpersonsholdingsharesorstockinthecompanyonthefourteenthdayaftertheannualgen eralmeetingfor20..........andofpersonswhohaveheldsharesorstockthereinatanytimesince thedateofthelastreturn,or,inthecaseofthefirstreturn,oftheincorporationorthecompany. Folioinregister containing particulars Nameand addresses Numberofsharesheldby existingmembersatdate ofreturn* Particularsofsharestrans ferredsincethedateofthe lastreturn,or,inthecase ofthefirstreturn,ofthe incorporationorthe companyby: (a)personswhoarestill membersand(b)persons Accountof shares Remarks

 Folioin register containing particulars

Nameand addresses

whohaveceasedtobe Members* Numberofsharesheld Accountof by existingmembersat date ofreturn* Number shares

Remarks Dateofregis trationof transfer

(a) (b)

*Theaggregatenumberofsharesheldbyeachmembermustbestated,andtheaggregatemustbe addedupsoastoagreewiththenumberofsharesstatedintheSummaryofShareCapitalandDe benturestohavebeentakenup. Whenthesharesareofdifferentclassesthesecolumnsshouldbesubdividedsothatthenumberof eachclassheld,ortransferred,maybeshownseparately.Whereanyshareshavebeenconverted intostock,theamountofstockheldbyeachmembermustbeshown. Thedateofregistrationofeachtransfershouldbegivenaswellasthenumberofsharestransferred oneachdate.Theparticularsshouldbeplacedtogetherwiththatofthetransferee,butthenameof thetransfereemayheinsertedintheremarkscolumnimmediatelyoppositetheparticularsofeach transfer. (i)Ifthereturnforeitherofthetwoimmediatelyprecedingyearshasgivenasatthedateofthat returnthefullparticularsrequiredastopastandpresentmembersandthesharesandstockheldandtransferred bythem,onlysuchoftheparticularsneedbegivenasrelatetopersonsceasingtobeorbecomingmemberssince thedateofthelastreturnandtosharestransferredsincethatdateortochangesascomparedwiththedatein theamountofstockheldbyamember. (ii)Ifthenamesinthelistarenotarrangedinalphabeticalorder,anindexsufficienttoenablethe nameofanypersontobereadilyfoundmustbeannexed. 6.Particularsofdirectorsandsecretaries. Particularsofthepersonswhoaredirectorsofthecompanyatthedateofthisreturn Business Presentfore Anyformer Usual occupation nameor namesand surname Forenamesor Nationality namesand surnames residential address andparticulars ofother directorships Dateofbirth

Particularsofthepersonwhoissecretaryofthecompanyatthedateofthisreturn Name

(Inthecaseofanindividual, presentforenameornames andsurname,inthecaseof a corporation,thecorporate name)

Anyformerforenames orsurnames

Usualresidentialaddress(in thecaseofacorporation, the registeredorprincipaloffice)

Signed...................................................................Director Notes

"Directors"includesanypersonwhooccupiesthepositionofadirectorbywhatsoevername calledandanypersoninaccordancewithwhosedirectionsorinstructionsthedirectorsofthecom panyareaccustomedtoact. "Formerforename"and"formersurname"donotincludeinthecaseofamarriedwomanthe nameorsurnamebywhichshewasknownprevioustothemarriage. Thenamesofallbodiescorporateofwhichthecompanymakingthereturnisthewhollyowned subsidiaryorbodiescorporatewhicharethewhollyownedsubsidiarieseitherofthecompanyorof anothercompanyofwhichthecompanyisasubsidiaryofanotherifithasnomembersexceptthat otherandthatother'swhollyownedsubsidiariesanditsortheirnominees.Ifthespaceprovidedin theformisinsufficient,particularsorbothdirectorshipsshouldbelistedonaseparatestatement attachedtothereturn. Whereallthepartnersinafirmarejointsecretaries,thenameandprincipalofficeofthefirmmay bestated. *Deliveredforfilingby....................................................................................................................... *Thisshouldbeprintedatthebottomofthefirstpageorthereturn. CERTIFICATESANDOTHERDOCUMENTSACCOMPANYINGANNUALRETURNS Certificatetobegivenbyadirectorandthesecretaryofeveryprivatecompany Wecertifythatthecompanyhasnotsincethedateoftheincorporationofthccompany/thelast annualreturn,issuedanyinvitationtothepublictosubscribeforanysharesordebenturesinthe company. Signed......................................................Director Signed.........................................................Secretary Furthercertificatetobegivenasaforesaidifthenumberofmembersofthecompanyexceedsfifty. Wecertifythattheexcessofthenumberofmembersofthecompanyoverfiftyconsistswhollyof personswho,undersubsection(3)ofsection22oftheCompaniesandAlliedMattersAct,arenot tobeincludedinreckoningthenumberfifty. Signed......................................................Director Signed.........................................................Secretary

Certifiedcopiesofaccounts

Thereshallbeannexedtothisreturnawrittencopy,certifiedbothbyadirectorandbythesecretaryofthe companytobeatruecopy,ofeverybalancesheetlaidbeforethecompanyingeneralmeetingduringtheperiod

towhichthisreturnrelates(includingeverydocumentrequiredbylawtobeannexedtothebalancesheet)anda copy(certifiedasaforesaid)ofthereportorthedirectorsaccompanyingeachsuchbalancesheet.Ifanysuch balancesheetordocumentrequiredbylawtobeannexedtheretoisinaforeignlanguage,theremustalsobe annexedtothatbalancesheetatranslationinEnglishofthebalancesheetordocumentcertifiedinaprescribed mannertobeacorrecttranslation.lfanysuchbalancesheetasaforesaidordocumentrequiredbylawtobe annexedtheretodidnotcomplywiththerequirementsofthelawasinforceatthedateofauditwithrespectto theformofbalancesheetordocumentsaforesaid,asthecasemaybe,thereshallbe madesuchadditionstoandcorrectionsinthecopyaswouldhavebeenrequiredtobemadeinthe balancesheetordocumentinordertomakeitcomplywiththesaidrequirements,andthefactthat thecopyhasbeenamendedmustbestatedthereon. NINTHSCHEDULE (Section372.] Annualreturnofasmallcompany PARTI Contents 1. Thenameandaddressoftheregisteredofficeofthecompany. 2.Iftheregisterofmembersis,undertheprovisionsofthisAct,keptelsewherethanatthe registeredofficeofthecompany,theaddressoftheplacewhereitiskept. 3.Ifanyregisterofholdersofdebenturesofthecompanyoranysuchregisterorpartofany suchregisteris,undertheprovisionsofthisAct,keptelsewherethanattheregisteredofficeof thecompany,theaddressoftheplacewhereitiskept. 4. Theauthorisedsharecapitalofthecompany. 5. Theissuedcapital. 6. Thetotalpaidupcapital. 7.Particularsofthetotalamountoftheindebtednessofthecompanyinrespectofallmort gagesandchargeswhicharerequiredtoberegisteredwiththeRegistrarundertheAct. 8.Particularsofthedirectorsandsecretary. PARTII ANNUALRETURNOF................................................................................................ Limited madeuptothedayof..........................20.................(beingthefourteenthdayafterthedate oftheannualgeneralmeetingfortheyear20 ..................................) 1.Name............................................................................................................................... . 2.Address............................................................................................................................ . (Addressoftheregisteredofficeofthecompany) 3.Situationofregistersofmembersanddebentureholders. (a) (Addressofplaceatwhichtheregisterofmembersiskept,ifotherthantheregisteredoffice ofthecompany). (b) (AddressofanyplaceinNigeriaotherthantheregisteredofficeofthecompanyat whichiskeptanyregisterofholdersofdebenturesofthecompanyoranyduplicateofany suchregisterorpartofanysuchregister). 4.Particularsofindebtedness. Totalamountofindebtednessofthecompanyinrespectofallmortgagesandchargeswhichare requiredtoberegisteredwiththeCommissionundertheCompaniesandAlliedMattersAct,the

 particularsofwhicharesetintheannexedstatement.N......................... . 5.Particularsofdirectorsandsecretaries. Particularsofthepersonswhoaredirectorsofthecompanyatthedateofthisreturn Name presentfore nameor namesand surname Anyformer Usual residential address Business occupationand particulars ofother directorships Dateofbirth

forenamesor Nationality namesand surnames

Particularsofthepersonwhoissecretaryofthecompanyatthedateofthisreturn Name (Inthecaseofanindividual, presentforenameornames andsurname,inthecaseof acorporation,thecorporate name) Anyformerforenames orsurnames registeredorprincipaloffice) Usualresidentialaddress(in thecaseofacorporation,the

Signed...............................................................Director

"Directors"includesanypersonwhoisappointedadirectorbythecompany,orisdescribedasa directorbythecompany,andanypersoninaccordancewithwhosedirectionsorinstructionsthe directorsofthecompanyareaccustomedtoact. "Formerforename"and"formersurname"donotincludeinthecaseofamarriedwomanthe nameorsurnamebywhichshewasknownprevioustothemarriage. ThenamesofallbodiescorporateincorporatedinNigeriaofwhichthedirectorisalsoadirector shouldbegiven,exceptbodiescorporateofwhichthecompanymakingthereturnisthewholly ownedsubsidiaryorbodiescorporatewhicharethewhollyownedsubsidiarieseitherofthecompanyorof anothercompanyofwhichthecompanyisthewhollyownedsubsidiary.Abodycorporateisdeemedtobethe whollyownedsubsidiaryofanotherifithasnomembersexceptthatotherandthatother'swhollyowned subsidiariesanditsortheirnominees.Ifthespaceprovidedintheformisinsufficient,particularsofother directorshipsshouldbelistedonaseparatestatementattachedtothisreturn. Whereallthepartnersinafirmarejointsecretaries,thenameandprincipalofficeofthefirm shouldbestated. *Deliveredforfilingby...................................................................................................................... *Thisshouldbeprintedatthebottomofthefirstpageofthereturn. CERTIFICATESANDOTHERDOCUMENTSACCOMPANYINGANNUALRETURN

Certificatetobegivenbyadirectorandthesecretaryofeveryprivatecompany Wecertifythatthecompanyhasnotsincethedateoftheincorporationofthecompany/thelast annualreturn,issuedanyinvitationtothepublictosubscribeforanysharesordebenturesofthe company. Signed...................................Director Signed...................................Secretary Furthercertificatetobegivenasaforesaidifthenumberofmembersofthecompanyexceedsfifty. Wecertifythattheexcessofthenumberofmembersofthecompanyoverfiftyconsistswhollyof persons,whoundersection22(3)oftheCompaniesandAlliedMattersAct,arenottobeincluded inreckoningthenumberoffifty,andwealsocertifythatthecompanystillretainsitssmallness. Signed....................................... CertifiedcopiesofAccounts Thereshallbeannexedtothisreturnawrittencopy,certifiedbothbyadirectorandbythesecretaryofthe companytobeatruecopy,ofeverybalancesheetlaidbeforethecompanyingeneralmeetingduringtheperiod towhichthisreturnrelates(includingeverydocumentrequiredbylawtobeannexedtothebalancesheet)anda copy(certifiedasaforesaid)ofthereportofthedirectorsaccompanyingeachsuchbalancesheet.Ifanysuch balancesheetordocumentrequiredbylawtobeannexedtheretoisinaforeignlanguage,theremustalsobe annexedtothatbalancesheetatranslationinEnglishofthebalancesheetordocumentcertifiedinprescribed mannertobeacorrecttranslation.Ifanysuchbalancesheetasaforesaidordocumentrequiredbylawtobe annexedtheretodidnotcomplywiththerequirementsofthelawasinforceatthedateofauditwithrespectto theformofbalancesheetsordocumentsaforesaid,asthecasemaybe,thereshallbemadesuchadditionstoand correctionsinthecopyaswouldhavebeenrequiredtobemadeinthebalancesheetordocumentinorderto makeitcomplywiththesaidrequirements,andthefactthatthecopyhasbeenamendedmustbestatedthereon. Director

Signed.....................................Secretary

TENTHSCHEDULE [Section373.] Annualreturnofacompanylimitedbyguarantee (UndertheCompaniesandAlliedMattersAct) ANNUALRETURNOF................................................................................................ Limited madeuptothedayof20.......................(beingthefourteenthdayafterthedate oftheannualgeneralmeetingfortheyear..................................20...............................) 1.Address............................................................................................................................ . (Addressoftheregisteredofficeofthecompany) 2.Situationofregistersofmembersanddebentureholders. (a) (Addressofplaceatwhichtheregisterofmembersiskept,ifotherthantheregisteredoffice ofthecompany). (b) (AddressofanyplaceinNigeriaotherthantheregisteredofficeofthecompanyat whichiskeptanyregisterofholdersofdebenturesofthecompanyoranyduplicateofany suchregisterorpartofanysuchregister). 3.Particularsofindebtedness. Totalamountofindebtednessofthecompanyinrespectofallmortgagesandchargeswhichare requiredtoberegisteredwiththeCommissionunderthisAct,theparticularsofwhicharesetinthe

annexedstatement.N................................. 4.Particularsofdirectorsandsecretaries. Particularsofthepersonswhoaredirectorsofthecompanyatthedateofthisreturn Name presentfore nameor namesand surname Anyformer Usual residential address Business occupationand particulars ofother directorships Dateofbirth

forenamesor Nationality namesand surnames

Particularsofthepersonwhoissecretaryofthecompanyatthedateofthisreturn Name (Inthecaseofanindividual, presentforenameornames andsurname,inthecaseof acorporation,thecorporate name) Anyformerforenames orsurnames registeredorprincipaloffice) Usualresidentialaddress(in thecaseofacorporation,the

Signed......................................................................Director Notes

"Directors"includesanypersonwhooccupiesthepositionofadirectorbywhatsoevername calledandanypersoninaccordancewithwhosedirectionsorinstructionsthedirectorsofthecom panyareaccustomedtoact. "Formerforename"and"formersurname"donotincludeinthecaseofamarriedwomanthe nameorsurnamebywhichshewasknownprevioustothemarriage. ThenamesofallbodiescorporateincorporatedinNigeriaofwhichthedirectorisalsoadirector, shouldbegiven,exceptbodiescorporateofwhichthecompanymakingthereturnisthewholly ownedsubsidiaryofbodiescorporatewhicharethewhollyownedsubsidiarieseitherofthecom panyorofanothercompanyofwhichthecompanyisthewhollyownedsubsidiaryofanotherifit hasnomembersexceptthatotherandthatother'swhollyownedsubsidiariesanditsortheirnomi nees.Ifthespaceprovidedintheformisinsufficient,particularsofbothdirectorshipsshouldbe listedonaseparatestatementattachedtothereturn. Whereallpartnersinafirmarejointsecretaries,thenameandprincipalofficeofthefirmshould bestated. *Deliveredforfilingby................................................................................................................. *Thisshouldbeprintedatthebottomofthefirstpageofthereturn. CERTIFICATESANDOTHERDOCUMENTSACCOMPANYINGANNUALRETURN Certificatetobegivenbyadirectorandthesecretaryofeveryprivatecompany Wecertifythatthecompanyhasnotsincethedateoftheincorporationofthecompany/thelast annualreturn,issuedanyinvitationtothepublictosubscribeforanysharesordebenturesofthe company. Signed...............................................Director Signed.............................................Secretary Furthercertificatetobegivenasaforesaidifthenumberofmembersofthecompanyexceedsfifty. Wecertifythattheexcessofthenumberofmembersofthecompanyoverfiftyconsistswhollyof personswho,undersubsection(3)ofsection22oftheCompaniesandAlliedMattersAct,arenot tobeincludedinreckoningthenumberoffifty. Signed.............................................Director Signed..........................................Secretary CertifiedcopiesofAccounts Thereshallbeannexedtothisreturnawrittencopy,certifiedbothbyadirectorandbythesecre taryofthecompanytobeatruecopy,ofeverybalancesheetlaidbeforethecompanyingeneral meetingduringtheperiodtowhichthisreturnrelates(includingeverydocumentrequiredbylawto beannexedtothebalancesheet)andacopy(certifiedasaforesaid)ofthereportofthedirectors accompanyingeachsuchbalancesheet.Ifanysuchbalancesheetordocumentrequiredbylawto beannexedtheretoisinaforeignlanguage,theremustalsobeannexedtothatbalancesheeta translationinEnglishofthebalancesheetordocumentcertifiedinprescribedmannertobeacor recttranslation.Ifanysuchbalancesheetasaforesaidordocumentrequiredbylawtobeannexed theretodidnotcomplywiththerequirementsofthelawasinforceatthedateofauditwithrespect totheformofbalancesheetsordocumentsaforesaid,asthecasemaybe,theremustbemadesuch additionstoandcorrectionsinthecopyaswouldhavebeenrequiredtobemadeinthebalance sheetordocumentinordertomakeitcomplywiththesaidrequirements,andthefactthatthecopy hasbeenamendedmustbestatedthereon.

ELEVENTHSCHEDULE [Section393(3).] Powersofreceiversandmanagersofthewholeorsubstantiallythewhole ofthecompany'sproperty 1.Powertotakepossessionof,collectandgetinthepropertyofthecompanyand,forthat purpose,totakesuchproceedingsasmayseemtohimexpedient.

2.Powertosellorotherwisedisposeofthepropertyofthecompanybypublicauctionor privatecontract. 3.Powertoraiseorborrowmoneyandgrantsecuritythereforeoverthepropertyofthecom pany. 4.Powertoappointasolicitororaccountantorotherprofessionallyqualifiedpersontoassist himintheperformanceofhisfunctions. 5.Powertobringordefendanyactionorotherlegalproceedingsinthenameandonbehalf ofthecompany. 6.Powertorefertoarbitrationanyquestionaffectingthecompany. 7.Powertoeffectandmaintaininsurancesinrespectofthebusinessandproperlyofthe company. 8.Powertousethecompany'sseal. 9.Powertodoallactsandtoexecuteinthenameandonbehalfofthecompanyanydeed, receiptorotherdocument. 10.Powertodraw,accept,makeandendorseanybillofexchangeorpromissorynoteinthe nameandonbehalfofthecompany. 11.Powertoappointanyagenttodoanybusinesswhichheisunabletodohimselforwhich canmoreconvenientlybedonebyanagentandpowertoemployanddismissemployees. 12.Powertodoallsuchthings(includingthecarryingoutofworks)asmaybenecessaryfor therealisationofthepropertyofthecompany. 13.Powertomakeanypaymentwhichisnecessaryorincidentaltotheperformanceofhis functions. 14.Powertocarryonthebusinessofthecompany. 15.Powertoestablishsubsidiariesofthecompany. 16.Powertotransfertosubsidiariesofthecompanythewholeoranypartofthebusiness andpropertyofthecompany. 17.Powertograntoracceptasurrenderofaleaseortenancyofanyofthepropertyofthe company,andtotakealeaseortenancyofanypropertyrequiredorconvenientforthebusi nessofthecompany. 18.Powertomakeanyarrangementorcompromisesonbehalfofthecompany. 19.Powertocallupanyuncalledcapitalofthecompany. 20.Powertorankandclaiminthebankruptcy,insolvency,sequestrationorliquidationof anypersonindebtedtothecompanyandtoreceivedividends,andtoaccedetotrustdeedsfor thecreditorsofanysuchperson. 21.Powertopresentordefendapetitionforthewindingupofthecompany. 22.Powertochangethesituationofthecompany'sregisteredoffice. 23.Powertodoallotherthingsincidentaltotheexerciseoftheforegoingpowers. TWELFTHSCHEDULE [Section490(2).] Provisionsnotapplicableonwindingupundersupervisionofthecourt Section 388 Subjectmatter Powertoappointofficialreceiverfordebentureholdersandothers.

420 421 422 427 428 429 430 431 432 433 434 435 436 450 453

Statementofcompany'saffairstobesubmittedtoofficialreceiver. Reportbyofficialreceiver. Appointment,remunerationandtitleofliquidators(exceptsubsection8). Exerciseandcontrolofliquidator'spowers. Paymentsbyliquidatorintocompaniesliquidationaccount. Audit,etc.,ofliquidator'saccount. Bookstobekeptbyliquidator. Releaseofliquidator. Controloverliquidators. Powertoappointcommitteeofinspection,etc. Powers,etc.,ofcommitteeofinspection. Powerswherenocommitteeofinspectionisappointed. Powertoappointspecialmanager. Powertoorderpublicexaminationofpromoters,etc. Delegationtoliquidatorofcertainpowersofthecourt.

THIRTEENTHSCHEDULE [Section546.] ProvisionofthisActapplyingtounregisteredcompanies ProvisionsofthisActapplied Subjectmatter Limitationonapplication Sections370to378andEighth, Annualreturn Nottoapplysoastorequireparticulars inrespectofanyperiodbeforethe commencementofthisAct,andas respectsanyperiodthereaftertoapply sofaronlyasmaybespecifiedassaid andtosuchbodiescorporateasmaybe specified. Sections331to369andFifthto Accountsand Toapplysofarasmaybespecifiedas NinthSchedules audit aforesaidandtosuchbodiescorporate asmaybesospecified. Sections 314to330 Investigations Sections275,276,277,632,633, Registration Toapplysofaronlyastheyhave 634,638,640,645,647(1)and ofdocument effectinrelationtoprovisionsappl 649, andSeventeenthSchedule enforcement yingbyvirtueoftheforegoingentries andsupple inthisSchedule. mentalmatters FOURTEENTHSCHEDULE [Section553.] Formsofstatementtobepublishedbybankingandinsurancecompaniesanddeposit,providentor benefitsocieties

Thesharecapitalis..............................dividedinto ...............................................sharesor .........................................................................each. Thenumberofsharesissuedis Callstotheamountof............................................................nairapersharehavebeenmade, underwhichthesumof .....................................................................nairahasbeenreceived. TheliabilitiesofthecompanyonthefirstdayofJanuary(orJuly)were Debtsowingtosundrypersonsbythecompany Onjudgment,N OnspecialtyN Onnotesorbills,N Onsimplecontracts,N Onestimatedliabilities,N Theassetsofthecompanyonthatdaywere Governmentsecurities(statingthem),N Billsofexchangeandpromissorynotes,N Cashatthebankers,N Othersecurities,N *Ifthecompanyhasnosharecapital,theportionofthestatementrelatingtocapitalandshares mustbeomitted. FIFTENTHSCHEDULE [Sections549,551.S.1.2of1998.] PARTA FeestobepaidformattersunderpartAoftheAct Registrationofpubliccompanieswhosenominalsharecapital N15,000.00 (a)doesnotexceedN1,000,000 (b)exceedsN1,000,000 N15,000.00andthereafterN10,000.00 ofprivatecompanywhosenominalsharecapital notexceedNI,000,000 exceedsNI,000,000 changeofcompanyname filingofannualreturns ofchargeswheretheamount doesnotexceedN1,000,000.00 exceedsN1,000,000.00

N5,000.00 N5,000.00andthereafterN1,000.00orpart thereof N3,000.00 N500.00

N5,000.00 N5,000.00andthereafterN1,000.00 foreveryN1,000,000orpartthereof

deedofrelease changesinForrnsC02andCO7 companysearchperdocument

N500 N500 N250

certifiedtruecopyofcertificateofincorporation N3,000 certifiedtruecopyofmemorandumandarticlesof association N1,500 certifledtruecopyofFormsC02,C06andCO7 N500 certitiedtruecopyofallotherdocuments N500 increaseofsharecapitaloneveryNI,000,000 N5,000 penaltiesforlatefilingofdocument N1,000exceptincreasesandcharges reinstatementofcompanyname N5,000 alterationofmemorandumandarticlesofassocia tion N2,000

penaltiesforlatefilingofincreaseandcharges N2,000 registrationofacompanynothavingashare capital N10,000 asetofcompanyincorporationforms N250 miscellaneous N250 availabilityforms N100 singleformse.g.C02,C06,CO7,etc. N50each PARTB registrationofbusinessnameform registrationofbusinessname changeofname businessnamesearch changeofpartnership changeofaddress PARTC registrationofincorporatedtrusteesform registrationorincorporatedtrustees changeofname changeoftrustees N500 N5,000 N3,000 N250 N3,000 N500 N100 N2,000 N250 N200 N500 N200 N500

certifiedtruecopyofabusinessnamecertificate

N10,000

incorporatedtrusteessearches certifiedtruecopyofcertificate

certifiedtruecopyofallotherdocuments

SUBSIDIARYLEGISLATION

ListofSubsidiaryLegislation 1.CompaniesProceedingsRules. 2.CompaniesWindingUpRules.

COMPANIESPROCEEDINGSRULES [S.l.14of1992.] undersection635(1) [Commencement.] 1. Entitlementofproceedings (1)Everyoriginatingsummons,noticeoforiginatingmotionandpetitionbywhich anysuchproceedingsarebegunandallaffidavits,noticesandotherdocumentsinthose proceedingsshallbeentitledinthematterofthecompanyinquestionandinthematterof theCompaniesandAlliedMattersAct. (2)Theoriginatingsummonsbywhichanapplicationforleaveundersection254(1) oftheActismadeshallbeentitledinthematterofthecompanyinrelationtowhichthe plaintiffwasconvictedorwasguiltyofsuchanoffenceorofsuchconductasismen tionedinthesaidsectionandinthematteroftheAct. 2. Particularapplicationtobemadebyoriginatingsummons (1)Exceptinthecaseoftheapplicationmentionedinrules5and6oftheseRules andapplicationsmadeinproceedingsrelatingtothewindingupofcompanies,everyap plicationundertheActshallbemadebyoriginatingsummons. (2)AnoriginatingsummonsundertheseRulesshallbeinForm1specifiedinthe ScheduletotheseRules. (3)Anapplicationundersection317or638oftheActmaybemadebyexparte originatingsummons. 3. Applicationtobemadebyoriginatingmotion ThefollowingapplicationsundertheActshallbemadebyoriginatingmotion, namely,applications (a) undersection23(2)foranorderthatacompanyberelievedfromtheconse quencesofdefaultincomplyingwithconditionsconstitutingthecompanya privatecompany; undersection46(8),129(2)or312(5)foranorderextendingthetimefor deliverytotheCorporateAffairsCommissionofanydocumentrequiredby thatsectiontobedelivered; undersection90(1)fortherectificationoftheregisterofmembersofacom pany; undersection315foranorderdeclaringthattheaffairsofacompanyoughtto beinvestigatedbyaninspectorappointedbytheCommission; undersection319(3)and(4)foraninquiryintoanysuchcaseasistherein mentioned; [1stNovember,1992]

(b)

(c) (d) (e)

(f) (g)

undersection329foranorderdirectingthatanysharesinordebenturesofa companyshallceasetobesubjecttorestrictionsimposedbythatsection;and undersection524(1)foranorderdeclaringadissolutionofacompanywhich hasnotbeenwounduptohavebeenvoid.

4. Applicationtobemadebypetitions ThefollowingapplicationsundertheActshallbemadebypetition,namely,applica tions (a) (b) undersection46(1)and(2)tocancelthealterationofacompany'sobjects; undersection47(1)tocancelthealterationofaconditioncontainedinacom pany'smemorandum;

(c)undersection53(3)tocancelaspecialresolutiontowhichthatsectionapplies; undersection120toconfirmareductionofthesharepremiumaccountofa company; (e) undersection121(2)tosanctiontheissuebyacompanyofsharesatadis count; (f) undersection158toconfirmareductionofthecapitalredemptionreserve fundofacompany; (g)undersection107(1)toconfirmareductionofthesharecapitalofacompany; (h) (i) (j) undersection142(1)tocancelanyvariationorabrogationoftherightsat tachedtoanyclassofsharesinacompany; undersection311(1)forreliefonthegroundthattheaffairsofacompanyare beingconductedinanillegaloroppressivemanner; undersection525(6)foranorderrestoringthenameofacompanytothereg ister,wheretheapplicationismadeinconjunctionwithanapplicationforthe windingupofthecompany; undersection591(3)tosanctionaschemeforamergerbetweentwoormore companies; undersection641forrelieffromliabilityofanofficerofacompanyoraper sonemployedbyacompanyasauditor. Summonsfordirection (d)

5.

(k) (l)

(1)Afterpresentationofapetitionbywhichanysuchapplicationasismentionedin rule6oftheseRulesismade,thepetitioner,exceptwherehisapplicationisoneofthose mentionedinparagraph(2)ofthisrule,shalltakeoutasummonsfordirectionunderthis rule. (2)Theapplicationsreferredtoinparagraph(1)ofthisruleare (a) anapplicationundersection121(2)oftheActtosanctiontheissuebyacom panyofsharesatadiscount; (b) anapplicationundersection591(3)oftheActtosanctionacompromiseor arrangement,unlessthereisincludedinthepetitionforsuchsanctionanappli cationforanorderunderparagraphs(a)to(f)ofthatsubsection; anapplicationundersection525(6)oftheActforanorderrestoringthename ofacompanytotheregister.

(c)

(3)Onthehearingofthesummons,thecourtmay,byorder,givesuchdirectionsas totheproceedingstobetakenbeforethehearingofthepetitionasitthinksfit,including, inparticular,directionsforthepublicationofnoticesandthemakingofanyinquiry. (4)Wheretheapplicationmadebythepetitionistoconfirmareductionoftheshare capital,thesharepremiumaccountorthecapitalredemptionreservefundofacompany,

thenwithoutprejudicetothegeneralityofparagraph(3)ofthisrule,thecourtmaygive directions (a) (b) foraninquirytobemadeastothedebtsof,andclaimsagainst,thecompanyorastoanyclassor classesofsuchdebtsorclaims; astotheproceedingstobetakenforsettlingthelistofcreditorsentitledtosubjectto thereductionandfixingthedatebyreferencetowhichthelististobemade,

andthepowerofthecourtundersection107(2)oftheActtodirectthatsection107(2) thereofshallnotapplyasregardsanyclassorclassesofcreditors,maybeexercisedon anyhearingofthesummons. (5)Rules8to13oftheserulesshallhaveeffectsubjecttoanydirectiongivenbythe courtunderthisrule. 6.Inquiryastodebts:companytomakelistofcreditors (1)Wherethecourtorderssuchaninquiryasismentionedinparagraph(4)ofrule5oftheserules,the companyinquestionshall,within14daysafterthemakingoftheorder,fileintheofficeoftheCompaniesCourt Registraranaffidavitmadebyanofficerofthecompanycompetenttomakeitverifyingalistcontaining (a) (b) thenameandaddressofeverycreditorentitledtoanydebtorclaimtowhich theinquiryextends; theamountduetoeachcreditorinrespectofsuchdebtorclaimorinthecase ofadebtorclaimwhichissubjecttoanycontingencyorsoundsonlyindam agesorforsomeotherreasondoesnotbearacertainvalue,ajustestimateof thevaluethereof;and thetotalofthoseamountsandvalues.

(c)

(2)Thedeponentshallstateintheaffidavithisbeliefthatatthedatefixedbythecourtasthedateby referencetowhichthelististobemadethereisnodebtorclaimwhich,ifthatdatewerethecommencementof thewindingupofthecompany,wouldbeadmissibleinproofagainstthecompanyotherthanthedebtsorclaims towhichtheinquirydoesnotextend,andshallalsostatehismeansofknowledgeofthemattersdeposedto. (3)Thelistshallbeleftattheofficementionedinparagraph(1)ofthisrulenotlater thanonedayaftertheaffidavitisfiled. 7.Inspectionoflistofcreditors (1)Copiesofthelistmadeunderrule6oftheseRuleswiththeomission,unlessthecourtotherwisedirects,of theamountduetoeachcreditorandtheestimatedvalueofanydebtorclaimtowhichanycreditorisentitled, shallbekeptattheregisteredorheadofficeofthecompanyandattheofficeofthecompany'ssolicitor. (2)Anypersonshallbeentitledduringordinarybusinesshours,onpaymentofafee ofN10,toinspectthesaidlistatanysuchofficeandtotakeextractstherefrorn. 8.Noticetocreditors Within14daysafterfilingtheaffidavitrequiredbyrule6oftheseRules,thecompanyshallsendbyregistered posttoeachcreditornamedinthelistexhibitedtotheaffidavit,athislastknownaddress,anoticestating (a)theamountofthereductionsoughttobeconfirmed; (b)theeffectoftheorder,directinganinquiryastodebtsandclaims; (c)theamountorvaluespecifiedinthelistasdueorestimatedtobeduetothatcreditor;and

(d)thetimefixedbythecourtwithinwhich,ifheclaimstobeentitledtoalargeamount,heshallsend particularsofhisdebtorclaimandthenameandaddressofhissolicitor,ifany,tothecompany'ssolicitor.

9. Advertisementofpetitionandlistofcreditors Afterfilingtheaffidavitrequiredbyparagraph(b)ofthisrule,thecompanyshallinsert,insuchnewspapers andatsuchtimesasthecourtmaydirect,anoticestating (a) thedateofpresentationofthepetitionandtheamountofthereductionthereby soughttobeconfirmed; (b)theinquiryorderedbythecourtunderrule6oftheseRules; (c) theplaceswherethelistofcreditorsmaybeinspectedinaccordancewithrule7oftheseRules; (d)thetimewithinwhichanycreditornotnamedinthelistwhoclaimstobeentitledtoanydebtorclaimto whichtheinquiryextendsshallsendhisnameandaddress,thenameandaddressofhissolicitor,ifany, andparticularsofhisdebtorclaimtothecompany'ssolicitor. 10.Affidavitastoclaimsmadebycreditors Withinsuchtimeasthecourtmay,fromtimetotime,direct,thecompanyshallfileintheofficeofthe CompaniesCourtRegistrar,anaffidavitmadebythecompany'ssolicitorandanofficerofthecompanycompetent tomakeit (A) provingserviceofthenoticesmentionedinrule8oftheserulesandtheadvertisementofthenotice mentionedinrule9oftheseRules; (B) verifyingalistcontainingthenamesandaddressesofthepersons(ifany)whoinpursuanceofsuch noticessentinparticularsofdebtsorclaims,specifyingtheamountofeachdebtorclaim; (C) distinguishinginsuchlistthosedebtsorclaimswhichare (i)wholly,orastoanyandwhatpartthereof,admittedbythecompany; (ii)disputedbythecompanyorallegedbythecompanytobeoutsidethescopeofinquiry;and (iii)statingwhichofthepersonsnamedinthelistmadeunderthisrule,havebeenpaidorconsenttothe reductionsoughttobeconfirmed.

11.Adjudicationofdisputedclaim Ifthecompanycontendsthatapersonisnotentitledtobeenteredinthelistofcreditorsinrespectofanydebt orclaimorinrespectofthefullamountclaimedbyhiminrespectofanydebtorclaim,then,unlessthecompany iswillingtosecurepaymentofthatdebtorclaimbyappropriatingthefullamountofthedebtorclaim,the companyshall,ifthecourtsodirects,sendtothatpersonbypostathislastknownaddressanoticerequiringhim (a) withinsuchtimeasmaybespecifiedinthenotice,beingnotlessthanfourcleardaysafterservice thereof,tofileanaffidavitprovinghisdebtorclaimor,asthecasemaybe,somuchthereofasisnot admittedbythecompany;and toattendtheadjudicationofhisdebtorclaimattheplaceandtimespecifiedinthenotice,beingthe timeappointedbythecourtfortheadjudicationofdebtsandclaims.

(b)

12.Certifyinglistsofcreditorsentitledtoobjecttoreduction Thelistofcreditorsentitledtoobjecttosuchreductionasismentionedinrule5(4)oftheseRulesassettledby thecourtundersection107(2)oftheAct,shallbecertifiedandfiledbytheCourtRegistrarandthecertificate shall (a)specifythedebtsorclaims(ifany)disallowedbytheCourt; (b)distinguishthedebtsorclaims(ifany) (i)thefullamountofwhichisadmittedbythecompany; (ii)thedebtsorclaims(ifany)thefullamountofwhichthoughnotadmittedbythecompany,the companyiswillingtoappropriate;

(iii)thedebtsorclaims(ifany)theamountofwhichhasbeenfixedbyadjudicationoftheCourtunder section107(2)oftheAct;and (iv)otherdebtsorclaims; (c) specifythetotalamountofthedebtsorclaimspaymentofwhichhasbeensecuredbyappropriatingunder section107(2)oftheAct;

(d)showwhichcreditorsconsenttothereductionandthetotalamountoftheirdebtsorclaims; (e) specifythecreditorswhosoughttoprovetheirdebtsorclaimsunderruleIIoftheseRulesandstatewhich ofsuchdebtsorclaimswereallowed.

13.Evidenceofconsentofcreditors Theconsentofacreditortosuchreductionasismentionedinrule5(4)oftheseRules,maybeprovedinsuch mannerasthecourtmaythinksufficient. 14.Time,etc.,ofhearingofpetitionforconfirmationofreduction (1)Apetitionfortheconfirmationofanysuchreductionasismentionedinrule5(4)oftheseRulesshallnot, wherethecourthaddirectedaninquirypursuanttothatrule,beheardbeforetheexpirationofatleasteightclear daysafterthefilingofthecertificatementionedinrule12ortheseRules. (2)Beforethehearingofsuchapetition,anoticespecifyingthedayappointedforthehearingshallbe publishedatsuchtimesandinsuchnewspapersasthecourtmaydirect. 15.Restrictionontakingeffectoforderundersection121(2) Unlessthecourtotherwisedirects,anorderundersection121(2)oftheActsanctioningtheissueofsharesat adiscount,shalldirectthatanofficecopyoftheorderbedeliveredtotheRegistrarGeneralofCompanieswithin 10daysafterthemakingoftheorderorsuchextendedtimeasthecourtdirected. 16.AffidavittobefiledincourtRegistry WhereanapplicationtowhichtheseRulesrelateisproceedinginajudicialdivisioninwhichthecompanyhas itsregisteredoffice,allaffidavitsmadeinconnectionwiththeapplicationshallbefiledinthatRegistry. 17.Wheremotions,etc.,canbefiled Whereveranynoticeofmotionornoticeoforiginatingsummonsoranypetitionistobeissuedortiled,such petitionmaybeissuedoutorfiledintheRegistryofthecourtinthejudicialdivisioninwhichtheregisteredoffice ofthecompanyissituatedorinwhichthecompanyiscarryingonasubstantialpartofitsbusiness. 18.NoncompliancewiththeRules,etc. NoproceedingsundertheActshallbeinvalidatedbyreasononlythattheseRulesarenotfullycompliedwith orinrespectofanyotherirregularity,unlessthecourtbeforewhichanobjectionismadetotheproceeding,isof theviewthattheinjusticecannotberemediedbyanyorderofthatcourt. 19.ApplicationofCourt'sCivilProcedureRules InallproceedingsinorbeforethecourtconcerningtheoperationsoftheActwherenoprovisionismadeby theseRules,theFederalHighCourt(CivilProcedure)Rulesshallapply. 20.Interpretation Intheserules,unlessthecontentotherwiserequires "Act"meanstheCompaniesandAlliedMattersAct; [Cap.C20] "thecompaniescourtregistrar"meansanyofficeroftheCourtwhoisaregistrarwithinthemeaningofanyrules forthetimebeinginforcerelatingtothewindingupofcompanies; "thecourt"meanstheFederalHighCourt.

21.ApplicationandForms (1)TheseRulesshallapplytoallproceedingstakenoutorarisingfromanyprovisionofanysectionofPartAof theCompaniesandAlliedMattersAct. (2)TheformssetoutintheScheduletotheseRulesandanyotherforminuseinordinarycivilproceedingsof thecourt,whereapplicable,oranyotherformswhichmay,fromtimetotime,bemadeonorderoftheChief Judge,maybeused. 22.Citationandcommencement TheseRulesmaybecitedastheCompaniesProceedingsRulesandshallcomeintoeffectonthe1stdayof November 1992.

SCHEDULE FORMS FORMI INTHEFEDERALHIGHCOURT......................................................................... DIVISIONHOLDENAT......................................................................................... SUITNO..................................................................................................... of20............ INTHEMATTEROFXLIMITED(registerednameofthecompanyasitappearsinitscertificate).

FORM2 OriginatingSummons (HeadingasinForm1) LetI...................................................................................... of(address)or,iftheRespondent isaCompanyXLimited,whoseregisteredofliceissituate(address)within................................days onorafterserviceofthisSummonson(himorit)inclusiveofthedayofsuchservice,causean appearancetobeenteredfor(himorit)tothisSummons,whichisof(addressanddescription)for anorderof(specifythereliefsought). DATEDthe.............................dayof..........................................................20......................... ThisSummonswastakenoutbyA.B.&Co.of(address)SolicitorsfortheApplicant. ..............................................................................................................................................................

FORM3 Petition (HeadingasinForm1) ThehumblePetitionoftheabovenamedXLimited(foracompanythatisthesameasonereferred tointheheading)orYLimitedwhoseregisteredofficeissituateat(address)fortheCompanythat isnotthesameasonereferredtointheheading;orwherethepetitionerisnotacompany,justA.B. of(address)statesasfollows FORM4 Petitiontocancelalterationofobjects

(HeadingasinFormI,preambleasinForm3) 1.Theabovementionedcompany(hereinafterreferredtoas"thecompany")wasincorporated on................................................................................................................................... asacompany(limitedbyshares). 2. Theregisteredofficeofthecompanyissituateat(address). .......................................................................................................................................................... 3.Theobjectsforwhichthecompanywasestablishedaresetforthinclause................................ ofitsmemorandumofassociationasfollows:(setouttheobjectsassetoutinsuchclausein extenso). 4. ThecapitalofthecompanyisN.................................dividedinto.......................................................... sharesof...............................................................each....................................... ofthesaid sharesof...............................................................eachofandtheremainderare andarenotfullypaidup.

5.Afteritsincorporationnamelyon..........................20......................................thecompanyobtained acertificatethatitwasentitledtocommencebusiness,(andithascontinuedtocarryon businesseversinceorasthecasemaybe).Theprincipalbusinessofthecompanyasalways (sinceatleasttheyear20....................)beenthatof............................................................ Intheyear20...................itacquiredthebusinessof..................................................................... . andof........................................................................... ..........................whichithascarriedonever since,butonamuchsmallerscalethanitsprincipalbusiness.(Ithasneverhadanyinterests whatsoeverinanybusinessconnectedwith.................................... orasthecasemaybe). 6.Atanextraordinarygeneralmeetingofthecompanydulyconvenedandheldon................ 20..................................,thefollowingresolutionwasdulypassedasaspecialresolutionin accordancewithsection46oftheCompaniesandAlliedMattersActnamely: 7.YourPetitioner(areorhavebeenappointedinwritingby)A.B.C.D.andP.Q.,being(notless than15percentofthesaidcompany'smembersortheholdersornotlessintheaggregate than15percentinnominalvalueofthesaidcompany'sissuedsharecapitalornotlessthan 15percentinnominalvalueofthesaidcompany'sissuedsharecapitalornotlessthan15per centofthesaidcompany'sdebenturesentitlingtheholderstoobjecttoalterationofits objects). 8.YourPetitioner(andthesaidA.B.,C.D.andP.Q)werepresentatthesaidextraordinarygen eralmeeting(inpersonorbyproxy)andvotedagainstthesaidalteration(q)orasthecase maybe. 9.ThesaidalterationwouldprejudiceyourPetitioners(andtheotherpersonsentitledtoobject thereto)inthat(statethereasonswhytheobjectorswouldbeprejudiced). YourPetitionersthereforehumblyprayasfollows (1)Thealterationofthecompany'sobjectseffectedbythespecialresolutionsetoutinparagraph6ofthis PetitionmaybecancelledbythecourtpursuanttosectionoftheCompaniesandAlliedMattersAct. (2)Thatthecompanymaybeorderedtopaythecostsofthispetition. (3)Orthatsuchotherordermaybemadeinthepremisesasthecourtmaydeemnecessary. DATEDthe................................dayof................................ ....20................................. Signed........................................ A.B.&Co. SolicitorstothePetitioners Address......................................

(4)Petitiontocancelalterationofconditionscontainedinthememorandum,andpetitionto cancelsubstitutionofmemorandumandarticlesofassociationfordeedofsettlementsare inthelikemannerandcontentswithmodificationstosuittheissueinvolved.

FORM5 Summonsfordirectorsallapplicationtocancelalteration (HeadingasinFormI) LettheabovenamedXLtdwhoseregisteredofficeissituateat(addressattendattheFederalHigh Courtsittingat.............................................on.........................................dayof.......................... 20.......................onthehearingofanapplicationby(A.B.ofaddressandC.D.of(address)oras thecasemaybe)thepetitionsnamedinthepetitionpreferreduntothiscourtintheabovematters, foranorder: (1)thatadaymaybefixedforthehearingofthesaidpetition; (2)thatdirectionsmaybegivenastoadvertisingthesaidPetition;and (3)thatsuchotherordermaybemadeinthepremisesastothecourtmaydeemnecessary. DATEDthe...................................................dayof....................................................20................... ThissummonswastakenoutbyF.H.&Co.SolicitorsforthePetitioners.

FORM6 Adverusementofdayfixedforhearingpetition (HeadingasinFormI) NOTICEisherebygiventhataPetitionwason..........................20........................presentedto FederalHighCourtsilting...................................by(A.B.C.&P.S.)forthecancellationofthe alterationofthe(ProvisionsoftheMemorandumofAssociationoftheabovenamedcompanywith respecttoitsobjectsorconditionsofthememorandumofassociationoftheabovenamedcom pany)affectedbyaspecialresolutionpassedatanextraordinarygeneralmeetingofthesaidcom panyheldon............................................................................................ ...20.................whichresolutionwasin thewordsfollowingthatistosay(setouttheresolution). AndnoticeisfurthergiventhatthesaidpetitionisdirectedtobeheardbeforetheHon.MrJustice .............................................attheFederalHighCourtsittingat.................................................... . on..................................the..............dayof............................................... 20 ................... Any(shareholderordebenturestockholder)ofthesaidcompanydoesringtosupportoropposethe makingofanorderonthesaidpetitionshouldappearatthetimeofhearinginpersonorbycounsel forthatpurpose. AcopyofthesaidpetitionwillbefurnishedtoanysuchpersonrequiringthesamebytheRegistrar ofthecourtonpaymentofappropriatefees. DATEDthe ..............................dayof.......................................................... 20 ................... Signature............................................ SolicitorforthePetitioners Address:..............................................

COMPANIESWINDINGUPRULES ARRANGEMENTOFRULES Citation,application,etc. RULE 1. Citation,commencementandrevocationofS.l.45of1983. 2. AlterationofRules. 3. ProceedingsinopenCourt. 4. Motions. 5. Titleofproceedings. 6. Issueofsummons. 7. Orders. 8. FileofproceedingsinofficeofRegistrar. 9. Officecopies. 10. Inspectionoffile. 11. UseoffilebytheCommissionandOfficialReceiver. 12. Serviceasincivilmatter. 13. Validityofservice. 14. EnforcementofOrders. 15. Formofpetition. 16. Presentationofpetition. 17. Serviceofpetition. 18. Verificationofpetition. 19. Advertisementofpetition. 20.Copiesofpetitiontocreditorsandcontributories. ProvisionalLiquidator 21.AppointmentofprovisionalLiquidator. Hearingofpetitionandordersmadethereon 22.Hearingtoshowcompliancewithrules. 23.Noticebypersonswhointendtoappear. 24.Listofnamesandaddressesofpersonswhoappearonthepetition. 25.Affidavitsinoppositionandreply. 26.Substitutionofcreditororcontributoryforwithdrawingpetition. Ordertowindupacompanyandorderundersection312oftheAct 27.NoticethatwindinguphasbeenpronouncedtobegiventoOfficialReceiver. 28.DocumentsfordrawingupandordertobeleftwithRegistrar. 29.Contentsofwindinguporder. 30.Transmissionandadvertisementofwindinguporder. 31.Wherewrittennoticenecessary. Transfer ofactions 32.Transferofactions. Specialmanager 33.Appointmentofspecialmanager. 34. Accountingbyspecialmanager. Statementofaffairs 35.Preparationofstatementoraffairs.

36. 37. 38. 39. 40.

Extensionoftimeforsubmittingstatementofaffairs. Informationsubsequenttostatementofaffairs. Default. Expensesofstatementofaffairs. Dispensingwithstatementofaffairs.

AppointmentofLiquidatorinawindingupbytheCourt 41.AppointmentofLiquidatoronreportofmeetingsofcreditorsandcontributories. SecuritybyLiquidatorsorspecialmanagerinawindingupbytheCourt 42. Standingsecurity. 43. Failuretogiveorkeepupsecurity. 44. 45. 46. 47. 48. 49. 50. 51. 52. 53. 54. Publicexamination Considerationofreport. Procedureconsequentonorderforpublicexamination. Applicationforholdingexamination. Appointmentoftimeandplaceforpublicexamination. Noticeofpublicexaminationtocreditorsandcontributories. Defaultinattending. Notesofexaminationtobefiled. Proceedingsbyoragainstdirectors,promotersandofficers Applicationbyoragainstdelinquentdirectors,officersandpromoters. Noticeofapplication. Hearingofapplication. Useofdepositionstakenatpublicexamination.

Witnessesanddepositions 55. Takingofevidence. 56. Committalofcontumaciouswitness. 57. Depositionsofprivateexaminations. Disclaimer 58.Disclaimer. Vestingofdisclaimedproperty 59.Vestingofdisclaimedproperty. ArrangementwithcreditorsandcontributoriesinawindingupbytheCourt 60. ReportbyOfficialReceiverorarrangementandcompromises. CollectionanddistributionofassetsinawindingupbytheCourt 61. Collectionanddistributionofcompany'sassetsbyLiquidator. 62. PowerofLiquidatortorequiredeliveryofproperty. 63. 64. 65. 66. 67. 68. ListofcontributoriesinawindingupbytheCourt Liquidatortosettlelistofcontributories. Appointmentoftimeandplaceforsettlementoflist. Settlementoflistofcontributories. Noticeofcontributories. ApplicationtoCourttovarythelist. Variationoforadditiontolistofcontributories. Calls 69. CallsbyLiquidator.

70. ApplicationtotheCourtforleavetomakeacall. 71. Documentsmakingthecall. 72. Serviceofnoticeofacall. 73. Enforcementofcall. 74. Proofofdebt. 75. Modeofproof. 76.Verificationofproof. 77.Contentsofproof. 78.Statementofsecurity. 79.Proofbeforewhomsworn. 80.Costsofproof. 81.Discount. 82.Periodicalpayment. 83.Interest. 84.Prooffordebtpayableatafuturetime. 85.Whereformalproofofdebtnotrequired. 86.Workmen'swages. 87.Productionofbillsofexchangeandpromissorynotes. 88.TransmissionofproofstoLiquidator. AdmissionsandrejectionofproofsandpreferentialclaimsandappealtoCourt 89. Noticetocreditorstoprove. 90. Examinationofproof. 91. Appealbycreditor. 92. ExpungingatinstanceofLiquidator. 93. Expungingatinstanceofcreditor. 94. Oaths. 95. OfficialReceiver'spowers. 96. FilingproofsbyOfficialReceiver. 97. Proofstobetiled. 98. Procedurewherecreditorappeals. 99. TimefordealingwithproofsbyOfficialReceiver. 100. TimefordealingwithproofsbyLiquidator. 101. Costsofappealfromdecisionsastoproofs. DividendsinawindingupbytheCourt 102. Dividendstocreditors. 103. Returnofcapitaltocontributories. Generalmeetingofcreditorsandcontributoriesinrelationtoa windingupbytheCourt 104. Firstmeetingofcreditorsandcontributories. 105. NoticeoffirstmeetingtotheMinistry. 106. Summoningoffirstmeetings. 107. Formofnoticesoffirstmeetings. 108. Noticeoffirstmeetingtoofficersofcompany. 109.Summaryofstatementofaffairs. GeneralmeetingsofcreditorsandcontributoriesinrelationtowindingupbytheCourtandofcreditorsinrelation toacreditor'svoluntarywindingup 110.Liquidator'smeetingsofcreditorsandcontributories. 111.Applicationofrulesastomeetings. 112.Summoningofmeetings.

113. Evidenceofdispatchofnoticeofmeetings. 114. Placeofmeetings. 115.Costsofcallingmeetings. 116.Chairmanofmeetings. 117.Ordinaryresolutionofcreditorsandcontributories. 118.Copyofresolutiontobetiled. 119.Nonreceptionofnoticebyacreditor. 120.Adjournments. 121.Quorum. 122.Creditorsentitledtovote. 123. Casesinwhichcreditorsmaynotvote. 124. Votesofsecuredcreditors. 125. Creditorsrequiredtogiveupsecurity. 126. Admissionandrejectionofproofsforpurposeofvoting. 127. Statementofsecurity. 128. Minutesofmeetings. ProxiesinrelationtoawindingupbytheCourtandtomeetingsofcreditorsinacreditor'svoluntarywindinglip 129. Proxies. 130.Formofproxies. 131. Formofproxytobesentwithnotice. 132. Generalproxies. 133. Specialproxies. 134. SolicitationbyLiquidatortoobtainproxies. 135. ProxiestoOfficialReceiverorLiquidator. 136. Holderofproxynottovoteonmattersinwhichheisfinanciallyinterested. 137. Proxies. 138. Useofproxiesbydeputy. 139. Proxyofblind,etc.,creditortocomplywithilliteratesprotectionlaws. Attendanceandappearanceofparties 140. Attendanceatproceedings. 141. AttendanceofLiquidator'ssolicitoratmeetings. 142. LiquidatorandCommitteeofInspection RemunerationofLiquidator.

143.Limitofremuneration. 144.Dealingswithassets. 145.RestrictiononpurchaseofgoodsbyLiquidator. 146.CommitteeofInspectionnottomakeprofit. 147.CostsofobtainingsanctionofCourt. 148.SanctionforpaymentstoCommittee. 149. DischargeofcostsbeforeassetshandedtoLiquidator. 150. ResignationofLiquidator. 151. OfficeofLiquidatorvacatedbyinsolvency. Paymentstoandwithdrawalsfromaccount 152. 153. 154. Withdrawalfromaccount. Specialbankaccount. Books KeepingofRecordBook.

155. 156.

CashBook. Investmentoffunds Investmentofassetsinsecuritiesandrealisationofsecurities. AccountsandauditinawindingupbytheCourt

157. 158. 159. 160. 161. 162. 163. 164.

AuditofCashBook. Commission'sauditofLiquidator'saccounts. Liquidatorcarryingonbusiness. Copyofaccountstobefiled. Summaryofaccounts, Affidavitofnoreceiptsorpayments. ProceedingsonresignationofLiquidator. Expensesofsales. Finalaccountinvoluntarywindingup

165. 166. 167.

Formoffinalaccount. Costsandexpensespayableoutoftheassetsofthecompany Liquidator'scharges. Costspayableoutoftheassets.

StatementsofLiquidatortotheRegistrarGeneral 168. Conclusionofwindingup. 169. TimesforsendingLiquidator'sstatementsandregulationsapplicablethereto. 170. Affidavitofnoreceiptsorpayments. 171. 172. 173. 174. 175. 176. 177. 178. UnclaimedfundsandundistributedassetsinthehandsofaLiquidator PaymentofundistributedandunclaimedmoneyintoCompaniesLiquidationAccount. LiquidatortofurnishinformationtotheCommission. RegistrarGeneralmaycallforverifiedaccount. ApplicationtotheCourtforenforcinganaccountandgettinginmoney. Applicationforpaymentouttopersonentitled. ApplicationbyLiquidatorforpaymentout. ReleaseofLiquidatorinawindingupbytheCourt ProceedingsforreleaseofLiquidator. Disposalofbooksandpapers.

OfficialReceiver 179. Dutywherenoassets. 180. AccountingbyOfficialReceiver. 181. PowerofCourttoextendorabridgetime. 182. Defectsandirregularitynottoinvalidateproceedings. 183. ApplicationofCourt's(CivilProcedure)Rules. 184. Interpretation. FORMS FORM

1.Formofsummons(general). 2.Petition. 3.Petitionbyunpaidcreditoronsimplecontract. 4.Petitionbyminorityshareholder. 5.Affidavitofserviceofpetitiononmembers,officers,orservants. 6.AffidavitofserviceofpetitiononLiquidator. 7.Affidavitverifyingpetition. 8.Affidavitverifyingpetitionofalimitedcompany. 9.Advertisementofpetition. 10.Advertisementofpetitionbyminorityshareholder. 11.OrderappointingaprovisionalLiquidatorafterpresentationofpetitionandbeforeorder towindup. 12.Noticeofintentiontoappearonpetition. 13.Listofpartiesattendingthehearingofapetition. 14.NotificationtoOfficialReceiverofwindinguporder. 15.NotificationtoOfficialReceiveroforderpronouncedforappointmentofprovisionalLiquidator priortowindinguporderbeingmade. 16.OrderforwindingupbytheCourt. 17.Orderforwindingup,subjecttosupervision. 18.Affidavitbyspecialmanagerverifyingaccount. 19.Statementofaffairs. 20.Reportofresultofmeetingofcreditorsorcontributories. 21.OrderappointingLiquidator. 22.AdvertisementofappointmentofLiquidator 23.CertificatethatLiquidatororspecialmanagerhasgivensecurity. 24.Orderdirectingapublicexamination. 25.Noticetoattendpublicexamination. 26.Warrantagainstpersonwhofailstoattendexamination. 27.ReporttotheCourtwherepersonexaminedrefusestoanswertosatisfactionofRegistrar orofficer. 28.Disclaimeroflease. 29.Noticeofdisclaimeroflease. 30.NoticebyLiquidatorrequiringpaymentofmoneyordeliveryofbooks,etc.,toLiquidator. 31.ProvisionallistofcontributoriestobemadeoutbyLiquidator. 32.Noticetocontributoriesofappointmenttosettlelistofcontributories. 33.CertificateofLiquidatoroffinalsettlementofthelistofcontributories. 34.Noticetocontributoryoffinalsettlementoflistofcontributoriesandthathisnameis included. 35.Orderonapplicationtovarylistofcontributories. 36.NoticetoeachmemberofCommitteeofInspectionforsanctiontoproposedcall. 37.AdvertisementofmeetingofCommitteeofInspectiontosanctionproposedcall. 38.ResolutionofCommitteeofInspectionsanctioningcall. 39.Summonsforleavetomakeacall. 40.AffidavitofLiquidatorinsupportofproposalforcall. 41.Advertisementofapplicationforleavetomakeacall. 42.Ordergivingleavetomakeacall. 43.Documentmakingacall. 44.NoticeofcallsanctionedbyCommitteeofInspectiontobesenttocontributory. 45.Noticetobeservedwiththeordersanctioningacall. 46.Affidavitinsupportofapplicationfororderforpaymentofcall. 47.Orderforpaymentofcallduefromacontributory. 48.Proofofdebt(generalform).

49.Proofofdebtofworkmen. 50.Noticeofrejectionofproofofdebt. 51.ListofproofstobetiledunderRule97. 52.Noticetocreditorsofintentiontodeclaredividend. 53.Noticetopersonsclaimingtobecreditorsofintentiontodeclarefinaldividend. 54.Noticeofdividend. 55.AuthoritytoLiquidatortopaydividendstoanotherperson. 56.Noticeofreturntocontributories. 57.Noticetocreditorsoffirstmeeting. 58.Noticetocontributoriesoffirstmeeting. 59.Noticetoofficersofcompanytoattendfirstmeetingofcreditorsorcontributories. 60.Noticeofmeeting(generalform). 61.Authoritytodeputytoactaschairmanofmeetinganduseproxies. 62.Memorandumofadjournmentofmeeting. 63.Listofcreditorstobeusedateverymeeting. 64.Generalproxy. 65.Specialproxy. 66.ApplicationtoCourttoauthoriseaspecialbankaccount. 67.OrderofCourtforspecialbankaccount. 68.CertificateandrequestbyCommitteeofInspectionastoinvestment01"funds. 69.RequestbyCommitteeofInspectiontoAccountantGeneraloftheFederation. 70.CertificatebyCornrniueeofInspectionastoauditofLiquidator'scashbook. 71.Liquidator'stradingaccountundersection429. 72.Liquidator'sstatementofaccount(members'orcreditors'voluntarywindingup). 73.Statementofreceiptsandpaymentsandgeneraldirectionsastostatements. 74.AffidavitverifyingstatementofLiquidator'saccountundersection508. 75.Liquidator'stradingaccountundersection516. 76.Listofdividendsorcomposition. 77.Listofamountspaidorpayabletocontributories. 78.Affidavitverifyingaccountsofunclaimedandundistributedfunds. 79.Noticetocreditorsandcontributoriesofintentiontoapplyforrelease. 80.Statementtoaccompanynoticeofapplicationforrelease. 81.WindingupbytheCourt:NoticeofappointmentofLiquidator. 82.Members'voluntarywindingupdeclarationofsolvency,embodyingastatementofassets andliabilities. 83.Formofstatementofassetsandliabilities. 84.Creditors'voluntarywindingup:Returnofthefinalwindingupmeetingsofmembersand creditors. 85.Members'voluntarywindingup:Returnoffinalwindingupmeeting.

COMPANIESWINDINGUPRULES [Commencement.] Citation,application,etc. 1. Citation,commencementandrevocationofS.1.45of1983 (1)TheseRulesmaybecitedastheCompaniesWindingUpRules2001,andshallcomeintoeffectthree monthsfromthedateofthemakingoftheRules. (2)TheCompaniesWindingUpRules1983areherebyrevoked. [seerule1(1).1]

2.AlterationofRules TheseRulesshallapplytoallproceedingsineverywindingupundertheActandtheformsintheappendix, whereapplicable,shallbeused: ProvidedthattheChiefJudgeoftheCourtmayfromtimetotimealteranyformsspecifiedintheappendix heretoorsubstitutenewformsinlieuthereof.WheretheChiefJudgealtersanyform,orsubstitutesanynew forminlieuofaformprescribedbytheseRules,suchalteredorsubstitutedformshallbepublishedinthe Gazette. 3. Proceedingsinopencourt AllproceedingsinrespectofwindingupshallbeheardinopenCourtunlesstheCourtotherwiseorders. 4. Motions EveryapplicationinCourtotherthanapetitionshallbemadebymotion,noticeofwhichshallbeservedon everypersonagainstwhomanorderissoughtnotlessthanfivecleardaysbeforethedaynamedinthenoticefor hearingthemotion. 5. Titleofproceedings Everyproceedingshallbedatedandshall,withanynecessaryaddition,beinstitutedinthematterofthe companytowhichitrelatesandinthematteroftheCompaniesandAlliedMattersActandotherwiseasinFormI andshallbearadistinctivenumberassignedtothesuitintheCourt'sregistry. [Form1.] 6.Issueofsummons (1)Everysummonsinanyproceedingsshallbepreparedbytheapplicantorhissolicitorandissuedfromthe Court'sregistry. (2)Asummons,whensealed,shallbedeemedtobeissued;andthepersonobtainingthesummonsshallleave, intheCourt'sregistry,aduplicatewhichshallbestampedwiththeappropriatestampandfiled. 7.Orders Everyorder,whethermadeinCourtorinchambers,shallbedrawnupbytheregistrar,unlessinany proceedingsorclassesofproceedings,thejudgewhomakestheordershalldirectthatnoorderneedbedrawn up.Whereadirectiveisgiventhatnoorderneedbedrawnup,thenoteormemorandumoftheorder,signedor initialledbythejudge,makingtheorder,shallbesufficientevidenceoftheorderhavingbeenmade. 8. FileofproceedingsinofficeofRegistrar Allpetitions,affidavits,summons,orders,proofs,notices,depositionsandotherproceedingsintheCourtshall bekeptandremainasrecordintheofficeoftheregistrarand,subjecttothedirectionsoftheCourt,shallbe placedinonecontinuousfile. 9. Officecopies Allofficecopiesofpetitions,affidavits,depositions,papersandwritings,oranypartsthereof,requiredbythe OfficialReceiveroranyLiquidator,creditor,contributory,officerofacompany,orotherpersonentitledthereto, shallbeprovidedbytheregistrar,andshall,exceptastofigures,befairlywrittenoutatlength,andbesealedand deliveredoutwithoutanyunnecessarydelay. [EDITORIALNOTE:Thetextofrules1015isnotavailableatthetimeofprintingthispublication.Theseruleswill beinsertedandissuedtosubscribersinsubsequentupdates.] 16.Presentationofpetition (1)ApetitionshallbepresentedattheCourt'sregistryandtheChiefJudgeoranyotherjudgeincharge,asthe casemaybe,shallappointthetimeandplaceatwhichthepetitionistobeheard. (2)Noticeofthetimeandplaceappointedforthehearingofthepetitionshallbewrittenonthepetition. 17.Serviceofpetition

(1)Everypetitionshall,unlesspresentedbythecompany,beserveduponthecompanyattheregistered office,ifany,ofthecompany,andifthereisnoregisteredofficethereat,theprincipalorlastknownprincipal placeofbusinessofthecompany,ifany,ifsuchcanbefound,byleavingacopywithanymember,officeror servantofthecompanythere,orincasenosuchmember,officerorservantcanbefoundthere,thenbyleavinga copyatsuchregisteredofficeorprincipalplaceofbusiness,orbyservingitonsuchmember,officerorservantof thecompanyastheCourtmaydirect;andwherethecompanyisbeingwoundupvoluntarily,thepetitionshall alsobeservedupontheLiquidator(ifany),appointedforthepurposeofwindinguptheaffairsofthecompany. (2)AffidavitofserviceofanysuchpetitionshallbeasinForm5or6intheAppendixwithsuchvariationsas circumstancesmayrequire. [Form5and6.] 18.Verificationofpetition (1)Everypetitionshallbeverifiedbyanaffidavitreferringthereto.Suchaffidavitshallbemadebythe petitioner,orbyoneofthepetitioners,ifmorethanoneor,incasethepetitionispresentedbyacompany,by somedirector,secretary,orotherprincipalofficerthereof,andshallbeswornandfiledwithinfourdaysafterthe petitionispresented,andsuchaffidavitshallbesufficientprimafacieevidenceofthestatementsinthepetition. (2)AffidavitofverificationshouldbeinForm7or8intheAppendixwithsuchvariationsascircumstancesmay require. [Form7and8.] 19.Advertisementofpetition (1)Nopetitionshallbeadvertiseduntilthejudgehearingthepetitionorajudgebeforewhomthepetitionis firstmentionedinopenCourtsoorders. (2)Theorderforadvertisementofapetitionshallbeasfollows (a) (b) thepetitionshallbeadvertisedfifteencleardaysbeforethehearing; thepetitionshallbeadvertisedonceorasmanytimesastheCourtmaydirect,intheGazette andinonenationaldailynewspaperandoneothernewspaper circulatingintheStatewheretheregisteredoffice,orprincipalorlastknown principalplaceofbusiness,asthecasemaybe,ofsuchcompanyisorwas situate,orinsuchothernewspaperasshallbedirectedbytheCourt; theadvertisementshallstatethedayonwhichthepetitionwaspresented,and thenameandaddressofthepetitioner,andofhissolicitor,andshallcontaina noteatthefootthereofstatingthatanypersonwhointendstoappearatthe hearingofthepetition,eithertoopposeorsupport,mustsendnoticeofhisintentiontothe petitioner,ortohissolicitor,withinthetimeandmannerprescribedbythisruleandany advertisementofapetitionforthewindingupofacompanybytheCourtwhichdoesnotcontain suchanoteshallbedeemedirregular.

(c)

(3)Apetitionnotadvertisedwithinthetimeprescribedorinthemannerprescribedshallbestruckout,unless, forsufficientreasongiven,theCourtotherwiseorders. (4)AdvertisementofthepetitionshallbeinForm9or10intheAppendixwithsuchvariationsas circumstancesmayrequire. [Forms9and10.] 20.Copiesofpetitiontocreditorsandcontributories Aftertheadvertisementofthepetitionbutbeforethehearingdatenexttothedatewhentheorderfor advertisementwasgiven,everycontributory,orinthecaseofapetitionforthewindingupofacompany,every creditorofthecompany,shallbeentitledtobefurnishedbythesolicitorofthepetitionerwithacopyofthe petitionwithintwodaysafterrequiringsame,onpayingtheprescribedfeeforsuchcopy. ProvisionalLiquidator

21.AppointmentofprovisionalLiquidator (1)AftertheadvertisementofapetitionforthewindingupofacompanybytheCourt,upontheapplicationof acreditor,orofacontributoryorofthecompany,anduponproofbyaffidavitofsufficientgroundforthe appointmentofaprovisionalLiquidator,theCourt,ifitthinksfitanduponsuchtermsasintheopinionofthe Courtshallbejustandnecessary,maymaketheappointment. (2)TheorderappointingtheprovisionalLiquidator,shallbearthenumberofthepetition,andshallstatethe natureandashortdescriptionofthepropertyofwhichtheprovisionalLiquidatorisorderedtotakepossession, andthedutiestobeperformedbytheprovisionalLiquidator. (3)SubjecttoanyorderoftheCourt,ifnoorderforthewindingupofthecompanyismadeuponthepetition, orifanorderforthewindingupofthecompanyonthepetitionisrescinded,orifallproceedingsonthepetition arestayed,orifanorderismadecontinuingthevoluntarywindingupofthecompanysubjecttosupervisionof theCourt,theprovisionalLiquidatorshallbeentitledtobepaid,outofthepropertyofthecompany,allthecosts, charges,andexpensesproperlyincurredbyhimasprovisionalLiquidator,includingsuchsumasisorwouldbe payableunderthescaleoflandfeesforthetimebeinginforce;wheretheOfficialReceiverisappointed provisionalLiquidator,hemayretainoutofsuchpropertytheamountsofsuchcosts,charges,andexpenses. (4)WhereanypersonotherthantheOfficialReceiverhasbeenappointedprovisionalLiquidatorandthe OfficialReceiverhastakenanystepforthepurposeofobtainingastatementofaffairsorhasperformedanyother dutyprescribedbytheseRules,theprovisionalLiquidatorshallpaytheOfficialReceiversuchsum,ifany,asthe Courtmaydirect. (5)TheorderofappointmentofaprovisionalLiquidatorshallbeinFormIIintheAppendixwithsuchvariations ascircumstancesmayrequire. [FormII.] Hearingofpetitionandordersmadethereon 22.Hearingtoshowcompliancewithrules (1)AfterthehearingatwhichtheordertoadvertisethepetitionwasgivenbytheCourt,thepetitionerorhis solicitorshall,onthenextadjourneddate,satisfytheCourtthatthepetitionhasbeendulyadvertised,thatthe prescribedaffidavitverifyingthestatementsthereinandtheaffidavitofservice(ifany),havebeendulycomplied withbythepetitioner. (2)Noorder(otherthantheonealreadymadeinrespectofadvertisingthepetition)shallbemadeonthe petitionofanypetitionerwhohasnot,priortothehearingofthepetition,satisfiedtheCourtinthemanner requiredbythisrule. 23.Noticebypersonswhointendtoappear (1)Everypersonwhointendstoappearonthehearingofapetitionshallgivetothepetitionernoticeofhis intentioninaccordancewiththisrule. (2)Thenoticeshallcontaintheaddressofthepersonintendingtoappear,shallbesignedbyhim(orbyhis solicitor)andshallotherwisebeinForm12withsuchvariationsascircumstancesmayrequire. [Form12.] (3)Thenoticeshallbeservedorsentbyposttothepetitionerorhissolicitor,attheaddressstatedinthe advertisementofthepetition. (4)Thenoticeshallbeserved(orifsentbypostshallbepostedinsuchtimeasinordinarycourseofpostto reachtheaddress)notlaterthanfivedaysbeforethehearing. (5)Apersonwhohasfailedtocomplywiththisruleshallnot,withoutthespecialleaveoftheCourt,be allowedtoappearinthehearingofthepetition. 24.Listofnamesandaddressesofpersonswhoappearonthepetition (1)Thepetitioner,orhissolicitor,shallpreparealistofthenamesandaddressesofthepersonswhohave givennoticeoftheirintentiontoappearonthehearingofthepetitionandoftheirrespectivesolicitors;andsuch listshallbeinForm13intheAppendix. [Form13.]

(2)Onthedayappointedforhearingthepetition,afaircopyofthelist(orifnonoticeofintentiontoappear hasbeengiven,astatementinwritingtothateffect)shallbefiledbythepetitioner,orhissolicitorintheCourt's registrypriortothehearingofthepetition. 25.Affidavitsinoppositionandreply (1)Anaffidavitinoppositiontoapetitionshallbefiledbytherespondentwithintendaysoftheserviceofthe petitionorbyanyotherparty,withinfifteendaysofthedateonwhichthepetitionwasadvertised,andnoticeof thefilingofeveryaffidavitinoppositiontosuchapetitionshallbegiventothepetitionerorhissolicitoronthe dayonwhichtheaffidavitisfiled. (2)Anaffidavitinreplytoanaffidavitfiledinoppositiontoapetitionshallbefiledwithinfivedaysofthedate onwhichnoticeofsuchaffidavitisreceivedbythepetitionerorhissolicitor. 26.Substitutionofcreditororcontributoryforwithdrawingpetition WhenapetitionerforanorderthatacompanybewoundupbytheCourtorsubjecttothesupervisionofthe Courtisnotentitledtopresentapetition,orwhethersoentitledornot,he (a)failstoadvertisehispetitionasordered; (b)consentstowithdrawhispetitionortoallowittobedismissed,orthehearingadjourned; (c) orfailstoappearinsupportofhispetitionwhenitiscalledoninCourtonthedayoriginallyfixedforthe hearingthereof,oronanydaytowhichthehearinghasbeenadjourned;or (d)ifappearing,doesnotapplyforanorderintermsoftheprayerofhispetition,

theCourtmay,uponsuchtermsasitmaythinkjust,substituteaspetitioneranycreditororcontributorywhoin theopinionoftheCourtwouldhavearighttopresentapetition,andwhoisdesirousofprosecutingthepetition. Ordertowindupacompanyandorderundersection312oftheAct 27.NoticethatwindinguphasbeenpronouncedtobegiventoOfficialReceiver (1)Whenanorderforthewindingupofacompany,orfortheappointmentofaprovisionalLiquidatorpriorto themakingofanorderofthewindinguporthecompanyhasbeenmade,theregistrarshall,onthesamedayor, atthelatestnotlaterthanfivedaysthereafter,sendtotheOfficialReceiveranoticeinforminghimthattheorder hasbeenpronounced. (2)ThenoticeshallbeinForms14and15respectively,withsuchvariationsascircumstancesmayrequire. [Forms14and15.] 28.DocumentsfordrawingupandordertobeleftwithRegistrar Itshallbethedutyofthepetitioner,orhissolicitor,andofallotherpersonswhohaveappearedonthehearing ofthepetition,atlatestwithintwodaysofthedayonwhichanorderforthewindingupofacompanyoranorder undersection312oftheActispronouncedinCourt,toleaveattheregistrar'sofficeallthedocumentsrequired forthepurposeofenablingtheregistrartocompletetheorderforthwith. 29.Contentsofwindinguporder (1)AnordertowindupacompanyorfortheappointmentofaprovisionalLiquidator,shallcontainatthefoot thereofanoticestatingthatitwillbethedutyofsuchotherpersonswhoareliabletomakeoutorconcurin makingoutthecompany'sstatementofaffairsastheOfficialReceivermayrequire,toattendontheOfficial Receiveratsuchtimeandplaceashemayappointandtogiveallinformationhemayrequire. (2)TheorderforthewindingupofacompanyshallbeinForm16intheAppendixwithsuchvariationsas circumstancesmayrequire. [Form16.] 30.Transmissionandadvertisementofwindinguporder

(1)Whenanorderthatacompanybewoundup,orfortheappointmentofaprovisionalLiquidatorhasbeen made (a) (b) threecopiesoftheordersealedwiththesealoftheCourt,shallforthwithbesentbypostor otherwisebytheregistrartotheOfficialReceiver; theOfficialReceivershallcauseasealedcopyoftheordertobeserveduponthecompanyby registeredletteraddressedtoitatitsregisteredoffice(ifany)orifthereisnoregisteredoffice,atits principalorlastknownprincipalplaceofbusinessoruponsuchotherpersonorpersons,orinsuch othermannerastheCourtmaydirect;andiftheorderisthatthecompanybewoundupbythe Court,shallforwardtotheCommission,thecopyoftheorderwhichbysection416oftheAct,is directedtobesoforwardedbythemorotherwiseasmaybeprescribed.

(2)AnorderforthewindingupofacompanysubjecttothesupervisionoftheCourt,(inForm17inthe Appendix,withsuchvariationsascircumstancesmayrequire),shallbeforetheexpirationof28daysfromthedate thereof,beadvertisedbythepetitioner,onceintheGazette,andonceintwonationaldailynewspapersinwhich noticeofpetitionwaspreviouslyadvertisedandshallbeservedonsuchpersons(ifany)andinsuchmannerasthe Courtshalldirect. [Form17.] (3)Whereanorderundersection312oftheActhasbeenmade,asealedcopyoftheordershall,unlessthe Courtotherwiseorders,beservedbythepetitioneronthecompanyandontheRegistrarGeneralinlikemanner asunderparagraph(1)(b)ofthisrule,theOfficialReceiverisrequiredtoserveasealedcopyoftheorder,and wheresuchorderinvolvesareductionofcapitalorthealterationofthememorandumofassociation,theservice maybeeffectedastheCourtorders. 31.Wherewrittennoticenecessary Forthepurposesofsection501oftheAct,anoticethat (a)awindinguppetitionhasbeenpresented;or (b)awindinguporderhasbeenmade;or (c)aprovisionalLiquidatorhasbeenappointed;or (d) ameetinghasbeencalledatwhichthereistobeproposedaresolutionforthevoluntarywindingupofthe company;or (e)aresolutionhasbeenpassedforthewindingupofthecompany,

shallbeinwritingandshallbeaddressedtothesheriff,andmaybeservedbybeingdeliveredbyhandorby registeredpost: Providedthatwhereawindinguppetitionispresentedorwindinguporderismadeoraprovisional LiquidatorisappointedintheCourtotherthanintheheadofficeoftheCourt,thefilingofthepetitionorthe makingoftheorderortheappointmentoftheprovisionalLiquidatorshall,forthepurposesofsection501ofthe Act,besufficientnoticetotheregistrar,thatthepetitionhasbeenpresentedortheordermadeortheprovisional Liquidatorappointed,asthecasemaybe. Transfersofactionandproceedings 32.Transferofactions (1)Whereanorderhasbeenmadeforthewindingupofacompany,thenifsuchorderwasmadebytheCourt oriftheproceedingshavebeentransferredtotheCourt,thejudgeshall,uponapplicationofanypartytothe proceedings,havepower,withoutfurtherconsent,torequestthetransfertohimofanyaction,causeormatter pendinginanyotherCourtbroughtorcontinuedbyoragainstthecompany,andanyactionorproceedingsbya mortgageeordebentureholderofthecompanyagainstthecompany,forthepurposeofrealisinghissecurityorby anyotherpersonforthepurposeofenforcingaclaimagainstthecompany'sassetsorpropertywhichispendingin theCourt. (2)TheorderofrequestshallbeservedontheregistraroftheotherCourtinwhichthecasetobetransferred ispending.

(3)Whereanyactionbroughtbyoragainstacompanyagainstwhichawindinguporderhasbeenmadeis transferredasstatedinparagraph(1)ofthisrule,thejudgetowhichtheactionhasbeentransferredmayhear, determine,anddealwithanyapplication,matterorproceedingwhich,iftheactionhadnotbeentransferred, wouldhavebeenheardanddeterminedintheotherCourt. Specialmanager 33.Accountingbyspecialmanager (1)AnapplicationbytheOfficialReceiverfortheappointmentofaspecialmanagershallbesupportedbyan affidavitandbyareportoftheOfficialReceiverandsuchreportshalleitherrecommendtheamountof remunerationwhich,intheopinionoftheOfficialReceiver,oughttobeallowedtothespecialmanager,or requesttheCourttofixone. [Form18.] (2)Theremunerationofthespecialmanagershallbestatedintheorderappointinghim,buttheCourtmay,at anysubsequenttime,forgoodcauseshown,makeanorderforpaymenttothespecialmanageroffurther remuneration. 34.Appointmentofspecialmanager EveryspecialmanagershallsubmitaccountstotheOfficialReceiver,andthespecialmanager'saccountsshall beverifiedbyaffidavit,inForm18intheAppendix,withsuchvariationsascircumstancesmayrequire,andwhen approvedbytheOfficialReceiver,thetotalofthereceiptsandpaymentsshallbeaddedbytheOfficialReceiverto hisaccounts. Statementofaffairs 35.Preparationofstatementofaffairs (1)Apersonwho,undersection420oftheAct,hasbeenrequiredbytheOfficialReceivertosubmitandverify astatementofaffairsofacompany,shallbefurnishedbytheOfficialReceiverwithsuchformsandinstructionsas theOfficialReceiverinhisdiscretionshallconsidernecessary. (2)ThestatementwhichshallbeinForm19intheAppendix,withsuchvariationsascircumstancesmay require,shallbemadeoutinduplicate,onecopyofwhichshallbeverifiedbyaffidavit.TheOfficialReceivershall causetobefiledwiththeregistrar,theverifiedstatementofaffairs. [Form19.] (3)TheOfficialReceivermayfromtimetotimeholdpersonalinterviewswithanysuchpersonasismentioned inparagraphs(a),(b),(c),or(d)ofsubsection(2)ofsection420oftheActforthepurposeofinvestigatingthe company'saffairs,anditshallbethedutyofeverysuchpersontoattendontheOfficialReceiveratsuchtimeand placeastheOfficialReceivermayappointandgivetheOfficialReceiverallinformationthathemayrequire. 36.Extensionoftimeforsubmittingstatementsofaffairs Whenanypersonrequiresanyextensionoftimeforsubmittingthestatementofaffairs,heshallapplytothe OfficialReceiverwhomay,ifhethinksfit,giveawrittencertificateextendingthetimeinwhichthecertificateshall befiledwiththeproceedingsandshallrenderanapplicationtotheCourtunnecessary. 37.Informationsubsequenttostatementofaffairs AfterthestatementofaffairsofacompanyhasbeensubmittedtotheOfficialReceiver,itshallbethedutyof eachpersonwhohasmadeorconcurredinmakingit,ifandwhenrequired,toattendontheOfficialReceiverand answerallsuchquestionsasmaybeputtohimandgiveallsuchfurtherinformationasmayberequiredofhimby theOfficialReceiverinrelationtothestatementofaffairs. 38.Default Anydefaultincomplyingwiththerequirementsofsection420oftheActmaybereportedbytheOfficial ReceivertotheCourt. 39.Expensesofstatementofaffairs

Apersonwhoisrequiredtomakeorconcurinmakinganystatementofaffairsofacompanyshall,before incurringanycostsorexpensesinandaboutthepreparationandmakingofthestatement,applytotheOfficial Receiverforhissanctionandsubmitastatementoftheestimatedcostsandexpenseswhichitisintendedtoincur; and,exceptbyorderoftheCourt,nopersonshallbeallowedoutoftheassetsofthecompanyanycostsor expenseswhichhavenotbeforebeingincurred,beensanctionedbytheOfficialReceiver. 40.Dispensingwithstatementofaffairs (1)Anyapplicationtodispensewiththerequirementsofsection420oftheActshallbesupportedbyareport oftheOfficialReceivershowingthespecialcircumstanceswhich,inhisopinion,rendersuchacoursedesirable. (2)WhentheCourthasmadeanorderdispensingwiththerequirementsofthesaidsection,itmaygivesuch consequentialdirectionsasitmayseefitandinparticularitmaygivedirectionsastothesendingofanynotices whicharebytheseRulesrequiredtobesenttoanypersonmentionedinthestatementofaffairs. AppointmentofLiquidatorinawindingupbytheCourt 41.AppointmentofLiquidatoronreportofmeetingsofcreditorsandcontributories (1)As,soonaspossibleafterthefirstmeetingsofcreditorsandcontributorieshavebeenheld,theOfficial Receiverorthechairmanofthemeeting,asthecasemaybe,shallreporttheresultofeachmeetingtotheCourt inForm20intheAppendix,withsuchvariationsascircumstancesmayrequire. [Form20.] (2)UpontheresultofthemeetingsofcreditorsandcontributoriesbeingreportedtotheCourt,ifthereisa differencebetweenthedeterminationsofthemeetingsofthecreditorsandcontributories,theCourtshall,onthe applicationoftheOfficialReceiver,fixatimeandplaceforconsideringtheresolutionsanddeterminations. (3)Whenatimeandplacehavebeenfixedfortheconsiderationoftheresolutionsanddeterminationsofthe meetings,suchtimeandplaceshallbeadvertisedbytheOfficialReceiverinsuchmannerastheCourtshalldirect, butsothatthefirstoronlyadvertisementshallbepublishednotlessthansevendaysbeforethetimesofixed. (4)Upontheconsiderationoftheresolutionsanddeterminationsofthemeetings,theCourtshallhearthe OfficialReceiverandanycreditororcontributory. (5)IfaLiquidatorisappointed,acopyoftheorderappointinghiminForm21intheAppendix,withsuch variationsascircumstancesmayrequire,shallbetransmittedtotheRegistrarGeneralbytheOfficialReceiver, andtheRegistrarGeneralshall,assoonastheLiquidatorhasgivensecurity,causenoticeoftheappointmentto begazetted. [Form21.] (6)TheexpenseofgazettingthenoticeoftheappointmentshallbepaidbytheLiquidator,butmaybecharged byhimontheassetsofthecompany. (7)EveryappointmentofaLiquidatororcommitteeofinspectionshallbeadvertisedbytheLiquidatorinsuch mannerastheCourtdirectsimmediatelyaftertheappointmenthasbeenmade,andtheLiquidatorhasgiventhe requiredsecurity. (8)IfaLiquidatorinawindingupbytheCourtshalldie,orresign,orberemoved,anotherLiquidatormaybe appointedinhisplaceinthesamemannerasinthecaseofafirstappointment,andtheOfficialReceivershall,on therequestofnotlessthanonetenthinvalueofthecreditorsorcontributories,summonmeetingsforthe purposeofdeterminingwhetherornotthevacancyshallbefilled;butnoneoftheprovisionsofthisruleshall applywheretheLiquidatorisreleasedundersection431oftheAct,inwhichcasetheOfficialReceivershall remaintheLiquidator. SecuritybyLiquidatorsorspecialmanagerinawindingupbytheCourt 42.Standingsecurity InthecaseofaspecialmanageroraLiquidatorotherthantheOfficialReceiver,thefollowingprovisionasto securityshallhaveeffect,namely (a) thesecurityshallbegiventosuchofficersorpersonsandinsuchmannerastheCourtmaydirectin eachcase;

(b) (c)

theCourtmay,asitthinksfit,eitherincreaseordiminishtheamountofthe securitywhichanypersonhasgiven; acertificateinForm23intheAppendix,withsuchvariationsascircumstancesmayrequire,shallbe issuedbytheregistrarthatasecurityhasbeengivenandacopyofsuchcertificateshallbefiledin thefileofthecase; [Form23.] thecostoffurnishingtherequiredsecuritybyaLiquidatororspecialmanager,includingany premiumwhichhemaypaytoabank,shallbebornebyhim personallyandshallnotbechargedagainsttheassetsofthecompanyasanexpenseincurredinthe windingup.

(d)

43.Failuretogiveorkeepupsecurity (1)IfaLiquidatororspecialmanagerfailstogivetherequiredsecuritywithinthetimestatedforthatpurpose intheorderappointinghim,oranyextensionthereof,theOfficialReceivershallreportsuchfailuretotheCourt whomaythereuponrescindtheorderappointingtheLiquidatororspecialmanager. (2)IfaLiquidatororspecialmanagerfailstokeepuphissecurity,theOfficialReceivershallreportsuchfailure totheCourt,whomaythereuponremovetheLiquidatororspecialmanager,andmakesuchorderastocostsas theCourtshallthinkfit. (3)Whereanorderismadeunderthisrulerescindinganorderfortheappointmentoforremovinga Liquidator,theCourtmaydirectthatmeetingsshallbeheldforthepurposeofdeterminingwhetheranapplication shallbemadetotheCourtforanotherLiquidatortobeappointed,andthereuponthesamemeetingshallbe summonedandthesameproceedingsmaybetakenasinthecaseofafirstappointmentofaLiquidator. Publicexamination 44.Considerationofreport TheconsiderationofareportmadebytheOfficialReceiverpursuanttosubsection(2)ofsection421oftheAct shallbebeforeaJudgeinCourtorinchambers,andtheOfficialReceivershallpersonallyorbycounsel,attendthe considerationofthereportandgivetheCourtanyfurtherinformationorexplanationwithreferencetothe mattersstatedinthereportwhichtheCourtmayrequire. 45.Procedureconsequentonorderforpublicexamination Wherethejudgemakesanorderundersection450oftheActdirectinganypersonorpersonstoattendfor publicexaminationinForm24intheAppendix,withsuchvariationsascircumstancesmayrequire [Form24.] (a) theexaminationshallbeheldbeforethejudgeandthejudgemaydirectthatthewholeoranypart oftheexaminationofanysuchpersonorpersons,beheldandheardanddeterminedbeforeanyof thepersonsmentionedinsubsection(9)ofthesaidsection; thejudgemay,ifhethinksfit,eitherintheorderforexaminationorbyanysubsequentorder,give directionsastothespecialmattersonwhichanysuchpersonistobeexamined; whereonanexaminationheldbeforeoneofthepersonsmentionedinsubsection(9)ofthesaid section,heisoftheopinionthatsuchexaminationisbeingundulyorunnecessarilyprotracted,or foranyothersufficientcause,hemayadjourntheexaminationofanypersonoranypartofthe examination,tobeheldbeforethejudge.

(b) (c)

46.Applicationforholdingexamination Uponanorderdirectingapersontoattendforpublicexaminationbeingmade,theOfficialReceivershall, unlessthejudgeshallotherwisedirect,withoutfurtherorder,makeanappointmentforthepublicexaminationto beheld. 47.Appointmentoftimeandplaceforpublicexamination

Adayandplaceshallbeappointedforholdingthepublicexaminationandnoticeofthedayandplaceso appointedshallbegivenbytheOfficialReceiverinForm25intheAppendix,withsuchvariationsascircumstances mayrequire,tothepersonwhoistobeexaminedbysendingsuchnoticeinaregisteredletteraddressedtohis usualorlastknownaddress. [Form25.] 48.Noticeofpublicexaminationtocreditorsandcontributories (1)TheOfficialReceivershallgivenoticeofthetimeandplaceappointedforholdingapublicexaminationto thecreditorsandcontributoriesbyadvertisementinsuchnewspaperastheCourtmaydirectandintheGazette. (2)Whereanadjournmentofthepublicexaminationhasbeendirected,noticeoftheadjournmentshallnot, unlessotherwisedirectedbytheCourt,beadvertisedinanynewspaper,butitshallbesufficienttopublishinthe Gazette,anoticeofthetimeandplacefixedfortheadjournedexamination. 49.Defaultinattending IfanypersonwhohasbeendirectedbytheCourttoattendforpublicexaminationfailstoattendatthetime andplaceappointedforholdingorproceedingwiththesame,andnogoodcauseisshownbyhimforsuchfailure, orifbeforethedayappointedfortheexamination,theOfficialReceiversatisfiedtheCourtthatsuchpersonhas absconded,orthatthereisreasonforbelievingthatheisabouttoabscondwiththeviewofavoidingexamination, itshallbelawfulfortheCourt,uponitbeingprovedtothesatisfactionoftheCourt,thatnoticeoftheorderandof thetimeandplaceappointedforattendanceatthepublicexaminationwasdulyserved,withoutanyfurther noticetoissueawarrantinForm26intheAppendix,withsuchvariationsascircumstancesmayrequire,forthe arrestofthepersonrequiredtoattend,ortomakesuchotherorderastheCourtshallthinkjust. 50.Notesofexaminationtobefiled Thenotesofeverypublicexaminationshall,afterbeingsignedasrequiredbysubsection(7)ofsection450of theAct,befiledintheCourttoformpartoftheCourt'srecord. Proceedingsbyoragainstdirectors,promotersandofficers 51.Applicationbyoragainstdelinquentdirectors,officersandpromoters (1)AnapplicationmadetotheCourtunderanyofthefollowingprovisionsoftheAct (a)section254; (b)subsection(1)or(2)ofsection506; (c)section507; (d)subsection(2)ofsection64,

shallbemadebysummonsreturnableinthefirstinstanceinchambers. (2)Thesummonsshallstatethenatureofthedeclarationororderforwhichapplicationismade,andthe groundsoftheapplication,andunlessotherwiseordered,shallbeservedinthemannerinwhichanoriginating summonsisrequiredbytheRulesofCourttobeservedoneverypersonagainstwhomanorderissought,notless thaneightdaysbeforethedaynamedinthesummonsforhearingtheapplication.Noaffidavitorreportshallbe filedbeforethereturnofthesummons. (3)Onthereturnofthesummons,theCourtmaygivesuchdirectionsasitthinksfitastowhetherpointsof claimanddefencearetobedelivered,astothetakingofevidencewhollyorinpartbyaffidavitororally,astothe crossexaminationeitherbeforethejudgeinthehearinginCourtorinchambersofanydeponentstoaffidavitsin supportoforinoppositiontotheapplication,astoanyreportitmayrequiretheOfficialReceiverorLiquidatorto makeandgenerallyastotheprocedureonthesummonsandforthehearingthereof. (4)Whereanysuchorderasismentionedinparagraph2ofthisrulehasdirectedthatpointsofclaimand defenceshallbedeliveredthen,ifsubsequentlytosuchorderandbeforethesummonshasbeensetdownfortrial oradjournedformention,eitherpartywishestoapplyforanyfurtherdirectionastoanyinterlocutorymatteror thing,heshallapplyandshallgivetwocleardays'noticeinwritingtotheotherpartystatingthegroundsofthe applicationbeforetheapplicationcanbeheard.

52.Noticeofapplication Wheretheapplicationismadebymotion,theCourtmayatanytimebeforemakinganorder,requirethe OfficialReceiverorLiquidatortofurnishtotheCourt,areportwithrespecttoanyfactsormatterswhichareinhis opinionrelevanttotheapplicationandgiveanydirectionsitmayseefitwithregardtoanyofthematters mentionedinparagraph(2)ofthelastprecedingrule.Noticeofanysuchintendedmotionshallbeservedonevery personagainstwhomanorderissought,notlessthaneightdaysbeforethedaynamedinthenoticeforhearing themotion.Acopyofeveryreportandaffidavitintendedtobeusedinsupportofthemotionshallbeservedon everypersontowhomnoticeofmotionisgivennotlessthanfourdaysbeforethehearingofthemotion. 53.Hearingofapplication (1)Whereanyapplicationundersection254oftheActismadeorheardafterapublicexaminationunder section450oftheActwhichhasbeenheldbeforetheregistraroranyofthepersonsmentionedinsubsection(9) ofthesaidsection450,thenunlessthejudgeshallotherwisedirect,suchapplicationshallbeheardand determinedbysuchregistraroreitherperson;butthejudgeshallpersonallyhearallotherapplicationsunderthe saidsection254. (2)Whereanyorderhasbeenmadeunderthesaidsection,anyapplicationforleavearisingoutofsuchorder shallbemadeinthewindingupofthecompanyinrelationtowhichsuchorderwasmadeandthedissolutionof thecompanyorthestayofallproceedingsinsuchwindingupshallnotbeabartosuchapplicationortothe grantingofleave. 54.Useofdepositionstakenatpublicexamination (1)WhereinthecourseoftheproceedingsinawindingupbytheCourt,anorderhasbeenmadeforthepublic examinationofpersonsnamedintheorderpursuanttosection450oftheAct,theninanyproceedings subsequentlyinstitutedunderanyoftheprovisionsoftheActmentionedinparagraph(1)ofrule5I,theverified notesoftheexaminationofeachpersonwhowasexaminedundertheordershall,subjectashereinafter mentioned,andtoanyorderordirectionsoftheCourtastothemannerandextentinandtowhichthenotesshall beused,andsubjecttoalljustexceptionstotheadmissibilityinevidenceagainstanyparticularpersonorpersons ofanyofthestatementscontainedinthenotesoftheexaminations,beadmissibleinevidenceagainstanyofthe personsagainstwhomtheapplicationismadewho,undersection450oftheActandtheorderfor thepublicexamination,wasorhadtheopportunityofbeingpresentatthetakingpartin theexamination. (2)Beforeanysuchnotesofapublicexaminationshallbeusedonanysuchapplication,thepersonintending tousethesameshall,notlessthan21daysbeforethedayappointedforhearingtheapplication,givenoticeof suchintentiontoeachpersonagainstwhomitisintendedtousesuchnotes,oranyofthem,specifyingthenotes orpartsofthenoteswhichitisintendedtouseagainsthim,andfurnishhimwithcopiesofsuchnotesorpartsof notes(exceptnotesoftheperson'sowndepositions): Providedalsothateverypersonagainstwhomtheapplicationismadeshallbeatlibertytocrossexamineor reexamine(asthecasemaybe),anypersonthenotesofwhoseexaminationareread,inallrespectsasifsuch personhadmadeanaffidavitontheapplication. Witnessesanddepositions 55.Takingofevidence (1)TheCourtmayorderthewayandmannertheevidenceofanypersontobeexaminedundertheActand theseRulesbeforeanypersonotherthantheCourt,maybetaken. (2)WhereanypersonotherthananofficialoftheCourtisnominatedtotakenotesofevidenceasmentioned inparagraph(1)ofthisrule,theCourtshalldecidethenecessaryfeestobepaidtosuchperson. 56.Committalofcontumaciouswitness (1)Ifapersonexaminedbeforeanypersonotherthanajudgerefusestoanswertothesatisfactionofthe personexamininghimanyquestionwhichhemayallowtobeput,thepersonexaminingshallreportsuchrefusal tothejudge,anduponsuchreportbeingmade,thepersonindefaultshallbeinthesameposition,andbedealt withinthesamemannerasifhehadmadedefaultinansweringbeforethejudge.

(2)Thereportshallbeinwriting,butwithoutaffidavitandshallsetforththequestionput,andtheanswer(if any)givenbythepersonexamined. (3)Form27intheAppendix,withsuchvariationsascircumstancesmayrequire,shallbeusedforthereport. [Form27.] (4)Thepersonexaminingshall,beforetheconclusionoftheexaminationatwhichthedefaultinansweringis made,namethetimewhenandtheplacewherethedefaultwillbereportedtothejudge,anduponreceivingthe report,thejudgemaytakesuchactionthereonasheshallthinkfit. 57.Depositionsofprivateexaminations (1)TheOfficialReceivermayattendinperson,orbyanassistantOfficialReceiver,orbycounselemployedfor thatpurpose,anyexaminationofawitnessundersection449oftheAct,onwhoeverapplicationthesamehas beenordered,andmaytakenotesoftheexaminationforhisownuse,and,putsuchquestionstothepersons examinedastheCourtmayallow. (2)Thenotesofthedepositionsofapersonexaminedundersection449oftheAct,orunderanyorderofthe CourtbeforetheCourt,orbeforeanypersonappointedtotakesuchanexamination(otherthanthenotesofthe depositionsofapersonexaminedatapublicexaminationundersection450oftheAct)shallbeforthwithfiledin theCourtregistryandbeopenedtotheinspectionofanycreditor,contributory,orotherperson,exceptthe OfficialReceiverorLiquidator,oranyprovisionalLiquidatorotherthantheOfficialReceiver,whileheisactingas provisionalLiquidator,unlessanduntiltheCourtshallsodirect,andtheCourtmay,fromtimetotime,givesuch generalorspecialdirectionsasitshallthinkexpedientastothecustodyorinspectionofsuchnotesandthe furnishingofcopiesorextractstherefrorn. Disclaimer 58.Disclaimer (1)Anyapplicationforleavetodisclaimanypartofthepropertyofacompanypursuanttosubsection(1)of section499oftheActshallbebyexpartesummonswhichshallbesupportedbyanaffidavitshowingwhoarethe partiesinterestedandwhattheirinterestsare. (2)Onthehearingofthesummons,theCourtshallgivesuchdirectionsasitseesfit andinparticulardirectionsastothenoticestobegiventothepartiesinterestedoranyof themandtheCourtmayadjourntheapplicationtoenableanysuchpartytoattend. (3)WhereaLiquidatordisclaimsaleaseholdinterest,heshallforthwithfilethedisclaimerattheofficeofthe registrar. (4)Thedisclaimershallcontainparticularsoftheinterestdisclaimedandastatementofthepersonstowhom noticeofthedisclaimerhasbeengiven.UntilthedisclaimerisfiledbytheLiquidator,thedisclaimershallbe inoperative. (5)AdisclaimershallbeintheForm28andanoticeofdisclaimerintheForm29intheAppendix,withsuch variationsascircumstancesmayrequire. (6)WhereanypersonclaimstobeinterestedinanypartofthepropertyofacompanywhichtheLiquidator wishestodisclaim,heshallattherequestoftheLiquidator,furnishastatementoftheinterestsoclaimedbyhim. Vestingofdisclaimedproperty 59.Vestingofdisclaimedproperty (1)Anyapplicationundersubsection(2)ofsection499oftheActforanorderforthevestingofanydisclaimed propertyinorthedeliveryofanysuchpropertytoanypersonshallbesupportedbytheaffidavitfiledonthe applicationforleavetodisclaimsuchproperty. (2)Wheresuchanapplicationasaforesaidistodisclaimedpropertyofaleaseholdnatureanditappearsthat thereisanymortgagesbydemise(includingachargebywayoflegalmortgage),orunderleaseofsuchproperty, theCourtmaydirectthatnoticeshallbegiventosuchmortgageeorunderlesseethat,ifhedoesnotelectto acceptandapplyforsuchavestingorderasaforesaiduponthetermsrequiredbysubsection(2)ofsection499of

theActandimposedbytheCourtwithinatimetobefixedbytheCourtandstatedinthenotice,hewillbe excludedfromallinterestinandsecurityupontheproperty. (3)TheCourtmayadjourntheapplicationforsuchnoticetobegivenandforsuchmortgageeorunderlessee tobeaddedasapartytoandservedwiththeapplicationandifheseesfit,tomakesuchelectionandapplication asitmentionedinthenotice. (4)IfattheexpirationofthetimesofixedbytheCourtsuchmortgageeorunderlesseefailstomakesuch electionandapplication,theCourtmaymakeanordervestingthepropertyintheapplicantandexcludingsuch mortgageeorunderlesseefromallinterestinorsecurityupontheproperty. ArrangementwithcreditorsandcontributoriesinawindingupbytheCourt 60.ReportbyOfficialReceiverorarrangementandcompromises InawindingupbytheCourt,ifapplicationismadetotheCourttosanctionanycompromiseorarrangement, theCourtmay,beforegivingitssanctionthereto,hearareportbytheOfficialReceiverastothetermsofthe scheme,andastotheconductofthedirectorsandotherofficersofthecompany,andastoanyothermatters which,intheopinionoftheOfficialReceiverortheMinistryoughttobebroughttotheattentionoftheCourt.The reportshallnotbeplaceduponthefile,unlessanduntiltheCourtshalldirectittobefiled. CollectionanddistributionofassetsinawindingupbytheCourt 61.Collectionanddistributionofcompany'sassetsbyLiquidator (1)ThedutiesimposedontheCourtbysubsection(1)ofsection439oftheActinawindingupbytheCourt withregardtothecollectionoftheassetsofthecompanyandtheapplicationoftheassetsindischargeofthe company'sliabilitiesshallbedischargedbytheLiquidatorasanofficeroftheCourtsubjecttothecontrolofthe Court. (2)ForthepurposeofthedischargebytheLiquidatorofthedutiesimposedbysubsection(1)ofsection439of theAct,andparagraph(1)ofthisrule,theLiquidatorinawindingupbytheCourtshall,forthepurposeof acquiringorretainingpossessionofthepropertyofthecompany,beinthesamepositionasifhewereareceiver ofthepropertyappointedbytheCourt,andtheCourtmay,onhisapplication,enforcesuchacquisitionor retentionaccordingly. 62.PowerofLiquidatortorequiredeliveryofproperty ThepowersconferredontheCourtbysection440oftheActshallbeexercisedbytheLiquidator.Any contributoryforthetimebeingonthelistofcontributories,trustee,receiver,bankeroragentorofficerofa companywhichisbeingwoundupunderorderoftheCourtshall,onnotice(inForm30intheAppendix,withsuch variationsascircumstancesmayrequire)fromtheLiquidatorandwithinsuchtimeasheshallbynoticeinwriting require,pay,deliver,convey,surrenderortransfertoorintothehandsoftheLiquidatoranymoney,property, booksorpapers,whichhappenedtobeinhishandsforthetimebeingandwhichthecompanyisprimafacie entitled. [Form30.] ListofcontributoriesinawindingupbytheCourt 63.Liquidatortosettlelistofcontributories (1)UnlesstheCourtshalldispensewiththesettlementofalistofcontributories,theLiquidatorshall,withall convenientspeedafterhisappointment,settlealistofcontributoriesofthecompany,andshallappointatime andplaceforthatpurpose. [Form31.] (2)ThelistofcontributoriesinForm31,intheAppendix,withsuchvariationsascircumstancesmayrequire, shallcontainastatementoftheaddressof,andthenumberofsharesorextentofinteresttobeattributedtoeach contributory,andtheamountcalledupandtheamountpaidupinrespectofsuchsharesorinterestandshall distinguishtheseveralclassesofcontributories.

(3)Asregardsrepresentativecontributories,theLiquidator,sofaraspracticable,shallobservethe requirementsofsubsection(2)ofsection439oftheAct. 64.Appointmentoftimeandplaceforsettlementoflist TheLiquidatorshallgivenoticeinwritingofthetimeandplaceappointedforthesettlementofthelistof contributoriestoeverypersonwhomheproposestoincludeinthelist,andshallstateinthenoticetoeachperson inwhatcharacterandforwhatnumberofsharesorinterestheproposestoincludesuchpersoninthelistand whatamounthasbeencalledupandwhatamountpaidupinrespectofsuchsharesorinterest.Thenoticeshall beinForm32intheAppendix,withsuchvariationsascircumstancesmayrequire. [Form32] 65.Settlementoflistofcontributories Onthedayappointedforsettlementofthelistofcontributories,theLiquidatorshallhearanypersonwho objectstobeingsettledasacontributory,andaftersuchhearing,shallfinallysettlethelistandissueacertificate inForm33intheAppendix,withsuchvariationsascircumstancesmayrequire;andthelistsosettled,shallbethe listofcontributoriesofthecompany. [Form33] 66.Noticeofcontributories TheLiquidatorshallforthwithgivenoticeinForm34intheAppendix,withsuchvariationsascircumstances mayrequire,toeverypersonwhomhehasfinallyplacedonthelistofcontributoriesstatinginwhatcharacterand forwhatnumberofsharesorinteresthehasbeenplacedonthelistandwhatamounthasbeencalledupand whatamountpaidupinrespectofsuchsharesorinterestandinthenoticeheshallinformsuchpersonthatany applicationfortheremovalofhisnamefromthelist,orforavariationofthelist,mustbemadetotheCourtby summonswithinthirtydaysfromthedateoftheserviceonthecontributoryorallegedcontributoryofnoticeof thefactthathisnameissettledonthelistofcontributories. [Form34.] 67.ApplicationtoCourttovary,thelist (1)SubjecttothepoweroftheCourttoextendthetimeortoallowanapplicationtobemadenotwithstanding theexpirationofthetimelimitedforthatpurpose,noapplicationtotheCourtbyanypersonwhoobjectstothe listofcontributoriesasfinallysettledbytheLiquidatorshallbeentertainedaftertheexpirationof21daysfrom thedateoftheserviceofsuchpersonofnoticeofthesettlementofthelist. (2)TheCourtmayonanapplicationunderrule66makeanorderinForm35intheAppendix,withsuch variationsascircumstancesmayrequire,forthesettingasideorvariationofthelist. [Form35.] (3)TheOfficialReceivershallnotinanycasebepersonallyliabletopayanycostsoforinrelationtoan applicationtosetasideorvaryhisactordecisionsettlingthenameofapersononthelistofcontributoriesofa company. 68.Variationoforadditiontolistofcontributories TheLiquidatormayfromtimetotime,varyoraddtothelistofcontributoriesbutanysuchvariationor additionshallbemadeinthesamemannerinallrespectsasthesettlementoftheoriginallist. Calls 69.CallsbyLiquidator ThepowersanddutiesoftheCourtinrelationtomakingcallsuponcontributoriesconferredbysection442of theAct,shallandmaybeexercised,inawindingupbytheCourt,bytheLiquidatorasanofficeroftheCourt subjecttotheprovisotosection453oftheAct,andtothefollowingconditions

(a) wheretheLiquidatordesirestomakeanycallonthecontributories,oranyofthemforanypurpose authorisedbytheAct,ifthereisaCommitteeofInspection,hemaysummonameetingofsuchCommittee forthepurposeofobtainingtheirsanctiontotheintendedcall; (b) thenoticeofthemeeting,inForm36intheAppendix,withsuchvariationsascircumstancesmayrequire, shallbesenttoeachmemberoftheCommitteeofInspectioninsufficienttimetoreachhimnotlessthan fourteendaysbeforethedayappointedforholdingthemeetingandsuchnoticeshallcontainastatement oftheproposedamountofthecall,andthepurposeforwhichitisintended; (c) noticeoftheintendedcallandtheintendedmeetingoftheCommitteeofInspectionshall alsobeadvertisedinForm37intheAppendix,withsuchvariationsascircumstancesmay require,onceatleastinanationalnewspaper,or,wherethewindingupisnotinthehead officeoftheCourt,inanewspapercirculatinginthedistrictoftheCourtinwhichthe proceedingsarepending; [Form37.] (d) (e) theadvertisementshallstatethetimeandplaceoftheintendedmeetingoftheCommitteeof Inspectiontobelaidbeforethemeeting,inreferencetothesaidintendedcall; atthemeetingoftheCommitteeofInspection,anystatementsorrepresentationsmadeeithertothe meetingpersonallyoraddressedinwritingtotheLiquidatorormembersoftheCommitteebyany contributoryshallbeconsideredbeforetheintendedcallissanctioned; thesanctionoftheCommitteeshallbegivenbyresolutioninForm38intheAppendix,withsuch variationsascircumstancesmayrequire,whichshallbepassedbyamajorityofthememberspresent; [Form38.] wherethereisnoCommitteeofInspection,theLiquidatorshallnotmakeacallwithoutobtainingthe leaveoftheCourt.

(f)

(g)

70.ApplicationtotheCourtforleavetomakeacall InawindingupbytheCourt,anapplicationtotheCourtforleavetomakeanycallonthecontributoriesofa company,oranyofthem,foranypurposeauthorisedbytheAct,shallbemadebysummonsintheForms39and 40intheAppendix,withsuchvariationsascircumstancesmayrequire,statingtheproposedamountofsuchcall, whichsummonsshallbeservedsevencleardaysattheleastbeforethedayappointedformakingthecallon everycontributoryproposedtobeincludedinsuchcall;oriftheCourtsodirects,noticeofsuchintendedcallmay begivenbyadvertisementinForm41intheAppendix,withsuchvariationsascircumstancesmayrequire,without aseparatenoticetoeachcontributory. [Forms39,40and41.] 71.Documentsmakingthecall WhentheLiquidatorisauthorisedbyresolutionororderinForm42intheAppendixwithsuchvariationsas circumstancesmayrequire,tomakeacallonthecontributories,heshallfilewiththeregistrar,adocument makingthecallintheForm43intheAppendixwithsuchvariationsascircumstancesmayrequire. [Forms42and41.] 72.Serviceofnoticeofcall WhenacallhasbeenmadebytheLiquidatorinawindingupbytheCourt,acopyoftheresolutionofthe CommitteeofInspectionororderoftheCourt(ifany)inForms38,42and44intheAppendix,withsuchvariations ascircumstancesmayrequire,asthecasemaybe,shallforthwith,afterthecallhasbeenmade,beservedupon eachofthecontributoriesincludedinsuchcall,togetherwithanoticeinForm45intheAppendix,withsuch variationsascircumstancesmayrequire,fromtheLiquidatorspecifyingtheamountorbalanceduefromsuch contributoryinrespectofsuchcall,butsuchresolutionororderneednotbeadvertisedunlessforanyspecial reasontheCourtsodirects.

[Forms38,42,44and45.] 73.Enforcementofcall ThepaymentoftheamountduefromeachcontributoryonacallmaybeenforcedbyorderoftheCourt,tobe madeinchambersinForm47intheAppendix,onsummonsbytheLiquidatorsupportedbyanaffidavitinForm46 intheAppendix. [Forms46and47.] Proofs 74.Proofofdebt InawindingupbytheCourt,everycreditorshall,subjectashereinafterprovided,provehisdebt,unlessthe judgeinanyparticularwindingupshallgivedirectionsthatanycreditororclassofcreditorsshallbeadmitted withoutproof. 75.Modeofproof (1)Adebtmaybeprovedinanywindingupbydeliveringorsendingthroughthepost,anaffidavitverifyingthe debt. (2)InawindingupbytheCourt,theaffidavitshallbesosenttotheOfficialReceiverorifaLiquidatorhasbeen appointed,totheLiquidator;andinanyotherwindingup,theaffidavitmaybesosenttotheLiquidator. 76.Verificationofproof Anaffidavitprovingadebtmaybemadebythecreditorhimselforbysomepersonauthorisedbyoronbehalf ofthecreditor.Ifmadebyapersonsoauthorised,itshallstatehisauthorityandmeansofknowledge. 77.Contentsofproof (1)Anaffidavitprovingadebtshallcontainorrefertoastatementofaccountshowingtheparticularsofthe debtinForm48intheAppendix,andshallspecifythevouchersifany,bywhichthesamecanbesubstantiated. [Form48.] (2)TheOfficialReceiverorLiquidatortowhomtheproofissentmayatanytimecallfortheproductionofthe vouchers. 78.Statementofsecurity Anaffidavitprovingadebtshallstatewhetherthecreditorisorisnotasecuredcreditor. 79.Proofbeforewhomsworn AnaffidavitprovingadebtmayinawindingupbytheCourt,beswornbeforeanyCommissionerofOaths. 80.Costsofproof AcreditorshallbearthecostofprovinghisdebtunlesstheCourtotherwiseorders. 81.Discount Acreditorprovinghisdebtshalldeducttherefrom (a) anydiscountwhichhemayhaveagreedtoallowforpayingincashinexcessoffivepercentofthenet amountofhisclaim;and (b) alltradediscounts.

82.Periodicalpayment Whenanyrentorotherpaymentfallsdueatstatedperiods,andtheorderorresolutiontowindupismadeat anytimeotherthanoneofthoseperiods,thepersonsentitledtotherentorpaymentmayprovefora

proportionatepartthereofuptothedateofthewindinguporderorresolutionasiftherentorpaymentgrew duefromdaytoday: ProvidedthatwheretheLiquidatorremainsinoccupationorpremisesdemisedtoacompanywhichisbeing woundup,nothinghereincontainedshallprejudiceoraffecttherightofthelandlordofsuchpremisestoclaim paymentbythecompany,ortheLiquidator,ofrentduringtheperiodofthecompany'sortheLiquidator's occupation. 83.Interest Onanydebtorsumcertain,payableatacertaintimeorotherwise,whereoninterestisnotreservedoragreed for,andwhichisoverdueatthedateofthecommencementofthewindingup,thecreditormayproveforinterest ataratenotexceedingfourpercentperannumtothatdatefromthetimewhenthedebtorsumwaspayable,if thedebtorsumispayablebyvirtueofawritteninstrumentatacertaintime,andifpayableotherwise,thenfrom thetimewhenademandinwritinghasbeenmade,givingnoticethatinterestwillbeclaimedfromthedateofthe demanduntilthetimeofpayment. 84.Prooffordebtpayableatafuturetime Acreditormayproveforadebtnotpayableatthedateofthewindinguporderorresolution,asifitwere payablepresently,andmayreceivedividendsequallywiththeothercreditors,deductingdebtonlythereout,a rebateofinterestattherateoffivepercentperannumcomputedfromthedeclarationofadividendtothetime whenthedebtwouldhavebecomepayableaccordingtothetermsonwhichitwascontracted. 85.Whereformalproofofdebtnotrequired UnlesstheOfficialReceiverorLiquidatorshallinanyspecialcaseotherwisedirectformalproofofthedebts mentionedinparagraph(e)ofsubsection(1)ofsection494oftheActshallnotberequired. 86.Workmen'swages (1)Inanycaseinwhichitappearsthattherearenumerousclaimsforwagesoraccruedholidayremuneration byworkmenandothersemployedbythecompany,itshallbesufficientifoneproofforallsuchclaimsintheForm 49intheAppendixismadeeitherbyaforemanorbysomeotherpersononbehalfofallsuchcreditors. [Form49.] (2)Suchproofshallhaveannexedtheretoasformingpartthereof,aschedulesettingforththenamesofthe workmenandothersandtheamountsseverallyduetothem. (3)Anyproofmadeincompliancewiththisruleshallhavethesameeffectasifseparateproofshavebeen madebyeachofthesaidworkmenandothers. 87.Productionofbillsofexchangeandpromissorynotes Whereacreditorseekstoproveinrespectofabillofexchange,promissorynote,orothernegotiable instrumentorsecurityonwhichthecompanyisliable,suchbillofexchange,note,instrument,orsecuritymust, subjecttoanyspecialorderoftheCourtmadetothecontrary,beproducedtotheOfficialReceiver,chairmanofa meetingorLiquidator,asthecasemaybe,andbemarkedbyhimbeforetheproofcanbeadmittedeitherfor votingorforanypurpose. 88.TransmissionofproofstoLiquidator WhereaLiquidatorisappointedinawindingupbytheCourt,allproofsofdebtsthathavebeenreceivedby theOfficialReceivershallbehandedovertotheLiquidator,buttheOfficialReceivershallfirstmakealistofsuch proofs,andtakeareceiptthereonfromtheLiquidatorforsuchproofs. AdmissionsandrejectionofproofsandpreferentialclaimsandappealtoCourt 89.Noticetocreditorstoprove (1)SubjecttotheprovisionsoftheAct,andunlessotherwiseorderedbytheCourt,theLiquidatorinany windingupmayfromtimetotimefixacertainday,whichshallbenotlessthanthirtydaysfromthedateofthe notice,onorbeforewhichthecreditorsofthecompanyaretoprovetheirdebtsorclaims,andtoestablishany

titletheymayhavetopriorityunderSection494oftheAct,ortobeexcludedfromthebenefitofanydistribution madebeforesuchdebtsareproved,orasthecasemaybe,fromobjectingtosuchdistribution. (2)TheLiquidatorshallgivenoticeinwritingofthedaysofixedbyadvertisementinsuchnewspaperashe shallconsiderconvenient,andinawindingupbytheCourttoeverypersonmentionedinthestatementofaffairs asacreditor,whohasnotprovedhisdebt,andtoeverypersonmentionedinthestatementofaffairsasa preferentialcreditorwhoseclaimtobeapreferentialcreditorhasnotbeenestablishedandisnotadmitted,and inanyotherwindinguptothelastknownaddressorplaceofabodeofeachpersonwho,totheknowledgeofthe Liquidator,claimstobeacreditororpreferentialcreditorofthecompanyandwhoseclaimhasnotbeen admitted. (3)Alltheruleshereinaftersetoutastoadmissionandrejectionofproofsshallapplywiththenecessary variationstoanysuchclaimtopriorityasaforesaid. 90.Examinationofproof TheLiquidatorshallexamineeveryproofofdebtlodgedwithhimandthegroundsofthedebt,andinwriting, admitorrejectit,inwholeorinpart,orrequirefurtherevidenceinsupportofit.Ifherejectsaproofheshallstate inwritingtothecreditorthegroundsoftherejectioninForm50intheAppendix. [Form50.] 91.Appealbycreditor IfacreditororcontributoryisdissatisfiedwiththedecisionoftheLiquidatorinrespectofaproof,theCourt may,ontheapplicationofthecreditororcontributory,reverseorvarythedecision,butsubjecttothepowerof theCourttoextendthetime,noapplicationtoreverseorvarythedecisionoftheLiquidatorinawindingupby theCourtrejectingaproofsenttohimbyacreditor,orpersonclaimingtobeacreditor,shallbeentertained, unlessnoticeoftheapplicationisgivenbeforetheexpirationofthirtydaysfromthedateoftheserviceofthe noticeofrejection. 92.ExpungingatinstanceofLiquidator IftheLiquidatorthinksthataproofhasbeenimproperlyadmitted,theCourtmay,ontheapplicationofthe Liquidator,afternoticetothecreditorwhomadetheproof,expungetheprooforreduceitsamount. 93.Expungingatinstanceofcreditor TheCourtmayalsoexpungeorvaryaproofupontheapplicationofacreditororcontributoryiftheLiquidator declinestointerfereinthematter. 94.Oaths Forthepurposeofanyofhisdutiesinrelationtoproofs,theLiquidator,inawindingupbytheCourt,may causeoathstobeadministeredbyaffidavitstakenbeforeacommissionerforoaths. 95.OfficialReceiver'spowers InawindingupbytheCourt,theOfficialReceiver,beforetheappointmentofaLiquidator,shallhaveallthe powersofaLiquidatorwithrespecttotheexamination,admission,rejectionofproofs,andanyactordecisionof hisinrelationtheretoshallbesubjecttothelikeappeal. 96.FilingproofsbyOfficialReceiver InawindingupbytheCourt,theOfficialReceiver,wherenootherLiquidatorisappointed,shall,before paymentofadividend,fileallproofstenderedinthewindingup,withalistthereof,distinguishinginsuchlistthe proofswhichwerewhollyorpartlyadmitted,andtheproofswhichwerewhollyorpartlyrejected. 97.Proofstobefiled EveryLiquidatorinawindingupbytheCourtotherthantheOfficialReceiver,shallonthefirstdayofevery month,filewiththeregistrar,acertifiedlistinForm51intheAppendixofallproofs,ifany,receivedbyhimduring themonthnextpreceding,distinguishinginsuchliststheproofsadmitted,thoserejected,andsuchasstandover

forfurtherconsideration;and,inthecaseofproofsadmittedorrejected,heshallcausetheproofstobefiledwith theregistrar. [Form51.] 98.Procedurewherecreditorappeals TheLiquidatorinawindingupbytheCourt,includingtheOfficialReceiverwhenheisLiquidator,shallwithin fivedaysafterreceivingnoticefromacreditorofhisintentiontoappealagainstadecisionrejectingaproof,file suchproofwiththeregistrarwithamemorandumthereonofhisdisallowancethereof. 99.TimefordealingwithproofsbyOfficialReceiver SubjecttothepoweroftheCourttoextendthetimeinawindingupbytheCourt,theOfficialReceiveras Liquidator,notlaterthan21daysfromthelatestdatespecifiedinthenoticeofhisintentiontodeclareadividend asthetimewithinwhichsuchproofsmustbelodged,shallinwritingeitheradmitorrejectwholly,orinpart,every prooflodgedwithhim,orrequirefurtherevidenceinsupportofit. 100.TimefordealingwithproofsbyLiquidator (1)SubjecttothepoweroftheCourttoextendthetime,theLiquidatorinawindingupbytheCourt,other thantheOfficialReceiver,within35daysafterreceivingaproof,whichhasnotpreviouslybeendealtwithshallin writingeitheradmitorrejectitwhollyorinpartorrequirefurtherevidenceinsupportofit: ProvidedthatwheretheLiquidatorhasgivennoticeofhisintentiontodeclareadividend,heshall,within 21daysafterthedatementionedinthenoticeasthelatestdateuptowhichproofsmustbelodged,examine,and inwritingadmitorrejectorrequirefurtherevidenceinsupportof,everyproofwhichhasnotbeenalreadydealt with,andshallgivenoticeofhisdecision,rejectingaproofwhollyorinpart,tothecreditorsaffectedthereby. (2)Whereacreditor'sproofhasbeenadmitted,thenoticeofdividendshallbeasufficient notificationoftheadmission. 101.Costsofappealfromdecisionsastoproofs TheOfficialReceivershallinnocasebepersonallyliableforcostsinrelationtoanappealfromhisdecision rejectinganyproofwhollyorinpart. DividendsinawindingupbytheCourt 102.Dividendstocreditors (1)Notmorethantwomonthsbeforedeclaringadividend,theLiquidatorinawindingupbytheCourt,shall givenoticeofhisintentiontodosointheForm52intheAppendixtotheMinistryinorderthatthesamemaybe gazetted,andshallatthesametimegivenoticeintheForm53intheAppendixtosuchofthecreditorsmentioned inthestatementofaffairsashavenotprovedtheirdebts.Suchnoticeshallspecifythelatestdateuptowhich proofsmustbelodged,whichshallnotbelessthan21daysfromthedateofsuchnotice. [Forms52and53.] (2)Whereanycreditor,afterthedatementionedinthenoticeofintentiontodeclareadividendatthelatest dateuptowhichproofsmaybelodged,appealsagainstthedecisionoftheLiquidatorrejectingaproof,noticeof appealshall,subjecttothepoweroftheCourttoextendthetimeinspecialcases,begivenwithinfifteendays fromthedateofthenoticeofthedecisionagainstwhichtheappealismade,andtheLiquidatormayinsuchcase makeprovisionforthedividenduponsuchproof,andtheprobablecostofsuchappealintheeventoftheproof beingadmitted. (3)Wherenonoticeofappealhasbeengivenwithinthetimespecifiedinthisrule,theLiquidatorshallexclude allproofswhichhavebeenrejectedfromparticipationinthedividend. (4)Immediatelyaftertheexpirationofthetimefixedbythisruleforappealingagainstthedecisionofthe Liquidator,heshallproceedtodeclareadividend,andshallgivenoticetotheMinistry(inorderthatthesamemay begazetted),andshallalsosendanoticeofdividendintheForm54intheAppendixtoeachcreditorwhoseproof hasbeenadmitted. [Form54.]

(5)Ifitbecomesnecessary,intheopinionoftheLiquidatorandtheCommitteeofInspection,topostponethe declarationofthedividendbeyondthelimitoftwomonths,theLiquidatorshallgiveafreshnoticeofhisintention todeclareadividendtotheMinistryinorderthatthesamemaybegazetted;butitshallnotbenecessaryforthe Liquidatortogiveafreshnoticetosuchofthecreditorsmentionedinthestatementofaffairsashavenotproved theirdebts.Inallotherrespects,thesameprocedureshallfollowthefreshnoticeaswouldhavefollowedthe originalnotice. (6)Uponthedeclarationofadividend,theLiquidatorshallforthwithtransmittotheMinistryalistofthe proofswiththeregistrarunderrule96. (7)IneverywindingupbytheCourt,theLiquidatorshall,ifsorequiredbytheMinistry,transmittothe Ministryofficecopiesofalllistsofprooffiledbyhimuptothedateofthedeclarationofthedividend. (8)Dividendsmay,attherequestandriskofthepersontowhomtheyarepaid,betransmittedtohimbypost. (9)Ifapersontowhomdividendsarepayabledesiresthattheyshallbepaidtosomeotherperson,hemay lodgewiththeLiquidatoradocumentintheForm55intheAppendixwhichshallbeasufficientauthorityfor paymentofthedividendtothepersonthereinnamed. [Form55.] 103.Returnofcapitaltocontributories (1)EveryorderbywhichtheLiquidatorinawindingupbytheCourtisauthorisedtomakeareturnto contributoriesofthecompanyshall,unlesstheCourtshallotherwisedirect,containorhaveappendedthereto,a scheduleorlist(whichtheLiquidatorshallprepare)sellingoutinatabularform,thefullnamesandaddressesof thepersonstowhomthereturnistobepaid,andtheamountofmoneypayabletoeachperson,andparticularsof thetransfersofshares(ifany)whichhavebeenmadeorthevariationsinthelistofcontributorieswhichhave arisensincethedateofthesettlementofthelistofcontributoriesandsuchotherinformationasmayberequisite toenablethereturntobemade. (2)ThescheduleorlistshallbeintheForm56intheAppendix,withsuchvariationsascircumstancesmay require,andtheLiquidatorshallsendanoticeofreturntoeachcontributory. [Form56.] GeneralmeetingofcreditorsandcontributoriesinrelationofawindingupbytheCourt 104.Firstmeetingofcreditorsandcontributories UnlesstheCourtotherwisedirects,themeetingofcreditorsandcontributoriesundersection519oftheAct (hereinafterreferredtoasthefirstmeetingsofcreditorsandcontributories)shallbeheldwithinonemonthorifa specialmanagerhasbeenappointed,thenwithinsixweeksafterthedateofthewindinguporder.Thedatesof suchmeetingsshallbefixedandtheyshallbesummonedbytheOfficialReceiver. 105.NoticeoffirstmeetingtotheMinistry TheOfficialReceivershallforthwithgivenoticeofthedatesfixedbyhimforthefirstmeetingsofcreditorsand contributoriestotheMinistry,whoshallgazettethesame. 106.Summoningoffirstmeetings Thefirstmeetingsofcreditorsandcontributoriesshallbesummonedashereinafterprovided. 107.Formofnoticesoffirstmeetings ThenoticeofthefirstmeetingsofcreditorsandcontributoriesmaybeinForms57and58intheAppendix,and thenoticestocreditorsshallstateatimewithinwhichthecreditorsmustlodgetheir proofsinordertoentitlethemtovoteatthefirstmeeting. [Forms57and58.] 108.Noticeoffirstmeetingtoofficersofcompany

(1)TheOfficialReceivershallalsogivetoeachoftheofficersofthecompanywho,inhisopinion,oughtto attendthefirstmeetingsofcreditorsandcontributories,fifteendays'noticeofthetimeandplaceappointedfor eachmeeting.Thenoticemayeitherbedeliveredpersonallyorsentbyprepaidpostletter,asmaybeconvenient. [Form59.] (2)Itshallbethedutyofeveryofficerwhoreceivesnoticeofsuchmeetingtoattendifsorequiredbythe OfficialReceiver,andifsuchofficerfailstoattend,theOfficialReceivershallreportsuchfailuretotheCourt. 109.Summaryofstatementofaffairs (1)TheOfficialReceivershallalso,assoonaspracticable,sendtoeachcreditormentionedinthecompany's statementofaffairs,andtoeachpersonappearingfromthecompany'sbooksorotherwisetobeacontributoryof thecompanyasummaryofthecompany'sstatementofaffairs,includingthecausesofitsfailure,andany observationsthereonwhichtheOfficialReceivermaythinkfittomake. (2)Theproceedingsatameetingshallnotbeinvalidatedbyreasonofanysummaryornoticerequiredby theserulesnothavingbeensentorreceivedbeforethemeeting. (3)Wherepriortothewindinguporder,thecompanyhascommencedtobewoundupvoluntarily,theOfficial Receivermay,ifinhisabsolutediscretionheseesfittodoso,sendtothepersonsaforesaidoranyofthem,an accountofsuchvoluntarywindingup,showinghowsuchwindinguphasbeenconductedandhowthepropertyof thecompanyhasbeendisposedofandanyobservationswhichtheOfficialReceivermaythinkfittomakeonsuch accountoronthevoluntarywindingup. GeneralmeetingsofcreditorsandcontributoriesinrelationtowindingupbytheCourtandofcreditorsin relationtoacreditor'svoluntarywindingup 110.Liquidator'smeetingsofcreditorsandcontributories (1)Inadditiontothefirstmeetingsofcreditorsandcontributoriesandinadditionalsotomeetingsofcreditors andcontributoriesdirectedtobeheldbytheCourtundersection519oftheAct(hereinafterreferredtoasCourt meetingsofcreditorsandcontributories),theLiquidatorinanywindingupbytheCourtmayhimselffromtimeto time,subjecttotheprovisionsoftheActandthecontroloftheCourt,summon,hold,andconductmeetingsofthe creditorsorcontributories(hereinafterreferredtoasLiquidator'smeetingsofcreditorsandcontributories),for thepurposeofascertainingtheirwishesinallmattersrelatingtothewindingup. (2)Inanycreditors'voluntarywindingup,theLiquidatormayhimselffromtimetotimesummon,holdand conductmeetingsofcreditorsforthepurposeofascertainingtheirwishesinallmattersrelatingtothewindingup (suchmeetingsandallmeetingsofcreditorswhichaLiquidatorofacompanyisbytheActrequiredtoconvenein orimmediatelybeforesuchavoluntarywindingupandallmeetingsconvenedbyacreditorinavoluntarywinding upundertheseRules,arehereinaftercalledvoluntaryliquidationmeetings). 111.Applicationofrulesastomeetings Exceptwhereandinsofarasthenatureofthesubjectmatterorcontextmayotherwiserequire,therulesas tomeetingshereinaftersetoutshallapplytofirstmeetings,Courtmeetings,Liquidator'smeetingsofcreditors andcontributories,andvoluntaryliquidationmeetings,butsohoweverthatthesaidrulesshalltakeeffectasto firstmeetingssubjectandwithoutprejudicetoanyexpressprovisionsoftheActandastoCourtmeetings,subject andwithoutprejudicetoanyexpressdirectionsoftheCourt. 112.Summoningofmeetings (1)TheOfficialReceiverorLiquidatorshallsummonallmeetingsofcreditorsandcontributoriesbygivingnot lessthanfifteendays'noticeinForm60intheAppendixofthetimeandplacethereofintheGazetteandinalocal paper;andshallnot,lessthanfifteendaysbeforethedayappointedforthemeeting,sendbyposttoeveryperson appearingbythecompany'sbookstobeacreditorofthecompany,noticeofthemeetingofcreditors,andto everypersonappearingbythecompany'sbooksorotherwisetobeacontributoryofthecompany,noticeofthe meetingofcontributories. [Form60.]

(2)Thenoticetoeachcreditorshallbesenttotheaddressgiveninhisprooforifhehasnotproved,tothe addressgiveninthestatementofaffairsofthecompany,ifany,ortosuchotheraddressasmaybeknowntothe personsummoningthemeeting. (3)Thenoticetoeachcontributoryshallbesenttotheaddressmentionedinthecompany'sbooksasthe addressofsuchcontributory,ortosuchotheraddressasmaybeknowntothepersonsummoningthemeeting. (4)Inthecaseofmeetingsundersection465oftheAct,thecontinuingLiquidator,orifthereisnocontinuing Liquidator,anycontributory,maysummonthemeeting. (5)Thisruleshallnotapplytomeetingsundersection472orsection478oftheAct. 113.Evidenceofdispatchofnoticeofmeetings AcertificatebytheOfficialReceiverorotherofficeroftheCourt,orbytheclerkofanysuchperson,oran affidavitbytheLiquidator,orhissolicitorortheclerkofeitherofsuchpersons,orasthecasemaybe,bysome officerofthecompanyoritssolicitorortheclerkofsuchcompanyorsolicitor,thatthenoticeofanymeetinghas beendulypostedshallbesufficientevidenceofsuchnoticehavingbeendulysenttopersonstowhomthesame wasaddressed. 114.Placeofmeetings Everymeetingshallbeheldatsuchplaceasisintheopinionofthepersonconveningthesamemost convenientforthemajorityofthecreditorsorcontributoriesorboth,anddifferenttimesorplacesorbothmay,if thoughtexpedient,benamedforthemeetingsofcreditorsandforthemeetingsofcontributories. 115.Costsofcallingmeetings (1)Thecostsofsummoningameetingofcreditorsorcontributoriesattheinstanceofanypersonotherthan theOfficialReceiverorLiquidator,shallbepaidbythepersonatwhoseinstanceitissummoned,whoshallbefore themeetingissummoned,depositwiththeOfficialReceiverorLiquidator,asthecasemaybe,suchsumasmay berequiredbytheOfficialReceiverorLiquidatorassecurityforthepaymentofsuchcost. (2)Thecostsofsummoningameetingunderparagraph(1)above,includingalldisbursementsforprinting, stationery,postageandthehireofroom,shallbedecidedbytheOfficialReceiverorLiquidatorandshallberepaid outoftheassetsofthecompanyiftheCourtshallbyorderorifthecreditorsorcontributories(asthecasemay be)shallbyresolution,sodirect. 116.Chairmanofmeetings WhereameetingissummonedbytheOfficialReceiverortheLiquidator,heorsomeonenominatedbyhim undertheauthorityasintheForm61intheAppendix,shallbechairmanofthemeeting.Ateveryothermeeting ofcreditorsorcontributories,thechairmanshallbesuchpersonasthemeetingbyresolutionshallappoint.This ruleshallnotapplytomeetingsundersection472oftheAct. [Form61.] 117.Ordinaryresolutionofcreditorsandcontributories Atameetingofcreditors,aresolutionshallbedeemedtobepassedwhenamajorityinnumberandvalueof thecreditorspresentpersonallyorbyproxyandvotingontheresolutionhavevotedinfavouroftheresolution, andatameetingofthecontributoriesaresolutionshallbedeemedtobepassedwhenamajorityinnumberand valueofthecontributoriesbeingdeterminedaccordingtothenumberofvotesconferredoneachcontributoryby theregulationsofthecompany. 118.Copyofresolutiontobefiled TheOfficialReceiverorasthecasemaybe,theLiquidator,shallfilewiththeregistraracopycertifiedbyhimof everyresolutionofameetingofcreditorsorcontributoriesinawindingupbytheCourt. 119.Nonreceptionofnoticebyacreditor

Whereameetingofcreditorsorcontributoriesissummonedbynotice,theproceedingsandresolutionsatthe meetingshall,unlesstheCourtotherwiseorders,bevalid,notwithstandingthatsomecreditorsorcontributories maynothavereceivedthenoticesenttothem. 120.Adjournments Thechairmanmay,withtheconsentofthosepresentatthemeeting,adjournitfromtimetotimeandfrom placetoplaceusingtheForm62intheAppendix,buttheadjournedmeetingshallbeheldatthesameplaceasthe originalmeetingunlessintheresolutionforadjournmentanotherplaceisspecifiedorunlesstheCourtotherwise orders. [Form62.] 121.Quorum (1)Ameetingmaynotactforanypurposeexcepttheelectionofachairman,theprovingofdebtsandthe adjournmentofthemeetingunlesstherearepresentorrepresentedthereatinthecaseofacreditor'smeetingat leastthreecreditorsentitledtovoteorinthecaseofameetingofcontributoriesatleastthreecontributoriesorall thecreditorsentitledtovoteorallthecontributoriesifthenumberofcreditorsentitledtovoteorthenumberof contributories,asthecasemaybe,shallnotexceedthree. (2)Ifwithinhalfanhourfromthetimeappointedforthemeeting,aquorumofcreditorsorcontributories,as thecasemaybe,isnotpresentorrepresented,themeetingshallbeadjournedtothesamedayinthefollowing weekatthesametimeandplaceortosuchotherdayortimeorplaceasthechairmanmayappoint,butsothat thedayappointedshallbenotlessthanfifteennormorethanthirtydaysfromthedayfromwhichthemeeting wasadjourned. 122.Creditorsentitledtovote (1)Inthecaseofafirstmeetingofcreditorsorofanadjournmentthereof,apersonshallnotbeentitledto voteasacreditorunlesshehasdulylodgedwiththeOfficialReceiver,notlaterthanthetimementionedforthat purposeinthenoticeconveningthemeeting,oradjournedmeeting,aproofofthedebtwhichheclaimstobedue tohimfromthecompany.InthecaseofaCourtmeetingorLiquidator'smeetingofcreditors,apersonshallnotbe entitledtovoteascreditorunlesshehaslodgedwiththeOfficialReceiverorLiquidatoraproofofthedebtwhich heclaimstobeduetohimfromthecompanyandsuchproofhasbeenadmittedwhollyorinpartbeforethedate onwhichthemeetingisheld: ProvidedthatthisandthenextfourfollowingrulesshallnotapplytoaCourtmeetingofcreditorsheldprior tothefirstmeetingofcreditors. (2)Thisruleshallnotapplytoanycreditorsorclassofcreditorswho,byvirtueoftheseRulesoranydirections giventhereunder,arenotrequiredtoprovetheirdebtsortoanyvoluntaryliquidationmeeting. 123.Casesinwhichcreditorsmaynotvote Acreditorshallnotvoteinrespectofanyunliquidatedorcontingentdebtoranydebtthevalueofwhichisnot ascertained,norshallacreditorvoteinrespectofanydebtonorsecuredbyacurrentbillofexchangeor promissorynoteheldbyhimunlessheiswillingtotreattheliabilitytohimthereonofeverypersonwhoisliable thereonantecedentlytothecompany,andagainstwhomaReceivingOrderinBankruptcyhastoestimatethe valuethereof,andforthepurposesofvoting,butnotforthepurposesofdividend,todeductitfromhisproof. 124.Votesofsecuredcreditors Forthepurposeofvoting,asecuredcreditorshall,unlesshesurrendershissecurity,stateinhisprooforina voluntaryliquidationinsuchastatementasishereinaftermentioned,theparticularsofhissecurity,thedate whenitwasgiven,andthevalueatwhichheassessesit,andshallbeentitledtovoteonlyinrespectofthe balance(ifany)duetohimafterdeductingthevalueofhissecurity.Ifhevotesinrespectofhiswholedebt,he shallbedeemedtohavesurrenderedhissecurity,unlesstheCourtonapplicationissatisfiedthattheomissionto valuethesecurityhasarisenfrominadvertence. 125.Creditorsrequiredtogiveupsecurity TheOfficialReceiverorLiquidatormay,withinthirtydaysafteraprooforinavoluntaryliquidationaftera statementestimatingthevalueofasecurityasaforesaid,hasbeenusedinvotingatameeting,requirethe

creditortogiveupsecurityforthebenefitofthecreditorsgenerallyonpaymentofthevaluesoestimatedwithan additiontheretooftwentypercent: Providedthatwhereacreditorhasvaluedhissecurity,hemayatanytimebeforebeingrequiredtogiveit up,correctthevaluationbyanewproofanddeductthenewvaluefromhisdebts,butinthatcasethesaid additionoftwentypercentshallnotbemadeifthesecurityisrequiredtobegivenup. 126.Admissionandrejectionofproofsforpurposeofvoting Thechairmanshallhavepowertoadmitorrejectaproofforthepurposeofvoting,buthisdecisionshallbe subjecttoappealtotheCourt.Ifheisindoubtwhetheraproofshallbeadmittedorrejected,heshallmarkitas objectedtoandallowthecreditortovotesubjecttothevotebeingdeclaredinvalidintheeventoftheobjection beingsustained. 127.Statementofsecurity Forthepurposeofvotingatavoluntaryliquidationmeeting,asecuredcreditorshall,unlesshesurrendershis security,lodgewiththeLiquidatoror,wherethereisnoLiquidator,attheregisteredofficeofthecompany,before themeeting,astatementgivingtheparticularsofhissecurity,thedatewhenitwasgivenandthevalueatwhich heassessesit. 128.Minutesofmeetings (1)Thechairmanshallcauseminutesoftheproceedingsatthemeetingtobedrawnupandfairlyenteredina bookkeptforthatpurposeandtheminutesshallbesignedbyhimorbythechairmanofthenextensuing meeting. (2)AlistofcreditorsandcontributoriespresentateverymeetingshallbemadeandkeptasinForm63inthe Appendix. [Form63.] ProxiesinrelationtoawindingupbytheCourtandtomeetingsofcreditorsinacreditor'svoluntary windingup 129.Proxies (1)Acreditororacontributorymayvoteeitherinpersonorbyproxywhereapersonisauthorisedinthe mannerprovidedbysection231oftheActtorepresentacorporationatanymeetingofcreditorsor contributoriessuchpersonshallproducetotheOfficialReceiverorLiquidatororotherpersonwhoisthechairman ofthemeeting,acopyoftheresolutionsoauthorisinghim. (2)Suchcopymusteitherbeunderthesealofthecorporationormustbecertifiedtobeatruecopybythe secretaryoradirectorofthecorporation.Thesucceedingrulesastoproxiesshallnot(unlessotherwisedirected bytheCourt),applytoaCourtmeetingofcreditorsorcontributoriespriortothefirstmeeting. 130.Formofproxies EveryinstrumentofproxyshallbeinaccordancewiththeForm64or65intheAppendix. [Form64and65.] 131.Formofproxytobesentwithnotice Generalandspecialformsofproxyshallbesenttothecreditorsandcontributorieswiththenoticesummoning themeeting,andneitherthenamenordescriptionoftheOfficialReceiverorLiquidatororanyotherpersonshall beprintedorinsertedinthebodyofanyinstrumentofproxybeforeitissosent. 132.Generalproxies Acreditororacontributorymaygiveageneralproxytoanyperson. 133.Specialproxies

Acreditororacontributorymaygiveaspecialproxytoanypersontovoteatanyspecifiedmeetingor adjournmentthereof (a) (b) fororagainsttheappointmentorcontinuanceinofficeofanyspecifiedpersonasLiquidatorormember oftheCommitteeofInspection;and onallquestionsrelatingtoanymatterotherthanthoseabovereferredtoandarisingatthemeetingor anadjournmentthereof.

134.SolicitationbyLiquidatortoobtainproxies WhereitappearstothesatisfactionoftheCourtthatanysolicitationhasbeenusedbyoronbehalfofa LiquidatorinobtainingproxiesorinprocuringhisappointmentasLiquidatorexceptbythedirectionofameeting ofcreditorsorcontributories,theCourt,ifitthinksfit,mayorderthatnoremunerationbeallowedtotheperson bywhomoronwhosebehalfthesolicitationwas exercisednotwithstandinganyresolutionoftheCommitteeofInspectionorofthecreditorsorcontributoriesto thecontrary. 135.ProxiestoOfficialReceiverorLiquidator AcreditororacontributoryinawindingupbytheCourtmayappointtheOfficialReceiverorLiquidatorandin avoluntarywindinguptheLiquidatororifthereisnoLiquidator,thechairmanofameetingtoactashisgeneralor specialproxy. 136.Holderofproxynottovoteonmattersinwhichheisfinanciallyinterested Nopersonactingeitherunderageneraloraspecialproxyshallvoteinfavourofanyresolutionwhichwould directlyorindirectlyplacehimself,hispartneroremployerinapositiontoreceiveanyremunerationoutofthe estateofthecompanyotherwisethanascreditorrateablywithothercreditorsofthecompany: ProvidedthatwhereanypersonholdsspecialproxiestovoteforanapplicationtotheCourtinfavourofthe appointmentofhimselfasLiquidator,hemayusethesaidproxiesandvoteaccordingly. 137.Proxies (1)AproxyintendedtobeusedatthefirstmeetingshallbelodgedwiththeOfficialReceivernotlaterthanthe timementionedforthatpurposeinthenoticeconveningthemeetingortheadjournedmeeting,whichtimeshall benotearlierthantwelveo'clockatnoonofthedaybutbeforeone,norlaterthantwelveo'clockatnoonofthe daybeforethedayappointedforsuchmeeting,unlesstheCourtotherwisedirects. [Form64and65.] (2)Ineveryothercase,aproxyshallbelodgedwiththeOfficialReceiverorLiquidatorinawindingupbythe Court,withthecompanyatitsregisteredofficeforameetingundersection472oftheAct,andwiththeLiquidator or,ifthereisnoLiquidator,withthepersonnamedinthenoticeconveningthemeeting,toreceivethesameina voluntarywindingupnotlaterthanthreeo'clockintheafternoonofthedaybeforethemeetingoradjourned meetingatwhichitistobeused. (3)Nopersonshallbeappointedageneralorspecialproxywhoisaminor. 138.Useofproxiesbydeputy WhereanOfficialReceiverwhoholdsanyproxiescannotattendthemeetingforwhichtheyaregiven,hemay, inwriting,deputisesomepersonunderhisofficialcontroltousetheproxiesonhisbehalfandinsuchmanneras hemaydirect. 139.Proxyofblind,etc.,creditortocomplywithilliteratesprotectionlaws Theproxyoracreditorblindorincapableofwriting,maybeacceptedifsuchcreditorhasattachedhis signatureormarktheretointhepresenceofawitnessandthewitnessshallcomplywiththeprovisionsofthe illiteratesprotectionlaws. Attendanceandappearanceofparties 140.Attendanceatproceedings

(1)Everypersonforthetimebeingonthelistofcontributoriesorthecompany,andeverypersonwhoseproof hasbeenadmitted,shallbeatliberty,athisownexpense,toattendproceedings,andshallbeentitled,upon paymentofthecostsoccasionedthereby,tohavenoticeorallsuchproceedingsasheshall,bywrittenrequest, desiretohaveof.IftheCourtshallhavetheopinionthattheattendanceofanysuchpersonuponanyproceedings hasoccasionedanyadditionalcostswhichoughtnottobebornebythefundsofthecompany,itmaydirectsuch costs,oragrosssuminlieuthereof,tobepaidbysuchpersonwhoshallnotbeentitledtoattendanyfurther proceedingsuntilhehaspaidthesame. (2)TheCourtmay,fromtimetotime,appointanyoneormoreofthecreditorsorcontributoriestorepresent beforetheCourt,attheexpenseofthecompany,alloranyclassofthecreditorsorcontributories,uponany questionorinrelationtoanyproceedingsbeforetheCourt,andmayremovethepersonsoappointed.Ifmore thanonepersonisappointedunderthisruletorepresentoneclass,thepersonsappointedshallemploythesame solicitortorepresentthem. (3)Nocreditororcontributoryshallbeentitledtoattendanyproceedingsinchambersunlessanduntilhehas enteredinabook,tobekeptbytheregistrarforthatpurpose,hisnameandaddress,andthenameandaddress ofhissolicitor(ifany)anduponanychangeofhisaddress,orofhissolicitor,hisnewaddress,andthenameand addressofhisnewsolicitor. 141.AttendanceofLiquidator'ssolicitoratmeetings WheretheattendanceoftheLiquidator'ssolicitorisrequiredonanyproceedinginCourtorchambers,the Liquidatorneednotattendinperson,exceptincaseswherehispresenceisnecessaryinadditiontothatofhis solicitor,ortheCourtdirectshimtoattend. LiquidatorandCommitteeofInspection 142.RemunerationofLiquidator (1)TheremunerationofaLiquidator,unlesstheCourtshallotherwiseorder,shallbefixedbytheCommitteeof Inspection,(orthecreditors,asthecasemaybe)andshallbeinthenatureofacommissionorpercentageof whichonepartshallbepayableontheamountrealised,afterdeductingthesums(ifany)paidtosecuredcreditors (otherthandebentureholders)outoftheproceedsoftheirsecuritiesandtheotherpartontheamount distributedindividend. (2)IftheMinistryisoftheopinionthattheremunerationofaLiquidatorasfixedbytheCommitteeof Inspectionorthecreditors,asthecasemaybe,isunnecessarilylarge,theMinistrymayapplytotheCourt,and thereupontheCourtshallfixtheamountoftheremunerationoftheLiquidator. (3)ThisruleshallonlyapplytoaLiquidatorappointedinawindingupbytheCourt. 143.Limitofremuneration ExceptasprovidedbytheActortheseRules,aLiquidatorshallnot,underanycircumstanceswhatever,make anyarrangementfor,oracceptfromanysolicitor,auctioneer,oranyotherpersonconnectedwiththecompanyof whichheisLiquidator,orwhoisemployedinorinconnectionwiththewindingupofthecompany,anygift, remuneration,orpecuniaryorotherconsiderationofbenefitwhateverbeyondtheremunerationtowhichunder theActandtheseRulesheisentitledasLiquidator,norshallhemakeanyarrangementforgivingup,orgiveup anypartofsuchremunerationtosuchsolicitor,auctioneerorotherperson. 144.Dealingswithassets NeithertheLiquidator,noranymemberoftheCommitteeofInspectionofacompanyshall,whileactingas LiquidatorormemberofsuchCommittee,exceptbyleaveofCourt,eitherdirectlyorindirectly,byhimselforany employer,clerk,agentorservant,becomepurchaserofanypartofthecompany'sassets;andanypurchasemade contrarytotheprovisionsofthisrulemaybesetasidebytheCourtontheapplicationoftheMinistryinawinding upbytheCourtorofanycreditororcontributoryinanywindingup,andtheCourtmaymakesuchorderasto costsastheCourtshallthinkfit. 145.RestrictiononpurchaseofgoodsbyLiquidator WheretheLiquidatorcarriesonthebusinessofthecompany,heshallnot,withouttheexpresssanctionofthe Court,purchasegoodsforthecarryingonofsuchbusinessfromanypersonwhoseconnectionwithhimisofsuch anatureaswouldresultinhisobtaininganyportionoftheprofit(ifany)arisingoutofthetransaction.

146.CommitteeofInspectionnottomakeprofit (1)NomemberofaCommitteeofInspectionshall,exceptunderandwiththesanctionoftheCourt,directlyor indirectly,byhimself,anyemployer,partner,clerk,agent,orservant,beentitledtoderiveanyprofitfromany transactionarisingoutofthewindinguportoreceive,outoftheassets,anypaymentforservicesrenderedbyhim inconnectionwiththeadministrationoftheassets,orforanygoodssuppliedbyhimtotheLiquidatorfororon accountofthecompany. (2)InawindingupbytheCourt,ifitappearstotheMinistryorinavoluntarywindingup,ifitappearstothe CommitteeofInspectionortoanymeetingofcreditorsorcontributories,thatanyprofitorpaymenthasbeen madecontrarytotheprovisionsofthisrule,theMinistry,CommitteeofInspectionormeeting,asthecasemaybe, maydisallowsuchpaymentorrecoversuchprofit,ontheauditoftheLiquidator'saccountsorotherwise. 147.CostsofobtainingsanctionofCourt InanycaseinwhichthesanctionoftheCourtisobtainedunderrules145and146,thecostofobtainingsuch sanctionshallbebornebythepersoninwhoseinterestsuchsanctionisobtained,andshallbepayableoutofthe company'sassets. 148.SanctionforpaymentstoCommittee WherethesanctionoftheCourttoapaymenttoamemberofaCommitteeofInspectionforservicesrendered byhiminconnectionwiththeadministrationofthecompany'sassetsisobtained,theorderoftheCourtshall specifythenatureoftheservice,andsuchsanctionshallonlybegivenwheretheserviceperformedisofaspecial nature;andexceptbytheexpresssanctionoftheCourt,noremunerationshall,underanycircumstances,bepaid toamemberofacommitteeforservicesrenderedbyhiminthedischargeofthedutiesattachingtohisofficeasa memberofsuchcommittee. 149.DischargeofcostsbeforeassetshandedtoLiquidator (1)WhenaLiquidatorappointedbytheCourthasnotifiedhisappointmenttotheRegistrarGeneralandhas givensecuritytotheCourt,theOfficialReceivershallforthwithputtheLiquidatorintopossessionofallproperty ofthecompanyofwhichtheOfficialReceivermayhavecustody: ProvidedthatsuchLiquidator,beforetheassetsarehandedovertohimbytheOfficialReceiver,shallhave dischargedanybalanceduetotheOfficialReceiveronaccountoffees,costs,andchargesproperlyincurredby him,andonaccountofanyadvancesproperlymadebyhiminrespectofthecompany,togetherwithintereston suchadvancesattherateoftenpercentperannum,andtheLiquidatorshallpayallfees,costs,andchargesofthe OfficialReceiverwhichmaynothavebeendischargedbytheLiquidatorbeforebeingputintopossessionofthe propertyofthecompany,whetherincurredbeforeorafterhehasbeenputintosuchpossession. (2)TheOfficialReceivershallbedeemedtohavealienuponthecompany'sassetsuntilsuchbalanceshall havebeenpaidandotherliabilitiesshallhavebeendischarged. (3)ItshallbethedutyoftheOfficialReceiver,ifsorequestedbytheLiquidator,tocommunicatetothe Liquidator,allsuchinformationrespectingtheestateandaffairsofthecompanyasmaybenecessaryorconducive totheduedischargeofthedutiesoftheLiquidator. (4)Thisruleandrule150shallonlyapplyinwindingupbytheCourt. 150.ResignationofLiquidator (1)ALiquidatorwhodesirestoresignhisofficeshallsummonseparatemeetingsofthecreditorsand contributoriesofthecompanytodecidewhetherornottheresignationshallbeaccepted. (2)Ifthecreditorsandcontributoriesbyordinaryresolutionbothagreetoaccepttheresignationofthe Liquidator,heshallfilewiththeRegistrarGeneralamemorandumofhisresignationandshallsendnoticethereof totheOfficialReceiverandtheresignationshallthereupontakeeffect. (3)Inanyothercase,theLiquidatorshallreporttotheCourttheresultofthemeetingsandshallsendareport totheOfficialReceiverandthereupontheCourtmay,upontheapplicationoftheLiquidatorortheOfficial Receiver,determinewhetherornottheresignationoftheLiquidatorshallbeaccepted,andmaygivesuch directionsandmakesuchordersasintheopinionoftheCourtshallbenecessary.

151.OfficeofLiquidatorvacatedbyinsolvency IfaReceiverOrderinBankruptcyismadeagainstaLiquidator,heshalltherebyvacatehisoffice,andforthe purposeoftheapplicationoftheActandtheseRules,shallbedeemedtohavebeenremoved. Paymentstoandwithdrawalsfromaccount 152.Withdrawalfromaccount AllpaymentsoutoftheCompaniesLiquidationAccountshallbemadeinsuchmannersastheMinistrymay, fromtimetotime,direct. 153.Specialbankaccount (1)WheretheLiquidatorinawindingupbytheCourtisauthorisedtohaveaspecialbankaccount,heshall forthwithpayallmoneysreceivedbyhimintothataccounttothecreditoftheLiquidatorofthecompany. (2)Allpaymentsoutofthespecialbankaccountshallbemadebychequepayabletoorder,andeverycheque shallhavemarkedorwrittenonthefaceofit,thenameofthecompanyandshallbesignedbytheLiquidator,and shallbecountersignedbyatleastonememberoftheCommitteeofInspection,andbysuchotherperson,ifany, astheCommitteeofInspectionmayappoint. (3)WhereapplicationinForm66intheAppendixismadetotheCourttoauthorisetheLiquidatorinawinding upbytheCourttomakehispaymentsintoandoutofaspecialbankaccount,theCourtmaygrantsuch authorisationasinForm67intheAppendixforsuchtimeandonsuchtermsasitmaythinkfit,andmay,atany time,ordertheaccounttobeclosedifitisoftheopinionthattheaccountisnolongerrequiredforthepurpose mentionedintheapplication. [Forms66and67.] Books 154.KeepingofRecordBook InawindingupbytheCourt,theOfficialReceiver,untilaLiquidatorisappointedbytheCourtandthereafter theLiquidator,shallkeepabooktobecalledthe"RecordBook"inwhichheshallrecordallminutes,all proceedingshadandresolutionspassedatanymeetingofcreditorsorcontributories,oroftheCommitteeof Inspection,andallsuchmattersasmaybenecessarytogiveacorrectviewofhisadministrationofthecompany's affairs;butheshallnotbeboundtoinsertintheRecordBooksanydocumentofaconfidentialnature(suchasthe opinionofcounselonanymatteraffectingtheinterestofthecreditorsorcontributories),norneedheexhibitsuch documenttoanypersonotherthanamemberoftheCommitteeofInspection,theOfficialReceiverorthe Ministry. 155.CashBook (1)InawindingupbytheCourt,theOfficialReceiver,untilaLiquidatorisappointedbytheCourt,and thereaftertheLiquidator,shallkeepabooktobecalledthe"CashBook"(whichshallbeinsuchformasthe Ministrymayfromtimetotimedirect)inwhichheshall(subjecttotheprovisionsoftherulesastotrading accounts),enterfromdaytodaythereceiptsandpaymentsmadebyhim. (2)InawindingupbytheCourt,aLiquidatorotherthantheOfficialReceivershallsubmittheRecordandCash Bookstogetherwithanyotherrequisitebooksandvouchers,totheCommitteeofInspection(ifany)when required,andnotlessthanonceeverythreemonths. (3)Inacreditors'voluntarywindinguptheLiquidatorshallkeepsuchbooksastheCommitteeofInspection,or ifthereisnosuchcommittee,asthecreditorsdirect,andallbookskeptbytheLiquidatorshallbesubmittedtothe CommitteeofInspectionorifthereisnosuchcommittee,tothecreditorswithanyotherbooks,documents, papersandaccountsinhispossessionrelatingtohisofficeasLiquidatorortothecompanyasandwhenthe CommitteeofInspection,orifthereisnosuchcommittee,thecreditorsdirect. Investmentoffunds

156.Investmentofassetsinsecuritiesandrealisationofsecurities (1)WhereinawindingupbytheCourtorinacreditors'voluntarywindingup,theCommitteeofInspectionare oftheopinionthatanypartofthecashbalancestandingtothecreditoftheaccountofthecompanyshouldbe invested,theyshallsignacertificateandrequestinForms68and69intheAppendix,andtheLiquidatorshall transmitsuchcertificateandrequesttotheCommission. [Forms68and69.] (2)WheretheCommitteeofInspectioninanysuchwindingupareoftheopinionthatitisadvisabletosellany ofthesecuritiesinwhichthemoneysofthecompany'sassetsareinvested,theyshallsignacertificateandrequest totheeffect,andtheLiquidatorshalltransmitsuchcertificateandrequesttotheCommission. (3)WherethereisnoCommitteeofInspectioninanysuchwindingupasismentionedinparagraphs(1)and (2)ofthisruleandineverymembers'voluntarywindingupwhetherunderthesupervisionoftheCourtornot,ifa casehasintheopinionoftheLiquidatorarisenundersection529oftheActforaninvestmentoffundsofthe companyorasaleofsecuritiesinwhichthecompany'sfundshavebeeninvested,theLiquidatorshallsignand transmittotheCommissionacertificateofthefactsonwhichhisopinionisfounded,andarequesttothe RegistrarGeneralsothattheAccountantGeneralcanmaketheinvestmentorsalementionedinthecertificate andtheAccountantGeneralmaythereuponifhethinksfit,investorsellthewholeoranypartofthesaidfunds andsecurities,asprovidedinthesaidsection,andthesaidcertificateandrequestshallbeasufficientauthorityto theAccountantGeneralforthesaidinvestmentorsale. AccountsandauditinawindinglipbytheCourt 157.AuditofCashBook TheCommitteeofInspectionshallnotlessthanonceeverythreemonths,auditthe Liquidator'sCashBookandcertifythereininForm70intheAppendixundertheir hands,thedayonwhichthesaidbookwasaudited. [Form70.] 158.Commission'sauditofLiquidator'saccounts (1)TheLiquidatorshall,attheexpirationofsixmonthsfromthedateofthewindinguporder,andatthe expirationofeverysucceedingsixmonthsthereafteruntilhisrelease,transmittotheRegistrarGeneral,acopyof theCashBookforsuchperiodinduplicate,togetherwiththenecessaryvouchersandcopiesofthecertificatesof auditbytheCommitteeofInspectionandheshallalsoforward (a) withtheaccounts,asummaryofthecompany'sstatementofaffairsshowing thereontheamountsrealised,andexplainingthecauseofthenonrealisationof suchassetsasmaybeunrealised; attheendofeverysixmonths,forwardtotheRegistrarGeneral,withhisaccounts,areportupon thepositionoftheliquidationofthecompanyinsuchformastheRegistrarGeneralmaydirect.

(b)

(2)Whentheassetsofthecompanyhavebeenfullyrealisedanddistributed,theLiquidatorshallforthwith sendinhisaccountstotheRegistrarGeneralalthoughthesixmonthsmaynothaveexpired. (3)TheaccountssentinbytheLiquidatorshallbeverifiedbyhimbyaffidavitandbeinForm71inthe Appendix. [Form71.] 159.Liquidatorcarryingonbusiness (1)WheretheLiquidatorcarriesonthebusinessofthecompany,heshallkeepadistinctaccountofthetrading andshallincorporateintheCashBook,thetotalweeklyamountsofthereceiptsandpaymentsonsuchtrading account. (2)ThetradingaccountinForm71intheAppendixshall,fromtimetotime,andnotlessthanonceinevery month,beverifiedbyaffidavit,andtheLiquidatorshallthereuponsubmitsuchaccounttotheCommitteeof Inspection(ifany)orsuchmemberthereofasmaybeappointedbytheCommitteeofthatpurposewhoshall examineandcertifythesame.

160.Copyofaccountstobefiled WhentheLiquidator'saccounthavebeenaudited,theCommissionshallcertifythatfactupontheaccount,and thereupontheduplicatecopy,bearingalikecertificate,shallbefiledwithhim,andthatcopy,togetherwithacopy ofthesaidaccountdeliveredtotheCourtforfilinginaccordancewithsection429oftheAct,shallbeopentothe inspectionofanypersononpaymentofthesamefeeasispayablewithrespecttotheinspectionofthefileof proceedingsunderrule10. 161.Summaryofaccounts (1)TheLiquidatorshallprepareasummaryofsuchofaccountsandshall,subjecttoanydispensationgranted bytheRegistrarGeneralundersubsection(5)ofsection429oftheAct,sendaprintedcopyofthatsummaryby posttoeverycreditorandcontributory. (2)Thecostofprintingandpostingsuchcopyshallbeachargeupontheassetsofthecompany. 162.Affidavitofnoreceiptsorpayments WhenaLiquidatorhasnotsincethedateofhisappointmentorsincethelastauditofhisaccounts,asthecase maybe,receivedorpaidanysumofmoneyonaccountoftheassetsofthecompany,heshall,atthetimewhen heisrequiredtotransmithisaccountstotheCommission,forwardtotheCommission,anaffidavitofnoreceipts orpayments. 163.ProceedingsonresignationofLiquidator (1)UponaLiquidatorresigningorbeingreleasedorremovedfromhisoffice,heshalldeliverovertothe OfficialReceiveror,asthecasemaybe,tothenewLiquidator,allbookskeptbyhim,andallotherbooks, documents,papersandaccountsinhispossessionrelatingtotheofficeofLiquidator. (2)ThereleaseofaLiquidatorshallnottakeeffectunlessanduntilhehasdeliveredovertotheOfficial Receiveror,asthecasemaybe,tothenewLiquidator,allthebooks,documents,papersandaccountswhichheis bytheseRules,requiredtodeliveronhisrelease. (3)TheCourtmay,atanytimeduringtheprogressoftheliquidation,ontheapplicationoftheLiquidatoror theOfficialReceiver,directthatsuchofthebooks,papersanddocumentsofthecompanyoroftheLiquidatoras arenolongerrequiredforthepurposeoftheliquidationmaybesold,destroyedorotherwisedisposedof. 164.Expensesofsales (1)Wherepropertyformingpartofacompany'sassetsissoldbytheLiquidatorthroughanauctioneerorother agent,thegrossproceedsofthesaleshallbepaidoverbysuchauctioneeroragent,andthechargesandexpenses connectedwiththesaleshallafterwardsbepaidtosuchauctioneeroragent. (2)EveryLiquidatorbywhomsuchauctioneeroragentisemployedshall,unlesstheCourtotherwiseorders, beacceptablefortheprocessofeverysuchsale. Finalaccountinvoluntarywindingup 165.Formoffinalaccount Theaccountrequiredbysections468and478oftheActtobemadeupbytheLiquidatorassoonastheaffairs ofthecompanyarefullywoundup,shallbeinForm72intheAppendix. Costsandexpensespayableoutoftheassetsofthecompany 166.Liquidator'scharges (1)WhereaLiquidatororspecialmanagerinawindingupbytheCourtreceivesremunerationforhisservices assuch,nopaymentshallbeallowedonhisaccountsinrespectoftheperformancebyanyotherpersonofthe ordinarydutieswhicharerequiredbystatuteorrulestobeperformedbyhimself.

(2)WhereaLiquidatorisasolicitor,hemaycontractthattheremunerationforhisservicesasLiquidatorshall includeallprofessionalservices. 167.Costspayableoutoftheassets (1)TheassetsofacompanyinawindingupbytheCourtremainingafterpaymentofthefeesandexpenses properlyincurredinpreserving,realisingorgettingintheassets,includingwherethecompanywaspreviouslyto bewoundupvoluntarily,suchremuneration,costsandexpenses,astheCourtmayallowtoaLiquidator appointedinsuchvoluntarywindingupshall,subjecttoanyorderoftheCourt,beliabletothefollowing payments,whichshallbeinthefollowingorderofpriority,namely (a) thecostsofthepetition,includingthecostsofanypersonappearingonthepetitionwhosecostsare allowedbytheCourt;

(b)theremunerationofthespecialmanager(ifany); (c)thecostsandexpensesofanypersonwhomakesorconcursinmakingthecompany'sstatementof affairs; (d) thechargesofanyshorthandwriterappointedtotakeanexamination:

ProvidedthatwheretheshorthandwriterisappointedattheinstanceoftheOfficialReceiver,thecostof theshorthandnotesshallbedeemedtobeanexpenseincurredbytheOfficialReceiveringettinginandrealising theassetsofthecompany; (e) thenecessarydisbursementsofanyLiquidatorappointedinthewindingupbytheCourt,otherthan propertyincurredinpreserving,realisingorgettingintheassetsheretoforeprovidedfor;

(f)thecostsofanyperson'spropertyemployedbyanysuchLiquidator; (g)theremunerationofanysuchLiquidator; (h)theactualoutofpocketexpensesnecessarilyincurredbytheCommitteeofInspection,subjecttothe approvaloftheMinistry.

(2)Nopaymentsinrespectofbillsorchargesofsolicitors,managers,accountants,auctioneers,brokersor otherpersons,otherthanpaymentsforcostsandexpensesincurredandsanctionedunderrule39andpayments ofbillswhichhavebeenallowed,shallbeallowedoutoftheassetsofthecompanywithoutproofthatthesame havebeenconsideredandallowedbytheregistrar. (3)TheOfficialReceiverwhenactingasLiquidatormaypayandallowthecostsandchargesofanyperson employedbyhimwheresuchcostsandchargesarewithinthescaleusuallyallowedbytheCourt. (4)Nothingcontainedinthisruleshallapplytooraffectcostswhich,inthecourseoflegalproceedingsbyor againstacompanywhichisbeingwoundupbytheCourt,areorderedbytheCourtinwhichsuchproceedingsare pendingorajudgethereoftobepaidbythecompanyortheLiquidator,ortherightsofthepersontowhomsuch costsarepayable. StatementsofLiquidatortotheRegistrarGeneral 168.Conclusionofwindingup Thewindingupofacompanyshall,forthepurposesofsection516oftheAct,bedeemedtobeconcluded (a) inthecaseofacompanywoundupbyorderoftheCourt,atthedateonwhich theorderdissolvingthecompanyhasbeenreportedbytheLiquidatortothe Commission,oratthedateoftheorderoftheAttorneyGeneraloftheFedera tionreleasingtheLiquidatorpursuanttosection431oftheAct; inthecaseofacompanywoundupvoluntarily,orunderthesupervisionofthe Court,atthedateofthedissolutionofthecompany,unlessatsuchdateanyfundsorassetsofthe companyremainunclaimedorundistributedinthehandsorunderthecontroloftheLiquidator,or anypersonwhohasactedasLiquidator,inwhichcasethewindingupshallnotbedeemedtobe concludeduntilsuchfundsorassetshaveeitherbeendistributedorpaidintotheCompanies LiquidationAccountkeptwiththeAccountantGeneraloftheFederation.

(b)

169.TimesofsendingLiquidator'sstatementsandregulationsapplicablethereto InavoluntarywindinguporawindingupunderthesupervisionoftheCourt,thestatementswithrespectto theproceedingsinandpositionoftheliquidationofacompanythewindingupofwhichisnotconcludedwithina yearafteritscommencement,shallbesenttotheRegistrarGeneraltwiceineveryyearasfollows (a) thefirststatement,commencingatthedatewhenaLiquidatorwasfirstappointedandbrought downtotheendofthetwelfthmonthfromthecommencementofthewindingup,shallbesent withinthirtydaysfromtheexpirationofsuchtwelvemonths,orwithinsuchextendedperiodasthe Commissionmaysanction,andthesubsequentstatementsshallbesentatintervalsofhalfayear, eachstatementbeingbroughtdowntotheendofthehalfyearforwhichitissent;andincasesin whichtheassetsofthecompanyhavebeenfullyrealisedanddistributedbeforetheexpirationofa halfyearlyinterval,afinalstatementshallbesentforthwith; subjecttothenextsucceedingrule,Form73intheAppendixandwhereapplicableForms75,76and 77intheAppendix,withsuchvariationsascircumstancesmayrequire,shallbeused,andthe directionsspecifiedintheFormbeobservedinreferencetoeverystatement; [UseofForms73,75,76and77.] everystatementshallbesentinduplicate,andshallbeverifiedbyanaffidavitintheForm74inthe Appendix,withsuchvariationsascircumstancesmayrequire. [Form74.]

(b)

(c)

170.Affidavitofnoreceiptsorpayments Where,inavoluntarywindinguporawindingupunderthesupervisionoftheCourt,aLiquidatorhasnot duringanyperiodforwhichastatementhastobesent,receivedorpaidanymoneyonaccountofthecompany, heshall,attheperiodwhenheisrequiredtotransmithisstatement,sendtotheRegistrarGeneral,theprescribed statementintheForm73intheAppendixinduplicate,containingtheparticularsthereinrequiredwithrespectto theproceedingsinandpositionoftheliquidation,andwithsuchstatementshallalsosendanaffidavitofno receiptsorpaymentsinForm74intheAppendix. [Form73and74.] UnclaimedfundsandundistributedassetsinthehandsofaLiquidator 171. Payment Account of undistributed and unclaimed money into Companies Liquidation

(1)AllmoneyinthehandsorunderthecontrolofaLiquidatorofacompanyrepresentingunclaimeddividends, whichforsixmonthsfromthedatewhenthedividendbecamepayablehaveremainedinthehandsorunderthe controloftheLiquidatorshallforthwithontheexpirationofthesixmonths,bepaidintotheCompanies LiquidationAccount. (2)InavoluntarywindinguporawindingupunderthesupervisionoftheCourt,allothermoneyinthehands orunderthecontrolofaLiquidatorofacompany,representingunclaimedorundistributedassetsorheldbythe companyintrustwhich,undersubsection(4)ofsection516oftheAct,theLiquidatoristopayintotheCompanies LiquidationAccount,shallbeascertainedasonthedatetowhichthestatementofreceiptsandpaymentssentin totheRegistrarGeneralisbroughtdown,andtheamounttobepaidtotheCompaniesLiquidationAccountshall betheminimumbalanceofsuchmoneywhichtheLiquidatorhashadinhishandsorunderhiscontrolduringthe sixmonthsimmediatelyprecedingthedatetowhichthestatementisbroughtdown,lesssuchpart(ifany)thereof astheCommissionmayauthorisehimtoretainforimmediatepurposesofliquidation. (3)SuchamountshallbepaidintotheCompaniesLiquidationAccountwithin28daysfromthedatetowhich thestatementofaccountisbroughtdown. (4)Notwithstandinganythinginthisrule,anymoneysinthehandsoftheLiquidatoratthedateofthe dissolutionofthecompanyrepresentingunclaimedorundistributedassetsordividendsorheldbythecompanyin trustinrespectofdividendsorothersumsduetoanypersonasamemberofthecompanyshallforthwithbepaid byhimintotheCompaniesLiquidationAccount. (5)ALiquidatorwhosedutyitistopayintotheCompaniesLiquidationAccountkeptbytheAccountant GeneraloftheFederationmoneyrepresentingunclaimedorundistributedassetsofthecompanyorheldbythe companyintrustinrespectofdividendsorothersumsduetoanypersonasamemberofthecompany,shallapply

insuchmannerastheMinistershalldirecttotheMinistryforapayinginorder,whichpayinginordershallbean authoritytotheAccountantGeneraloftheFederationtoreceivethepayment. (6)InavoluntarywindinguporawindingupunderthesupervisionoftheCourt,moneyinvestedordeposited atinterestbyaLiquidatorshallbedeemedtobemoneyunderhiscontrol,andwhensuchmoneyfrompartofthe minimumbalanceispayableintotheCompaniesLiquidationAccountpursuanttoparagraph(2)ofthisrule,the Liquidatorshallrealisetheinvestmentorwithdrawthedeposit,andshallpaytheproceedsintotheCompanies LiquidationAccount: ProvidedthatwherethemoneyisinvestedinGovernmentsecurities,suchsecuritiesmay,withthe permissionoftheMinistry,betransferredtothecontroloftheMinistryinsteadofbeingforthwithrealisedandthe proceedsthereofpaidintotheCompaniesLiquidationAccount;andifandwhenthemoneyrepresentedbythe securitiesisrequiredwhollyorinpartforthepurposesoftheliquidation,theMinistrymayrealisethesecurities whollyorinpartandpaytheproceedsofrealisationintotheCompaniesLiquidationAccountanddealwiththe sameinthesamewayasothermoneyspaidintothesaidAccountmaybedealtwith. 172.LiquidatortofurnishinformationtotheCommission (1)InavoluntarywindinguporawindingupunderthesupervisionoftheCourt,whethertheliquidationhas beenconcludedornot,theLiquidatorshallfurnishtotheCommission,particularsofanymoneyinhishandsor underhiscontrolrepresentingunclaimedorundistributedassetsofthecompanyorheldbythecompanyintrust inrespectofdividendsorothersumsduetoanypersonasamemberofthecompany,andsuchotherparticulars astheCommissionmayrequireforthepurposeofascertainingorgettinginanymoneypayableintothe CompaniesLiquidationAccountwiththeAccountantGeneraloftheFederation. (2)TheCommissionmayrequiresuchparticularstobeverifiedbyaffidavitinForm78intheAppendix. [Form78.] 173.RegistrarGeneralmaycallforverifiedaccount (1)InavoluntarywindinguporawindingupunderthesupervisionoftheCourt,theRegistrarGeneralmayat anytime,orderanysuchpersonasismentionedintheprecedingruletosubmittohimanaccountverifiedby affidavitofthesumsreceivedandpaidbyhimasLiquidatorofthecompanyandmaydirectandenforceanaudit oftheaccount. (2)Forthepurposeofsubsection(4)ofsection516oftheAct,andtheseRules,theCourtmay,ifitthinksfit, makeanyappropriateorderwithrespecttothediscoveryandrealisationofthepropertyofadebtor. (3)Forms72to76intheAppendixshallbeusedasappropriateforthepurposesofthisrule. 174.ApplicationtotheCourtforenforcinganaccountandgettinginmoney AnapplicationtotheCommissionforthepurposeofascertainingandgettinginmoneypayabletothe AccountantGeneraloftheFederationpursuanttosubsection(4)ofsection516oftheActshallbemadeby motion,andwhenthewindingupisbyorunderthesupervisionoftheCourtorinavoluntarywindingup,shallbe madetoanddealtwithbythejudgeinCourt. 175.Applicationforpaymentouttopersonentitled AnapplicationbyapersonclaimingtobeentitledtoanymoneypaidtoAccountantGeneraloftheFederation inpursuanceofsubsection(4)ofsection516ofAct,shallbeinsuchformandmannerastheCommissionmay fromtimetotimedirect,andshall,unlesstheCommissionotherwisedirects,beaccompaniedbythecertificateof theLiquidatorthatthepersonclaimingisentitledandsuchfurtherevidenceastheCommissionmaydirect. 176.ApplicationbyLiquidatorforpaymentout ALiquidatorwhorequirestomakepaymentsoutofmoneypaidtotheAccountantGeneraloftheFederation inpursuancetosubsection(4)ofsection516oftheActeitherbywayofdistributionorinrespectofthecostand expensesoftheproceedings,shallapplyinsuchformandmannerastheCommissionmaydirect,andthe CommissionmaythereuponeithermakeanorderforpaymenttotheLiquidatorofthesumrequiredbyhimfor

purposesaforesaid,ormaydirectchequestobeissuedtotheLiquidatorfortransmissiontothepersonstowhom thepaymentsaretobemade. ReleaseofLiquidatorinawindingupbytheCourt 177.ProceedingsforreleaseofLiquidator (1)ALiquidatorinawindingupbytheCourtbeforemakingapplicationtotheRegistrarforhisrelease,shall givenoticeofhisintentionsotodoinForm79intheAppendix,toallthecreditorswhohaveprovedtheirdebts, andallthecontributoriesandshallsend,withthenotice,asummaryofallreceiptsandpaymentsinthewinding upinForm80intheAppendix. [Forms79and80.] (2)Whentheregistrarhavingcompliedwiththeprovisionsofsection431oftheAct,grantstoaLiquidatorhis release,anoticeoftheordergrantingthereleaseshallbegazetted;andtheLiquidatorshallpayfortheexpenses ofsuchgazettingandhemaychargesuchexpensesagainstthecompany'sassets. 178.Disposalofbooksandpapers (1)TheAttorneyGeneraloftheFederationmayorderthatthebooksandpapersofacompanywhichhasbeen woundupshallnotbedestroyedforsuchperiod(notexceedingfiveyearsfromthedissolutionofthecompany)as hethinksproper,notwithstandinganyresolutionofcreditorsorcontributoriestothecontrary. (2)AnycreditororcontributorymayapplytotheCourtwithregardtothedestructionofsuchbooksand papers. OfficialReceiver 179.Dutywherenoassets Whereacompanyagainstwhichawindinguporderbeenmadehasnoavailableassets,theOfficialReceiver shallnotberequiredtoincuranyexpenseinrelationtothewindingupwithoutorderoftheCourt. 180.AccountingbyOfficialReceiver (1)WhereaLiquidatorisappointedbytheCourtinawindingupbytheCourt,theOfficialReceivershall accounttotheLiquidator. (2)IftheLiquidatorisdissatisfiedwiththeaccount,hemayapplytotheCourttoordertheOfficialReceiverto givebetterandfurtherparticularsoftheissueindisagreement. (3)TheprovisionsoftheseRulesastoLiquidatorsandtheiraccountsshallnotapplytotheOfficialReceiver whenheisaLiquidator,butheshallaccountinsuchmannerastheCourtmaydirect. 181.PowerofCourttoextendorabridgetime TheCourtmay,inanycaseinwhichshallseefit,extendorabridgethetimeappointedbytheRulesorfixedby anyorderoftheCourtfordoinganyactortakinganyproceeding. 182.Defectsandirregularitynottoinvalidateproceedings (1)NoproceedingsundertheActortheseRulesshallbeinvalidatedbyanyformaldefectorbyanyirregularity, unlesstheCourtbeforewhichanobjectionismadetotheproceedingisoftheopinionthatinjusticehasbeen causedbythedefectorirregularityandthattheinjusticecannotberemediedbyanyorderofthatCourt. (2)NodefectorirregularityintheappointmentorelectionofanOfficialReceiver,Liquidatorormemberofa CommitteeofInspectionshallvitiateanyactdonebyhimingoodfaith. 183.ApplicationofCourt's(CivilProcedure)Rules InanyproceedingsinorbeforetheCourtwherenoprovisionismadebytheseRules,theCourt's(Civil Procedure)Rulesshallapply. 184.Interpretation

(1)UnlessthecontextotherwiserequireswordsorexpressionscontainedintheseRulesshallbearthesame meaningasintheActoranystatutorymodificationthereof. (2)IntheseRules,unlessthecontextorsubjectmatterotherwiserequires "Act"meanstheCompaniesandAlliedMattersAct; "Commission"meanstheCorporateAffairsCommissionestablishedundersectionoftheAct; "company"meansacompanywhichisbeingwounduporagainstwhichproceedingstohaveitwoundupor proceedingsundersection410oftheActhavebeencommenced; "Court"meanstheFederalHighCourtestablishedbysection228oftheConstitutionoftheFederalRepublicof Nigeria; "(CivilProcedure)Rules"meanstheFederalHighCourt(CivilProcedure)Rules2000,asamendedorreplaced fromtimetotime; "Gazette"meansFederalGazette; "headofficeoftheCourt"meanswheretheChiefJudgeisstationed; "Ministry"meanstheFederalMinistrychargedwithresponsibilityforcommerce; "registrar"includestheChiefRegistrarandallotherregistrarsoftheCourtandanysubordinateofficeracting undertheregistrar'sinstructions; "RegistrarGeneral"meanstheRegistrarGeneraloftheCorporateAffairsCommissionappointedunder section8oftheAct; "sealed"meanssealedwiththesealoftheCourt. (3)TheFormsprescribedforuseundertheseRulesshallbeusedwithsuchvariations ascircumstancesmayrequire.

FORMS FORM1 [Rule5.] Formofsummons(general) INTHEFEDERALHIGHCOURT ...........................DIVISION No.......................................................................................... of20............................... Inthematterof(a).....................................................,Limitedandinthematterofthe CompaniesandAlliedMattersAct. [(a)Insertfullnameandcompany.] Let(b).......................................................................................................................................... [(b)NameofRespondent] attendat...................................................................................................................................... on......................................................the...................................dayof...................................... 20......................at........................................Oclockinthe............................noononthehearing ofanapplicationof(c).....................................................................................................................

[(c)Nameanddescriptionofapplicant.] foranorderthat(d)................................................................................................................... [(d)Stateobjectofapplication.] DATEDthe.............................. dayof ......................................20..................................................... Thissummonswastaken Outby.........................................................................................of.................................................. Solicitorsfor............................................................................................................................................ To NOTE.Ifyoudonotattend,eitherinpersonorbyyoursolicitor,atthetimeandplaceabove mentioned,suchorderwillbemade,andproceedingstakenasthejudge(orregistrar)maythink justandexpedient.

FORM2 [Rule15.] Petition INTHEFEDERALHIGHCOURT ..............................................................DIVISION Thehumblepetitionof(a).................................................................................. showsasfollows (a)Insertfullname,titleandcompanyofpetitioner.i 1.The.....................................................Limited(hereinaftercalledthecompany),was inthemonthof................................incorporatedundertheCompaniesandAlliedMattersAct: 2.Theregisteredofficeofthecompanyisat(b)....................................................................... . [(b)Statethefulladdressoftheregisteredofficesoastoshowsufficiently,thedistrictinwhich itissituate.] 3.ThenominalcapitalofthecompanyisN............................................................dividedinto ........................................sharesofN...............................each.Theamountofthecapitalpaid uporcreditedaspaidupisN...................................................................... 4.Theobjectsforwhichthecompanywasestablishedareasfollows To............................................................................................................................ andother objectssetforthinthememorandumofassociationthereof. (Heresetoutinparagraphs,thefactsonwhichthepetitionerrelies,andconcludeasfollows) Yourpetitionerthereforehumblypraysasfollows (1)Thatthe........................................ .. ........LimitedmaybewoundupbytheCourtunderthe provisionsoftheCompaniesandAlliedMattersAct. (c)(Thatthevoluntarywindingupofthe ......................Limitedmaybecontinuedbutsubject tothesupervisionortheCourt.) [(c)Aswordsinbrackets()ifsupervisionorderisaskedfor.] (2)Orthatsuchotherordermaybemadeinthepremisesasshallbejust. NOTE.(d)Itisintendedtoservethispetitionon....................................................................... [(d)Thisnotewillbeunnecessaryifthecompanyispetitioner+

FORM3 [Rule15.] Petitionbyunpaidcreditoronsimplecontract (Title) Paragraphs1,2,3,and4asinForm2. 5.ThecompanyisindebtedtoyourpetitionerinthesumofN................................for(a). [(a)Stateconsiderationforthedebt,withparticularssoastoestablishthatthe debtclaimedisdue.] 6.Yourpetitionerhasmadeapplicationtothecompanyforpaymentofhisdebt,butthecompany hasfailedandneglectedtopaythesameoranypartthereof. 7. Thecompanyis(insolventand)unabletopayitsdebts. 8.Inthecircumstancesitisjustandequitablethatthecompanyshouldbewoundup. Yourpetitioner,therefore,etc.(asinForm2).

FORM4 [Rule15.] Petitionbyminorityshareholder (Title) Paragraphs1,2,3,and4asinForm2. Thensetoutinparagraphsthefactsonwhichthepetitionerreliesandcontinueasfollows Inthesecircumstancesyourpetitionersubmitsthattheaffairsofthecompanyarebeingconductedinamanner oppressivetoapartofthemembersofthecompany(includingyourpetitioner)andthatwhileitwouldbejust andequitablethatthecompanyshouldbewounduptodosowouldunfairlyprejudiceyourpetitionerandthat partofthemembers. (1)(Heresetoutremedysoughtandconclude). (2)Orthatsuchotherordermaybemadeinthepremisesasshallbejust. NOTE.Itisintendedtoservethispetitionon ....................................................................... FORM5 [Rule17] Affidavitofserviceofpetitiononmembers,officers,orservants (Title) Inthematterofapetitiondated............................................................................................. I............................................................... ..,of................................................ ,makeoathandsay: 1.(Inthecaseofserviceofpetitiononacompanybyleavingitwithamember,officerorservant attheregisteredoffice,orifnoregisteredoffice,attheprincipalorlastknownprincipalplaceof businessofthecompany). ThatIdidon..............................day,the........................dayof................20........ ................ servetheabovenamedcompanywiththeabovementionedpetitionbydeliveringtoandleaving with(nameanddescription)amember(orofficer)(orservant)ofthesaidcompanyacopyofthe abovementionedpetitiondulysealedwiththesealoftheCourtat(officeorplaceofbusinessas aforesaid),beforethehourof..............................inthe.........................noon....................... 2.(Inthecaseofnomember,officerorservantofthecompanybeingfoundattheregisteredoffice orplaceofbusiness.)

 ThatIdidon........................day,the.........................dayof.......... . .........20.................... havingfailedtofindanymember,officerofservantoftheabovenamedcompanyat(herestate registeredofficeorplaceofbusiness),leavethereacopyoftheabovementionedpetitionduly sealedwiththesealoftheCourt,beforethehourofthe........inthe...........noon(add wheresuchsealedcopywaslefte.g.affixedtodoorofoffices,orplacedinletterboxorother wise). 3.(InthecaseofdirectionsbytheCourtastothemember,officerorservantofthecompanytobe served). ThatIdidon................... . ...day,the.........................dayof.....................20...............................; serve(nameornamesanddescription)(withacopyoftheabovementionedpetitionduly sealedwiththesealoftheCourt,bydeliveringthesametogetherwithatruecopyoftheorderfor substitutedservicedated........................20............personaltothesaid..................................... , at(place)beforethehourof............................. inthe.......................noon. 4.ThesaidpetitionisnowproducedandshowntomemarkedA.Swornat,&cetc.

FORM6 [Rule17.] AffidavitofserviceofpetitiononLiquidator (Title) Inthematterofapetition,dated...........................................................,forwindinguptheabove company(by)or(underthesupervisionoftheCourt(asthecasemaybe).................................. . ........................................................................................................................................................... I,..............................................................of.........................................................,makeoathandsay ThatIdid,on..............................................day,the ...............................................................dayof 20..................,serve(nameanddescription),dulysealedwiththesealoftheCourt,bydelivering thesamepersonallytothesaidat(place)beforethehourof..........................................................inthe ....................................noon. Thesaidpetitionisnowproducedandshowntome,markedA.Swornat,etc.

FORM7 [Rule18.] Affidavitverifyingpetition (Title) I,A.B.,of...................................................................................,makeoathandsaythatsuch ofthestatementsinthepetitionnowproducedandshowntome,andmarkedwiththeletterA,as relateto(a)myownactsanddeedsaretrue,andsuchofthesaidstatementsasrelatetotheacts anddeedsofanyotherpersonorpersonsIbelievetobetrue. Sworn,etc. FORM8 [Rule18.] Affidavitverifyingpetitionofalimitedcompany (Title)

 I,A.B.,of.............................................................,makeoathandsayasfollows 1.Iam.....................................................(statecapacity)of.............................Limited,thepetitionerintheabove matter. 2.Ihavebeenconcernedinthismatterinsuchcapacityandamdulyauthorisedbythesaidpeti tionertomakethisaffidavitonitsbehalf. 3.SuchofthestatementsinthepetitionnowproducedandshowntomemarkedwiththeletterA asrelatetotheactsanddeedsofthesaidpetitioneraretrue,andsuchofthestatementsasrelatetotheactsand deedsofanyotherpersonorpersonsIbelievetobetrue. Sworn,etc. .................................................. ..............(capacity;e.g.director,secretary,manager,solicitor.) FORM9 [Rule19.]

Advertisementofpetition (Title) Noticeisherebygiventhatapetitionforthewindingupoftheabovenamedcompanyby(a)the Courtholdenat.................................,was,onthe..............................dayof.......................................... , 20......................................................;presentedtothesaidCourtby(b)................................................. AndthatthesaidpetitionisdirectedtobeadvertisedandsatdownformentionbeforetheCourt sittingat............................................onthe...............................dayof...................................................., 20...........................................;andanycreditororcontributoryofthesaidcompanydesirousto supportoropposethemakingofanorderonthesaidpetitionmayappearatthetimeofhearingin personorbyhiscounselforthatpurpose;andacopyofthepetitionwillbefurnishedbythe undersignedtoanycreditororcontributoryofthesaidcompanyrequiringsuchcopyonpaymentof theregulatedchargeforthesame. [Subjecttothesupervisionof(b)insertnameandaddressofpetitioner.] Signed(c)(Name)....................................................................... . (Address)....................................................................... . [(c)Tobesignedbythesolicitortothepetitionerorbythepetitionerifhehasnosoiicitor.] NOTE.Anypersonwhointendstoappearonthehearingofthesaidpetitionmustserveonor sendbyposttotheabovenamed,noticeinwritingofhisintentionsotodo.Thenoticemuststate thenameandaddressofthepersonor,ifafirm,thenameandaddressofthefirm,andmustbe signedbythepersonorfirm,orhisortheirsolicitor(ifany),andmustbeserved,orifposted, mustbesentbypostinsufficienttimetoreachtheabovenamednotlaterthan48workinghours beforethedatethepetitionisformentioninCourt.

FORM10 [Rule19.] Advertisementofpetitionbyminorityshareholder (Title) Noticeisherebygiventhatpetitionforanorderthat(a)orforsuchotherorderasshallbejustwas presentedtotheCourtholdenat................................onthe............................................................... of .........................................20...................;by(b).Andthatthesaidpetitionisdirectedtobe advertisedandsatdownformentionbeforetheCourtsittingat ....................................... onthe day

.................................................dayof............................,20;andanycreditororcontributoryofthesaidcompany desiroustosupportoropposethemakingofanorderonthesaidpetitionmayappearatthetimeofhearingin personorbyhiscounselforthatpurpose;andacopyofthepetitionwillbefurnishedbytheundersignedtoany creditororcontributoryofthesaidcompanyrequiringsuchcopyonpaymentoftheregulatedchargeforthe same. [(a)Insertremedysoughtinprayerofpetitioner. (b)Insertnameandaddressofpetitioner] Signed(c)(Name)........................................................................ (Address)........................................................................ [(c)Tobesignedbythesolicitortothepetitionerorbythepetitionerifhehasnosolicitor.] NOTE.Anypersonwhointendstoappearonthehearingofthesaidpetitionmustserveorsendby posttotheabovenamed,noticeinwritingofhisintentionsotodo.Thenoticemuststatethename andaddressofthepersonor,ifafirm,thenameandaddressofthefirm,andmustbesignedbythe personorfirm,orhisortheirsolicitor(ifany),andmustbeserved,orifposted,mustbesentby postinsufficienttimetoreachtheabovenamednotlaterthan48workinghoursbeforethedatethepetitionis formentioninCourt.

FORM11 [Rule21.] Orderappointingaprovisionalliquidatorafterpresentationofpetitionand beforeordertowindup .......................the dayof............................,20............................... . (Title) Upontheapplication,&c.,anduponreading,&ctheCourtdothherebyappoint(oneof)theOffi cialReceiver(s)attachedtotheCourt(orasmaybe)tobeprovisionalLiquidatoroftheabove namedcompany.AndtheCourtdothherebylimitandrestrictthepowersofthesaidprovisional Liquidatortothefollowingacts,thatistosay(describetheactswhichtheprovisionalLiquidator istobeauthorisedtodoandthepropertyofwhichheistotakepossession.) NOTE.Itwillbethedutyofsuchofthepersonsasareliabletomakeoutortoconcurinmaking outastatementofaffairsastheOfficialReceivermayrequiretoattendontheOfficialReceiverat suchtimeandplaceashemayappointandtogivehimallinformationhemayrequire.

FORM12 [Rule23.] Noticeofintentiontoappearonpetition (Title) TakenoticethatA.B.,of(a)acreditorforN............................................of(orcontributoryholding (b)...........................sharesin)theabovenamedcompanyintendstoappearonthehearingofthe petitionadvertisedtobeheardonthe............................dayof...........................20........................... support(oroppose)suchpetition. [(a)Statefullnameandaddress,orifafirm,thenameofthefirmandaddress. (b)Statenumberandclassofsharesheld.]

,andto

(Signed)(c) (Address)........................................................................................... [(c)Tobesignedbythepersonorhissolicitororage

FORM13 [Rule24.] Listofpartiesattendingthehearingofapetition (Title) Thefollowingarethenamesofthosewhohavegivennoticeoftheirintentiontoattendthehearing dayof ............................20.......................... ofthepetitionherein,onthe....................... Nameandaddress Creditors Contributories

Name Address

ofsolicitorof party

amountof

numberof

Opposing

Supporting

whohasgiven notice

debt

shares

FORM14 [Rule27.] Notificationtoofficialreceiverofwindinguporder (Title) TotheOfficialReceiverortheCourt (Address) OrderpronouncedthisdaybytheHonourableMr.Justice............................................................... forwindinguptheundermentionedcompanyundertheCompaniesandAlliedMattersAct. Nameof Dateof Registeredofficeof Petitioner's company presentation company solicitor FORM15 [Rule27.] ofpetition

Notificationtoofficialreceiveroforderpronouncedforappointmentofprovisional liquidatorpriortowindinguporderbeingmade (Title) OrderpronouncedthisdaybytheHonourableMr.Justice................................................for theappointmentof(a)asprovisionalLiquidatoroftheundermentionedcompanypriortoanywindinguporder beingmade. Nameofcompany Registeredofficeof Petitioner'ssolicitor company Dateof presentation ofpetition

FORM16 [Rule29.] OrderforwindingupbytheCourt ..................................................dayof..............................................,20.......................... . (Title) Uponthepetitionoftheabovenamedcompany(orA.B.,ofetc.,acreditor(orcontributory)of theabovenamedcompany),onthe..................................dayof..........................20.......................,preferredunto theCourt,anduponhearing............................................................................................. forthepetitioner,and.........................................for..........................,anduponreadingthesaidpetition,an affidavitof(thesaidpetition).L.M.,filedandcompanyverifyingthesaid.....................dayof ,20 the Gazetteofthe............................................dayof.............................................................. 20................,the newspapersofthe.....................................dayof.............................................................. ,20 ,(enter anyotherpapers),eachcontaininganadvertisementofthesaidpetition(enteranyotherevidence)thisCourtdoth orderthatthesaidcompanybewoundupbythisCourtundertheprovisionsoftheCompaniesandAlliedMatters Act,andthat(oneof)theOfficialReceiver(s)attachedtothisCourtbeconstitutedprovisionalLiquidatorofthe affairsofthecompany. Anditisorderedthatthecostofthesaidpetitionbepaidoutoftheassetsofthesaidcompany. NOTE:Itwillbethedutyofsuchofthepersonsasareliabletomakeoutortoconcurinmaking outastatementofaffairsastheOfficialReceivermayrequiretoattendontheOfficialReceiverat suchtimeandplaceashemayappointandtogivehimallinformationhemayrequire. FORM17 [Rule30(2)] Orderforwindingup,subjecttosupervision ......................day,the..................................dayof...........................,20........................ (Title)

Uponthepetition,&c.,thisCourtdothorderthatthevoluntarywindingupofthesaid.............................Limited, becontinue,butsubjecttothesupervisionofthisCourt;andanyoftheproceedingsunderthesaidvoluntary windingupmaybeadoptedastheCourtshallthinkfit;anditisorderedthattheLiquidatorappointedinthe voluntarywindingupofthesaidcompany,ortheotherLiquidatorforthetimebeing,doonthe........................... dayof........................... 20....... . next,andthencefortheverythreemonths,filewiththeRegistrarareportinwritingastothepositionof,andthe progressmadewith,thewindingupofthesaidcompany,andwiththerealisationoftheassetsthereofandasto anyothermattersconnectedwiththewindingupastheCourtmayfromtimetotimedirect.Anditisordered thatnobillsofcosts,chargesorexpenses,orspecialremunerationofanysolicitor,employedbytheLiquidatorof thesaidcompany,oranyremuneration,chargesorexpensesofsuchLiquidator,orofanymanager,accountant, auctioneer,brokerorotherperson,bepaidoutoftheassetsofthesaidcompany,unlesssuchcosts,charges, expensesorremuneration,shallhavebeenallowedbytheRegistrar.Anditisorderedthatallsuchcosts,charges, expensesandremuneration,beascertainedaccordingly.Anditisorderedthatthecostsofthepetitionerandof (hereinsertanydirectionsastoallowanceofcostsofthepetitionerandofpersonappearing),andthecreditors, contributoriesandLiquidatorofthesaidcompany,andallotherpersonsinterested,aretobeatlibertytoapply generallyastheremaybeoccasion.

FORM18 [Rule34.] Affidavitbyspecialmanagerverifyingaccount (Title) I,................................................of...........................makeoathandsayasfollows 1.Theaccounthereuntoannexed,markedwiththeletterA,producedandshowntomeatthetime ofswearingthismyaffidavit,andpurportingtobemyaccountasspecialmanageroftheestateor businessoftheabovenamedcompany,containsatrueaccountofallandeverysumsandsumof moneyreceivedbymeorbyanyotherpersonorpersonsbymyorderortomyknowledgeorbe liefformyuseonaccountorinrespectofthesaidestateorbusiness. 2.Theseveralsumsofmoneymentionedinthesaidaccountherebyverifiedtohavebeenpaidor allowedhaveactuallyandtrulysopaidandallowedfortheseveralpurposesinthesaidaccountmentioned. 3.Thesaidaccountisjustandtrueinallandeveryitemandparticularsthereincontained,accordingtothebest ofmyknowledgeandbelief.Sworn,etc. FORM19 [Rule35.] Statementofaffairs (Title) Statementofaffairsonthe..........................dayof..............................,20................,the dateofthewindinguporder,directedbytheOfficialReceiver.* I/We...........................................................of.............................................................makeoathandsaythatthe statementmadeoverleafandtheseverallistshereuntoannexedmarked.....................aretothebestofmy/our knowledgeandbeliefafull,trueandcompletestatementastotheaffairsoftheabovenamedcompany,onthe ........................................................................dayof.....................................,20..........................., thedateofthewindinguporder,directedbytheOfficialReceiver*andthatthesaidcompany carriesonthefollowingbusiness* Swornat..................................)this.......................................dayof................................. 20............................................)Signature(s) Beforeme................................) ACommissionerofOaths.

TheCommissionerisparticularlyrequested,beforeswearingtheaffidavit,toascertainthatthefull name,addressanddescriptionofthedeponentarestated,andtoinitialanycrossingsoutorother alterationsintheprintedform.Adeficiencyintheaffidavitinanyoftheaboverespectswillentail itsrefusalbytheCourt,andwillnecessitateitbeingresworn. NOTE:Theseverallistsannexedarenotexhibitstotheaffidavit.

FORM20 [Rule41(1).] Reportofresultofmeetingofcreditorsorcontributories Inthematter,etc. I,A.B.,theOfficialReceiveroftheCourt(orasthecasemaybe)thechairmanofameetingofthe creditors(orcontributories)oftheabovenamedcompany,summonedbyadvertisementinthe ...............................newspaperofthe................ .20.................. ,andintheGazetteofthe .....................20......................,andbynoticedated.........................20............................,andheldonthe .....................dayof......................20..................,at.................................doherebyreporttotheCourttheresultof suchmeetingasfollows Thesaidmeetingwasattended,eitherpersonallyorbyproxy,by............................ .creditorswhoseproofsof debtagainstthesaidcompanywereadmittedforvotingpurposes,amountinginthewholetothevalueofN(orby contributories, holdinginthewhole...................................................sharesinthesaidcompany,andentitledrespectivelybythe regulationsofthecompanyto.........................votes). Thequestionsubmittedtothesaidmeetingwas,whetherthecreditors(orcontributories)ofthe saidcompanywishedthatanapplicationshouldbemadetotheCourtforappointing(1)aLiqui datorintheplaceoftheOfficialReceiverand(2)aCommitteeofInspection(ortheotherproposal submittedtothemeeting.) Thesaidmeetingwasunanimouslyofopinionthatthesaidproposalshould(orshouldnot)be adopted;(ortheresultofthevotinguponsuchquestionwasasfollows):(a) (a)Heresetoutthetotalnumberandvalueofthecreditorsoftotalnumberandvalueofthe creditorsoftotalnumberandvotingpowerofthecontributoriesvotingforandagainsteach resolution. Datedthe...............................dayof..................................................20.......................... (Signed)................................................Chairman

FORM21 [Rule41(5).] OrderappointingLiquidator (Title) the................................dayof...........................,20........................ UpontheapplicationoftheOfficialReceiverandprovisionalLiquidatoroftheabovenamedcompany,by summonsdated............................ anduponhearingtheapplicationinpersonanduponreadingtheorderof windingupofthesaidcompanydated......................20................... , andthereportsoftheOfficialReceiveroftheresultsofthemeetingsofcreditorsandcontributories madetotheCourtandrespectivelydatedthe...........................................andtheaffidavit of ...............................................astothefitnessoftheLiquidatorhereinafternamedfiledonthe ...........................................dayof................................................20.................................

Itisorderedthat.....................................of.....................................beappointedLiquidatoroftheabovenamed company. (a)AnditisorderedthatthefollowingpersonsbeappointedaCommitteeofInspectiontoact withthesaidLiquidator,namely [(a)TobestruckoutifnoCommitteeofInspectionappointed.] AnditisorderedthatthesaidLiquidatordohereinsevendaysfromthedateofthisordergivesecuritytothe satisfactionoftheRegistrarasprovidedbytheCompaniesWindingUpRules. Andnoticeofthisorderistobegazettedandadvertisedinthe......................................... FORM22 [Rule41(7).] AdvertisementofappointmentofLiquidator Inthematter ........................................................................................................... ,Limited Byorderofthe ..........................................................,datedthe ............................dayof ........................................20..................Mr...................................of............................... hasbeenappointedLiquidatoroftheabovenamecompanywith(orwithout)aCommitteeofinspection. Datedthis..............................dayof..................................................20...........................

FORM23 [Rule42(3).] CertificatethatLiquidatororspecialmanagerhasgivensecurity (Title) ThisistocertifythatA.B.,of ............................................................................................... . whowasonthe..............................................dayof........................,20........................., appointedLiquidator(orspecialmanager)oftheabovenamedcompany,hasdulygivensecurity tothesatisfactionoftheRegistrar. DATEDthis.............................dayof..................................................20........................... Registrar

FORM24 [Rule45.] Orderdirectingapublicexamination (Title) UponreadingthereportsoftheOfficialReceiverintheabovematter,datedrespectivelythe .......................................20.................... Itisorderedthattheseveralpersonswhosenamesandaddressesaresetforthintheschedule heretodoattendbeforetheCourtonadayandataplacetobenamedforthepurpose,andbepublicly . ........................dayof..............................20............................andthe...................dayof........................

examinedastothepromotionorformationofthecompany,astotheconductofthebusinessofthecompany andastotheirconductanddealingasdirectorsorofficersofthecompany. THESCHEDULEREFERREDTO Name Address Connection withthe Company

FORM25 (Rule47) Noticetoattendpublicexamination

(Title) WhereasbyanorderofthisCourt,madeonthe.......................dayof.................,20...................,itwasordered thatyou,theundermentionedshouldattendbeforethe........................ Courtonadayandataplacetobe namedforthepurpose,andbepubliclyexaminedastothepromotionorformationofthecompany,andastothe conductofthebusinessofthecompany,andastoyourconductanddealingas(a) . (a)Insertdirectororofficer(orasthecasemaybe).] Andwhereasthe......................................dayof........................,20......................... At..........................................................o'clock,inthe..........................noonbeforethesittingat ........................hasbeenappointedasthetimeandplaceforholding thesaidexamination. Noticeisherebygiventhatyouarerequiredtoattendatthesaidtimeandplace,andatanyadjournmentsofthe examinationwhichmaybeordered,andtobringwithyouandproduceall books,papers,andwritingsandotherdocumentsinyourcustodyorpowerinanywayrelatingto theabovenamedcompany. Andtakenoticethatifyoufail,withoutreasonableexcuse,toattendatsuchtimeandplace,andat theadjournmentsofthesaidpublicexaminationwhichmaybeordered,youwillbeliabletobe committed toprisonwithoutfurthernotice. DATEDthe............................dayof....................................,20....................................... . To...........................................OfficialReceiver. FORM26 (Rule49.) Warrantagainstpersonwhofailstoattendexamination (Title) ToCommissionerofPoliceoftheStateandallpoliceofficerswithinthejurisdictionoftheCourt, andtothegovernororkeeperofthe .................................................(hereinserttheprison.) WhereasbyOrderoftheCourtdated .....................................,20........................,(a)was orderedtoattendbeforetheCourtonadayandataplacetobenamedforthepurposeofbeing publiclyexamined.

[(a)Nameofpersonrequiredtoattend.) Andwhereasbyevidencetakenuponoath,ithathbeenmadetoappeartothesatisfactionofthe Courtthatthe...........................................................................dayof................................. 20 .......................,at..........................................o'clockinthe.........................noonbefore before(b)..........................sittingat(c)........................wasappointedasthetimeandplace forholdingthesaidexamination,andthatnoticeofthesaidorderandofthesaidtimeandplaceso appointedwasdulyserveduponthesaid(a). [(b)Nameortitleofofficerbeforewhomexaminationisdirectedtobeheld. (c)Placeofexamination] (Andwhereasthesaid(a)...............................................didwithoutgoodcausefailtoattend onthesaid................................dayof..............................,20................... ,forthepurpose ofbeingexamined,accordingtotherequirementofthesaidorderofthisCourtmadeonthe . ..................................................dayof,................................,20.............directinghimsoto attend).(or,andthatthesaid(a)hasabsconded(or,andthatthereisreasontobelievethatthesaid (a)......................... isabouttoabscond)withaviewtoavoidingexaminationundertheCompaniesand AlliedMattersAct). ThesearethereforetorequireyouthesaidCommissionerofPoliceandanyofyourofficers authorisedbyyou,totakethesaid(a).............................. andtodeliverhimtothegovernororkeeperofthe abovenamedprison,andyouthesaidgovernororkeepertoreceivethesaid(a).....................................andhim safelytokeepinthesaidprisonuntilsuchtimeasthisCourtmayorder. DATEDthis..............................dayof..................................................,20.......................... FORM27 [Rule56.] Reporttothecourtwherepersonexaminedrefusestoanswertosatisfactionof Registrarorofficer (Title) Atthe(public)examinationof(a)............................................ heldbeforemethis........... dayof...................,20................,thefollowingquestionwasallowedbymetobeputtothe said.....................................(hereinaftercalled"thewitness") ............................. [(a)e.g.A.B.,apersonorderedtoattendforexamination.] Q. (b) .......................................................................................................................................... [(b)Hereinsertanswers(ifany).] Thewitnessrefusedtoanswerthesaidquestion(or)TheWitnessansweredthesaidquestionasfollows A.(c)............................................................................................... . [(c)Hereinsertanswers(ifany).] Ithereuponnamedthe..................................dayof..................................................,20......................,at . ................asthetimeandplaceforsuch(refusalto)answertobe reportedtotheHon.Mr.Justice......................................................................................... . DATEDthis.............................dayof.................................................,20............ Registrar (orasthecasemaybe)

FORM28 [Rules58and59.] Disclaimeroflease (Title) PursuanttoanOrderoftheCourt..................................................................................... . DATEDthe...................................dayof...............................................20.....................,I,..........................the Liquidatoroftheabovenamedcompany,herebydisclaimallinterestinthelease. DATEDthe...................................dayof...............................................20........................ wherebythepremises(a)weredemisedto........................................................................ [(a)Insertdescriptionofthepropertydisclaimed.] atarentof............................................................perannumforatermof................. . Noticeofthisdisclaimerhasbeengivento......................................................................... DATEDthis...................................dayof...............................................20........................ ....................................... Liquidator

FORM29 [Rules58and59.] Noticeofdisclaimeroflease (Title) TakeNoticethat,pursuanttoanOrderoftheCourt,DATEDthe...............dayof......................... 20..................,I ................................................................................. theLiquidatoroftheabovenamedcompany, bywritingunder myhandbearingthedatedthe...................dayof......................20.....................disclaimedallinterestsinthe leaseDATEDthe......................dayof...........................................20........................wherebythepremises [(a)Insertdescriptionofthepropertydisclaimed.] (a)................................................................................................. weredemisedto............................... atarent ofN..................................................perannumforatermof............................................... . TheabovementioneddisclaimerhasbeenfiledattheofficeortheRegistrarat(b)...................... . [(b)Stateaddress.] DATEDthis...................................dayof................................................ 20 ........................ . ................................................. Liquidator To.......................................................................................................... . [Address.]

FORM30 [Rule62.] NoticebyLiquidatorrequiringpaymentofmoney ordeliveryofbooks,etc.,toLiquidator

(Title) TakenoticethatI,theundersigned(a).........................................................havebeenappointed [(a)NameofLiquidator.] Liquidatoroftheabovenamedcompany,andthatyou,theundermentioned(b) [(b)Nameofpersontowhomnoticeisaddressed.] arerequiredwithin.............................................................daysafterservicehereof,topayto me(ordeliver,convey,surrender.ortransfertoorintomyhands)................................................ asLiquidatorofthesaidcompanyatmyoffice,situateat(c)...........................................etc.,the [(c)AddressofLiquidator'soffice.] sumofN..............................,beingtheamountofdebtappearingtobeduefromyouonyouraccountwiththe saidcompany(oranymoney,property,booksorpapers),(orspecificallydescribetheproperty)nowbeinginyour hands,andtowhichthesaidcompanyisentitled(orotherwiseasthecasemaybe). DATEDthis.........................................................dayof...........................20....................... . Signed................................. Liquidator To(b) ................................................................................................................................... [Address.]

FORM31 [Rules63and65.] ProvisionallistofcontributoriestobemadeoutbyLiquidator (Title) Thefollowingisalistofmembersofthecompanyliabletobeplacedonthelistofcontributoriesofthesaid company,madeoutbymefromthebooksandpapersofthesaidcompany,togetherwiththeirrespective addressesandthenumberofshares(orextentofinterest) tobeattributedtoeachandtheamountcalledupandtheamountpaidupinrespectofsuch shares(orinterest)sofarasIhavebeenabletomakeoutorascertainthesame. Inthefirstpanofthelist,thepersonswhoarecontributoriesintheirownrightaredistinguished. Inthesecondpartofthesaidlist,thepersonswhoarecontributoriesasbeingrepresentativesoforbeing liableforthedebtsofothers,aredistinguished. 1. SerialNu. 2. Nameand description FirstPartContributoriesintheirownright 3. Address 4. Numberof shares (orextentof 5. 6.

Amountcalledup Amountpaidup atdateof atdateof

Interest)

commencement commencementof of windingup windingup

Supplementallistcanbemade,whennewcontributoriesareascertainedafterthefirstlist.

FORM32 [Rule64.] Noticetocontributoriesofappointmenttosettlelistofcontributories (Title) TakenoticethatI,........................................................................theLiquidatoroftheabovenamedcompany,have appointedthe............................................................................... dayof.................................... 20........ ., at.......................................o'clockinthe..................................noon,at(a)..................................... inthecityof.............................................................,tosettlethelistofthecontributoriesofthe abovenamedcompany,madeoutbyme,pursuanttotheCompaniesandAlliedMattersAct,and therulesthereunder,andthatyouareincludedinsuchlist.Thecharacterandthenumberofshares(orextentof interest)inandforwhichyouareincludedandtheamountcalledupandtheamount paidupinrespectofsuchshares(orinterest)arestatedbelow;ifnosufficientcauseisshownby youtothecontraryatthetimeandplaceaforesaid,thelistwillbesettled,includingyoutherein. DATEDthis.................................... dayof ................................................20............................................... ToMr.A.B.(ortoMr.C.D.,hissolicitor). Liquidator I. 2. 3. 4. 5. 6. Address Numberof shares(or Extentof interest) Amountcalled Upatdateof commencement Ofwindingup Amountpaidup atdateof commencementof windingup

SerialNo. Nameand description

NOTE: Contributoriesareundernoobligationtoattendtheappointmentreferredtointheabovenoticeif theyaresatisfiedthattheparticularscontainedinthenoticearecorrect. Ashareholder'snamecannotbeomittedfromthelistofcontributoriesonaccountofhisinability topaycalls;thisquestionwillbedealtwithwhenapplicationismadeforpaymentofthecalls.

Achangeofaddressmaybenotifiedbygivingnoticebypostbeforethedatefixedfortheappointment.

FORM33 (Rule65.) CertificateofLiquidatoroffinalsettlementofthelistofcontributories (Title) PursuanttotheCompaniesandAlliedMattersAct,andtotherulesmadethereunder,I,theunder signed,beingtheLiquidatoroftheabovenamedcompany,herebycertifythattheresultofthe settlementofthelistofcontributoriesoftheabovenamedcompanysofarasthesaidlisthasbeen settled,uptothedateofthiscertificate,isasfollows 1.TheseveralpersonswhosenamesaresetforthinthesecondcolumnoftheFirstSchedule heretohavebeenincludedinthesaidlistofcontributoriesascontributoriesofthesaidcompanyinrespectofthe (a)......................................................................setoppositethenamesofsuchcontributoriesrespectivelyinthe saidSchedule. Ihave,inthefirstpartofthesaidSchedule,distinguishedsuchofthesaidseveralpersonsincluded inthesaidlistasarecontributoriesintheirownright. Ihave,inthesecondpartofthesaidSchedule,distinguishedsuchofthesaidpersonsincludedin thesaidlistasarecontributoriesasbeingrepresentativesoforbeingliableforthedebtsofothers. 2.Theseveralpersons,whosenamesaresetforthinthesecondcolumnoftheSecondSchedule hereto,wereincludedintheprovisionallistofcontributories,andhavebeenexcludedfrom thesaidlistofcontributories. 3.Ihave,inthefifthcolumnoftheFirstScheduleandinthesixthcolumnofthesecondpartof theFirstScheduleandinthesamecolumnoftheSecondSchedule,setforthoppositethe nameofeachoftheseveralpersonsrespectivelythedatewhensuchpersonwasincludedin orexcludedfromthesaidlistofcontributories. 4.Ihave,inthesixthandseventhcolumnsofthefirstpartoftheFirstScheduleheretoandin theseventhandeightcolumnsofthesecondpartofthesaidSchedule,setforthoppositethe namesofeachofthesaidpersonsrespectivelytheamountcalledupatthedateofthecommencementofthe windingupandtheamountpaidupatsuchdateinrespectoftheirshares (orinterest). 5.Beforesettlingthesaidlist,Iwassatisfiedbytheaffidavitof.................................................... , clerkto...........................................dulyfiledwiththeproceedingsherein,thatnoticewas dulysentbyposttoeachofthepersonsmentionedinthesaidlist,informinghimthathewas includedinsuchlistinthecharacterandforthe(a).............................................statedtherein,andoftheamount calledupandtheamountpaidupinrespectofsuchshares(orinterest)andofthedayappointedforfinally settlingthesaidlist. DATEDthis.................................... dayof ................................................20........................

FORM34 [Rule66.] NoticetocontributoryoffinalsettLementofListofcontributoriesandthathisnameisincluded (Title) TakenoticethatI.......................................................... ...............theLiquidatoroftheabovenamedcompany, have,bycertificatedatedthe....................................... dayof..........................................20............... . undermyhand,finallysettledthelistofcontributoriesofthesaidcompany,andthatyouareincludedinsuchlist. Thecharacterandthenumberofshares(orextentofinterestinandforwhich

youareincludedandtheamountcalledupandtheamountpaidupinrespectofsuchsharesfor interest)isstatedbelow. Anyapplicationbyyoutovarythesaidlistofcontributories,orthatyournamemaybeexcluded therefrom,mustbemadebyyoutotheCourt,within21daysfromtheserviceonyouofthisnotice, orthesamewillnotbeentertained. ThesaidlistmaybeinspectedbyyouattheofficeoftheRegistrarat(a)....................................... onanydaybetweenthehoursof......................................and ............................................ DATED.............................dayof....................................................20................................ (Signed)............................................... . Liquidator To......................................................................................................... [ortohissolicitor.] SerialNo. Nameand description Address interest) Number ofshares Amountcalled up Amountpaidup atdateof commencementof windingup

(orextentof atdateof commencemen ofwindingup

FORM35 [Rule67.] Orderonapplicationtovarylistofcontributories (Title) UpontheapplicationofW.N.,bysummonsDatedthe..........................dayof............................. 20...............,foranorderthatthelistofcontributoriesofthecompanyandtheLiquidator's certificatefinallysettlingthesamebevariedbyexcludingthenameoftheapplicanttherefrom(or,asthecase maybe),anduponhearing,&C.,anduponreading&C..........................Itisordered, thatthelistofcontributoriesofthecompanyandtheLiquidators'certificatefinallysettlingthe samebevariedexcludingthenameofthesaidW.N.fromthesaidlistofcontributoriesorby includingthenameofthesaidW.N.asacontributoryinthesaidlistfor.............................. shares,(orasthecasemaybe)ortheCourtdoesnotthinkfittomakeanyorderonthesaidapplication,except thatthesaidW.N.dopaytotheLiquidatorofthesaidcompany,hiscostsofthis application.

FORM36 [Rule69(2).] NoticetoeachmemberofCommitteeofInspectionforsanctiontoproposedcall (Title) TakenoticethatameetingoftheCommitteeofInspectionoftheabovenamedcompanywillbe heldat.................................................................onthe(a)........................dayof............ ..................20........, at.........................o'clockinthe..................................... noon,forthepurposeofconsidering andobtaining thesanctionoftheCommitteetoacallofN........................... pershareproposedtobemadebytheLiquidatoron thecontributories. Annexedheretoisastatementshowingthenecessityfortheproposedcallandtheamountrequired. DATEDthis...................................dayof...............................................20........................ .

(Signed)...................................... Liquidator STATEMENT 1.Theamountdueinrespectofproofsadmittedagainstthecompany,andtheestimatedamountofthecosts, chargesandexpensesofthewindingup,formintheaggregatethesumofN..................orthereabout. 2.TheassetsofthecompanyareestimatedtorealisethesumofN.....................Therearenoother assets,exacttheamountsduefromcertainofthecontributoriestothecompany,andinmy opinionitwillnotbepossibletorealiseinrespectofthesaidamountmorethanN........................ 3.Thelistofcontributorieshasbeendulysettledand...........................personshavebeensettledonthelistin respectofthetotalnumberof.....................................shares. 4.Forthepurposeofsatisfyingtheseveraldebtsandliabilitiesofthecompany,andofpayingthecosts,charges andexpensesofthewindingup,IestimatethatasumofN.................................. . willberequiredinadditiontotheamountofthecompany'sassetshereinbeforementioned. 5.InordertoprovidethesaidsumofN...........................itisnecessarytomakeacallonthecontributories,and havingregardtotheprobabilitythatsomeofthemwillpartlyorwhollyfailtopaytheamountofthecall,I estimatethatforthepurposeofrealisingtheamountrequireditisnecessarythatacallofN pershareshould bemade. [Annextabularstatementshowingamountsofdebts,costs,etc.,andofassets.] FORM37 [Rule69(3).] AdvertisementofmeetingofCommitteeofInspectiontosanctionproposedcall (Title) NoticeisherebygiventhattheundersignedLiquidatoroftheabovenamedcompanyproposesthat acallshouldbemadeonallthecontributoriesofthesaidcompany,or,asthecasemaybe,..................................... ofN......................................pershare,andthathehassummonedameetingoftheCommitteeofInspectionof thecompany,tobeheldat .................................................................................................. ............................

onthe.................dayof..........................................................20.......................................at..........o'clockinthe ......................noon...................,toobtaintheirsanctiontotheproposedcaJI. Eachcontributorymayattendthemeetingandbeheardormakeanycommunicationinwritingto theLiquidatororthemembersoftheCommitteeofInspectionwithreferencetotheintendedcall. Astatementshowingthenecessityoftheproposedcallandthepurposeforwhichitisintended maybeobtainedonapplicationtotheLiquidatorathisofficeat(a)....................................................... DATEDthis...................................dayof...............................................20........................ Liquidator

FORM38 [Rules69(6)and72.] ResolutionofCommitteeofInspectionsanctioningcall Resolved,thatacallofN........................persharebemadebytheLiquidatoronallthecontributoriesofthe company(or,asthecasemaybe). Signed MembersoftheCommitteeofInspection DATEDthis.................dayof................................20...........................................................

FORM39 [Rule20.] Summonsforleavetomakeacall (Title) Lettheseveralpersonswhosenamesandaddressesaresetforthinthesecondcolumnofthe Schedulehereto,beingcontributoriesoftheabovenamedcompany,asshowninthethirdcolumn ofthesaidSchedule,attendat............................................................................................ . onthe..........................................dayof...............................................20........................ at .........................o'clockinthe...................................noon,onthehearingofanapplication onthepartofthe(OfficialReceiverand)Liquidatorofthecompanyforanorderthathemaybeat libertytomakeacalltotheamountofN...........................pershareonallthecontributories(or,asthecasemay be)ofthesaidcompany. DATEDthis...................................dayof................................................ 20 ........................ . Thissummonswastakenoutby.................................................................................... of.................................................................solicitorsforthe(OfficialReceiverand)Liquidator To........................................................................................................................................... NOTE:Ifyoudonotattendeitherinpersonorbyyoursolicitoratthetimeandplaceabove mentioned,suchorderwillbemadeandproceedingstakenastheCourtmaythinkjustandexpedient. NumberonList SCHEDULE NameandAddress Inwhatcharacterincluded

FORM40 (Rule70) AffidavitofLiquidatorinsupportofproposalforcall (Title)

I, ............................................................of....................................................theLiquidatoroftheabovenamed company,makeoathandsayasfollows 1.Ihaveintheschedulenowproducedandshowntome,andmarkedwiththeletterAsetforth astatementshowingtheamountdueinrespectofthedebtsprovedandadmittedagainstthe saidcompany,andtheestimatedamountofthecosts,chargesandexpensesofandincidental tothewindinguptheaffairsthereof,whichseveralamountsformintheaggregatethesumof N.............................................orthereabouts. 2.Ihavealsointhesaidschedulesetforthastatementoftheassetsinhandbelongingtothe saidcompany,amountingtothesumofN.......................... andnomore.Therearenootherassetsbelongingto thesaidcompany,excepttheamountsduefromcertainofthecontributoriesof thesaidcompany,and,tothebestofmyinformationandbelief,itwillbeimpossibletorealiseinrespectofthe saidamountsmorethanthesumofN..........................orthereabouts. 3.....................................................personshavebeensettledbymeonthelostofcontributoriesofthesaid companyinrespectofthetotalnumberof.............................................. shares. 4.Forthepurposeofsatisfyingtheseveraldebtsandliabilitiesofthesaidcompanyandofpayingthecosts, chargesandexpensesofandincidentaltothewindinguptheaffairsthereof,IbelievethesumofN .................................. willberequiredinadditiontotheamountoftheassetsofthesaidcompanymentioned inthesaidScheduleA,andthesaidsumofN............................................... 5.InordertoprovidethesaidsumofN.........................,itisnecessarytomakeacalluponthe severalpersonswhohavebeensettledonthelistofcontributoriesasbeforementioned,and havingregardtotheprobabilitythatsomeofsuchcontributorieswillpartlyorwhollyfailto paytheamountofsuchcall,Ibelievethat,forthepurposeofrealisingtheamountrequiredas beforementioned,itisnecessarythatacallofN............................ pershareshouldbemade.

FORM41 [Rule70.] Advertisementofapplicationforleavetomakeacall (Title) Inthematterof.......................................................................................................... Noticeisherebygiventhatthe(a).............................................................Courthasappointed [(a)NameofCourt.] the...............................................dayof.................................................20................................. at....................................o'clockinthe............................................noon,at(b)............................... [(b)Stateplaceofappointment.] tohearanapplicationforleavetomakeacallonallthecontributoriesofthesaidcompany(oras thecasemaybe)andthattheliquidatorofthesaidcompanyproposesthatsuchcallshallbefor N............................................. pershare.Allpersonsinterestedareentitledtoattendatsuch day,hourandplace,toofferobjectionstosuchcall. DATEDthis.........................day....................................20......................................

........................................ Liquidator FORM42 [Rules70and72.] Ordergivingleavetomakeacall (Title) The...............................................dayof...............................................20........................ Upontheapplicationbysummonsdated.......................,ofthe(OfficialReceiverand)Liquidator oftheabovenamedcompany,anduponreadingtheordertowinduptheabovenamedcompany, thelistofcontributoriesofthesaidcompanyandtheLiquidator'scertificateofthefinalsettlement ofthesamefiled ................................... 20....................................... theaffidavitofthesaid(OfficialReceiverand) Liquidatorfiledthe..................................................dayof.............. ..................20................ andtheexhibitmarked"A"thereinreferredto,andanaffidavitof.................................. ............................................................................................................................................................. filedthe........................................ dayof.....................................................,20................................... Itisorderedthatleavebegiventothe(OfticialReceiverand)LiquidatortomakeacallofN .......................................pershareonallthecontributoriesofthesaidcompany(a). [(a)orasthecasemaybe.] Anditisorderedthateachsuchcontributorydoonorbeforethe..........................................dayof ....................................................,20............... ,paytothe(OfficialReceiverand)Liquidatorof thesaidcompany,theamountwhichwillbeduefromhimorherinrespectofsuchcall.

FORM43 [Rule71] Documentmakingacall (Title) I,.................................................................................................the (OfficialReceiverand)Liquidatorofthe abovenamedcompany,inpursuanceof [(a)AnorderofCourt,ResolutionoftheCommitteeoflnspection.] (a)..................................made(orpassed)this.......................................dayof............................,20...... . herebymakeacallofpershareonallthecontributoriesofthecompany,whichsumistobepaidatmyoffice(b) . [(b)Insertaddress.] Onthe..........................................dayof...............................................20.................................. DATEDthis....................................dayof...............................................20.................................. FORM44 [Rule72.] NoticeofcallsanctionedbyCommitteeofInspectiontobesenttocontributory (Title) TakenoticethattheCommitteeofInspectioninthewindingupofthiscompanyhavesanctioned acallof .........................................................pershareonallthecontributoriesofthecompany.

 TheamountduefromyouinrespectofthecallisthesumofN..........................Thissumshouldbe paidbyyoudirecttomeatmyoffice(a).......................................................................... [(a)Stateaddress.] onorbeforethe ...........................dayof......................20................................. DATEDthis.........................dayof..................................20....................... To..................................................................... Liquidator NOTE:Ifyoudonotpaythesumduefromyoubythedatementioned,interestwillbeclaimedon suchattherateoffourpercentperannumfromthesaiddateuntilpayment.

FORM45 [Rule72.] Noticetobeservedwiththeordersanctioningacall (Title) Theamountduefromyou,A.B.,inrespectofthecallmadepursuanttoleavegivenbytheabove (orwithin)orderisthesumofN........................,whichsumistobepaidbyyoutomeastheLiquidatorofthe saidcompanyatmyoffice(a) .................................... [(a)Stateaddress.] Indefaultofpaymentinterestattherateoffourpercentperannumwillbechargeduponthe amountunpaidfromthe...............................................dayof..................................20................ untilpayment. DATEDthis.........................................................dayof...............................20.................................. To..................................................................... Liquidator FORM46 [Rule73.] Affidavitinsupportofapplicationfororderforpaymentofcall (Title) I,.............................................................of ......................................theliquidatoroftheabovenamedcompany, makeoathandsayasfollows 1.Thecontributoriesofthesaidcompany,whosenamesaresetforthintheSchedulehereto annexed,markedA,havenotpaidorcausedtobepaidthesumssetoppositetheirrespective namesinthesaidschedule,whichsumsaretheamountsnowduefromthemrespectively underthecallof.................................pershare,dulymadeundertheCompaniesandAlliedMattersAct. 2.Therespectiveamountsorsumssetoppositethenamesofsuchcontributoriesrespectivelyin suchSchedulearethetrueamountsdueandowingbysuchcontributoriesrespectivelyinrespectofthesaidcall. No.onList TheScheduleabovereferredto Nameand description Address Inwhatcharacter included Amountdue N:k

 NOTE:Inadditiontotheaboveaffidavit,anaffidavitoftheserviceoftheapplicationforthecall willberequiredincasesinwhichtheCommitteeofInspectionortheCourthasauthorisedacallto bemade.

FORM47 [Rule73.] Orderforpaymentofcallduefromacontributory (Title) The...............................................dayof................................................ 20 ....................... UpontheapplicationortheLiquidatoroftheabovenamedcompanyanduponreadinganaffidavit of......................................................................................................................................... filedthe ....................dayof.................................20........andanaffidavitofLiquidator,filedthe .................................dayof.................................20..........,itisordered,thatC.D.,of,etc.,(orE.F.,of, etc.,thelegalpersonalrepresentativeofL.M.,lateof,etc.,deceased),oneofthecontributoriesofthesaid company(or,ifagainstseveralcontributories,theseveralpersons namedinthesecondcolumnoftheScheduletothisorder,beingrespectivelycontributoriesofthe saidcompany),do,onorbeforethe....................dayof............................................, 20.......... orsubsequentlywithinfourdaysafterserviceofthisorder,paytoA.B.,theLiquidatorofthesaid companyathisoffice,(a).............................................................................. .,thesumofN.................... (if againstalegalpersonalrepresentativeall,outoftheassetsofthesaidL.M.,deceased,inhishandsassuchlegal personalrepresentativeasaforesaid,tobe administeredinduecourseofadministration,ifthesaidE.F.,hasinhishandssomuchtobead ministered)(or,ifagainstseveralcontributories,theseveralsumsofmoneysetoppositetothe respectivenamesinthesixthcolumnofthesaidschedulehereto),suchsum(orsums)beingthe amount(oramounts)duefromthesaidC.D.(orL.M.)(orthesaidseveralpersonsrespectively),in respectofthecallofN .........................persharedulymade. DATEDthe..............dayof.....................................20....................................... Anditisorderedthatthesaidseveralpersonsdowithinthelikeperiodandattheplaceaforesaid paytothesaidA.B.assuchLiquidatorasaforesaid,interestattherateoftenNairapercentumper annumontheamountsspecifiedinthesixthcolumnofthesaidSchedulefromthe....................... tothedateofpayment. Anditisorderedthatthesaidseveralpersonsdowithinthelikeperiodandattheplaceaforesaid paytothesaidA.B.,assuchLiquidatorasaforesaid,theseveralsumssetoppositetheirrespective namesintheseventhcolumnofthesaidSchedule,suchsumbeingproportionoftheapplicant's costsofthesaidapplicationpayablebysuchseveralpersonsrespectively. (Addappropriateparagraphsastoamountspayablebymarriedwomenandlegal personalrepresentatives(ifany) TheSchedulereferredtointheforegoingOrder No.onlist Nameand description Address Inwhat character included Amountdue Proportion ofcost Total amount payable exclusiveof

NOTE:Thecopyforserviceoftheaboveordermustbeendorsedasfollows "Ifyou,theundermentionedA.B.,neglecttoobeythisorderbythetimementionedthereinyou willbeliabletoprocessofexecution,forthepurposeofcompellingyoutoobeythesame." FORM48 [Rule77.] Proofofdebt(generalform) (Title) I,(a)....................................................of............................................................................. [(a)Fillinfullname,address,andoccupationofdeponent.Ifproofmadebycreditor, strikeoutclauses(b)and(c).] makeoathandsay:.............................................................................................................. .

interest

(b)ThatIamintheemployoftheundermentionedcreditor,andthatIamdulyauthorisedby . ............................tomakethisaffidavit,andthatitiswithinmyownknowledgethatthedebt hereinafterdeposedtowasincurredandfortheconsiderationstated,andthatsuchdebt,tothebestofmy knowledgeandbeliefstillremainsunpaidandunsatisfied. [Ifmadebyclerkoragentofthecompany,strikeout(b).] (c) ThatIamdulyauthorised,underthesealofthecompanyhereinafternamed,tomakethe proofofdebtonitsbehalf. 1.Thattheabovenamedcompanywas,atthedateofthe(*)orderforwindingupthesame,viz., the................................................ dayof ................................................20.................andstillisjustlyandtruly indebtedto(d).....................................inthesumof [(d)Insert"meandtoCD.andE.F.mycopartnersintrade(ifany)or,ifbyclerkoragentinsert name,address,anddescriptionofprincipal.] ............................Naira...........................kobo............................................for(e)................. accountendorsedhereon,or asshownbythe

[(e)NOTE:ThisStateconsideration(asgoodssoldanddeliveredbyme(andmysaidpartner)to thecompanybetweenthedatesof(ormoneysadvancedbymeinrespectoftheundermentionedbillofexchange) or,asthecasemaybe.] bythefollowingaccount,viz........................................................................................................... . forwhichsumoranypartthereofIsaythat[havenotnorhath(f)...................... . [(f)"Mysaidpartners"orany"ofthem"or"theabovenamedcreditor"(asthecasemaybe).] oranypersonby(f)..............................ordertomyknowledgeorbeliefor(g)................. [(g)"My""our"or"their"or"his"(asthecasemaybe).] usehadorreceivedanymannerofsatisfactionorsecuritywhatsoever,saveandexceptthe following(h).......................................... . [(h)Herestatetheparticularsofallsecuritiesareonthepropertyofthecompany.Assesthe valueofthesame,andifanybillsorothernegotiablesecuritiesbeheldspecifytheminthe Schedule.

N.B.BillsofExchangeorothernegotiablesecuritiesmustbeproducedbeforetheproofcanbeadmitted.] N.B.Youshouldattendcarefullytothesedirections. AdmittedtovoteforN......................................................k...............................................the ...............................dayof...................20............................................................................ .............................................. OfficialReceiverorLiquidator Admittedtorankfordividendfor....................................................................................... . N.....................k .........the..............................dayof.................................... 20 ................ ................................................... OfficialReceiverorLiquidator Date Drawer Acceptor Amount Duedale

N k

Swornat.............................................................................................................................. . DATEDthis...................................dayof...............................................20................... Deponent'sSignature Beforeme............................................................................................................................ . NOTE:Theproofcannotbeadmittedforvotingatthefirstmeetingunlessitisproperlycompleted andlodgedwiththeOfficialReceiverbeforethetimenamedinthenoticeconveningthemeeting. [(*)WherebeforethepresentationofapetitionforthewindingupofacompanybytheCourtaresolutionhas beenpassedbythecomponyforvoluntarywindingup,thedateofthecommencementofthewindingupmustbe substitutedforthedateofthewindinguporder(seesection428oftheCompaniesandAlliedMattersAct).] FORM49 [Rule86.] Proofofdebtofworkmen (Title) I,(a)....................................................of............................................................................ (b) ....................................................... .................................. makeoathandsayasfollows: .

1.Theabovenamedcompanywasonthe .....................dayof.........................20............ andstillisjustlyandtrulyindebtedtotheseveralpersonswhosenames,addressesanddescriptionsappearin thescheduleendorsedhereoninthesumsseverallysetagainsttheir

namesintheseventhcolumnofsuchscheduleforwagesduetothemrespectivelyasworkmenorothersin theemployofthecompanyinrespectofservicesrenderedbythemrespectivelytothecompanyduringsuch periodsasaresetoutagainsttheirrespectivenamesinthe fifthcolumnofsuchscheduleandforaccruedholidayremunerationsoduetotheminrespect ofsuchperiodsasaresosetoutinthesixthcolumnofsuchschedule,forwhichsaidsums,or anypartthereof,Isaythattheyhavenot,norhathanyofthemhadorreceivedanymannerof satisfactionorsecuritywhatsoever. Swornat ....................................... ...................................................................................... DATEDthis...................................dayof...............................................20....................... Deponent'sSignature Beforeme........................................................................................................................... . No Schedulereferredtoontheotherside Periodover whichwages due Periodover

Fullnameof Address Description workman

whichaccrued Amountdue holidoyremu N:k nerationdue

FORM50 [Rule90.] Noticeofrejectionofproofofdebt (Title) Takenoticethat,as(OfficialReceiverand)Liquidatoroftheabovenamedcompany,Ihavethis dayrejectedyourclaimagainstthecompany(a)totheextentofN.......................onthefollowing grounds ............................................................................................................................... . Andfurthertakenoticethat,subjecttothepoweroftheCourttoextendthetime,noapplicationto reverseorvarymydecisioninrejectingyourproofwillbeentertainedaftertheexpiration of........................................................daysfromthistime. DATEDthis...................................dayof...............................................20........................ Signature Address................................................................................................................................. To.................................................................. (OfficialReceiverandLiquidator)

FORM51 [Rule97.] Listofproofstobefiledunderrule97 (Title)

Iherebycertifythatthefollowingisacorrectlistofallproofstenderedtomeintheabovematter duringthepastmonth. DATEDthis...................................dayof...............................................20........................ .............................................. Nameof Creditor Proofstendered Liquidator

Amountofproof Whetheradmitted,rejectedorstanding N k Overforfurtherconsideration FORM52 [Rule102(I).]

Ifadmitted amount N k

Noticetocreditorsofintentiontodeclaredividend (Title) A(a)dividendisintendedtobedeclaredintheabovematter.Youarementionedasacreditorin thestatementofaffairs,butyouhavenotyetprovedyourdebt. [(a)inserthere"first"or"second"or'final"orasthecasemaybe.] Ifyoudonotproveyourdebtbythe.................... dayof ............................20.................. youwillbeexcludedfromthisdividend. DATEDthis...................................dayof...............................................20 ToX.Y........................................................... Liquidator (Address) ...................................................................................................................................................

FORM53 [Rule102(1).] Noticetopersonsclaimingtobecreditorsofintentiontodeclarefinaldividend (Title) Takenoticethatafinaldividendisintendedtobedeclaredintheabovematter,andthatifyoudo notestablishyourclaimtothesatisfactionoftheCourtonorbeforethe............................................. dayof.................................................20..............orsuchlaterdayastheCourtmayfix,your claimwillbeexpunged,andIshallproceedtomakeafinaldividendwithoutregardtosuchclaim. DATEDthis...................................dayof..............................................20........................ ToX.Y.......................................................... . Liquidator (Address) ...........................................................................................................................................................

FORM54 [Rule102(4).] Noticeofdividend (Title) Address....................................................................................................... ......................... Date........................................................................................................ 20........................ NOTICEISHEREBYGIVENthatadividendof..............................kintheNhasbeendeclared inthismatter,andthatthesamemaybereceivedatmyoffice,asaboveonthe........................................... dayof...................................................20.................................oranysubsequentweekday, except..........................................................betweenthehoursof..................................... and............................................................................................................. . NOTE: (i) Thisformmustbepresented,orreturned,totheLiquidatorwhenapplicationfor paymentismade.Anybillsofexchange,promissorynotesorothernegotiableinstrumentsheldby youmustbeproduced. (ii) Ifyoudesirethedividendtobepaidtosomeotherpersonyoushouldsignand lodgewiththeLiquidatoranauthorityintheprescribedForm54. (iii) Ifyoudonotdesiretoattendpersonallyyoumustfillup,signandreturntheform ofauthoritybelow,whenadividendpayableorderwillbedeliveredinaccordancewiththe authority. (iv) Dividendpayableorderslapseifnotpresentedforpaymentwithin3monthsofthelastdayofthe monthofissuebutwillbereissuedafterthatperiodonapplicationtotheMinistry. ThefeepayableonreissueofapayableorderisN5wheretheorderisforN25orless,andN10 wheretheorderexceedsN50. (Signed)......................................................... LiquidatorAuthority

To.................................................................. Sir, pleasedelivertothe*me(us)bypost/bearerMr.........atmy(our)riskthedividendpayable orderforN..................................beingtheamountpayableto*my/usinrespectofthedividendof ..................................................intheNonmy/ourclaim. N.............................................................. TotheLiquidator...................................... ................................................................... NOTE.Theauthorityshouldbesignedby (a)thecreditorpersonally;or (b)inthecaseofafirm,byoneofthepartners;or (c)inthecaseofalimitedcompany,byanofficerofthecompany,sodescribed;or (d)inthecaseofaholderofageneralproxyauthorisedtoreceivethedividend,bytheholder. .......................................... Creditor'sSignature Date...................................20...... .

(Forusewhenpayableorderhandedtocreditororrepresentative) ............................... ReceivedPayableOrderforN.....................

Signature Date.........................................20...............

FORM55 [Rule102(8).] AuthoritytoLiquidatortopaydividendstoanotherperson (Title) Tothe(OfficialReceiver)Liquidator.................................................................................... . Sir, Iherebyauthoriseandrequestyoutopayto...................................................................... we.....................................................................of.................................................................................... ............................................................................................................................................................ (aspecimenofwhosesignatureisgivenbelow),alldividendsastheyaredeclaredintheabove namedmatter,andwhichmaybecomedueandpayabletome/usinrespectoftheproofofdebtfor thesumofN..........................................againsttheabovenamedcompany,madebyMr............................... ...................................onmy/ourbehalf. AndI/wefurtherrequestthatthechequeorchequesdrawninrespectofsuchdividendsmaybe madepayabletotheorderofthesaid........................... whosereceiptshallbesufficientauthority toyoufortheissueofsuchchequeorchequesinhisname. Itisunderstoodthatthisauthorityistoremaininforceuntilrevokedbyme/usinwriting. Witnesstothesignatureof: ................................................................. ................................................................. Signatures Date...................................20................... .

Specimenofsignatureofpersonappointedasabove. Witnesstothesignatureof: ................................................................................... (Witnesstothespecimensignatureofpersonappointedasabove) FORM56 [Rule103(2).] Noticeofreturntocontributories (Title) Address ...................................................

Date.....................20............................. NOTICEISHEREBYGIVENthata.......................................................returnof........................... kper sharehasbeenauthorisedbytheCourtinthismatter,andthatthesamemaybereceivedatmyoffice,asabove, onthe dayof....................................... 20.............oranysubsequentweekday,except betweenthe hoursof.......................... and.................. . NOTE.

(i) Thisformtogetherwiththesharecertificatemustbepresented,orreturned,totheLiquidator whenapplicationforpaymentismade; (ii) Ifyoudonotdesiretoattendpersonallyyoumustfillup,signandreturntheformofauthority below,whenapayableorderwillbedeliveredinaccordancewiththe authority; (iii) Payableorderslapseifnotpresentedforpaymentwithinthreemonthsofthelastdayofthe monthofissuebutwillbereissuedafterthatperiodonapplicationto theCommission.

ThefeepayableonreissueofapayableorderisN5wheretheorderisforN25orless,andN10 wheretheorderexceedsN50. ............................................................... (Signed)Liquidator

To................................................................................................................................................. AUTHORITY Sir, Pleasedeliverto*me(us)bypost,thebearer,Mr........................................................................... atmy(our)riskthePayableOrderforN........................................beingtheamountpayable to*me(us)inthisrespectofthereturnof..................................pershareheldby*me(us)in thiscompany. N......................................................... TotheLiquidator ......................................... Contributory'ssignature Date.................. 20............

NOTE.Theauthorityshouldbesignedby (a)thecontributorypersonally,or (b)inthecaseofjointcontributories,byeach,or (c)inthecaseofafirm,byoneofthepartners,or (d)inthecaseofalimitedcompany,byanofficerofthecompany,sodescribed,or (e)inthecaseofaholderofageneralproxyauthorisedtoreceivethedividend,bytheholder.

FORM57 [Rule107.] Noticetocreditorsoffirstmeeting (Title) (Undertheorderforwindinguptheabovenamedcompanydated............................................ the....................................................dayof...................................................20.............) Noticeisherebygiventhatthefirstmeetingofcreditorsintheabovematterwillbeheldat...... .................................................................onthe......................................................,20.............. Toentitleyoutovotethereatyourproofmustbelodgedwithmenotlaterthan................... o'clockonthe.................................dayof......................................... ,20..........................

Formsofproofandofgeneralandspecialproxiesareenclosedherewithproxiestobeusedatthe meetingmustbelodgedwithmeat...................................................of........................... . notlaterthan ........................................................................................... .................o'clockonthe ....................................................dayof................................... ,20 ..................................... OfficialReceiver, (Address) (Thestatementofthecompany'saffairs(a)) [(a)Hereinsert"hasnotbeenlodged"or"hasbeenlodged,andsummaryisenclosed".] NOTE.Atthefirstmeetingsofthecreditorsandcontributoriestheymayamongstotherthings 1.ByresolutiondeterminewhetherornotanapplicationistobemadetotheCourttoappointa LiquidatorinplaceoftheOfficialReceiver. 2.ByresolutiondeterminewhetherornotanapplicationshallbemadetotheCourtfortheappointmentofa CommitteeofInspectiontoactwiththeLiquidator,andwhoaretobethemembersoftheCommitteeif appointed. NOTE.IfaLiquidatorisnotappointedbytheCourttheOfficialReceiverwillbetheLiquidator. FORM58 [Rule107.] Noticetocontributoriesoffirstmeeting (Title) Noticeisherebygiventhatthefirstmeetingofthecontributoriesintheabovematterwillbeheldat ............................................................onthe...............................dayof...........20..........,ato'clockinthe ............................ noon. Formsofgeneralandspecialproxiesareenclosedherewith.Proxiestobelodgedwithmeat......... .notlaterthan................................o'clockonthe...........................................................dayof .........................................20................ DATEDthis..................dayof..........................,20.......... (Thecompany'sstatementofaffairs(a)) [(a)Hereinsert"hasnotbeenlodged"or"hasbeenlodged,andsummaryisenclosed.] NOTE.Atthefirstmeetingsofthecreditorsandcontributoriestheymayamongstotherthings 1.ByresolutiondeterminewhetherornotanapplicationistobemadetotheCourttoappointa LiquidatorinplaceoftheOfficialReceiver. 2.ByresolutiondeterminewhetherornotanapplicationshallbemadetotheCourtfortheappointmentofa CommitteeofInspectiontoactwiththeLiquidator,andwhoaretobethemembersoftheCommitteeif appointed. NOTE.IfaLiquidatorisnotappointedbytheCourttheOfficialReceiverwillbetheLiquidator. FORM59 [Rule108.] Noticetoofficersofcompanytoattendfirstmeetingofcreditorsorcontributories (Title) Takenoticethatthefirstmeetingofcreditors(orcontributories)willbeheldonthe........................ ................................................... OfficialReceiver

....................................................dayof...................................................20................,at ....................................................o'clockinthe........................noonat(a)andthatyouare requiredtoattendthereat,andgivesuchinformationasthemeetingmayrequire. DATEDthis.................dayof.........................................,20............. ...................................... . OfficialReceiver Rule108(I):TheOfficialReceivershallalsogivetoeachoftheofficersofthecompany,whoin hisopinionisouttoattendthefirstmeetingsofcreditorsandcontributories,sevendays'noticeof thetimeandplaceappointedforeachmeeting. (2)Thenoticemayeitherbedeliveredpersonallyorsentbyletter,asmaybeconvenient.Itshall bethedutyofeveryofficerwhoreceivesnoticeofsuchmeetingtoattendifsorequiredbythe OfficialReceiver,andifanysuchofficerfailstoattendtheOfficialReceivershallreportsuchfailuretotheCourt.

FORM60 [Rule112.] Noticeofmeeting(generalform) (Title) Takenoticethatameetingofcreditors(orcontributories)intheabovematterwouldbeheldat ....................................................onthe ...................................................dayof............... ....................................................,20.....................at...................................o'clockinthe ....................................................noon. Agenda(a) DATEDthis..................dayof..........................,20.......... (Signed)(b) Formsofgeneralandspecialproxiesareenclosedherewith.Proxiestobeusedatthemeetingmust belodgedwith....................................................at...................notlaterthan........................................o'clockin the..........................................................................dayof..........................,20..................

FORM61 [Rule116.] Authoritytodeputytoactaschairmanofmeetinganduseproxies (Title) I,.............................................theOfficialReceiverof.................................doherebynominate............. ..............................of................................tobechairmanofthemeetingofcreditors(orcontributories) intheabovematterappointedtobeheldat.....................onthe..........dayof......................................,20............, andIdeputehim(a) [(a)Hereinsert"beingapersoninmyemploymentorundermyofficialcontrol"or beinganofficeroftheMinistry.] toattendsuchmeetinganduse,onmybehalf,anyproxyorproxiesheldbymeinthismatter. DATEDthis..................dayof..........................,20......... ............................................ OfficialReceiver FORM62 [Rule120.] Memorandumofadjournmentofmeeting (Title)

 Before....................................at.............................................onthe.................dayof......................... 20.................,at..................................................................o'clock. MemorandumThe(a)............................................meetingof(b)....................................................... I(a)Insert"First"orasthecasemaybe.(b)Insert"creditors"or"contributories"asthecase maybe.] intheabovematterwasheldatthetimeandplaceabovementioned;butitappearingthat(c)....

[(c)Herestatereasonforadjournment.] themeetingwasadjourneduntilthe...............................................dayof.............................,20........at .......................................................................o'clockinthe........................noon,thentobeheldatthesameplace. ............................................ Chairman

FORM63 [Rule120] Listofcreditorstobeusedateverymeeting (Title) Meetingheldat.....................this............dayof........................................ Consecutive Namesofcreditors Amountofproof(b) I 2 3 4 5 6 7 8 (a)presentorrepresented Totalnumberofcreditors (a)presentorrepresented. Inperson N k .

Proxies N k

FORM64 [Rules130and137.] Generalproxy (Title) I/We,....................................................................of......................................................,acreditor(or contributory)herebyappoint(1)....................................................................tobemy/ourgeneralproxytovoteat themeetingofcreditors(orcontributories)tobeheldintheabovematteronthe dayof....................................................20........................................oratanyadjournmentthereof. DATEDthis....................dayof ............,20 (Signed)(2)................................. NOTES.

 (1)ThepersonappointedgeneralproxymayinawindingupbytheCourtbetheOfficialReceiver, theLiquidator,orsuchotherpersonasthecreditor(orcontributory)mayapprove,andinavolun tarywindinguptheLiquidatororifthereisnoLiquidator,thechairmanofameetingbutnotthe OfficialReceiver.Theproxyformshouldbealteredaccordingly. (2)Ifafirm,signthefirm'stradingtitle,andadd"byA.B.,apartnerinthesaidfirm".Iftheappointorisa corporation,thentheformofproxymustbeunderitscommonsealorunderthehandofsomeofficerduly authorisedinthatbehalf,andthefactthattheofficerissoauthorisedmustbe sostated. (3)Theproxyformwhensignedmustbelodgedbythetimeandattheaddressnamedforthat purposeinthenoticeconveningthemeetingatwhichitistobeused.

FORM65 [Rules130and137.] Specialproxy (Title) I/We,.........................................of........................................,acreditor(orcontributory), herebyappoint(1).......................................................tobemy/ourproxyatthemeetingof beheldintheabovematteronthe............................... creditors(orcontributory)to dayof................20.......................................,oratanyadjournmentthereof,tovote(a). [(a)Hereinserttheword"for"ortheword"against"asthecasemayrequire,andspecifythe particularresolution.] ....................................................theresolutionNod......................................inthenoticeconvening. DATEDthis..................dayof..........................,20.......................... (Signed)(2)............................. NOTES. (1)ThepersonappointedgeneralproxymayinawindingupbytheCourtbetheOfficialReceiver, theLiquidator,orsuchotherpersonasthecreditor(orcontributory)mayapprove,andinavolun tarywindinguptheLiquidatororifthereisnoLiquidator,thechairmanofameetingbutnotthe OfficialReceiver.Theproxyformshouldbealteredaccordingly.Acreditor(orcontributory)may giveaspecialproxytoanypersontovoteatanyspecifiedmeetingoradjournmentthereofonallor anyofthefollowingmatters (a) FororagainsttheappointmentorcontinuanceinofficeofanyspecifiedpersonasLiquidator orasmemberoftheCommitteeofInspection; (b) Onallquestionsrelatingtoanymatter,otherthanthoseabovereferredto,arisingataspecifiedmeetingor adjournmentthereof. (2)Ifafirm,signthefirm'stradingtitle,andadd"byA.B.,apartnerinthesaidfirm".Iftheappointerisa corporation,thentheformofproxymustbeunderitscommonsealorunderthehandof someofficerdulyauthorisedinthatbehalf,andthefactthattheofficerissoauthorisedmustbeso stated. (3)Theproxyformwhensignedmustbelodgedbythetimeandattheaddressnamedforthat purposeinthenoticeconveningthemeetingatwhichitistobeused.

FORM66 [Rule153.]

Applicationtocourttoauthoriseaspecialbankaccount (Title) We,thecommitteeofInspection,beingofopinionthatMr...................................................of .......................................................theLiquidatorintheabovematter,shouldhaveaspecialbank accountforthepurposeof(a).......................................................................herebyapplytotheCourt .....................................................................toauthorisehimtomakehispaymentsintoandoutof the..........................................................................bank. Allchequesshouldbecountersignedby.....................................................................amember oftheCommitteeofInspection,andby ................................................................................... DATEDthis.........dayof...................................... .....,20............... ............................................... .............................................. CommitteeofInspection ..............................................

FORM67 [Rule153.] Orderofcourtforspecialbankaccount (Title) Youareherebyauthorisedtomakeyourpaymentintheabovematterinto,andoutof,the ............................................................................... bank. [Hereinsertanyspecialterms.] Allchequesmustbecountersignedby................................................................ .....................,amember oftheCommitteeofInspection,andby.............................................................................. ......................... DATEDthis..................dayof..........................,20......... . ByOrderoftheCourt, To Liquidator.

FORM68 [Rule156.] CertificateandrequestbyCommitteeofInspectionastoinvestmentoffunds (Title) We,theCommitteeofInspectionintheabovematter,herebycertifythatinouropinionthecash balancestandingtothecreditoftheabovenamedcompanyisinexcessoftheamountwhichis requiredforthetimebeingtoanswerdemandsinrespectofsuchcompany'sestate,andrequest thattheAccountantGeneraloftheFederationwillinvestthesumofN....................................... in

Governmentsecurities,tobeplacedtothecreditofthesaidaccountforthebenefitofthesaidcompany. DATEDthis..................dayof..........................,20......... . ...................................................... ...................................................... ...................................................... CommitteeofInspection

FORM69 [Rule156.] RequestbyCommitteeofinspectiontoAccountantGeneraloftheFederation (Title) We,theCommitteeofInspectionintheabovematter,herebycertifythatasumofN.................. , formingpartoftheassetsoftheabovenamedcompany,hasbeeninvestedinGovernmentsecurities,andthat thesumofN.........................................isnowrequiredtoanswerdemandsin respectofthesaidcompany.Andwerequestthatsomuchofthesaidsecuritiesasmaybenecessaryforthe purposeofansweringsuchdemandsmayberealisedbytheAccountantGeneraloftheFederationandthatthe amountrealisedmaybeplacedtothecreditofthesaidcompany. DATEDthis........dayof................................,20................

............................................. ............................................. .............................................

CommitteeofInspection

FORM70 [Rule157] CertificatebyCommitteeofInspectionastoauditofliquidator'scashbook (Title) We,theundersignedmembersoftheCommitteeofInspectioninthewindingupoftheabovenamedcompany herebycertifythatwehaveexaminedtheforegoingcashbookwiththevouchers, andthattothebestofourknowledgeandbeliefthesaidcashbookcontainsafull,true,andcompleteaccountof theLiquidator'sreceiptsandpayments. DATEDthis..........dayof..............................................20...................... ................................................................. ................................................................... CommitteeofInspection ...................................................................

 FORM71 [Rule158(3)and159.] Liquidator'stradingaccount undersection429 G.H.theLiquidatoroftheabovenamedCompanyinaccountwiththeestate Date Receipts Date Payments Cr.

Dr.

Wehaveexaminedthisaccountwiththevouchersandfindthesamecorrect,andweareofopinion theexpenditurehasbeenproper. DATEDthis.................dayof..........................,20.......... .......................................................................... Committeeoflnspection (ormemberoftheCommitteeoflnspection) FORM72 [Rules165and173(2)] No.ofCompany.................................................. Liquidatorsstatementofaccount(Membersorcreditorsvoluntarywindingup) [Pursuanttosections468and478.]

Statementshowinghowthewindinguphasbeenconductedandthepropertyofthecompanyhasbeen disposedof. Nameofcompany..................................................................(inliquidation) Presentedby.................................................................................................. LIQUIDATORSSTATEMENTOFACCOUNT (MEMBERS)*(CREDITORS)VOLUNTARYWINDINGUP

*Deleteasnecessary.

From............................20....(Commencementofwindingup)to.................20..(Closeofwindingup) Stateme ntof assets and liabilities N Receipt s Paymen ts

Receipts

Cashatbank.................................... Cashinhand.................................... Marketablesecurities...................... Sundrydebtors................................ Stockintrade.................................. Workinprogress............................. Freeholdproperty............................ Leaseholdproperty.......................... Plantandmachinery........................ Furniture,fittings,utensils,etc........ Patents,trademarks,etc................. Investmentsotherthanmarketable securities.......................................... Surplusfromsecurities.................... Unpaidcallsatcommencement ......... Amountreceivedfromcallson contributoriesmadeinthewinding up... Receiptspertradingaccount Otherproperty,viz .......................................................... .......... .......................................................... N ........ N Less Paymentstoredeemsecurities ................ Costsofexecution .................................... Paymentspertradingaccount ................. Netrealisations ....................................N

CostsofsolicitortoLiquidator ................. Otherlawcosts ........................................ Liquidatorsremuneration %onNrealised ................................. Whereapplicable %onNdistributed ............................ Bywhomfixed ........................................ Auctioneersandvaluerscharges ........... Costsofpossessionand maintenanceofestate ..................................................... CostsofnoticeinGazetteand local papers............................................ ......... Incidentaloutlay .................................... Totalcostsandcharges .......................... (i) Debentureholders PaymentofN PaymentofN PerN debenture....................... PaymentofN PerNdebenture ........................ PaymentofN PerNdebenture .......................... (ii) Creditors ...................*Preferential ................ ...................*Unsecured .................. Dividend(s)of.........kinNonN ........ (Theestimateofamount expectedtorankfordivided wasN........) (iii) Returnsto contributories

N k N

N k N k

..........................kperN .............. ............................share .............................kperN ................. .............................share .............................kperN ................. ............................share Balance.................................. N (1)Assets,includingshowninthestatementofassetsandliabilitiesandestimatedtobeofthevalue ofN................................................................................. haveprovedtobeunrealisable. (2)StateamountpaidintoCompaniesLiquidationAccountinrespectof (a)unclaimeddividendspayabletocreditorsinthewindingup...........................................N (b)otherunclaimeddistributionsinthewindingup..............................................................N (c)moneysheldbythecompanyintrustinrespectofdividensorothersumsduebeforethe commencementofthewindinguptoanypersonasamemberofthecompany............N (3)AddhereanyspecialremarkstheLiquidatorthinksdesirable DATEDthis...........................................dayof..............................................................20........... *Statenumber.Preferentialcreditorsneednotbeseparatelyshownifallcreditorshavebeenpaidinfull. Statenominalvalueandclassofshare. FORM73 [Rules169,170and173.] Re...................................................................... ThisistheExhibitmarkedBreferredtointheaffidavitof ......................................................................................... swornbeforemethis....................................day of.......................................... ,20.......... (SignatureofLiquidator(s))....................................... (Address)...................................................................

(No.ofCompany)..................................................................................................... . ................................................

ACommissionerforOaths Statementofreceiptsandpaymentsand generaldirectionsastostatements (Nameofcompany) (1)EverystatementmustcontainadetailedaccountofalltheLiquidators'realisationsanddisbursementsin respectofthecompany.Thestatementofrealisationsshouldcontainarecordofallreceiptsderivedfromassets existingatthedateofthewindingupresolutionandsubsequently realised,includingbalanceinbank,bookdebtsandcallscollected,propertysold,etc.,andtheaccountof disbursementsshouldcontainallpaymentsforcostsandcharges,ortocreditorsorcon tributories.Wherepropertyhasbeenrealised,thegrossproceedsofsalemustbeenteredunder realisations,andthenecessarypaymentsincidentaltosalesmustbeenteredasdisbursements. TheseaccountsshouldnotcontainpaymentsintotheCompaniesLiquidationAccount(exceptun claimeddividendsseeparagraph5)orpaymentsintooroutofbank,ortemporaryinvestmentsby theLiquidator,ortheproceedsofsuchinvestmentswhenrealised,whichshouldbeshownsepa rately [Formsandcontentsofstatement.] (a)bymeansofthebankpassbook; (b)byaseparatedetailedstatementofmoneysinvestedbytheLiquidatorandinvestmentrealised. Interestallowedorchargedbythebank,bankcommission,&etc.,andprofitorlossupontherealisationof temporaryinvestments,should,however,beinsertedintheaccountsofrealisationsor disbursements,asthecasemaybe.Eachreceiptandpaymentmustbeenteredintheaccountin suchamannerassufficientlytoexplainitsnature.Thereceiptsandpaymentsmustseverallybe addedupatthefootofeachsheet,andthetotalscarriedforwardfromoneaccounttoanotherwithoutany intermediatebalance,sothatthegrosstotalsshallrepresentthetotalamountsreceivedandpaidbythe Liquidatorrespectively. (2)WhentheLiquidatorcarriesonabusiness,atradingaccountmustbeforwardedasadistinct account,andthetotalsofreceiptsandpaymentsonthetradingaccountmustalonebesetoutinthestatement. [TradingAccount.] (3)Whendividendsorinstalmentsofcompositionsarepaidtocreditorsorareturnofsurplusassetsismadeto contributories,thetotalamountofeachdividend,orinstalmentofcompositionor returntocontributories,actuallypaidmustbeenteredinthestatementofdisbursementsasone sum;andtheLiquidatormustforwardseparateaccountsshowingintheliststheamountofthe claimofeachcreditor,andtheamountofdividendorcompositionpayabletoeachcreditor,andof surplusassetspayabletoeachcontributory,distinguishingineachlistthedividendsorinstalment ofcompositionandsharesofsurplusassetsactuallypaidandthoseremainingunclaimed. (4)Whenunclaimeddividends,instalmentsofcompositionorreturnofsurplusassetsarepaidinto theCompaniesLiquidationAccount,thetotalamountsopaidinshouldbeenteredinthestatement ofdisbursementsasonesum. (5)Creditshouldnotbetakeninthestatementofdisbursementsforanyamountinrespectofthe Liquidator'sremunerationunlessithasbeendulyallowedbyresolutionoftheCommitteeofInspectionorofthe creditorsorofthecompanyingeneralmeeting,orbyorderofCourtasthecase mayrequire. LIQUIDATOR'SSTATEMENTOFACCOUNT Pursuanttosection516oftheCompaniesandAlliedMattersAct NameofCompany. Natureofproceedings(whetheramembers'orcreditors'voluntarywindinguporawindingup underthesupervisionoftheCourt). Dateofcommencementofwindingup. Dateofwhichstatementisbroughtdown. NameandaddressofLiquidator. Thisstatementisrequiredinduplicate.

Date

Realisations Ofwhomreceived Natureofassets

Date

Disbursements Towhompaid Natureof

Amount

Amount

realised N k

disbursements N k

Broughtforward

Brought forward

Carriedforward

Carried forward

Liquidator'sstatementofaccountpursuanttosection516oftheCompaniesandAlliedMattersAct NOTE.NobalanceshouldbeshownonthisAccount,butonlythetotalrealisationsanddisbursementwhichshould be carriedforwardtotheAccount. N Totalrealisations.......................................................................... Totaldisbursements....................................................................... Balance.......................................................................................... TheBalanceismadeupasfollows 1.CashinhandofLiquidator................................................... 2.Totalpaymentsintobank,includingbalanceatdateof commencementofwindingupasperbankbook, Totalwithdrawalsfrombank........................................... Balance....................................................................... N k k

3.AmountinCompaniesLiquidationAccount..................................... *4.AmountinvestedbyLiquidator......................................................... Lessamountsrealisedfromsame............................................................. Balance........................................................................................................ Totalbalanceasshown

(NOTE.Fulldetailsofstockpurchasedforinvestmentandrealisationthereofshouldbegivenina separatestatement.) *TheinvestmentordepositofmoneybytheLiquidatordoesnotwithdrawitfromtheoperationof section399oftheCompaniesandAlliedMattersAct,andanysuchinvestmentsrepresenting moneyheldforsixmonthsorupwardsmustberealisedandpaidintotheCompaniesLiquidation Account,exceptinthecaseofinvestmentsinGovernmentsecurities,thetransferofwhichtothe controloftheMinistrywillbeacceptedasasufficientcompliancewiththetermsofthesection.

NOTE.TheLiquidatorshouldalsostate (1) Theamountoftheestimatedassetsand (Assetsafterdeductingamounts liabilitiesatthedateofthecommence tosecuredcreditorsanddebenture mentofwindingup holders) Liabilities Securedcreditors DebentureholdersN Unsecuredcreditors

(2)Thetotalamountofthecapitalpaidupat thedateofthecommencementofthe windingup. (3) Thegeneraldescriptionandestimated valueofoutstandingassets(ifany). (4) Thecauseswhichdelaythetermination ofthewindingup. (5) Theperiodwithinwhichthewindingup mayprobablybecompleted.

Paidupincash.........................N Issuedaspaidupotherwisethanfor cash...........................................N

FORM74 [Rules169and170.] No.ofCompany AffidavitverifyingstatementofLiquidator'saccount undersection508 (Noregistrationfeecharged.) (Nameofcompany) I,.......................................................................................................................................................... of........................................................................................................................the Liquidator oftheabovenamedcompanymakeoathandsay:That*theaccounthereuntoannexedmarked, B,containsafullandtrueaccountofmyreceiptsandpaymentsinthewindingupoftheabove namedcompany,fromthe.....................dayof..............................., 20.....................tothe............... dayof....................................................20........inclusive,andthatIhavenot,norhasany otherpersonbymyorderorforuseduringsuchperiod,receivedorpaidanymoneysonaccountof thesaidcompany,*otherthanandexcepttheitemsmentionedandspecifiedinthesaidaccount. IfurthersaythattheparticularsgivenintheannexedForm75,markedB,withrespecttothepro ceedingsinandpositionoftheliquidation,aretruetothebestofmyknowledgeandbelief. Swornat................................................................................ ........... *NOTE.Ifnoreceiptorpayments,strikeoutthewordsinitalics.Theaffidavitisnotrequiredin duplicate,butitmustineverycasebeaccompaniedbyastatementinForm75induplicate.

FORM75 [Rules169and173.] No.ofCompany Liquidator'stradingaccount undersection516 (Nameofcompany) (a) theLiquidatoroftheabovenamedcompanyinaccountwiththeestate (ThisaccountisrequiredinduplicateinadditiontoFormNo.73)

Receipts Date

k Date

Payment N k

TOTALN

TOTALN

FORM76 [Rules169and173.] No.ofcompany Listofdividendsorcomposition (Nameofcompany) Iherebycertifythatadividend(orcomposition)of.............................................................. intheNwasdeclaredpayableonandafterthe...............dayof........................................... 20.....,andthatthecreditorswhosenamesaresetforthbelowareentitledtotheamountsset oppositetheirrespectivenames,andhavebeenpaidsuchamountexceptinthecasesspecifiedas unclaimed. .............................................. Liquidator DATEDthe........................dayof........................20..................... TotheCommission

 Surname

Firstname

Amount ofproof

Amountofdividend (orcomposition) Proof Unclaimed

Thislistisrequiredinduplicate.

TotalN

FORM77 [Rule169.] No.ofcompany Listofamountspaidorpayabletocontributories (Nameofcompany) Iherebycertifythatareturnofsurplusassetswasdeclaredpayabletocontributoriesonandafter the......................dayof................................................,20............................attherateof....................pershare andthatthecontributorieswhosenamesaresetforthbelowareentitledtotheamountssetoppositetheir respectivenames,andhavebeenpaidsuchamountsexceptinthecasesspecifiedasunclaimed. ..................................... Liquidator DATED........................dayof..........................,20........... TotheCommission Amountreturnedon Surname Firstname No.ofshares Paid Unclaimed

TotalN Thislistisrequiredinduplicate. FORM78 [Rule172.] Affidavitverifyingaccountsofunclaimedandundistributedfunds (Title) I,.................................................................... .of........................................................................... .........................................................................,makeoathandsaythattheparticularsentered inthestatementhereuntoannexed,markedA,arecorrect,andtrulysetforthallmoneyinmy handsorundermycontrol,representingunclaimedorundistributedassetsoftheabovecompany, orheldbythecompanyintrustinrespectofdividendsorothersumsduetoanypersonasamemberofthe company,andthattheamountduebymetotheCompaniesLiquidationAccountinrespectofunclaimed dividendsandundistributedfundsisN........................................................ . Sworn,EC. FORM79 [Rule177.] Noticetocreditorsandcontributoriesofintentiontoapplyforrelease (Title) TakenoticethatI,theundersignedLiquidatoroftheabovenamedcompany,intendtoapplytothe Commissionformyrelease,andfurthertakenoticethatanyobjectionyoumayhavetothegrantingofmyrelease mustbenotifiedtotheCommissionwithin21daysofthedatehereof. Asummaryofallreceiptsandpaymentsinthewindingupisheretoannexed. DATEDthis..................dayof..........................,20.......... To ......................................................... Liquidator

NOTE.Section431(3)oftheCompaniesandAlliedMattersAct,enactsthat"Anorderofthe RegistrarGeneralbythedirectionoftheAttorneyGeneraloftheFederation,releasingtheLiqui datorshalldischargehimfromallliabilityinrespectofanyactdoneordefaultmadebyhiminthe administrationoftheaffairsofthecompany,orotherwiseinrelationtohisconductasLiquidator; butanysuchordermayberevokedonproofthatitwasobtainedbyfraudorbysuppressionor concealmentofanymaterialfact."

 FORM80 [Rule177.] Statementtoaccompanynoticeofapplicationforrelease (Title) Statementshowingpositionofcompanyatdateofapplicationforrelease Dr.................................................................................................. Cr. Estimate Receipt dto s produce asper company s statemen tof affairs N k N k Tototalreceiptfordateof ByMinistryandcourtfees(includingstationery, windinguporder,viz(State printing,andpostageinrespectofcreditors, particularsunderthe contributories,anddebtors,andfeeforaudit) headingsspecifiedinthe ........... statementofaffairs.) ............................................. Lawcostsofpetition ..... ................................................... LawcostsofsolicitortoLiquidator Receiptspertrading .............................. account............... Otherlawcosts Otherreceipts ............................................................ ....................................... Liquidatorsremuneration,viz TOTAL PercentonN ........................................................... Less: AssetsrealizedpercentonN Paymentstoredeem ................................... securities............. Assetsdistributedondivided Costsofexecutionof ................................... paymentspertrading account Specialmanagerscharges .................................... ......................................... Netrealisations Personappointedtoassistinpreparationof .................................... statementof Amountsreceivedfrom affairs....................................................... callsoncontributories Auctioneerscharges madeinthewindingup. .................................................... Othercosts .................................................................... CostsofnoticesinGazetteandnewspapers incidental outlay.................................................................... ........ Totalcostsandcharges ............................................... Creditors,viz (a) Preferential ............................................... (a) Unsecureddividendof .............................. intheNonN .............................................. [(a)Statenumberofcreditor.] Theestimateofamountexpectedtorankfor dividendwas N...........................................................................

Payment s

N N

K K

Amountreturnedtocontributories ........................... Balance ............................................................

Assetsnotyetrealised,includingcalls,estimatedtoproduceN(addhereanyspecialremarkstheLiquidatorthinks desirable). CreditorscanobtainanyfurtherinformationbyinquiryattheofficeoftheLiquidator. DATEDthis......................................dayof.............................................................20.................. (SignatureofLiquidator)............................................ (Address)................................................................... FORM81 No.ofcompany.................................................... TheCompaniesandAlliedMattersAct Stampdutymustbepaid WindingupbytheCourt NoticeofappointmentofLiquidator [Pursuanttosection422.] Nameofcompany.................................................................................................................... Limited Presentedby............................................................................................ .................................................................................................................. .................................................................................................................. WindingupbytheCourt TotheRegistrarGeneral. I,(orWe)............................................................................................................................................of .................................................................................................. herebygiveyounoticethat,byan orderofthe.............................................................................. Courtdatedthe...................dayof ..............................................................20.........................,I(orwe)havebeenappointed Liquidator(s)of.............................................................Limited. (Signature)................................. (a) ............................................. DATEDthe.......................dayof.................................,20...................... (a) TobesignedbyeachLiquidatorifmorethanone. No.ofcompany.........................................................

 FORM82.... TheCompaniesandAlliedMattersAct StampDutiesmustbepaid Membersvoluntarywindingupdeclarationofsolvency,embodyingastatementofassestsandliabilities [Pursuanttosection462] NameofCompany.............................................................................................................Limited Presentedby................................................................................................................................... Declarationofsolvency We................................................of.........................................................and.............................. Of..................................................beingallthedirectors/themajorityofthe................................ ...........................................................of ......................................dosolemnlyandsincerelydeclarethatwehave madeafullenquiryintotheaffairsofthiscompany,and,thathavingsodone,wehaveformedtheopinionthat thiscompanywillbeabletopayitsdebtinfullwithinaperiodof, ...........................*months.fromthecommencementofthewindingup,andweappendastatement ofthecompany'sassetsandliabilitiesasat...........................................20 ................................................. beingthelatestpracticabledatebeforethemakingofthisdeclaration.Andwemakethissolemn declarationconscientiouslybelievingthesametobetrueandbyvirtueoftheprovisionsofthe OathAct. Declaredat....................................the...............................................day..................................of .......................................................two thousandand.................................beforeme. ACommissionerforOathsorNotaryPublic.

FORM83 TheCompaniesandAlliedMattersAct Formofstatementofassetsandliabilities Tobesubmittedtoameetingofcreditorspursuanttosection466oftheCompaniesandAllied MattersAct,bytheLiquidatorinamembers'voluntarywindingupifheisoftheopinionthatthe companyisunabletopayitsdebtsinfullwithintheperiodstatedintheDeclarationofSolvency viz ............................................................*monthsfromthecommencementofthewindingup. [*Insertperiodshownin[heDeclarationofSolvency.] ..............................................................Limited(inLiquidation)Statementas at...................................................................,20........showingassetsatestimatedrealisablevaluesand liabilities expectedtorank. (Date of commencementofwindingup...................................,20...............................) Liquidator'sremarks InparticulartheLiquidatorwoulddrawattentiontoanyitemwhereaftertakinghisreceiptsand paymentsintoaccountthereisasubstantialdifferencebetweenhisestimateandthedirectors'esti mateinthestatementannexedtotheDeclarationofSolvency.

 FORM84 No.ofcompany...................................... TheCompaniesandAlliedMattersAct Creditor'svoluntarywindingup:Returnofthefinalwindingupmeetings ofmembersandcreditors [Pursuanttosection478.] Nameofcompany.................................................................................................................Limited Presentedby.................................................................................. ........................................................................................................ ....................................................................................................... Creditors,VoluntaryWindingup TotheRegistrarGeneral I(orWe)...................................................of............................................ beingthe Liquidator(s)of........................................................................................................................... ...........................................................................Limitedhavetoinformyou (1)thatageneralmeetingofthiscompanywasduly(a)heldon/summonedforthe.......... ...............................................................................dayof.......................20.. pursuanttosection478oftheCompaniesandAlliedMattersAct,forthepurposeofhavingthe saidaccountlaidbeforeitshowinghowthewindingupofthecompanyhasbeenconductedand thepropertyofthecompanyhasbeendisposedof,andthatthesamewasdoneaccordingly. (a)...................................................................... noquorumwaspresentatthemeeting (2)thatameetingofthecreditorsofthiscompanywasduly(a)heldon/summonedforthe ..................................................................... dayof....................20............... pursuanttosection478oftheCompaniesandAlliedMattersAct,forthepurposeofhavingthe saidaccountlaidbeforeitshowinghowthewindingupofthecompanyhasbeenconductedand thepropertyofthecompanyhasbeendisposedof,andthatthesamewasdoneaccordingly. (a).................................................................. noquorumwaspresentatthemeeting (Signature)(c)................................................. DATEDthe............dayof................................... ,20...... (a)Strikeoutthatwhichdoesnotapply. (b)Thecopyaccountaccompanyingthisreturnmustbeauthenticatedbythewrittensignature(s) oftheLiquidator(s). (c)TobesignedbyeachLiquidatorifmorethanone. FORM85 No.ofCompany............................................... TheCompaniesandAlliedMattersAct Stampdutymustbepaid

Members'voluntarywindingup:Returnoffinalwindingupmeeting [Pursuanttosection478.] Nameofcompany........................................................................................... Limited Presentedby............................................................................................................ Members'voluntarywindingup TotheRegistrarGeneral I(orWe).................................................of........................................................................... beingthe Liquidator(s)of...................................................................................................................................Limited,haveto informyouthatageneralmeetingofthecompanywasduly(a)held on/summonedforthe...................dayof..........................................20.........pursuanttosection478 oftheCompaniesandAlliedMattersAct,forthepurposeofhavinganaccount(ofwhichacopyis attachedhereto)(b)laidbeforeitshowinghowthewindingupofthecompanyhasbeenconducted, andthepropertyofthecompanyhasbeendisposedof,andthatthesamewasdoneaccordingly/(a) noquorumwaspresentatthemeeting. (Signature)(c).................................................... DATEDthe..................dayof........................................................ .,20............................................. (a)Strikeoutthatwhichdoesnotapply. (b)Thecopyaccountaccompanythisreturnmustbeauthenticatedbythewrittensignature(s)of theLiquidator(s). (c)TobesignedbyeachLiquidatorifmorethanone

COMPANIES INCOME TAX ACT COMPARATIVE LIST OF SECTION NUMBERS LFN CURRENT EDITION CAP. C21 SECTION NUMBER.'

LFN 1990 CAP. 59 SECTION NUMBER.'

I 2 3 4 5 6 7 8 9 10 II 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 PART VI 29

I 3 4 5 6 7 8 9 II 12 13 14 15 16 18 20 21 22 23 24 25 26 27 28 29 30 31 32 PART VII

30 31 33 34 35 PART VII 36 37 38 39 40 PART IX 41 42 43 44 45 46 PART IX 47 48

40 42 43 44 45 46 PART VII 47 48 49 50 51 PART VIII 55 58 60 61 62 63

49 50 51 52 PART IX 53 54 55 56 57 58 PART IX 65 66 67 68 69 70 PART X 71 72 73 74

PART XI 59 60 61 62 63 64 65 66 67 68 69 70 PART XII 71 72 73 74 75 76 77 78 PART XIII 79 80 81 82 83 84 85

75 76 PART XII 77 78 79 80 81 82 85 86 87 89 90 91 PART XIII 92 93 94 95 96 97 98 99 PART XIV 100 101 102 103 104 105 106