Speedy business dating
The Memorandum of Association must state inter-alia that the subscribers “shall take amongst them a total number of shares of a value not less than 25 per cent of the authorised capital and that each subscriber shall write opposite his name the number of shares he takes.” The law permits and acknowledges the roles of attorneys and other relevant professionals in facilitating business transactions provided, of course, that this “agency arrangement is disclosed".Membership of the Company - Prohibition of Trusts The Companies Act prohibits “notice of any trust, express, implied or constructive” and such shall not be entered on the register of members or be receivable by the CAC.Also, the law provides that adequate arrangements should be made for the removal of dust or fumes from factories, provision of goggles to protect the eyes in certain processes and the prevention of eating and drinking in places where poisonous or injurious substances give rise to dust or fumes.It is mandatory that all accidents and industrial diseases be notified to the nearest inspector of factories and be investigated; it is prohibited for the occupier of a factory to make any deductions from the wages of any employee in respect of anything to be done or provided in pursuance of the Factories Act.The administration of the Companies Act is under-taken by the CORPORATE AFFAIRS COMMISSION (CAC) and its functions include:(i) the regulation and supervision of the formation, incorporation, registration, management and winding up of companies.(ii) the maintenance of a Companies Registry;(iii) the conduct of investigation into the affairs of any company in the interest of share-holders and the public.Minimum Share Capital and Disclosures in Memorandum of Association The minimum authorised share capital is N10,000 in the case of private companies or N500,000 in the case of public companies.
Legal Framework for Business Activities Methods of Conducting Business All business enterprises must be registered with the Registrar-General of the Corporate Affairs Commission (Registrar of Companies).
The incorporation documents in this instance would disclose that the solicitor is merely acting as an “agent” of a “principal” whose name(s) should also appear in the document.
The power of attorney should be designed to lapse and the appointed solicitor ceases to function upon the conclusion of all registration formalities.
It makes general provisions as to the standards of cleanliness, crowding, ventilation, lighting, drainage of floors, and sanitary conveniences: e.g.
all factories must have potable water and washing facilities.
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All categories of company shares to carry one vote.