TheFuturedesigns

Simplifying the CAMA acts:

With the Presidential assent on the Companies and Allied Matters Act (CAMA) 2020, below are some of the key take-aways from the amended Act:

1. A company can now register and have only one shareholder, unlike before when two was the minimum.
2. Company seal is now optional.
3. Attorney General's approval is no longer required to register an Incorporated Trustee.
4. Authorized Share Capital is now called Minimum Share Capital.
5. Legal backing for virtual Annual General Meeting.
6. When incorporating a company, applicant can now sign their statement of compliance. Lawyers not required
7. As Private Companies, appointment of company secretary is now optional.
8. You can't serve as director in more than 5 public companies.
9. There is now legal backing for electronic filings, e-signature, share transfer and e-meetings for private companies.
10. CAMA now makes provision for Limited Liability Partnerships (LLP) & Limited Partnership (LP).
11. Small companies yet to start operations or with turnover less than N10million no longer need to appoint auditors.
12. There are now Rescue Provisions for companies in distress.
13. You can no longer hold simultaneous role of the Chairman and the CEO in a public company.
Credit: www.midpointmail.com