Functions, Duties of the Corporate Affairs Commision in Nigeria Essay

3197 WordsDec 14, 201313 Pages
Akinrinde Akinloluwa COURSE: COMPANY LAW ASSIGNMENT QUESTION: STATUS, FUNCTIONS AND RELEVANCE OF THE CORPORATE AFFAIRS COMMISSION IN NIGERIA. The Corporate Affairs Commission was established following the promulgation of the Companies and Allied Matters Decree (CAMD) of 1990 as amended, by section 1 of the Companies and Allied Matters Act, Cap C.20, Laws of the Federation of Nigeria, 2004 (CAMA). It is an autonomous body charged with the responsibility to regulate the formation and management of companies in Nigeria. It carry out its functions through accredited members of Association of National Accountants of Nigeria, Institute of Chartered Accountants in Nigeria, Institute of Chartered Secretaries and Administrators of Nigeria and the Nigerian Bar Association. It is headed by a Registrar-General. Note that prior to the enactment of CAMA, these activities were carried on under the Companies Act 1968. According to section 1 of the Companies and Allied Matters Act (hereinafter referred to as the Act), the Corporate Affairs Commission (hereinafter referred to as the Commission) is a corporate body with perpetual succession and a common seal, capable of suing and being sued in its corporate name and capable of acquiring, holding or disposing of any movable property for the purpose of carrying out its functions. Corporate Body: The Commission is authorised by law to act as one individual and is regarded as having a separate existence from the people who manage its affairs. Perpetual Succession: Unlike human beings who die and cease to exist at a point in time, the Commission lives in perpetuity except terminated or repealed by another law. The power to hold land: Landholding or legal possession or ownership of land is regulated by the Land Use Act. For any organisation to be legally entitled to land, government authorities must be satisfied that the

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