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Key Reforms in the amended Companies & Allied Matters Act signed by President Buhari today

These are some if the Key Reforms in the amended Companies & Allied Matters Act signed by President Muhammadu Buhari today

  1. A company can now have only one shareholder
  2. No need for company seal anymore
  3. Incorporated Trustees (NGOs) can now merge
  4. Prohibits anyone from serving as director in more than 5 public companies
  5. Electronic filing, share transfer & e-meetings for private companies
  6. Introduces Limited Liability Partnerships (LLP) & Limited Partnership
  7. Small companies no longer need to appoint auditors
  8. Authorized share capital replaced by minimum share capital
  9. Provision for virtual Annual General Meeting
  10. During incorporation, applicant can sign their statement of compliance (no need for lawyers)
  11. Private companies no longer need to appoint company secretary
  12. Increased minority protection – firm can’t appoint director to serve as Chairman or CEO of private company (s. 265(6)
  13. Reduction in filing fees for registrations a charge (now 0.35% of value of the charge)
  14. Rescue provisions for insolvent and distress companies

Credit: Tola

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Written by IJAM.ng

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