An allotment of shares made and notified to an applicant in accordance with section 150 is an acceptance by the company of the offer by the applicant to purchase its shares and the contract takes effect on the date on which the allotment is made by the company.
Companies and Allied Matters Act 2020 · Part B · Chapter 8
Section 151 Allotment as acceptance of contract
Cite as: Companies and Allied Matters Act 2020, section 151
What this section means
From the guide: Issuing and allotting shares under CAMA 2020: pre-emption, premium and discount
- The allotment, once notified under section 150, is the company’s acceptance of the applicant’s offer, and the contract takes effect on the date of allotment (section 151).
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Source: Companies and Allied Matters Act 2020 (Act No. 3 of 2020), Official Gazette No. 124, Lagos, 10 August 2020. General information, not legal advice.