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Companies and Allied Matters Act 2020 · Part B · Chapter 8

Section 188Enforceability of contract to acquire shares

(1)
A contract with a company providing for the acquisition by the company of shares in the company is specifically enforceable against the company, except to the extent that the company cannot perform the contract without thereby being in breach of the provisions of section 184.
(2)
In any action brought on a contract referred to in subsection (1), the company shall have the burden of proving that performance of the contract is prevented by the provisions of section 184.
Cite as: Companies and Allied Matters Act 2020, section 188

What this section means

From the guide: Transferring shares, transmission and share buybacks under CAMA 2020

Sections 175 to 190 cover transfers, transmission on death, redeeming preference shares, the financial assistance ban and buybacks.

Read the whole subject

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.