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Companies and Allied Matters Act 2020 · Part B · Chapter 11

Section 278Duty of directors to disclose age and multiple directorship to the company

(1)
Any person who is appointed or to his knowledge proposed to be appointed director of a public company and who is 70 or more years old shall disclose this fact to the members at the general meeting.
(2)
Any person who is proposed to be appointed a director of a public company shall disclose any position he holds as a director in any other public company at the meeting in which he is proposed for appointment as a director.
(3)
Any person who fails to disclose his age or multiple directorship as required under this section shall, without prejudice to the provisions of section 307 (4) of this Act, be liable to a penalty in such amount as the Commission shall specify in its regulations.
Cite as: Companies and Allied Matters Act 2020, section 278

What this section means

From the guide: Director qualifications, age and other directorships under CAMA 2020

  • A person appointed to a public company board who is 70 or older must disclose that fact, and must also disclose other public company directorships (section 278).
  • Section 278 applies to public companies.
  • A person appointed, or to his knowledge proposed to be appointed, as a director who is 70 or more must disclose that fact to the members at the general meeting (section 278(1)).
  • A person proposed as a director must also disclose any position he holds as a director in any other public company at the meeting where he is proposed (section 278(2)).
  • Failing to disclose either brings a penalty set by the Commission (section 278(3)).

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.