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Companies and Allied Matters Act 2020 · Part B · Chapter 13

Section 353Application

(1)
An application to the Court by petition for an order under section 354 in relation to a company may be made by—
(a)
a member of the company ;
(b)
a director or officer, former director or officer of the company ;
(c)
a creditor ;
(d)
the Commission ; or
(e)
any other person who, in the discretion of the Court, is the proper person to make an application under section 354.
(2)
In sections 354 and 355 of this Act, “member” includes—
(a)
the personal representative of a deceased member ; and
(b)
any person to whom shares have been transferred or transmitted by operation of law.
Cite as: Companies and Allied Matters Act 2020, section 353

What this section means

From the guide: Minority shareholders under CAMA 2020: derivative actions and unfair prejudice

  • A member can still ask the court for an injunction against illegal or ultra vires acts (section 343), sue to enforce his own rights (section 344), bring a derivative action in the company’s name with the court’s leave (section 346), or petition for relief where the company’s affairs are run oppressively or unfairly (sections 353 to 355).
  • A member, a director, officer or former one, a creditor, the Commission, or any other proper person can petition the court (section 353).

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.