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

Section 370 Provisions applicable to investigation

(1)
For the purposes of any investigation under section 369, the provisions of sections 359-363 apply with the necessary modifications to references to the affairs of the company or those of any body corporate, that—
(a)
the said sections shall apply in relation to all persons who are or have been, or whom the inspector has reasonable cause to believe to be or have been, financially interested in the success or failure or the apparent success or failure of the company or any other body corporate whose membership is investigated with that of the company, or able to control or materially to influence the policy thereof, including persons concerned only on behalf of others, as they apply in relation to officers and agents of the company or of the other body corporate, as the case may be ; and
(b)
the Commission is not bound to furnish the company or any other person with a copy of any report by an inspector appointed under this section or with a complete copy thereof if he is of the opinion that there is good reason for not divulging the contents of the report or any part thereof, but shall keep a copy of any such report, or, the parts of any report, as regards which he is not of that opinion.
(2)
The expenses of any investigation under section 369 shall be defrayed out of the Consolidated Revenue Fund.
Cite as: Companies and Allied Matters Act 2020, section 370

What this section means

From the guide: Investigations and inspectors under CAMA 2020: when and how a company is investigated

  • The investigation powers apply to everyone interested, and the Commission need not give the company a copy of the report if there is good reason not to (section 370).

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.