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Companies and Allied Matters Act 2020 · Part A

Section 4 Functions of the Board

The Board shall—
(a)
review and provide general policy guidelines for performing of the functions of the Commission in accordance with international commercial best practice ;
(b)
have general oversight on the administration of the Commission ;
(c)
review and approve the strategic plans of the Commission ;
(d)
receive and consider management reports and advise the Minister on the reports ;
(e)
determine the terms and conditions of service of employees of the Commission ; (f ) fix the remuneration, allowances and benefits of employees of the Commission, in consultation with the National Salaries, Income and Wages Commission ;
(g)
ensure compliance with the provisions of this Act ; and
(h)
do such other things as are necessary to ensure the effective and efficient performance of the functions of the Commission.
Cite as: Companies and Allied Matters Act 2020, section 4

What this section means

From the Part overview: CAMA 2020 Part A: the Corporate Affairs Commission (sections 1 to 17)

  • A member ceases to hold office on resigning by three months’ notice, becoming of unsound mind, becoming bankrupt, being convicted of a felony or an offence involving fraud or dishonesty, serious misconduct, or professional disqualification (section 3(4)).
  • The Board sets policy, oversees administration, approves strategic plans, sets staff terms and ensures compliance with the Act (section 4).

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.