Where a company is dissolved, all property and rights whatsoever vested in or held on trust for the company immediately before its dissolution, including leasehold property (but not including property held by the company on trust for any other person) shall, subject and without prejudice to any order which may at any time be made by the Court under section 691 or 692 of this Act, be deemed to be vested in the State without further assurance, as bona vacantia.
Companies and Allied Matters Act 2020 · Part B · Chapter 24
Section 693 Property of dissolved company to be declared as bona vacantia
Cite as: Companies and Allied Matters Act 2020, section 693
What this section means
From the guide: How can the Commission strike a company off the register under CAMA 2020?
- When a company is dissolved, its property and rights, other than property it held on trust for others, are deemed vested in the State as bona vacantia, subject to any court order under section 691 or 692 (section 693).
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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.