Any person who undertakes to take part in forming a company with reference to a given project and set it going and who takes the necessary steps to accomplish that purpose, or who, with regard to a proposed or newly formed company, undertakes a part in raising capital for it, is deemed a promoter of the company : Provided that a person acting in a professional capacity for persons engaged in procuring the formation of the company shall not be deemed to be a promoter.
Companies and Allied Matters Act 2020 · Part B · Chapter 4
Section 85 Persons promoting a company
Cite as: Companies and Allied Matters Act 2020, section 85
What this section means
From the guide: Who is a promoter and what do promoters owe the company under CAMA 2020?
- A promoter is a person who undertakes to take part in forming a company for a given project and takes the steps needed to set it going, or who helps raise capital for a proposed or new company (section 85).
- Section 85 treats as a promoter any person who undertakes to take part in forming a company for a given project and sets it going, taking the necessary steps.
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.