Minority protection and investigations under CAMA 2020: sections 341 to 373
Chapter 13 protects minority shareholders and allows investigation of companies. It covers derivative actions, unfair prejudice and inspectors.
Chapter 13 of Part B has 33 sections. Every section is listed below with its title.
Guides in this chapter
- Minority shareholders under CAMA 2020: derivative actions and unfair prejudiceSections 341 to 356 explain why only the company can sue for wrongs done to it, and the routes open to a minority shareholder.ss. 341-356
- Investigations and inspectors under CAMA 2020: when and how a company is investigatedSections 357 to 373 explain when inspectors can be appointed, what powers they have and what happens after their report.ss. 357-373
Key rules in this chapter
- A derivative action needs the court’s leave, and the applicant need not give security for costs (sections 346 and 350).
- Members holding one-tenth of a class of shares can ask the Commission for inspectors (section 357).
- A major asset transaction, worth 50% or more of the company’s assets, needs a special resolution (section 342).
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Source: the Companies and Allied Matters Act 2020 as published in the Official Gazette.