SS2 Second Term Financial Accounting Lesson Note – Formation of a Company: Companies and Allied Matters Act

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WEEK 2                                                        

TOPIC:          FORMATION OF A COMPANY: (A) COMPANIES AND ALLIED MATTERS ACT, 1990. RELATING TO FORMATION OF A COMPANY. (B) TERMINOLOGIES: (I) MEMORANDUM OF ASSOCIATION.

CONTENT:  

(a) Companies and Allied Matters Act, 1990 relating to formation of a company.

 (b) Terminologies: (i) Memorandum of Association.

Sub-Topic: 1: COMPANIES AND ALLIED MATTERS ACT, 1990 RELATING TO FORMATION OF A COMPANY.

Definition:

A company can be defined as a body corporate (i.e. an aggregation of persons or individuals), having a distinct legal personality by or under:

• Companies and Allied Matters Act, 1990 relating to formation of a company
• An enabling statute of government.

 EVALUATION

• State 5 purposes of having CAMA 1990 in place.
• Evaluate the effectiveness of CAMA 1990 in fulfilling the above-mentioned purposes.
• Highlight the procedure of in incorporating a company in Nigeria.
• State 4 conditions a person must fulfill before he/she is qualified to join in the formation of a company.

Sub-topic 2: Terminologies (I) Memorandum of Association.

Memorandum of Association

This a document/constitution used to state/specify the object, power and the external relationship a company has with the outside world (Public).

(1) The memorandum of every company shall state:

(a) the name of the company;

(b) that the registered office of the company shall be situated in Nigeria;

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