Can a child be a director of a company?
Clients interested in the incorporation of limited liability companies often ask this question, below are definitions of the terms “Child” and “Director” and the position of the law for better clarifications and to enable us understand the position of CAMA as it regards this topic.
Who is a child?
A child is a person who is below the legal age of maturity. A child is also known as a minor. The legal age of maturity as it relates to being a company director is 18years.
Who is a Director?
A director is a very important part of a company. A director is said to be an alter ego of the company and a governor in charge of the affairs of a company. This important role cannot most likely be handled by a child or minor.
According to CAMA, every company must have at least 2 directors and CAMA further sets down disqualification for the position of a director:
- Persons under the age of 18 years old,
- Persons who are insolvent or bankrupt, persons who are fraudulent,
- Persons of unsound mind,
- Also, any person that is 70 years old and above can only be appointed or re-appointed as a Director of a public company in Nigeria if he/she informs the shareholders of the company, at an Annual General Meeting of the company of the fact that he or she is now 70 years old or more than 70 years old.
Note that a child can only be a director if there are two or more other adult directors.
For further inquiries;
info.618bees.com
012803791
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Lucklyn Audu
Team 618 bees
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