How to change company directors

How to change company directors

July 23, 2019

Directors are the alter egos or governors of the company who are appointed by the shareholders of the company and can be removed by the shareholders of the company.  The directors manage the companies for the profit of the shareholders who are the legal owners of the company according to law and as such can be appointed and removed by the resolution of shareholders. There are various reasons why a company may want to change its directors.

  1. Retirement
  2. Breach of duty
  3. Incapacity of the director to carry on his/her duty e.t.c

Procedure for change directors of a company

  • Prepare and serve 14days notice of meeting to the members and directors of the company
  • Hold a general meeting and pass a shareholders resolution to change directors
  • Complete form CAC 7A
  • Submit the above stated documents at the corporate affairs commission within 14days after the resolution was passed or pay a penalty of N5,000
  • A certified true copy of the completed CAC 7A  is returned to you

Contact inf@618bees.com or call 012803791

Team 618bees

The information in this blog post (“post”) is provided for general informational purposes only, no information contained in this post should be construed as legal advice, nor is it intended to be a substitute for legal counsel on any subject matter. No reader of this post should act or refrain from acting on the basis of any information included in, or accessible through this post without seeking the appropriate legal or professional advice from the particular facts and circumstances at issue from a lawyer.

This post is protected by intellectual property law and regulations. It may however be shared using appropriate sharing tools provided that our authorship is always acknowledged and this Disclaimer Notice attached.

 

 

More Articles

Search

Connect With Us

Got any questions?

If you are having any questions, please feel free to ask.

Send us an email

Frequently Asked

  • What additional documents do I require to file my Annual Returns?
  • What’s the difference between a business name and an LLC?

    • A business name is a sole proprietorship, usually owned and managed by one individual only. Legally, the sole proprietor and his business are one. It simply means an individual trading with an alias. The sole proprietor is personally liable for all business related obligations.

    • A limited liability company on the other hand is a separate business entity from the individuals that hold its shares and act as directors. Legally, it’s a separate business entity and a person on its own who can transact business, own property separate from its owners and can sue or be sued. 
  • Why is mutual assent important in a contract?

    This is one of the key elements of a contract because is shows the meeting of the minds of both parties
  • What are the benefits of Registering with SON?
    1. Product traceability in the Nigerian market
    2. Detection of counterfeit products
    3. Barriers to the circulation of substandard goods
    4. The official SON Product Registration Logo and number are displayed on registered products.
  • What is data protection?

    Data protection is a legal process of protecting sensitive data.
  • Can industrial design be protected under copy right law?

    Yes, it can be protected under copyright law as a work of Art.
  • Can I process/register multiple products at NAFDAC at the same time?

    Yes, you can process/register multiple products at the same time
  • Can a minor be a company director?

    No, a minor cannot be a director. A minor under Nigerian Law is anyone who is below 18 years of age.
  • Why do I need a trademark?

    You need to register your trademark because if you don’t register it, someone else can! It helps identify you as the source and indicates a consistent level of quality of your products and services. Securing a registered trademark protects your brand, and provides you with tools to prevent someone else from using similar signs and riding off the back of your business.
All FAQs
Call Us Now on +234 901 719 0079 Chat on WhatsApp