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

  • When are Annual Returns due for filing?

    A company’s first Annual Returns are due for filing after 18 months of its inception, subsequently it should be filed annually as the name implies. The filing dates could differ for each company depending on their financial year end but must be filed not later than 42 days after its Annual General Meeting.

    The Annual Returns for Business Names is due not later than the 30th of June each year except in the year the business was registered.
  • What is the first thing I must do to register a business in Nigeria?

    To register a business in Nigeria; you would need to conduct a name search of the business. You can achieve this using your CAC-CRP account.
  • Is there a penalty for late renewal of registration of products with NAFDAC?

    Yes, there is a late renewal fee, which is dependent on the category of the product.
  • Will my trademark registration in Nigeria protect me worldwide?

    No, all intellectual property (IP) rights which includes trademarks are territorial, which means you are protected in the countries in which you register them.
  • When can I start renewal of the registration of my product(s) with NAFDAC?

    You can start renewal 6 months to the date of expiry.
  • How many directors do I need to start a company?

    A minimum number of two (2) directors is required to form a company.
  • 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 ad 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 Whatsapp icon Chat on WhatsApp