HOW TO CHANGE DIRECTORS OF A COMPANY
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.
- Retirement
- Breach of duty
- 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
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Team 618bees
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