HOW TO CHANGE DIRECTORS OF A COMPANY

HOW TO CHANGE DIRECTORS OF A COMPANY

September 13, 2018

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

  • Why must I file Annual Returns?

    It is a mandatory statutory requirement under the Companies and Allied Matters Act to file Annual Returns yearly. 

  • Do I need a Company Secretary?

    A limited liability company (LLC) must have a company secretary.

  • What are the penalties for not registering my products with the SON?
      1. Seizure of goods by the Inspectorate and Compliance Directorate
      2. Payment of a fine.
      3. Prosecution

     

  • How many shareholders do I need to start a company?

    A minimum of two (2) shareholders 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.

Call Us Now on +234 1 280 3791