Who is a trustee?

Who is a trustee?

October 19, 2018

Trustees have the overall legal responsibility for an NGO/Foundation/Incorporated Trustee. They are persons having the general control and management of the administration of the organization.

Trustees have specific duties that should be set out in the organization’s constitution.

WHO CAN BE A TRUSTEE FOR AN NGO IN NIGERIA?

Anyone can be appointed as trustee, as long as he/she does not fall under any of the following categories;

  • an infant; or
  • a person of unsound mind having been so found by a court; or
  • an undischarged bankrupt; or
  • a person that has been convicted of an offence involving fraud or dishonesty within five years of his proposed appointment.

If a person falls under any of the above listed categories and is appointed as a trustee, he/she is liable to a fine of N50 for every day during which he so acts as one.

Reference S.592 CAMA

Do you have any question or clarification regarding the topic in this post that was not answered/ provided by this post? Or you have questions regarding what the law states about a particular legal issue? Log on to our website – www.618bees.com or call us on +23412803791 to speak to any of our consultants that are always on hand to provide answers to such questions.

Best Regards,

Team 618 Bees

 

 

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?
  • Must my Company Secretary be a Lawyer?

    Although it’s ideal to have a lawyer as a company secretary, it is not compulsory for small private businesses.

  • What is SON?

    SON stands for ‘Standards Organization of Nigeria’

  • 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. 

  • Can I trademark my logo and name separately? Why is this a good idea?

    Yes you can. The advantage is that it gives you the opportunity to have more than one logo or the opportunity to change your logo easily as opposed to registering the name and the logo as one trademark.

Call Us Now on +234 1 280 3791