LEGAL SENSE (Hint 29)
by ANSLAM C. AGIM, ESQ
“Every Company registered in Nigeria must have minimum of two (2) Directors in order to lawfully carry on Business in Nigeria”.
Every Company registered in Nigeria must have at least two Directors. Any Company whose number of Directors falls below two, shall within one month of its so falling appoint new directors and shall not carry on business after the expiration of one month, unless such new directors are appointed.
A Director or Member of a company who know that a Company has less than two Directors for more than sixty (60) days shall be liable for all liabilities and debts incurred by the Company during the period when the company carried on business with less than two (2) Directors.
Legal Authority: Section 246(1),(2) and (3) of Companies and Allied Matters Act, 1990.
The Companies and Allied Matters Act, 1990 remain the law in force in Nigeria until the President of Nigeria assents to the Bill for Amendment of Companies and Allied Matter Act.