COMPANIES AND ALLIED MATTERS ACT (CAMA)
|Prior to the enactment and coming into force of the COMPANIES AND ALLIED MATTERS ACT CAP 59 LAWS OF THE FEDERATION OF NIGERIA 1990, the administration of Company Law was the responsibility of the Federal ministry of Trade. The Decree (now Act) was a product of considerable referendum, research and consultation on the part of the Law Reform Commission then headed by the unforgettable jurist, Sir Darnley Alexander of blessed memory. Never had a piece of legislation generated so much enthusiasm in the Professional and Corporate World as did that Decree (now an Act).
Prior to the enactment and coming into force of the COMPANIES AND ALLIED MATTERS ACT CAP 59 LAWS OF THE FEDERATION OF NIGERIA 1990, the administration of Company Law was the responsibility of the Federal ministry of Trade. The Decree (now Act) was a product of considerable referendum, research and consultation on the part of the Law Reform Commission then headed by the unforgettable jurist, Sir Darnley Alexander of blessed memory. Never had a piece of legislation generated so much enthusiasm in the Professional and Corporate World as did that Decree (now an Act) The Act is a general codification of Common Law, general and specific principles distilled from the cases, and the general regulations and customs of Company Law Practitioners and businessmen alike. Indeed, it was truly reformistic and took a more pragmatic view of Corporate Law and Practice as an eclectic discipline, involving the science of material and social affairs. The approach adopted by DSC Publications in it’s analysis of the Act was to write full essays on each Section. There were still general principles which are not to be found in any of the sections and the essay form enabled them to be incorporated in a seamless manner, allowing for a balanced text, practical and yet detailed There are six volumes in all. Traditional Company Law is the subject of the first two volumes, and these of course, follow the statutory arrangement of the Act . The third volume is the book of procedure, Company Secretarial Practice, Precedents, Checklists, Analytical and Comparative Tables, etc. Volume four is our elaboration on the eclectic approach of the parent statute. It contains all the statutes which impinge on business and corporate life. These include, the Petroleum Act (fully annotated) and all its subsidiary legislations and other legislations relating to Petroleum. Others are the banking legislations” The Central Bank of Nigeria Decree, Banks and other Financial Institutions Decree with guidelines made under the former for Financial Institutions and Discount Houses. There is an explanatory article to the last two. In addition, the volume contains a miscellany of essays on mergers in the oil and banking sectors, Export trade, together with the relevant statutes, Insurance, taxation, etc. The part on taxation and import and export contain articles contributed by Messrs Price Water House, chartered Accountants and Tax Consultants. An attempt has been made to assemble here in one volume, all relevant statutes relating to domestic and external trade, including such statutory and policy incentives as exist in favour of foreign participation in business, how to obtain business permit, expatriate quota and approved status. The following statutes which relate to these matters are also included. These are: The Immigration Act, The Industrial Development co-ordination Act, The Nigerian Enterprises Promotion Act, The Nigerian Enterprises Promotion (issue of none-voting Equity Shares) Act, Industrial Inspectorate Act, The Second Tier Foreign Exchange Market Act and the Industrial Development (Income Tax) Relief Act. Most of these are followed with introductory and explanatory essays. The fifth volume is dedicated to shipping and related matters. International commerce is still tied to shipping as the most cost-effective means of conveyance. Both Lawyers involved in commercial practice and their clients cannot do without a good guiding text which happily, Mbanefo’s Publications effectively provided before now and still provides. Since the publication of those however, some of the statutes included in the compilation have been repealed. The fifth volume may be relied upon as providing at the time of going to press, the extant laws on shipping. In addition, we have added our own text based on the indigenous and foreign case law and other textual authorities. The areas touched include: Admiralty actions, jurisdiction, limitation of actions, agency, carriage of good by sea, mortgage on vessels, ownership of ships, arrest and security for vessels, marine insurance, Ports authorities etc. Volume six is the general Index.