Can a minor be a director of a company in Nigeria?

hT The minimum age for a director is 18 years, as a minor cannot be a director in Nigeria unless two adults are existing directors in that company. The age limit for a proposed or an already existing director however, depends on whether your company is a private or public companies.

Can a child be a director of a company?

When you turn 16, you can become a director of a company. A company must have at least one director who is 16 or over and not disqualified from being a director.

Who can be a director of a company in Nigeria?

A director must be above 18 years of age, but below 70 years of age. However, under section 252(1) of the CAMA, any person who is appointed or to his knowledge proposed to be appointed director of a public company and who is 70 or more years old shall disclose this fact to the members at the general meeting.

What is the minimum age for a company director?

Age limit. To become a director of the company there is no specified age limit. However, sec 157 of the company act provides minimum age to be 21 years. Any person with less than 21 years of age cannot become the company’s head.

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Can an infant be a member of a company?

WHO IS A CHILD? A child, also referred to as a minor, by definition is one who is less than 18 years of age. … Consequently, if your child is less than 18 years of age, he can be a shareholder in your company, provided there are 2 adults who are shareholders in the same company.

Can a 17 year old be a director of a company?

Appoint directors and a company secretary. Your company must have at least one director. Directors are legally responsible for running the company and making sure company accounts and reports are properly prepared. A director must be 16 or over and not be disqualified from being a director.

Can I live in a property owned by my ltd company?

Companies and Residential Tenancies

Property can be rented by a company as a ‘residential tenancy’. Of course, a company cannot live in the property itself.

Who is a director under CAMA 2020?

Section 269 (1) of the Companies and Allied Matters Act (CAMA) 2020 defines a director as a person who is duly appointed by the company to direct and manage the business of the company. Every company is required to have a minimum of two directors (Section 271 CAMA).

Can a company have one director in Nigeria?

Directors Restrictions: CAMA 2020 excludes small companies from the requirement of having a minimum of 2 directors as required under the previous Act. This means that small companies can now be registered with one director.

Can a company act as a director?

Yes, however in order to have a company appointed as a director, you will need to also appoint a natural (person) director. A company cannot act alone as director.

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What disqualifies you from being a director?

You can be banned (‘disqualified’) from being a company director if you don’t meet your legal responsibilities. Anyone can report a company director’s conduct as being ‘unfit’. ‘Unfit conduct’ includes: allowing a company to continue trading when it can’t pay its debts.

Can a 13 year old start a business?

Yes, kids can have businesses. … It is important to note that a business is a business, no matter the age of the person in charge. Businesses must adhere to certain legal requirements, and parents must understand these requirements to make sure their kids’ businesses are legal.

Can a 16 year old own a company?

Forming the business: People under age 18 cannot form legal business entities, and their parents should do so on their behalf. … Thus, in most cases, a parent who is an authorized signer for the business should execute contracts.

Who can become a director?

Only an Individual (living person) can be appointed as a Director of a Company. A body corporate or a business entity cannot be appointed as a Director of a Company. A company can, however, have a maximum of fifteen Directors and it can be increased further by passing a special resolution.

Who Cannot be a member of a company?

1972, a firm not being a person cannot be registered as a member of the Company. Such firm can be a member of section 8 company. In the case of partners, a firm as such cannot be registered as a member, but the partners in their individual names may be registered as joint holders of the shares.

Who can become a member?

Shareholders are also known as the members of a company. Under the Companies Act, 2013, any person can become a member and a person could mean an individual, body corporate or an association. The company law does not prescribe any disqualification, which would debar a person from becoming a shareholder of a company.

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