Dr. Josephine Ogazi-Egwuonwu. The Executive Director of WEWE, presented a memorandum and position paper on the bill to amend sections of CAMA 2020. At the National Assembly in Abuja, Nigeria.
March 28, 2022
and Allied Matters Act (CAMA 2020) at the National Assembly in Abuja, Nigeria.
Company Limited by Guarantee under Section 26 (5-10),
She says that it should be expunged. The reason is that the consent of the attorney general unduly delays the process of registration of limited by guarantee, thereby negatively affecting the ease of doing business. whereas, in the case of being limited by liability and business name It does not require the consent of the Attorney-General, thus leading to an ease in doing business.
Annual returns under Section 848(2)(3)
This section should also be reviewed, i.e., small organizations have limited income and the requirement of submitting an audited statement of account for the year is too much of a financial burden. Hence, small organizations should
be exempted from submitting audited statements of accounts.
The Merger of Associations Page under Section 849
Two or more associations should be removed, i.e., two or more associations of different aims and objects should be allowed to merge if the merger will strengthen and complement both organizations.
Section 838(2)(a & b): Council, Income and Property Powers
This prohibits trustees of associations who are employees and/or executive directors of the organization from earning salaries if they are full-time employees of the association. The ED proposed a change as this is not favorable for trustees of associates because most employees and/or executive directors are full-time.
Accounts and Annual Returns under section 848 (2) (3)
Small organizations have limited income. The requirement of submitting an audited statement of account for the year of returns is too much of a financial burden. Hence, small organizations should be exempted from submitting audited statements of accounts.