The hullabaloo following the President’s recent signing into law of the Companies and Allied Matters Act 2019 is quite understandable.
There is or has been any misconduct or mismanagement in the administration of the association; It is necessary or desirable for the purpose of — Protecting the property of the association, Securing a proper application for the property of the association towards achieving the objects of the association, the purposes of the association of that property or of the property coming to the association, Public interest; or The affairs of the association are being run fraudulently.
Whereas the CAC awaits the gazette of the said act to commence the formal implementation of the Act, the continuous crying over spilled milk by those who will be affected by the Act, may not be the requisite solution in sight. The intendment of this piece is to succinctly highlight options, which incorporated trustees may consider in the wake of the signing into law of the said CAMA 2019. Mind you, this piece is not legal advice. Neither is it a clarion call. It is a considered opinion.
The onus is on the affected bodies to harmonise their objections to the aforesaid sections of the Act, agree and propose an amendment thereof, propose an amended draft bill and present same to the House members sympathetic to their cause.By this option, you are simply asking that your association no longer wants to be a registered association with the Commission. Whether the Commission will allow this without an order of court is another kettle of fish.