A Review of Formalities in Company Administration

Abstract

The word “formal” means “following established procedure, custom and practices (eg. following a ceremonial practice), and formality. It means a point of practice that must be observed so as to achieve a particular legal result or procedural requirement. To achieve a legal requirement in the administration of companies therefore, recourse must be had to the provision of the relevant laws. The relevant laws are those that govern the formation, management and winding up of companies, which include (1)Companies and Allied Matters Act No 1, of 1990 (as amended), cap C.20, Laws of the Federation of Nigeria 2004. (2) Securities and Exchange Commission Act, 1989; (3) Investment and securities Act 1990; (4) Banking Act, 2004; and (5) Insurance Act 2003