Format of Memorandum of Association

FEDERAL REPUBLIC OF NIGERIA

COMPANY AND ALLIED MATTERS ACT,2020

PRIVATE COMPANY LIMITED BY SHARES 

MEMORANDUM OF ASSOCIATION 

OF 

JAY STEVE SHOPPING COMPLEX LTD

The registered office of the company will be situated in Nigeria

The object for which the company is established are:

Increase net operating income.

Increase market share.

Managing greater competition in market.

Sustain growth in sales promotion.

providing quality goods for our customers

The company is a private company 

The liability of the members is limited by shares

The nominal share capital of the company is 1000,000 naira divided into 10 ordinary shares 1 naira 50 Kobo each

We, the several person whose name and address are subscribed belowhere,are diserous of being form into a company,in pursuance of Memorandum of Association and we respectively agreed to take the number of shares in the capital of the company set opposite our respective names.

A. Names of Subscribes : 1. Joy Sunday 2. Samuel Jackson 3. Zealot Moses 4. Juliet John 5. Gabriel Jonah 

Address of subscribers : 1. No 124 GRA Gombe 2. 46 Beside Ecwa goodnews Ashaka road Gombe 3. No 57 Mallam inna Gombe 4. No 55 beside GSU Gombe 5. Beside ABI filling station Gombe

Description of subscribers : 1. Civil servant 2. Building Contractor 3. Accountant 4. Politician 5. Lawyer 

Number of shares taken : 1 takes 250,000 shares 2. Takes 150,000 shares 3. Takes 100,000 shares 4. Takes 300,000 shares 5. 200,000 shares

Signatures of subscribers : All subscribers have signed the documents Successfully

On the 20/07/2023.

Particulars of witness to the above signature:

Name of witness : Elizabeth Alexander

            Address of witness: No 19 Beside Markey resort Gombe Nigeria

            Occupation of witness : A Lawyer by profession 

Conclusion :

The memorandum of Association is a very good document that is use all over the world to interact with the external world,it is also a document that that the court of law consider very important worldwide,a company cannot do without it,is just a must because it is a need and not a want.

Reference:

• https://cleartax.in/s/memorandum-of-association-moa

• https://www.toppr.com/guides/business-laws/companies-act-2013/memorandum-of-association/

Difference Between CAMA 2004 and CAMA 2020

Question:

Examine the difference between CAMA 2004 and CAMA 2020 and suggest which one is more suitable to regulate company Law related

Issues?

Introduction :

Companies and Allied Matters Act (CAMA) is one of the critical pieces of legislation which enhances better business climate and promotes Micro, Small and Medium Scale Enterprises (MSMEs). The Act provides a regulatory framework for how businesses should be carried out in the country.

DIFFERENCE :

1.         CAMA 2020 is

Divided into 7 Parts (A-G):

PART A- CORPORATE AFFAIRS COMMISSION,PART B- INCORPORATION OF COMPANIES AND,INCIDENTAL MATTERS,PART C- THE LIMITED LIABILITY PARTNERSHIP,PART D- THE LIMITED PARTNERSHIP,PART E- BUSINESS NAMES,PART F- INCORPORATED TRUSTEES, PART G- GENERAL, With a total of 871 Sections.

While CAMA 2004 is   Divided into 3 Parts (A-C),

PART A- COMPANIES,PART B- BUSINESS NAMES,PART C- INCORPORATED TRUSTEES,

With a total of 613 Sections.

2.     CAMA 2020   By virtue of Section 34(2) of CAMA 2020, the Corporate Affairs Commission would be able to establish companies using any means of electronic communication to facilitate an automated reservation of names and registrations.

While CAMA 2004 is

There is no provision for E-registration of companies.

3.      CAMA 2020  The minimum number of people that can set up a private company has been reduced to one (1) by Section 18(2) of CAMA 2020 

While CAMA 2004

Section 18 of CAMA 2004 provides that any two or more persons may form and incorporate a company.

4.      CAMA 2020 provides for the formation and incorporation of limited liability partnerships.

While CAMA 2004

No provision for limited liability partnerships to be incorporated under the Act.

5.         CAMA 2020 Replaced this condition of getting the consent of the AG Federation with a duty on the commission to cause the application to be advertised in Three (3) national newspaper.

While came 2004

Section 26(5) CAMA 2004 provides that the memorandum of a company limited by Guarantee shall not be registered without the consent of the Attorney General of the Federation

In response to the above differences,

I am here to propose the motion which says CAMA 2020 is better than CAMA 2004 with my following reasons :

 1.          Transfer of shares: CAMA 2020 enables transfer of shares which is very good because even without meeting in person ,someone can transfer his/her shares to the one that wants to buy it easily.

 2.           In CAMA 2020 shareholders are allow to host virtual electronic meeting online which goes a long way in making emergency meetings possible to solve company problems.

 3.            CAMA 2020 allows the establishment of the administrative committee which also goes a long way to make companies achieve their goals and objectives.

 4.             CAMA 2020 don't allow a person to be a director in more than 5 public companies which is very good and healthy because the work will move smoothly,faster and not be a task loaded for the director.

5.                CAMA 2020 has a total of 871 sections which will help address alot of issues that CAMA 2004 will not address because it only has 613 sections.

6.            CAMA 2020  has 7 parts which addresses and include 4 extra 4 important parts that CAMA 2004 will not address.

Conclusion :

Company Allied Matters Act is an important documents because it contains the Law that that governs the companies,so as to provide the employee and employer a favourable place of settling disputes as human beings are not perfect,these laws put in place are the laws that most atimes bring justice to people that are at the point of being cheated in a company.

               Reference: 

            • https://www.thisdaylive.com/index.php/2023/01/09/cama-2020-and-end-of-authorised                                              -share-capital-regime-implications-for-companies?amp=1

           • https://www.capitalaceattorneys.com/differences-between-the-2004-companies-and-allied-matters-act-and-the-2020-companies-and-allied-matters-act/