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5 Functions Of Corporate Affairs Commission

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5 Functions Of Corporate Affairs Commission

List Out The Functions Of Corporate Affairs Commission

This post gives you the full details on everything you need to know about Corporate Affairs Commission (CAC), their functions and structures. Corporate Affairs Commission is a body that regulate the formation and management of companies in Nigeria. Companies are legally registered through the Corporate Affairs Commission (CAC).

What Is Corporate Affairs Commission (CAC)

As i earlier explained, Corporate Affairs Commission is a body that regulate the formation and management of companies in Nigeria.

The Corporate Affairs Commission was established by the Companies and Allied Matters Act, which was promulgated in 1990 to regulate the formation and management of companies in Nigeria .

The establishment of the Corporate Affairs Commission as an autonomous body was as a result of the perceived inefficiency and ineffectiveness of the erstwhile Company Registry, a department within the Federal Ministry of Commerce and Tourism which was then responsible for the registration and administration of the repealed Companies Act of 1968.

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What Are The Functions Of Corporate Affairs Commission (CAC)?

Below are functions of The Corporate Affairs Commission set out in section 7 of the Companies and Allied Matters Act.

1. The Corporate Affairs Commission administer the Act, including the regulation and supervision of the formation, incorporation, management and winding up of companies

2. They establish and maintain companies registry and offices in all the states of the Federation suitably and adequately equipped to discharge its functions under the Act or any law in respect of which it is charged with responsibility

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3. The Corporate Affairs Commission arrange and conduct an investigation into the affairs of any company where the interests of the shareholders and the public so demand

4. They undertake such other activities as are necessary or expedient for giving full effect to the provisions of the Act.

5. The Commission also registers Business Names, and Incorporated Trustees as well as provides a wide range of ancillary servicesporate

Structures Of Corporate Affairs Commission

Like in any other department, Corporate Affairs Commission (CAC) has a governing body that keeps the body in good shape. The Governing Board of the Commission consists of the following

  • The Chairman who is appointed by the President of the Federal Republic of Nigeria;
  • A representative of the Legal Profession;
  • A representative of the Accounting Profession
  • A representative of the Nigeria Chamber of Commerce, Industries Mines and Agriculture.
  • A representative of Securities and Exchange Commission
  • A representative of the Manufacturers Association of Nigeria
  • A representative of the Federal Ministry of Commerce
  • A representative of the Federal Ministry of Industries
  • A representative of the Federal Ministry of Justice and
  • The Registrar-General who is the Chief Executive officer of the Commission and in charge of its day-to-day management.

Here you have it on everything you need to know about Coporate Affairs Commission (CAC), Their Functions, Roles & Structures.

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Source: Ngyab.com

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David Chris is writer and a staff at Ngyab.com. He is also an internet guru who who loves reading and making new friends

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