- December 1, 2020
- Posted by: PIONEERLAWHUB
- Categories: BLOG, UPDATES
CHANGE OF NAME OF COMPANY.
Any registered company may, by SPECIAL RESOLUTION apply to the Corporate Affairs Commission “the Commission” to change its name or the Commission may suo motu (on its own) compel the company to change its name on any of the following grounds.
- Identical or similar name with a registered name, trade mark etc. popular case of Niger chemists ltd v. Nigeria chemists(1961) ALL NLR 171
- Fraudulently or improperly obtained name
However, the new Act appears to be silent on the “prohibited and restricted names”. Accordingly, Section 30 of the old Act which made provision in those two regards appeared to have been completely expunged in the New Act. In the Old Act, words like “chambers of commerce”, “municipality”, or names contrary to public policy etcetera cannot be registered as a matter of course.
Commission’s approval is required for the change of name to be effective. Although no such approval is required where the ground for change is the substitution of the words PLC for LTD or vice versa upon conversion of a private limited company into a public limited company and vice versa.
Finally, it should be noted that change of name does not affect any existing rights and obligations of the company nor invalidate any legal proceedings by or against the company in its former name.
See generally S. 30 of CAMA 2020.
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