Procedure for dissolving an Incorporated Trustee/Foundation/NGO in Nigeria

Procedure for dissolving an Incorporated Trustee/Foundation/NGO in Nigeria

October 12, 2021

The procedure for dissolving or closing down an incorporated Trustee/Non-profit organization in Nigeria is provided for under section 850 of the Companies and Allied Matter Act 2020 (CAMA). Organizations known and described as Incorporated Trustees/Non-profit in Nigeria includes – Churches, Non-governmental organizations, Foundations, Associations, etc.

Below is a detailed breakdown on how to close or dissolve one;

  1. Petition to the court for dissolution brought by any of the following;

i. one or more trustees;

ii. members of the association constituting at least 50% of the total membership; or the Commission.

  1. The grounds on which the body corporate may be dissolved could be any of the following reasons — i. the aims and objects for which it was established have been fully realised and no useful purpose would be served by keeping the corporation alive; ii. the body corporate is formed to exist for a specified period, that period has expired and it is not necessary for it to continue to exist; iii. all the aims and objects of the association have become illegal or otherwise contrary to public policy; iv; it is just and equitable in all the circumstances that the body corporate be dissolved; and v; the certificate of registration of the association has been withdrawn, cancelled or revoked by the Commission.
  2. At the hearing of the petition, all persons whose interest or rights may, in the opinion of the Court, be affected by the dissolution shall be put on notice.
  3. If in the event of a winding up or dissolution of the corporate body there remains, after the satisfaction of all its debts and liabilities, any property whatsoever, the same shall not be paid to or distributed among the members of the association, but shall be given or transferred to some other institutions having objects similar to the objects of the association: Provided that the institution shall be determined by the members of the association at or before the time of dissolution.
  4. If effect cannot be given to the provisions of subsection (4), the remaining property shall be transferred to some charitable object.

 

Team 618 Bees

 

618 Bees can quickly and easily help you dissolve your Non-profit Organization in Nigeria. Log on to our website www.618bees.com or email hello@618bees.com, or give us a call on +2349017190079. 618 Bees will complete your application with the Corporate Affairs Commission (CAC).

 

 

 

The information in this blog post (“post”) is provided for general informational purposes only, no information contained in this post should be construed as legal advice, nor is it intended to be a substitute for legal counsel on any subject matter. No reader of this post should act or refrain from acting on the basis of any information included in, or accessible through this post without seeking the appropriate legal or professional advice from the particular facts and circumstances at issue from a lawyer. This post is protected by intellectual property law and regulations. It may however be shared using appropriate sharing tools provided that our authorship is always acknowledged and this Disclaimer Notice attached.

More Articles

Search

Connect With Us

Got any questions?

If you are having any questions, please feel free to ask.

Send us an email

Frequently Asked

  • What additional documents do I require to file my Annual Returns?
  • What’s the difference between a business name and an LLC?
    • A business name is a sole proprietorship, usually owned and managed by one individual only. Legally, the sole proprietor and his business are one. It simply means an individual trading with an alias. The sole proprietor is personally liable for all business related obligations.

    • A limited liability company on the other hand is a separate business entity from the individuals that hold its shares and act as directors. Legally, it’s a separate business entity and a person on its own who can transact business, own property separate from its owners and can sue or be sued. 

  • What is an execution clause in a contract?

    This is the section in which the parties sign the contract or agreement.

  • What are the product categories available when registering with NAFDAC?

    The product categories include: Food, Cosmetics, Drug, Medical Device, Agro-Chemicals & Pesticide, Veterinary Products, Vaccines & Biologicals, Herbal and Nutraceuticals and Water

  • What is personal data?

    This is any information that can be used to identify an identifiable human person such passport photograph.

  • Can industrial design be protected under copy right law?

    Yes, it can be protected under copyright law as a work of Art.

  • Do I have to physically drop off my product sample at NAFDAC office?

    No, you can choose to have it sent to NAFDAC office

  • Can my kids be shareholders in my company?

    Yes your kids can hold shares in your company but there must be a minimum of two adult shareholders before kids can be included.

  • Does a trademark search automatically reserve my trademark name?

    No, a trademark search does not automatically reserve that which is sought to be trademarked. A search ascertains whether that which is sought to be trademarked is available or violates any existing trademark.

Call Us Now on +234 901 719 0079 Chat on WhatsApp