COMPANIES AND ALLIED MATTERS ACT, 2020

Section 118: Liability for company debts where membership is below legal minimum

2020Section 118 of 870Federal Republic of Nigeria

If a public company or a company limited by guarantee carries on business or its objects, without having at least two members and does so for more than six months, every director or officer of the company, during the time that it so carries on business with only one or no member, is liable jointly and severally with the company for the debts of the company contracted during that period.

Cite this section

Section 118, COMPANIES AND ALLIED MATTERS ACT, 2020 (2020).

https://repo.podus.ai/laws/companies-and-allied-matters-act-2020/section/118/