Section 20: Capacity of individual to form company

(1) Subject to subsection (2), an individual shall not join in the formation of a company under this Act if he is—
(a) less than 18 years of age ;
(b) of unsound mind and has been so found by a court in Nigeria or elsewhere;
(c) an undischarged bankrupt; or
(d) disqualified under sections 281 and 283 of this Act from being a director of a company.
(2) A person shall not be disqualified under subsection (1) (a), if two other persons not disqualified under that subsection have subscribed to the memorandum.
(3) A corporate body in liquidation shall not join in the formation of a company under this Act.
(4) Subject to the provisions of any enactment regulating the rights and capacity of aliens to undertake or participate in trade or business, an alien or a foreign company may join in forming a company.