COMPANIES AND ALLIED MATTERS ACT, 2020

Section 347: Powers of the Court to make orders in derivative actions under section 346.

2020Section 347 of 870Federal Republic of Nigeria

(1) In connection with an action brought or intervened under section 346 of this Act, the Court may, at any time, make any such order or orders as it deems fit.
(2) The Court may make an order—
(a) authorising the applicant or any other person to control the conduct of the action;
(b) giving directions for the conduct of the action;
(c) directing that any amount adjudged payable by a defendant in the action is paid, in whole or in part, directly to former and present security holders of the company instead of to the company; and
(d) requiring the company to pay reasonable legal fees incurred by the applicant in connection with the proceedings.

Cite this section

Section 347, COMPANIES AND ALLIED MATTERS ACT, 2020 (2020).

https://repo.podus.ai/laws/companies-and-allied-matters-act-2020/section/347/