Section 137: Corporation making take-over bid.

(1) A corporation shall not make a take-over bid either alone or with any other person, unless the making of the take over bid has been approved by a resolution of the board of directors of the corporation.
(2) If default is made in complying with the provisions of subsection (1) of this section, each director in default commits an offence and is liable on conviction to a fine of not less than the sum of N100,000 or to imprisonment for a term not exceeding twelve months or to both such fine and imprisonment.