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Posted by / 22-Sep-2017 20:26

Lation dating

It is mandatory that all accidents and industrial diseases be notified to the nearest inspector of factories and be investigated; it is prohibited for the occupier of a factory to make any deductions from the wages of any employee in respect of anything to be done or provided in pursuance of the Factories Act.Workmen's Compensation Act The laws provide for the payment of compensation to workmen for injuries suffered in the course of their employment.

The Memorandum of Association must state inter-alia that the subscribers “shall take amongst them a total number of shares of a value not less than 25 per cent of the authorised capital and that each subscriber shall write opposite his name the number of shares he takes.” The law permits and acknowledges the roles of attorneys and other relevant professionals in facilitating business transactions provided, of course, that this “agency arrangement is disclosed".The foreign investor may incorporate a Nigerian branch or subsidiary by giving a power of attorney to a qualified solicitor in Nigeria for this purpose.The incorporation documents in this instance would disclose that the solicitor is merely acting as an “agent” of a “principal” whose name(s) should also appear in the document.Disclosures To Be Published In Company Correspondence and Business Premises Every company is obliged to disclose on its letterhead papers used in correspondence, the following particulars:(i) Name of the company/enterprise;(ii) Address;(iii) Registration/Incorporation Number;(iv) Names of Directors and Alternate Directors (if any) In addition, the law requires companies/enterprises to ensure that the Certificate of Registration be displayed in conspicuous positions at their principal and branch offices.INCORPORATING A BUSINESS ENTERPRISE: Operations of Foreign Companies in Nigeria Legal Framework for Business Activities Operations of Foreign Companies in Nigeria A non-Nigerian may invest and participate in the operation of any enterprise in Nigeria.

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Membership of the Company - Prohibition of Trusts The Companies Act prohibits “notice of any trust, express, implied or constructive” and such shall not be entered on the register of members or be receivable by the CAC.

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