Ensure that MCA is updated for all business activity at your organisation.
*Subject To Change On Market Conditions
The business activity of a company is defined in its Memorandum of Association (MOA). In order to alter such activity, it is necessary to amend the object clause in the MOA. It must be noted that a Company cannot conduct any business activity which is not mentioned in the object clause of the MOA
To obtain shareholder approval for the change, the board of directors must choose a day and time for an extraordinary general meeting. All shareholders must receive notice of the EGM at least 21 days prior to the scheduled date of the meeting.
Shareholders must approve and vote on a Special resolution at the Extraordinary General Meeting in order for the MOA's object clause change to take effect.
The company's new, modified Memorandum of Association must be communicated to the MCA. Within 30 days of the Special resolution's passage, you must submit Form MGT-14 to request permission from the federal government.
The Company shall update the MOA in all copies following approval by the Ministry of Corporate Affairs.
