Nigerian Law School : Corporate Law Practice, Wednesday, August 11, 2011 - Part 4 (Answers 2a - 2d)

.Draft Search Report:

Damian Musa & Co
Legal Practitioners
78, Uju Street, Ikoyi, Lagos

August 10, 2011 
The Managing Director,
Access Bank Plc 30, Kofo Abayomi Street,
Victoria Island,

Dear Sir,


Kindly refer to your instructions to us, to conduct a search on Dubem Plastics Plc at the Corporate Affairs Commission, Abuja, and please find below our report of the search
    1.    Date of Search:                              August 09, 2011
    2.    Place of Search:                            Corporate Affairs Commission, Abuja
    3.    Name of Company:                      Dubem Plastics Plc
    4.    Registration Number:                   RC 95959
    5.    Date of Incorporation:                  January 06, 1995
    6.    Share Capital:                                N500,000 divided into 500,000 ordinary shares of N1.00 each
    7.    Increase in Share Capital:            Share capital increased to N10,000,000 by an addition of 9,500,000 ordinary shares with effect  from May 05, 2000
    8.    Subscribers:                                  (i) Monday Iloh —5,000,00 shares
                                                                   (ii) Dele Akapa —5,000,000 shares

    9.    Directors:                                        (1) Dele Akapa
                                                                    (2) Monday Iloh
    10.    Annual Returns:                            Nil
    11.    Registered Charges:                     Nil
    12.    Conclusion:                                From available information, there is no registered charges against the company


Yours Faithfully,

For: Daniel Musa & Co   Daniel Musa Esq. 

Procedure for Increase of share capital is as follows:
1)    Board resolution to authorize the increase
2)    Pass ordinary resolution to effect the increase
3)    The following documents must be filed with the CAC within 15 days of passing the resolution for increase:        
         i.    Copy of Special resolution for increase
         ii.    Statement of the Increase, duly stamped
         iii.    Duly stamped Notice of Increase
         iv.    Memo & Articles, as amended to reflect the increase
         v.    Updated annual returns
         vi.    Payment of prescribed fees
         vii.    Updated section 553 where applicable   
         viii.    Evidence of payment of FRC annual dues. See Regulation 29 of the Company Regulations, 2012
          ix.    Increase shall not take effect unless within six months of filing Notice of increase, the Directors file with CAC a statutory declaration that not less than 25% of the share capital (including the increase) has been issued –Regulation 29 (3) of Company Regulations, 2012
4)    Ensure that not less than 25 per cent of the increased authorised shares capital is issued         within 6 months 5)    Statutory declaration by Directors, verifying the increase, which must be delivered to the         CAC 6)    Obtain Certificate of Increase from the CAC 7)    Annex a copy of the Certificate of Increase and the Resolution to the Memo & Articles


(a)    increase in share capital does not take effect unless:
(b)    At least 25 percent of the increased share capital is issued within six months of increase

(c)    The directors depose to a Statutory declaration by Directors, verifying the  increase, which must be delivered to the CAC

QUESTION 2 (c)   

Resolution for Increase in share capital

15, Law School Road, Victoria Island, Lagos


At the General Meeting of the above-mentioned Company held on-----------the -----------day  of----------- 20-----------the following resolution was proposed and duly passed:  “ That the amount forming the Authorised Share Capital of the Company be increased N1 billion by the creation of --------------- Ordinary Shares of  each such new shares to rank pari passu in all respects with the existing Shares in the capital of the Company.   

Dated the -----------------. day of---------------- 20-------------

Signed:  ----------------

Secretary/ Director

QUESTION 2 (d)   

  Statutory books/records to be kept by a company include:
 a)     Minute Book    

b)    Register of Members    

c)    Register of Debenture Holders   

d)    Register of substantial interest in shares    

e)    Index of members    

f)    Register of Charges    

g)    Accounting Records    

h)    Register of Directors and Secretary    

i)    Register of Directors` Shareholding

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