Corporate Affairs Commission News Update
?The Corporate Affairs Commission (CAC) in a circular dated March 4, 2022 has made a landmark alteration to the legal structures available for the incorporation of Schools, Academies and other institutions of learning in Nigeria.
The circular which was made available to the public was addressed to Approving Officers for Name Availability and Business Names.
The Registrar General stated in the circular that the alteration is necessary as “an Institution is essentially a body corporate with perpetual succession, capable of contracting and issuing certificates in its own name, which attributes are absent in a Business name.”
Other legal structures that confer Legal Personality and can be adopted for the incorporation of Schools, Academies and Institutions of Learning include Company Limited by Shares, Limited Lability Partnership and Company Limited by Guarantee.
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