Registration of Incorporated Trustees
SIR: The registration of Incorporated Trustees is governed by the provision of Section 673-679 of the Companies and Allied Matters Act No. 1 of 1990. What is now styled as Incorporated Trustees was formerly known as (Land Perpetual Succession) under Section 1 of CAP 98 volume IV, Laws of the Federation of Nigeria and Lagos, 1958. It was a colonial law which came into force on August 21, 1924 in order to enable the Trustees of Corporate Bodies to be appointed with perpetual succession and hold land. This law was repealed by Section 694 of the Companies and Allied Matters Act CAP 1 of 1990.
The procedure for the registration of the Incorporated Trustees as being demanded and practised by the Corporate Affairs Commission is rather cumbersome and tainted with putrefaction. Thus, prior to the repeal of CAP 98 Land Perpetual Succession ACT, in 1990 and its replacement as "Incorporated Trustees" ACT, under Section 673/693 of companies and Allied Matters ACT, the registration of the Perpetual Succession ACT, now styled "Incorporated Trustees ACT, it was straight forward, non cumbersome and easier to comply with.
The CAC/IT/FORM 1 designed by the Corporate Affairs Commission with the good intention to make the registration of Incorporated Trustees easy, has, as observed by many practitioners, made the process or procedure for filling the form cumbersome and devoid of transparency. The additional requirements listed on page 3 of Form CAC/IT/FORM 1 in some cases are ultra vires the power of CAC as regards the registration of the Incorporated Trustees under part C- pages A286/A291 of the Companies and Allied Matters ACT No. 1 of 1990.
Thus, the method of application required under Section 674 of the Companies and Allied Matters ACT No1 of 1990 differs from what CAC/IT/FORM 1 stipulates is that the printed and signed copies of the Association's Constitution, the minutes of the meeting containing the votes scored, the CAC/IT/FORM 1 requires in Enclosures A to H, miscellaneous matters such as the:
- Rules and Regulations governing the body
- Names, Permanent addresses and Occupations of the Trustees
- The Receipt of the payment made at the court for the Trustees Declaration, notwithstanding the presentation of the duly signed Form sworn to at the High Court Registry etc. The space available in CAC/IT/FORM 1 cannot neatly accommodate these requirements.
It would be easier to supply these information on separate sheets and bind together rather than requiring them to be in the joined CAC/IT/FORM 1. The completion of the Form as being requested is tedious and untidy.
It is humbly suggested that all the requirements for the Registration of "Incorporated Trustees" should be effected in the like manner that the Memorandum/Articles of Association of Companies are prepared and bound. This will be neater, easier to amend, instead of the tedious filling of CAC/IT/FORM 1 that creates untidiness and undue delays.
Chris Atoki,
Lagos
