In my last article on resolutions under the Companies and Allied Matters Act, i explained that they are decisions of the board of a company’s directors via a poll . This article will be looking at the provisions of CAMA regarding:-

– The major provisions of the act on resolutions

– Written resolutions

– Resolutions requiring special notice

– The registration of certain resolutions

– The effect of resolutions passed at adjourned meetings.

What are the major provisions of the act regarding resolutions?

The act provides that :-

-A resolution is an ordinary resolution when it has been passed by a simple majority of votes cast by members of the company as, being entitled to do so, vote in person or by proxy at a general meeting.

-A resolution is a special resolution when it has been passed by at least three-fourths of the votes cast by members of the company as, vote in person or by proxy at a general meeting of which 21 days’ notice, specifying the intention to propose the resolution as a special resolution, has been duly given :-

Provided that, if it is so agreed by majority in number of the members having the right to attend and vote at any such meeting, being a majority together holding at least 95% in nominal value of the shares giving that right or, in the case of a company not having a share capital, together representing at least 95% of the total voting rights at that meeting of all the members, a resolution may be proposed and passed as a special resolution at a meeting of which less than 21 days’ notice has been given.

-At any meeting in which a special resolution is submitted to be passed, a declaration of the chairman that the resolution is carried is, unless a poll is demanded, conclusive evidence of the fact without proof of the number or proportion of the votes recorded in favour of or against the resolution.

-In computing the majority of a poll demanded on the question that a special resolution be passed, reference shall be had to the number of votes cast for and against the resolution.

What are the provisions of the act on written resolutions?

The act provides that all resolutions shall be passed at general meetings and are not effective unless so passed, but in the case of a private company a written resolution signed by all the members entitled to attend and vote are as valid and effective as if passed in a general meeting.

What does the act say regarding the circulation of members’ resolutions? 

-The act provides that subject to provisions of this section, it is the duty of a company, on the requisition in writing of such number of members as specified in this section and (unless the company otherwise resolves) at the expense of the company to –

(a) give to members of the company entitled to receive notice of the next annual general meeting notice of any resolution submitted by a member which may properly be moved and is intended to be moved at that meeting ; and

(b) circulate to members entitled to receive notice of general meeting any statement of not more than 1,000 words with respect to the matter referred to in any proposed resolution or the business to be dealt with at that meeting, and where the statement has more than 1,000 words to circulate a summary of it.

What does the act say about resolutions requiring special notice? 

The act provides that where by any provision contained in this Act, special notice is required of a resolution, the resolution is not effective unless notice of the intention to move it has been given to the company at least 28 days before the meeting at which it is to be moved, and the company shall give its members notice of any such resolution at the same time and in the same manner as it gives notice of the meeting, or if that is not practicable, shall give them notice thereof, either by advertisement in a newspaper having an appropriate circulation, or in any other mode allowed by the articles, at least 21 days before the meeting : Provided that if, after notice of the intention to move such a resolution has been given to the company, a meeting is called for a date 28 days or less after the notice has been given, the notice, though not given within the time required by this act, is deemed to have been properly given.

What does the act say about the registration & copies of certain resolutions?

The act provides that subject to the relevant section of this Act, a printed copy of every resolution or agreement to which this section applies shall, within 15 days after the passing or making of the resolution or agreement, be forwarded to the Corporate Affairs Commission(CAC).

What is the effect of resolutions passed at adjourned meetings?

Where a resolution is passed at an adjourned meeting of- 

(a) a company, 

(b) the holders of any class of shares in a company, or

(c) the directors of a company, the resolution shall, for all purposes be treated as having been passed on the date on which it was in fact passed, and not be deemed to have been passed on any earlier date.

Moniepoint, a business bank in Nigeria, has unveiled a consumer app and debit card services, signaling its expansion from serving the corporate sector to catering to individuals’ banking needs.

Formerly known as TeamApt, this Digital Financial Services Provider aims to compete with established players like Opay and Palmpay in the realm of personal banking.

With the newly launched app, users can effortlessly manage everyday financial tasks, including money transfers, utility bill payments, airtime purchases, and more. Additionally, the issued debit cards empower customers to access ATMs, make purchases at POS terminals, and engage in online transactions. Businesses will also benefit from streamlined transactions when their patrons utilize Moniepoint cards.

A standout feature of the app is its innovative card dispute resolution system. This functionality allows users to report unsuccessful card transactions and actively pursue a resolution.

They will have the capacity to log disputes related to faltered card transactions and persistently work towards a resolution until a complete reversal of the transaction is achieved. Moniepoint’s strategic move is designed to grant users full control over the process of resolving disputes.

In a press release, Ope Adeyemi, the Senior Vice President for Channels and Sales Tools at Moniepoint, said: “The introduction of a personal banking product enables us to establish more effective connections between businesses and their customers. Our robust infrastructure and services will provide substantial support in this endeavor.”

He emphasized that the company’s steadfast dedication to providing financial contentment naturally drove them to extend their reliable services to both customers and employees across various businesses.

Furthermore, Moniepoint has outlined its intentions to introduce additional services, including salary advances, in the upcoming months.

PalmPay recently achieved a significant milestone, amassing a user base of 25 million. Similarly, Opay boasts 35 million registered app users and a network of approximately 500,000 agents in Nigeria who rely on the platform for money transfers.

While Moniepoint’s mobile app and debit card may not currently stand out, the company’s involvement as a sponsor for this year’s edition of Big Brother Naija adds an intriguing facet.

This African TV show garnered a staggering 900 million fan votes in the 2020 season, underscoring its immense popularity and engagement.

In the ever-evolving landscape of online casinos, players are often presented with an array of choices, each catering to diverse preferences and budgets. Among these options, the rise of $5 deposit casinos in NZ has garnered attention for its accessibility and affordability. Whether you’re a seasoned gambler or a newcomer to the world of online gaming, here are five compelling benefits that await when you choose to play at a $5 deposit casino. 

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Another benefit of playing at a $5 deposit casino is that you can mitigate your risks and extend your gameplay. By entering the casino with a low deposit, players can explore various games and strategies without bearing the weight of substantial risks.

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Access to Generous Bonuses and Promotions

Contrary to common perception, low initial deposits don’t translate to a scarcity of bonuses. Many $5 deposit casinos extend attractive welcome bonuses, free spins, and ongoing promotions to their players. This not only amplifies the value of the initial deposit but also offers players the opportunity to stretch their gaming sessions and engage in a wider range of games.

For example, some casinos may offer 100% match bonuses up to $100 or more for your first deposit. This means that you can double your money and play with $10 instead of $5. 

Inclusive Gaming for All Budgets

The beauty of $5 deposit casinos lies in their inclusivity. They cater to a diverse audience, accommodating both high-rollers and budget-conscious players. The accessible deposit threshold ensures that players with varying financial capacities can all partake in the excitement of online gaming without any barriers.

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Convenient Entry Point for New Players

For individuals new to the world of online casinos, the $5 deposit casino serves as an ideal entry point. It eliminates the intimidation often associated with larger deposits and encourages newcomers to explore different games, develop strategies, and build confidence in their gaming skills. The low deposit facilitates a gentle introduction to the captivating realm of online gambling.

Summary:

Choosing a $5 deposit casino unlocks a world of possibilities for players seeking a balanced and enjoyable gaming experience. These platforms provide a gateway for newcomers and a haven for budget-conscious players, all while maintaining the essence of excitement and entertainment. With the convergence of affordability, variety, and generous promotions, the $5 deposit casino presents an enticing proposition that bridges the gap between casual play and strategic gaming.

FAQ:

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