Incorporated Trustees (IT) are association of persons established for any religious, educational, literary, scientific, social, development, cultural, sporting or charitable purpose. They include churches, mosques, associations, NGO’s amongst others.

#thread #TuesdayMotivation

2.
IT aims and objects shall be for the advancement of any religious, educational, literary, scientific, social, development, cultural, sporting or charitable purpose, and shall be lawful.

They are governed by the Trustees just like directors manage companies.

3.
Upon registration they have perpetual succession, a common seal, power to sue and be sued in its corporate name and power to hold, acquire, transfer, assign or dispose of any property, or interests therein belonging to, or held for the benefit of such association.

4.
Section 839 (1) of the amended Companies and Allied Matters Act (CAMA) provides for the Corporate Affairs Commission (CAC) to SUSPEND TRUSTEES AND APPOINT OF INTERIM MANAGERS where it reasonably believes that —

5.

1. there is or has been any misconduct or mismanagement in the administration of the association;

2. for the purpose of protecting the property of the association and securing a proper application for the property of the association for its aims and objects;

6.

3. public interest; or

4. the affairs of the association are being run fraudulently.

Note: Such suspension must be upon a petition by the Commission to the Court or members of the association.

7.
The Act also provides for the power of the Commission to direct a bank to transfer amount in dormant account(s) of the association to other association(s) and power to dissolve the association upon an order of court.

What are your thoughts on this new provisions?

#CAMA2020