The Corporate Affairs Commission (CAC) has introduced the creation of Electronic Accounts for Entities.
The Electronic Accounts would allow the registered Entities to submit documents and statutory returns to the Commission by electronic means.
An Entity’s Electronic Account is to be administered by an officer of the Entity (“the Authorized Officer”) designated by the majority of the Directors/Partners/Trustees on their behalf and in accordance with Section 101 of the Companies and Allied Matters Act 2020 (CAMA).
Any information, document, or return submitted through an Entity’s Electronic Account shall be deemed duly authenticated.
Furthermore, in line with Section 124 of CAMA 2020, companies have been mandated to allot their unissued shares.