The Memorandum and Articles of Association for a Money Lending Company is a crucial document required when establishing a money lending business in Nigeria. This document is mandatory under the Companies and Allied Matters Act (CAMA) 2020 and must be filed with the Corporate Affairs Commission (CAC) during company registration. It serves multiple purposes: defining the company's relationship with external stakeholders, establishing internal management rules, setting out the company's money lending objectives, and ensuring compliance with both federal and state-specific financial regulations. The document becomes particularly important when seeking licenses from financial regulatory authorities, dealing with shareholders, or expanding operations. It needs regular review and possible amendments to maintain alignment with evolving financial regulations and business needs.
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1. Memorandum of Association: Opening section stating this is the Memorandum of Association
2. Company Name: Statement of the company's name with 'Limited' as suffix
3. Registered Office: Statement of the company's registered office location in Nigeria
4. Objects Clause: Detailed description of the company's money lending and financial services objectives
5. Liability Clause: Declaration that the liability of members is limited
6. Share Capital: Details of authorized share capital and its division
7. Articles of Association: Opening section stating these are the Articles of Association
8. Interpretation: Definitions of terms used throughout the document
9. Share Capital and Variation of Rights: Provisions regarding share classes, rights, and capital modification
10. Share Certificates: Rules regarding issuance and replacement of share certificates
11. Transfer of Shares: Procedures and restrictions for share transfers
12. Directors: Appointment, removal, powers, and duties of directors
13. Board Meetings: Procedures for conducting board meetings
14. General Meetings: Rules for conducting shareholder meetings
15. Voting Rights: Procedures for voting at meetings
16. Financial Management: Provisions for managing company finances and lending operations
17. Accounts and Audit: Requirements for maintaining accounts and conducting audits
18. Notices: Rules for giving notices to members
19. Winding Up: Procedures for company dissolution
1. Preference Shares: Include when the company plans to issue different classes of shares with preferential rights
2. Borrowing Powers: Detailed section on company's borrowing powers when planning to raise funds through various financial instruments
3. Managing Director: Include when the company plans to appoint a managing director with special powers
4. Branch Offices: Include when the company plans to operate multiple branches
5. Corporate Governance: Additional governance provisions for larger operations or when required by investors
6. Electronic Communications: Include provisions for electronic notices and meetings when company plans to utilize digital platforms
1. Schedule 1: Share Capital Structure: Detailed breakdown of share capital, including classes of shares and rights attached
2. Schedule 2: First Directors: Details of first directors and their shareholding
3. Schedule 3: Lending Policies: Standard operating procedures for lending activities
4. Schedule 4: Forms: Standard forms for share transfers, proxy appointments, etc.
5. Appendix A: Compliance Procedures: Detailed procedures for ensuring compliance with money lending regulations
6. Appendix B: Risk Management Framework: Framework for managing lending risks and maintaining regulatory compliance
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