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ABSTRACT
Having been in existence for about twenty five years now, the Companies and Allied Matters Act 1990 ―CAMA‖ is long overdue for review. The many calls for the review of the law have not particularly singled out the director‘s duties of care and skill and fiduciary duties of loyalty and good faith. Yet, a cursory look at the statement of duties under the CAMA leaves much to be desired. The United Kingdom relatively recently reviewed its company law and now operates the Companies Act of 2006 ―CA‖. One of the most admirable aspects of this new law is the codification of the duties of directors, which were hitherto uncodified and based in case law. For the fact that Nigeria is a common law jurisdiction which usually models its laws after English law, it will most likely be the case that any review of the CAMA today would have the CA as a foremost reference point. On this note, this research considered, comparatively, whether and to what extent the CA can be a model for the CAMA in the area of directors‘ general duties of care and skill and fiduciary duties of loyalty and good faith. A doctrinal method of research was employed using the tool of comparison. The research tried to show that the CAMA, after over 20 years, is far from being a model company law for Nigeria today in the area of the director‘s duties of care and skill and fiduciary duties of loyalty and good faith and therefore, requires review in line with the UK Companies Act 2006. The research found that the CAMA, although improved on the common law at the time of its enactment with respect to the standard of care required of the director, is far from being up to standards of today‘s business society. Furthermore, the fiduciary duties under the CAMA were found to be riddled with grammatical errors and in some cases, did not adequately reflect the common law principles they were meant to codify. The principles on conflicts of duties also gave the director very little information. Comparatively, the CA was found to be clearer on the points indicated and also reflected the modern practice on the standard of care required of directors. The work recommended that, on the duties of care and skill and fiduciary duties of loyalty and good faith, the CAMA should be amended substantially using the CA as a model. This would not only reflect developments from case law and practice, help to further clarify and simplify this important aspect of corporate governance for corporate stakeholders, but may also revive corporate litigation which is currently almost non-existent in that area.
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SIMILAR LAW FINAL YEAR PROJECT RESEARCH TOPICS
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1. AN APPRAISAL OF THE ROLE OF CORPORATE AFFAIRS COMMISSION AS A REGULATORY BODY UNDER NIGERIAN COMPANY LAW
» CHAPTER ONE GENERAL INTRODUCTION 1.1 Introduction The Corporate Affairs Commission hereinafter referred to as “the Commission” or CAC for ...Continue Reading »Item Type & Format: Project Material - Ms Word | 89 pages | Instant Download | Chapter 1-5 | LAW DEPARTMENT
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2. EVIDENTIARY RULES ON ADMISSIBILITY OF DOCUMENTARY EVIDENCE UNDER NIGERIAN EVIDENCE ACT 2011: A CRITICAL APPRAISAL
» ABSTRACT This Dissertation provided a critical conceptual discourse into the Evidentiary Rules On Admissibility of Documentary Evidence Under Nigerian...Continue Reading »Item Type & Format: Project Material - Ms Word | 177 pages | Instant Download | Chapter 1-5 | LAW DEPARTMENT
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3. Widowhood Practice in Nigeria
» Discrimination against women is defined by Article 1 of the United Nations Convention on the Elimination of all Forms of Discrimination Against Women ...Continue Reading »Item Type & Format: Project Material - Ms Word | 56 pages | Instant Download | Chapter 1-5 | LAW DEPARTMENT
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4. THE ROLE OF UNITED NATIONS EDUCATIONAL SCIENTIFIC AND CULTURAL ORGANISATION (UNESCO) IN THE PROTECTION OF HUMAN RIGHTS IN NIGERIA
» CHAPTER ONE 1.0 GENERAL INTRODUCTION 1.1 HISTORICAL BACKGROUND OF THE STUDY It has always been presupposed that United Nations Educational Scientific ...Continue Reading »Item Type & Format: Project Material - Ms Word | 98 pages | Instant Download | Chapter 1-5 | LAW DEPARTMENT
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5. THE PREREQUISITES OF A VALID WILL, A CRITICAL ANALYSIS
» CHAPTER ONE INTRODUCTORY ASPECTS 1.0 INTRODUCTION The concept of WILLS is of great importance. This concept originated from the Roman Law and was pass...Continue Reading »Item Type & Format: Project Material - Ms Word | 52 pages | Instant Download | Chapter 1-5 | LAW DEPARTMENT
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6. THE ROLES OF LEGISLATURE IN IMPEACHMENT PROCEEDINGS UNDER THE 1999 CONSTITUTION
» TABLE OF CONTENTS Title Page Declaration ii Certification iii Dedication iv Acknowledgement v Table of Contents vi Table of Cases x Table of Statutes ...Continue Reading »Item Type & Format: Project Material - Ms Word | 97 pages | Instant Download | Chapter 1-5 | LAW DEPARTMENT
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7. REMEDIES FOR ENVIRONMENTAL POLLUTION UNDER THE NIGERIAN LAWS
» ABSTRACT Environmental pollution of different kind has caused significant damage to the health, wealth and safely of the people in Nigeria and the glo...Continue Reading »Item Type & Format: Project Material - Ms Word | 119 pages | Instant Download | Chapter 1-5 | LAW DEPARTMENT
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8. CONFESSION OF ONE OF THE ACCUSED PERSON AGAINST ANOTHER PERSON IN COMMON AND ISLAMIC LAW
» ABSTRACT Under the two laws, confession is a statement by suspect in crime which is adverse to that person. It is a form of evidence that is acceptabl...Continue Reading »Item Type & Format: Project Material - Ms Word | 52 pages | Instant Download | Chapter 1-5 | LAW DEPARTMENT
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9. AN APPRAISAL OF THE DEVELOPMENT OF THE TORT OF NEGLIGENCE IN NIGERIA.
» ABSTRACT It has been established that the development of the Tort of negligence has been gradual. The tort of negligence in its formative stage was tr...Continue Reading »Item Type & Format: Project Material - Ms Word | 203 pages | Instant Download | Chapter 1-5 | LAW DEPARTMENT
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10. THE RULE OF LAW AND ITS APPLICABILITY IN NIGERIA: EXAMINATION OF ABUSES AND NON-OBEDIENCE
» CHAPTER ONE GENERAL INTRODUCTION 1.0 INTRODUCTION Rule of law and democracy are both legal and political issues which have gained attention not only i...Continue Reading »Item Type & Format: Project Material - Ms Word | 52 pages | Instant Download | Chapter 1-5 | LAW DEPARTMENT