The purpose of every statute or law promulgated is to ensure the overall welfare of the generality or a class of the public. It is therefore deducible, that where a statute no longer serves this primary purpose, it is in the best interest of the society and of justice that such law is either repealed or should be re-enacted with the necessary modifications that will suit the society’s need. In a nutshell, this was the problem with the former Companies and Allied Matters Act (1990), which has now been repealed by the Companies and Allied Matters Act (2020).
Keywords: Statute, Repealed, Re-enacted, Companies and Allied Matters Act, Corporate Governance.
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UNILAG Law Review, (2021) Volume 4 Edition 2
About the Authors
Oluwayansola Jeje is a final year law student at the Obafemi Awolowo University. His areas of interest include Corporate Law, Taxation and Financial Technology. He can be contacted via email: email@example.com.
Akinyosoye Tobiloba is a final year law undergraduate at the Obafemi Awolowo University. He is passionate about Corporate/Commercial Law Practice, Taxation and Arbitration. He is a student member of the Lagos Court of Arbitration. He can be contacted via email: firstname.lastname@example.org.