Part IIIFUNCTIONS AND POWERS OF THE

Part III

FUNCTIONS AND POWERS OF THE COMMISSION

Functions of the Commission

The functions of the Commission shall be—

to ensure that the provisions of this Act and the laws specified in the First Schedule are administered, enforced, given effect to, carried out and complied with;

to act as agent of the Government and to provide services in administering, collecting and enforcing payment of prescribed fees or any other charges under the laws specified in the First Schedule;

to regulate matters relating to corporations, companies and businesses in relation to the laws specified in the First Schedule;

to encourage and promote proper conduct amongst directors, secretaries, managers and other officers of a corporation,

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and self- regulation by corporations, companies, businesses, industry groups and professional bodies in the corporate sector in order to ensure that all corporate and business activities are conducted in accordance with established norms of good corporate governance;

to enhance and promote the supply of corporate information under any laws specified in the First Schedule and to create and develop a facility whereby any corporate information received by, or filed or lodged with, the Commission may be analysed and supplied to the public;

to carry out research and commission studies on any matter relating to corporate and business activities;

to advise the Minister generally on matters relating to corporations, companies and businesses in relation to the laws specified in the First Schedule; and

to carry out all such activities and do all such things as are necessary or advantageous and proper for the administration of the Commission, or for such other purpose as may be directed by the Minister.

Powers of the Commission

18. (1) The Commission shall have the power to do all things necessary or expedient for or in connection with the performance of its functions.

(2) Without prejudice to the generality of subsection (1), the powers of the Commission shall include power—

to utilize all the property of the Commission, movable and immovable, in such manner as the Commission may think expedient including the raising of loans by mortgaging such property;

to impose fees or charges for services rendered by the Commission as may be prescribed by the Minister by regulations made under section 40;

to appoint such agents, experts or consultants as it deems fit to assist the Commission in the exercise of its functions;

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to grant loans to employees of the Commission for such purposes as may be approved by the Minister;

to formulate and implement human resource development and funding and cooperation programmes for the proper and effective performance of its functions;

to cooperate with any corporate body or government agency for the purpose of performing the Commission’s functions; and

to do anything incidental to any of its functions and powers.
The Commission shall have all such powers as may be necessary for or in connection with, or reasonably incidental to, the performance of its functions under the laws specified in the First Schedule.

For the avoidance of doubt it is declared that the powers of the Commission shall not include the powers of the Chief Executive Officer as provided in the laws specified in the First Schedule.


The Commission may establish committees

19. (1) The Commission may establish such committees as it considers necessary or expedient to assist it in the performance of its functions under this Act.

Members of a committee established under subsection (1) may be appointed from amongst members of the Commission or such other persons as the Commission thinks fit.

Persons who are disqualified from being members of the Commission under section 9 shall also be disqualified from being members of a committee.

A member of a committee shall hold office for such term as may be specified in his letter of appointment and is eligible for reappointment.

The Commission may revoke the appointment of any member of a committee without assigning any reason for the revocation.

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A member of a committee may resign by giving notice in writing to the Chairman.
A committee established under this section may elect any of its members to be chairman and may regulate its own procedure, and in the exercise of its powers such committee shall be subject to and act in accordance with any direction given to the committee by the Commission.

The members of a committee or any person invited to attend any meeting of a committee may be paid such allowances and other expenses as the Commission may determine.

Meetings of a committee shall be held at such times and places as the chairman of the committee may, subject to subsection (7), determine.

Delegation of the Commission’s functions or power

20. (1) The Commission may delegate any of its functions or powers to any committee established under section 19 as it may deem necessary or desirable.

Any function or power delegated under this section—

may be so delegated subject to such conditions or restictions as the Commission may either generally or specifically impose; and

shall be exercised by the committee in the name and on behalf of the Commission.
A delegation under this section shall not preclude the Commission itself from performing or exercising at any time any of the functions or powers so delegated.