According to Article 4 of the revised OHADA Law of 2014 governing companies in Cameroon, the commercial company is created by two (2) or several persons that agree, through an agreement, to contribute to activity cash, in-kind, or service assets to share profits or enjoy revenues that may derive therefrom. Members commit to bear company losses under the conditions provided for by this uniform Act.
The commercial company is created in the common interest of members.
Alert procedure to article 157 of the revised OHADA Law of 2014, members can engage in an alert procedure towards the company management if they realized that the acts of the management are likely to jeopardize the operations of the company.
Companies other than share companies
In companies other than consortiums, any partner who is not a manager may, twice a year, send questions in writing to the manager on any fact likely to jeopardize the company’s operations.
The manager shall reply to such questions in writing within fifteen (15) days as stipulated in the preceding paragraph. Within the same time limit, he shall forward a copy of the question and his reply to the auditor, where there is one.
Share Companies
In a public limited company, any shareholder may, twice a fiscal year, ask questions to the chairman of the board of directors, the chief executive officer, or the general director, as the case may be, on any matter likely to jeopardize the company operations.
The chairman of the board of directors, the chief executive officer, or the general director, as the case may be, shall reply to such questions in writing, within fifteen (15) days by the preceding paragraph. Within the same time limit, he shall forward a copy of the question and his response to the auditor.