Hello friends, here is a recap on my class lectures for thursday and friday. asides the usual morning routine i explained on my first recap which can be viewed through this link: https://steemit.com/writing/@favoursampson/my-daily-experiences-introduction there is nothing else i do during week days asides from lectures, except weekends which will come up in my next post.
And also in the second recap about tuesday and wednesday, i did some explanations on CIVIL LITIGATION AND PROPERTY LAW PRACTICE by considering the topics for the days PLEADINGS AND MORTGAGE RESPECTIVELY. here is the link to learn more on both topics: https://steemit.com/writing/@favoursampson/my-daily-experiences-another-recap
THURSDAY----CORPORATE LAW PRACTICE.
corporate law has always been one course that poses some difficulties when it comes to assimilation. we tend to dread thursdays because of corporate law, the technicalities in it needs rapt attention and open mindedness. i needed to look for a way to handle it, so i decided to follow the syllabus and study the topics before the class, this method really worked.
The topic for thursday was AN OVERVIEW ON CORPORATE GOVERNANCE, it refers to the mechanism of internal and external controls of the actions and inactions of the organs of a Company in a manner that ensures compliance with public policy and acts in the interest of stakeholders and ultimately avoids corporate failures and abuse.
Commonly accepted principles of corporate governance include:
i. Rights and equitable treatment of shareholders
ii. Interests of other stakeholders
iii. Integrity and ethical behaviour
iv. Disclosure and transparency.
Essentially, corporate governance aims at building and strengthening corporate transparency, accountability, credibility, integrity and trust.
Various codes of corporate governance emerged in response to corporate financial failures which has caused notable impacts in the macro economy. In Nigeria, some of the codes serve as international benchmarks. Such codes include;
-those by the Organisation for Economic Co-operation Development (OECD),
- the Halsbury report and
-the Cadbury report.
Consequently, in 2003, the Securities and Exchange Commission developed a Code of Corporate governance for public companies. Similarly, the Central Bank of Nigeria developed a code for banks and discount houses in 2006 and was amended in 2013. In 2014, moves were made to develop a code of governance for non-profit organisations. Amidst other codes that are industry specific, the following constitute
the major codes of good corporate governance in Nigeria:
- Code of Corporate Governance for Public companies.
- Code of Corporate Governance for Banks and Discount houses.
- Code of Corporate Governance for Non Profit Organisations.
These codes evolved based on a series of theories put forward by
different theorists at various times, chief of which are: - The stakeholder theory.
- The agency theory
FRIDAY----PROFESSIONAL ETHICS & SKILLS
friday's lectures has always been my favourite, because i tend to flow very well with the course for the day and on this friday, the topic on ethics was LEGISLATION DRAFTING, it was more like an overview of it, i learnt about the requisite stages in general drafting.
VARIOUS STAGES OF DRAFTING: There are five (5) stages of drafting and they are:
i.RECEIVING AND UNDERSTANDING THE INSTRUCTION
It is essential that the drafter understands fully, the instruction received in respect of the law he is going to draft. He can consult with the instructing office at an early stage after receipt of the preliminary drafting instructions. It is helpful if the following are borne in mind and are contained in the drafting instruction:
a) Sufficient background information of the reason for the legislation.
b) The principal objects of the legislation must be clearly stated.
c) The means whereby the principal objects are to be achieved should be stated.
d) All known implications, difficulties whether legal, social or administrative associated or contemplated by the proposals should be stated.
ii. ANALYSIS OF THE INSTRUCTION-Legislative proposals should be carefully analysed in relation to the following;
a) Existing Law - The Law should not by implication amend or repeal an existing law and should not be a re-enactment
of an existing law.
b) Special Responsibility Area;
- It should be legal and in consonance with public policy,
- Constitutional, it should be within the legislative competence of the enacting body,
- it should not derogate from the fundamental human rights of citizens,
- it should not be retroactive,
- takes cognisance of the federalism of Nigeria and must note electoral promises of party in Government, etc
c) Practicality- this goes to enforcement legislation.
iii. DESIGN--This is the outline or framework prepared by the drafter to assist him in visualizing the shape or broad content of the enactment. He then prepares the following;
a) A precise outline of the objectives and principles to be contained in the legislation.
b) A statement of the principal means of attaining the objectives and principles.
c) Design the structure of the draft statute, e.g. the substantive provisions and the administrative provisions of the bill.
This is seen in the arrangement of sections of an Act.
iv. COMPOSITION---The drafter will, invariably, rely on some aids to compose. These aids include;
- precedents,
- statutes on similar subjects or related subjects, both local and from other jurisdiction.
Use of precedents saves time and using precedents from the same jurisdiction may contribute in no small way to consistency of approach, which in turn, will contribute to statute law, becoming a coherent body rather than a patch work.
v. SCRUTINY----This is the last stage of drafting: One expects the draftsman to have checked and rechecked the drafts in previous stages, and must have had series of conferences and meetings, both formal and informal with those sponsoring the statute.
At this stage however, one should ask an independent eye, preferably a legal practitioner, to have another critical look at the draft, for someone who has been involved as the drafter may not spot drafting and other clerical
errors.
from the daily recap of the week, it is pertinent that i achieved so much this week through the knowledge i acquired. sharing these activities with you all makes it all fun for me. i hope you read and learn from it too.
THANKS FOR READING.
please do not forget to UPVOTE, RESTEEM AND COMMENT if you enjoy reading. ALSO SHARE YOUR EXPERIENCES TOO, I'D BE GLAD TO READ.
