According to the OHADA Law on Commercial companies and Economic Interest Groups, where the articles of association of a company do not contain all the information stipulated by this Uniform Act or where a formality prescribed by the act for the formation of companies is neglected or improperly fulfilled, any interested party may petition the competent court within which area of jurisdiction the company’s registered office is located to order under financial compulsion the proper formation of the company. Hence the penalty for the non compliance with formalities and responsibilities under the Ohada Law.
The action for regularization shall lapse after a period of three years from the date of registration of the company or from the date of publication of the deed amending its articles of association. The end of the three year period will activate the doctrine of non compliance with formalities and responsibilities.
The founder as well as the first members of the management organs of the company, directors or managing director shall be jointly and severally liable for torts deriving either from the omission of a mandatory detail in the articles of association or from the omission or improper fulfilment of a prescribed formality in the formation of the company.