CONSTITUTIONAL LAW ā Exclusive Legislative List ā Item 32 ā Meaning of “Regulation”
Principle Statement
"Regulation" generally means official rule or order, and has a synonym in "control." The Companies and Allied Matters Act has comprehensively provided for the floatation of shares. Terms of Reference fall within Item 32 of the Exclusive Legislative List.
Ratio Decidendi (Source)
Per Tobi, JSC, in A.G., Lagos State v. Eko Hotels Limited & Anor (2006) NLC-123-147-2002(SC) at pp. 69ā70; Paras EāC.
"The expression 'regulation' generally means official rule or order, as one can relevantly say 'regulations governing the issuance, allotment and sale of shares within the provisions of Parts V and VI of the Companies and Allied Matters Act, 1990.' The word also has a synonym in 'control'ā¦ In the light of the above, and the fact that the Companies and Allied Matters Act, 1990 has comprehensively and copiously provided for the floatation and all that of shares, it is my humble view that the Terms of Reference fall within the precinct and purview of Item 32 of the Exclusive Legislative List."
Explanation / Scope
“Regulation” includes control over share floatation, which falls under the Exclusive Legislative List. The principle applies to constitutional law.
