This Bill seeks to amend Section 316 of the Companies and Allied Matters Act, 2020 to ensure that directors and officers are only liable personally for loans obtained by Companies for specific purposes but applied for other purposes where there is an intention to defraud otherwise, the principle of corporate personality will be extinguished if corporate veil is lifted whenever a company is unable to repay its loans, etc. This is to essentially maintain the principle of corporate personality that protects directors and officers of companies from personal liability for monies and properties obtained by companies for the company purposes.