Full guide to Appoint a Company Secretary
How does the law define a company secretary? â—? A company secretary is a representative of the Institute of Company Secretary of India (ICSI) and discharges all the roles and responsibilities of an advisor of the company in which they are employed.
Official roles and responsibilities ● Looking after the arrangements for the meetings of the Board of Directors and general meetings ● Sharing information with the members of the board about their legal responsibilities ● Corporate governance ● more...
Limitations of a company secretary ● A company secretary cannot sign up for a contract without approval for the same from the Board of Directors. Also, they need to follow the same process while registering or transferring shares. ● They cannot borrow money on behalf of a company. ● They cannot arrange for third party meetings within their capacity.
The legally approved procedure for the appoint of a company secretary ● The candidate who is considered for the post must state their consent or willingness to accept designation by writing a letter. ● The final step in the procedure is the record he details of the appointment of a company secretary in the “Register of Directories or Secretaries”.
Duration for the appointment of a company secretary â—? There is no hard-and-fast rule regarding the time duration for the appointment of a company secretary. However, for most companies, it is the best to appoint a company secretary when the board members meet for the first time.
Penalties and offenses associated with the appointment of a company secretary â—? According to The Companies Act 2013, the failure to comply with the law to appoint a company secretary can attract legal penalties for a company.
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