Thursday, July 5, 2012

Explain the liabilities of a company secretary

Explain the liabilities of a company secretary

Hello dear friends here you will get Explain the liabilities of a company secretary. Liabilities of a company secretary can be divided into two categories: Business communication degree solutions
(A) Statutory Liabilities
 (B) Contractual Liabilities

(A) Statutory Liabilities: Statutory liabilities derived from different relevant Acts including companies Act, Stamp Act, Income tax Act etc. statutory liabilities are as follows: Business communication degree solutions

1. Maintain the formalities during pre-incorporation stage
2. Arranging the statutory meeting within the stipulated time limit
3. Preparation of statutory report
4. Arranging the meeting of Board of Directors
5. Arranging the Annual General Meeting
6. Submitting Annual Returns to the Registrar of the companies
 7. Maintaining ‘Minute-book’
8. Taking initiative of the registration of the resolutions passed in different meetings
9. Ensuring proper stamping of the documents
10. Arranging the appointment of auditor in time
11. Maintains the register of the shareholders and debenture holders of the company
12. Taking initiative to pay the income tax in time
13. Not to take any loan without the approval of the Board of Directors
14. Not to secure any secret profit form the company etc.

(B) Contractual Liabilities: According to the agreement signed between the company and the secretary different types of liabilities imposed on the secretary. These liabilities are as follows: Business communication degree solutions

1. Accountable to the Board of Directors for duties
2. Maintaining the secrecy of the affairs of the company
3. Not to do anything beyond his/her capacity
4. Not to show any kind of negligence in performing the responsibility
5. Not to commit any fraudulent activity
6. Protect the interest of the company.
7. Obeying the terms and conditions of the service
8. Maintain the rules and procedures of the Memorandum of Association and Articles of Association, Act.

Explain the liabilities of a company secretary

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