A couple of days ago, I received an inquiry from the couple of working women who desired to head to some business. They wanted to discover more on details about establishing a private limited company or Sdn Bhd. One quite interesting question from their store was “So why do we want a business Secretary?”
From that moment on, I think many individuals are extremely curious comparable question and here, I must reveal to you, the responsibilities and responsibilities.
The Organization Secretary
Every limited company should have at least one Company Secretary, based on Section 139 from the Companies Act, 1965. The its appointment is made the decision through the company directors of the organization.
To become qualified as a business Secretary, she must be either part of an expert body authorized by the Ministry, or perhaps a licensed secretary granted through the SSM. Further, the individual should not be a bankrupt and isn’t charged associated with a offence under Section 130 (1) from the Companies Act.
Statutory responsibilities of the Company Secretary
His/her statutory responsibilities as needed through the Companies Act are usually the following:-
1. Needs to be present whatsoever company conferences and recording minutes from the meeting. Within this context, company conferences mostly are known directors’ and shareholders’ conferences. Operational conferences don’t require a business secretary’s attendance.
2. Keep and keep all of the statutory books and records of the organization, ie. Minutes book, register book, share register etc.
3. Ensure proper filing of necessary returns with SSM for example annual return, forms etc.
4. Issue notices of conferences to shareholders as directed through the board of company directors.
5. Process share transfers documentations and tracks.
6. Countersign essential company documents and certifying documents for several matters for example banking matters etc.
7. Ensure safe child custody of company seal.
Liabilities of the Company Secretary
Since a business secretary is definitely an officer of the company, just like the company directors, she or he has fiduciary responsibilities to do for the organization. They’re requires to do something honestly as well as in good belief.
He/she’s personally prone to criminal charges is she or he commits wrongful functions, and may also be penalized having a fine. Wrongful act is simply by failure to lodge the annual go back to SSM.
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