What are the legal responsibilities of a company secretary?

What are the legal responsibilities of a company secretary?

Company secretaries have legal responsibilities in addition to their work in support of the board, which will vary according to the specific needs of the organisation. Helping to organise and facilitate the induction and professional development of directors.

What power does a company secretary have?

The powers of the Secretary are limited to a few powers given to him by statute and such other powers as may be delegated to him by the board of directors. The Secretary has power to enter into contracts relating to the day to day administration of the company.

Who can act as company secretary?

If the company has only one director, he cannot act as a company secretary. However if the company has more than one director, one of the directors can also act as company secretary.

Can Company Secretary sign on behalf of company?

As an employee of the company, a secretary will in any event often have actual authority delegated by the board to enter into commercial contracts on behalf of the company. by the signature of two directors; by the signature of a director and the secretary.

Can you have 2 company secretaries?

There is no longer a requirement to have a company secretary however you may add one if you wish. You may appoint one or more secretaries for your company. It is no longer essential to nominate a company secretary however if you do then you will need to provide the secretary’s full name and service address.

What is the difference between company secretary and corporate secretary?

A corporate secretary is a business professional who administers a number of crucial tasks in the ongoing life of a company whilst a company secretary is a professional whose role is that of an advisor for legal matters.

Is a company secretary necessary?

Do you have to appoint a company secretary? As of April 2008, however, the Companies Act 2006 no longer makes it a legal requirement for private limited companies to appoint a company secretary unless the articles of association state otherwise. Public companies are still required to have a secretary.

What is the qualification for company secretary?

Minimum qualification required to register for the first level (Foundation Programme) of Company Secretary course in Class XII pass in any stream (excluding fine arts) from a recognized university or equivalent.

Can a company secretary open a bank account?

When opening a business bank account the secretary will need to sign the mandate which dictates the accounts authorised signatories. The company secretary has no rights specified by the Companies Act.

How do I remove a company secretary?

The resolution of the director(s) removing the company secretary must be signed and placed in the company’s minute books within 1 month after the resolution is passed. 2 ASIC notification An ASIC Form 484 “Change to Company Details” must be lodged with ASIC within 28 days of the removal of the company secretary.

Can I resign as company secretary?

Generally, a company secretary may resign by giving written notice of the resignation to the company. A company secretary who resigns may notify ASIC of the resignation. If the company secretary does not do so, the company must notify ASIC of the company secretary’s resignation.

Can a company secretary be an employee?

A company secretary does not automatically become an employee, and is not necessarily a director either. Public Companies: required to have at least 1 Company Secretary.

What is the difference between a company secretary and a director?

Company Officers Directors are appointed by members (shareholders and guarantors) to run and manage the day-to-day operations of the business. Secretaries are optional for private companies, but not public companies. They are usually appointed to assist directors with important administrative tasks.