- What is the role of a confidential secretary?
- Does a company secretary have to sign accounts?
- Can a company secretary sign the balance sheet?
- Can a company secretary open a bank account?
- What power does a company secretary have?
- Can a company secretary be held personally liable?
- What are the roles and responsibilities of a company secretary?
- Are directors liable for company debt?
- Can a company secretary resign?
- How do I terminate a company secretary?
- How do I change a company secretary?
- Do all companies need a secretary?
- Can a company secretary be liable for company debts?
- Is a company secretary classed as an employee?
What is the role of a confidential secretary?
Confidential Secretaries provide administrative and clerical support to the executives of a corporation. Their duties include following dictated instructions, taking minutes, transcribing documents, preparing confidential reports, writing letters, taking phone calls, and making travel arrangements.
Does a company secretary have to sign accounts?
The financial statements should also be signed by Managing Director, CEO, CFO, and the Company Secretary wherever such functionaries are mandated, whether or not they are present at the Board meeting at which the accounts are adopted.
Can a company secretary sign the balance sheet?
Your accounts must also meet the following requirements: the copy of the balance sheet must be signed by a director. the copy of the directors’ report must include the printed name of the director or company secretary who signed the report.
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. Any rights would be depend on the terms of his or her contract with the company.
What power does a company secretary have?
Company secretaries are often asked to take on responsibility for legal matters. You might be required to advise directors on their duties and to ensure they comply with the articles of association and business legislation, such as data protection and health and safety.
Can a company secretary be held personally liable?
The Company Secretary may be personally liable under Section 188 of the Act for contraventions by the company in relation to: Any contravention of Section 188 is a strict liability offence, which means it is not necessary to prove intention, knowledge, recklessness or negligence (see Section 6.1 of Criminal Code).
What are the roles and responsibilities of a company secretary?
The company secretary is responsible for the efficient administration of a company, particularly with regard to ensuring compliance with statutory and regulatory requirements and for ensuring that decisions of the board of directors are implemented.
Are directors liable for company debt?
In business terms, a liability often refers to a sum of money or other debt owed by a company. Simply put, limited liability is a layer of protection placed between the company and its individual directors. This means the directors cannot be held personally responsible if the company is unable to pay its debts.
Can a company secretary resign?
In short, yes you can. A company secretary’s resignation is not subject to board approval, unless otherwise stated in a company’s articles of association. The company secretary simply has to send and deliver a letter of resignation to the company.
How do I terminate a company secretary?
In case of a company secretary resigning, the procedure is as follows: The company secretary will issue a letter of resignation to the board. The position of the company secretary is to be filled within 30 days of declaration of the vacancy. Ideally, the removal of secretary and appointment is done simultaneously.
How do I change a company secretary?
Change of Company Director or Secretary
- Preparation and filing of Companies Registration Office Form B10.
- Directors Board Minutes to approve appointment/resignation.
- If a resignation, a letter stating the Officer has no claims against the company may be applicable.
Do all companies need a secretary?
Company secretaries You do not need a company secretary for a private limited company. Some companies use them to take on some of the director’s responsibilities. The company secretary can be a director but cannot be: the company’s auditor.
Can a company secretary be liable for company debts?
A company secretary can held accountable for any breaches of the Companies Act, and in the same way as directors, may be held personally liable for financial losses incurred by the company or its creditors due to negligence.
Is a company secretary classed as an employee?
Office holders are neither employees nor workers. However, it’s possible for someone to be an office holder and an employee if they have an employment contract with the same company or organisation that meets the criteria for employees.