Designation for these professionals » CS :: Company Secretary
Statutory Functions performed by Company Secretaries onlyThe law places certain conditions on the performance of certain functions. Where the law requires that a particular function be performed only by a certain professional, it should be so. Such functions are what we call statutory functions.
|1.||Under Sec 383 of the Companies Act 1956 every company with a paid up share capital of Rs 2 crore or more as prescribed by the central government are statutorily required to appoint a whole time company secretary who is a member of the ICSI.|
|2.||Every company not required to employ a whole time secretary and having a paid up share capital of Rs. 10 lacs or more shall file with the Registrar a certificate from the secretary in whole time practice as to whether the company has complied with all the provisions of the Companies Act.|
|3.||All companies seeking listing on stock exchanges are required to have a whole time qualified company secretary.|
|4.||Pursuant to Provision VII of Clause 49 of the Listing Agreement, Practicing Company Secretaries have been authorised to issue Certificate regarding compliance of conditions of Corporate Governanance as stipulated in the clause.|
|5.||Pass in Intermediate examination of the Institute is one of the alternative qualifications prescribed for appointment of company secretary in companies having a paid up share capital of less than Rs. 50 lakhs.|
|6.||Practice: Under Sec 161 of the companies Act, the annual return of a listed company is compulsorily required to be signed by a whole - time practicing company secretary.|
Where the specialised knowledge of the professional would be very much crucial in performing the function, we find that they are performed only by the relevant professionals.