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Liability:
The secretary is an officer of the company and thus he owes fiduciary duties to the company which are similar to those of a director, eg. he must act in good faith and must not make a secret profit. Moreover, in the event of a liquidation, the secretary as an officer of the company will be liable under section 323 if he has been guilty of a misfeasance. The secretary will also be liable to specific criminal penalties if he details or omits a wrongful act in respect of his statutory duties. Thus, for example, he can be made to pay a default fine if he fails to sign the annual return and accompanying documents and as the officer most clearly in default will be liable in the event of failure to keep and make available registers such as the registers of directors and secretaries.
VOIDABLE ALLOTMENTS: An allotment of shares is voidable if it is made in breach of- a) Section 49 (1): by having been made before the minimum subscription was raised o
What is the principal-agent paradigm Controversies on the decisions of many state governors and other ministers can be cited as examples. Such behaviour reflects their willing
Effect of Registration: S.16(2) of the Act provides that "from the date of incorporation mentioned in the certificate of incorporation the subscribers to the memorandum of a
Sole proprietorship, partnership and company
Question 1: (a) Define the term "Multimodal transport". (b) State the advantages of multimodal transport for forwarders. (c) Describe the different forms of multimodal trans
MEANING OF "OPPRESSION": The Section does not define the word "oppression" or what constitutes "oppressive conduct". However, the Cohen Committee's Report
Warranties - Terms used in Contract Conversely the following are the warranties implied by the Act like: (a) Quiet possession with (s.14 (b)). However this provision is int
What is Policy Clustering Adoption of policies is motivated by the observation that nation-states, or some other jurisdictional unit, choose similar institutions within a fairl
Prospectus Issue And Statutory Provisions: A company's shares are legally regarded as goods. Consequently, the common law rule known as "caveat emptor" applied to their sale.
Name to end with the word "Limited": S.5(1)(a) provides that the word "limited" must be the last word of the name of a company which is to be limit
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