A Company Secretary is a senior function in a private zone agency or public area enterprise, normally in the form of a managerial position or above. In big American and Canadian publicly indexed organizations, an organization secretary is commonly named a Corporate Secretary or Secretary.
Despite the call, the role is not a clerical or secretarial one in the typical sense. The employer secretary guarantees that an enterprise complies with applicable regulation and regulation, and continues board contributors informed of their legal duties. Company secretaries are the company’s named representative on prison files, and it’s far their responsibility to ensure that the agency and its directors perform within the law. It is likewise their responsibility to check in and speak with shareholders, to make sure that dividends are paid and to keep organization information, together with lists of directors and shareholders, and annual debts.
In many countries, private agencies have traditionally been required by way of regulation to rent one character as an agency secretary, and this character may even usually be a senior board member.
ROLE AND DUTIES OF A COMPANY SECRETARY:
The secretary to be appointed by using a listed agency shall be a member of an identified frame of professional accountants, or a member of an identified body of company / chartered secretaries or a person maintaining a masters diploma in Business Administration or Commerce or is a Law graduate from a college diagnosed and having relevant experience. However, the enterprise secretary of a single member organization will be someone holding a bachelor diploma from a college diagnosed.
Incorporation is the legal manner used to shape a corporate entity or company. A business enterprise is a separate prison entity from its proprietors, with its personal rights and duties. Corporations may be created in nearly all nations inside the global and are commonly diagnosed as such through using terms such as “Inc.” or “Limited” in their names.
Throughout the world, corporations are the maximum widely used felony vehicle for working a commercial enterprise. While the prison info of an employer’s formation and organization differs from jurisdiction to jurisdiction, most have certain elements in the commonplace.
Incorporation of a Company in Pakistan:
Any three or extra individuals related for lawful motive might also, by way of subscribing their names to the Memorandum of Association and complying with the necessities of the Companies Act 2017 form a public enterprise and any person or more persons so related can also, in like manner, form a personal organization. If simplest one member bureaucracy a private agency, it’s miles referred to as an unmarried member agency.
Private Limited Company: A personal business enterprise is required to have at least 2 individuals and a pair of directors. It may also start its business at once after its incorporation. A private organization, via its Articles of Association (AoA), restricts the proper to switch its shares, limits the quantity of its participants to fifty (50) and prohibits any invitation to the general public to subscribe for its shares.
Single-Member Company: Single Member Company as is obvious from the name is the sort of the enterprise with simplest one member who is the only director of the Company as nicely. All the shares are vested with the single member; but, it is mandatory for the unmarried member to appoint an individual as nominee director, to act as director in case of his death, and a trade nominee director who will act as nominee director in case of non-availability of the nominee director. A company entity cannot come to be its member or director.
Public Limited Company: A public unlisted corporation need to have as a minimum 3 contributors and 3 directors. It does not emerge as entitled to start its enterprise until it obtains ‘Certificate of Commencement of Business’ from the Registrar of Companies, Securities, and Exchange Commission of Pakistan. There isn’t any restriction on the maximum number of members and transfer of stocks. A public company has the option to list its securities/stocks at any stock change in Pakistan. It has to then have at least 7 participants and seven directors. Its minimum paid-up capital has to be Rs. Two hundred million and it’s also required to make a public provide/issue of its shares which ought to be subscribed by way of at least 500 applicants. The post-issue paid-up capital is required to be at minimum Rs.500 million.