Functions of Secretary in AGMs

Functions of Secretary Related to Annual General Meeting

• Prepares notice for the annual general meeting (AGM) and ensures timely distribution.
• Compiles and distributes the agenda and relevant documents for the AGM.
• Takes minutes of the meeting, capturing all decisions and discussions accurately.
• Assists in the preparation of reports and returns required for the AGM.
• Ensures compliance with legal and statutory requirements related to the AGM.

Business Communication Essentials

• Different types of business communication include formal letters, emails, and reports.
• Importance of effective communication: fosters clarity, aids decision-making, and maintains professionalism.
• Key components of business letters include a professional layout, clear purpose, and appropriate tone.
• Secretary is responsible for drafting letters to directors, banks, and statutory authorities.

Types of Secretaries

• Personal Secretary: Assist busy individuals with day-to-day activities.
• Secretary of Non-profit Organizations: Manages communication and operations to serve the common interest.
• Cooperative Society Secretary: Oversees the functioning and compliance of the society.
• Joint Stock Company Secretary: Works under the Board to facilitate decision-making and legal compliance.
• Government Department Secretary: Assists ministers in conducting governmental activities and compliance.

Features of Partnership Firm

• Owned, managed, and controlled by two or more individuals called partners.
• Minimum of two partners and a maximum of fifty for general businesses.
• Unlimited liability for partners; capital is contributed collectively.
• Does not have a separate legal status; partners cannot transfer shares without consent.
• Profits and losses are shared as agreed in the partnership deed.

Limited Liability Partnership (LLP)

• Combines features of partnerships and joint stock companies.
• Provides limited liability to partners; personal assets are protected from business debts.
• Recognized as a separate legal entity.
• No minimum capital requirement; number of partners can be unlimited.
• Offers low formation costs and avoids double taxation.

Cooperative Society Characteristics

• A voluntary association formed to achieve economic objectives.
• Registration is mandatory under the Maharashtra Cooperative Societies Act.
• Membership is open with a minimum of ten members and no maximum limit.
• Members have limited liability, and the focus is on providing services rather than profit maximization.
• Operates democratically, with voting based on a ‘one member, one vote’ principle.

Joint Stock Company Overview

• A formal and organized structure for conducting large-scale business activities.
• Capital is collected from numerous investors, divided into shares ownership.
• Offers limited liability to shareholders, who are considered part-owners.
• Distinguished types include public, private, and government companies.
• Registration is compulsory for legal existence; has a potential for long-term stability.

Key Concepts of a Joint Stock Company

• A company is formed for lawful purposes with shared profits.
• Shares represent ownership in the company, and shareholders have limited liability.
• Governed by specific acts, it enjoys independent legal status separate from its members.
• Managed by a Board of Directors, ensuring separation of ownership from management.

Business Terminology

• Dormant Company: A company with no significant accounting transactions.
• Holding Company: A company that owns enough voting stock in another company to control its policies.
• Foreign Company: A company incorporated outside the country but registered in India.
• Company limited by guarantee: A company without share capital; members' liability is limited to their guarantee.
• Government Company: A company in which the government holds at least 51% of the share capital.

Important Legal Provisions

• Statutory companies are defined by specific legislation such as the Companies Act.
• A subsidiary company is controlled by another, usually holding more than half of its shares.
• A private company must have at least two but can have a maximum of 200 members.