Section 72 of the Act 2013 states the board resolution company registration transmission of shares. The company receives a form from the person who is behalf of the deceased person. It is regarding the share with the death certificate of the partner. Moreover, This form is placed before the meeting. Then the said nominee elected as a shareholder of the above share. The new nominee has sent to the company to prove the death certificate of the deceased nominee. This is also to prove his share capital.
Registration of the said nominee in the name of the deceased person is the main solution of the problem.
The power of Mr.ABC is fully transferred to the said nominee XYZ. The further resolution formed. Likewise, the secretary of the company does the needful in connection with the deceased one and the said one.
Practice Notes:
- Transmission to Nominee: In the event of the death of the nominee, all the partners or shareholders and the said nominee of the deceased person all have to come. Likewise, The said one must prove that he can register his/her name instead of the deceased one.
He has to register himself as the holder of securities.
The deceased holder’s securities must have to transfer to the said one.
Additionally, The said person has to entitle his/her identity in front of the company. This is as per Rule 19(1) of the Companies Act 2014 along with the death certificate of the older partner.
This identity approval is mainly to describe that the said one is really willing or qualified to become part of the company share.
- The applicability of Establishment in the way of right to transfer: To transfer the securities we need confirmation. Consistently, It reflects all the rules and rights relating to the securities are applicable. Notice or transfer was a transfer signed by that shareholder, as the case like the nominee had not deceased yet.
Nominees’ entitlement of Company registration Transmission:
Due to the death of the partner, the said person becoming entitled to any securities. It is from the reason before being registered as a holder in respect of such securities. Subsequently, Until the requirements of the notice have complied with the board may at any time provide the notice or can elect the one or register the one to transfer Company registration Transmission and the securities. Hence, If the notice does not comply in the ninety days, the board may hold the payment of all interest payable in respect of securities.
Appointment of Purchase Committee
The directors of the company hereby appoint a director of the purchase committee of the director board with the power to take actions with any supplier of raw material, chemicals, and formulate purchase policy followed by the private company in the finding of raw materials and consumable stores of purchase committee. Conversely, It refers to some technical committee in respect of the purchase of any equipment, machinery and that no commitment for capital expenditure.
Practice Notice
- General powers of the Board:- The director board of the company is entitling to perform all the powers to do all the acts on behalf of the company like the company is authorized to do all the requirements by the general meeting.
- Authorities given to others: – the Company registration Transmission director board give resolutions to any person to do a particular act and such authority expires till it taken back by the board.
Borrowing the Loan from Bank
The pursuant to the authority under section 180(1) of the company Act,2013 at a general meeting held on some particular date authorize to apply for the loan from the Nagpur branch within a limit of Rs.30 crores as a medium-term loan within a period of seven years from the date covered by the security with the said bank.
Practice Note of Company registration Transmission
- Temporary Loan: – Section 180(1) © of the rule restricting the borrow of payment from the bank. Probably, A company cannot borrow money together with the money already borrowed by the company will exceed the aggregate of its paid-up capital and free reserves. This provision states that the banking company deposit of money from the public for acceptance in the ordinary course of business. The dates of loan within six have to repay on-demand as a temporary loan.
- Public deposits do not subject to restrictive provisions:- the question may arise to public deposits accepted by the company to section 73of the Act 2013, and the companies rule 2014, should be subject to the restriction of borrowing under section 180(1) ©.
Contribution to Employees’ Welfare Fund:-
Subject to the approval of the company at a general meeting to section 181 of the Companies Act, 2013an amount of Rs. 8, 50,000 only contributed to Army welfare society. It is the society of wives of the army personnel either in service or retired. Subsequently, It is formed for helping the advancement of education and higher studies and making them self employed by any other means.
Shareholder approval when beyond the prescribed limit: – the prior permission of the Company registration Transmission is required for such contribution in case of the financial year, exceeds five percent, of its average net profits for the three immediately preceding financial years.
Contribution to Charity: – the director board of the company may contribute to bona fide charitable and other funds.
Conclusion
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Contribution to fully paid charitable trust paid up shares instead of cash: – companies contribute to any charitable trusts in the form of fully paid share. The limit does not exceed the limits specified in section 293(1)(e) of the 1956 Act and all statutory requirements are complied with.
