plz let me know whether articles of a private limited company can have common seal clause as follows:
common seal can be affixed in presence of atleast one director of the compnay.
is it correct??
ARUL INBAA (PROFESSIONAL) 26 July 2009
plz let me know whether articles of a private limited company can have common seal clause as follows:
common seal can be affixed in presence of atleast one director of the compnay.
is it correct??
A V Vishal (Advocate) 26 July 2009
Yes you can have the clause in the articles, its perfectly alright
ARUL INBAA (PROFESSIONAL) 27 July 2009
SIRS,
AS PER COMPANIES (ISSUE OF SHARE CERTIFICATES)RULES 1960, THE SHARE CERTIFICATE SHALL BE ISSUED UNDER THE SEAL OF THE COMAPNY IN THE PRESENCE OF 2 DIRECTORS AND A SECRETARY OR SOME OTHER PERSON APPOINTED BY BOARD.
WITH REFERENCE TO THE ABVOE CLAUSE---HOW A PRIVATE LIMITED COMPANY CAN HAVE A CLAUSE LIKE- THE SEAL OF THE COMPANY SHALL BE AFFIXED IN THE PRESENCE OF A SINGLE DIRECTOR. WHETHER IT IS VALID?
CS Pooja (Company Secretary) 27 July 2009
I m producing an extract of a general clause in AoA relating to Common seal:
The Board shall provide for the safe custody of the Seal and the Seal shall never be used except by the authority previously given of the Board or a Committee of the Board authorised by the Board in that behalf and save as provided in Article 16(a) hereof one Director shall sign every instrument to which the seal is affixed. Provided nevertheless, that any instrument bearing the Seal of the Company, and issued for valuable consideration shall be binding on the Company notwithstanding any irregularity touching the authority of the Board to issue the same.
Extract of Share Certificate in AoA (in general):
Subject the provisions of the Companies (Issue of Share Certificates) Rules, 1960, or any statutory modification or re-enactment thereof, share scripts shall be issued as follows:-
You will get your answer in this....
ARUL INBAA (PROFESSIONAL) 30 July 2009
THANK U VERY MUCH MEM