Business Law

scratch 257 of the troupes act 1956 says that any divisor (share holder) of the familiarity can propose any other disposition or self for creation a manager of the company provided under following two conditions: 1. The written happen upon is true 14 days before the annual general meeting. 2. The particle has deposited 500/- along with that poster. Therefore, as a company secretary, the nonice received from non- member (x) allow be rejected and only the notice received from member (Y) impart be expire in the General meeting for appointing of (Z) as the director in place of the retiring director. Zs appointment lead be put to vote in meeting by simple majority of the members present. If he is succeeded to be plant as director, 500 rupees pass on be refunded to Y else the money will be held by the company.

Dis fashioning for appointment as director: Section 274 of the companies act, 1956 provides that the following mortals shall not be capable of being appointed as directors of any company: * A somebody name by a competent court to be of high-risk mind and such finding remaining in king; * A soulfulness who has applied to be adjudged an insolvent; * A person who has not paid any birdcall in respect of shares of the company held by him, whether alone or collectively with others and sextet months have pass on from the move date refractory for the payment of the call; * An un discharged insolvent; * A person who has been convicted by court of an offense involving chaste turpitude and sentenced in respect thereof to imprisonment for not less than six months and a period of five age has not elaps ed from the date of the expiry; * A per! son who has been disqualified by a court in chase of section203, which empowers the court to admit fraudulent persons from managing companies, unless the leave of court has been obtained for his appointment. bearer of qualification shares A director will have to require up qualification shares only if required by the articles...If you want to get a full essay, order it on our website: OrderEssay.net

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