Authorities in company

1. Objective
To Learn
1. The concept chief executive and secretary
in company
Subject: Company Law
Standard: LL.B second year
Topic: Authorities in Company
MUNIR HUSSAIN KTK
Lecturer
UNIVERSITY LAW COLLEGE
QUETTA
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1.Definition : The officer of a company
appointed to watch and maintain the
financial affair of a company like account
,audit etc
2. Appointment : First Auditor
- By director (within 60 days of
incorporation)
- By company (if director fail then in
general meeting by co)
- By commission (if default is made then
within 120 Days of incorporation)
Subsequent Auditor : by Resolution
3. Term of office : First Auditor up to first
AGM Up to the next AGM
4. Qualification : For public company must
be charted account
For private company any person can be
appointed
5. Disqualification :
- Who had possess the office of director in
last three years
- Who is the employee of company
- Who is the employee of director
- Who is the family member of director
- Who borrowed money from company?
-Who is removed by a company on corruption
which is subsidiary of the company for which
he is going to be appointed?
6. procedure : The member of the company
will give notice to the company at least 14
days before the AGM then in meeting
resolution will be passed
7. penalty : If the company appoint
disqualified one fine can be imposed and
then the commission may appoint qualified
one
8. Remuneration :
By the director (if appointed by them)
By commission (if appointed by
commission)
By company (if appointed by
company)
1. Notice to Registrar:regarding
appointed .retirement and Removal.
Within 14 days along with the
Consent in Writing of the Auditor
Concerned.
10. Duties :
- He must know that what are his duties
According to article and ordinance
- To maintain the true financial position
of the Company
- To maintain the balance sheet
- To make a report to the member
regarding Account and Balance
sheet.
- To see that the amount borrowed are
According to article or not
- To check the bank account
- To attend the meeting
- To maintain and examine the account
of Register
11. Rights : To access all time to the
book, Account and vouchers.
12 .Powers :
- can check the account
- can make an inquiry
- can investigate from any director
- can make a report for the purpose of
Prospectus
13. Removal :
The first auditors in AGM
Subsequent auditors can be removed
in next AGM.
Accountant
Definition:
The Person who Maintain the True Picture of
the Account.
Chief accountant
The Head of the Accountant
Legal adviser
Definition:
Is the person who is appointed by the
company to assist the company in legal
matters?
Every company is bound to appoint legal
adviser