This document discusses different types of company accounts that can be opened at a bank. It describes the key requirements for opening accounts for private and public limited companies, including providing copies of registration documents and board resolutions. It also summarizes account types for other organizations like societies, professional partnerships, estates, and trusts, outlining any unique documentation needed like certificates of authority from regulatory bodies.
A Handbook specifically dealing with Membership of Company as per The Companies Act,1956; includes comparison between member and shareholder of company, entitlement of membership, nomination, rights of members and related provisions
A Handbook specifically dealing with Membership of Company as per The Companies Act,1956; includes comparison between member and shareholder of company, entitlement of membership, nomination, rights of members and related provisions
company law
company prospectus
types of prospectus
membership of company prospectus
members of a company
member and shareholder
who can become a member?
modes of acquiring membership
OBJECTIVE
Liquidator is a person appointed by a Company or a Competent authority to manage the activities of winding up of the Company. Provisions pertaining to appointment of liquidator are stipulated under Chapter XX of Companies Act, 2013. The webinar covers the aspects of appointment of liquidator, types of liquidators, powers and duties of liquidator and judicial precedents.
company law
company prospectus
types of prospectus
membership of company prospectus
members of a company
member and shareholder
who can become a member?
modes of acquiring membership
OBJECTIVE
Liquidator is a person appointed by a Company or a Competent authority to manage the activities of winding up of the Company. Provisions pertaining to appointment of liquidator are stipulated under Chapter XX of Companies Act, 2013. The webinar covers the aspects of appointment of liquidator, types of liquidators, powers and duties of liquidator and judicial precedents.
Winding up/liquidation represents the last stage in company’s life by which a company is dissolved. After winding up, the company is struck off from the Companies Register at Companies House. The company simply stops doing any business and employing staff.
It is a presentation on basic introduction to the subject of CLSP - Documents of a Company.
This is published only for education and information purpose.
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The empire's roots lie in the city of Rome, founded, according to legend, by Romulus in 753 BCE. Over centuries, Rome evolved from a small settlement to a formidable republic, characterized by a complex political system with elected officials and checks on power. However, internal strife, class conflicts, and military ambitions paved the way for the end of the Republic. Julius Caesar’s dictatorship and subsequent assassination in 44 BCE created a power vacuum, leading to a civil war. Octavian, later Augustus, emerged victorious, heralding the Roman Empire’s birth.
Under Augustus, the empire experienced the Pax Romana, a 200-year period of relative peace and stability. Augustus reformed the military, established efficient administrative systems, and initiated grand construction projects. The empire's borders expanded, encompassing territories from Britain to Egypt and from Spain to the Euphrates. Roman legions, renowned for their discipline and engineering prowess, secured and maintained these vast territories, building roads, fortifications, and cities that facilitated control and integration.
The Roman Empire’s society was hierarchical, with a rigid class system. At the top were the patricians, wealthy elites who held significant political power. Below them were the plebeians, free citizens with limited political influence, and the vast numbers of slaves who formed the backbone of the economy. The family unit was central, governed by the paterfamilias, the male head who held absolute authority.
Culturally, the Romans were eclectic, absorbing and adapting elements from the civilizations they encountered, particularly the Greeks. Roman art, literature, and philosophy reflected this synthesis, creating a rich cultural tapestry. Latin, the Roman language, became the lingua franca of the Western world, influencing numerous modern languages.
Roman architecture and engineering achievements were monumental. They perfected the arch, vault, and dome, constructing enduring structures like the Colosseum, Pantheon, and aqueducts. These engineering marvels not only showcased Roman ingenuity but also served practical purposes, from public entertainment to water supply.
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2. INTRODUCTION
• Company is a legal entity and formation of the
company is governed by Companies Act 1956 .
• A company is a legal entity of its own. I t can be sue
and be sued in its own name.
• Neither the shareholders nor the directors may be
sued in their personal capacities, unless they have
given personal guarantees in that respect, or have
acted beyond their authority
4. PRIVATE AND PUBLIC LIMITED
COMPANIES
• A company which restricts the right to transfer its shares
limit not to more than fifty the number of its members
• Prohibits :
a) any invitation to the public to subscribe for any
shares or debentures of the company
b) to deposit money for fixed periods or payable call
whether bearing or not bearing interest
• Must have the word “Sendirian Berhad” or Sdn Bhd as the
last word of its name and the name of a public company
must end with the word “Berhad or Bhd”.
• Must apply a Certificate of Trading before it can commerce
its business operation.
5. MEMORANDUM AND
ARTICLES OF
ASSOCIATION
• The activities of a company are guided by the Memorandum
and Articles Associations
• The Memorandum sets out the powers and the external
activities of the company. Its must contain the name, the activity,
the objects, adress and registered office, the liability of the
members is limited by shares or guarantee and the amount of
share capaital and its division.
• The Articles set out the reguations governing the internal
working management of the company such as the powers of
directors and the extent of a directors borrowing powers
6.
7.
8. OPENING THE ACCOUNT OF
A LIMITED COMPANY
While opening an account on company’s name the banker ask
for:
1. Certifies copies of memorandum and articles of association
and certificate of incorporation
2. Name of directors
3. Certificate of commencement of business
4. Copy of resolution appointing the bank as companies bank.
The names of person authorized to operate that account
along with the signatures
5. Specimen signatures of the authorised signatories and also
the company’s rubber stamp
9. DETERMINATION OF
COMPANY’S MANDATE
• RESOLUTION OF BOARD OF DIRECTORS
The resolution appointing a bank as bankers to a company will remain
in force until a new or amended resolution is passed by the board of
directors. So that, the banker-customer relationship may ends
• APPOINTMENT OF RECEIVER
A receiver may be appointed either by the court, or by the debenture holder
in accordance with powers conferred by the debenture. The company assets
will be frozen and taken over by the receiver
• LIQUIDATION OF COMPANY
The existence of a company terminates if it is wound up. This may due
to its insolvency or failure to meet its creditors claims, its desire to
amalgate with or be absorbed by another company
10. Winding Up of The Business
Winding Up has 3 following ways:
1. Compulsory Winding up by the Court
2. Voluntary winding up
3. Winding up under supervision of court
12. ACCOUNTS OF CLUBS, SOCIETIES
AND ASSOCIATIONS
• Coming under the Societies Act 1966.
• Register with the Registrar of Socities.
• The activities of the societies, clubs and associations
are guided by their rules and regulations approved by
the Registrar of Societies.
• Apart from the Certificates of registration, banks
would normally see the resolution appointing certain
members as officials as well as the resolution
authorising these officials to open an account with the
bank
13. ACCOUNTS OF PROFESSIONALS
• Professional members such as doctors, lawyers,
architects or accountants are not required to
register their business with the Registrar of
Business.
• Their activities are governed by the ordinance and
rules of their own associations such as the
Malaysian Medical Association, Bar Council, PAM
or the Malaysian Institute of Accountants.
• When opening an account, the bank would request
such profesional to furnish a photocopy of the
certificate issued by the respective associations
which enable him to conduct the business
14. ACCOUNTS OF EXECUTORS AND
ADMINISTRATORS
• The duty of the banker to pay cheques dran by the customer is
determined by notice of the customer’s death, and all
operations of the accounts ceased immediately.
• Those named in the will are called Executors and they must
obtain the Probate from the court before they can act. A
Probate is a certificate under the Court’s seal accompanied by
the will of the deceased, authorising the Executor appointed
under the will to administer the deceased’s estates.
15. TRUSTEE ACCOUNTS
• A trustee is a person that hold the property for the benefit of
some persons or the beneficiaries.
• A trust may arise out of the remaining properties of a
deceased estate after the Executors or Administrators have
executed their duties.
• In handling trustee accounts, bank has to be very cautions as it
could be implicated in the breach of trust by a trustee and be
liable for the abetment of that breach. Bank would require all
trustees to jointly sign cheques drawn on the trustee account