Who are persons connected with a director under Companies Act 2016?
24 Companies Act 2016, section 197(2)(a): “a member of the director’s family” means the director’s spouse, parent, child, including adopted child and stepchild, brother, sister and the spouse of the director’s child, brother or sister.”
What is the definition of a director under s 2 1 of the Companies Act 2016?
In addition to the definition as stated in Section 2 of the CA 2016, a “director” includes chief executive officer, chief financial officer, chief operating officer or any other person primarily responsible for the management of the company.
When should the directors of a company appoint an auditor?
(1) At any time before the first annual general meeting of a company, the directors of the company may appoint, or (if the directors do not make an appointment) the company at a general meeting may appoint, a person to be the auditor of the company, and any auditor so appointed shall, subject to this section, hold …
Is the company directors given any statutory rights under Companies Act 2016?
In other words, the rights, powers, duties and obligations of the company, director and member are prescribed by the CA 2016 unless modified by the company’s constitution. The company’s constitution can modify any of those rights, powers, duties and obligations only if the Act permits it.
Is Companies Act 1965 still applicable?
With the coming into force of the new Act, the Companies Act 1965 (“CA 1965”) has been repealed. Simultaneously, the following came into force on 31 January 2017: Companies Regulations 2017. Interest Schemes Act 2016.
Can board of directors appoint auditors?
Appointment of an Auditor for Different Kinds of Companies Appointed by Board Of Directors. This has to be done within 30 days from the date of Registration. Appointment can also be done by Members at Extraordinary General Meeting within 90 days of the information.
Can a director be appointed as auditor?
As per section 141(3)(f),a person, whose relative is director or is in employment of the company as a director or KMP, shall not eligible for appointment as an auditor of the company.
Can directors remove a director?
Section 168(1) of the Act states that the shareholders can remove a director by passing an ordinary resolution at a meeting of the company. This process is complicated somewhat by the notice requirements set out in statute.
Can the board remove a director?
On receipt of this special notice, the board of directors must call a general meeting of the shareholders of the company to consider the proposed resolution. The resolution to remove the director is passed by a simple majority (i.e. anything over 50%) of those shareholders who are entitled to vote, voting in favour.
What are the differences between CA 1965 and CA 2016?
The new Companies Act 2016 (new CA) provides for easier incorporation of companies compared to the existing Companies Act, 1965 (CA 1965). A single individual can have complete control of the company, and still enjoy the separate liability of the corporate entity.