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Question
Answer in brief.
State the provisions regarding appointment of Deposit Trustee.
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Solution
The provisions regarding Appointment of Deposit Trustee are explained as follows:
When issuing secured deposits, eligible companies and public companies have to appoint one or more Deposit Trustees. The Trustees protect the interest of the depositor in case a company defaults in repaying the depositors. Company signs a contract with the Deposit Trustees called as Trust Deed. It contains the terms and conditions of the contract. The deed has to be signed at least 7 days before issuing the circular or advertisement.
The Deposit Trustee on its own or on the request of one-tenth of depositors can call a meeting of all depositors when a company defaults in repaying deposits.
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Find the odd one
Complete the sentence:
Agency which gives ratings of the deposits of a company is called ______________.
Select the correct option from the bracket.
| Group 'A' |
Group 'B' |
|
a) Government Company |
1) ___________________ |
|
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|
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3) ___________________ |
|
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|
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(File on or before 30th June, Private Company, Secured deposits, Deposits from public, Maximum tenure of deposits.)
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Eligible Public Company
Explain the following term/concept.
Deposit Trustee
State any four terms and conditions regarding acceptance of deposit.
Justify the following statement.
Company has to fulfill certain provisions related to issue of circular or advertisement.
Give one word or phrase for the following sentence:
Type of company that can accept deposits only from its members or directors.
