Explain the following term/concept.Charge on tangible assets - Secretarial Practice

Advertisements
Advertisements
Short Note

Explain the following term/concept.
Charge on tangible assets

Advertisements

Solution

(1) Every company accepting deposits from the public shall create a charge on its tangible assets of an amount not less than the amount of deposits accepted in favour of the deposit holders in accordance with such rules as may be prescribed.
(2) The charge should be created within 30 days from accepting the deposits. The minimum amount of security should be equal to the amount not covered by Deposit Insurance. The security is created in favour of the Deposit Trustee.

Concept: Terms and Conditions for Acceptance of Deposits
  Is there an error in this question or solution?
Chapter 5: Deposits - Exercises [Page 91]

APPEARS IN

RELATED QUESTIONS

Select the correct answer from the options given below and rewrite the statement:
Deposit is a type of ______________________.


Write a word or a term or a phrase which can substitute the following statement.
A company which can accept deposits from its members, directors, or their relatives not exceeding 100% of aggregate of paid up share capital and free reserves.


Write a word or a term or a phrase which can substitute the following statement.
Document issued by a company to invite its members to subscribe for its Deposits.


Write a word or a term or a phrase which can substitute the following statement.
Time within which company has to issue deposit Receipt


Government company can collect deposits from its members.


State whether the following statement is true or false.

Deposit Receipt is issued within 21 days of receipt of deposits.


State whether the following statement is true or false.
Company appoints Credit Rating Agency to protect the interest of depositors.


Find the odd one.


Complete the sentence:
Account which is used only for repaying deposits is called ______.


Correct the underlined word and rewrite the following sentence.
Company issues advertisement to invite its members for subscribing to its deposits


Correct the underlined word and rewrite the following sentence.
Company appoints Credit Rating Agency to protect the interest of Depositors.


Explain the following term/concept.
Secured Deposit


Explain the following term/concept.
Deposit Trustee


Explain the following term/concept.
Deposit Repayment Reserve Account


Answer in brief.
State the provisions regarding appointment of Deposit Trustee.


Answer the following question:
Explain the provisions related to circular or advertisement for inviting deposits.


Give one word or phrase for the following sentence:

Type of company that can accept deposits only from its members or directors.


Study the following case/situation and express your opinion.

CC Company Ltd. is an eligible Public Company as per the Companies Act, 2013 with reference to accepting Public Deposits.
  1. Can the company accept deposits in joint names?
  2. Can the company accept deposits from its members?
  3. Can the company issue secure deposits?

Share
Notifications



      Forgot password?
Use app×