Explain the following term/concept.Secured Deposit - Secretarial Practice

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Short Note

Explain the following term/concept.
Secured Deposit

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Solution

(1) A company can accept secured or unsecured deposits which should be clearly mentioned in every circular, form, advertisement, or in any document related to invitation or acceptance of deposits.
(2) If the company intends to issue Secured Deposits, it shall create security in favour of trustees within 30 days of acceptance of deposits. Trustees should ensure about the security of depositors. If there is any default in repayment, trustees should organize a meeting of depositors - Rules 6 to 8 of Companies (Acceptance of Deposits) Rules, 2014.

Concept: Terms and Conditions for Acceptance of Deposits
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Chapter 5: Deposits - Exercises [Page 91]

RELATED QUESTIONS

Answer in one sentence.
When does a company create charge on it’s tangible assets?


Answer in one sentence.
What is Deposit Repayment Reserve Account?


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.
Minimum tenure of a deposit.


Write a word or a term or a phrase which can substitute the following statement.
Period within which a company has to create a charge on its tangible assets


State whether the following statement is true or false.

Deposit can be accepted for a maximum of 36 months.


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.


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


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


Arrange in proper order.
a. Appoint Deposit Trustee.
b. Hold General Meeting.
c. Create charge on assets.


Explain the following term/concept.
Tenure of Deposit


Explain the following term/concept.
Charge on tangible assets


Explain the following term/concept.
Deposit Repayment Reserve Account


Answer in brief.
State the provisions regarding appointment of 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.


Justify the following statement
While issuing secured deposits, company has to appoint Deposit Trustee.


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