Government company can collect deposits from its members. - Secretarial Practice

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MCQ
True or False

Government company can collect deposits from its members.

Options

  • True

  • False

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Solution

This statement is False.

Explanation:

Government Company can accept deposits from public not exceeding 35% of the paid up share capital and free reserves of the company.

Concept: Terms and Conditions for Acceptance of Deposits
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Chapter 5: Deposits - Exercises [Page 90]

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?


Return of deposit must be filed every year on or before ______.


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.
Book which contains details of deposits accepted or renewed.


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.


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


Correct the underlined word and rewrite the following sentence.
Minimum tenure of deposit is 36 months.


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


Arrange in proper order.
a. Obtain Credit Rating.
b. Entries in Register of Deposits.
c. Issue Deposit Receipt.


Explain the following term/concept.
Secured Deposit


Explain the following term/concept.
Charge on tangible assets


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.


Find the odd one.


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?

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