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Question
Justify the following statement
While issuing secured deposits, company has to appoint Deposit Trustee.
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Solution
Justification:
(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.
(3) If there is any default in repayment, trustees should organize a meeting of depositors.
(4) Thus, it is rightly justified that, while issuing secured deposits, the company has to appoint a Deposit Trustee.
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Answer in one sentence.
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Select the correct option from the bracket.
| Group 'A' |
Group 'B' |
|
a) Government Company |
1) ___________________ |
|
b) ___________________ |
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|
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3) ___________________ |
|
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(File on or before 30th June, Private Company, Secured deposits, Deposits from public, Maximum tenure of deposits.)
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.
Charge on assets is created when company issues unsecured deposit.
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.
Explain the following term/concept.
Secured Deposit
State any four terms and conditions regarding acceptance of deposit.
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.
