Section 378W Chief Executive and his functions
- Chapter
- XXIA · Producer Companies
- Amendments
- 1
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021378W. Chief Executive and his functions.—
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021(1) Every Producer Company shall have a full time Chief Executive, by whatever name called, to be appointed by the Board from amongst persons other than Members.
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021(2) The Chief Executive shall be ex officio director of the Board and such director shall not retire by rotation.
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021(3) Save as otherwise provided in articles, the qualifications, experience and the terms and conditions of service of the Chief Executive shall be such as may be determined by the Board.
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021(4) The Chief Executive shall be entrusted with substantial powers of management as the Board may determine.
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021(5) Without prejudice to the generality of sub-section (4), the Chief Executive may exercise the powers and discharge the functions, namely:—
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021(a) do administrative acts of a routine nature including managing the day-to-day affairs of the Producer Company;
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021(b) operate bank accounts or authorise any person, subject to the general or special approval of the Board in this behalf, to operate the bank account;
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021(c) make arrangements for safe custody of cash and other assets of the Producer Company;
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021(d) sign such documents as may be authorised by the Board, for and on behalf of the company;
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021(e) maintain proper books of account; prepare annual accounts and audit thereof; place the audited accounts before the Board and in the annual general meeting of the Members;
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021(f) furnish Members with periodic information to apprise them of the operation and functions of the Producer Company;
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021(g) make appointments to posts in accordance with the powers delegated to him by the Board;
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021(h) assist the Board in the formulation of goals, objectives, strategies, plans and policies;
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021(i) advise the Board with respect to legal and regulatory matters concerning the proposed and ongoing activities and take necessary action in respect thereof;
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021(j) exercise the powers as may be necessary in the ordinary course of business;
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021(k) discharge such other functions, and exercise such other powers, as may be delegated by the Board.
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021(6) The Chief Executive shall manage the affairs of the Producer Company under the general superintendence, direction and control of the Board and be accountable for the performance of the Producer Company.