Corporate Secretaryship Essay Example | Topics and Well Written Essays - 2000 words

Corporate Secretaryship - Essay Example vided into the law of companies which are public nature and on companies which are private in nature, it serves the dual purpose of being both a very effective as well as a comprehensive piece of legislation. The primary purpose of enacting this legislation was to increase the competitiveness of the UK in the field of international trade and also ensure the creation of an effective legal and regulatory framework within which business within the UK operates and also promotion of enterprise, promoting growth and provide the right conditions for investment and employment and create them as and when necessary.3 The Act is a comprehensive code of company law. It restates and replaces most of the Company Law provisions of the 1985, 1989 and 2004 (Audit, Investigations and Communities Enterprise) Acts and also introduces a wide range of changes to a number of areas such as formation of company, directors’ duties and liabilities, shareholders’ rights, share capital maintenance etc. The intention is for all parts of the Act to be implemented by October 2008 although some parts may be introduced before than and others are already in force.4 Behind the 1300 sections of the Act lie 4 key themes which are ensuring the enhancement of shareholder engagement and a long-term investment culture; ensuring better regulation and a Think Small First approach. Through the Act, it is expected that it will now become far easier to set up and run a company; and also provide flexibility for the future.5 The advent of the Companies Act, 2006 will bring about a number of changes for companies during 2007 and 2008.  One such change will be the abolition of the need to appoint a company secretary for a private company.6 Part 12 of the Act of 2006 deals with the role that company secretaries have to play in any organization, Sections 270-280 from a part of Part 12 of the Act. The head note to Section 270 states that, a Private company not required to have secretary. With the sub sections