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In relation to the statutory books, returns and records of a company, which of the following statements are true?
1- Records of resolutions and meeting must be kept for a minimum of 10 years.
2- The annual confirmation statement contains details of fixed and floating charges created.
3- The registers are not available for public inspection
4- A private company can opt out of maintaining separate private registers.Then answer is 4.
Why is 1 not included? The book says: “Resolutions and meetings: Records must be kept for a minimum period of 10 years”.
Although it does not specify if its public or private. Is that only for public?
Section 355 specifically starts with the words ‘Every company …’ so I don’t believe that answer 4 is correct
Section 355, sub-sections 1 and 2 are as follows:
(1)Every company must keep records comprising—
(a)copies of all resolutions of members passed otherwise than at general meetings,
(b)minutes of all proceedings of general meetings, and
(c)details provided to the company in accordance with section 357 (decisions of sole member).
(2)The records must be kept for at least ten years from the date of the resolution, meeting or decision (as appropriate).OK?
MikeLittle wrote:Section 355 specifically starts with the words ‘Every company …’ so I don’t believe that answer 4 is correct
Your answer is very interesting. I appreciate this answer. slope io
This is what I posted on this forum 3 years ago:
“There is an expression related to companies “statutory books”
There are registers that the company law requires each company to maintain
There are a number of these registers the most important of which are the Register of Members, the Register of Directors and (probably) the Register of Mortgages and Charges
But such is the nature of most private companies that there are very, very, very few changes in the details that need to be recorded in those registers
So the most recent Companies Act has introduced the concept that small, private companies are allowed to opt out of the unnecessary burden of maintaining these registers
OK?”
Although details must be kept somewhere, it is available for a private company simply to file with the Registrar all those details that would otherwise be maintained by the company itself so, in that respect, it is available for a private company not to have to maintain registers
Is that clearer for you?
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