A bill further to amend the Company Secretaries Act, 1980. BE it enacted by Parliament in the Sixty-first Year of the Republic of India.
Statement of Object
The Company Secretaries Act, 1980 has been enacted to make provision for the regulation of the profession of the company secretaries. The said Act was amended in 2006 by the Company Secretaries (Amendment) Act, 2006, inter alia, to enable the members of the Institute of Company Secretaries of India to form multi-disciplinary firms and offer multi- professional services in a competitive and commercial manner. 2. Subsequently, the Limited Liability Partnership Act, 2008 has been enacted to make provisions for the formation and regulation of limited liability partnerships and for matters connected therewith or incidental thereto. The limited liability partnership will be a separate legal entity, liable to the full extent of its assets, with the liability of the partners being limited to their agreed contribution in the limited liability partnership which may be of tangible or intangible nature or both tangible and intangible in nature. 3. It is proposed to extend the benefits of the Limited Liability Partnership Act, 2008 to the firms of company secretaries under the Company Secretaries Act, 1980 and to amend the provisions of the said Act. 4. Section 2 of the Company Secretaries Act, 1980 inter alia, provides that a member of the Institute of Company Secretaries of India shall be deemed to be in practice when individually or in partnership with one or more members of the Institute in practice or in partnership with members of such other recognised professions as may be prescribed. 5. The Company Secretaries (Amendment) Bill, 2010 proposes to amend the Company Secretaries Act, 1980 to apply certain provisions of the Limited Liabibity Partnership Act, 2008 to the Company Secretaries Act, 1980 in order to allow the members of the professional institute governed by the Company Secretaries Act, 1980 to form the limited liability partnership and insert new definitions of firm, partner, partnership and sole proprietorship for the said purpose. 6. The Bill seeks to achieve the above objectives. SALMAN KHURSHID NEW DELHI; The 15th April, 2010. FINANCIAL MEMORANDUM Clause 2 and clause 3 of the Bill seeks to extend the benefits of the Limited Liability Partnership Act, 2008 to the firms of company secretaries under the Company Secretaries Act, 1980. The provisions of the Bill will not involve any expenditure of recurring or non-recurring nature from the Consolidated Fund of India.
Company Secretaries (Amendment) Bill, 2010
Related Act
Company Secretaries Act, 1980