Statutory books
| Statutory books |
|---|
| See also |
Statutory books are the accounting books, which are kept by the Companies Act [1]. Statutory books have been established under the Indian Companies Act [2].
Enties in statutory books should reflect the details in the Companies Registration Office and in the share purchase contract [3].
The task of statutory books
Statutory books must show the company's transactions and explain them, accurately disclose the company's financial situation at a particular time and give directors the opportunity to ensure that all accounts prepared in this way are in line with the provisions of the act [4].
Keeping of statutory books
The company secretary bears full responsibility for maintaining the statutory books and registers [5].
The statutory books are open to public inspection, they should be available during business hours. Copies of statutory books must be provided on demand [6].
Contents of a company's statutory
The typical contents of a company is a statutory book are [7]:
- Register of shareholders,
- Register of debenture holders,
- Register of company directors and secretaries,
- Company's books of account,
- Minutes of General Meetings,
- Minutes of board meetings,
- Register of people eith significant control (PSC register)
Footnotes
References
- Beckers Professional Education, (2017) ACCA Approved- F4 Corporate& Business Law (ENG) Beckers Professional Education
- Clayton P, (2006) Forming A Limited Company: A Practical Guide to Legal Requirements and Proceders Kogan Page
- Cox J., (2012) Business Law Oxford University Press
- Kumar A., Sharma R., (2006) Secretarial practice and company law Atlantic Publishers and Distributors
- Law J., Owen G., (2010) A Dictionary of Accounting Oxford University Press
- Ramsey V., Minogue A., Baster J., O'Reilly M., (2007) Construction Law Handbook Thomas Telford Publishing
- Thukaram Rao M.E., (2000) Office Organization and Management Atlantic Publishers and Distributors
Author: Anna Lipowiecka-Migdał
