If you are running a small business, it is unlikely that you have a designated company secretary. You should note that if you do not have a company secretary, then the responsibilities of a company secretary fall on the directors of your company.
Amongst other duties, a company secretary’s main responsibility is to ensure that your company complies with all applicable statutory and regulatory requirements. It is essential for a company to have good corporate governance practices in place. A failure to keep proper records or a failure to notify the Australian Securities and Investment Commission (ASIC) of certain changes constitutes a breach of the Corporations Act 2001 (Cth) and ASIC can issue some hefty fines.
Company secretaries are responsible for a wide range of administrative tasks, such as taking minutes whenever there are board meetings, notifying ASIC when a director resigns, updating the register of members if and when a shareholder sells his or her shares, keeping accurate records, and so on. The list is endless. The company secretary must ensure that every action the company takes is taken in line with the procedures set out in the company constitution, shareholders agreement, and any applicable legislation. This usually requires providing notices and the drafting and preparation of a number of legal documents.
If you do not have a company secretary but require company secretarial services, one of our commercial lawyers would be happy to assist. At LegalVision, we provide free quotes and fixed-fee pricing for peace of mind. If you have any legal concerns or require any assistance, fill out the form or call us today on 1300 544 755.