Common seal was historically used to seal contracts, deeds and share certificates, to make them valid. Common seal (1) A company may have a common seal, but need not have one. Common seal A joint stock company has a seal, which is used while dealing with others or entering into contracts with outsiders. It is called a common seal as it can be used by any officer at any level of the organisation working on behalf of the company. SAMPLE #3 # To approve and adopt the Common Seal of the Company “RESOLVED that the Common Seal of the Company, as per impression affixed in the margin of the Minutes, initialed by the Chairperson for the purpose of identification and produced at this meeting be and is hereby approved and adopted as the Common Seal of the company. Discussion 26 5. Conclusions … The functions of the Corporation shall be to carry on and develop life insurance business to the … Results 14 4. A common seal is usually a rubber stamp that includes the name of the society and the words ‘common seal”. Westgold’s objective is to generate returns through the realisation of value from its gold assets. All common seals are kept under the custody of the board of secretary or by the management committee. See Official Page Here. No matter how it is kept, it is important that an authorized officer which is usually delegated by the board should be the one to keep the files. Westgold is expected to have approximately $110 million in cash fundingat the conclusion of implementing the Demerger, and more information on the sources and uses of the working capital is set out in section 4.3 of the Notice of Meeting. Generally, the company who wants to have its own common seal adopts the same in its first board meeting immediately after the incorporation of the company. A Company or Common Seal in Hong Kong was used to make business documents official and legally significant, however, it is not mandatory to be physically used on a document since 2014. A common seal, also called company seal or corporate seal is physical illustration emboss with company name and Business number of association or business. Where is the Common Seal recognised? ***** Conclusion: Considering the above facts, the Common Seal is indispensible. On affixing the common seal, there is a legal obligation on the part of the authorized officials and the Company and has to be therefore affixed in accordance with the Articles of Association of the Company. 1.2.1 Grey seal (Halichoerus grypus) 8 1.2.2 Common (harbour) seal (Phoca vitulina) 9 2. (3) If a company fails to comply with subsection (2) an offence is committed by— (a) the company, and ADOPTION OF COMMON SEAL The Corporation is a body corporate having perpetual succession with a common seal with powers to acquire, hold and dispose of property and may by its name sue and be sued. 6. (2) A company which has a common seal shall have its name engraved in legible characters on the seal. Conclusion The introduction of the PLA 2007 earlier this year has created new requirements in relation to the execution of deeds. The officer will file a record of the seal’s purpose and report it to the board a few times a year. They can no longer be executed using the Council Common Seal, but must now be executed with the signatures of two elected members. 6. Officers recommend that Council notes the new requirements of the PLA 2007 Any document, on which the Materials and methods 10 3. The format and size of the common seal rubber stamp is not prescriptive and thus styles, sizing and wording varies from institution to institution. “RESOLVED THAT pursuant to section 224(5) of the Companies Act, 1956 [Name of the Statutory Auditors], Chartered Accountants, having its office at [Address of the Office] be and are hereby appointed as first auditors of the company to hold the office until the conclusion of the first Annual General Meeting. In case the company adopts the common seal at a later point of time, a resolution has to be passed in the meeting of … This year has created new requirements in relation to the board a few times a year signatures of two members. Under the custody of the PLA 2007 earlier this year has created new requirements in relation to the board secretary. Has created new requirements in relation to the board of secretary or by the committee. 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