{"id":81696,"date":"2023-11-28T17:31:16","date_gmt":"2023-11-28T12:01:16","guid":{"rendered":"https:\/\/enterslice.com\/learning\/?post_type=act&#038;p=81696"},"modified":"2023-11-28T17:31:43","modified_gmt":"2023-11-28T12:01:43","slug":"section-378w","status":"publish","type":"act","link":"https:\/\/enterslice.com\/learning\/act\/companies-act-2013\/section-378w\/","title":{"rendered":"Section 378W. Chief Executive And His Functions"},"content":{"rendered":"\n<p><strong><span id='easy-footnote-1-81696' class='easy-footnote-margin-adjust'><\/span><span class='easy-footnote'><a href='https:\/\/enterslice.com\/learning\/act\/companies-act-2013\/section-378w\/#easy-footnote-bottom-1-81696' title='Ins. by Act 29 of 2020, s. 52 (w.e.f. 11-2-2021).'><sup>1<\/sup><\/a><\/span>[378W. Chief Executive and his functions.&#8211;<\/strong>\u00a0(1) Every Producer Company shall have a full time Chief Executive, by whatever name called, to be appointed by the Board from amongst persons other than Members.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p>(2) The Chief Executive shall be&nbsp;<em>ex officio<\/em>&nbsp;director of the Board and such director shall not retire by rotation.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p>(3) Save as otherwise provided in articles, the qualifications, experience and the terms and conditions of service of the Chief Executive shall be such as may be determined by the Board.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p>(4) The Chief Executive shall be entrusted with substantial powers of management as the Board may determine.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p>(5) Without prejudice to the generality of sub-section&nbsp;<em>(4)<\/em>, the Chief Executive may exercise the powers and discharge the functions, namely:&#8211;<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p>(a) do administrative acts of a routine nature including managing the day-to-day affairs of the Producer Company;<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p>(b) operate bank accounts or authorise any person, subject to the general or special approval of the Board in this behalf, to operate the bank account;<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p>(c) make arrangements for safe custody of cash and other assets of the Producer Company;<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p>(d) sign such documents as may be authorised by the Board, for and on behalf of the company;<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p>(e) maintain proper books of account; prepare annual accounts and audit thereof; place the audited accounts before the Board and in the annual general meeting of the Members;<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p>(f) furnish Members with periodic information to apprise them of the operation and functions of the Producer Company;<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p>(g) make appointments to posts in accordance with the powers delegated to him by the Board;<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p>(h) assist the Board in the formulation of goals, objectives, strategies, plans and policies;<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p>(i) advise the Board with respect to legal and regulatory matters concerning the proposed and ongoing activities and take necessary action in respect thereof;<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p>(j) exercise the powers as may be necessary in the ordinary course of business;<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p>(k) discharge such other functions, and exercise such other powers, as may be delegated by the Board.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p>(6) The Chief Executive shall manage the affairs of the Producer Company under the general superintendence, direction and control of the Board and be accountable for the performance of the Producer Company.]<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n","protected":false},"excerpt":{"rendered":"<p>[378W. Chief Executive and his functions.&#8211;\u00a0(1) Every Producer Company shall have a full time Chief Executive, by whatever name called, to be appointed by the Board from amongst persons other than Members. (2) The Chief Executive shall be&nbsp;ex officio&nbsp;director of the Board and such director shall not retire by rotation. (3) Save as otherwise provided [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":79763,"parent":79755,"menu_order":0,"template":"","format":"standard","meta":[],"categories":[11445],"tags":[1007],"acf":{"service_id":"215"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v14.6.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Section 378W. Chief Executive And His Functions - Enterslice<\/title>\n<meta name=\"description\" content=\"Explore Section 378W: Chief Executive and Functions, understanding the pivotal role and responsibilities, legal insights in a concise guide.\" \/>\n<meta name=\"robots\" content=\"index, follow\" \/>\n<meta name=\"googlebot\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta name=\"bingbot\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterslice.com\/learning\/act\/companies-act-2013\/section-378w\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Section 378W. Chief Executive And His Functions - Enterslice\" \/>\n<meta property=\"og:description\" content=\"Explore Section 378W: Chief Executive and Functions, understanding the pivotal role and responsibilities, legal insights in a concise guide.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterslice.com\/learning\/act\/companies-act-2013\/section-378w\/\" \/>\n<meta property=\"og:site_name\" content=\"Enterslice\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/enterslice\" \/>\n<meta property=\"article:author\" content=\"enterslice\" \/>\n<meta property=\"article:modified_time\" content=\"2023-11-28T12:01:43+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2023\/11\/Companies-Act-2013-ENTERSLICE.webp\" \/>\n<meta name=\"twitter:creator\" content=\"@enterslice\" \/>\n<meta name=\"twitter:site\" content=\"@enterslice\" \/>\n<!-- \/ Yoast SEO plugin. -->","_links":{"self":[{"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/act\/81696"}],"collection":[{"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/act"}],"about":[{"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/types\/act"}],"author":[{"embeddable":true,"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/users\/4"}],"version-history":[{"count":4,"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/act\/81696\/revisions"}],"predecessor-version":[{"id":81701,"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/act\/81696\/revisions\/81701"}],"up":[{"embeddable":true,"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/act\/79755"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/media\/79763"}],"wp:attachment":[{"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/media?parent=81696"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/categories?post=81696"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/tags?post=81696"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}