ACS and FCS are the two titles awarded by the ICSI institute. After completing the executive level and professional level, the students with the age limit of 21 years apply for the membership from Form-A. The certificate of practice is the subsequent certificate after acquiring the Associate Member of the Institute. Every year, the student needs to pay the annual membership fee from the 1st of April to the 30th of June. The membership fee is Rs.1, 125/-, and the fellow membership fee is 1,500/-. The professional who is holding the certificate of practice cannot involve in the occupation or partnership business. This blog clarifies the differentiation between the two certificates and all details about ACS and FCS.
Roles and responsibilities of company secretary
ICSI discrimination between ACS and FCS is the membership certificate and experience in the service. To know better about the professional difference let us explore the roles and responsibilities of the company secretary. The Company secretaries take care of the security of the legal documents like incorporation certificate, articles of association, memorandum of association, stock transfers and share certificates, service contracts of directors, the seal of the company, and the Company’s name certificate. The company secretary takes care of the amendments in the Articles of association. The articles and memorandum are documents that record the changes in the objectives of the company. The board meeting and resolution are the processes to make changes in the articles of association. The change in the location of the Company is notified through the appropriate form.
The listed companies appoint Company secretaries to follow the guidelines mentioned in the memorandum of association. It explains the power and relationship of the Company with the shareholders. The powers explain the authorized share capital, the liability of the company with shares and guarantee, the objective of the Company and the names of shareholders. For example, the supply of goods is not mentioned in the objective of the Company but still, the Company does the supply means it is the risky dealing. So, writing precise MOA is crucial for a business as amendments take time and reduce business opportunities. Following the Corporate compliances and advising the board of directors are the prime responsibility of a company secretary.
The annual general meeting is not a compulsory process in all the companies. If 5 per cent of the members want the meeting, and when trading shares, then the director discuss with the board member with the organization of AGM. In the case of the public company, the intimation should be sent to the shareholders and directors before 21 days. In the case of private companies, the intimation is allowed within 14 days. The company secretary needs to undertake the responsibility of conducting the meeting and convincing the board members with his knowledge is also essential. The difference between LCS and ACS is the rights of membership of ICSI. The Licentiate Company secretary will borrow books from the library for reading which is controlled by the institute. And participate in the activities of the Institute for knowledge transfer. The company secretary is the one who has passed the three levels and has membership from ICSI.
How to apply for CS membership of ICSI?
By submitting Form-A with an attested copy of a birth certificate, qualification certificate, fitness certificate, and paying membership fees and entrance fee, the student applies for the membership of ICSI.
Who is eligible for admission as a Fellow member of the Institute?
The professional with five years of experience in the supervisory position is eligible for the fellow member certificate. Out of five years of experience, three years must be from secretary position. In the case of state government or central government Group-A post or supervisory post is eligible for applying to the certificate. The prefix “FCS” propels about the advancement in the profession of the company secretary. Recently, ICSI has made changes to the meaning of fellow members. The fellow member title is not awarded to the associate if he is found guilty. There is a concession of 75 percentages in the annual membership fee for a member of 70 years of age. This came into existence in April 2020. For Company secretaries in the age group of 60 years concession percentage is 50 per cent. The entrance fee is 1000 for the fellow members. The membership fee is 1500 for fellow members. Form-B is the document to be signed and submitted for getting Fellow membership enrolment done. If the student lost the membership, then to restore the membership he needs to download Form-BB and sign the form.
Companies with a share capital of more than ten lakh need to appoint a company secretary. Through a board meeting, the Company Secretary would be removed from services. The director or shareholder also works as the company secretary. But, the auditor cannot be a company secretary. Company secretaryship is the course that costs less when compared to the other professional courses. This course can be completed along with graduation and has a scope as listed companies are increasing in numbers.