prescribed officer definition companies act
Prescribed officers The Companies Act determines that prescribed officers are required to perform their functions and exercise their duties to the standard of conduct as it applies to directors. Prescribed officers will be subject to the same liability provisions as it applies to directors.ection 69 of the Companies Act provides that any person is ineligible for appointment as director or prescribed officer, if that person is a juristic person, an unemancipated minor (or is under a similar legal disability), or does not satisfy the qualifications as per the companyâs Memorandum of Incorporation.