31 July 2012
"Body corporate" or "corporation" includes a company incorporated outside India but doesnot include- a. a corporation sole b. a co-operative society registered under any law relating to co-operative societies c. any other body corporate (not being a company,as defined in this Act), which the Central Govt. may, by a notification in the official gazette, specify in this behalf.
A body which has been or is incorporated under some statute and which has a perpetual succession, a common seal and is a legal entity apart from the members constituting it, will come within the definition of the term ‘body corporate’. The term will not, however, include a society registered under the Societies Registration Act,1860, or any of the bodies which have been specifically excluded.
CAclubindia
