can anyone tell me about the section -11,12,15a,15b of companies act 1956
shiv verma (accountant) (116 Points)
23 April 2011can anyone tell me about the section -11,12,15a,15b of companies act 1956
U S Sharma
(glidor@gmail.com)
(21056 Points)
Replied 23 April 2011
(1) No company, association or partnership consisting of more than ten persons shall be formed for the purpose of carrying on the business of banking, unless it is registered as a company under this Act, or is formed in pursuance of some other Indian Law.
(2) No company, association or partnership consisting of more than twenty persons shall be formed for the purpose of carrying on any other business that has for its object the acquisition of gain by the company, association or partnership or by the individual members thereof, unless it is registered as a company under this Act, or is formed in pursuance of some other Indian law.
(3) This section shall not apply to a joint family as such carrying on a business; and where a business is carried on by two or more joint families, in computing the number of persons for the purposes of sub-sections (1) and (2), minor members of such families shall be excluded.
(4) Every member of a company, association or partnership carrying on business in contravention of this section shall be personally liable for all liabilities incurred in such business.
(5) Every person who is a member of a company, association or partnership formed in contravention of this section shall be punishable with fine which may extend to 1[ten thousand rupees].
U S Sharma
(glidor@gmail.com)
(21056 Points)
Replied 23 April 2011
(1) Any seven or more persons, or where the company to be formed will be a private company, any two or more persons, associated for any lawful purpose may, by subscribing their names to a memorandum of association and otherwise complying with the requirements of this Act in respect of registration, form an incorporated company, with or without limited liability.
(2) Such a company may be either—
(a) a company having the liability of its members limited by the memorandum to the amount, if any, unpaid on the shares respectively held by them (in this Act termed “a company limited by shares”);
(b) a company having the liability of its members limited by the memorandum to such amount as the members may respectively undertake by the memorandum to contribute to the assets of the company in the event of its being wound up (in this Act termed “a company limited by guarantee”); or
(c) a company not having any limit on the liability of its members in this Act termed “an unlimited company”).
U S Sharma
(glidor@gmail.com)
(21056 Points)
Replied 23 April 2011
The memorandum shall—
(a) be printed,
(b) be divided into paragraphs numbered consecutively, and
(c) be signed by each subscriber (who shall add his address, descripttion and occupation, if any,) in the presence of at least one witness who shall attest the signature and shall likewise add his address, descripttion and occupation, if any.
U S Sharma
(glidor@gmail.com)
(21056 Points)
Replied 23 April 2011
1[15A. Special provision as to alteration of memorandum consequent on alteration of name of State of Madras.—
Where, in the memorandum of association of a company in existence immediately before the commencement of the Madras State (Alteration of Name) Act, 1968 (53 of 1968) it is stated that Madras is the State in which the registered office of that company is situate, then, notwithstanding anything contained in this Act, the said memorandum shall, as from such commencement, be deemed to have been altered by substitution of a reference to the State of Tamil Nadu for the reference to the State of Madras, and the Registrar of the State of Tamil Nadu shall make necessary alterations in the memorandum of association and the certificate of incorporation of the said company.]
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1. Ins. by the Madras State (Alteration of Name) (Adaptation of Laws on Union Subjects) Order, 1970 (w.r.e.f. 14-1-1969).
U S Sharma
(glidor@gmail.com)
(21056 Points)
Replied 23 April 2011
1[15B. Special provision as to alteration of memorandum consequent on alteration of name of State of Mysore.—
Where, in the memorandum of association of a company in existence immediately before the commencement of the Mysore State (Alteration of Name) Act, 1973 (31 of 1973), it is stated that Mysore is the State in which the registered office of that company is situate, then notwithstanding anything contained in this Act, the said memorandum shall as from such commencement, be deemed to have been altered by substitution of a reference to the State of Karnataka for the reference to the State of Mysore, and the Registrar of the State of Karnataka shall make necessary alterations in the memorandum of association and the certificate of incorporation of the said company.]
1. Ins. by the Mysore State (Alteration of Name) (Adaptation of Laws on Union Subjects) Order, 1974 (w.r.e.f. 1-11-1973).
Suresh Prasad
(www.aubsp.com)
(15630 Points)
Replied 23 April 2011
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15B. Special provision as to alteration of memorandum consequent on alteration of name of State of Mysore.—
Where, in the memorandum of association of a company in existence immediately before the commencement of the Mysore State (Alteration of Name) Act, 1973 (31 of 1973), it is stated that Mysore is the State in which the registered office of that company is situate, then, notwithstanding anything contained in this Act, the said memorandum shall, as from such commencement, be deemed to have been altered by substitution of a reference to the State of Karnataka for the reference to the State of Mysore, and the Registrar of the State of Karnataka shall make necessary alterations in the memorandum of association and the certificate of incorporation of the said company.
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Suresh Prasad
(www.aubsp.com)
(15630 Points)
Replied 23 April 2011
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