Section - 11 - Prohibition of associations and partnerships exceeding certain number
PART IIINCORPORATION OF COMPANY AND MATTERS INCIDENTAL THERETOCertain companies, associations and partnerships to be registered as companies under ActProhibition of associations and partnerships exceeding certain number.11. (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 c .... To read the full section download the app from Google Play store
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