Companies Act, 1956
Section - 581Z - Votings rights
Voting rights.581Z.Save as otherwise provided in sub-sections (1) and (3) of , every Member shall have one vote and in the case of equality of votes, the Chairman or the person presiding shall have a casting vote except in the case of election of the Chairman.Membership and voting rights of Members of Producer Company.581D.(1)(a) In a case where the membership consists solely of individual members, the voting rights shall be based on a single vote for every Member, irrespective of his shareholding or patronage of the Producer Company.(b) In a case where the membership consists of Producer institutions only, the voting rights of such Producer institutions shall be determined on the basis of their participation in the business of the Producer Company in the previous year, as may be specified by articles :Provided that during the first year of registration of a Producer Company, the voting rights shall be determined on the basis of the shareholding by such Producer institutions.< .... To read the full section download the app from Google Play store
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