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 • Requirement as to Subscribers and Nominee:

OPC shall have one Member (Sole Member) and a Nominee (a person who shall; in the event of death or incapacity of original sole Member to contract; become the Member of OPC). Nominee shall be required to give prior written consent for Nomination. (In Form No. 2.2)

Eligibility/Restrictions for Sole Member and / or Nominee:

1. Only a Natural Person who is an Indian Citizen and Resident in India (i.e. has stayed minimum 182 days during immediately preceding financial year.) – Applies to both Sole Member and Nominee.

2. No. of OPC a sole Member can incorporate: Maximum 5 Sole Member can be Nominee of other OPCs even if he is already the sole Member of maximum 5 OPCs . But, when such person becomes a sole Member of another OPC by virtue of death or incapacity of the original sole Member and thus becomes sole Member of more than 5 OPCs, then he shall cut down his sole Membership number to maximum 5 OPCs. He shall have to choose what 5 OPCs he wants to continue and this choice shall be exercised within 182 days.

Restrictions on OPCs:

1. Maximum Paid up Capital : Rupees 50 Lac

2. Maximum Annual Average Turnover (AAT): Rupees 2 Crore

3. Total Balance Sheet Size:

Rupees 1 Crore In all these case, the OPC shall lose its staus and shall be required to convert it as a Public Company or as a Private Company. Sl. Subject Obligation of Sole Member Obligation of OPC 1 Appointment of Nominee at the time of incorporation Fill Nomination Form (F. No. 2.1) Obtain prior consent of Nominee (F. No. 2.2) Mention the name of Nominee in Memorandum Not Applicable 2 Withdrawal of consent by the Nominee Within 15 days from receipt of Notice, another Nominee shall be appointed by the Sole Member and send the intimation of change along with Written Consent of new Nominee to OPC OPC shall file with ROC: 1. Intimation of new nomination and withdrawal of consent by old Nominee in F No. 2.3 2. Written consent of new Nominee in Form No. 2.2 3 Change of Nominee

1. Intimate the OPC in writing to change the Nominee for any reason

2. Send written consent of new Nominee in F No. 2.2 to OPC OPC shall file with ROC :

1. Change in Nominees (F No. 2.4 2. Written Consent of new Nominee (F No. 2.2) 4 When Nominee becomes Sole Member (after death or incapacity of original sole Member to Contract) Such new sole Member shall also Nominate another person as Nominee and intimate the OPC 1. OPC shall intimate ROC about such cessation (of slole Member) and nomination (of new Nominee in F No. 2.5 within 30 days (of change in Membership).

2. File Written Consent of new Nominee (F No. 2.2)

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Category Corporate Law, Other Articles by - Navin K Mishra