Meaning of body corporate
This query is : Resolved
19 January 2013
Please explain me the exact meaning of "Body Corporate" in detail.
19 January 2013
Hi
Sec. 2 (7)of the Companies Act, 1956 defines: Body Corporate or corporation includes a company incorporated outside India but does not include –
a. A Corporation Sole
b. A Co-operative Society registered under any law relating to co-operative societies and
c. Any other body corporate (not being a Company as defined in this Act), which the Central Government may by notification in the Official Gazette, specify in this behalf.
Company is a voluntary association of persons formed for the purpose of doing business having a distinct name and limited liability. It is a juristic person having a separate legal entity distinct from the members who constitute it, capable of rights and duties of its own and endowed with the potential of perpetual succession. The Companies Act, 1956, states that a 'company' includes company formed and registered under the Act or an existing company i.e. a company formed or registered under any of the previous company laws.
However, company is not a citizen so as to claim fundamental rights granted to citizens.
Sec. 2 (7)of the Companies Act, 1956 defines: Body Corporate or corporation includes a company incorporated outside India but does not include –
a. A Corporation Sole
b. A Co-operative Society registered under any law relating to co-operative societies and
c. Any other body corporate (not being a Company as defined in this Act), which the Central Government may by notification in the Official Gazette, specify in this behalf.
Company is a voluntary association of persons formed for the purpose of doing business having a distinct name and limited liability. It is a juristic person having a separate legal entity distinct from the members who constitute it, capable of rights and duties of its own and endowed with the potential of perpetual succession. The Companies Act, 1956, states that a 'company' includes company formed and registered under the Act or an existing company i.e. a company formed or registered under any of the previous company laws.
However, company is not a citizen so as to claim fundamental rights granted to citizens.
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