Part IX Company
This query is : Resolved
29 September 2010
I want to know following things about aPart IX Company.
1) what is a Part IX Company.
2) diffrent points to be kept in mind while drafting notice, director report or auditor report of a Part IX Company.
3) Any other special provision which apply to Part IX Company but not to others companies.
1) what is a Part IX Company.
2) diffrent points to be kept in mind while drafting notice, director report or auditor report of a Part IX Company.
3) Any other special provision which apply to Part IX Company but not to others companies.
29 September 2010
Sections 565 to 581 prescribes the law and procedure for Companies authorised to register under Part IX of the Companies Act, 1956.Section 565 of the Companies Act, 1956 provides that any company formed in pursuance of any Act of Parliament or any other Indian Law other than the Companies Act, 1956; consisting of seven or more members may at any time register itself under this Act, either as an unlimited company or as a company limited by shares or limited by guarantee.Joint Stock Companies has been specifically defined for the purposes of Part IX under section 566 of the Companies Act, 1956.
DEFINITION OF "JOINT-STOCK COMPANY".
(1) For the purposes of this Part, so far as it relates to the registration of companies as companies limited by shares, a joint-stock company means a company having a permanent paid up or nominal share capital of fixed amount divided into shares, also of fixed amount, or held and transferable as stock, or divided and held partly in the one way and partly in the other, and formed on the principle of having for its members the holders of those shares or that stock, and no other persons.
(2) Such a company, when registered with limited liability under this Act, shall be deemed to be a company limited by shares.
All provisions of any Indian law or other instrument constituting or regulating the company shall apply to the registered company in the same manner as if the company had been formed under the Companies Act, 1956
DEFINITION OF "JOINT-STOCK COMPANY".
(1) For the purposes of this Part, so far as it relates to the registration of companies as companies limited by shares, a joint-stock company means a company having a permanent paid up or nominal share capital of fixed amount divided into shares, also of fixed amount, or held and transferable as stock, or divided and held partly in the one way and partly in the other, and formed on the principle of having for its members the holders of those shares or that stock, and no other persons.
(2) Such a company, when registered with limited liability under this Act, shall be deemed to be a company limited by shares.
All provisions of any Indian law or other instrument constituting or regulating the company shall apply to the registered company in the same manner as if the company had been formed under the Companies Act, 1956
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