Trust
Querist : Anonymous
Department Clarification- A society registered under the Society Registration Act, 1860 should not be deemed to be a ‘body corporate’ within the meaning of the section 2(7) of the Companies Act, although such a society can be treated as a ‘person’ having separate legal entity apart from the members constituting it and thereby capable of being a member of a company under section 41(2) of the Companies Act, 1956. [Circular Letter, dated-24-11-1962]
Shares belonging to society held in the name of trustee simpliciter
Department Clarification-In 1957 the Department of Company Affairs was advised that the shares in the company, being the property of a charitable trust, can be held in the name of the trustee. (Extracts from Department’sFile No. 1(43)-PT/67)
Regards
A partnership firm is not a legal person and it does not have any separate entity, therefore it cannot be a subscriber to the Memorandum. However, it may be a member of a company licenced under section 25 of the Companies Act, 1956 [Circular No. 4/72, dated 9-3-1972].
Querist : Anonymous
in our case a trust deed is formed for educational purpose. Now through the trust educational institute will be opened ,and under the educational institute we want to open a company.(either a pvt. ltd or any section 25 company, whose objects and memorandum will be for educational purpose only.)
Is it possible.
Please advise.
Or what should be our next step.
Yes, it may be possible, they can become promoter of section 25 company for above purpose.
For example, you have seen Hindi Films, in which trustee is running school.
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