Urgent

Save Share

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

10 September 2010 Dear All,

I want to know whether a Trust can be a member of a Pvt Ltd directly. Or is it allowed only through a trustee.

Kindly help me in this query by providing necessary information

Ajay Mishra

Ajay Mishra (Expert)

10 September 2010 Dear Friend

Society/Trust as a member

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]

Regards
CS Ajay Mishra

Ajay Mishra

Ajay Mishra (Expert)

10 September 2010 Dear Friend

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
CS Ajay Mishra

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now