Membership fees by private ltd co.

amit jain (Chartered Accountant) (532 Points)

15 December 2011  

Can a private limited company accept Deposit/ Money as membership fees with a view to provide mediclaim and membership to be repaid with interest:

With clause in its Terms & Conditions :

" For 5000 and above : on termination of the membership the amount will be transferred to terminated members account and to be piad on completion of 9 years and after deducting 35%. no interest or appreciation will be provided"

" for less than 5000: the amount will not be refunded"