What is Memorandum of Association according to the company Act 1956?
INTRODUCTION. The memorandum of association is a document of great importance in relation to the proposed company. It contains the fundamental conditions upon which alone the company is allowed to be incorporated.
What are the key differences between the Companies Act of 1956 and Companies Act of 2013?
The Companies Act, 1956 (existing Act) contains 658 sections and XV schedules. The Companies Act 2013 has 464 sections and 7 schedules. The Act, has lesser sections as the Companies will be governed more through the rules which are yet to be prescribed.
Is the Companies Act 1956 repealed?
Companies Act, 1956 stands Repealed from 30 January 2019: MCA Notification. MCA has notified that provisions of Section 465 of the Companies Act, 2013 would partially come into force with effect from 30 Jan.
What is the legal position of promoter?
The legal position of promoters is that he is neither agent nor employee of the company but he stands in fiduciary capacity. Fiduciary capacity brings two duties of promoters i.e. duty not to make secret profit and duty to disclose to company.
How do you registered a company under Companies Act 1956?
E-Form 32 shall be filed along with the adequate filing fee as prescribed under Schedule XIII of the Companies Act, 1956. E-Form 1 has to be submitted with following enclosures: (1) Memorandum of Association (MoA) and Article of Association (AoA) of the company [Not required for a company licensed under section 25];
What was Section 187 of the Companies Act?
Central Government Act. Section 187 in The Companies Act, 1956. 187. Representation of corporations at meetings of companies and of creditors. (1) A body corporate (whether a company within the mean- ing of this Act or not) may-. (a) if it is a member of a company within the meaning of this Act, by resolution of its Board of directors or other
What are the provisions of the Companies Act 1956?
Section 64 Document contaning offer of shares or debentures for sale to be deemed prospectus. Section 65 Interpretation of provisions relating to prospectuses. Section 66 Newspaper advertisements of prospectus.
What is Section 43 of the Companies Act?
Section 43 Consequences of default in complying with conditions constituting a company a private company. Section 43A Private company to become public company in certain cases. Section 44 Prospectus or statement in lieu of Prospectus to be filed by private company on ceasing to be provide company.
What does section 7 of the Companies Act mean?
Section 7 Interpretation of “person in accordance with whose directions or instructions directors are accustomed to act”. Section 10A – Constitution of Tribunal. Section 10B – Procedure of Tribunal.