|| a copy of the special resolution, of not less than two-third of total members of inter-State co-operative society, for its incorporation as a Producer Company under this Act; names and addresses or the occupation of the directors and Chief Executive, if any, by whatever name called, of such co-operative; and. Your are not logged in . (1) Notwithstanding anything contained in section 581-O, all the directors in the inter-State co-operative society before the incorporation of the Producer Company shall continue in office for a period of one year from the transformation date and in accordance with the provisions of this Act. Memorandum or Articles of the company can be altered by passing the special resolution, but such alteration shall be inconsistent with the section 581B. 500/- for every day during which the default continues. (5) A Member, who acquires any business interest which is in conflict with the business of the Producer Company, shall cease to be a Member of that Company and be removed as a Member in accordance with articles. The shares shall not be transferrable. In case of an inter-State co-operative society incorporated as a Producer Company registration, such company may have more than 15 directors for a period of 1 year from the date of its incorporation as a Producer Company. 2 0 obj Site Map || (2) A copy of the amended articles together with the copy of the special resolution, both duly certified by two directors, shall be filed with the Registrar within thirty days from the date of its adoption. Every Producer Company shall have an internal audit of its accounts carried out in such intervals and in such manner as specified by its articles, by a Chartered Accountant. otherwise the fund is reflected in balance sheet as unsecured loan ?
581R. A statement is to be filed declaring that the society is having objects as to that of Producer Company. the membership shall be voluntary and available, to all eligible persons who, can participate or avail of the facilities or services of the Producer Company, and are willing to accept the duties of membership; each Member shall, save as otherwise provided in this Part, have only a single vote irrespective of the shareholding; the Producer Company shall be administered by a Board consisting of persons elected or appointed as directors in the manner consistent with the provisions of this Part and the Board shall be accountable to the Members; save as provided in this Part, there shall be limited return on share capital; the surplus arising out of the operations of the Producer Company shall be distributed in an equitable manner by. (4) All sums of money due to the inter-State co-operative society immediately before the transformation date, shall be deemed to be due to the Producer Company. 7. the company has obtained the approval of share holders in General Meeting by passing resolution as required under the provision of sub-clause (a) of sub-section (1) of section 94 read with sub-section (2) of the said section. dec 2014?
Home || 581J.
The amended articles of association duly signed by two directors along with special resolutions are to be submitted to the Registrar within 30 days of passing of the special resolution. Members || CourseCart.in Part IX-A of the Companies Act, 1956. he shall be punishable with fine which may extend to one lakh rupees, and in the case of a continuing default or failure, with an additional fine which may extend to ten thousand rupees for every day during which such default or failure continues. 581K. First AGM shall be conducted within 90 days from the date of incorporation. Is it 200 like private limited companies?? (2) The articles shall contain the following mutual assistance principles, namely: (3) Without prejudice to the generality of the foregoing provisions of sub-sections (1) and (2), the articles shall contain the following provisions, namely: 581H. The Registrar shall strike the name of the Producer Company if the company fails to commence its business within one year from the date of registration or ceases it transactions after giving a notice to the company. Provided that the aggregate amount of all such donation and subscription in any financial year shall not exceed three per cent of the net profit of the Producer Company in the financial year immediately preceding the financial year in which the donation or subscription was made : Provided further that no Producer Company shall make directly or indirectly to any political party or for any political purpose to any person any contribution or subscription or make available any facilities including personnel or material. 581B. Quorum: 1/4th of the total number of members. list of members of such inter-State co-operative society; a statement indicating that the inter-State co-operative society is engaged in any one or more of the objects specified in section 581B; a declaration by two or more directors of the inter-State co-operative society certifying that particulars given in clauses (. g. Approval of any transaction of nature as is to be reserved in the articles for approval by the Members. Matters to be transacted at general meeting. (3) Every person shall hold office of a director for a period not less than one year but not exceeding five years as may be specified in the articles. the setting aside of any transfer, delivery of goods, payment, execution or other act relating to property, made or done by or against the Producer Company within three months before the date of passing of the resolution, which would if made or done against any individual, be deemed in his insolvency to be a fraudulent preference; the transfer to the merged company of the whole or any part of the undertaking, property or liability of the Producer Company; the allotment or appropriation by the merged company of any shares, debentures, policies, or other like interests in the merged company; the continuation by or against the merged company of any legal proceedings pending by or against any Producer Company; the dissolution, without winding up, of any Producer Company; the provision to be made for the Members or creditors who make dissent; the taxes if any, to be paid by the Producer Company; such incidental, consequential and supplemental matters as are necessary to secure that the division, amalgamation or merger shall be fully and effectively carried out. of share cap. 581D. The Producer Company cannot be a public company. (5) Save as provided in the articles, directors including the co-opted director, may be paid such fees and allowances for attendance at the meetings of the Board, as may be decided by the Members in the general meeting. its articles duly signed by the subscribers to the Memorandum.
(8) Every Producer Company which has been sanctioned reconversion by the High Court, shall make an application, under the Multi-State Co-operative Societies Act, 1984 (51 of 1984) or any other law for the time being in force for its registration as multi-State co-operative society or co-operative society, as the case may be, within six months of sanction by the High Court and file a report thereof to the High Court and the Registrar of companies and to the Registrar of the co-operative societies under which it has been registered as a multi-State co-operative society or co-operative society, as the case may be. promoting the social and economic welfare of Producer Members or producers or general public; or. In this Part, unless the context otherwise requires, INCORPORATION OF PRODUCER COMPANIES AND OTHER MATTERS. In case of alteration of Articles- It has to be proposed by; 1. When the Producer Company is divided into two or more Producer Company the registration of the Company shall stand cancelled on registration of divided Producer Companies. 581A. (4) The Producer Company may reimburse to its promoters all other direct costs associated with the promotion and registration of the company including registration, legal fees, printing of a memorandum and articles and the payment thereof shall be subject to the approval at its first general meeting of the Members.
(2) No individual shall be appointed as whole-time secretary unless he possesses membership of the Institute of Company Secretaries of India constituted under the Company Secretaries Act, 1980 (56 of 1980). (3747 Points) (2) Every officer or other employee of the inter-State co-operative society (except a director of the Board, Chairman or Managing Director) serving in its employment immediately before the transformation date shall, insofar as such officer or other employee is employed in connection with the inter-State co-operative society which has vested in the Producer Company by virtue of this Act, become, as from the transformation date, an officer or, as the case may be, other employee of the Producer Company and shall hold his office or service therein by the same tenure, at the same remuneration, upon the same terms and conditions, with the same obligations and with the same rights and privileges as to leave, leave travel concession, welfare scheme, medical benefit scheme, insurance, provident fund, other funds, retirement, voluntary retirement, gratuity and other benefits as he would have held under the erstwhile inter-State co-operative society if its undertaking had not vested in the Producer Company and shall continue to do so as an officer or, as the case may be, other employee of the Producer Company. (7) The amount representing the capital of the erstwhile inter-State co-operative society shall form part of the capital of the Producer Company. Explanation.For the purposes of this section, a dispute shall include. (1) Every Producer Company shall keep at its registered office proper books of account with respect to. (3) The Members shall adopt the articles of the Producer Company and appoint directors of its Board in the annual general meeting. Every AGM shall be conducted during business hours on a day that is not being a public holiday and shall be held at the registered office or some other place within the city, town or village in which the registered office is situate. Every member shall receive the value in proportion to the produce supplied to the company during the Financial year ; Bonus shares may be issued to the members; Surplus may be paid in cash or in equity shares proportion to the participation of the members. (6) Every annual general meeting shall be called, for a time during business hours, on a day that is not a public holiday and shall be held at the registered office of the Producer Company or at some other place within the city, town or village in which the registered office of the Company is situate. (6) The Board may co-opt one or more expert directors or an additional director not exceeding one-fifth of the total number of directors or appoint any other person as additional director for such period as the Board may deem fit: Provided that the expert directors shall not have the right to vote in the election of the Chairman but shall be eligible to be elected as Chairman, if so provided by its articles : Provided further that the maximum period, for which the expert director or the additional director holds office, shall not exceed such period as may be specified in the articles.
581ZH.
(2) A Producer Company may, by special resolution, not inconsistent with section 581B, alter its objects specified in its memorandum. Yogesh Shah 581ZC. 581W. Option to Inter State Co-operative Societies. (hereafter in this section referred to as the repealed enactments) shall stand Formation of Producer Company and its registration. (1) The Board may constitute such number of committees as it may deem fit for the purpose of assisting the Board in the efficient discharge of its functions: Provided that the Board shall not delegate any of its powers or assign the powers of the Chief Executive, to any committee. Here we discuss rules & regulation for the Producer Company. Every member shall nominate a person within three months on becoming a member of the Company. 4. The Articles of association provides for the constitution of the Board of the company, functioning of the Board, the procedure for conducting the meeting of the Board etc., The Articles of Association may be amended by means of a special resolution. (21 Points) (a) the rate of voting rights which the equity share capital with differential voting right shall carry; Every Producer Company shall maintain a general reserve in every year in addition to the Reserves as may be specified in the Articles. 1. the company has distributable profits in terms of Section 205 of the Companies Act, 1956 for * three financial years preceding the year in which it was decided to issue such shares. (8) The notice of the general meeting indicating the date, time and place of the meeting shall be sent to every Member and auditor of the Producer Company. (1) Every Producer Company shall maintain a general reserve in every financial year, in addition to any reserve maintained by it as may be specified in articles. If any person carries on business under the name of the Producer Company he is liable for fine which may be extended up to 10000/- for each day he uses the name. amalgamate and form a new Producer Company; or. The Board of directors of a Producer Company shall exercise the following powers on behalf of that company, and it shall do so only by means of resolutions passed at the annual general meeting of its Members, namely : 581T. It is incorporated with the objective of harvesting, procurement, grading, pooling, handling, marketing, selling, and export of primary products of its members and import of goods or services for the benefit of its members. (2) The High Court shall, on the application made under sub-section (1), direct holding meeting of its Members or such creditors, as the case may be, to be conducted in such manner as it may direct. Producer Co. can issue ONLY EQUITY SHARES with a different nominal value. 2. the company has not defaulted in filing annual accounts and annual returns for three financial years immediately preceding * the financial year in which it was decided to issue such share. The share holders are having exclusive rights to be exercised in the Annual General Meeting such as approval of budget, adoption of annual accounts, issue of bonus shares. Reconversion of Producer Company to inter-State co-operative society.
(1) Save as provided in section 581N, the Members who sign the memorandum and the articles may designate therein the Board of directors (not less than five) who shall govern the affairs of the Producer Company until the directors are elected in accordance with the provisions of this section. (3) Where an officer or other employee of the inter-State co-operative society opts under sub-section (2) not to be in employment or service of the Producer Company, such officer or other employee shall be deemed to have resigned.
(2) If a director or an officer of a Producer Company, who wilfully fails to furnish any information relating to the affairs of the Producer Company required by a Member or a person duly authorised in this behalf, he shall be liable to imprisonment for a term which may extend to six months and with fine equivalent to five per cent of the turnover of that company during preceding financial year.
The shares will be non -transferable.
The member who does not consent for the resolution may have the option to cease to continue to be a member of the company and withdraw the deposit or loan or advance. Whatever the concessions and privileges available to the Producer Company shall be extended to the newly formed Producer Company from society.
such dispute shall be settled by conciliation or by arbitration as provided under the Arbitration and Conciliation Act, 1996 (26 of 1996) as if the parties to the dispute have consented in writing for determination of such disputes by conciliation or by arbitration and the provisions of the said Act shall apply accordingly. (4) Every director, who retires in accordance with the articles, shall be eligible for re-appointment as a director. Every shareholder of the inter-State co-operative society immediately before the date of registration of Producer Company (hereafter referred to as the transformation date) shall be deemed to be registered on and from that date as a shareholder of the Producer Company to the extent of the face value of the shares held by such shareholder. Checklist for Starting a Peer to Peer Loan Business, CERSAI Registration for NBFC: Requirements and Procedure. (4) The quorum for a meeting of the Board shall be one-third of the total strength of directors, subject to a minimum of three. (1) If any person, other than a Producer Company registered under this Part, carries on business under any name which contains the words "Producer Company Limited", he shall be punishable with fine which may extend to ten thousand rupees for every day during which such name has been used by him. Please suggest that a producer company received cash from almost 550 individual in month of august and November 2014,but did not allot shares and no return is filed till today. Application of provisions relating to private companies. 581C. The auditor shall report on the amounts of debts due with particulars of bad debt, verification of cash balance and securities, details of assets and liabilities, transactions contrary to the provisions of the Act, loan given to Directors and any other matters as may be considered necessary by the auditor. It cannot become or deemed to become a public limited company, Share Capital and transfer of the shares of Producer Company. Provisions of this Part to override other laws.
-- and shares can be issue in back date also in case of produce company?
2. (3) If a director or officer of a Producer Company. (13) Where a Producer Company divides itself into two or more Producer Companies in accordance with the provisions of clause (b) of sub-section (1) and the new Producer Companies are registered in accordance with the provisions of sub-section (8), the registration of the erstwhile Producer Company shall stand cancelled forthwith and that Company shall be deemed to have been dissolved and cease to exist as a corporate body. 581M. Every stakeholder of the interstate co-operative society after incorporation as Producer Company will become the members of the producer company. The meeting can be called with shorter notice but the reasons thereof shall be recorded by the Board. (1) All properties and assets, movable and immovable, of, or belonging to, the inter-State co-operative society as on the transformation date, shall vest in the Producer Company. Contact us ||
Producer Company shall appoint a Full-time Chief Executive who shall be amongst person other than the member of the company.
(11) Where the whole of the assets and liabilities of a Producer Company are transferred to another Producer Company in accordance with the provisions of sub-section (9), or where there is merger under sub-section (2), the registration of the first mentioned Company or the merging company, as the case may be, shall stand cancelled and that Company shall be deemed to have been dissolved and shall cease to exist forthwith as a corporate body. (5) Where the Board of a Producer Company is satisfied that. (1) The share capital of a Producer Company shall consist of equity shares only. The Committee can co-opt such number of members as deem fit. (b) In a case where the membership consists of Producer institutions only, the voting rights of such Producer institutions shall be determined on the basis of their participation in the business of the Producer Company in the previous year, as may be specified by articles : Provided that during the first year of registration of a Producer Company, the voting rights shall be determined on the basis of the shareholding by such Producer institutions. (11) In the case where a Producer Company is formed by Producer institutions, such institutions shall be represented in the general body through the Chairman or the Chief Executive thereof who shall be competent to act on its behalf : Provided that a Producer institution shall not be represented if such institution makes a default or failure referred to in clauses (d) to (f) of sub-section (1) of section 581Q. a claim for any debt or other amount due; a claim by surety against the principal debtor, where the Producer Company has recovered from the surety amount in respect of any debtor or other amount due to it from the principal debtor as a result of the default of the principal debtor whether such debt or amount due be admitted or not; a claim by Producer Company against a Member for failure to supply produce as required of him; a claim by a Member against the Producer Company for not taking goods supplied by him. The powers of Directors shall include determination of dividend payable; appoint of a Chief Executive; superintendence over the functions of the Producer Company; frame organization policy, objectives, strategic plans etc.,; maintain accounts; preparing annual accounts; investment of the funds; granting of loan to any member of the company and such other functions as may be authorized by the company. 
