Companies_Act_1956

Companies_Act_1956

By Ministry Of Corporate Affairs
  • Category Civil, criminal
  • 2145 Views
DEFINITIONS OF "COMPANY", "EXISTING CO MPANY", "PRIVATE COMP ANY" AND "PUBLIC COMPANY" (1) In this Act, unless the context otherwise requires, the expressions "company", "existing company", "private company" and "public company", shall, subject to the provisions of sub-section (2), have the meanings specified below : - ( i ) "company" means a company formed and registered under this Act or an existing company as defined in clause ( ii ) ; ( ii ) "existing company" means a company formed and registered under any of the previous companies laws specified below : - ( a ) any Act or Acts relating to companies in force before the Indian Companies Act, 1866 (10 of 1866), and repealed by that Act ; ( b ) the Indian Companies Act, 1866 (10 of 1866) ; ( c ) the Indian Companies Act, 1882 (6 of 1882) ; ( d ) the Indian Companies Act, 1913 (7 of 1913) ; ( e ) the Registration of Transferred Companies Ordinance, 1942 (54 of 1942) ; and ( f ) any law corresponding to any of the Acts or the Ordinance aforesaid and in force - ( 1 ) in the merged territories or in a Part B States (other than the State of Jammu and Kashmir), or any part thereof, before the extension thereto of the Indian Companies Act, 1913 (7 of 1913) ; or ( 2 ) in the State of Jammu and Kashmir, or any part ther eof, before the commencement of the Jammu and Kashmir (Extension of Laws) Act, 1956 (62 of 1956), insofar as banking, insurance and financial corporations are concerned, and before the commencement of the Cent ral Laws (Extension to Jammu & Kashmir) Act, 1968 (25 of 1968), insofar as other corporations are concerned ; and ( g ) the Portuguese Commercial Code, insofar as it relates to " sociedades anonimas " ; ( iii ) "private company" 1 [means a company which has a minimum paid-up capital of one lakh rupees or such higher paid-up capital as may be prescribed, and by is articles, -] ( a ) restricts the right to transfer its shares, if any ; ( b ) limits the number of its members to fifty not including - ( i ) persons who are in the employment of the company ; and ( ii ) persons who, having been formerly in the employment of the company, were members of the company while in that employment and have continued to be members after the employment ceased ; and ( c ) prohibits any invitation to the public to subscribe for any shares in, or debentures of, the company ; 2 [( d ) prohibits any invitation or acceptance of deposits from persons other than its members, directors or their relatives:]

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