Formation of Producer Company permits producers to incorporate with limited liability and private-company status upon registrar certification. Producer Companies may be formed by ten or more individual producers, two or more Producer Institutions, or a combination meeting the objects of section 378B and registration requirements; the Registrar shall, within thirty days of receiving required documents and satisfaction of statutory prerequisites, register the memorandum and articles and issue a certificate of incorporation. Such companies are limited by shares, may reimburse promoters for direct promotion and registration costs subject to first-general-meeting approval, become bodies corporate as if private limited companies with no membership limit, and shall not be deemed public limited companies.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Formation of Producer Company permits producers to incorporate with limited liability and private-company status upon registrar certification.
Producer Companies may be formed by ten or more individual producers, two or more Producer Institutions, or a combination meeting the objects of section 378B and registration requirements; the Registrar shall, within thirty days of receiving required documents and satisfaction of statutory prerequisites, register the memorandum and articles and issue a certificate of incorporation. Such companies are limited by shares, may reimburse promoters for direct promotion and registration costs subject to first-general-meeting approval, become bodies corporate as if private limited companies with no membership limit, and shall not be deemed public limited companies.
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