Section 8 company licence limits profit distribution, restricts member remuneration, and conditions amalgamation and alteration approvals. Licence under section 8 permits registration without the word 'Limited' for companies promoting specified objects, on conditions: governance by memorandum; application of all profits and property solely to stated objects; prohibition on dividend or profit distribution to members; limited member payments (out of pocket expenses, reasonable interest and rent); permitted remuneration to non member officers for services; member remuneration only for services not required of members; prior approval required for alterations to memorandum or articles; amalgamation only with another section 8 company with similar objects; licence revocable for contraventions, fraudulent or object violative conduct, or public interest prejudice.
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.
Section 8 company licence limits profit distribution, restricts member remuneration, and conditions amalgamation and alteration approvals.
Licence under section 8 permits registration without the word "Limited" for companies promoting specified objects, on conditions: governance by memorandum; application of all profits and property solely to stated objects; prohibition on dividend or profit distribution to members; limited member payments (out of pocket expenses, reasonable interest and rent); permitted remuneration to non member officers for services; member remuneration only for services not required of members; prior approval required for alterations to memorandum or articles; amalgamation only with another section 8 company with similar objects; licence revocable for contraventions, fraudulent or object violative conduct, or public interest prejudice.
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