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of <h1>Producer Companies: Key Features and Formation Requirements Under Section 581B of the Companies Act, 1956</h1> A Producer Company, as defined under the Companies Act, 1956, is a corporate body with the objectives outlined in Section 581B, including activities like production, marketing, processing, and education for members' benefit. Formation requires at least ten producers or two producer institutions. Membership grants equal voting rights, and benefits include returns on produce and potential patronage bonuses. The company must have a minimum of five and a maximum of fifteen directors, with share capital consisting solely of equity shares. Amendments to the memorandum and articles are governed by specific sections, and penalties apply for contraventions.
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