https://www.taxtmi.com/caselaws?id=96594 An association of more than twenty persons that carries on a money-lending business for the benefit of its members falls within section 4 of the Companies Act if the business is intended to yield gain to the individual members, even partly by restoring their contributions. The society here was formed for charitable assistance, but its lending activity was funded by members' contributions and designed to produce a surplus for both repayment and charity. On that basis, it was treated as an association formed for the acquisition of gain by its members, so the unregistered suit was not maintainable. en-us Thu, 09 Jun 1932 00:00:00 +0530 Mon, 09 Jan 2012 16:15:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=96594 An association of more than twenty persons that carries on a money-lending business for the benefit of its members falls within section 4 of the Companies Act if the business is intended to yield gain to the individual members, even partly by restoring their contributions. The society here was formed for charitable assistance, but its lending activity was funded by members' contributions and designed to produce a surplus for both repayment and charity. On that basis, it was treated as an association formed for the acquisition of gain by its members, so the unregistered suit was not maintainable. Case-Laws Companies Law Thu, 09 Jun 1932 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=96594