TaxTMI 
TaxTMI 
Licence under section 25 of the Companies Act, 1956
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....mpany under the Companies Act, 1956, for promoting objects of the nature specified in section 25, sub-section (1), clause (a) of the said Act, and that it intends to apply its profits, if any, or other income in promoting its objects and to prohibit the payment of any dividends to its members; ^[2][Now, therefore, in exercise of the powers conferred by section 25 of the said Act, read with the ....
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....at no portion thereof shall be paid or transferred, directly or indirectly, by way of dividend, bonus or otherwise by way of profit, to persons who at any time are or have been members of the said company or to any of them or to any person claiming through any one or more of them; ^[5][(3) that no remuneration or other benefit in money or money's worth shall be given by the company to any of it....
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....f the Central Government, of reasonable and proper remuneration to any of its members in return for any services, (not being services of a kind which are required to be rendered by a member), actually rendered to the company;] ^[7][(7)] that no alteration shall be made to the memorandum of association or to the articles of association of the company, which are for the time being in force, unles....
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....ubstituted by GSR 1850, dated 1-12-1966. [3] The words "of Company Law Board" omitted by GSR 367(E), dated 31-5-1991. [4] The words "at Bombay/Calcutta/Kanpur/Madras" omitted by Notification No. GSR 610(E), dated 23-9-2005. [5] Substituted by GSR 399, dated 24-3-1962. [6] Inserted by GSR 1445, dated 16-9-1967. [7] Renumbered by GSR 399, dated 24-3-1962 and GSR 1445, dated 16-9-1967.....