Section 8 Company: CS Executive Classes
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An interesting topic from Advanced Company Law – ‘Section 8 Company’ is discussed below:
CS Executive: Section 8 Company
Who can form a Section 8 Company?
- Any person or association of persons (including a partnership firm)
- Any existing company
- One person company cannot be a Section 8 Company {Rule 3 (5)}
Application for Name with ROC 1 {Rule 8(7)}
The name shall include the words
– Foundation / Forum / Association / Federation / Chambers / Confederation / Council / Electoral Trust and the like etc.
Note: To remove the word Limited/ Private Limited at the end of the name of the company need to take prior approval from ROC.
Eligibility Criteria
- The main objects should ensure the promotion of(Sec 8(1)(a) – Commerce, Art, Science, Sports, Education, Research, Social Welfare, Religion, Charity, Protection of Environment, or any other object.
- Intends to apply its profits, if any, or other income in promoting its objects Sec 8(1)(b) (3).
- Intends to prohibit the payment of any dividend to its Members Sec 8(1)(c).
Practice MCQs of Section 8 Company by clicking Advance Company Law and Practice notes.
Procedure for Obtaining License from Central Government
- For new companies (Rule 19)
Application in Form RD 1 to be made with ROC
Documents to be attached
– A draft copy of Memorandum of Association (MOA) as per Form INC 13
– A draft copy of the Articles of Association (Format not prescribed)
– A declaration in Form INC 14 by professional stating that the draft of the MOA and AOA have been drawn up in conformity with the provisions of Sec 8 and rules that all the requirements of the Act have complied therewith.
– Details of promoters and Directors
– A projection of the future income and expenditure of the company for the next 3 years specifying the sources of income and the objects of the expenditure.
– IN Form INC 15, Declaration by the subscribers
– A statement specifying briefly the grounds on which the application is made.
– Form INC 12 (Manually filled up and signed)
Hard copies of the above application with all the attachments along with 3 copies of the MOA and AOA to be forwarded to ROC
IF APPROVED LICENSE ISSUED IN Form INC 16
- By existing companies (Rule 20)
Same procedure with the following additional requirements: –
Financial Statement, the Boards’ Reports and Auditors’ Report for each of the last 2 financial years
– A statement showing in detail the assets (with the values thereof) and the liabilities of the Company as at the date of application or within 30 days preceding that date
– A certified true copy of resolutions passed at the Board Meeting/General Meeting approving the registration of the Company under Sec 8
– Publish a Notice in Form INC 26 within a week from the date of making the application to the Registrar
– In vernacular newspaper
– In the English newspaper
Circulating in the district in which the Registered Office of the proposed Company is to be situated or is situated
– Concurrence or approval of any relevant authority regulatory body, department, Ministry of Central or State Government
ROC shall consider the application within 30 days from the date of publication of Notice subject to any objections that may be received
IF APPROVED LICENSE ISSUED IN Form INC 17.
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