Paula Berg, Supervising Attorney From: Daniels' ADA claim challenging the conditions of his confinement. Section et seq.
Formation of companies with charitable objects, etc. Rules 3 519, 20, 21, 22 and 23 of the Companies Incorporation Rules, [Section 8 except sub-section 9 is brought to force with effect from 01 April ] Corresponding provisions of the Companies Act, Section 25 Corresponding provisions of the English Companies Act, Sections 42, and Applicability: This provision is applicable to companies incorporated for promotion of commerce, art, science, sports, education, research, social welfare, religion, charity, protection of environment or any such other object.
Application for registration of new Section 8 Company Any person or an association of persons intending to be registered as a limited company for charitable purpose can apply for registration of section 8 company.
However, it shall prove to the satisfaction of the Central Government that: Steps to incorporate new Section 8 Company: And application shall be accompanied with following documents: INC by an Advocate, a Chartered Accountant, Cost Accountant or Company Secretary in practice, that the draft memorandum and articles of association have been drawn up in conformity with the provisions of section 8 and rules made there under and all the requirements under section 8 have been complied with 7.
It shall be on appropriate stamp paper of the State and duly notarised; iii an estimate of the future annual income and expenditure of the company for next three years, specifying the sources of the income and the objects of the expenditure 8 ; iv A declaration in Form no.
INC by each of the persons making the application 9. It shall be on appropriate stamp paper of the State and duly notarised; and v Form no. INC-9 from each subscribers and first directors, on appropriate stamp paper of the State and duly notarised 2.
Approval of other authorities. The Registrar of Companies may require the applicant to furnish the approval or concurrence of any appropriate authority, regulatory body, department or Ministry of the Central or State Government s. To decide on granting of license under section 8.
The Registrar will wait for 30 days for objections, if any, of any person pursuant to notice published in newspapers.
The Registrar may also consult necessary authorities and regulatory bodies.
Thereafter, the Registrar of Companies at its discretion, may grant the licence. And such licence may contain conditions as deemed necessary by the Registrar. The Section 8 Company shall enjoy all the privileges and be subject to all the obligations of limited companies.
A firm can be a member of a section 8 company. The Central Government may, by order, revoke such licence granted under section 8, if: Further, the Central Government may direct the company to change its status from section 8 company to either private or public limited company.
However, before making order, the Central Government shall give reasonable opportunity of hearing to the company. Upon receiving such an order, Where the licence granted to a company registered under section 8 has been revoked, the company shall intimate to the Registrar and apply in Form no.
This right of the Central Government prevails even if they are contrary to other provisions of the Companies Act, Upon winding up or dissolution of section 8 company and after satisfaction of its debts and liabilities, if there remains any asset then the same shall be transferred, as per direction of the National Company Law Tribunal either to another section 8 company with similar object or to the credit of the Rehabilitation and Insolvency Fund formed under section Experienced Investors is a term used in the UK and EU and equivalent to the US SEC definition of Accredited Investors regarding net worth and value.
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Preparing a legal memorandum. A legal memorandum presents research and analysis and applies the research and analysis to particular facts. A legal memorandum follows a general structure and follows certain conventions.
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What is a limited liability company (LLC)? A limited liability company (LLC) is an unincorporated business organization of one or more persons who have limited liability for the contractual obligations and other liabilities of the business. Y ou can choose to take on an example file - you will be briefed on the client's story, receive the assigning lawyer's instructions, and get memo writing advice.
Read this article for ideas on How to Structure Your Legal Memorandum.