Incorporation and Incidental law Flashcards
what is the Definition of company
It means a company incorporated under this act or any previous company law
what is the Section for definition of company
Section 2(20)
what is Previous company law
Previous company law means any of the previous Companies law, i.e. Companies act,
1866/1882/1913/1956 etc
what is the section of previous company law
sec 2(67)
what are the years mentioned in previous company law
1866/1882/1913/1956 etc
what is the definition of promoters
Sec 2(69) – Promoter means a person –
(a) Who has been NAMED AS SUCH IN PROSPECTUS or is identified by the company in the annual return,
or
(b) Who has WHO HAS CONTROL OVER THE AFFAIRS OF THE COMPANY, directly or indirectly whether as a shareholder, director or otherwise; or
(c) In accordance with whose ADVICE, DIRECTIONS OR INSTRUCTIONS, the board of directors of the company is accustomed to act.
NOTE: Persons acting IN PROFESSIONAL CAPACITY ONLY are not regarded as promoters. Ex: Banker,
Accountant etc.
what is the section for definition of promoters
Sec 2(69)
what should be mentioned in the prospectus
Sec 2(69) – Promoter means a person –
(a) Who has been NAMED AS SUCH IN PROSPECTUS
by which document company can identify the promoter
Sec 2(69) – Promoter means a person –
(a) Who has been NAMED AS SUCH IN PROSPECTUS or is identified by the company in the annual return,
in what ways promoter can have control over the affairs of the company
Who has WHO HAS CONTROL OVER THE AFFAIRS OF THE COMPANY, directly or indirectly whether as a shareholder, director or otherwise
what are the things that the board of directors of the company are accustomed to act ,in accordance to the promoter
In accordance with whose ADVICE, DIRECTIONS OR INSTRUCTIONS, the board of directors of the company is accustomed to act.
who are the people not regarded as promoter
Persons acting IN PROFESSIONAL CAPACITY ONLY are not regarded as promoters.
Ex: Banker,Accountant etc.
what is the definition of formation of company
Where the company to be formed is NO OF MEMBERS
PUBLIC 7 or more
PRIVATE 2 or more
ONE
PERSON
COMPANY
(Private company)
1 Person Provided,
1. That one person shall specify the name of the nominee
in the MOA who would take his place in case of his
death or his incapacity.
2. Written consent shall be taken from such person and
filed with ROC.
3. At any time, member can change the nominee.
4. Intimate such changes to the company and ROC.
5. Such alteration will not be considered as alteration of
memorandum.
what is the section of formation of company
section 3
what is the number of members of public company
7 or more
what is the number of members of private company
2 or more
what is the number of members of opc
company
one person
what is the definition of private company
―private company‖ means a company having a minimum paid-up share capital as may be prescribed, and which by its articles,—
(i) restricts the right to transfer its shares;
(ii) except in case of One Person Company, limits the number of its members to two hundred:
Provided that where two or more persons hold one or more shares in a company jointly, they shall, for the purposes of this clause, be treated as a single member:
Provided further that—
(A) persons who are in the employment of the company; and
(B) persons who, having been formerly in the employment of the company, were members of the
company while in that employment and have continued to be members after the employment ceased,
shall not be included in the number of members; and
(iii) prohibits any invitation to the public to subscribe for any securities of the company;
what is the definition of public company
―public company‖ means a company which—
(a) is not a private company;
(b) has a minimum paid-up share capital as may be prescribed:
Provided that a company which is a subsidiary of a company, not being a private company, shall be
deemed to be public company for the purposes of this Act even where such subsidiary company continues
to be a private company in its articles ;
what is the definition of opc company
―One Person Company‖ means a company which has only one person as a member;
what is the section numbers of the definition of opc company ,private ,and public
section 2(62),section 2(68),section 2(71)
what is the procedures of incorporating a opc
1 Person Provided,
- That one person shall specify the name of the nominee
in the MOA who would take his place in case of his
death or his incapacity. - Written consent shall be taken from such person and
filed with ROC. - At any time, member can change the nominee.
- Intimate such changes to the company and ROC.
- Such alteration will not be considered as alteration of
memorandum.
what alteration is not considered as alteration of memorandum
At any time, member can change the nominee.
Intimate such changes to the company and ROC. Such alteration will not be considered as alteration of memorandum.
