Section 378A Definitions
- Chapter
- XXIA · Producer Companies
- Amendments
- 1
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021378A. Definitions.—
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021In this Chapter, unless the context otherwise requires,—
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021(a) “active MemberDefined in section 2(55): member, in relation to a company, means the subscriber to the memorandum entered in the register of members, every other person who agrees in writing to become a member and is entered in the register of members, and every person holding shares whose name is entered as a beneficial owner in depository records.” means a MemberDefined in section 2(55): member, in relation to a company, means the subscriber to the memorandum entered in the register of members, every other person who agrees in writing to become a member and is entered in the register of members, and every person holding shares whose name is entered as a beneficial owner in depository records. who fulfils the quantum and period of patronage of the Producer Company as may be required by the articles;
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021(b) “Chief Executive” means an individual appointed as such under sub-section (1) of section 378W;
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021(c) “inter-State co-operative society” means a multi-State co-operative society as defined in clause
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021(p) of section 3 of the Multi-State Co-operative Societies Act, 2002 (39 of 2002) and includes any co-operative society registered under any other law for the time being in force, which has, subsequent to its formation, extended any of its objects to more than one State by enlisting the participation of persons or by extending any of its activities outside the State, whether directly or indirectly or through an institution of which it is a constituent;
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021(d) “limited return” means the maximum dividend as may be specified by the articles;
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021(e) “MemberDefined in section 2(55): member, in relation to a company, means the subscriber to the memorandum entered in the register of members, every other person who agrees in writing to become a member and is entered in the register of members, and every person holding shares whose name is entered as a beneficial owner in depository records.” means a person or Producer Institution (whether incorporated or not) admitted as a MemberDefined in section 2(55): member, in relation to a company, means the subscriber to the memorandum entered in the register of members, every other person who agrees in writing to become a member and is entered in the register of members, and every person holding shares whose name is entered as a beneficial owner in depository records. of a Producer Company and who retains the qualifications necessary for continuance as such;
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021(f) “mutual assistance principles” means the principles set out in sub-section (2) of section 378G;
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021(g) “officer” includes any director or Chief Executive or Secretary or any person in accordance with whose directions or instructions part or whole of the business of the Producer Company is carried on;
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021(h) “patronage” means the use of services offered by the Producer Company to its Members by participation in its business activities;
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021(i) “patronage bonus” means payments made by a Producer Company out of its surplus income to the Members in proportion to their respective patronage;
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021(j) “primary produce” means —
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021(i) produce of farmers, arising from agriculture (including animal husbandry, horticulture, floriculture, pisciculture, viticulture, forestry, forest products, re-vegetation, bee raising and farming plantation products), or from any other primary activity or service which promotes the interest of the farmers or consumers; or
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021(ii) produce of persons engaged in handloom, handicraft and other cottage industries; or
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021(iii) any product resulting from any of the above activities, including by-products of such products; or
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021(iv) any product resulting from an ancillary activity that may assist or promote any of the aforesaid activities or anything ancillary thereto; or
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021(v) any activity which is intended to increase the production of anything referred to in sub-clauses
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021(i) to (iv) or improve the quality thereof;
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021(k) “producer” means any person engaged in any activity connected with or relatable to any primary produce;
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021(l) “Producer Company” means a body corporate having objects or activities specified in section 378B and registered as Producer Company under this Act or under the Companies Act, 1956 (1 of 1956);
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021(m) “Producer Institution” means a Producer Company or any other institution having only producer or producers or Producer Company or Producer Companies as its memberDefined in section 2(55): member, in relation to a company, means the subscriber to the memorandum entered in the register of members, every other person who agrees in writing to become a member and is entered in the register of members, and every person holding shares whose name is entered as a beneficial owner in depository records. whether incorporated or not having any of the objects referred to in section 378B and which agrees to make use of the services of the Producer Company or Producer Companies as provided in its articles;
Inserted by Companies (Amendment) Act, 2020, s. 52, with effect from 11 February 2021(n) “withheld price” means part of the price due and payable for goods supplied by any MemberDefined in section 2(55): member, in relation to a company, means the subscriber to the memorandum entered in the register of members, every other person who agrees in writing to become a member and is entered in the register of members, and every person holding shares whose name is entered as a beneficial owner in depository records. to the Producer Company; and as withheld by the Producer Company for payment on a subsequent date.