The Companies Act, 2013

Section 378C Formation of Producer Company and its registration

Chapter: XXIA · Producer Companies
Amendments: 1

378C. Formation of Producer Company and its registration.—

(1) Any ten or more individuals, each of them being a producer or any two or more Producer Institutions, or a combination of ten or more individuals and Producer Institutions, desirous of forming a Producer Company having its objects specified in section 378B and otherwise complying with the requirements of this Chapter and the provisions of this Act in respect of registration, may form an incorporated company as a Producer Company under this Act.

(2) If the Registrar is satisfied that all the requirements of this Act have been complied with in respect of registration and matters precedent and incidental thereto, he shall, within thirty days of the receipt of the documents required for registration, register the memorandum, the articles and other documents, if any, and issue a certificate of incorporation under this Act.

(3) A Producer Company so formed shall have the liability of its Members limited by the memorandum to the amount, if any, unpaid on the shares respectively held by them and be termed a company limited by shares.

(4) The Producer Company may reimburse to its promoters all other direct costs associated with the promotion and registration of the company including registration, legal fees, printing of a memorandum and articles and the payment thereof shall be subject to the approval at its first general meeting of the Members.

(5) On registration under sub-section (2), the Producer Company shall become a body corporate as if it is a private limited company to which the provisions contained in this Chapter apply, without, however, any limit to the number of Members thereof, and the Producer Company shall not, under any circumstance, whatsoever, become or be deemed to become a public limited company under this Act.

[378C. Formation of Producer Company and its registration.—(1) Any ten or more individuals,
each of them being a producer or any two or more Producer Institutions, or a combination of ten or more
individuals and Producer Institutions, desirous of forming a Producer Company having its objects specified
in section 378B and otherwise complying with the requirements of this Chapter and the provisions of this
Act in respect of registration, may form an incorporated company as a Producer Company under this Act.

(2) If the Registrar is satisfied that all the requirements of this Act have been complied with in respect
of registration and matters precedent and incidental thereto, he shall, within thirty days of the receipt of the
documents required for registration, register the memorandum, the articles and other documents, if any, and
issue a certificate of incorporation under this Act.

(3) A Producer Company so formed shall have the liability of its Members limited by the memorandum
to the amount, if any, unpaid on the shares respectively held by them and be termed a company limited by
shares.

(4) The Producer Company may reimburse to its promoters all other direct costs associated with the
promotion and registration of the company including registration, legal fees, printing of a memorandum
and articles and the payment thereof shall be subject to the approval at its first general meeting of the
Members.

(5) On registration under sub-section (2), the Producer Company shall become a body corporate as if it
is a private limited company to which the provisions contained in this Chapter apply, without, however,
any limit to the number of Members thereof, and the Producer Company shall not, under any circumstance,
whatsoever, become or be deemed to become a public limited company under this Act.]

Amendments to this section