Section 406 Provision relating to Nidhis and its application etc
- Chapter
- XXVI · Nidhis
- Amendments
- 1
- Last changed
- 15 August 2019
Substituted by Companies (Amendment) Act, 2017, s. 81, with effect from 15 August 2019. Earlier read: "section 406"406. Provision relating to Nidhis and its application, etc.—
Substituted by Companies (Amendment) Act, 2017, s. 81, with effect from 15 August 2019. Earlier read: "section 406"(1) In this section, “Nidhi” or “Mutual Benefit Society” means a company which the Central Government may, by notification in the Official Gazette, declare to be a Nidhi or Mutual Benefit Society, as the case may be.
Substituted by Companies (Amendment) Act, 2017, s. 81, with effect from 15 August 2019. Earlier read: "section 406"(2) The Central Government may, by notification in the Official Gazette, direct that any of the provisions of this Act specified in the notification—
Substituted by Companies (Amendment) Act, 2017, s. 81, with effect from 15 August 2019. Earlier read: "section 406"(a) shall not apply to any Nidhi or Mutual Benefit Society; or
Substituted by Companies (Amendment) Act, 2017, s. 81, with effect from 15 August 2019. Earlier read: "section 406"(b) shall apply to any Nidhi or Mutual Benefit Society with such exceptions, modifications and adaptations as may be specified in the notification.
Substituted by Companies (Amendment) Act, 2017, s. 81, with effect from 15 August 2019. Earlier read: "section 406"(3) A copy of every notification proposed to be issued under sub-section (2), shall be laid in draft before each House of Parliament, while it is in session, for a total period of thirty days, and if, both Houses agree in disapproving the issue of notification or both Houses agree in making any modification in the notification, the notification shall not be issued or, as the case may be, shall be issued only in such modified form as may be agreed upon by both the Houses.
Substituted by Companies (Amendment) Act, 2017, s. 81, with effect from 15 August 2019. Earlier read: "section 406"(4) In reckoning any such period of thirty days as is referred to in sub-section (3), no account shall be taken of any period during which the House referred to in sub-section (3) is prorogued or adjourned for more than four consecutive days.
Substituted by Companies (Amendment) Act, 2017, s. 81, with effect from 15 August 2019. Earlier read: "section 406"(5) The copies of every notification issued under this section shall, as soon as may be after it has been issued, be laid before each House of Parliament.