(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.]
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1. Ins. by Act 29 of 2020, s. 52 (w.e.f. 11-2-2021).
Section 378B Objects of producer company
Section 378C Formation of Producer Company and its registration
Section 378D Membership and voting rights of Members of Producer Company
Section 378E Benefits to Members
Section 378F Memorandum of Producer Company
Section 378G Articles of association
Section 378H Amendment of memorandum
Section 378I Amendment of articles
Section 378J Option to inter-State co-operative societies to become Producer Companies
Section 378K Effect of incorporation of Producer Company
Section 378L Vesting of undertaking in Producer Company
Section 378M Concession, etc., to be deemed to have been granted to Producer Company