A Producer Company may, by special resolution, make donation or subscription to any institution or individual for the purposes of--
(a) promoting the social and economic welfare of Producer Members or producers or general public; or
(b) promoting the mutual assistance principles:
Provided that the aggregate amount of all such donations and subscriptions in any financial year shall not exceed three per cent. of the net profit of the Producer Company in the financial year immediately preceding the financial year in which the donation or subscription was made:
Provided further that no Producer Company shall make
directly or indirectly to any political party or for any
political purpose to any person any contribution or
subscription or make available any facilities including
personnel or material.
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1. Ins. by Act 29 of 2020, s. 52 (w.e.f. 11-2-2021).
Section 378ZA Annual general meetings
Section 378ZC Special user rights
Section 378ZD Transferability of shares and attendant rights
Section 378ZE Books of account
Section 378ZG Duties of auditor under this Chapter
Section 378ZH Donation or subscription by Producer Company
Section 378ZI General and other reserves
Section 378ZJ Issue of bonus shares
Section 378ZK Loan, etc., to Members
Section 378ZL Investment in other companies, formation of subsidiaries, etc