Companies are distinct legal entity and are separate from its members. Under the companies act act, 1956, section 25 company can be defined as a limited company formed for the sole object of promoting commerce, art, science, religion, charity, or any other useful object, and intends to apply its profits, if any, or other income in promoting its objects, and to prohibit the payment of any dividend to its members. Section 263a sections 177, 255, 256 and 263 not to apply in relation to companies not carrying business for profit, etc. Foreign exchange dealers association of india registered under section 25 of the companies act, 1956 17 floor, maker towers f, cuffe parade, mumbai 400 005. Section 25 companies under companies act 1956 corporate. Power to dispense with limited in name of charitable or other company. This option is available to upload the pdf documents. The surplus assets, if any may be given to a similar charitable concern. Winding up of the company section 25 company can be wound up if the objects for which it had been established are fully achieved. Under the companies act act, 1956, section 25 company can be defined as a. Section 25 companies rae nonprofit companies granted license under the. In erstwhile, companies act, 1956 it was regulated by section 25 and that is why it. The application shall be accompanied by the following documents, namely.
Section 264 consent of candidate for directorship to be filed with the company and consent to act as director to be filed with the registrar. India the companies act 1956 sec 25 power to dispense with limited in name of charitable or other company. Incorporation of section 8 company under company law taxguru. Six name in preferential order need to be proposed step2. Profit and risk taking are the main elements of a company.
Section 25 in the companies act, 1956 indian kanoon. An application in eform 1a has to be made for availability of name to the registrar of companies, with a fee of rs. Section 25 companies in the companies act, 1956 advisory. The applicant looking to start a section 8 company has to file form inc1 for. Any person aggrieved by any decision or order of the company law board may file an appeal to the high.
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