Amended and updated notes on section 378F of the Companies Act 2013 as amended by the Companies (Amendment) Act, 2020 and Company Rules made there under. Detail discussion on provisions and rules related to Memorandum of Producer Company.
Chapter XXIA PART-II (Sections 378B to 378N) of the Companies Act 2013 (CA 2013) deals with the provisions related to incorporation of producer companies and other matters. Section 378F of CA 2013 provides for Memorandum of Producer Company.
Recently, we have discussed in detail section 378E (Benefits to Members) of CA 2013. Today, we learn the provisions of section 378F of the Companies Act 2013.
In exercise of the powers conferred by sub-section (2) of section 1 of the Companies (Amendment) Act, 2020 (29 of 2020), the Central Government appoints the 11th February, 2021 as the date on which the provisions of section 52 of the Companies (Amendment) Act, 2020 shall come into force.
Accordingly, the provisions of section 378F are effective from 11th February, 2021. You may refer Notification No. S.O. 644(E) dated 11-02-2021. In this article, you will learn detail of the provisions of section 378F the Companies Act 2013.
| Name of Act | The Companies Act 2013 |
|---|---|
| Enacted by | Parliament of India |
| Administered by | Ministry of Corporate Affairs (MCA) |
| Number of Chapters | 29 |
| Number of Sections | 484 (470-43+57) |
| Number of Schedules | 7 |
| You are reading: | |
| Chapter No. | XXIA (PART-II) |
| Chapter Name | Incorporation of Producer Companies and other matters |
| Section No. | 378F |
| Section Name | Memorandum of Producer Company |
| Monthly Updated Edition | Company Law PDF |
Section 378F: Memorandum of Producer Company
The memorandum of association of every Producer Company shall state—
- (a) the name of the company with “Producer Company Limited” as the last words of the name of such Company;
- (b) the State in which the registered office of the Producer Company is to situate;
- (c) the main objects of the Producer Company shall be one or more of the objects specified in section 378B;
- (d) the names and addresses of the persons who have subscribed to the memorandum;
- (e) the amount of share capital with which the Producer Company is to be registered and division thereof into shares of a fixed amount;
- (f) the names, addresses and occupations of the subscribers being producers, who shall act as the first directors in accordance with sub-section (2) of section 378J;
- (g) that the liability of its members is limited;
- (h) against the subscriber’s name, the number of shares each subscriber takes:
Provided that no subscriber shall take less than one share; - (i) that in case the objects of the Producer Company are not confined to one State, the States to whose territories the objects extend