Explore the companies act 20 and companies act 1956. Restrictions on powers of board 1 the board of directors of a public company, or of a private company which is a subsidiary of a public company, shall not, except with the consent of such public company or subsidiary in general. The notes below are prepared based on the provisions of the act. General law amendment act 50 of 1956 english text signed by the governorgeneral as amended by prisons act 8 of 1959 supreme court act 59 of 1959 general law amendment act 80 of 1964 general law amendment act 70 of 1968. Updated and amended bare acts in pdf format of companies act 1956 and companies act 20. The board of directors of a public company, or of a private company which is a subsidiary of a public company, shall not, except with the consent of such public company or subsidiary in general meeting. The section 293 1d of companies act, 1956 says that a company can not borrow exceeding 100% of its paid up capital and free reserves with out obtaining the approval of members of the company at the general meeting. Pursuant t o the pr ovisions of section 293 1a of t he act, appr oval of t he member s is r equired by way of an or dinar y resolution, t o sell, lease or o therwise dispose of t he whole, or subs. Full text containing the act, companies act, 1956, with all the sections, schedules, short title, enactment date, and footnotes. Part iii constitution of companies division 1 incorporation section 14. Omission of berhad in name of charitable and other companies. Companies act 2006, section 293 is up to date with all changes known to be in force on or before 06 may 2020.
The new act provides that intercorporate investments not to be made through more than two layers of investment companies. The section 293 1 d of companies act, 1956 says that a company can not borrow exceeding 100% of its paid up capital and free reserves with out obtaining the approval of members of the company at the general meeting. In terms of section 1801c of the companies act, 20, which has replaced section 293 of the companies act, 1956, the board of directors of a company, shall exercise the power to borrow money, where money to be borrowed, together with. In the case of private limited companies the matters of further issue are normally protected by appropriate clauses in the articles of association aoa. The companies act, 20 has been notified in the official gazette on 30th august, 20 but the provisions of this act shall come into force on such dates as the central government may notify in the. Section 2931 in the companies act, 1956 indian kanoon. As per section 293b of the indian companies act, 1956 companies may make contribution for the purpose of national defense uninhibited by the limits and conditions imposed by section 293 1e of the act. As per the existing requirement of section 293 of the 1956 act, such.
Complete list of sections of companies act, 20 corporate. Companies act, 1956 bare acts law library advocatekhoj. Section 293 1d in the companies act, 1956 d borrow moneys after the commencement of this act, where the moneys to be borrowed, together with the moneys already borrowed by the company apart from temporary loans obtained from the company s bankers in the. Section 293 1a in the companies act, 1956 a sell, lease or otherwise dispose of the whole, or substantially the whole, of the undertaking of the company, or where the company owns more than one undertaking, of the whole, or substantially the whole, of any such undertaking. Amends section 219 of the companies act 46 of 1926.
Companies act, 1956 section 303 to 674 latest laws. The companies act, 20 act has come up with a change in the concept of loan and investment by company. In this section and sections 387b, 387c, 397 and 401, unless the contrary intention appears financial statements means the financial statements of a company required to be prepared by the accounting standards and, in the case of a parent company, means the consolidated financial statements. Donation or contribution to national defense by companies.
Table containing provisions of companies act, 20 as notified up to 28. The companies act, 20 passed by the parliament has received the assent of the president of india on 29th august, 20. The companies act 20 has 464 sections and 7 schedules. Application of section 295 to book debts in certain cases.
Section 293 1d of the companies act, 1956 states that public company and private company which is subsidiary of private company requires the shareholders consent if the company borrows money together with the money already borrowed by the company exceeds paid up capital and free reserves. Companies act, 1882 6 of 1882, or in table a in the first schedule annexed to the indian. As we know that the companies act, 20 has now replaced the decades old companies act, 1956 which was amended tons of time. This act may be cited as the companies act chapter 24.
Section 295 of company law deals with the loan given to directors of the company. The companies act, 1956 existing act contains 658 sections and xv schedules. Sections 177, 255, 256 and 263 not to apply in relation to companies not carrying business for profit, etc. Section 9 act to override memorandum, articles, etc. Here is the pdf file for companies act, 20 and 1956. There are changes that may be brought into force at a future date. Notice pursuant to section 192a of the companies act, 1956. Exercise and control of company liquidators powers. The matter has been examined in the ministry and it is hereby clarified that the resolution passed under section 293 of the companies act, 1956 prior to 12. As per section 295 of companies act 1956, previous approval of central government is required, if any company directly or indirectly1. For specified matters consent of members required by way of special resolution i. Default in complying with requirements as to private companies.
Consent of candidate for directorship to be filed with the company and consent to act as director to be filed with the registrar. Based on the recommendations of shastri committee, the companies amendment act, 1960 introduced several new provisions relating to various. Changes that have been made appear in the content and are referenced with annotations. Act, 1960, choose not more than two of those companies as companies in which he wishes to continue to hold the office of managing director or manager, as the case may be. Ltd which has completed more than 4 financial years,in such case whether abc co. Section 293 1 in the companies act, 1956 1 the board of directors of a public company, or of a private company which is a subsidiary of a public company, shall not, except with the consent of such public company or subsidiary in general meeting. Let us see in each detail, all the aspects of this section. Resolved that pursuant to section 293 1 d of the companies act, 1956, and other applicable provisions, if any, of the companies act, 1956, the consent of the members be and is hereby accorded to the board of directors of the company, for borrowing monies for the purpose of business of the company, from time to time. Contribution to political party or for political purpose in. Download the complete list of all sections of companies act 20 in pdf format.
Books to be kept by company liquidator effective from 15th december, 20161 the company liquidator shall keep proper books in such manner, as may be prescribed, in which he shall cause entries or minutes to be made of proceedings at meetings and. This is a ready reckoner for the information of stakeholders. Table containing provisions of companies act, 20 as notified up to date and corresponding provisions thereof under companies act, 1956. These sections are updated and extracted from the ebook on the companies act 20 by aubsp. Change from public to private and from private to public company. Section 2921 of the companies act, 1956 provides that the board of. There is no such provision under section 372a of erstwhile companies act, 1956. It also covers the security or guarantee provided for the same.
Section 291 of companies act, 1956 provides for general powers of the board of. Section 293 1 section 293 complete act try out our. Companies act 1956 section 293 judgments legalcrystal. An act to consolidate and amend the laws in force in zimbabwe relating to the constitution, i n corporation, registration, management, administration and winding up of companies and other associations, and for other purposes incidental thereto. Section 293 of companies act, 20 books to be kept by. The companies act, 1956 was also amended by enactment of depositories act, 1996.