Lawzonline.com   Sign-in | Register
 
Home | Discussion Forum | Communities | Professional Search | Law Dictionary | Bare Acts | Law Schools | State Bare Acts | Free Judgement Search | Law quotes
Articles  |    Humor    |    Law Digest
 
 
Bare acts search

  Bookmark and Share
   
Bare acts > Companies Act, 1956 > Section 11
 
   


 

11. Prohibition of associations and partnerships exceeding certain number.—(l) No company, association or partnership consisting of more than ten persons shall be formed for the purpose of carrying on the business of banking, unless it is registered as a company under this Act, or formed in pursuance of some other Indian Law.

(2) No company, association or partnership consisting of more than twenty persons shall be formed for the purpose of carrying on any other business that has for its object the acquisition of gain by the company, association or partnership or by the individual members thereof, unless it is registered as a company under this Act, or is formed in pursuance of some other Indian law.

(3) This section shall not apply to a joint family as such carrying on a business; and where a business is carried on by two or more joint families, in computing the number of persons for the purposes of sub-sections (1) and (2), minor members of such families shall be excluded.

(4) Every member of a company, association or partnership carrying on business in contravention of this section shall be personally liable for all liabilities incurred in such business.

(5) Every person who is a member of a company, association or partnership formed in contravention of this section shall be punishable with fine which may extend to 1[ten thousand rupees.

 

 

 

 

 

A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z

 

Bookmark and Share

Quick Links          
           
Family Laws Insurance Laws Environmental law Tax Law FDI  
Company Law Telecommunication Law Labour Laws Central Rules RBI  
Business & Commercial Laws Consumer laws Corporate laws Criminal laws SEBI  
Intellectual Property law Media & Press laws Pharma & Medical laws Property law FEMA  
Debt Recovery Laws Amendments Professional law Banking Laws Legal Links  
           
           
 
 
  Partner Site
Adbeed.com India No 1 Business Directory and Classified Portal
Mybeed.com Your Online Library
 
 
 

 
   
 

 

 

Privacy PolicyDisclaimer | Link partners

Copyright @2010