July 2023

Liability of Directors (1) When the Directors vote for a resolution, or approve by any other means, anything done in contravention of the provisions of this Act or any other law for the time being in force or articles, they shall be jointly and severally liable to make good any loss or damage suffered by the […]

Matters to be transacted at general meeting The Board of Directors of a Producer Company shall exercise the following powers on behalf of that Company, and it shall do so only by means of resolutions passed at the annual general meeting of its Members, namely:- (a) approval of budget and adoption of annual accounts of the Producer

Powers and functions of Board (1) Subject to the provisions of this Act and articles, the Board of Directors of a Producer Company shall exercise all such powers and to do all such acts and things, as that Company is authorised so to do. (2) In particular and without prejudice to the generality of the foregoing powers, such

Vacation of office by Directors (1) The office of the director of a Producer Company shall become vacant if, (a) he is convicted by a court of any offence involving moral turpitude and sentenced in respect thereof to imprisonment for not less than six months; (b) the Producer Company, in which he is a director, has made

Appointment of Directors (1) Save as otherwise provided in section 378N, the Members who sign the memorandum and the articles may designate therein the Board of Directors, not less than five, who shall govern the affairs of the Producer Company until the Directors are elected in accordance with the provisions of this section. (2) The election of Directors

Number of Directors Every Producer Company shall have at least five and not more than fifteen Directors: Provided that in the case of an inter-State co-operative society incorporated as a Producer Company, such company may have more than fifteen Directors for a period of one year from the date of its incorporation as a Producer Company] Amendment

Provisions in respect of officers and other employees of inter-State co-operative society (1) Notwithstanding anything contained in section 378-O, all the Directors in the inter-State co-operative society before the incorporation of the Producer Company shall continue in office for a period of one year from the date of transformation and in accordance with the provisions

Concession, etc., to be deemed to have been granted to Producer Company With effect from the date of transformation, all fiscal and other concessions, licences, benefits, privileges and exemptions granted to the inter-State co-operative society in connection with the affairs and business of the inter-State co-operative society under any law for the time being in

Vesting of undertaking in Producer Company (1) All properties and assets, movable and immovable, of, or belonging to, the inter-State co-operative society as on the date of transformation, shall vest in the Producer Company (2) All the rights, debts, liabilities, interests, privileges and obligations of the inter-State co-operative society as on the date of transformation

Effect of incorporation of Producer Company Every shareholder of the inter-State co-operative society immediately before the date of registration of Producer Company (hereafter in this Chapter referred to as the date of transformation) shall be deemed to be registered on and from that date as a shareholder of the Producer Company to the extent of