Conversion of society into private limited company
SHIVALI SAXENA
(Querist) 19 July 2013
This query is : Resolved
Is it possible to convert society into private limited company
R.K Nanda
(Expert) 19 July 2013
not possible.
Vidhi Joshi
(Expert) 19 July 2013
yes,it is possible please refer to MCA circular 29/2012 dated 10/09/12, you need to get a written consent from local (state) cooperative dept...refer to the abovesaid circular for more clarity.
prabhakar singh
(Expert) 20 July 2013
hE HAS nOT ClArIfIEd WHAT sOcIeTy It IS?
fOR GRANTED A SOCIETY FORMED UNDER SOCIETIES
REGISTRATION ACT 1860 CAN NOT BE CONVERTED INTO ANY COMPANY.
SECTION 13 DEALS WITH ITS' DISSOLUTION:
"13. Provision for dissolution of societies and adjustment of their affairs.-Any number not less than three-fifths of the members of any society may determine that it shall be dissolved, and thereupon it shall be dissolved forthwith, or at the time then agreed upon, and all necessary steps shall be taken for the disposal and settlement of the property of the society, its claims and liabilities, according to the rules of the said society applicable thereto, if any, and if not, then as the governing body shall find expedient provided that, in the event of any dispute arising among the said governing body or the members of the society, the adjustment of its affairs shall be referred to the principal Court of original civil jurisdiction of the district in which the chief building of the society is situated; and the Court shall make such order in the matter as it shall deem requisite.
Assent required.- Provided that no society shall be dissolved unless three-fifths of the members shall have expressed a wish for dissolution by their votes delivered in person by their votes delivered in person, or by proxy, at a general meeting convened for the purpose:
Government consent.- Provided that whenever any government is a member of, or a contributor to, or otherwise interested in any society registered under this Act, such society shall not be dissolved without the consent of the Government of the State or registration."
