Where it is proved to the satisfaction of the Central Government that a person or an association of persons proposed to be registered under this Act as a limited company
(a) Has in its objects the promotion of commerce, art, science, sports, education, research, social welfare, religion, charity, protection of environment or any such other object;
(b) Intends to apply its profits, if any, or other income in promoting its objects; and
(c) Intends to prohibit the payment of any dividend to its members,
The Central Government may issue license on such conditions as it deems fit. [Section 8(1)]
Points to be kept in mind before incorporation of a Section 8 Company click here:- https://lexcomply.com/3i0w
