Maharashtra Non-trading Corporations Act
No: 26 Dated: Apr, 30 1959
THE MAHARASHTRA NON-TRADING CORPORATIONS ACT
ACT No. XXVI OF 1959
An Act to provide for the incorporation, regulation and winding up of non-trading corporations whose objects are confined to the State of Bombay.
Whereas it is expedient to provide for the incorporation, regulation and winding up of non-trading corporations whose objects are confined to the State of Bombay and for matters incidental thereto;
It is hereby enacted in the Tenth Year of the Republic of India as follows
CHAPTER I
Preliminary
1. Short title, extent and commencement. - (1) This Act may be called The Maharashtra Non-Trading Corporations Act.
(2) It extends to the whole of the State of Maharashtra,
(3) It shall come into force on such date as the State Government may, by notification in the Official Gazette, appoint.
2. Definitions. - In this Act, unless the context otherwise requires-
(1) "articles" means the articles of association of a corporation as originally framed or as altered from time to time in accordance with this Act;
(2) "Board of directors" or "Board", in relation to a corporation, means the Board of directors of the corporation;
(3) "corporation" means a no-trading corporation, formed and registered under this Act, or deemed to have been registered thereunder;
(4) "director" includes any person occupying the position of a director by whatever name called;
(5) "financial year" means, in relation to a corporation, the period in respect of which the income and expenditure for the corporation laid before it in annual general meeting is made up whether that period is a year or not;
(6) "memorandum" means the memorandum of associations of a corporation;
(7) "officer" includes a chairman, secretary, manager treasurer, director or any other person empowered to give directions in regard to the affairs of a corporation;
(8) "ordinary resolution" - a resolution shall be an ordinary resolution when at a general meeting of which the notice required under the articles of a corporation has been duly given, the votes cast (whether on a show of hands, or on poll, as the case may be) in favour of the resolution (including the casting vote, if any, of the chairman) by members who, being entitled so to do, vote in person, or where proxies are allowed, by proxy, exceed the votes, if any, cast against the resolution by members so entitled and voting;
(9) "prescribed" means prescribed by rules made under this Act;
(10) "Registrar" means a person appointed by the State Government under section 3 to perform the duties of the Registrar;
(11) "Schedule" means a schedule appended to this Act;
(12) "Scheduled Bank" has the same meaning as in the Reserve Bank of India Act, 1934.
(13) "special resolution" - a resolution shall be a special resolution when-
(a) the intention to propose the resolution as a special resolution has been duly specified in the notice calling the general meeting or other intimation given to the members of the resolution;
(b) the notice required under the articles has been duly given of the general meeting; and
(c) the votes cast in favour of the resolution (whether on a show of hands, or on a poll, as the case may be,) by members who, being entitled so to do, vote in person or where proxies are allowed, by proxy, are not less than three times the number of votes, in any, cast against the resolution by members so entitled and voting.
3. Registrar and other officers. - For the purpose of registration of corporations under this Act, the State Government may appoint a Registrar and such Additional, Joint, Deputy, Assistant or District Registrars as it thinks necessary to assist the Registrar and may by general or special order confer on those assisting the Registrar all or any of the powers of a Registrar under this Act.
4. Act to override memorandum, articles, etc. - Save as otherwise expressly provided in the Act-
(a) the provisions of this Act shall have effect notwithstanding anything to the contrary contained in the memorandum or articles or in any agreement executed by a corporation, or in any resolution passed by it in general meeting or by its Board of directors; and
(b) any provision contained in the memorandum, articles, agreement or resolution aforesaid, shall, to the extent to which it is repugnant to the provisions of this Act, become or be void, as the case may be.