Legal Pending Proceedings Continuation:
Provided that should not against execution any company individual property member, on any decree or in any proceeding order that was obtained or any such suit but in the company property event being not sufficient to satisfy the order or decree, for winding up the company and to obtain an order.
Court power to stay or control Proceedings :
This provisions Act in accordance to restraining suits and to staying and other legal proceedings at any time against the company for winding up presentation after petition and before making a winding up order, shall, in the registered company case pursuance in this part, where to stay the application or restrain is by a creditor, extend to other legal proceedings and against any company contribution suits.
Suits stayed on Winding up Order: Where a winding-up order has been made, or a provisional liquidator has been appointed for, as a company registered in this part pursuance, no suit or other legal proceeding shall be proceeded with or against the commenced company or any of the company contribution in accordance to any company debts , except by the (Tribunal) leave and except on such terms as the (Tribunal) may impose;
COMPANIES REGISTERED AUTHORIZATION UNDER THIS ACT:
Continuation of legal pending proceedings:
Provided that the person against execution shall not issue or any individual company member property on any decree or obtained an order in any such suit or proceedings, but in the property event of the company is insufficient to fulfil the decree or order, an order may be obtained for a company winding up.
Power of court to stay or Proceedings restrain:
This provisions Act with in-accordance to restraining suits and staying and other legal proceedings against the company for an ending up presentation at any time after the petition and before making ending up order, shall, in the registered company case in this pursuance of the part, where the application to stay or restrain is by a creditor, extend to other legal proceedings and suits against any company contribution.
Suits staying on Winding up Order:
Where an order has been made for winding up, or a provisional liquidator has been appointed for, a registered company in this Part pursuance, no suit or other legal proceeding shall be proceeded with or against the commencement of the company or any contributory company in respect to any company debt, except by leave of the (Tribunal) and may impose except on such terms as the (Tribunal) .
In this part, unless otherwise, the context requires;
an ” active member” means a member who fulfils the patronage of the Producer Company and requires the quantum by the articles;
b, “Chief executive” means an appointed individual as such under sub-section(1) of section 581W;
c, “limited return” means specified maximum dividend articles;
d, “Member” means Producer institution (whether incorporated or not) or as a ProducerCompany Member admitted a person and who retains the qualifications that are important as such for continuance ;
e, “Inter-state co-operative society” means a multi-State cooperative society as defined in clause (k) of section 3 of the Multi-State Co-operative Societies Act,1984 (51 of 1984) and contains any co-operative society registered under any other law for the time was in force, which has, to its formation subsequent, extended any of its objects by enlisting the participation of persons more than One State or by extending outside the State any of its activities, whether directly or indirectly or through an institution of which it is a constituent:
“Mutual assistance principles” means set the principles set out in sub-section (2) of section 581G:
“officer” includes Chief executive or any director or Secretary or any person in respect with whose directions or part of instructions or full business of the Producer Company is carried on;
“patronage” means the services use offered by the Producer Company to its Members in its business activities by participation;
“patronage bonus” means payments made by a Producer Company out of its surplus income in proportion to the Members to their respective patronage;
“primary produce” means
Produce of farmers, arising from agriculture (including animal husbandry, floriculture, horticulture, viticulture, pisciculture, forest products, forestry, re-vegetation, raising bee and farming plantation products), or from any other primary service or activity which promotes the farmer’s interest or consumers or
produce of persons involved in hand-loom, handicraft and other cottage industries;
any product from any of the above activities results, including such products and by-products;
any product from an ancillary activity results that would promote any of the activities aforesaid or assist or anything ancillary thereto;
any activity which is intended to increase production of anything referred to in sub-clauses (i) to (iv) or there to improve the quality;
“producer” means any person involved in any connected activity connected with or relatable to any primary produce;
“Producer Company” means a body corporate having activities or objects mentioned in section 581B and registered as Producer Company under this Act;
“Producer Institution” means a Producer Company or any other institution having only producers or producer Company or producers or Producer companies as its member whether incorporated or not having referred to any of this objects in this Section 581B and which agrees to make Producer Company use of the services or Producer Companies as provided in its articles.
“withheld price” means price part due and payable for supplied goods by any Producer Company Member and as withheld for payment by the Producer company on a subsequent date by the Producer Company.
INCORPORATION OF OTHER MATTERS AND PRODUCER COMPANIES:
Producer Company objects:
The producer company objects shall relate to any or all of the following matters namely:-
a Harvesting, production, procurement, pooling, grading, marketing, selling, handling, the primary produce of the export Members or goods and services import for their benefit:
Provided that the producer company may carry on specified any of its activities in this clause either through other institution or by itself;
processing including drying, distilling, preserving, vinting, brewing, canning and products of its Members packaging;
manufacture, the supply of machinery or sale, consumable or equipment mainly to its members;
providing education on the mutual assistance principle to its members or others;
rendering consultancy services, technical services, research and development, training and all other activities for the interest of its members for the promotion;
generation, transmission and power distribution, land revitalisation and water resources their conservation, use and communicate relatable to produce primary; (g) producers insurance or their primary produce;
promoting mutuality techniques and mutual assistance;
Welfare facilities for the member’s benefits or measures as may be decided by the board;
any other ancillary, activity or incidental to any of the activities referred to in clauses (a) to (i) or other activities that may promote the mutuality principles and mutual assistance in any other manner amongst the Members;
Procurement financing, marketing, processing or specified other activities in clauses (a) to (j) which include credit facilities extending or any other Members to its financial services.
Every Producer Company shall primarily deal with its active Members produce for carrying out specified in this section any of its objects.
REGISTRATION AND FORMATION OF PRODUCER COMPANY:
Any more or ten individuals each of them being a producer or any two or more producer institutions, or a combination of ten or more individuals and Producer institutions, or a combination of ten or more individuals and Producer institutions, forming of a Producer Company desirous specified in this section having its objects 581B and otherwise complying with this Part with the requirements and the provisions of the Act in respect of registration may form an incorporated Company as a Producer Company under this Act.
581D. Membership and voting rights of Producer Company Members:
In a case where the membership consists solely of individual members, the voting rights shall be based on every member single vote, irrespective of his producer company patronage or shareholding.
In a case where the membership consists of only producer institutions, the voting rights of such producer institutions shall be determined on the basis of their participation of the Producer company in the business in the previous year by articles as may be specified;
Provided that during the Producer Company registration during the first year the voting rights shall be determined on the basis of the shareholders by such producer institutions.
In the case where the membership consists of producer institutions and individuals, the voting rights shall be computed of a single vote for every Member on the basis.
The Producer Company articles may provide for the conditions, subject to which a Member may continue to retain his membership and the manner in which the voting rights by the members shall be exercised.
Notwithstanding anything contained in sub-section(7) or sub-section (2), any Producer Company may, if so authorized by its articles, restrict the voting rights to active members, in general meeting or in any special.
No person who has any interest in the business which is in conflict with the Producer Company business shall become that company Member.
A member who acquires any interest of the business which is in conflict with the business of the Producer Company shall cease to be a Member of that Company and be removed as a Member in accordance with the articles.
Subject to provisions in which the articles made, every Member shall initially receive only such value for the products pooled or produce and supplied as the Producer Board Company may determine, and the withheld price may be later disbursed in cash or in any kind or by allotment of equity shares, in proportion to the supplied products to the Producer Company during the financial year in such manner and to such extent and subject to such conditions as may be decided by the board.
Every Member shall, on the contributed share capital, receive only a limited return:
Provided that every such Member may be allotted shares of the bonus in respect with the provisions contained in the section 581ZJ.
The surplus if any, remaining after making payment provision of limited return and reserves referred to in section 581ZI may be disbursed as bonus for patronage, amongst the Members, in proportion to their business participation of the Producer Company either in cash or by way of equity shares allotment, or both, as may be decided by the general meeting Members.
Producer Company Memorandum.
The association memorandum of every Producer Company shall mention:-
the limited producer company and the company name the name of such company last words;
the State in which the Producer-company registered office is to situate;
the Producer Company main one objects or more the specified objects in section 581B;
The person address and the memorandum names who have subscribed;
The registered share capital amount Producer Company and division thereof into fixed amount shares;
the names, addresses and subscribers occupations being producers, who shall act in-accordance as the first directors with sub-section (2) of section 581J;
that the liability of its members is limited;
opposite to the name of the subscriber the name of each subscriber shares takes;
Provided that no subscriber shall take less than one share;
in case the objects of the Producer Company are not confined to one State, the States to whose the objects extend territories.
581G. ASSOCIATION ARTICLES:
There shall be presented, for the State registration the registrar to which the Producer Company registered office is, mentioned by the memorandum association, to be situated:-
The producer Company memorandum;
its duly signed articles to the memorandum by the subscribers.
The articles shall contain the mutual assistance following principles namely:-
The membership shall be available and voluntary, to all persons who are eligible who can participate or the facilities avail or the services of the Producer Company, and are willing to accept the duties of the membership.
each Member shall, save as otherwise provided in this Part, have only a single vote irrespective of the shareholding.
the administration of producer Company by a Board consisting of elected persons or appointed in the manner as the consistent directors with this Part of provisions and the Board shall be accountable to the Members.
Save as provided in this Part, there shall be the share capital limited return;
the arising out operation surplus of the Producer Company shall be distributed in an equitable manner by;-
providing for the development of the Producer Company of business;
Providing facilities that are common and
Distributing among-st the Members, in proportion as may be admissible to their respective business participation
Provision shall be made for the member’s education, employees and others, on the mutuality principles and mutual assistance techniques.
the Producer Company shall co-operate actively with other Producer Companies (and following similar principles other organisations) at the local, international or national level so as to serve best of their member’s interest and the to serve its purports communities.