Sun Feb 27 2022 | Business and Corporate | Comments (0)
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Title : The Companies Act, 1956
Year : 1956
Section -1 Short title, commencement and extent
(1) This Act may be called the Companies Act, 1956.
(2) It shall come into force on such date 1* as the Central Government may, by notification in the Official Gazette, appoint.
2*[(3) It extends to the whole of India:]
3 [***]
4*[Provided 5 [***] that it shall apply to the State of Nagaland subject to such modifications, if any, as the Central Government may, by notification in the Official Gazette, specify.]
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1. Came into force on 1-4-1956 vide S.R.O. 612, dated 8th March, 1956, published in the Gazette to India of India, Extra. 1956, Part II., Section 3, Page 473.
2. Substituted by Act 62 of 1956, Section 2 and Schedule, for sub-section (3) (w.e.f. 1-11-1956).
3. First proviso omitted by Act 25 of 1968, Section 2 and Schedule (w.e.f. 15-8-1968).
4. Inserted by Act 31 of 1965, Section 2 (w.e.f. 15-10-1965).
5. The word "further" omitted by Act 25 of 1968, Section 2 and Schedule (w.e.f. 15-8-1968).
In this Act, unless the context otherwise requires, -
1*[(1)] "Abridged prospectus" means a memorandum containing such salient features of a prospectus as may be prescribed;]
2*[(1A)] "Alter" and "alteration" shall include the making of additions and omissions;
3*[(1B) "Appellate Tribunal" means the National Company Law Appellate Tribunal constituted under sub-section (1) of section 10FR;]
(2) "Articles" means the articles of association of a company as originally framed or as altered from time to time in pursuance of any previous companies law or of this Act, including, so far as they apply to the company, the regulations contained, as the case may be, in the Table B in the Schedule annexed to Act No. 19 of 1857 or in Table A in the First Schedule annexed to the Indian Companies Act, 1882 (6 of 1882), or in Table A in the First Schedule annexed to the Indian Companies Act, 1913 (7 of 1913), or in Table A in Schedule I annexed to this Act;
4 [***]
(5) "Banking company" has the same meaning as in the Banking Companies Act, 1949 (10 of 1949)5 ;
(6) "Board of directors" or "Board", in relation to a company, means the Board of directors of the company;
(7) "Body corporate" or "corporation" includes a company incorporated outside India but 6 [does not include -
(a) A corporation sole;
(b) A co-operative society registered under any law relating to co-operative societies; and
(c) Any other body corporate (not being a company as defined in this Act) which the Central Government may, by notification in the Official Gazette, specify in this behalf;]
(8) "Book and paper" and "book or paper" include accounts, deeds, 7*[vouchers,] writings and documents;
8*[(9) "Branch office" in relation to a company means -
(a) Any establishment described as a branch by the company; or
(b) Any establishment carrying on either the same or substantially the same activity as that carried on by the head office of the company; or
(c) Any establishment engaged in any production, processing or manufacture, but does not include any establishment specified in any order made by the Central Government under section 8;]
(10) "Company" means a company as defined in section 3;
9*[(10A) "Company Law Board" means the Board of Company Law Administration constituted under section 10E;]
10*[(11) "the court" means, -
(a) With respect to any matter relating to a company (other than any offence against this Act), the court having jurisdiction under this Act with respect to that matter relating to that company, as provided in section 10;
(b) With respect to any offence against this Act, the court of a Magistrate of the First Class or, as the case may be, a Presidency Magistrate, having jurisdiction to try such offence;]
(12) "Debenture" includes debenture stock bonds and any other securities of a company, whether constituting a charge on the assets of the company or not;
11*[(12A) "Depository" has the same meaning as in the Depositories Act, 1996 (22 of 1996);
(12B) "Derivative" has the same meaning as in clause (aa) of section 2 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956);]
(13) "Director" includes any person occupying the position of director, by whatever name called;
(14) "District Court" means the Principal Civil Court of original jurisdiction in a district, but does not include a High Court in the exercise of its ordinary original civil jurisdiction;
11*[(14A) "dividend" includes any interim dividend;]
(15) "Document" includes summons, notice, requisition, order, other legal process, and registers, whether issued, sent or kept in pursuance of
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