Bare Act Search Results

Companies Act, 1956 Section 79

Title: Power to Issue Shares at a Discount

State: Central

Year: 1956

.....the issue of the shares or of so much of that discount as has not been written off at the date of the issue of the prospectus. If default is made in complying with this sub-section, the company, and every officer of the company who is in default, shall be punishable with fine which may extend to7[five hundred rupees]. ________________________ 1. Substituted by Act 41 of 1974, Section 9, for "Court" (w.e.f. 1-2-1975) and again Substituted by Act 11 of 2003, Section 12, for "Company Law Board". 2. Certain words omitted by Act 41 of 1974, Section 9 (w.e.f. 1-2-1975). 3. Added by Act 41 of 1974, Section 9 (w.e.f. 1-2-1975). 4. Substituted by Act 11 of 2003, Section 12 for "Company Law Board". 5. Substituted by Act 11 of 2003, Section 12 for "unless that board is of opinion". 6. Inserted by Act 11 of 2003, Section 12. 7. Substituted by Act 53 of 2000, Section 34, for "fifty rupees" (w.e.f. 13-12-2000).

Reserve Bank of India Act, 1934 (2 of 1934) Section 18

Title: Power of Direct Discount

State: Central

Year: 1934

.....not exceeding ninety days, on such terms andconditions as the Bank may consider to be sufficient.] 10 [***] 11 [***] ______________________ 1.The brackets and figure "(1)" omitted by Act 51 of 1974, section 7(w.e.f. 13-12-1974). 2.Substituted by Act 32 of 1951, section 8, for "Central Board" (w.e.f.1-1-1949). 3.Certain words omitted by Act 62 of 1948, section 7 and Schedule (w.e.f.1-1-1949). 4.Substituted by Act 51 of 1974, section 7, for "under this sub-section"(w.e.f. 13-12-1974). 5.The words "or Burma" Inserted by the India and Burma (Burma MonetaryArrangements) Order, 1937 and omitted by Act 11 of 1947, section 12 (w.e.f.1-4-1947). 6.Certain words omitted by Act 51 of 1974, section 7 (w.e.f. 13-12-1974). 7.Substituted by Act 51 of 1974, section 7, for the clause (1) (w.e.f.13-12-1974). 8.Clause (2) omitted by Act 24 of 1978, section 5 (w.e.f. 21-7-1978). 9.Substituted by Act 51 of 1974, section 7 for the clause (3) (w.e.f. 13-12-1974). 10.The proviso omitted by Act 62 of 1948, section 7 and Schedule (w.e.f. 1-1-1949). 11.Sub-section (2) omitted by Act 51 of 1974, section 7 (w.e.f. 13-12-1974).

Companies Act, 2013, Section 53

Title: Prohibition on Issue of Shares at Discount

State: Central

Year: 2013

(1) Except as provided in section 54, a company shall not issue shares at a discount. (2) Any share issued by a company at a discounted price shall be void. (3) Where a company contravenes the provisions of this section, the company shall be punishable with fine which shall not be less than one lakh rupees but which may extend to five lakh rupees and every officer who is in default shall be punishable with imprisonment for a term which may extend to six months or with fine which shall not be less than one lakh rupees but which may extend to five lakh rupees, or with both.

Companies Act, 1956 Section 76

Title: Power to Pay Certain Commissions and Prohibition of Payment of All Other Commissions, Discounts, Etc.

State: Central

Year: 1956

.....(a) of sub-section (1) for any shares in, or debentures of, the company and before the issue of the prospectus or statement in lieu thereof any other person or persons has or have subscribed for any or all of those shares or debentures and that fact together with the aggregate amount of commission payable under this section in respect of such subscription is disclosed in such prospectus or statement, then, the company may pay commission to the first-mentioned person in respect of such subscription.] (5) If default is made in complying with the provisions of this section, the company, and every officer of the company who is in default shall be punishable with fine which may extend to4[five thousand rupees]. _____________________ 1. The word "and" omitted by Act 31 of 1965, Section 12 (w.e.f. 15-10-1965). 2. Inserted by Act 31 of 1965, Section 12 (w.e.f. 15-10-1965). 3. Substituted by Act 65 of 1960, Section 22, for "any of its capital moneys" (w.e.f. 28-12-1960). 4. Substituted by Act 53 of 2000, Section 32, for "five hundred rupees" (w.e.f. 13-12-2000).

Banking Regulation Act, 1949 Section 13

Title: Restriction on Commission, Brokerage, Discount, Etc. on Sale of Shares

State: Central

Year: 1949

Notwithstanding anything to thecontrary contained in 1 [sections 76 and 79 of the Companies Act, 1956 (1 of1956)], no banking company shall pay outdirectly or indirectly by way of commission, brokerage, discount orremuneration in any form in respect of any shares issued by it, any amountexceeding in the aggregate two and one-half per cent of the paid-up value ofthe said shares. ___________________ 1. Subsituted by Act 95 of 1956, Section 14 and Schedule I, for"section 105 and 105A of the Indian Companies Act, 1913 (7 of 1913)" w.e.f.14-1-1957.

Companies Act, 1956 Complete Act

State: Central

Year: 1956

.....as in the (Depositories Act, 1996) (22 of 1996); (12B) "derivative" has the same meaning as in clause (aa) of (S.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 ; [(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 this or any other Act or otherwise ; [(15A) "employees stock option" means the option given to the whole-time directors, officers or employees of a company, which gives such directors, officers or employees the benefit or right to purchase or subscribe at a future date, the securities offered by the company at a pre-determined price;] (16) "existing company" means an existing company as defined in (section 3); (17) "financial year" means, in relation to any body corporate, the period in respect of which.....

Companies Act, 1913 Complete Act

State: Central

Year: 1913

.....its ordinary original civil jurisdiction; (7) "existing company "means a company formed and registered under the (Companies Act, 1866), or under any Act or Acts repealed thereby, or under (Companies Act, 1882): (8) " Insurance company " means a company that carries on the business of insurance either solely or in common with any other business or businesses: (9) "manager " means a person who, subject to the control and direction of the directors has the management of the whole affairs of a company, and includes a director or any other person occupying the position of a manager by whatever name called and whether under a contract of service or not: (9A) " managing agent " means a person, firm or company entitled to the management of the whole affairs of a company by virtue of an agreement with the company, and under the control and direction of the directors except to the extent, if any, otherwise provided for in the agreement and includes any person, firm or company occupying such position by whatever name called : Explanation.-If a person occupying the position of a managing agent calls himself a manager he shall nevertheless be regarded as managing agent and not as manager for.....

Companies Act, 1956 Part 3

Title: Prospectus and Allotment, and Other Matters Relating to Issue of Shares or Debentures

State: Central

Year: 1956

.....1934), repayment of such deposit shall be made in full on or before the 1st day of April, 1975, and such repayment shall be without prejudice to any action that may be taken under the Reserve Bank of India Act, 1934 for the acceptance of such deposit in contravention of such direction. 6[(3A) Every deposit accepted by a company after the commencement of the Companies (Amendment) Act, 1998, shall, unless renewed in accordance with the rules made under sub-section (1), be repaid in accordance with the terms and conditions of such deposit.] (4) Where any deposit is accepted by a company after the commencement of the Companies (Amendment) Act, 1974, in contravention of the rules made under sub­section (1), repayment of such deposit shall be made by the company within thirty days from the date of acceptance of such deposit or within such further time, not exceeding thirty days, as the Central Government may, on sufficient cause being shown by the company, allow. (5) Where a company omits or fails to make repayment of a deposit in accordance with the provisions of clause (c) of sub-section (3), or in the case of a deposit referred to in sub-section (4), within the time.....

Chit Funds Act, 1982 Complete Act

State: Central

Year: 1982

..... (a) that the security offered by the foreman under section 20 is insufficient; (b) that the foreman had been convicted of any offence under this Act or under any other Act regulating chit business and sentenced to imprisonment for any such offence; (c) that the foreman had defaulted in the payment of fees or the filing of any statement or record required to be paid or filed under this Act or had violated any of the provisions of this Act or the rules made thereunder; (d) that the foreman had been convicted of any offence involving moral turpitude and sentenced to imprisonment for any such offence unless a period of five years has elapsed since his release: Provided further that before refusing to register a chit under the first proviso, the foreman shall be given a reasonable opportunity of being heard. (3) Every endorsement made under sub-section (2) shall be conclusive evidence that the chit is duly registered under this Act and the registration of a chit shall lapse if the declaration by the foreman under sub-section (1) of section 9-is not filed within three months from the date of such endorsement or within such further period or periods not exceeding three months in.....

Banking Regulation Act, 1949 Complete Act

State: Central

Year: 1949

.....on 19-9-1949. This Act now incorporates the provisions contained therein in the Banking Companies Act. 1949 as a pernabebt basis, in addition. this Act also amends the said Act for the following purposes :- (a) to incorporate special provisions for facilitating quick amalgamations between banking companies: (b) to empower the Reserve Bank to control opening of branches by Indian banks in foreign countries: (c) to provide a meaning of the terms "assets in India" for the purpose of section 25.-Gaz. of Ind.. 24-12-1949. Pt. V. p:501. Act 52 of 1953.- The Banking Companies Act. 1949 (X of 1949) was passed to ensure proper administration of the banking companies in India. The liquidation of banks, however, continued to be governed by the provisions of the Indian Companies Act, 1913. Experience of the liquidation of a large number of banks that failed during the post-war and post-partition period disclosed that the procedure for the liquidation of joint stock companies was totally inadequate for the liquidation of banking companies in a manner satisfactory to the depositors. A bank has a far larger number of debtors than a joint stock company of a comparable size, and the necessity to.....