Orissa act 005 of 1960 : Orissa (Non-Trading) Companies Act, 1959

Department
  • Department of Law
Summary

No

Enforcement Date

14 Jul 1992

Preamble

1Orissa (Non-Trading) Companies Act, 1959*

[Orissa Act No. 5 of 1960][20th January, 1960]

An Act Relating to Companies which are non-trading corporations

Whereas it is expedient to provide for the registration of non-trading corporations with object confined to the State of Orissa in the manner hereinafter appearing;

It is hereby enacted by the Legislature of the State of Orissa in the Tenth Year of the Republic of India as follows:-

1. For Statement of Objects and Reasons, see Orissa Gazette, Extraordinary dated the 8th December, 1959 (No. 660).

* [Received the assent of the Governor on the 20th January, 1960, first published in an extraordinary issue of the Orissa Gazette, dated the 3rd February, 1960]

Section 1. Short title, extent and commencement

1. Short title, extent and commencement.- (1) This Act may be called the Orissa (Non-Trading) Companies Act, 1959.

(2) It extends to the whole of the State of Orissa.

(3) This Act shall be deemed to have come into force on the 1st day of April 1956.

(4) It shall apply to a company as defined in section 2 of this Act.

Section 2. Definition

2. Definition.- In this Act "a company" means a company formed and registered under this Act or an existing company formed and registered under any of the previous company laws specified in clause (ii) of sub-section (1) of section 3 of the Companies Act, 1956 (Act I of 1956) and

(i) which is confined in the scope of its objects to the State of Orissa; and

(ii) which is a non-trading corporation within the meaning of entry 32 in list II of the Seventh Schedule to the Constitution of India.

Section 3. Application of Act I of 1956

3. Application of Act I of 1956.- The provisions of the Companies Act, 1956 (Act I of 1956) shall, so far as may be, apply to incorporation, regulation and winding up of companies to which this Act applies:

Provided that the powers conferred on the Central Government by the said Act shall be exercisable and may be exercised by the State Government.

Section 4. Repeal of section 289-A, Act 7 of 1913

4. Repeal of section 289-A, Act 7 of 1913.- Section 289-A of the Indian Companies Act, 1913 (Act 7 of 1913) conferring powers on the State Government with regard to non-trading corporations with objects confined to the State is hereby repealed.

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