4960 : Pb. Act XXV]_ Non-Trapina Companies 645 THE PUNJAB NON-TRADING COMPANIES ACT, 1960
TABLE OF CONTENTS
SECTION.
1. Short title, extent, commencement and application.
2. Definition.
3. Application of Central Act 1 of 1956 to companies to which this Act applies,
4. Power to make rules.
5. Repzals and savings.
1
- 1960 : Pb. Act XXV] Non-TR ADING Companies 647
"HE PUNJAB NON-TRADIN ACT, 1960, 0
PUNIAB ACT NO. XXV OF 1960
ved the assent of
the Govéfnor of P
unjab on
[Recel
the 12th May, 1960 and stra published in the Punjab
government az
ette xtraordi
nary) of the 3
O01
id June, _—
aie
;
ans
al _
|
—_--—_—_ —— Year No
short title Wh ether re pealed or otherwis affected by jegislation erwee ef
1960 XXV_ | The
Punjab Non-Trading
The Pudj i
unjab R isati
Companies Act, 1960
(Chandigarh) Aeeztio
n of
Laws on State and Co
ncurrent
Subjects) Order, 1968. ___
eee _
AN
ACT
to provide for the incorporation, regul ation and winding u p
certain other ass ociations
of non-trading compa nies and
with objects confi ned to the State of Punjab.
_ _BE it enacte d by the Legisl ature of the Stat e of Punjab
in the Eleventh Y ear of the Repub lic of India as f ollows -—
1. (/) This Act may be called the Pu njab Non- Shor t ls, Smeat Trading Companie s Act, 1960. and application.
(2) It extend s to the w h
of Chandigarh].
(3) It shall come _& Hes apply to 2 Sone ons, seé P
unjab Gov
e
ole of the (
Union territ
ory
t once.
into force
a
y as defined
in section 2.
rnment Gaze
tte (Ex-
'For Statemen
t of Objects a
nd Reas
by the Punjab
Reorganisat
ion
ncurrent S
ubjects) Orde
r, 1968.
"state of Pun jab"
n State and Co
'Substituted for th e words
(Chandigarh) ( Adaptation of
Laws ©
2
Definition. Application of Central Act 1 of
648 NON-TRADING COMPANIES [1960 : Pb. Act. Xxy
2. In this Act, 'company' means a company formed and registered under this Act, or an existing. company formed and registered under any of the previous companies laws specified in clause (i/) of sub-section (/) of section 3 of the Companies Act, 1956 (Central Act 1 of 1956), and—
(1) which is confined in the scope of its Objects to the '[Union territory of Chandigarh] ; and
(2) which is a non-trading corporation within the meaning of entries 43 and 44 in List I of the Seventh Schedule to the Constitution of India,
3. (/) The provisions of the Companies Act, 1956 1956 to companies (Central Act 1 of 1956), shall so far as may be, apply to the to which this Act
applies.
(Chan
incorporation, regulation and winding up of companies to which this Act applies : P
Provided that—
(a) the powers and functions vested in the Central Government under those provisions shall be exerciseable and may be exercised by the State Government ;
(6) the State Government shall be competent, by notification, to delegate all or any of such powers or functions to such subordinate officer or authority, and subject to such conditions, res- trictions and limitations, as may be specified in the notification :
(c) the State Government shall have power by a like notification to relax, omit, add to or vary any provision of the aforesaid Central Act
hereby made applicable to companies to which
this Act applies ; and
(d) the powers, duties and functions of the Regis- trar under the said provisions shall be exercised, discharged and performed by such person as appointed by the State Government, by name or by virtue of office, to be the Registrar, in relation to companies to which this Act applies. —————
*Substituted for the words ''State of Punjab" by the Punjab Reorganisation digarh) (Adaptation of Laws on State and Concurrent Subjects) Order, 1968.
3
: ph. Act XXV]_ NON-TRADING ComPantts 649
1960
(2) A copy of every notificatio n issued under clauses af sub-section (7), shall, < nd (c) of s » Shall, aS Soon as (b),8 issued, be placed before both Houses of the State pegisiatur': -
(1) The [Central Gove rnment] may, by notifica - Power to max
tion, make rules for carryi ng out the purposes of this Act rile.
or _ by like notificatio n and for carrying out lik e pur-
pose>» direct that any rul es made by any authority under
the Companies Act, 1956, in so far as such rules-rel ate to
the carTying OW" of such purp oses shall apply with or with out
such adaptations and modifica tions, whether by way of re- eal OF amendment, a
s may be necessary,
or expedient, and
thereupon such rules shall have effect subject to the ad apta-
tions and modifications so made as if they were made under
this Act.
(2) Every rule made or applied und er this section shall
be laid as soon as may be after it is made or applied before each House of the State L egislature while it is in ses sion
for a total period of ten da ys which may be comprised in
one session or In two suc cessive sessions, and if before the
expiry of the session in which it is so laid or the session immediately following, b oth Houses agree in mak
ing any
modification in the rule or both Houses agree tha t the
rule should not be made
or applied, the rule shall there-
after have effect only in su ch modified form or te of no
effect, as the case may
b2, so however that
any such modi-
fication or annulment
shall be without prejud
ice to the
validity of anything previ ously done under that rul e.
5, (1) Section 289-A
of the Indian Compa
nies Act, Repealsané
1913 (Central Ac
t II of 1913),
and all other pr
ovisions savings.
thereof in so far as the y relate to matters en
umerated in
entry 32 of List IT
in the Seventh Sche
dule to the Consti-
tution of India, are h
ereby repealed.
(2) Sections 4 and 22 of the Punjab Ge neral Clauses
Act, 1898, shall a pply to the repeal of the provisions ee
fied in sub-secti on én) as they apply to the
repeal ol 4
Punjab Act.
oe
ernment" by the, Fun Reo
1Substituted for the wo rds "State Gov
(Chandigarh) (A
daptation of La
ws on State and
Concurren
4