Section 378Z-I. General And Other Reserves

29 Nov, 2023

¹[378Z-I. General and other reserves.–(1) Every Producer Company shall maintain a general reserve in every financial year, in addition to any reserve maintained by it as may be specified in articles.

(2) In a case where the Producer Company does not have sufficient funds in any financial year for transfer to maintain the reserves as may be specified in articles, the contribution to the reserve shall be shared amongst the Members in proportion to their patronage in the business of that Company in that year.]

References

Ins. by Act 29 of 2020, s. 52 (w.e.f. 11-2-2021).

READ Section 378. Saving And Construction Of Enactments Conferring Power To Wind Up Partnership Firm, Association Or Company, Etc., In Certain Cases

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