THE PUNJAB NON-TRADING COMPANIES ACT, 1960

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. - 1960 : Pb. Act XXV] Non-TRADING Companies 647 “HE PUNJAB NON-TRADIN ACT, 1960, 0 PUNIAB ACT NO. XXV OF 1960 ved the assent of the Govéfnor of Punjab on [Recel the 12th May, 1960 and stra published in the Punjab government azette xtraordinary) of the 3 O01 id June, _— aie ; ans al _ | —_--—_—_ —— Year No short title Whether 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) Aeeztion of Laws on State and Concurrent Subjects) Order, 1968. ___ eee _ AN ACT to provide for the incorporation, regulation and winding up certain other associations of non-trading companies and with objects confined to the State of Punjab. _ _BE it enacted by the Legislature of the State of Punjab in the Eleventh Year of the Republic of India as follows -— 1. (/) This Act may be called the Punjab Non- Short ls, Smeat Trading Companies Act, 1960. and application. (2) It extends to the wh of Chandigarh]. (3) It shall come _& Hes apply to 2 Sone ons, seé Punjab Gove ole of the (Union territory t once. into force a y as defined in section 2. rnment Gazette (Ex- ‘For Statement of Objects and Reas by the Punjab Reorganisation ncurrent Subjects) Ord er, 1968. “state of Punjab” n State and Co ‘Substituted for the words (Chandigarh) (Adaptation of Laws © 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. : ph. Act XXV]_ NON-TRADING ComPantts 649 1960 (2) A copy of every notification issued under clauses af sub-section (7), shall, < nd (c) of su » Shall, aS Soon as (b),8 issued, be placed before both Houses of the State pegisiatur’: - (1) The [Central Government] may, by notifica- Power to max tion, make rules for carrying out the purposes of this Act rile. or _ by like notification and for carrying out like pur- pose>» direct that any rules made by any authority under the Companies Act, 1956, in so far as such rules-relate to the carTying OW" of such purposes shall apply with or without such adaptations and modifications, whether by way of re- eal OF amendment, as may be necessary, or expedient, and thereupon such rules shall have effect subject to the adapta- tions and modifications so made as if they were made under this Act. (2) Every rule made or applied under this section shall be laid as soon as may be after it is made or applied before each House of the State Legislature while it is in session for a total period of ten days which may be comprised in one session or In two successive sessions, and if before the expiry of the session in which it is so laid or the session immediately following, both Houses agree in making any modification in the rule or both Houses agree that the rule should not be made or applied, the rule shall there- after have effect only in such modified form or te of no effect, as the case may b2, so however that any such modi- fication or annulment shall be without prejudice to the validity of anything previously done under that rule. 5, (1) Section 289-A of the Indian Companies Act, Repealsané 1913 (Central Act II of 1913), and all other provisions savings. thereof in so far as they relate to matters enumerated in entry 32 of List IT in the Seventh Schedule to the Consti- tution of India, are hereby repealed. (2) Sections 4 and 22 of the Punjab General Clauses Act, 1898, shall apply to the repeal of the provisions ee fied in sub-section én) as they apply to the repeal ol 4 Punjab Act. oe ernment” by the, Fun Reo 1Substituted for the words “State Gov (Chandigarh) (Adaptation of Laws on State and Concurren