Further, on the question as to whether a society is a body corporate or not, the Department of Company Affairs in its Circular No. 8(26)/2(7)/63-PR, dated 13-03-1963 stated that the term body corporate does not include a society registered under Act, 1860 for the purpose of Act, 1956..
It states that a corporate firm shall do not modify the terms and conditions of the contract mentioned in the prospectus at any time unless it is approved by or authorized by the company at the general meeting of the shareholders by means of a special resolution method..
A society is a non-commercial organization, form for the promotion of the object like art, culture, science, religion etc.
Provisionsunder the Companies Act are more stringent and attract more penalties.
A registered company is a legal entity..
In addition to private and public limited companies, the Act also provides for a One Person Company (OPC), Section 8 companies, and producer companies.
One Person Companies (OPC) are companies with a single member.
Only individual Indian citizens can be shareholders in an OPC..
Section 8 Companies are governed by the Indian Companies Act, 2013
Trusts are registered under the jurisdiction of Deputy Registrar/Charity commissioner of the relevant area
The power to register a society lies in the hand of Registrar of societies
] An Act to consolidate and amend the law relating to companies
Short title, extent, commencement and application
—(1) This Act may be called the Companies Act, 2013
It extends to the whole of IndiaSection 366 of the Companies Act, 2013 prescribed that the existing societies and any other association registered under different laws or any other legislation framed by various state governments or any community benefit society are having an option to convert themselves in a Section 8 Company under Companies Act, 2013
