The Tamil Nadu Non-Trading Companies Act, 1972

The Tamil Nadu Non-Trading Companies Act, 1972 Act 16 of 1972 Keyword(s): Company, Application of Companies Act, Non Trading Corporation DISCLAIMER: This document is being furnished to you for your information by PRS Legislative Research (PRS). The contents of this document have been obtained from sources PRS believes to be reliable. These contents have not been independently verified, and PRS makes no representation or warranty as to the accuracy, completeness or correctness. In some cases the Principal Act and/or Amendment Act may not be available. Principal Acts may or may not include subsequent amendments. For authoritative text, please contact the relevant state department concerned or refer to the latest government publication or the gazette notification. Any person using this material should take their own professional and legal advice before acting on any information contained in this document. PRS or any persons connected with it do not accept any liability arising from the use of this document. PRS or any persons connected with it shall not be in any way responsible for any loss, damage, or distress to any person on account of any action taken or not taken on the basis of this document. 1972 : T.N. Act 161 Non-trading Companies 35 TAMIL NADU ACT NO. 16 OF 1972, * THE TAMIL NADU NON-TRADING COMPANIES ACT, 1972. [Received the assent of the Governor on the 10th May 1972,jirst published in the Tamil Nadu Governmcnt Gazette Exaraordinary on the 16th May 1972 (Vnisaklza 26, 1894)l. An Act to provide for the application of the Companies Act, 1956, to companies with objects confined to the State qf Tamil Nadu, which are not trading corporations. BE it enacted by the Legislature of the State of Tamil Nadu in the Twenty-third Year of the Republic of India as follows :- 1. (1) This Act may be called the Tamil Nadu Non-trading Short title, Companies Act, 1972. extent, wm- mencement (2) It extends to the whole of the State of Tamil Nadu. and appllca- (3) It shall come into force on such date as the State Government may, by notification, appoint. (4) It shall apply to a company as defined in section 2 of this Act. 2. In this Act, unless the context otherwise requires, Definiioa 1 "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 (ii) of sub-section (1) of section 3 of the Companies Act, 1956 (Central Act 1 of 1956), which is a non-trading cor- poration within the meaning of entries 43 and 44 of the Union List in the Seventh Schedule to the Constitution, with objects confined to the State of Tamil Nadu. 3. The provisions of the Companies Act, 1956 (Central Application Act 1 of 1956), as tbr the time being in force shall, so far as gy may be, apply to the incorporation, regulation and wind- 1956 (<=enbd ing up of companies to which this Act applies : Act 1 01 1956). to Provided that- companies to (i) the powers conferred on the Central Government which tbia by those provisions shall be exercisable and may be appli". exercised by the State Government ; * For Statement of Objects and Reasons, see Tamil Nadu Qovernrnent Gazette Extraordinary, dated the 28th Mar& 1972, Part IV-Section 3, Pages 63-64. 12510 -3~ 36 Noit-trading Companlks [Mi:T. & Act 16 (ii) the State Government may, by notification- (a) delegate all or any of such powers to such authority or officbr, and subject to such conditions, res- trictions and limitations as may be specified in the notification ; and (b) relax, omit, add to or vary any provision of the aforesaid Central Act hereby made applicable to companies to which this Act applies ; and (iii) the powers, duties and functions of the Registrar under the said provisions shall be exercised, discharged and performed by such person as may be 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. I I' Power to make 4. The State Government may make rules for carryjog rules. out all or any of the purposes of this Act. Publication 5. (1) (a) All rules made under this Act shall be published of rules, in the Tamil Nadu Government Gazette and, unless they are commence- expressed to come into force on a particular day, shall come mnt of rules and notifications into force on the day on which they are so published. and placmg them on the table of the (b) All notifications issued under this Act shall, Legislature. unless they are expressed to come into force on a particular day, come into force on the day on which they are publi- shed. I (2) Every rule made or notification issued under this Act shal1,as soon as possible, after it is made or issued, be placed on the table of both Houses of the Legislature, and if, before the expiry of the session in which it is so placed or the next session, both Houses agree in making any modifica- tion in any such rule or notification or both Houses agree that the rule or notification should not be made or issued, the rule or notification shall thereafter have effect only in such modified form or be of no effect, as the case may be, so however, that any such modification or annulment shall be without prejudice to the validity of anything previously done dnder that rule or notification, 1972 :T .N. Act 161 Non-trading Companies 37 6. The Indian Companies Act, 1913 (Central Act VII of Repeal. 1913), in its application to the State of Tamil Nadu excluding the transferred territory and in so far as it relates to matters specified in entry 32 of the State List in the Seventh Sche- dule to the Constitution, and so much of the law, if any, in force in the transferred territory corresponding to the aforesaid Central Act are hereby repealed. Explanation.-For the purpose of this section, the expression "transferred territory" shall mean the Kanya- kumari district and the Shencottah taluk of the Tirunel- veli district.