Producer Company A NEW CONCEPT
Producer Company Concept • The new concept of producer corporations relies on the recommendations of A knowledgeable committee LED by noted economic expert, Y. K. Alagh. • The committee was asked following questions:
Producer Company Concept • (a) To border a legislation that will change incorporation of cooperatives as corporations and conversion of existing cooperatives into corporations and • b) To confirm that the planned legislation accommodated the distinctive components of cooperative business with a regulative framework like that of corporations.
Producer Company Concept • The new kind is termed as `Producer Company', to point that solely bound classes of persons will participate within the possession of such firms. • The members have essentially to be `primary producers,' that is, persons engaged in associate activity connected with, or associated with, primary turn out.
What is Primary Run-out? • In terms of the Act it's a product of farmers arising from agriculture as well as farming, gardening, flower gardening, pisciculture, culture, forestry, forest product, revegetation, bee raising and farming plantation products: • turn out of persons engaged in loom, handicraft and alternative house industries: by - product of such product; and products arising out of auxiliary industries.
Objects of Producer Company b) The objects of producer corporations shall embrace one or a lot of the eleven things per the Act, the lot of vital being: c) Production, harvesting, acquisition, grading, pooling, handling, marketing, selling, export of primary turn out of members or import of products or services for his or her benefit;
Objects of Producer Company b. process together with protective, drying, distilling, brewing, venting, canning and packaging of turn out of its members; and a. Manufacture, sale or provider of machinery, instrumentation or consumables chiefly to its members.
Objects of Producer Company • The other objects embrace rendering technical or practice services, insurance, generation, transmission and distribution of power and betterment of land and water resources; • promoting techniques of mutuality and mutual help; welfare measures and providing education on mutual assistance principles.
Objects
Who Can Incorporate PC? Any of the subsequent combination of producers will incorporate a producer company: • 10 or a lot of producers (individuals); or • 2 or a lot of producer institutions; or • A mixture of the on top of (10+2)
Who Can Incorporate PC? • Solely persons WHO are engaged in or connected to primary production activity will be members and homeowners of a Producer Company. • These corporations are termed as “Companies with restricted Liability” and also the liability of the members are going to be restricted to the number, if any, unpaid on the shares.
Who Can Incorporate PC? • The name of the corporate has got to finish with “Producer Company Limited” • For the target of implementation of law and administration of the corporate, the Producer Company is treated as a private ltd.
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