You are viewing the translated version of मुनाफा वितरण नगर्ने कम्पनी सम्बन्धी विशेष व्यवस्थाहरु.
Section 167
Special Provisions Regarding Non-Distributing Companies
(1) Regardless of anything written in this Act or prevailing laws, the following shall be as follows for a company incorporated under Section 166:-
(a) Share capital is not required to establish a company that does not distribute profits. However, the company may receive membership fees from its members and receive donations and grants in accordance with the law to fulfill its objectives.
(b) Its members shall not be responsible for the debts or obligations of the company unless a member of the company has accepted it in writing, and if any member has accepted the liability of the company in writing, his liability shall be limited to that extent only.
(c) All the provisions of this Act applicable to listed companies, except for the provisions applicable only to companies with share capital, shall also apply to the company, its directors, officers, auditors and employees.
(d) Dividends, bonuses or any other amount from the profits earned by the company shall not be distributed to its members or employees and the profits earned by the company shall be spent to increase the capital of the company or to achieve its objectives.
(e) The company should take the prior approval of the office when changing its purpose.
(f) A company that does not distribute profits cannot be merged into a company that distributes profits (g) The members of the company established in accordance with this paragraph shall elect directors from among themselves in the number determined in the regulations on the basis of one member and one vote.
(h) The meeting allowance, salary, facilities and establishment expenses and operating expenses of the company to be received by the officers working in the company established in accordance with this paragraph shall not be more than what is determined by the office and when the office determines the expenses in this way, the capital condition and profits of such company shall be based on it. But the administrative expenses will not exceed twenty five percent of the total expenses.
(i) In case of dissolution of the company established in accordance with this paragraph or cancellation of registration, the remaining equity of the company after discharge of debts and liabilities of the company.If there is any provision in the regulation, it will be transferred to the Government of Nepal if there is no provision. But such rights shall not be transferred to the founder or member of such company or his close relative or to the organization or company of which his close relative is the founder or member.
(2) In case of violation of the provision written in sub-section (1), the office may cancel the registration of the company that violates it. But before canceling the registration, the company should be given a chance to clean up.
(3) A person who is not satisfied with the decision of canceling the registration by the office according to sub-section (2) may appeal to the court within thirty-five days of receiving the information about such decision.
(4) When the office cancels the registration according to sub-section (2), a liquidator and auditor shall be appointed to complete the cancellation of such company. (5) The liquidator and auditor appointed under sub-section (4) shall perform their duties in accordance with the provisions of this Act and prevailing laws.
(a) Share capital is not required to establish a company that does not distribute profits. However, the company may receive membership fees from its members and receive donations and grants in accordance with the law to fulfill its objectives.
(b) Its members shall not be responsible for the debts or obligations of the company unless a member of the company has accepted it in writing, and if any member has accepted the liability of the company in writing, his liability shall be limited to that extent only.
(c) All the provisions of this Act applicable to listed companies, except for the provisions applicable only to companies with share capital, shall also apply to the company, its directors, officers, auditors and employees.
(d) Dividends, bonuses or any other amount from the profits earned by the company shall not be distributed to its members or employees and the profits earned by the company shall be spent to increase the capital of the company or to achieve its objectives.
(e) The company should take the prior approval of the office when changing its purpose.
(f) A company that does not distribute profits cannot be merged into a company that distributes profits (g) The members of the company established in accordance with this paragraph shall elect directors from among themselves in the number determined in the regulations on the basis of one member and one vote.
(h) The meeting allowance, salary, facilities and establishment expenses and operating expenses of the company to be received by the officers working in the company established in accordance with this paragraph shall not be more than what is determined by the office and when the office determines the expenses in this way, the capital condition and profits of such company shall be based on it. But the administrative expenses will not exceed twenty five percent of the total expenses.
(i) In case of dissolution of the company established in accordance with this paragraph or cancellation of registration, the remaining equity of the company after discharge of debts and liabilities of the company.If there is any provision in the regulation, it will be transferred to the Government of Nepal if there is no provision. But such rights shall not be transferred to the founder or member of such company or his close relative or to the organization or company of which his close relative is the founder or member.
(2) In case of violation of the provision written in sub-section (1), the office may cancel the registration of the company that violates it. But before canceling the registration, the company should be given a chance to clean up.
(3) A person who is not satisfied with the decision of canceling the registration by the office according to sub-section (2) may appeal to the court within thirty-five days of receiving the information about such decision.
(4) When the office cancels the registration according to sub-section (2), a liquidator and auditor shall be appointed to complete the cancellation of such company. (5) The liquidator and auditor appointed under sub-section (4) shall perform their duties in accordance with the provisions of this Act and prevailing laws.