(1) Notwithstanding anything contained elsewhere in this Act, for the development and promotion of any profession or business or to protect the collective rights and interests of persons engaged in a particular profession or business or for any educational, academic, social, charitable or A company can be established to carry out an enterprise on the condition that dividends cannot be shared for achieving public utility or welfare purposes.
(2) Any person who wants to register a company to achieve the purpose mentioned in sub-section (1) or the manager of a public company registered in accordance with the prevailing law or any other organized organization established in accordance with the prevailing law may submit an application to the office in accordance with section 4.
(3) The number of founders who establish a company according to sub-section (1) must be at least five and after the establishment of such company, the number of its members may be any number, provided that it does not decrease to five people.
(4) The membership of the company established in accordance with sub-section (1) cannot be transferred by any means. In case of death of a member, cancellation of registration or dissolution or merger with another organization or company, the membership of such person or organization shall automatically terminate.
(5) A company established under sub-section (1) shall not write words such as "Company", "Limited" or "Private Limited" in its name, unless the office has given prior approval.
(6) A company registered in accordance with sub-section (1) shall take the approval of the office while expanding the branch.