MOA AND AOA OF A PRODUCER COMPANY

Memorandum of Association and Articles of Association of A Producer Company

Producer companies mean the companies which are registered under the companies act,2013 and it is formed by

(A) by any 10 or more individual every individual should be a producer

(B) 2 or more producer institution

(C) combination of 10 or more individual and more producer institution and the things which have been produced through farming activities.

Memorandum of association and articles of association of producer company shall be duly signed by the registrar and required to be presented to registrar of the state where the producer company registered office is to be situated.

 

Memorandum of A Producer Company

MoA of the association shall state-

• “producer company limited” must be mentioned at the end of the producer company name.
• Mention the state in which the registered office is situated of the producer company.
• The name, address, and occupations of persons who have subscribed to the memorandum should be mentioned
• Amount of the share capital which the producer company is to be registered and division of shares should be mentioned.
• Names, address, occupation of the subscribers as producers whose name is mentioned as a first director.
• of shares are mentioned on the opposite subscriber name are mentioned who subscribed for that.
• If the object of the producer company is not limited to the state then mention the state to which it extends.

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Articles of Association of A Producer Company

AOA shall contain the following principles namely-

• Membership of the producer company shall be voluntary and available to all the eligible persons who can participate or get the facility of the producer company.
• Each member has a single vote irrespective of their holding of shares.
• producer company shall be administered by a board of directors and the board of directors is accountable to the members.
• There shall be a limited return on the share capital.
• Any surplus of the operation are distributed in the following manner-

1. 1. Development of business of the producer company.
   2. Providing common facilities.

• Distributing among the members.
• Provisions shall be made for the members and the employees.
• The producer company shall actively cooperate with the other producer company.
• Qualification of members.
• Condition of continuance and cancellation of membership of members.
• Manner of distribution of patronage bonus in cash or equity shares.
• Contribution to be shared by members and related matters thereof.
• Manner of distribution of bonus shares out of general reserves.
• Basis and manner of allotment of equity shares of the producer company.
• Credit, loans, advances may be granted to the members.
• Manner of determining the withheld price.
• Right of members to obtain the general information for the business.
• Authorization of division, mergers, amalgamations creation of subsidiaries, entering into joint ventures.
• Any other matter which the member wants to enter in articles.
• Manner of distribution and disposal of funds.

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AMENDMENT OF MEMORANDUM OF ASSOCIATION

1. The producer company cannot alter its memorandum except the mode and to the extent to which the express provision is made in the act.
2. Producer company may by special resolution alter its object.
3. Copy of the amended memorandum of association along with the copy of a special resolution duly certified by two directors filed with the registrar within 30 days of the adoption.
4. Alteration of change of place of registered office from one state to another shall not take effect unless it is confirmed by the company law board on the petition.

AMENDMENT ON ARTICLES OF ASSOCIATION

1. amendment of articles shall be made by not less than two-thirds of elected directors or by not less than one–third of members and adopted by the members by a special resolution.
2. Copy of the amended articles along with the copy of a special resolution duly certified by the special resolution filed with the registrar within 30 days of its adaptation.

FAQ ON PRODUCER COMPANY

Q1- can a producer company change its registered office from one state to another?

Yes, the producer company can change its registered office from one state to another but it will take effect only after it is confirmed by the company law board.

Q2- what is the time limit to file the altered copy of the memorandum or articles to the registrar?

Within 30 days of the adaptation of the memorandum or articles filed with the registrar.

Q3- can members add any matter by special resolution in the memorandum of association?

yes, members through special resolution add matters in the memorandum of association.

Q4-can a producer company alters its memorandum?

A producer company can only alter its memorandum only by the mode or express provisions of the act.