There are three amendments have been made under the section.
Section 73 (2) (c) has been completely substituted “(c) depositing, on or before the thirtieth day of April each year, such sum which shall not be less than twenty percent. of the amount of its deposits maturing during the following financial year and kept in a scheduled bank in a separate bank account to be called deposit repayment reserve account;”;
Section 73 (2) (d) shall be omitted;
Section 73 (2) (e), for the words “such deposits;”, the words shall be substituted, “such deposits and where a default had occurred, the company made good the default and a period of five years had lapsed since the date of making good the default;”
2. Section 74
Repayment of deposits etc. accepted before the commencement of this Act.
Under the section, one amendment has been made as follows:
Section 74 (1) (b), has been substituted with the following: “(b) repay within three years from such commencement or on or before the expiry of the period for which the deposits were accepted, whichever is earlier. Provided that renewal of any such deposits shall be done in accordance with the provisions of Chapter V and the rules made thereunder.”
3. Section 366
Companies capable of being registered
There are two amendments have been made under the section.
In section 366 of the principal Act, in sub-section (2),— (i) for the words “seven or more members”, the words “two or more members” shall be substituted; (ii) in the proviso to the section 366 (2), after clause (vi), the following clause shall be inserted, “(vii) a company with less than seven members shall register as a private company
4. Section 374
Obligations of Companies regarding under this part “Companies authorized to register under this part”
There is one new proviso has been made.
In section 374 (clause d), a new proviso has been inserted as follows: “Provided that upon registration as a company under this Part a limited liability partnership incorporated under the Limited Liability Partnership Act, 2008 shall be deemed to have been dissolved under that Act without any further act or deed.
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