Lawgist464Prohibition of association or partnership of persons exceeding certain number
(1) No association or partnership consisting of more than such number of persons as may be prescribed shall be formed for the purpose of carrying on any business that has for its object the acquisition of gain by the association or partnership or by the individual members thereof, unless it is registered as a company under this Act or is formed under any other law for the time being in force:
Provided that the number of persons which may be prescribed under this sub-section shall not exceed one hundred.
(2) Nothing in sub-section (1) shall apply to--
(a) a Hindu undivided family carrying on any business; or
(b) an association or partnership, if it is formed by professionals who are governed by special Acts.
(3) Every member of an association or partnership carrying on business in contravention of subsection (1) shall be punishable with fine which may extend to one lakh rupees and shall also be personally liable for all liabilities incurred in such business.
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- 447 Punishment for frau
- 448 Punishment for false statement
- 449 Punishment for false evidence
- 450 Punishment where no specific penalty or punishment is provided
- 451 Punishment in case of repeated defaul
- 452 Punishment for wrongful withholding of propert
- 453 Punishment for improper use of ―Limited‖ or ―Private Limited‖
- 454 Adjudication of penalties
- 455 Dormant company
- 456 Protection of action taken in good faith
- 457 Non-disclosure of information in certain cases
- 458 Delegation by Central Government of its powers and functions
- 459 Power of Central Government of Tribunal to accord approval, etc., subject to conditions and to prescribe fees on application
- 460 Condonation of delay in certain case
- 461 Annual report by Central Governmen
- 462 Power to exempt class or classes of companies from provisions of this Act
- 463 Power of court to grant relief in certain cases
- 464 Prohibition of association or partnership of persons exceeding certain number
- 465 Repeal of certain enactments and savings
- 466 Dissolution of Company Law Board and consequential provisions
- 467 Power of Central Government to amend Schedules
- 468 Power of Central Government to make rules relating to winding up
- 469 Power of Central Government to make rules
- 470 Power to remove difficulties
