Section 378Z-I
General and other reserves.
About this Act
An Act to consolidate and amend the law relating to companies.
1[378Z-I. General and other reserves.--(1) Every Producer Company shall maintain a general reserve
in every financial year, in addition to any reserve maintained by it as may be specified in articles.
(2) In a case where the Producer Company does not have sufficient funds in any financial year for transfer to maintain the reserves as may be specified in articles, the contribution to the reserve shall be shared amongst the Members in proportion to their patronage in the business of that Company in that year.]
(2) In a case where the Producer Company does not have sufficient funds in any financial year for transfer to maintain the reserves as may be specified in articles, the contribution to the reserve shall be shared amongst the Members in proportion to their patronage in the business of that Company in that year.]
Notes
1. Ins. by Act 29 of 2020, s. 52 (w.e.f. 11-2-2021).