Section 183: Power of Board and other persons to make contributions to national defence fund, etc
This section allows companies to contribute to national defence funds and requires them to disclose these contributions in their profits and loss account.
The section, clause by clause
What the section says
In plain terms
(1)The Board of Directors of any company or any person or authority exercising the powers of the Board of Directors of a company, or of the company in general meeting, may, notwithstanding anything contained in sections 180, 181 and section 182 or any other provision of this Act or in the memorandum, articles or any other instrument relating to the company, contribute such amount as it thinks fit to the National Defence Fund or any other Fund approved by the Central Government for the purpose of national defence.
The Board of Directors of any company may contribute any amount it thinks fit to the National Defence Fund or any other Fund approved by the Central Government for national defence, regardless of other provisions.
(2)Every company shall disclose in its profits and loss account the total amount or amounts contributed by it to the Fund referred to in sub-section (1) during the financial year to which the amount relates.
Every company must disclose in its profits and loss account the total amount contributed to the Fund during the financial year.
The right-hand column is written from the section text, not quoted from it, and it has no legal force. Where the two differ, the left-hand column is the law.
Amendment notes
- 1. The proviso omitted by Act 7 of 2017, s. 154 (w.e.f. 31-3-2017).
- 2. The word “further” omitted by Act 7 of 2017, s. 154 (w.e.f. 31-3-2017).
- 3. The words “and the acceptance” omitted by s. 154, ibid. (w.e.f. 31-3-2017).
- 4. Subs. by s. 154, ibid. for sub-section (3) (w.e.f. 31-3-2017).
This section refers to
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Reproduced from the official India Code print for reference. Check the current text on India Code before you rely on it, and read the section alongside its Rules. Nothing here is legal advice.