Section 378K: Effect of incorporation of Producer Company
This section describes what happens to the shareholders of an inter-State co-operative society when it is incorporated as a Producer Company.
The section, clause by clause
What the section says
In plain terms
Every shareholder of the inter-State co- operative society immediately before the date of registration of Producer Company (hereafter in this Chapter referred to as the date of transformation) shall be deemed to be registered on and from that date as a shareholder of the Producer Company to the extent of the face value of the shares held by such shareholder.
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.
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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.