Section 378E — Benefits to Members
(1) Subject to the provisions made in articles, every Member shall
initially receive only such value for the produce or products pooled and supplied as the Board of Producer
Company may determine, and the withheld price may be disbursed later in cash or in kind or by allotment
of equity shares, in proportion to the produce supplied to the Producer Company during the financial year
to such extent and in such manner and subject to such conditions as may be decided by the Board.
(2) Every Member shall, on the share capital contributed, receive only a limited return:
Provided that every such Member may be allotted bonus shares in accordance with the provisions
contained in section 378ZJ.
(3) The surplus if any, remaining after ma king provision for payment of limited return and reserves
Related sections
- Section 366 — Companies capable of being registered
- Section 367 — Certificate of registration of existing companies
- Section 368 — Vesting of property on registration
- Section 369 — Saving of existing liabilities
- Section 370 — Continuation of pending legal proceedings
- Section 371 — Effect of registration under this Part
- Section 372 — Power of Court t o stay or restrain proceedings
- Section 373 — Suits stayed on winding up order
- Section 374 — Obligations of companies r egistering under this Part
- Section 375 — Winding up of unregistered companies
- Section 376 — Power to wind up foreign companies, although dissolved
- Section 377 — Provisions of Chapter cumulative
- Section 378 — Saving and construction of enactments conferring power to wind up partnership firm,
- Section 378A — Definitions
- Section 378B — Objects of Producer Company
- Section 378C — Formation of Producer Company and its registration
- Section 378D — Membership and voting rights of Members of Producer Company
- Section 378F — Memorandum of Producer Company
- Section 378G — Articles of association
- Section 378H — Amendment of memorandum
- Section 378J — Option to inter -State co -operative societies to become Producer Companies
- Section 378K — Effect of incorporation of Producer Company
- Section 378L — Vesting of undertaking in Producer Com pany
- Section 378M — Concession etc., to be deemed to have been granted to Producer Company
- Section 378N — Provisions in respect of officers and other employees of inter-State co-operative society
- Section 378P — Appointment of directors
- Section 378Q — Vacation of office by directors
- Section 378R — Powers and functions of Board
- Section 378S — Matters to be transacted at general meeting
- Section 378T — Liability of directors
- Section 378U — Committee of directors
- Section 378W — Chief Executive and his functions
- Section 378X — Secretary of Producer Company
- Section 378Y — Quorum
- Section 378Z — Voting rights