NOTES ON EFFECTIVE PROVISIONS OF COMPANIES ACT 2013

Posted on February 27, 2014 | Leave a comment

Page 54

CONTRIBUTION TO BONA FIDE CHARITABLE AND OTHER FUNDS [SECTION 181]

The Board of Directors of a company may contribute to bona fide charitable and other funds. The prior permission of the company in general meeting shall be required for such contribution in case any amount the aggregate of which, in any financial year, exceed five per cent. of its average net profits for the three immediately preceding financial years.

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