05-11-2010, 02:59 PM
According to section (3) Companies Legal Advisors Act, 1974 every company which has paid up capital of Rs. 500,000/- or more is required to appoint a legal advisor to advise such company in the performance of its functions and the discharge of its duties in accordance with laws.
Clause B of Section 2 defines the company (which is liable to appoint a Legal Advisor) in the following words
"Company" means a company formed and registered under the Companies Act,
1913 (VII of 1913), but does not include a company the paid -up capital of which is
less than 1[five lakh rupees] or a company limited by guarantee or an association
registered under section 26 of that Act"
In my opinion this act is not applicable to AOP,compnies limited by Guarantees and compnies having paid up capital less than Rs. 500,000/-.
Clause B of Section 2 defines the company (which is liable to appoint a Legal Advisor) in the following words
"Company" means a company formed and registered under the Companies Act,
1913 (VII of 1913), but does not include a company the paid -up capital of which is
less than 1[five lakh rupees] or a company limited by guarantee or an association
registered under section 26 of that Act"
In my opinion this act is not applicable to AOP,compnies limited by Guarantees and compnies having paid up capital less than Rs. 500,000/-.
