Section 8: with the approval of CG a company can be floated;
I). With an objective to promote commerce, art, science, education, religion, charity etc....
II). Should apply its profits in promoting its objects and
III). Prohibits in payment of divided.
1. A company registered under this section should not alter its MOA or AOA except with previous approval of CG.
2. In case of winding up surplus if any should be transferred to CG REHABILITATION AND INSOLVENY FUND ACCOUNT.
3. Amalgamation of such company only wit another company having similar objeects registered under this section. However, sec. 8 companies can covert itself to any other kind of companies after comply the conditions as may be prescribed.
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