What is Power to Nominate? Section 72 of Indian Companies Act 2013

Power to Nominate is defined under Section 72 of Indian Companies Act 2013. Provisions under this section is:

Section 72 of Indian Companies Act 2013 "Power to Nominate"

 

(1) Every holder of securities of a company may, at any time, nominate, in the prescribed manner, any person to whom his securities shall vest in the event of his death.

(2) Where the securities of a company are held by more than one person jointly, the joint holders may together nominate, in the prescribed manner, any person to whom all the rights in the securities shall vest in the event of death of all the joint holders.

(3) Notwithstanding anything contained in any other law for the time being in force or in any disposition, whether testamentary or otherwise, in respect of the securities of a company, where a nomination made in the prescribed manner purports to confer on any person the right to vest the securities of the company, the nominee shall, on the death of the holder of securities or, as the case may be, on the death of the joint holders, become entitled to all the rights in the securities, of the holder or, as the case may be, of all the joint holders, in relation to such securities, to the exclusion of all other persons, unless the nomination is varied or cancelled in the prescribed manner.

(4) Where the nominee is a minor, it shall be lawful for the holder of the securities, making the nomination to appoint, in the prescribed manner, any person to become entitled to the securities of the company, in the event of the death of the nominee during his minority.

What is Power of limited company to alter its share capital? What is the procedure for Further issue of share capital? Section 61 and 62 of Indian Companies Act 2013

What is Issue of bonus shares? Notice to be given to Registrar for alteration of share capital? Section 63 and 64 of Indian Companies Act 2013

Is unlimited company to provide for reserve share capital on conversion into limited company? What is Reduction of share capital? Section 65 and 66 of Indian Companies Act 2013

What are the Restrictions on purchase by company or giving of loans by it for purchase of its shares? What is Power of company to purchase its own securities? Section 67 and 68 of Indian Companies Act 2013

What is Transfer of certain sums to capital redemption reserve account? What is Prohibition for buyback in certain circumstances? Section 69 and 70 of Indian Companies Act 2013

What is Debenture? How to issue debenture? Section 71 of Indian Companies Act 2013

What is Power to Nominate? Section 72 of Indian Companies Act 2013

ACCEPTANCE OF DEPOSITS BY COMPANIES

What is Prohibition on acceptance of deposits from public? Section 73 of Indian Companies Act 2013

Repayment of deposits accepted before commencement of this Companies Act? What is Damages for fraud? Section 74 and 75 of Indian Companies Act 2013

What is Acceptance of deposits from public by certain companies? What is the Duty to register charges, etc? Section 76 and 77 of Indian Companies Act 2013

What is Application for registration of charge? What is the meaning of Section 77 to apply in certain matters? What is Date of notice of charge? Section 78, 79 and 80 of Indian Companies Act 2013

 

 

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