Section 620A - Power to modify Act in its application to Nidhis, etc. - Companies Act, 1956

[1] [Modification of Act in its application to Nidhis and Mutual Benefit Societies Power to modify Act in its application to Nidhis, etc. [2] 620A. (1) In this section, "Nidhi" or "Mutual Benefit Society" means a company which the Central Government may, by notification in the Official Gazette, declare to be a Nidhi or Mutual Benefit Society, as the case may be. (2) The Central Government may, by notification in the Official Gazette, direct that any of the provisions of this Act specified in the Notification ____ (a) shall not apply to any Nidhi or Mutual Benefit Society, or (b) shall apply to any Nidhi or Mutual Benefit Society with such exceptions, modifications and adaptations as may be specified in the notification. (3) A copy of every notification issued under sub-section (1) shall be laid as soon as may be after it is issued, before each House of Parliament.] ---------------------------------------- Notes:- [1] Inserted by the Companies (Amendment) Act, 1960, Act 65 of 1960, section 201. [2] For restrictions imposed on Nidhis and Mutual Fund Societies refer Notification No. GSR 555(E), dated 26-7-2001. For prudential norms for revenue recognition and classification of assets refer Notification No. GSR 309(E), dated 30-4-2002.