Producer Companies (General Reserves) (Amendment) Rules, 2006 - Substitution of rule 4 - GSR 146(E). - Companies Law

MINISTRY OF COMPANY AFFAIRS NOTIFICATION New Delhi, the 9 th March, 2006 Subject: Producer Companies (General Reserves) (Amendment) Rules, 2006 - Substitution of rule 4 GSR 146(E).- In exercise of the powers conferred by clause ( a ) of sub-section (1) of section 642, read with sub-section (1) of section 581ZL of the Companies Act, 1956 the Central Government hereby makes the following rules, further to amend the Producer Companies (General Reserves) Rules, 2003 namely : 1. ( i ) These rules may be called the Producer Companies (General Reserves) (Amendment) Rules, 2006. ( ii ) They shall come into force on the date of their publication in the Official Gazette. 2. In the Producer Companies (General Reserves) Rules, 2003, for rule 4, the following rule shall be substituted, namely : 4. Investment of general reserves. A producer company formed and registered under section 581C of the Companies Act, 1956, shall make investments from and out of its general reserves in any one or in combination of the following, namely: ( a ) in approved securities, fixed deposits, units and bonds issued by the Central or State Governments or co-operative societies or scheduled bank; or ( b ) in a co-operative bank, State co-operative bank, co-operative land development bank or Central co-operative bank; or ( c ) with any other scheduled bank; or ( d ) in any of the securities specified in section 20 of the Indian Trusts Act, 1882; or ( e ) in the shares or securities of any other multi-State Co-operative society or any co-operative society; or ( f ) in the shares, securities or assets of a public financial institutions specified under section 4A of the Companies Act, 1956. [F. No. 7/26/2004-CL-V] JITESH KHOSLA, Jt. Secy. Note:- The Principal rules were published in the Gazette of India vide No. G.S.R. 641(E), dated 7-8-2003.