Companies Act, 2017

PART-XIII

GENERAL

Companies Act, 2017 PART-XIII GENERAL From: 2023-11-01 - To: 0000-00-00 457. Agriculture Promotion Companies- (1) Notwithstanding anything contained in this Act or any other law for the time being in force, any person, having its Principal line of business related to produce for agriculture promotion or managing produce as collateral or engaged in any activity connected with or related to any Produce or other related activities may establish Agriculture Promotion Company under this section in such form and manner and subject to such terms, conditions and limitations as may be specified. Explanation - For the purpose of this section: (a) “Agriculture Promotion Company” includes a Producer Company or a Collateral Management Company involved in Produce or any other company or class of companies or corporate body or any other entity as the 1[concerned Minister-in-Charge of the] Federal Government may, by notification in the official Gazette specify as Agriculture Promotion Company under this section; (b) “Produce” means- (i) produce of farmers, arising from agriculture (including animal husbandry, forest products, re-vegetation, bee raising and farming plantation products), or from any other activity or service which promotes the farming business; or (ii) any product resulting from any of the above activities, including by-products of such products; (iii) any activity which is intended to increase the production of anything referred to in above sub-clauses or improve the quality thereof; (2) Producer Company means any company, with or without share capital, formed under this section by farmers and engaged in any activity connected with or related to any Produce including the following matters- (a) production, harvesting, procurement, grading, pooling, handling, marketing, selling, export of produce of the members or import of goods or services for their benefit; (b) processing including preserving, drying, distilling, brewing, canning and packaging of produce of its members; (c) rendering technical services, consultancy services, training research; and development and all other activities for the promotion of the interests of its Members; (d) arranging insurance of…