Section 378C — Formation of Producer Company and its registration

(1) Any ten or more individuals,
each of them being a producer or any two or more Producer Institutions, or a combina tion of ten or more
individuals and Producer Institutions, desirous of forming a Producer Company having its objects specified
in section 378B and otherwise complying with the requirements of this Chapter and the provisions of this
Act in respect of registration, may form an incorporated company as a Producer Company under this Act.
(2) If the Registrar is satisfied that all the requirements of this Act have been complied with in respect
of registration and matters precedent and incidental thereto, he shall, within thirty days of the receipt of the
documents required for registration, register the memorandum, the articles and other documents, if any, and
issue a certificate of incorporation under this Act.
(3) A Producer Company so formed shall have the liability of its Members limited by the memorandum
to the amount, if any, unpaid on the shares respectively held by them and be termed a company limited by
shares.
(4) The Producer Company may reimburse to its promoters all other direct costs associated with the
promotion and registration of the company including registration, legal fees, printing of a memorandum

and articles and the payment thereof shall be subject to the approval at its first general meeting of the
Members.
(5) On registration under sub-section (2), the Producer Company shall become a body corporate as if it