Companies Act — Section 378K

Effect of incorporation of Producer Company.—Every shareholder of the inter-State co-

378K. Effect of incorporation of Producer Company.—Every shareholder of the inter-State co- operative society immediately before the date of registration of Producer Company (hereafter in this Chapter referred to as the date of transformation) shall be deemed to be registered on and from that date as a shareholder of the Producer Company to the extent of the face value of the shares held by such shareholder.

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