Please Help: TRUST CONVERT IN COMPANY
Posted Date : 21-Apr-2012 , 05:21:39 pm | Posted By CA ALKA JAGETIA
A HOSPITAL RUNNING IN FORM OF TRUST. CAN IT CONVERT IN COMPANY. HOW
Category : Corporate Law | Answers : 2 | Comments : 2 | Hits : 258
Answers
Answer By: Mrattunjay
yes can be, please see my specific comments for the same
Answer By: Vikash Kumar Jha
The law prohibits a nonprofit from entering into an agreement to transfer a material amount of its assets or operations or to a change in control of operations to a person organized or operated as a for-profit entity without first notifying the attorney general and commissioner and receiving their approval. These provisions apply as well to any entity affiliated with a nonprofit through governance or membership, including holding companies or subsidiaries.
thus for conversation it required "Certificate of Need Determination Letter and Conversion Application"
thus for conversation it required "Certificate of Need Determination Letter and Conversion Application"
Comments
Mrattunjay
21-Apr-2012 , 06:44:23 pmYes, can be but lot of legal formalities like filing of application for closing of trust, new all formalities as required in case of new company formation .......
Vikash Kumar Jha
22-Apr-2012 , 12:42:10 amState law requires her designee and the attorney general to review and approve a nonprofit organisation to sell or otherwise transfer a material amount of its assets or operations or to change the control of its operations to a for-profit entity . Any agreement without such approval is void.