Please Help: TRUST CONVERT IN COMPANY
Posted Date : 21-Apr-2012 , 05:21:39 pm | Posted By: CA ALKA JAGETIA
Category :
Corporate Law | Answers :
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Comments :
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A HOSPITAL RUNNING IN FORM OF TRUST. CAN IT CONVERT IN COMPANY. HOW |
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Answers:
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 Answer by: Mrattunjay |
| yes can be, please see my specific comments for the same
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| 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"
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| Comments |
| Posted By : Vikash Kumar Jha |
22-Apr-2012, 12:42:10 |
| State 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.
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| Posted By : Mrattunjay |
21-Apr-2012, 06:44:23 |
| Yes, 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 ....... |
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