Which Act supplies the meaning of ‘corporatisation’ for section 8B of the Indian Stamp Act, 1899?
Explanation (a) to section 8B incorporates the definition of corporatisation from section 2(aa) of the Securities Contracts (Regulation) Act, 1956. That definition concerns…
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Which Act supplies the meaning of ‘corporatisation’ for section 8B of the Indian Stamp Act, 1899?
Answer and explanation
Correct answer C
Explanation (a) to section 8B incorporates the definition of corporatisation from section 2(aa) of the Securities Contracts (Regulation) Act, 1956. That definition concerns succession from a recognised exchange organised as a body of individuals or a registered society to another exchange incorporated as a company for the specified securities business.
Option feedback
Option A
The Stamp Act’s section 8B explanation sends this definition to securities contracts legislation. Its depositories cross-reference concerns a different provision.
Option B
Section 8B imports the specialised stock-exchange definition. The Companies Act is outside that cross-reference.
Option C
Section 8B, Explanation (a), expressly incorporates section 2(aa) of this Act.
Option D
The cross-reference is to a stock-exchange definition. It does not use the Negotiable Instruments Act.
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Himachal Pradesh Judicial Services