Incorporation of Company

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(1) Any person desirous of undertaking any enterprise with profit motive may, either singly or jointly with others, incorporate a company for the attainment of one or more objectives set forth in the memorandum of association.
(2) There shall be a minimum of seven promoters for the incorporation of a public company. Provided, however, that seven promoters shall not be required for the incorporation of another public company by any public company.
(3) Notwithstanding anything contained elsewhere in this Section, a company not distributing profits may, subject to the provisions contained in Chapter-19, be incorporated for the attainment of one or more objectives.

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