Why is OCI registered as a non-profit company and not a society?
Submitted by admin on Mon, 07/28/2014 - 14:49
Some of the reasons which we found very useful to register our organization as a non-profit company were:-
- A company is answerable and accountable more than a society to the government of India or any other such state and federal authorities, that our organization may be required to report from time to time. Being an organization subject to the Indian tax laws, which will collect fee from individual optometrists who want to be assessed and certified as well as from schools that want to be certified, we thought that that it would be best for the organization be registered under Section 25A of The Companies Act.
- The accounts of a company are audited and submitted at more regular intervals than a society. This would ensure better running of the organization and accountability to the profession and the followers of the Organization.
- In a society there needs to be elections and general body meetings held on a regular basis. Since the OCI will not have individual members, but is an organization that certifies individuals, it was recommended that OCI be registered under company act.
- Even if the council had optometrist as members, then the annual general body over the years would mean that the optometrists all around the nation have to meet.