Section 5(1) in The Maharashtra Non-Trading Corporations Act, 1959
(1)Any seven or more persons associated for the purpose of promoting or encouraging commerce, industry, literature, art, science, diffusion of useful knowledge, foundation and maintenance of libraries, museums or such other purpose may, by subscribing their names to a memorandum or otherwise complying with the requirements of this Act in respect of registration, form a corporation, provided that–(a)the objects for which the corporation is formed are confined to the State of Maharashtra.(b)the corporation intends to apply the profits, if any, or other income in promoting its objects, and(c)the corporation intends to prohibit the payment of any dividend to its members.
