A new private bank is established under which of the following?
Q. A new private bank is established under which of the following?
Answer: Companies Act 1956
Notes: Section 3 of the Companies Act provides details on the basic requirements for forming a company. The formation of a public company involves 7 or more people who subscribe their names to the memorandum and register the company for any lawful purpose. 2 or more persons can register to form a private company under this act.

 

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