Concessions and Facilities to Association or Society

Concessions and Facilities to Association or Society

Exemptions and facilities to association or society

(1) Notwithstanding anything contained in the prevailing law, the association or society shall be entitled to the following exemptions and facilities:

(a) The association or society shall not be required to have registration pass of any instrument relating to its transaction, other than an instrument relating to immovable property.

(b) No revenue stamp fee or registration fee shall be charged on a document or any kind of instrument related to the purchase and sale or exchange of an immovable property as carried out by the association or society.

(c) -----------*

(d) No local tax shall be levied on the goods traded by the association or society.

(2) Government of Nepal may, by a notification in the Nepal Gazette and pursuant to the prevailing law, exempt fully or partly from chargeable customs tariff or sales tax such machineries, industrial and agro-machines, equipment, spare parts, raw materials, office equipment and means of transport as are imported by an association or society for its use.

(3) The government of Nepal may, by a notification in the Nepal Gazette and pursuant to the prevailing law, exempt fully or partly from chargeable excise duty or sales tax the goods produced by any association or society.

(4) An association or society doing industrial business shall also be entitled to such other exemptions, facilities and protection as the industries are entitled to pursuant to the law, in addition to the exemptions mentioned in Sub-sections (1), (2) and (3).

*Deleted by Some Nepal Acts Amendment Act, 2057 (2000).

Recovery of dues of association or society

Any association or society itself or the Registrar on recommendation of the association may recover the loans borrowed by any person form the association or society or any amounts due and payable to the association or society, the amount of such property of the association or society as has been embezzled as well as interest chargeable in such amounts by auctioning the assets of such person by fulfilling the procedures as prescribed.

Preference of association or society

If any member does not pay to the association or society any amount payable by such member, the association or society shall have the preference to the amounts that remain after setting aside the amount for payment of a right or claim, if any, of Government of Nepal over the assets of such member.