Section 149 (3) of the Companies Act, 2013 has provided for residence of a director in India (Resident Director in India) as a compulsory i.e. every company shall have at least one director who has stayed in India for a total period of not less than 182 days in the previous calendar year.
So if you are Incorporating a new company that has all the Director who are not Indian Resident, you need to hire one Indian Resident Director.
Duties and Responsibilities of Resident Director in India
Resident Director will be fully responsible as Normal Director of the Company,
Resident Director will not be involved in operational control of the company.
Resident Director will be appointment to fulfill the statutory requirements .
Directorship will be covered under the officers and liability insurance.
Resident Director will participate Board Meetings of the Company, wherever required
Fastlegal provides Professional Resident Director appointment services for foreign subsidiary companies setting up Business in India to fulfil the requirements of provisions of Companies Act, 2013
Pricing for Resident Director Services : Provided on request.
For adding a Partner in LLP following procedure is to be followed as per the Provisions of LLP Act,2008:
Designated Partner in LLP
Eligibility Criteria for becoming a Designated Partner in LLP:
Only Individual can be appointed as Designated Partner in LLP.
The Person wish to appointed as a Designated Partner in LLP must have a Valid Director Identification Number.
Director Identification Number may be obtained by Filling FORM DIR-3 available on www.mca.gov.in after completing the form and attaching supporting documents, this form require pre-certification from Practicing Professional i.e. Company Secretary,Chartered Accountant or Cost Accountant. For obtaining Director Identification Number or Professional Certification.
After obtaining Director Identification number an individual is eligible for appointment as a Designated Partner.
Procedure to be followed after obtaining Director Identification Number:
After obtaining Director Identification number, the proposed Designated Partner is required to intimate his DIN to the LLP.
The LLP is than will call a Meeting of Existing Partner for considering the appointment of Proposed Designated Partner. For getting draft of resolution passed in the Meeting and Preparing Minutes of the Meeting .
After approval of Existing Partners in duly conveyed Meeting for appointment of Proposed Designated Partner, A supplementary LLP Agreement is required to be made for draft of Supplimentry LLP Agreement .
A consent from Proposed Designated Partner is also required to be obtained in prescribed form.
Intimation to Registrar of Companies about Appointment of New Designated Partner:
After Appointment of Designated Partner LLP is required to inform concerned Registrar of Companies i.e. in whose jurisdiction Registered office of LLP is situated, In E-FORM LLP-4 available on Www.mca.gov.in, within 30 days of appointment. you may visit Fastlegal for preparation of Forms and Pre Certification by Professional by CS, CA OR CMA
LLP is also required to file Supplementary LLP agreement in LLP FORM-3 within 30 days of such Appointment.
Note: Please ensure to file necessary forms within Prescribed time as late fee is Rs.100/- per day for each day of delay which has no upper limit.
In India a Sole Proprietorship firm may be started by getting any of the following registrations:
Shop Act Registration or Gumasta Licence for Proprietorship Firm Registration :
Registration under the Shop and Commercial Establishment Act is Commonly known as “Shop Act Registration” Most of the Banks open Current Bank Account for this Registration
GST Registration for Proprietorship Firm Registration
GST Registration: As GST Registration is Mandatory Only if Gross Sales Exceeds Rs. 20 Lakh in any Financial Year, but you can voluntary take GST Registration, GST Registration is Mandatory if you are selling products on E-commerce Marketplace Websites like: Amazon, Flipkart, Snapdeal, eBay, Esty etc.. also if you are running ads for your business promotion on popular Social Networking like Facebook, Twitter, etc.
GST Registration is required by vendors if they are registered under GST , this makes easier for them to make uniformity in business transitions.
Udhyam Registration for Proprietorship Firm Registration
Udhyam Registration is for MSME Enterprises, this registration will give recognition of MSME enterprise for your business if you are running proprietorship firm business and want to have Single Registration this is a great deal to have in the pocket. You can apply for MSME Registration with Fastlegal Team Members.
Opening of Current Bank Account in the name of Business :
Once you get any of the above registration certificates, you can contact to the Bank with which you wish to open your current account.
Its all Done: Your Business is registered business entity now. you can now do all the banking transactions in the name of your firm.
Benefits of Proprietorship firm Registration:
Fast and Cheaper Registration
Less Legal Compliance
Banking Transaction may be done in the name of the firm
No Need to obtain different PAN for your business entity (Pan of the Proprietor shall be the business entity also)
No need to file return of your income if your income does not exceed the maximum amount liable to tax (which is at present Rs. 250000/- and may be changed in every budget)
Looking for Proprietorship Firm Registration Online?
Just submit your request in below Form and Fastlegal Team Members will contact you shortly for getting your Firm Registered as per your business needs, you just need to share Required documents and information Via E-mail.
The government has extended the deadline for filing income tax returns for assessee whose accounts are required to get audited to 15th of February, 2021 for assessment year 20-21.
While filing the tax audit report have been limited to 15th of January only.
The income tax India Twitter handle announce the extension of the deadline for filing income tax returns, the income tax returns for the individual taxpayers whose accounts are not required to be audited has been extended to 10th of January 2021
In this article, we will discuss the process of hedge fund Registration in India i.e. alternative investment fund in India with securities and exchange Board of India (SEBI)
Securities And Exchange Board Of India (Alternative Investment Funds) Regulations, 2012 mainly regulate the Hedge funds in India.
Meaning of Hedge fund and Alternative Investment Fund :
Hedge fund
“Hedge fund” means an Alternative Investment Fund which employs diverse or complex trading strategies and invests and trades in securities having diverse risks or complex products including listed and unlisted derivatives
“Alternative Investment Fund” means any fund established or incorporated in India in the form of a trust or a company or a limited liability partnership or a body corporate which,-
Is a privately pooled investment vehicle which collects funds from investors, whether Indian or foreign, for investing it in accordance with a defined investment policy for the benefit of its investors; and
Is not covered under the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996, Securities and Exchange Board of India (Collective Investment Schemes) Regulations, 1999 or any other regulations of the Board to regulate fund management activities:
Provided that the following shall not be considered as Alternative Investment Fund for the purpose of these regulations,-
family trusts set up for the benefit of ‘relatives’ as defined under Companies Act, 2013;
ESOP Trusts set up under the Securities and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014 or as permitted under Companies Act, 2013;
employee welfare trusts or gratuity trusts set up for the benefit of employees;
’holding companies’ as defined under sub-section 46 of section 2 of Companies Act, 2013;
other special-purpose vehicles not established by fund managers, including securitization trusts, regulated under a specific regulatory framework;
funds managed by securitisation company or reconstruction company which is registered with the Reserve Bank of India under Section 3 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; and
Any such pool of funds which is directly regulated by any other regulator in India;
How to Register Hedge Fund or Alternative Investment Fund with SEBI
Choosing Category for Hedge Fund or Alternative Investment Fund with SEBI
SEBI under alternative investment funds regulations has prescribed the three types of the categories for the alternative investment fund for hedge funds registration under which they can seek registration depending upon the activities of the fund
Categories for Hedge Funds or Alternative Investment Funds
“Category I Alternative Investment Fund” which invests in start-up or early stage ventures or social ventures or SMEs or infrastructure or other sectors or areas which the government or regulators consider as socially or economically desirable and shall include venture capital funds, SME Funds, social venture funds, infrastructure funds.
Explanation.─ For the purpose of this clause, Alternative Investment Funds which are generally perceived to have positive spillover effects on economy and for which the Board or Government of India or other regulators in India might consider providing incentives or concessions shall be included and such funds which are formed as trusts or companies shall be construed as “venture capital company” or “venture capital fund” as specified under sub-section (23FB) of Section 10 of the Income Tax Act, 1961
“Category II Alternative Investment Fund” which does not fall in Category I and III and which does not undertake leverage or borrowing other than to meet day-today operational requirements and as permitted
Explanation.─ For the purpose of this clause, Alternative Investment Funds such as private equity funds or debt funds for which no specific incentives or concessions are given by the government or any other Regulator shall be included
“Category III Alternative Investment Fund” which employs diverse or complex trading strategies and may employ leverage including through investment in listed or unlisted derivatives. Explanation.─ For the purpose of this clause, Alternative Investment Funds such as hedge funds or funds which trade with a view to make short term returns or such other funds which are open ended and for which no specific incentives or concessions are given by the government or any other Regulator shall be included
Choosing and Setting up Structure of Hedge Fund or AIF:
Which Fund Investment funds can be formed either of the following:
Trust
Partnership
Limited Liability Partnership
Private Limited Company
Eligibility Criteria for Hedge Fund Registration in India
The memorandum of association in case of a company; or the Trust Deed in case of a Trust; or the Partnership deed in case of a limited liability partnership permits it to carry on the activity of an Alternative Investment Fund
The applicant is prohibited by its memorandum and articles of association or trust deed or partnership deed from making an invitation to the public to subscribe to its securities
In case the applicant is a Trust, the instrument of trust is in the form of a deed and has been duly registered under the provisions of the Registration Act, 1908
In case the applicant is a limited liability partnership, the partnership is duly incorporated and the partnership deed has been duly filed with the Registrar under the provisions of the Limited Liability Partnership Act, 2008
In case the applicant is a body corporate, it is set up or established under the laws of the Central or State Legislature and is permitted to carry on the activities of an Alternative Investment Fund
The applicant, Sponsor and Manager are fit and proper persons based on the criteria specified in Schedule II of the Securities and Exchange Board of India (Intermediaries) Regulations, 2008
The key investment team of the Manager of Alternative Investment Fund has adequate experience, with at least one key personnel having not less than five years experience in advising or managing pools of capital or in fund or asset or wealth or portfolio management or in the business of buying, selling and dealing of securities or other financial assets and has a relevant professional qualification
The Manager or Sponsor has the necessary infrastructure and manpower to effectively discharge its activities
The applicant has clearly described at the time of registration the investment objective, the targeted investors, proposed corpus, investment style or strategy, and proposed tenure of the fund or scheme
Whether the applicant or any entity established by the Sponsor or Manger has earlier been refused registration by the Board
Information Required for Making Application for Hedge Fund Registration in India
In case the applicant is a Trust:
1. Write-up on the activities of the applicant
2. Whether the Trust Deed is registered under the provisions of the Registration Act, 1908. (Enclose relevant extract of the Registered Trust Deed)
3. Whether the Trust Deed permits the carrying on of the activity of an Alternative Investment Fund
4. Whether the applicant is prohibited by its trust deed from making an invitation to the public to subscribe to its units;
5. Provide details of Trustees/ Trustee Company as below:
a. Whether Trustee is an individual or a Trustee company.
b. Name, registered office address, telephone number(s) and fax number(s) of the Trustees/ Trustee Company.
c. Name, direct line number, mobile number and e-mail of the contact person(s).
d. Identity and Address proof of Trustees/ Directors of the Trustee Company
e. Whether the Trustee Company is registered with Board, Reserve Bank of India or any other regulatory authority in any capacity along with the details of its registration.
f. Brief write up on the activities of the Trustee Company/ Profile of Trustees.
II. In case applicant is a Company:
1. Write-up on the activities of the applicant
2. Shareholding pattern and profile of the directors (Enclose Identity proof and address proof of the directors)
3. Whether the Memorandum of Association permits carrying on of the activity of an Alternative Investment Fund (Enclose relevant extract of the Memorandum of Association)
4. Whether the applicant is prohibited by its memorandum and articles of association from making an invitation to the public to subscribe to its securities;
III. In case applicant is a limited liability partnership:
1. Write-up on the activities of the applicant
2. Beneficial ownership pattern and profile of the partners (Enclose Identity proof and address proof of the partners)
3. Whether the partnership deed is duly filed under the provisions of the Limited Liability Partnership Act, 2008 and permits carrying on of the activity of an Alternative Investment Fund (Enclose relevant extract of the Partnership Deed)
4. Whether the applicant is prohibited by its partnership deed from making an invitation to the public to subscribe to its securities;
IV. In case applicant is a Body Corporate
1. Write-up on the activities of the applicant
2. Shareholding pattern and profile of the directors (Enclose Identity proof and address proof of the directors)
3. Whether the applicant is set up or established under the laws of the Central or State Legislature
4. Whether the applicant is permitted carrying on of the activity of an Alternative Investment Fund (Enclose relevant extract of the relevant Statute/Act)
5. Whether the applicant is prohibited by its memorandum and articles of association from making an invitation to the public to subscribe to its securities;
Details of Sponsor and Manager of Fund :
Name, address of registered office, address for correspondence and principal place of business, telephone number(s), fax number(s), e-mail address of the sponsor.
Name, direct line number, mobile number and e-mail of the contact person(s)
Legal status of the sponsor (whether sponsor(s) is/are individual/company/limited liability partnership/body corporate) and date and place of incorporation/ establishment, wherever applicable.
In case of Sponsor being individual(s), provide a brief profile of the Sponsor including professional qualification. In case of Sponsor(s) being other than individual, write up on shareholding pattern/ Partnership interests and profile of the directors/partners including their professional qualification.
Identity proof and address proof of the Sponsor (if sponsor is an individual)/ directors of Sponsor(is sponsor is a company)/ partners of the Sponsor (if sponsor is an limited liability partnership).
Whether the Sponsor or its director(s)/ partner(s) is/are registered with the Board.
Details of past experience of the Sponsor(s) in advising or managing pools of capital or in fund or asset or wealth or portfolio management or in the business of buying, selling and dealing of securities or other financial assets.
Copies of the financial statements for the previous financial year (i) Whether the Sponsor has floated any Alternative Investment Funds/ Venture Capital Funds previously, which are registered with the Board. If yes, details of the same.
Meaning of Sponsor :
“sponsor” means any person or persons who set up the Alternative Investment Fund and includes promoter in case of a company and designated partner in case of a limited liability partnership
Meaning of Manager :
“manager” means any person or entity who is appointed by the Alternative Investment Fund to manage its investments by whatever name called and may also be same as the sponsor of the Fund
Details Of Business Plan And Investment Strategy for Hedge Fund Registration in India
Investment objective and investment style/ strategy of the fund.
The target investors
The target industries/ sectors, if any
Proposed corpus
Proposed fees to the Sponsor and Manager
Tenure of the fund or scheme
Details of proposed use of leverage in case of Category III Alternative Investment Fund
Amount To Be Paid As Fees for Hedge Fund Registration in India
Application fee Rs.1,00,000
Registration fee for Category I Alternative Investment Funds other than Angel Funds Rs. 5,00,000
Registration fee for Category II Alternative Investment Funds other than Angel Funds Rs.10,00,000
Registration fee for Category III Alternative Investment Funds other than Angel Funds Rs.15,00,000
Scheme Fee for Alternative Investment Funds other than Angel Funds `1,00,000 Re-registration Fee Rs.1,00,000
Registration Fee for Angel Funds Rs.2,00,000
The fees specified above shall be payable by way of direct credit in the bank account through NEFT/RTGS/IMPS or any other mode allowed by RBI or by bank draft in favour of “The Securities and Exchange Board of India” at Mumbai
Investment Conditions And Restrictions for Hedge Fund in India
Investment in all categories of Alternative Investment Funds shall be subject to the following conditions:-
The alternative investment fund may raise funds from any investor whether Indian, foreign or non-resident Indians by way of issue of units;
Each scheme of the alternative investment fund shall have a corpus of at least twenty crore rupees;
The alternative investment fund shall not accept from an investor, an investment of value less than one crore rupees
In the case of investors who are employees or directors of the alternative investment fund or employees or directors of the manager, the minimum value of investment shall be twenty-five lakh rupees.
the manager or sponsor shall have a continuing interest in the alternative investment fund of not less than two and a half percent of the corpus or five crore rupees, whichever is lower,
In the form of investment in the alternative investment fund and such interest shall not be through the waiver of management fees
For category iii alternative investment fund, the continuing interest shall be not less than five percent of the corpus or ten crore rupees, whichever is lower.
The manager or sponsor shall disclose their investment in the alternative investment fund to the investors of the alternative investment fund;
No scheme of the alternative investment fund shall have more than one thousand investors
provisions of the companies act, 2013 shall apply to the alternative investment fund, if it is formed as a company
Application to SEBI for Hedge Fund Registration in India
The Application for Registration is required to be made in Form A to SEBI along with the Required application Fee and documents
Consideration of Application by SEBI
Once the proper Application is submitted to SEBI, SEBI will examine the Application and may ask for further information and if deems fit will approve or reject the Application
Certification of Registration for Hedge Fund by SEBI
Once the applicant is approved and applicant has deposited necessary fee , SEBI will grant Certificate to Applicant to carry on Activities of Hedge Fund or Alternative Investment Fund.
Any MSME unit which has supplied goods or render any services to any Company or any other person (buyer of goods or recipient of Services ) and the buyer or recipent is delaying in payment or not making due payment as agreed , can make an application for recovery of dues by MSME under MSME Samadhan Scheme.
Where any Micro or small enterprises supplies any goods or render any services to any buyer, the buyer shall make payment therefor on or before the date agreed upon between him and the supplier. Period of payment between the supplier and the buyer in writing shall not exceed forty five days upon from the day of acceptance
Where the buyer fails to make payment to supplier within forty five days the buyer shall be liable to pay the amount with interest thereon.
MSME
Who can apply under for Recovery of dues by MSME:
Any Micro or small enterprises having valid Udyog Aadhar/Udhyam Registration (UAM) can make Application for recorvery of dues from Debtors.
How much Amount MSME unit can claim Recovery of dues by MSME under MSME Samadhan Scheme :
The buyer is liable to pay bill amount and compound interest with the monthly rests to the supplier. Interest is calculated on the amount at the three times of the bank rate notified by RBI.
Filing of Application under MSME Samadhan Scheme
MSME units are required to file Application under Msme Samadhan Portal online with all the supporting documents including Invoices, purchase orders etc.
Examination of Application by MSME department
MSME department will examine application filed by MSME unit and if application is complete in all respact than department will issue directions to the buyer unit for payment of due amount along with interest as per the provisions under the MSMED Act 2006.
Appeal by Appellant :
If the Appellant (not being the supplier) wants to file an appeal, no application for setting aside any decree or award by the state council shall be entertained by any court unless the appellant (not being supplier) has deposited with it, the 75% of the award amount.
A private limited company is the most accepted and popular business structure in India and is governed by the provisions of the Companies Act and rules made thereunder, to carry out business operations loan from director to company is the main source of debt funding private limited access.
In every type of business structure there are two main sources of funds that an organisation deals with, one is in the form of capital and other is in the form of loan or debt.
In case of a company accepting funds from the capital it has to issue shares, and if the company is accepting funds from loan there should be an agreement with respect to the terms and conditions assigned to the particular loan and the security provided for a given loan.
In this article we will discuss accepting loans from the directors of the company by a private limited company.
Please note that accepting any type of loans or money from any person in a private limited company falls under the provisions of companies acceptance of deposit rules 2014
“deposit” includes any receipt of money by way of deposit or loan or in any other form, by a company, but does not include –
“(viii) any amount received from a person who, at the time of the receipt of the amount, was a director of the company or a relative of the director of the Private company:
Provided that the director of the company or relative of the director of the private company, as the case may be, from whom money is received, furnishes to the company at the time of giving the money, a declaration in writing to the effect that the amount is not being given out of funds acquired by him by borrowing or accepting loans or deposits from others and the company shall disclose the details of money so accepted in the Board’s report;”
Loan from Director to Company
Step by step procedure for accepting loans from directors to Company
hold Board meeting and pass necessary resolution approving the limit up to which company can accept loans
The company is required to hold the board meeting and pass necessary resolution in this regard for approving the limit of loan up to which company can accept the loans.
Pass Resolution for Authorising Director to sign Necessary Terms and Conditions /Loan agreement for the loan
Accept at the time of giving the money, a declaration in writing to the effect that the amount is not being given out of funds acquired by him by borrowing or accepting loans or deposits from others
Credit of Funds to Company Bank Account
Compliance with Respect to Loan : If the Loan Agreement or Terms of Loan Contains clause relating to the conversion of this loan into equity then the company is required to file form mgt 14 within 30 days from the date of such agreement
Annual Compliance with respect to loan from Director to Company :
As this loan is exempted from the deposit, the company is required to file Form DPT -3 with the amount of loan accepted from Directors of the Company under the column, Items Not considered as Deposits
To carry on in India or elsewhere the business to manufacture, develop, fabricate, finish, manipulate and to act as importer, exporter, buyer, seller, job worker, wooden beading and mouldings, wooden packing cases, and to carry on either alone or jointly with one or more persons, government, local or other bodies, the business of to undertake Architectural work, inter designers, erection and installation and to act as civil engineers, architectural engineers, interior decorators, consultants, advisors, contractors, turnkey contractors and managers, and to do all incidental acts and things necessary for the attainment of the above objects.
Loan Agreement is an instrument and Stamp duty is required to be paid while executing the loan agreement as per rates prescribed by the State of Rajasthan in Rajasthan ( Stamp duty on Loan Agreement in Rajasthan) . Loan Agreement is a very important document that confers rights and obligations on lender and borrower (parties to Agreement )
Stamp duty Payable on Loan Agreement in Rajasthan
Particulars
Amount of stamp duty Payable
Loan Agreement
0.25% of Loan amount max. Rs. 25 lacs
Loan Agreement to Start-Up, up to rupees ten lakh
Rs.0 after rebate
Loan Agreement to Start-Up exceeds rupees ten lakh
0.25% of Loan amount
Agreement Relating to Deposit of Title Deed/ Equitable Mortgage Deed when Loan repayable in more than 3 months
0.25% of Loan Amount Max 25 lakh
Agreement Relating to Deposit of Title Deed/ Equitable Mortgage Deed when Loan not more than 3 months
0.075% of Loan Amount Max 5 lakh
Loan to set up a Micro, Small or Medium Enterprises as defined in the Micro, Small and Medium Enterprises Development Act, 2006, or enhancing credit facility or transfer of loan account from one bank to another by Micro, Small or Medium Enterprises, in the State – Per document in case of loan agreement and deposit of title deed and lease contract Rs. 100/
Rs. 100
Loan to set up a Micro, Small or Medium Enterprises as defined in the Micro, Small and Medium Enterprises Development Act, 2006, or enhancing credit facility or transfer of loan account from one bank to another by Micro, Small or Medium Enterprises, in the State – Per document in case of simple mortgage with or without transfer of possession of property Rs. 500/-
In this article we will discuss the amount of Stamp duty payable on power of attorney (POA) in Rajasthan, In India stamp duty varies from state to state and every state has its own rates for payment of stamp duty.
There are different instances where Power of attorney can be executed, stamp duty payable depends accordingly
Stamp Duty on Power of Attorney (POA) in Rajasthan
Particulars (Type of Instrument)
Amount of Stamp duty
When Power of Attorney is executed for the sole purpose of procuring the registration of one or more documents in relation to a single transaction or for admitting execution of one or more such documents
Rs. 100
When Power of Attorney is executed authorizing one person or more to act in a single transaction other than the case mentioned above
Rs. 100
When authorizing not more than five persons to act jointly and severally in more than one transaction or generally
Rs. 200
Power of Attorney executed by Client in favour of Stock Broker registered in SEBI for purchase of securities
Rs. 200
When authorizing more than five persons but not more than ten persons to act jointly and severally in more than one transaction or generally
Rs. 200
When given for consideration and authorizing the attorney to sell any immovable property
6% of consideration
When given for consideration and authorizing the attorney to sell any immovable property (Female SC/ST/BPL)
4% of Consideration (After Rebate)
when given for consideration and authorizing the attorney to sell any immovable property; (Female other than SC/ST/BPL)
5% of Consideration (After Rebate)
When given for consideration and authorizing the attorney to sell any immovable property; (Disabled 40% & above)
5% of Consideration (After Rebate)
When power of attorney is given without consideration to sell immovable property to the father, mother, brother, sister, wife, husband, son, daughter, grandson or grand daughter of the executant
Rs. 2000
when power of attorney is given without consideration to sell immovable property to any other person
0.5% of market value of property (After Rebate )
When given to promoter or developer by whatever name called for construction on, or development of, or sale or transfer (in any manner whatsoever) of, any immovable property, (Sale power not given)
1% of market value (After Rebate)
When given to promoter or developer by whatever name called for construction on, or development of, or sale or transfer (in any manner whatsoever) of, any immovable property, (with Sale power)
1.5% on proportionate part and 1% on remaining part of market value
Authentication Power of Attorney (any other Case)
Rs. 50
How to Pay Stamp duty on Power of Attorney
Stamp Duty on Power of Attorney in Rajasthan can be paid both in Online and offline Mode, In case of Offline Mode you need to visit to Registered Stamp Vendor office and Purchase the stamp Paper of applicable amount and in case of Online mode , you may purchase stamp paper through registered office of stock holding corporation and authorized stamp vendors.
