Can any explain me definition of Body Corporate n is there is any difference in body corporate n company as per company act 1956?
The Companies Act has used an excluding definition for body corporate, defining it as
"Body corporate" or "corporation" includes a company incorporated outside India but doesnot include-
a. a corporation sole
b. a co-operative societyregistered under any law relating to co-operative societies
c. any other body corporate (not being a company company as defined in this Act), which the Central Govt. may, by a notification in the official gazette, specify in this behalf.
Now, the concept of Corporation Sole is not defined anywhere in the Act. But concisely, apart from those excluded specifically, a body corporate means any entity that has its separate legal existence apart from the persons forming it. It enjoys a completely different legal status apart from its members. So, a body corporate shall include:
a company, a foreign company, a corporation, a statutory company, a statutory body, an LLP, etc. and such bodies that have separate legal existence.