Commercial Body definition
Commercial Body means an organisation that is primarily engaged in a profession, even if it has public task functions (unless it is a body that is prevented by its set up from distributing any of its income whether as money or in any other form to its Committee, board or members and limits payments to employees to salaries and a bonus scheme that is not designed to distribute all profits or surplus income but has provisions for distribution of surplus income for some public good (usually charitable) purpose ) or is engaged in trade or commerce.
Commercial Body means an organisation that is primarily engaged in a profession, even if it has public task functions (unless it is a body that is set up under a constitution/ memorandum of association/trust deed which prevents it from distributing any of its income whether as money or in any other form to its Committee, board or members and limits payments to employees to salaries and a bonus scheme that is not designed to distribute all profits or surplus income but has provisions for distribution of surplus income for some public good (usually charitable) purpose ) or is engaged in trade or commerce.
Examples of Commercial Body in a sentence
Our timeline: 1947 – Our founding company, Commercial Body Builders Ltd.