Bare Act Search Results

Payment of Bonus Act, 1965 Section 15

Title: Set on and Set off of Allocable Surplus

State: Central

Year: 1965

.....fourth accounting year in the manner illustrated in the Fourth Schedule. (3) The principle of set on and set off as illustrated in the Fourth Schedule shall apply to all other cases not covered by sub-section (1) or sub-section (2) for the purpose of payment of bonus under this Act. (4) Where in any accounting year any amount has been carried forward and set on or set off under this section, then, in calculating bonus for the succeeding accounting year, the amount of set on or set off carried forward from the earliest accounting year shall first be taken into account.] _________________________ 1. Substituted by Act 66 of 1980, Section 9, for section 15 (w.r.e.f. 21-8-1980).

Red Cross Society (Allocation of Property) Act,1936 Preamble 1

Title: Red Cross Society (Allocation of Property) Act,1936

State: Central

Year: 1936

THE RED CROSS SOCIETY (ALLOCATION OF PROPERTY) ACT,1936 [Act, No.18 of 1936] [AS ON 1957] [27th October,1936] PREAMBLE An Act to provide out of the property of the Indian Red Cross Society a fund to be administered in Burma by a Burma Red Cross Society, and to terminate in Burma the existing functions of the Indian Red Cross Society. WHEREAS it is expedient to provide out of the property of the Indian Red Cross Society a Fund to be administered in Burma by a Burma Red Cross Society, and to terminate in Burma the existing functions of the Indian Red Cross Society; It is hereby enacted as follows:--

Red Cross Society (Allocation of Property) Act,1936 Complete Act

Title: Red Cross Society (Allocation of Property) Act,1936

State: Central

Year: 1936

Preamble1 - RED CROSS SOCIETY (ALLOCATION OF PROPERTY) ACT,1936 Section1 - Short title and extent Section2 - Apportionment of corpus of property of Indian Red Cross Society Section3 - Transfer of apportioned property to trustees and dissolution of Burma Branch Committee of Indian Red Cross Society Section4 - Cesser of provisions of Indian Red Cross Society Act, 1920

Payment of Bonus Act, 1965 Complete Act

State: Central

Year: 1965

.....Central Labour Laws (Extension to Jamrnu and Kashmir) Act, 1970. [***]. (3) Save as otherwise provided in this Act, it shall apply to- (a) every factory ; and ( b) every other establishment in which twenty or more persons are employed on any day during an accounting year: 3 (3) 3. Inserted by the Payment of Bonus (Amendment) Act, 1976, w.r.e.f. 25-9-1975. [Provided that the appropriate Government may, after giving not less than two months' notice of its intention so to do, by notification in the Official Gazette, apply the provisions of this Act with effect from such accounting year as may be specified in the notification, to any establishment or class of establishments [including an establishment being a factory within the meaning of sub-clause (ii) of clause (m) of (S.2 of the Factories Act, 1948), employing such number of persons less than twenty as may be specified in the notification ; so, however, that the number of persons so specified shall in no case be less than ten.] (4) Save as otherwise provided in this Act, the provisions of this Act shall, in relation to a factory or other establishment to which this Act applies, have effect in respect of the accounting year.....

Insurance Act, 1938 (4 of 1938) Section 56

Title: Application of Surplus Assets of Life Insurance Fund in Liquidation or Insolvency

State: Central

Year: 1938

.....of a branch only of the life insurance business in question has been allocated to policy-holders, the value of the assets and liabilities of the insurer in respect of that branch shall be separately ascertained in like manner as the value of his assets and liabilities in respect of the life insurance business was ascertained, and the surplus so found, if any, of assets over liabilities shall, for the purpose of determining the amount to be added to the liabilities of the insurer in respect of the life insurance business be deemed to be the prima facie surplus. ______________________ 1. Substituted by the Companies (Second Amendment) Act, 2002, section 133 and Schedule, for "Court".

Insurance Regulatory and Development Authority (Distribution of Surplus) Regulations, 2002 Complete Act

State: Central

Year: 2002

.....Authority Act, 1999 (41 of 1999), or in any Rules or Regulations made thereunder shall have the meanings respectively assigned to them in those Acts or Rules or Regulations. Regulation 3 Life funds For the purpose of these regulations, with effect from 1st April 2003,- (1) a life insurer registered under Sec. 3 of the Insurance Act, 1938 shall be required to maintain separately :- (a) a life fund for participating policyholders and (b) a life fund for non participating policyholders. (2) A failure to comply with the requirements of sub-regulation (1) above shall mean that the life fund maintained by the insurer shall be for the benefit of the participating policyholders only. Regulation 4 Procedure for distribution of surplus A life insurer may, on the advice of his appointed actuary, reserve a part of the actuarial surplus (also referred to as valuation surplus) arising out of a valuation of assets and liabilities made for a financial year in accordance with Insurance Regulatory and Development Authority (Actuarial Report and Abstract) Regulations, 2000, to its shareholders, which shall be :- (a) one hundred per cent, in case of a life fund maintained for.....

Payment of Bonus Act, 1965 Section 2

Title: Definitions

State: Central

Year: 1965

.....hire or reward, whether the terms of employment be express or implied; (14) "employer includes- (i) in relation to an establishment which is a factory, the owner or occupier of the factory, including the agent of such owner or occupier, the legal representative of a deceased owner or occupier and where a person has been named as a manager of the factory under clause (0 of sub-section (1) of section 7 of the Factories Act, 1948 (63 of 1948), the person so named; and (ii) in relation to any other establishment, the person who, or the authority which, has the ultimate control over the affairs of the establishment and where the said affairs are entrusted to a manager, managing director or managing agent, such manager, managing director or managing agent; (15) "establishment in private sector" means any establishment other than an establishment in public sector; (16) "establishment in public sector" means an establishment owned, controlled or managed by- (a) a Government company as defined in section 617 of the Companies Act, 1956 (1 of 1956); (b) a corporation in which not less than forty per cent of its capital is held (whether singly or taken together) by- (i) the.....

Reserve Bank of India Act, 1934 (2 of 1934) Section 47

Title: Allocation of Surplus Profits

State: Central

Year: 1934

1 [47. Allocation of surplus profits After making provision for bad and doubtful debts, depreciation in assets, contributions to staff and superannuation fund 2 [and for all other matters for which] provision is to be made by or under this Act or which are usually provided for by bankers, the balance, of the profits shall be paid to the Central Government.] _______________________ 1. Substituted by Act 62 of 1948, section 7 and Schedule, for section 47 (w.e.f. 1-1-1949). 2. Substituted by Act 24 of 1955, section 8, for "and such other contingencies as".

Payment of Bonus Act, 1965 Section 11

Title: Payment of Maximum Bonus

State: Central

Year: 1965

1 [11. Payment of maximum bonus (1) Where in respect of any accounting year referred to in section 10, the allocable surplus exceeds the amount of minimum bonus payable to the employees under that section, the employer shall, in lieu of such minimum bonus, be bound to pay to every employee in respect of that accounting year bonus which shall be an amount in proportion to the salary or wage earned by the employee during the accounting year subject to a maximum of twenty per cent, of such salary or wage. (2) In computing the allocable surplus under this section, the amount set on or the amount set off under the provisions of section 15 shall be taken into account in accordance with the provisions of that section.] _____________________ 1. Section 11 omitted by Act 23 of 1976, Section 8 (w.r.e.f. 25-9-1975) and inserted by Act 66 of 1980, Section 6 (w.r.e.f. 21-8-1980).

Payment of Bonus Act, 1965 Section 16

Title: Special Provisions with Respect to Certain Establishments

State: Central

Year: 1965

.....( 1B ) and ( 1 C). ( 1 A) In the first five accounting year following the accounting year in which the employer sells the goods produced or manufactured by hi m or renders services, as the case may be, from such establishment, bonus shall be payable only in respect of the accounting year in which the employer derives profit from such establishment and such bonus shall be calculated in accordance with the provisions of this Act in relation to that year, but without applying the provisions of section 15 . ( 1B ) For the sixth and seventh accounting years following the accounting year in which the employer sells the goods produced or manufactured by hi m or renders services, as the case may be, from such establishment, the provisions of section 15 shall apply subject other following modifications, namely:- (i) for the sixth accounting year- set on or set off, as the case may be, shall be made in me manner illustrated in the2[Fourth Schedule] taking into account the excess or deficiency, if any, as the case may be, of the allocable surplus set on or set off in respect of the fifth and sixth accounting years; (ii) for the seventh accounting year- set on or set off, as.....