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Start Free TrialINDIAN TRUSTS ACT, 1882 Section 53
Title: Trustee may not buy beneficiary's interest without permission
State: Central
Year: 1882
No trustee, and no person who has recently ceased to be a trustee, may, without the permission of a principal civil court of original jurisdiction, buy or become mortgagee or lessee of the trust-property or any part thereof; and such permission shall not be given unless the proposed purchase, mortgage or lease is manifestly for the advantage of the beneficiary. Trustee for purchase.--And no trustee whose duly it is to buy or to obtain a mortgage or lease of particular property for the beneficiary may buy it, or any part thereof, or obtain a mortgage or lease of it, or any part thereof, for himself.
View Complete Act List Judgments citing this sectionIndian Penal Code (45 of 1860) Section 373
Title: Buying Minor for Purposes of Prostitution, Etc.
State: Central
Year: 1860
Whoever buys, hires or otherwise obtains possession of any 1 [person under the age of eighteen years with intent that such person shall at any age be employed or used for the purpose of prostitution or illicit intercourse with any person or for any unlawful and immoral purpose, of knowing it to be likely that such person will at any age be] employed or used for any purpose, shall be punished with imprisonment of either description for a term which may extend to ten years, and shall also be liable to fine. 2 [Explanation I.--Any prostitute or any person keeping or managing a brothel, who buys, hires or otherwise obtains possession of a female under the age of eighteen years shall, until the contrary is proved, be presumed to have obtained possession of such female with the intent that she shall be used for the purpose of prostitution. Explanation II.--"Illicit intercourse" has the same meaning as in section 372.] ______________________ 1 . Substituted by Act 18 of 1924, section 2, for certain words. 2 . Inserted by Act 18 of 1924, section 4.
View Complete Act List Judgments citing this sectionPartition Act, 1893 Section 3
Title: Procedure when Sharer Undertakes to Buy
State: Central
Year: 1893
(1) If, in any case in which the court is requested under the last foregoing section to direct a sale, any other shareholder applies for leave to buy at a valuation the share or shares of the party or parties asking for a sale, the court shall order a valuation of the share or shares in such manner as it may think fit and offer to sell the same to such shareholder at the price so ascertained, and may give all necessary and proper directions in that behalf. (2) If two or more shareholders severally apply for leave to buy as provided in sub-section (1), the court shall order a sale of the share or shares to the shareholder who offers to pay the highest price above the valuation made by the court. (3) If no such shareholder is willing to bury such share or shares at the price so ascertained, the applicant or applicants shall be liable to pay all costs of or incident to the application or applications.
View Complete Act List Judgments citing this sectionIndian Trusts Act, 1882 Section 92
Title: Purchase by Person Contracting to Buy Property to Be Held on Trust
State: Central
Year: 1882
Where a person contracts to buy property to be held on trust for certain beneficiaries and buys the property accordingly, he must hold the property for their benefit to the extent necessary to give effect to the contract.
View Complete Act List Judgments citing this sectionCompanies Act, 1956 Section 77B
Title: Prohibition for Buy-back in Certain Circumstances
State: Central
Year: 1956
1[77B. Prohibition for buy-back in certain circumstances (1) No company shall directly or indirectly purchase its own shares or other specified securities - (a) through any subsidiary company including its own subsidiary companies; or (b) through any investment company or group of investment companies; or (c) if a default, by the company, in repayment of deposit or interest payable thereon, redemption of debentures or preference shares or payment of dividend to any shareholder or repayment of any term loan or interest payable thereon to any financial institution or bank, is subsisting. (2) No company shall directly or indirectly purchase its own shares or oilier specified securities in case such company has not complied with the provisions of sections 159, 207 and 211.] _____________________ 1. Inserted by Act 21 of 1999, Section 4 (w.r.e.f. 31-10-1998).
View Complete Act List Judgments citing this sectionIndian Penal Code (45 of 1860) Section 370
Title: Buying or Disposing of Any Person as a Slave
State: Central
Year: 1860
Whoever imports, exports, removes, buys, sells or disposes of any person as a slave, or accepts, receives or detains against his will any person as a slave, shall be punished with imprisonment of either description for a term which may extend to seven years, and shall also be liable to fine.
View Complete Act List Judgments citing this sectionIndian Trusts Act, 1882 Section 38
Title: Power to Sell Under Special Conditions. Power to Buy-in and Re-sell
State: Central
Year: 1882
The trustee making any such sale may insert such reasonable stipulations either as to title or evidence of title, or otherwise, in any conditions of sale or contract for sale, as he thinks fit; and may also buy-in the property or any part thereof at any sale by auction, and rescind or vary any contract for sale, and re-sell the property so bought in, or as to which the contract is so rescinded, without being responsible to the beneficiary for any loss occasioned thereby. Time allowed for selling trust-property.--Where a trustee is directed to sell trust-property or to invest trust-money in the purchase of property, he may exercise a reasonable discretion as to the lime of effecting the sale or purchase. Illustrations (a) A bequeaths property to B, directing him to sell if with all convenient speed and pay the proceeds to C. This does not render an immediate sale imperative. (b) A bequeaths property to B, directing him to sell it at such lime and in such manner as he shall think fit and invest the proceeds for the benefit of C. This does not authorize B, as between him and C, to postpone the sale to an indefinite period.
View Complete Act List Judgments citing this sectionCompanies Act, 2013, Section 70
Title: Prohibition for Buy
State: Central
Year: 2013
(1) No company shall directly or indirectly purchase its own shares or other specified securities-- (a) through any subsidiary company including its own subsidiary companies; (b) through any investment company or group of investment companies; or (c) if a default, is made by the company, in the repayment of deposits accepted either before or after the commencement of this Act, interest payment thereon, redemption of debentures or preference shares or payment of dividend to any shareholder, or repayment of any term loan or interest payable thereon to any financial institution or banking company: Provided that the buy-back is not prohibited, if the default is remedied and a period of three years has lapsed after such default ceased to subsist. (2) No company shall, directly or indirectly, purchase its own shares or other specified securities in case such company has not complied with the provisions of sections 92, 123, 127 and section 129.
View Complete Act List Judgments citing this sectionIndustrial Disputes Act, 1947 Chapter V
Title: Strikes and Lock-outs
State: Central
Year: 1947
.....24 - Illegal strikes and lock-outs (1) A strike or a lock-out shall be illegal if-- (i) it is commenced or declared in contravention of section 22 or section 23; or (ii) it is continued in contravention of an order made under sub-section (3) of section 101[or sub-section (4A) of section 10A]. (2) Where a strike or lock-out in pursuance of an industrial dispute has already commenced and is in existence at the time of the reference of the dispute to a Board1[an arbitrator, a]2[Labour Court, Tribunal or National Tribunal], the continuance of such strike or lock-out shall not be deemed to be illegal, provided that such strike or lock-out was not at its commencement in contravention of the provisions of this Act or the continuance thereof was not prohibited under sub-section (3) of section 101[or sub-section (4A) of section 10A] (3) A lock-out declared in consequence of an illegal strike or a strike declared in consequence of an illegal lock-out shall not be deemed to be illegal. ________________________ 1. Inserted by Act 36 of 1964, Section 12 (w.e.f. 19-12-1964). 2. Substituted by Act 36 of 1956, Section 18, for "or Tribunal" (w.e.f. 10-3-1957). Section.....
View Complete Act List Judgments citing this sectionCompanies Act, 1956 Section 205
Title: Dividend to Be Paid Only out of Profits
State: Central
Year: 1956
.....the expiry of the specified period; or (d) as regards any other depreciable asset for which no rate of depreciation has been laid down by 3 [this Act or any rules made thereunder], on such basis as may be approved by the Central Government by any general order published in the Official Gazette or by any special order in any particular case: Provided that where depreciation is provided for in the manner laid down in clause (b) or clause (c), then, in the event of the depreciable asset being sold, discarded, demolished or destroyed the written down value thereof at the end of the financial year in which the asset is sold, discarded, demolished or destroyed, shall be written off in accordance with the proviso to section 350. 4 [(2A) Notwithstanding anything contained in sub-section (1), on and from the commencement of the Companies (Amendment) Act, 1974 no dividend shall be declared or paid by a company for any financial year out of the profits of the company for that year arrived at after providing for depreciation in accordance with the provisions of sub-section (2), except after the transfer to the reserves of the company of such percentage of its profits for that year,.....
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