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Home Bare Acts Phrase: futures optionFactoring Regulation Act, 2011, (Central) Section 2
Title: Definitions
State: Central
Year: 2011
..... (a) "assignment" means transfer b by agreement, of undivided interest of any assignor in any receivable due from any debtor in favour of a factor and includes an assignment where either the assignor or the debtor, are situated or established outside India. Explanation.-For the purposes of this clause, undivided interest of any assignor in any receivable shall not include creation of rights in receivables as security for r loans and advances or other obligations by a Bank or a financial institution; (b) "assignee" means a factor in wh hose favour the receivable is transferred; (c) "assignor" means any person who is the owner of any receivable; (d) "Bank" means, (i) a banking company; (ii) a corresponding new bank; (iii) the State Bank of India; (iv) a subsidiary bank; (v) such other bank which the Central Government may by notification specify for the purposes of this Act on the recommendations of the Reserve Bank; or (vi) a Multi-State Co-operative Society registered under the Multi-State Co-operative Societies Act, 2002 (39 of 2002) and licensed to undertake business of banking by the Reserve Bank under the provisions of the Banking Regulation Act,.....
View Complete Act List Judgments citing this sectionRegistration Act, 1908 Section 18
Title: Documents of Which Registration is Optional
State: Central
Year: 1908
.....of Property Act, 1882;". Note.--section 2 of Bombay Act 14 of 1939, as amended by Bombay Act 17 of 1945, is as follows:-- "2. Application of Act.--This Act shall apply to notices in respect of suits or proceedings which relate to immovable properties situate wholly or partly in the Greater Bombay with effect from such date as may be directed by the State Government in this behalf by notification in the Official Gazette: Provided that the State Government may by similar notification direct that the provisions of this Act shall apply to such notices relating to immovable properties situate wholly or partly in such other area as may be specified in the said notification." (iii) the word "and" in clause (ee) shall be added at the end and clause (eei) inserted by Act (Bombay Act 6 of 1960), section 43, shall be deleted. 6 [7 [Uttar Pradesh: In section 18, clauses (a), (b) and (cc) be omitted. In section 18(c), omit the words and figures "and leases exempted under section 17". Section 18A 8 Delhi: Same as in Punjab. 9 Himachal Pradesh: Same as in Punjab. 10 Punjab, Haryana, Chandigarh: After section 18, insert the following new section:-- "18A......
View Complete Act List Judgments citing this sectionChit Funds Act, 1982 Section 33
Title: Foreman to Demand Future Subscriptions by Written Notice
State: Central
Year: 1982
.....in the chit agreement and the cost of adjudication of the dispute, the Registrar or his nominee hearing the dispute shall, notwithstanding any contract to the contrary, make an order directing the subscriber to pay to the foreman the future subscriptions on or before the dates on which they fall due, and that, in case of any default of such payments by the subscriber, the foreman shall be at liberty to realise, in execution of that order, all future subscriptions and interest together with the costs, if any, less the amount, if any, already paid by the subscriber in respect thereof: Provided that if any such dispute is on a promissory note, no order shall be passed under this sub-section unless such promissory note expressly states that the amount due under the promissory note is towards the payment of subscriptions to the chit. (3) Any person who holds any interest in the property furnished as security or part thereof, shall be entitled to make the payment under sub-section (2). (4) All consolidated payment of future subscriptions realised by a foreman shall be deposited by him in an approved bank mentioned in the chit agreement before the date of the succeeding.....
View Complete Act List Judgments citing this sectionIndian Maritime University Act 2008 Section 49
Title: Transfer of Assets and Options of the Employees
State: Central
Year: 2008
Notwithstanding anything contained in this Act, or in the Statutes or the Ordinances, consequent upon merger of the Training Ship Chanakay, Mumbai, the Marine Engineering and Research Institute, Mumbai, the Marine Engineering and Research Institute, Kolkata, Lal Bahadur Shastri College of Advance Maritime Studies, Mumbai, the National Maritime Academy, Chennai, Indian Institute of Port Management, Kolkata and the National Ship Design and Research Centre, Visakhapatnam into the Indian Maritime University, all the assets and employees shall stand transferred to the University and such employees shall have the following options: (i) the employees of the four training institutes under Indian Institute of Maritime Studies who shall stand transferred to Indian Maritime University shall have the option to continue on deemed deputation in Indian Maritime University on the terms and conditions in force of the Central Government and also continue to retain or to be allotted government residential accommodation on turn and avail of the Central Government Health Scheme facilities till their retirement; (ii) the employees of the National Maritime Academy, Chennai, Indian Institute of.....
View Complete Act List Judgments citing this sectionIncome Tax Act, 1961 Section 115VQ
Title: Period for Which Tonnage Tax Option to Remain in Force
State: Central
Year: 1961
(1) An option for Tonnage Tax Scheme, after it has been approved under subsection (3) of section 115VP, shall remain in force for a period of ten years from the date on which such option has been exercised and shall be taken into account from the assessment year relevant to the previous year in which such option is exercised. (2) An option for Tonnage Tax Scheme shall cease to have effect from the assessment year relevant to the previous year in which (a) the qualifying company ceases to be a qualifying company ; (b) a default is made in complying with the provisions contained in section 115VT or section 115VU or section 115VV ; (c) the tonnage tax company is excluded from the Tonnage Tax Scheme under section 115VZC ; (d) the qualifying company furnishes to the Assessing Officer, a declaration in writing to the effect that the provisions of this Chapter may not be made applicable to it, and the profits and gains of the company from the business of operating qualifying ships shall be computed in accordance with the other provisions of this Act.
View Complete Act List Judgments citing this sectionBombay Forward Contracts Control Act, 1947, (Maharashtra) Section 9
Title: Options in Goods Illegal
State: Maharashtra
Year: 1947
(1) Notwithstanding anything contained in this Act or in any other law for the time being in force on a notification being issued by the Provincial Government in the Official Gazette, options or such kinds of options in such goods and in the whole of the Province of Bombay or such part thereof as may be specified in the notification shall be illegal. (2) Any person entering into any option made illegal under sub-section (1) shall, on conviction, be punishable with imprisonment which may extend to six months or with fine or with both. NOTIFICATION G. N., F. D., No. 7561/33-D(2), dated 2nd January, 1951 (B. G., Pt. IV-B, p. 72) In exercise of the powers conferred by sub-section (1) of section 9 of the Bombay Forward Contracts Control Act, 1947 (Bom. LXIV of 1947), the Government of Bombay is pleased to direct that all options in all varieties of oilseeds shall be illegal in Greater Bombay.
View Complete Act List Judgments citing this sectionForward Contracts (Regulation) Act, 1952 Chapter IV
Title: Forward Contracts and Options in Goods
State: Central
Year: 1952
.....goods entered into in pursuance of sub-section (1) which is in contravention of any of the bye-laws specified in this behalf under clause (a) of sub-section (3) of section 11 shall be void-- (i) as respects the rights of any member of the recognised association who has entered into contract in contravention of any, such bye-law, and also (ii) as respects the rights of any other person who has knowingly participated in the transaction entailing such contravention. (3) Nothing in sub-section (2) shall affect the right of any person other than a member of the recognised association to enforce any such contract or to recover any sum under or in respect of such contract: Provided that such person had no knowledge that such transaction was in contravention of any of the bye-laws specified under clause (a) of sub-section (3) of section 11. 1[(3A) Any forward contract in goods entered into in pursuance of sub-section (1), which at the date of the contract is in contravention of any of the bye-laws specified in this behalf under clause (aa) of sub-section (3) of section 11 shall be illegal.] (4) No member of a recognised association shall, in respect of any goods specified in.....
View Complete Act List Judgments citing this sectionCantonments (House-accommodation) Act, 1923 Section 13
Title: Option in Certain Cases for Owner on Whom Notice is Issued Under Section 7 to Call Upon the Government to Purchase
State: Central
Year: 1923
(1) If a house, in respect of which a notice is issued under section 7, is shown to the satisfaction of the 1 [Central Government], or is proved by a decree or order of a Court of competent jurisdiction, to have been erected- (a) under any conditions, rules, regulations or orders which were in force in Bengal prior to the eighth day of December, 1864, and conferred on the owner the option of offering the house for sale to the military officer applying for its appropriation for his occupation or to the East India Company or the Government, or (b) under any conditions, rules regulations or orders which were in force in Bombay prior to the first day of June, 1875, and conferred such an option as is described in clause (a), then the owner shall have the option of either complying with the notice of offering the house 2 [for sale to the Central Government]. (2) If the owner elects to sell the house, and 1 [Central Government] is willing to purchase it, the question of the amount of the purchase-money to be paid shall, in the event of disagreement, be referred to 3 [a Civil Court, in accordance with the provisions of Chapter IV]. __________________________ 1. Substituted for.....
View Complete Act List Judgments citing this sectionSale of Goods Act, 1930 Section 6
Title: Existing or Future Goods
State: Central
Year: 1930
(1) The goods which form the subject of a contract of sale may be either existing goods, owned or possessed by the seller, or future goods. (2) There may be a contract for the sale of goods the acquisition of which by the seller depends upon a contingency which may or may not happen. (3) Where by a contract of sale the seller purports to effect a present sale of future goods, the contract operates as an agreement to sell the goods.
View Complete Act List Judgments citing this sectionForward Contracts (Regulation) Act, 1952 Section 19
Title: Prohibition of Options in Goods
State: Central
Year: 1952
(1) Notwithstanding anything contained in this Act or in any other law for the time being in force, all options in goods entered into after the date on which this section comes into force shall be illegal. (2) Any option in goods which has been entered into before the date on which this section comes into force and which remains to be performed, whether wholly or in part, after the said date, shall, to that extent, become void.]
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