Bare Act Search Results

INDIAN 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.

Indian 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.

Partition 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.

Indian 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.

Companies 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).

Indian 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.

Indian 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.

Companies 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.

Companies Act, 1956 Complete Act

State: Central

Year: 1956

.....the same activity as that carried on by the head office of the company; or (c) any establishment engaged in any production, processing or manufacture, but does not include any establishment specified in any order made by the Central Government under (section 8);] (10) "company" means a company as defined in (section 3); [(10A) "Company Law Board" means the Board of Company Law Administration constituted under (section 10E);] [(11) "the Court" means,- (a) with respect to any matter relating to a company (other than any offence against this Act), the Court having jurisdiction under this Act with respect to that matter relating to that company, as provided in (section 10) ; (b) with respect to any offence against this Act, the Court of a Magistrate of the First Class or, as the case may be, a Presidency Magistrate, having jurisdiction to try such offence ;] (12) "debenture" includes debenture stock, bonds and any other securities of a company, whether constituting a charge on the assets of the company or not; [(12A) "depository" has the same meaning as in the (Depositories Act, 1996) (22 of 1996); (12B) "derivative" has the same meaning as in clause (aa) of (S.2.....

Companies Act, 1956 Part 3

Title: Prospectus and Allotment, and Other Matters Relating to Issue of Shares or Debentures

State: Central

Year: 1956

.....disclosed, he proves that he had no knowledge thereof; or (b) he proves that the non-compliance or contravention arose from an honest mistake of fact on his part; or (c) the non-compliance or contravention was in respect of matters which, in the opinion of the Court dealing with the case4[were immaterial] or was otherwise such as ought, in the opinion of that court, having regard to all the circumstances of the case, reasonably to be excused: Provided that no director or other person shall incur any liability in respect of the failure to include in a prospectus a statement with respect to the matters specified in clause 18 of Schedule II, unless it is proved that he had knowledge of the matters not disclosed. (5) This section shall not apply - (a) to the issue to existing members or debenture-holders of a company of a prospectus or form of application relating to shares in or debentures of the company whether an applicant for shares or debentures will or will not have the right to renounce in favour of other persons; or (b) to the issue of a prospectus or form of application relating to shares or debentures which are, or are to be, in all respects uniform with.....