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Indian Succession Act, 1925 Chapter 5

Title: Of Executors of their Own Wrong

State: Central

Year: 1925

.....payment of the debts of the deceased. He is an executor of his own wrong. (ii) A, having been appointed agent by the deceased in his lifetime to collect his debts and sell his goods, continues to do so after he has become aware of his death. He is an executor or his own wrong in repect of acts done after he has become aware of the death of the deceased. (iii) A sues as executor of the deceased, not being such. He is an executor of his own wrong. Section 304 - Liability of executor of his own wrong When a person has so acted as to become an executor of his own wrong, he is answerable to the rightful executor or administrator, or to any creditor or legatee of the deceased, to the extent of the assets which may have come to his hands after deducting payments made to the rightful executor or administrator, and payments made in due course of administration.

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Indian Succession Act, 1925 Section 303

Title: Executor of His Own Wrong

State: Central

Year: 1925

A person who intermeddles with the estate of the deceased, or does any other act which belongs to the office of executor, while there is no rightful executor or administrator in existence, thereby makes himself an executor of his own wrong. Exceptions. (1) Intermeddling with the goods of the deceased for the purpose of preserving them or providing for his funeral or for the immediate necessities of his family or property, does not make an executor of his own wrong. (2) Dealing in the ordinary course of business with goods of the deceased received from another does not make an executor of his own wrong. Illustrations (i) A uses or gives away or sells some of the goods of the deceased, or takes them to satisfy his own debt or legacy or receives payment of the debts of the deceased. He is an executor of his own wrong. (ii) A, having been appointed agent by the deceased in his lifetime to collect his debts and sell his goods, continues to do so after he has become aware of his death. He is an executor or his own wrong in repect of acts done after he has become aware of the death of the deceased. (iii) A sues as executor of the deceased, not being such. He is an executor.....

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Reserve Bank of India Act, 1934 (2 of 1934) Section 45IA

Title: Requirement of Registration and Net Owned Fund

State: Central

Year: 1934

.....to the operation and consolidation of the financial sector consistent with monetary stability and economic growth considering such other relevant factors which the Bank may, by notification in the Official Gazette, specify; and (g) any other condition, fulfilment of which in the opinion of the Bank, shall be necessary to ensure that the commencement of or carrying on of the business in India by a non-banking financial company shall not be prejudicial to the public interest or in the interests of the depositors. (5) The Bank may, after being satisfied that the conditions specified in subsection (4) are fulfilled, grant a certificate of registration subject to such conditions which it may consider fit to impose. (6) The Bank cancel a certificate of registration granted to a non-banking financial company under this section if such company- (i) ceases to carry on the business of a non-banking financial institution in India; or (ii) has failed to comply with any condition subject to which the certificate of registration had been issued to it; or (iii) at any time fails to fulfil any of the conditions referred to in clauses (d) to (g) of sub-section (4); or (iv) fails-.....

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National Housing Bank Act, 1987 Section 29A

Title: Requirement of Registration and Net Owned Fund

State: Central

Year: 1987

.....documents when so demanded by an inspecting authority of the National Housing Bank; or (v) has been prohibited from accepting deposit by an order made by the National Housing Bank under the provisions of this Chapter and such order has been in force for a period of not less than three months: Provided that before cancelling a certificate of registration on the ground that the housing finance institution has failed to comply with the provisions of clause (ii) or has failed to fulfil any of the conditions referred to in clauses (a) to (g) of sub­section (4), the National Housing Bank, unless it is of the opinion that the delay in cancelling the certificate of registration shall be prejudicial to public interest or the interest of the depositors or the housing finance institution, shall give an opportunity to such institution on such terms as the National Housing Bank may specify for taking necessary steps to comply with such provision or fulfilment of such condition: Provided further that before making any order of cancellation of certificate of registration, such institution shall be given a reasonable opportunity of being heard. (7) A housing finance.....

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Companies Act, 1956 Section 49

Title: Investments of Company to Be Held in Its Own Name

State: Central

Year: 1956

.....If any inspection required under sub-section (8) is refused, the6[Central Government] may, by order, direct an immediate inspection of the register. Nothing in this sub-section shall be construed as prejudicing in any way the operation of sub-section (9). (11) In this section, "securities" includes stock and debentures. _____________________ 1 . Inserted by Act 65 of 1960, Section 15 (w.e.f. 28-12-1960). 2 . The words "expressly described as a nominee of the company" omitted by Act 65 of 1960, Section 15 (w.e.f. 28-12-1960). 3.Inserted by Act 22 of 1996, section 30 an d Schedule (w.r.e.f. 20-9-1995). 4.Substituted by Act 65 of 1960, Section 15, for "with a Schedule Bank" (w.e.f. 28-12-1960). 5.Substituted by Act 53 of 2000, Section 14, for "five thousand rupees" (w.e.f. 13-12-2000). 6.Substituted by Act 31 of 1988, Section 67, for "Court" (w.e.f. 31-5-1991) and again Substituted by Act 11 of 2003, Section 8, for "Company Law Board".

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Companies Act, 1956 Section 77A

Title: Power of Company to Purchase Its Own Securities

State: Central

Year: 1956

.....resolution is proposed to be passed shall be accompanied by an explanatory statement stating - (a) a full and complete disclosure of all material facts; (b) the necessity for the buy-back; (c) the class of security intended to be purchased under the buy-back; (d) the amount to be invested under the buy-back; and (e) the time limit for completion of buy-back. (4) Every buy-back shall be completed within twelve months from the date of passing the3[special resolution or a resolution passed by the Board] under clause (b) of sub-section (2). (5) The buy-back under sub-section (1) may be - (a) from the existing security holders on a proportionate basis; or (b) from the open market; or (c) from odd lots, that is to say, where the lot of securities of a public company, whose shares are listed on a recognised stock exchange, is smaller than such marketable lot, as may be specified by the stock exchange; or (d) by purchasing the securities issued to employees of the company pursuant to a scheme of stock option or sweat equity. (6) Where a company has passed a special resolution under clause (b) of sub­section (2)2[or the Board has passed a resolution under the.....

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Competition Act, 2002 Section 36

Title: Power of Commission to Regulate Its Own Procedure

State: Central

Year: 2002

..... 1. Effective from 19.06.2003 by Notification No. SO 715 (E) Dated 19.06.2003. 2. Substituted by the Competition (Amendment) Act, 2007 [Act No. 39 of 2007] w.e.f. 12.10.2007. Prior to substitution it read as: "1 36.Power of Commission to regulate its own procedure.-- (1) The Commission shall not be bound by the procedure laid down by the Code of Civil Procedure, 1908 (5 of1908), but shall be guided by the principles of natural justice and, subject to the other provisions of this Act and of any rules made by the Central Government, the Commission shall have powers to regulate its own procedure including the places at which they shall have their sittings, duration of oral hearings when granted, and times of its inquiry. (2) The Commission shall have, for the purposes of discharging its functions under this Act, the same powers as are vested in a civil court under the Code of Civil Procedure, 1908 (5 of1908), while trying a suit/in respect of the following matters, namely:-- (a) summoning and enforcing the attendance of any person and examining him on oath; (b) requiring the discovery and production of documents; (c) receiving evidence on.....

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Companies Act, 2013, Section 68

Title: Power of Company to Purchase Its Own Securities

State: Central

Year: 2013

.....under clause (b) of sub-section (2) shall be accompanied by an explanatory statement stating-- (a) a full and complete disclosure of all material facts; (b) the necessity for the buy-back; (c) the class of shares or securities intended to be purchased under the buy-back; (d) the amount to be invested under the buy-back; and (e) the time-limit for completion of buy-back. (4) Every buy-back shall be completed within a period of one year from the date of passing of the special resolution, or as the case may be, the resolution passed by the Board under clause (b) of sub-section (2). (5) The buy-back under sub-section (1) may be-- (a) from the existing shareholders or security holders on a proportionate basis; (b) from the open market; (c) by purchasing the securities issued to employees of the company pursuant to a scheme of stock option or sweat equity. (6) Where a company proposes to buy-back its own shares or other specified securities under this section in pursuance of a special resolution under clause (b) of sub-section (2) or a resolution under item (ii) of the proviso thereto, it shall, before making such buy-back, file with the Registrar and the.....

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Bombay Non-trading Corporations Act, 1959, (Maharashtra) Section 40

Title: Investments of Corporation to Be Help in Its Own Name

State: Maharashtra

Year: 1959

.....or interest payable thereon. (3) The certificate or letter of allotment relating to the shares or securities in which investments have been made by a corporation shall, except in the cases referred to in sub-section (2), be in the custody of such corporation or with a Scheduled Bank, being the bankers of the corporation. (4) Where, in pursuance of sub-section (2) any shares or securities in which investments have been made by a corporation are not held by it in its own name, the corporation shall forthwith enter in a register maintained by it for the purpose- (a) the nature, value, and such other particulars as may be necessary fully to identify the shares or securities in question; and (b) the bank or person in whose name or custody the shares or securities are held. (5) The register kept under sub-section (4) shall be open to the inspection of any member of the corporation without charge, during business hours, subject to such reasonable restrictions as the corporation may, by its articles or in general meeting, impose, so however that not less than two hours in each day are allowed for inspection.

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Code of Civil Procedure, 1908 Rule 1 to 10

Title: Suits by or Against Firms and Persons Carrying on Business in Names Other Than their Own

State: Central

Year: 1908

.....whom it is sought to make liable. 4. Right of suit on death of partner (1) Notwithstanding anything contained in section 45 of the Indian Contract Act, 1872 (9 of 1872), where two or more persons may sue or be sued in the name of a firm under the foregoing provisions and any of such persons dies, whether before the institution or during the pendency of any suit, it shall not be necessary to join the legal representative of the deceased as a party to the suit. (2) Nothing in sub-rule (1) shall limit or otherwise affect any right which the legal representative of the deceased may have-- (a) to apply to be made a party to the suit, or (b) to enforce any claim against the survivor or survivors. 5. Notice in what capacity served Where a summons is issued to a firm and is served in the manner provided by rule 3, every person upon whom it is served shall be informed by notice in writing given at the time of such service, whether he is served as a partner or as a person having the control or management of the partnership business, or in both characters, and, in default of such notice, the person served shall be deemed to be served as a partner. 6. Appearance of.....

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