Bare Act Search Results

Companies Act, 1956 Complete Act

State: Central

Year: 1956

.....as in the (Depositories Act, 1996) (22 of 1996); (12B) "derivative" has the same meaning as in clause (aa) of (S.2 of the Securities Contracts (Regulation) Act, 1956) (42 of 1956);] (13) "director" includes any person occupying the position of director, by whatever name called; (14) "District Court" means the principal Civil Court of original jurisdiction in a district, but does not include a High Court in the exercise of its ordinary original civil jurisdiction ; [(14A) "dividend" includes any interim dividend;] (15) "document" includes summons, notice, requisition, order, other legal process, and registers, whether issued, sent or kept in pursuance of this or any other Act or otherwise ; [(15A) "employees stock option" means the option given to the whole-time directors, officers or employees of a company, which gives such directors, officers or employees the benefit or right to purchase or subscribe at a future date, the securities offered by the company at a pre-determined price;] (16) "existing company" means an existing company as defined in (section 3); (17) "financial year" means, in relation to any body corporate, the period in respect of which.....

Presidency Towns Insolvency Act, 1909 Complete Act

State: Central

Year: 1909

....."If this Bill be passed into law it will be necessary to repeal the 1848 Act, and this raise a question which deserves consideration. The present Act is an Act of the imperial Parliament and a vesting order made under it vests in the assignee by direct operation all the real and personal estate and effects of the insolvent in whatever part of the King's dominions they may be situate or accrue; and a discharge under the Act has effect in every part of those dominions. The Act is one of those which it is within the competency of the Legislative Council of the Governor-General to repeal, but if it be repealed and an Indian Act be substituted, it follows that these advantages must at least for the most part be abandoned, since an Act of the Indian Legislature cannot operate for this purpose outside the limits of India. In 1886 it was proposed that an Act of the Imperial Parliament should be obtained to give this authority to insolvency proceedings in India, but no such Act has as yet been passed. It is believed, however, that the advantages conferred by the Act of 1848 are of no real value, since experience has shown that in practically every case in which there are assets in both.....

The Insolvency Act, 1955 Complete Act

State: Kerala

Year: 1955

THE INSOLVENCY ACT, 1955 ACT II OF 1956 THE INSOLVENCY ACT, 1955 1 An Act to consolidate and amend the law relating to insolvency. Preamble .-Whereas it is expedient to consolidate and amend the law relating to insolvency; Be it enacted in the Sixth Year of the Republic of India as follows:- 1. Short title extent and commencement .-(1) This Act may be called the 2 [********] insolvency Act, 1955. 3 [ "(2) It extends to the whole of the State of Kerala"] (2) It shall come into force on such date as the Government may, by notification in the Gazette, appoint. 4 2. Definitions .-(1) In this Act, unless the context otherwise requires, (a) "Collector" means the Chief Officer in charge of the revenue administration of the district and includes an acting or officiating Collector and also any officer appointed by the Government to exercise the functions of the Collector; (b) "creditor" includes a decree-holder, "debt" includes a judgment-debt, and "debtor" includes a judgment-debtor; (c) "District Court" means the principal Civil Court of original jurisdiction; (d) "prescribed" means prescribed by rules made under this Act; (e) .....

Provincial Insolvency Act, 1920 Part II

Title: Proceedings from Act of Insolvency to Discharge

State: Central

Year: 1920

.....under the provisions of any law referred to in clause (b) on the date of the application.] Explanation - For the purposes of this section the act of an agent may be the act of the principal.] ______________________ 1. Section 6 renumbered as subsection (1) by the Insolvency Laws (Amendment ) Act w.e.f 1-9-79. Prior to Amendment Section 6 Stood as follows "[Acts of insolvency.- A debtor commits an act of insolvency in each of the following cases, namely:- (a) if, in [Substituted by the A.O.1950 for "the Provinces"] [India] or elsewhere, he makes a transfer of all or substantially all his property to a third person for the benefit of his creditors generally; (b) if, in [Substituted by the A.O.1950 for "the Provinces"] [India] or elsewhere, he makes a transfer of his property or of any part thereof with intent to defeat or delay his creditors; (c) if, in [Substituted by the A.O.1950 for "the Provinces"] [India] or elsewhere, he makes any transfer of his property, or of any part thereof, which would, under this or any other enactment for the time being in force, be void as a fraudulent preference if he were adjudged an insolvent; (d) if, with intent to defeat or.....

Companies Act, 1913 Complete Act

State: Central

Year: 1913

.....its ordinary original civil jurisdiction; (7) "existing company "means a company formed and registered under the (Companies Act, 1866), or under any Act or Acts repealed thereby, or under (Companies Act, 1882): (8) " Insurance company " means a company that carries on the business of insurance either solely or in common with any other business or businesses: (9) "manager " means a person who, subject to the control and direction of the directors has the management of the whole affairs of a company, and includes a director or any other person occupying the position of a manager by whatever name called and whether under a contract of service or not: (9A) " managing agent " means a person, firm or company entitled to the management of the whole affairs of a company by virtue of an agreement with the company, and under the control and direction of the directors except to the extent, if any, otherwise provided for in the agreement and includes any person, firm or company occupying such position by whatever name called : Explanation.-If a person occupying the position of a managing agent calls himself a manager he shall nevertheless be regarded as managing agent and not as manager for.....

Companies Act, 1956 Part 7

Title: Winding Up

State: Central

Year: 1956

.....given as the1[Tribunal] thinks reasonable. _____________________ 1. Substituted Act 11 of 2003, Section 54, for "Court". 2. Substituted by Act 11 of 2003, Section 54. 3. Substituted by Act 65 of 1960, Section 162, for "clauses (b), (c) and (e)" (w.e.f. 28-12-1960). 4. Substituted by Act 11 of 2003, Section 54, for "and (f)". 5. Substituted by Act 65 of 1960, Section 162, for "an inspector" (w.e.f. 28-12-1960). Section 439A - Statement of affairs to be filed on winding up of a company 1[ 439A. Statement of affairs to be filed on winding up of a company ( 1 ) Every company shall file with the Tribunal a statement of its affairs alongwith the petition for winding up. ( 2 ) Where a company oppose a petition for its winding up, it sh all file with the Tribunal a statement of its affairs. ( 3 ) The statement of affairs referred to in sub-section ( 1 ) or sub-section ( 2 ) shall be accompanied by-- (a) the last known addresses of all directors and company, secretary of such company; (b) the details of location of assets of the company and their value; (c) the details of all debtors and creditors with their complete addresses; (d) the details of workmen.....

Presidency-towns Insolvency Act, 1909 Part II

Title: Proceedings from Act of Insolvency to Discharge

State: Central

Year: 1909

.....Insolvency and the Provincial Insolvency (Bombay Amendment) Act, 1939 (Bom.15 of 1939), s.2} Explanation.For the purposes of this section, the act of an agent may be the act of the principal, even though the agent have no specific authority to commit the act.{For s.9A, applicable to Bombay only, see s.2, ibid.} Section 10 - Power to adjudicate Subject to the conditions specified in this Act, if a debtor commits an act of insolvency, an insolvency petition may be presented either by a creditor or by the debtor, and the Court may on such petition make an order (hereinafter called an order of adjudication) adjudging him an insolvent. Explanation.The presentation of a petition by the debtor shall be deemed an act of insolvency within the meaning of this section, and on such petition the Court may make an order of adjudication. Section 11 - Restrictions on jurisdiction The Court shall not have jurisdiction to make an order of adjudication, unless (a) the debtor is, at the time of the presentation of the insolvency petition, imprisoned in execution of the decree of a Court for the payment of money in any prison to which debtors are ordinarily committed by the Court in.....

Companies Act, 1956 Chapter 3

Title: Voluntary Winding Up

State: Central

Year: 1956

.....rupees" (w.e.f. 13-12-2000). 4. Substituted by Act 31 of 1965, Section 54, for sub-section (5) and (6) (w.e.f. 15-10-1965). 5. Substituted by Act 11 of 2003, Section 85, for "Court". 6. Substituted by Act 53 of 2000, Section 198, for "five hundred rupees" (w.e.f. 13-12-2000). Section 498 - Alternative provisions as to annual and final meetings in case of insolvency Where section 495 has effect sections 508 and 509 shall apply to the winding up, to the exclusion of sections 496 and 497, as if the winding up were a creditors' voluntary winding up and not a members' voluntary winding up: Provided that the liquidator shall not be required to call a meeting of creditors under section 508 at the end of the first year from the commencement of the winding up, unless the meeting held under section 495 has been held more than three months before the end of that year. Section 499 to 509 - Provisions applicable to a creditors' voluntary winding up Section 499 - Provisions applicable to a creditors voluntary winding up The provisions contained in sections 500 to 509, both inclusive, shall apply in relation to a creditors' voluntary winding up. Section 500 - Meeting of.....

Presidency-towns Insolvency Act, 1909 Part IV

Title: Official Assignees

State: Central

Year: 1909

.....the commencement of this Act in the Courts for the relief of Insolvent Debtors at Calcutta, Madras and Bombay respectively under the {Rep.by this Act} Indian Insolvency Act, 1848, {The words "and in the Chief Court of Lower Burma under that Act as applied by the Lower Burma Courts Act, 1900" rep.by the A.O.1937} shall, without further appointment for that purpose, become the official assignees, substantive or temporary, as the case may be, under this Act in the High Courts at Fort William, Madras and Bombay {The words "and in the Chief Court of Lower Burma" rep., ibid} respectively.{For s.77A, applicable to Bombay and Madras, see the Presidency-towns Insolvency (Bombay Amendment) act, 1933 (Bom.20 of 1933), s.3 and the Presidency-towns Insolvency (Madras Amendment) Act, 1943 (Mad.5 of 1943), s.8 respectively}. Section 78 - Power to administer oath An official assignee may, for the purpose of affidavits verifying proofs, petitions or other proceedings under this Act, administer oaths. Section 79 - Duties as regards the insolvents conduct (1) The duties of an official assignee shall have relation to the conduct of the insolvent as well as to the administration of his.....

Provincial Insolvency Act, 1920 Section 9

Title: Conditions on Which Creditor May Petition

State: Central

Year: 1920

.....if two or more creditors join in the petition, the aggregate amount of debts owing to such creditors, amounts to five hundred rupees, and (b) the debt is a liquidated sum payable either immediately or at some certain future time, and (c) the act of insolvency on which the petition is grounded has occurred within three months before the presentation of the petition: {Added by Act 3 of 1950, s.6} [Provided that where the said period of three months referred to in clause (c) expires on a day when the Court is closed, the insolvency petition may be presented on the day on which the Court re-opens.] (2) If the petitioning creditor is a secured creditor, he shall in his petition either state that he is willing to relinquish his security for the benefit of the creditors in the event of the debtor being adjudged insolvent, or give an estimate of the value of the security.In the latter case, he may be admitted as a petitioning creditor to the extent of the balance of the debt due to him after deducting the value so estimated in the same way as if he were an unsecured creditor.