Bare Act Search Results

Companies Act, 1956 Section 78

Title: Application of Premiums Received on Issue of Shares

State: Central

Year: 1956

.....payable on the redemption of any redeemable preference shares or of any debentures of the company. (3) Where a company has, before the commencement of this Act, issued any shares at a premium, this section shall apply as if the shares had been issued after the commencement of this Act: Provided that any part of the premiums which has been so applied that it does not at the commencement of this Act form an identifiable part of the company's reserves within the meaning of Schedule VI shall be disregarded in determining the sum to be included in the1[securities] premium account. _____________________ 1. Substituted by Act 21 of 1999, Section 5, for "share" (w.r.e.f. 31-10-1998).

Insurance Act, 1938 (4 of 1938) Section 64VB

Title: No Risk to Be Assumed Unless Premium is Received in Advance

State: Central

Year: 1938

.....of the agent. (4) Where an insurance agent collects a premium on a policy of insurance on behalf of an insurer, he shall deposit with, or despatch by post to, the insurer, the premium so collected in full without deduction of his commission within twenty-four hours of the collection excluding bank and postal holidays. (5) The Central Government may, by rules, relax the requirements of sub-section (1) in respect of particular categories in insurance policies. 1 [(6) The Authority may, from time to time, specify, by the regulations made by it, the manner of receipt of premium by the insurer.] ______________________ 1. Inserted by Act 42 of 2002, section 13 (w.e.f. 23-9-2002).

Companies Act, 2013, Section 52

Title: Application of Premiums Received on Issue of Shares

State: Central

Year: 2013

.....the company; (c) in writing off the expenses of, or the commission paid or discount allowed on, any issue of shares or debentures of the company; (d) in providing for the premium payable on the redemption of any redeemable preference shares or of any debentures of the company; or (e) for the purchase of its own shares or other securities under section 68. (3) The securities premium account may, notwithstanding anything contained in sub-sections (1) and (2), be applied by such class of companies, as may be prescribed and whose financial statement comply with the accounting standards prescribed for such class of companies under section 133,-- (a) in paying up unissued equity shares of the company to be issued to members of the company as fully paid bonus shares; or (b) in writing off the expenses of or the commission paid or discount allowed on any issue of equity shares of the company; or (c) for the purchase of its own shares or other securities under section 68.

Insurance Regulatiory and Development Authority (Manner of Receipt of Premium) Regulations, 2002 Complete Act

State: Central

Year: 2002

.....Authorioty Act, 1999 (41 of 1999), or in any rules or regulations made thereunder shall have the meanings respectively assigned to them in those Acts or rules or regulations as the case may be. Regulation 3 Manner of premium payments The premium to be paid by any person proposing to take an insurance policy (hereinaafter referred to as the proposer) or by the policyholder to an insurer may be made in any one or more of the following manner(s), namely: (a) Cash; (b) Any recognized banking negotiable instrument such as cheques, including demand drafts, pay orders, banker's cheques drawn on any scheduled bank in India; (c) Postal money orders; (d) Credit or Debit Cards held in his name; (e) Bank Guarantee or Cash Deposit; (f) internet; (g) E-transfer; (h) Direct credits via standing instructions of proposer or the policyholder or the life insured through bank transfers; and (i) any other method of payment as may be approved by the Authority from time to time. Regulation 4 Commencement of Risk In all cases of risks covered by the policies insured by an insurer, the attachment of risk to an insurer will be in consonance with the terms of Sec. 64-VB of the Act and.....

Deposit Insurance and Credit Guarantee Corporation Act, 1961 Section 15

Title: Premium

State: Central

Year: 1961

.....shall not affect the liability of that bank for payment of premium for the period before such cancellation and of any interest due under the provisions of this section. (2) The premium shall be payable for such periods, at such times and in such manner as may be prescribed. (3) If an insured bank makes any default in payment of any amount of premium, it shall for the period of such default, be liable to pay to the Corporation interest on such amount at such rate1[not exceeding eight per cent. over and above the bank rate as may be prescribed]. _______________________ 1. Substituted for certain words by Act 21 of 1978, Section. 7 (w.e.f. 15-7-1978). 2. Inserted by Act 56 of 1968, Section. 9.

Marine Insurance Act, 1963 Section 33

Title: Premium to Be Arranged

State: Central

Year: 1963

(1) Where an insurance is effected at a premium to be arranged, and no arrangement is made, a reasonable premium is payable. (2) Where an insurance is effected on the terms that an additional premium is to be arranged in a given event, and that event happens but no arrangement is made, then a reasonable additional premium is payable.

Karnataka Land Reforms Act, 1961 Section 53

Title: Payment of Premium by Tenant

State: Karnataka

Year: 1961

.....not exceeding twenty as he may intimate, with interest at five and half per cent per annum, from the date of the order under sub-section (4) or sub-section (5) of section 48A and where the money is advanced by the State Land Development Bank or a credit agency, in annual instalments of such number not exceeding the number permitted as maximum for the recovery of term loan granted by such bank or agency without interest there on.] Provided that where payment is in instalments, two thousand rupees shall be paid as the first instalment and the balance in equated annual instalments. 3[Provided further that where the extent of the land in respect of which a person is registered as an occupant together with other land, if any, held by him, does not exceed ten acres of 'D' Class land, or an extent equivalent thereto, comprising of one or more classes of other land specified in Part A of Schedule-I, determined in accordance with the formula specified in Part B of Schedule-I,4[he shall be exempted from paying the premium and instalments thereof which fall due on or after the commencement of Karnataka Land Reforms (Second Amendment) Act, 1990 or having fallen due before the said date.....

Indian Partnership Act, 1932 Section 51

Title: Return of Premium on Premature Dissolution

State: Central

Year: 1932

Where a partner has paid a premium on entering into partnership for a fixed term, and the firm is dissolved before the expiration of that term otherwise than by the death of a partner, he shall be entitled to repayment of the premium or of such part thereof as may be reasonable, regard being had to the terms upon which he became a partner and to the length of time during which he was a partner, unless (a) the dissolution is mainly due to his own misconduct, or (b) the dissolution is in pursuance of an agreement containing no provision for the return of the premium or any part of it.

Personal Injuries (Compensation Insurance) Act, 1963 Section 15

Title: Recovery of Premium Unpaid

State: Central

Year: 1963

(1) Without prejudice to the provisions of sub- section (2) of Section. 9, where any person has failed to insure as or to the full amount required by this Act and the Scheme and has thereby evaded the payment by way of premium of any money which he would have had to pay in accordance with the provisions of the Scheme but for such failure, an officer authorised in this behalf by the Central Government, may determine the amount payment of which has been so evaded and the amount so determined shall be payable by such person and shall be recoverable from him as provided in sub-section (2). (2) Any sum payable in accordance with the provisions of the Scheme by way of premium on a policy of insurance issued under the Scheme and any amount determined as payable under sub-section (1) shall be recoverable as an arrear of land revenue. (3) Any person against whom a determination is made under sub- section (1) may, within the prescribed period, appeal against such determination to the Central Government whose decision shall be final.

Marine Insurance Act, 1963 Section 54

Title: When Premium Payable

State: Central

Year: 1963

Unless otherwise agreed, the duty of the assured or his agent to pay the premium, and the duty of the insurer to issue the policy to the assured or his agent, are concurrent conditions, and the insurer is not bound to issue the policy until payment or tender of the premium.