Terms and Advantages - Bare Acts

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

Title: Power of the Advisory Committee to Regulate Rates, Advantages, Etc.

State: Central

Year: 1938

.....the insurer for such contravention, the 4 [Authority] may, if the insurer removes the contravention by recovering the deficiency in the premium, or where it is not practicable to do so, modifies suitably or cancels the contract of insurance, compound the offence on payment to the Advisory Committee of such fine, not exceeding rupees one thousand, as he may decide in consultation with the Advisory Committee.] ______________________ 1. Substituted by Act 41 of 1999, section 30 and Schedule I, for "the Controller may, with the previous approval of the Central Government" (w.e.f. 19-4-2000). 2. Substituted by Act 41 of 1999, section 30 and Schedule I, for "him" (w.e.f. 19-4-2000). 3. Substituted by Act 41 of 1999, section 30 and Schedule I, for "he" (w.e.f. 19-4-2000). 4. Substituted by Act 41 of 1999, section 30 and Schedule I, for "Controller" (w.e.f. 19-4-2000).

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Insurance Act, 1938 (4 of 1938) Section 3B

Title: Certification of Soundness of Terms of Life Insurance Business

State: Central

Year: 1938

.....submitted to an actuary appointed by the insurer for the purpose and approved by the 2 [Authority], and may by order in writing further require the insurer to make within such time as may be specified in the order such modifications in the said rates, advantages, terms or conditions, as the case may be, as the said actuary may report to be necessary to enable him to certify that the said rates, advantages, terms and conditions are workable and sound.] ______________________ 1. Inserted by Act 6 of 1946, section 4 (w.e.f. 20-3-1946). 2. Substituted by Act 47 of 1950, section 4, for "Superintendent of Insurance" (w.e.f. 1-6-1950) and again substituted by Act 41 of 1999, section 30 and Schedule, I for "Controller" (w.e.f. 19-4-2000). 3. Substituted by Act 41 of 1999, section 30 and Schedule I, for "he" (w.e.f. 19-4-2000).

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Indian Trusts Act, 1882 Section 88

Title: Advantage Gained by Fiduciary

State: Central

Year: 1882

.....a company, legal advisor, or other person bound in a fiduciary character to protect the interests of another person, by availing himself of his character, gains for himself any pecuniary advantage, or where any person so bound enters into any dealings under circumstances in which his own interests are, or may be, adverse to those of such other person and thereby gains for himself a pecuniary advantage, he must hold for the benefit of such other person the advantage so gained. Illustrations (a) A, an executor, buys a tan undervalue from B, a legatee, his claim under the will, B is ignorant of the value of the bequest. A musthold for the benefit of B the difference between the price and value. (b) A, a trustee, uses the trust- property for the purpose of his own business. A holds for the benefit of his beneficiary the profits arising from such user. (c) A, a trustee, retires from his trust in consideration of his successor paying him a sum of money. A holds such money for the benefit of his beneficiary. (d) A, a partner, buys land in his own name with funds belonging to the partnership. A holds such land for the benefit of the partnership. (e) A, a partner, employed on.....

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Indian Trusts Act, 1882 Section 90

Title: Advantage Gained by Qualified Owner

State: Central

Year: 1882

.....the benefit of all persons so interested, the advantage so gained, but subject to repayment by such persons of their due share of the expenses properly incurred, and to an indemnity by the same persons against liabilities properly contracted, in gaining such advantage. Illustrations (a) A, the tenant for life of leasehold properly, renews the lease in his own name and for his own benefit. A holds the renewed lease for the benefit of all those interested in the old lease. (b) A village belongs to a Hindu family. A, one of its members, pays nazrana to Government and thereby procures his name to be entered as the inamdar of the village. A holds the village for the benefit of himself and the other members. (c) A mortgages land to B, who enters into possession. B allows the Government revenue to fall into arrear with a view to the land being put up for sale and his becoming himself the purchaser of it. The land is accordingly sold to B. Subject to the repayment of the amount due on the mortgage and of his expenses property incurred as mortgagee, B holds the land for the benefit of A.

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Indian Trusts Act, 1882 Section 89

Title: Advantage Gained by Exercise of Undue Influence

State: Central

Year: 1882

Where, by the exercise of undue influence, any advantage is gained in derogation of the interests of another, the person gaining such advantage without consideration, or with notice that such influence has been exercised, must hold the advantage for the benefit of the person whose interests have been so prejudiced.

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Indian Trusts Act, 1882 Section 93

Title: Advantage Secretly Gained by One of Several Compounding Creditors

State: Central

Year: 1882

Where creditors compound the debts due to them, and one of such creditors, by a secret arrangement with the debtor, gains an undue advantage over his co-creditors, he must hold for the benefit of such creditors the advantage so gained.

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Bombay Industrial Relations Act, 1946, (Maharashtra) Section 40A

Title: Model Standing Orders in Respect of Additional or Altered Matters to Apply to Certain Workmen, if They Are Not Less Advantageous

State: Maharashtra

Year: 1946

1[40A. Model standing orders in respect of additional or altered matters to apply to certain workmen, if they are not less advantageous Notwithstanding anything contained in the foregoing provisions of this Chapter, any model standing orders made and notified in this Official Gazette by the State Government from time to time, in respect of any additional matters included in Schedule I, or any alteration made in that Schedule, on or after the date of commencement of Bombay Industrial Relations (Amendment) Act, 1977 (Mah. XLVII of 1977), shall unless such model standing orders are held by the Commissioner of Labour, to be less advantageous to the employees than the corresponding standing orders applicable to them, also apply in relation to such employees in the undertakings in respect of which standing orders have already been settled under section 35]. ___________________________ 1. This section was added by Mah. 47 of 1977, s. 5.

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Indian Contract Act, 1872 Chapter 6

Title: Of the Consequences of Breach of Contract

State: Central

Year: 1872

.....in advance. A repairs the house, but not according to contract. B is entitled to recover from A the cost of making the repairs conform to the contract. (g) A contracts to let his ship to B for a year, from the first of January, for a certain price. Freights rise, and, on the first of January, the hire obtainable for the ship is higher than the contract price. A breaks his promise. He must pay to B, by way of compensation, a sum equal to the difference between the contract price and the price for which B could hire a similar ship for a year on and from the first of January. (h) A contracts to supply B with a certain quantity of iron at a fixed price, being a higher price than that for which A could procure and deliver the iron. B wrongfully refuses to receive the iron. B must pay to A, by way of compensation, the difference between the contract price of the iron and the sum for which A could have obtained and delivered it. (i) A delivers to B, a common carrier, a machine, to be conveyed, without delay, to A's mill, informing B that his mill is stopped for want of the machine. B unreasonably delays the delivery of the machine, and A, in consequence, loses a profitable.....

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Indian Contract Act, 1872 Section 65

Title: Obligation of Person Who Has Received Advantage Under Void Agreement, or Contract That Becomes Void

State: Central

Year: 1872

.....of rice before the first of May. A delivers 130 maunds only before that day, and none after. B retains the 130 maunds after the first of May. He is bound to pay A for them. (c) A, a singer, contracts with B, the manager of a theatre, to sing at his theatre for two nights in every week during the next two months, and B engages to pay her a hundred rupees for each night's performance. On the sixth night, A wilfully absents herself from the theatre, and B, in consequence, rescinds the contract. B must pay A for the five nights on which she had sung. (d) A contracts to sing for B at a concert for 1,000 rupees, which are paid in advance. A is too ill to sing. A is not bound to make compensation to B for the loss of the profits which B would have made if A had been able to sing, but must refund to B the 1,000 rupees paid in advance

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Indian Contract Act, 1872 Section 73

Title: Compensation for Loss or Damage Caused by Breach of Contract

State: Central

Year: 1872

.....in advance. A repairs the house, but not according to contract. B is entitled to recover from A the cost of making the repairs conform to the contract. (g) A contracts to let his ship to B for a year, from the first of January, for a certain price. Freights rise, and, on the first of January, the hire obtainable for the ship is higher than the contract price. A breaks his promise. He must pay to B, by way of compensation, a sum equal to the difference between the contract price and the price for which B could hire a similar ship for a year on and from the first of January. (h) A contracts to supply B with a certain quantity of iron at a fixed price, being a higher price than that for which A could procure and deliver the iron. B wrongfully refuses to receive the iron. B must pay to A, by way of compensation, the difference between the contract price of the iron and the sum for which A could have obtained and delivered it. (i) A delivers to B, a common carrier, a machine, to be conveyed, without delay, to A's mill, informing B that his mill is stopped for want of the machine. B unreasonably delays the delivery of the machine, and A, in consequence, loses a profitable.....

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