Stock - Definition - Law Dictionary Home Dictionary Definition stock

Definition :

Stock, a race, lineage, or family; also, the public funds [for definition, see (English) National Debt Act, 1870, Part VII., and 20 & 21 Geo. 5, c. 28, s. 49 (1)], considered merely as perpetual annuities redeemable at the pleasure of the Government; also, the capital of a public company, as to which see SHARES.

The plain meaning of the word 'stock' in these provisions of the Act is 'to keep' and the injunction of the law means no more than this that no person shall keep for sale a misbranded drug or a drug in respect of which a valid licence is not held. It is not necessary that the drug should be 'stored' in a place in order that it can be said to have been 'stocked' for sale, S.K. Amir v. State of Maharashtra, AIR 1974 SC 469: (1974) 4 SCC 210: (1974) 3 SCR 84. [Drugs and Cosmetics Act, 1940, ss. 18(a) and (c), 27(a)]

Stock, refers to currency of the State, irrespective of the place of registration of the company. The very use of the word 'stock itself connotes uniformity', National Bank of Australia Ltd. v. Scottish Union and National Insurance Co., PCA No. 8, 1952.