Life Rent - Definition - Law Dictionary Home Dictionary Definition life-rent

Definition :

Life-rent, a rent received for a term of life. See SETTLED LAND.

The doctrine of the lifting of the veil has been applied in the words of Palmer in five categories of cases; where companies are in the relationship of holding and subsidiary (or subsidiary) companies; where a shareholder has lost the privilege of limited liability and has become directly liable to certain creditors of the company on the ground that, with his knowledge, the company continued to carry on business six months after the number of its members was reduced below the legal minimum; in certain matters pertaining to the law of taxes, debts, duties and stamps, particularly where the question of the 'controlling interest' is in issue; in the law relating to exchange control; and in the law relating to trading with the enemy where the test of control is adopted, Tata Engineering and Locomotive Co. Ltd. v. State of Bihar, AIR 1965 SC 40 (47): (1964) 6 SCR 885. (Companies Act, 1956, s. 34)