Asset - Law Dictionary Search Results
Home Dictionary Name: asset Page: 9Debenture
Debenture [fr. debeo, Lat., to owe] may be defined generally as a charge in writing [not necessarily sealed, see British India, etc., Co. v. Commissioners of Inland Revenue, (1881) 7 QBD 165] of certain pro-perty with the repayment at a time fixed of money lent by person therein named at a given interest, but the term is a very elastic one. The word 'debenture' is of ancient origin and appears to have been in use five centuries ago (Palmer's Company Precedents, Pt. III., p. 1); and a document which, though it mentions to security and is only a promise to pay, is properly described as a debentures, and as a marketable security will require to be stamped as such, Spenyer v. Inland Revenue Commissioners, (1907)1 KB 246. By the (English) Companies Act, 1929, s. 380, a debenture is defined as including debenture stock, bonds or other securities of a company whether constituting a charge on the assets of the company or not. The charge created by debentures as a rule is fixed on the company's...
Company
Company [fr. compagnia, Ital., which word is still printed on Bank of England notes as 'compa'], a body of persons associated for purposes of busi-ness, sometimes, but not now so frequently as some years ago, styled a Joint Stock Company.A company has its origin either (1) in a charter, as the Bank of England and many insurance companies; or (2) in a special Act of Parliament, with which, as authorizing an undertaking of a public nature such as a railway, the Companies Clauses Consolidation Act, 1845 (8 & 9 Vict. c. 16), is necessarily incorporated; or (3) in registration under the Companies Acts, 1862 and subsequent Acts, now consolidated into the (English) Companies Act, 1925 (19 & 20 Geo. 5, c. 23).By s. 13 of the Act of 1925 (1) on the registration of the memorandum of a company the registrar shall certify under his hand that the company is incorporated and, in the case of a limited company, that the company is limited. (2) From the date of incorporation mentioned in the certificat...
Capital account transaction
Capital account transaction, means a transaction which alters the assets or liabilities, including contingent liabilities, outside India of persons resident in India or assets or liabilities in India of persons resident outside India, and includes transactions referred to in sub-s. (3) of s. 6. [Foreign Exchange Management Act, 1999 (42 of 1999), s. 2(e)]...
bequest
bequest : an act of bequeathing ;also : something bequeathed : legacy de·mon·stra·tive bequest [di-mÄ n-strə-tiv-] : a bequest of a particular amount of money or property to be distributed first from one source in the estate and then from other sources to the extent that the first is insufficient general bequest : a bequest that is to be distributed from the general assets of the estate and that is not a particular thing spe·ci·fic bequest [spə-si-fik-] : a bequest of a particular item or part of an estate or that is payable only from a specified source in the estate and not from the general assets ...
Acquisition
Acquisition, 'acquisition' means, directly or indirectly, acquiring or agreeing to acquire-(i) shares, voting rights or assets of any enterprise; or (ii) control over management or control over assets of any enterprise. [Competition Act, 2002 (12 of 2003), s. 2(a)]'Acquisition', with its grammatical variations and cognate expressions, includes hiring, borrowing, or accepting as a gift. [Arms Act, 1959 (54 of 1959), s. 2(a)]The office of one functionary is brought to an end another functionary has come into existence in its place. Such a process cannot be said to constitute the acquisition of the extinguished office or the vesting of the rights in the person holding that office, Bira Kishore Deb v. State of Orissa, AIR 1964 SC 1501 (1508): (1964) 7 SCR 32. [Constitution of India, Art. 31(2), 19(1) (f)]Means taking not by voluntary agreement but by authority of an Act of Parliament and by virtue of the compulsory powers thereby conferred. In case of acquisition the property is taken by t...
Receivers certificate
An acknowledgement of indebtedness made by a receiver under order of court to obtain funds for the preservation of the assets held by him as for operating a railroad Receivers certificates are ordinarily a first lien on the assets prior to that of bonds or other securities...
will
will 1 : the desire, inclination, or choice of a person or group 2 : the faculty of wishing, choosing, desiring, or intending 3 : a legal declaration of a person's wishes regarding the disposal of his or her property after death ;esp : a formally executed written instrument by which a person makes disposition of his or her estate to take effect after death see also codicil, living will, testament antenuptial will : a will that was executed by a person prior to that person's marriage and is usually revocable by the court if no provision was made for the person's spouse unless an intention not to make such a provision is manifest conditional will : a will intended to take effect upon a certain contingency and usually construed as having absolute force when the language pertaining to the condition suggests a general purpose to make a will counter will : mutual will in this entry holographic will : a will written out in the hand of the testator and accepted as valid in many sta...
trust fund doctrine
trust fund doctrine : a doctrine holding that shareholders to whom assets of an insolvent corporation have been transferred are liable to creditors upon dissolution of the corporation ;broadly : a doctrine holding that corporate assets are held as a trust fund for the benefit of shareholders and creditors and that corporate officers have a fiduciary duty to deal with them properly ...
reorganization
reorganization 1 : the act of reorganizing : the state of being reorganized 2 a : the rehabilitation of the finances of a business in accordance with a plan approved by a bankruptcy court under the provisions of chapter 11 of the Bankruptcy Code b : any of various procedures (as recapitalization or merger) that affect the tax structure of a corporation under the Internal Revenue Code and often produce favorable tax treatment A reorganization [ā-] : a reorganization that consists of a merger or consolidation which complies with the requirements of applicable state statute B reorganization [bē-] : a reorganization involving the acquisition by one corporation of the stock of another corporation in exchange solely for all or some of the voting stock of the acquiring corporation or its parent either of which has control of the acquired corporation immediately after the acquisition C reorganization [sē-] : a reorganization involving the acquisition by one corporation...
prebankruptcy planning
prebankruptcy planning The arrangement (or rearrangement) of a debtor's property to allow the debtor to take maximum advantage of exemptions. (Prebankruptcy planning typically includes converting nonexempt assets into exempt assets.) Source: Administrative Office of the U.S. Courts ...
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