Bank - Law Dictionary Search Results
Home Dictionary Name: bank Page: 7Bank swallow
See under 1st Bank n...
world bank
world bank An international financial institution whose purposes include assisting the development of its member nations' territories, promoting and supplementing private foreign investment, and promoting long-range balanced growth in international trade. Source: FindLaw ...
Banking day
Banking day, means a day which is a business day in accordance with the Bills of Exchange Act, 1882 (UK), Halsbury's Law of England, Vol. 6, 4th Edn., Para 343, p. 144....
Savings banks
Savings banks, institutions for the safe custody and increase of the small savings of the poor. See Chitty's Statutes, tit. 'Savings Banks.' They are: (1) Trustee; (2) Post Office; (3) Military; (4) Statutory; (5) Uncontrolled.(1) Trustee Savings Banks are regulated by a long series of Acts (the Trustee Savings Banks Acts, 1861 to 1934), which provide that they must not be described in a manner which implies that the Government is responsible to depositors, that the money received must be paid to the Bank of England or Ireland and carried to an account kept in the names of the National Debt Commissioners, and that annual accounts must be sent to the Commissioners. An 'Inspection Committee,' estab-lished under the Savings Bank Act, 1891, has extensive powers of supervision for the purpose of detecting any breaches of the Acts or rules regulating a bank. Deposits by any depositor in more than one Trustee Savings Bank is prohibited, and the Treasury have power to limit the amount from one...
Debt
Debt [fr. debitum, Lat.], a sum of money due from one person to another. An action of debt lay where a person claimed the recovery of a liquidated or certain sum of money affirmed to be due to him; and it was generally founded on some contract alleged to have taken place between the parties, or on some matter of fact from which the law would imply a contract between them. This was debt in the debet, which was the principal and only common form. There is another species mentioned in the books, called debt in the detinet, which lay for the specific recovery of goods, under a contract to deliver them. An action of debt as a technical term is now obsolete. See PLEADINGS. The order of the payment of debts and expenses out of legal assets in an ordinary administration action in the Chancery Division of the High Court is as follows:-1. Funeral expenses, which in the case of an insolvent estate must be strictly reasonable and necessary only, the executor or administrator being personally liabl...
Cheque
Cheque, defined. [Act (1 of 1879), s. 3; [Negotiable Instruments Act, 1881 (26 of 1881), s. 6:A 'cheque' is a bill of exchange drawn on a specified banker and not expressed to be payable otherwise than on demand and it includes the electronic image of a truncated cheque and a cheque in the electronic form.Explanation 1.--For the purposes of this section, the expression--(a) 'a cheque in the electronic form' means a cheque which contains the exact mirror image of a paper cheque, and is generated, written and signed in a secure system ensuring the minimum safety standards with the use of digital signature (with or without biometrics signature) and asymmetric crypto system;(b) 'a truncated cheque' means a cheque which is truncated during the course of a clearing cycle, either by the clearing house or by the bank whether paying or receiving payment, immediately on generation of an electronic image for transmission, substituting the further physical movement of the cheque in writing.Means a...
check
check 1 : something that limits or restrains see also checks and balances 2 : a written order signed by its maker directing a bank to pay a specified sum to a named person or to that person's order on demand see also negotiable instrument compare draft bank check : a check drawn by a bank on its deposits in another bank ca·shier's check : a check drawn by a bank on its own funds and signed by the cashier or another bank official certified check : a check certified to be good by the bank upon which it is drawn by the signature of usually the cashier or paying teller with the word certified or accepted across the face of the check NSF check [Not Sufficient Funds] : a check drawn on an account with insufficient funds from which to make payment ...
Paper Money
Paper Money, bank notes, bills of exchange, and promissory notes. On the outbreak of the war with Germany in August, 1914, the government issued currency notes for 1l. and 10s. respectively to a considerable amount. The first issued were soon called in, others of better design and less easy to imitate being substituted. Currency notes were commonly called 'Treasury notes,' and were legal tender for the payment of any amount. See (English) Currency and Bank Notes Act, 1914 (4 & 5 Geo. 5, c. 14), and (the Amendment Act), c. 72. These (English) Acts have been repealed (except penal and formal provisions) by the (English) Currency and Bank Notes Act, 1928 (18 & 19 Geo. 5, c. 13), which authorizes the Bank of England to issue Bank notes for 1l. and 10s., payable only at the head office in London but to be legal tender in Scotland and Northern Ireland for any amount, as the 1914 currency notes are to be deemed bank notes....
Secured creditor
Secured creditor, means any bank or financial institution or any consortium or group of banks or financial institutions and includes, (i) debenture trustee appointed by any bank or financial institution; or (ii) securitisation company or recon-struction company; or (iii) any other trustee holding securities on behalf of a bank or financial institution, in whose favour security interest is created for due repayment by any borrower of any financial assistance. [Securitisation and Recon-struction of Financial Assets and Enforcements of Security Interest Act, 2002 (54 of 2002), s. 2(1) (zd)]Secured creditor, means any bank or financial institution or any consortium or group of banks or financial institutions and includes--(i) debenture trustee appointed by any bank or financial institution; or(ii) securitization company or reconstruction company; or(iii) any other trustee holding securities on behalf of a bank or financial institution, in whose favour security interest is created for due r...
Workman
Workman, does not include an apprentice/trainee appointed under the Apprentices Act, 1961, Dhampur Sugar Mills v. Bhola Singh, (2005) 2 SCC 470. [Uttar Pradesh Industrial Disputes Act, 1947 (28 of 1947), s. 2(z)]Here includes an employee employed as supervisor. There are only two circumstances in which such a person ceases to be a workman. Such a person is not a workman if he draws wages in excess of Rs. 500 per month or if he performs managerial functions by reason of a power vested in him or by the nature of duties attached to his office, All India Reserve Bank Employees' Association v. Reserve Bank of India, AIR 1966 SC 305: (1966) 1 SCR 25.The term 'workman' as used in s. 33C(2) includes all persons whose claim, requiring computation under this sub-s., is in respect of an existing right arising from his relationship as an industrial workman with his employer, National Buildings Construction Corporation Ltd. v. Pritam Singh Gill, AIR 1972 SC 1579: (1972) 2 SCC 1: (1973) 1 SCR 40.Car...
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