Banking - Law Dictionary Search Results
Home Dictionary Name: bankingbank
bank : an organization for the custody, loan, or exchange of money, for the extension of credit, and for facilitating the transmission of funds branch bank : a banking facility that is a separate but dependent part of a chartered bank ;esp : a facility that performs some banking functions and is separate from a main office bridge bank : a national bank that is chartered for a limited time to operate an insolvent bank until it is sold central bank : a national bank that establishes monetary and fiscal policy and controls the money supply and interest rate collecting bank : a bank other than the payor bank that is handling for collection a negotiable instrument or a promise or order to pay money commercial bank : a bank organized chiefly to handle the everyday financial transactions of businesses (as through deposit accounts and commercial loans) cooperative bank : an association (as a credit union) owned by and offering banking services for its members ;specif : savings and ...
Bank
Bank, Commercially it is a place where money is deposited for the purpose of being lent out at interest, returned by exchange, disposed of to profit, or to be drawn out again as the owner shall call for it. Special provisions are contained in the (English) Companies Act, 1929 relating to Banks. By s. 358, no company, association or partnership consisting of more than ten members shall be formed for the purpose of carrying on a banking business unless it is registered under the Act or formed in pursuance of an Act of Parliament or of letters patent. By s. 360, the liability of the members of a banking limited company remains unlimited in respect of the bank's liability for bank-notes issued by it. As to signature of balance sheets, see s. 129 and ANNUAL RETURNS, ss. 108 and 361. See also JOINT STOCK BANKS and LIMITED LABILITY, and consult Grant, Paget, or Walker on Banking, Chitty's Statutes, tit. 'Bank.'Means financial institution engaged in the accepting of deposits of money, granting...
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...
Banking company
Banking company, shall have same meaning assigned to it in clause (c) of s. 5 of the Banking Regulation Act, 1949 (10 of 1949) [Income Tax Act, 1961 (43 of 1961), s. 47 (vi-aa) Exp. (i).]--'Banking company' means a banking company as defined in the Banking Regulation Act, 1949. S. 5(c) of the Act of 1949 defines a banking company to mean any company which transacts the business of banking in India (subject to the provision contained in the Explanation to the section). Thus, in order that a bank may be a banking company, it is in the first place necessary that it must be a 'company', State Bank of Travancore v. Mohammed Mohammed Khan, AIR 1981 SC 1744: (1982) 1 SCR 338: (1981) 4 SCC 82 (88).does not include a foreign company within the meaning of s. 591 of the Companies Act, 1956. [Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 (40 of 1980), s. 2 (a)]means any company which transacts the business of banking in India. [The Banking Regulation Act, 1949 (10 of 1949)...
Bank-notes, or Bank-bills
Bank-notes, or Bank-bills, written or printed promises for money, to be paid by a banking company. They are uniformly made payable on demand. They are not like bills of exchange, mere securities or documents for debt, nor are they so esteemed, but are treated as money in the ordinary course and transactions of business by the general consent of mankind, and, on payment of them, whenever a receipt is required, it is always given as for money, not as for securities or notes. Per Lord Mansfield, Miller v. Race, (1758) 1 Burr at p. 457. Bank of England notes were made a legal tender by the 5th section of the Bank of England Act, 1833 (3 & 4 Wm. 4, c. 98), as amended, everywhere except at the Bank and its branches.One-pound notes and ten-shilling notes are now issued by the Bank of England, under the authority of the (English) Currency and Bank Notes (Amendment) Act, 1928, and made a legal tender for a payment of any amount. The notes first issued were found to be easy to forge, and they we...
Banking
Banking, means the accepting, for the purpose of lending or investment, of deposits of money from the public, repayable on demand or otherwise, and withdrawal by cheque, draft, order or otherwise. [Banking Regulation Act, 1949 (10 of 1949), s. 5 (b)]The expression 'banking' in Entry 45, List I means all forms of business which since the introduction of western methods of banking in India, banking institutions have been carrying on in addition to banking as defined in S. 5(b) of the Banking Regulation Act, and on that account all forms of business described in S. 6(1) of the Banking Regulation Act in clauses (a) to (n) are, if carried on in addition to the 'hard-core of banking' banking and the Parliament is competent to legislate in respect of that business under Entry 45, List I, Rustom Cavasjee Cooper v. Union of India, (1970) 1 SCC 248 (280): AIR 1970 SC 564: (1970) 3 SCR 531. (Constitution of India, Sch. VII, List 1, Entry 45)In ordinary parlance 'banking' is business transactions ...
Joint-stock Banks
Joint-stock Banks, joint-stock companies for the purpose of banking. They are regulated, according to the date of their incorporation, by charter, or by 7 Geo. 4, c. 46; 7 & 8 Vict. cc. 32 and 113; 9 & 10 Vict. c. 45 (in Scotland and Ireland); 20 & 21 Vict. cc. 49 & 91; and 27 & 28 Vict. c. 32; or by the Companies Act, 1929, in substitution for previous Acts, which makes registration under it compulsory in the case of a partnership consisting of more than ten persons. It is believed that the liability of the shareholders in chartered banks is in most if not in all cases limited to some amount fixed by the charter, generally twice the amount of their shares. Under the (English) Companies Act, the liability may be either limited or unlimited, and most banks registered under the old Companies Act of 1862 were unlimited until 1880, when many took advantage of the (English) Companies Act, 1879 (42 & 43 Vict. c. 76), to register anew as limited; see now Companies Act, 1929, ss. 321, 322, 359...
Public sector bank
Public sector bank, means the State Bank of India constituted under the State Bank of India Act, 1955, a subsidiary bank as defined in the State Bank of India (Subsidiary Banks) Act, 1959, a corres-ponding new bank constituted under s. 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 or under s. 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act 1980. [Small Industries Development Bank of India Act, 1989, s. 2 (la)]. See also State Financial Corporation Act, 1951....
Reserve Bank
Reserve Bank, means the Reserve Bank constituted under s. 3 of the Reserve Bank of India Act, 1934. [See Reserve Bank of India Act, 1934, s. 3]Means the Reserve Bank of India constituted under sub-section (1) of section 3 of the Reserve Bank of India Act, 1934 (2 of 1934). [Madhya Pradesh Rajkoshiya Uttardayitva Avam Budget Praobandhan Adhiniyam, 2005, R. 2(h)]Means the Reserve Bank of India constituted under sub-s. (1) of s. 3 of the Act, 1934 (Act No. 2 of 1934), Rajasthan Agricultural Produce Market Act, 2005, s. 2(1).Means the Reserve Bank of India constituted under s. 3 of the Reserve Bank of India Act, 1934 (2 of 1934), the Special Economic Zones Act, 2005, s. 2(x)....
Bank Deposit Rate
Bank Deposit Rate, 'bank deposit rate' means the highest of the maximum rates at which interest may be paid on different classes of deposits (other than those maintained in savings account or those maintained by charitable or religious institutions) by different classes of scheduled banks in accordance with the directions given or issued to banking companies generally by the Reserve Bank of India under the Banking Regulation Act, 1949; (10 of 1949). [Additional Emoluments (Compulsory Deposit) Act, 1974 (37 of 1974) s. 2 (d)]...
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