Banking Company - Law Dictionary Search Results
Home Dictionary Name: banking company Page 1 of about 77 results (0.003 seconds)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)...
Defunct banking Company
Defunct banking Company, means a banking company: (i) which has been prohibited from receiving fresh deposit, or (ii) which has been ordered to be wound up, or (iii) which has transferred all its deposit liabilities in India to any other institution etc. [Deposit Insurance and Credit Guarantee Corporation Act, 1961 (47 of 1961), s. 2(f)]...
Disposition of company property
Disposition of company property, where a com-pany withdraws a sum of money from its bank account in credit and pays that sum to a third party, there is a disposition of the company property which , if it occurs after the commencement of the winding up is avoided by s. 127, Hollicourt (Contracts) Ltd. v. Bank of Ireland, (2001) 2 WLR 290.Disposition of company property, where a company withdraws a sum of money from its bank account in credit and pays that sum to a third party, there is a disposition of the Company's Property, Hollicourt (Contracts) Ltd. v. Bank of Ireland, (2000) 1 WLR 895....
reserve
reserve re·served re·serv·ing : to keep back or set apart: as a : to keep (a right, power, or interest) esp. by express declaration [all rights reserved] compare waive b : to defer a determination of (a question of law) [the justices reserved the question because it was not an issue in the case] n 1 : something stored or kept available for future use [an energy company with various unproven oil s] 2 : an act of reserving 3 : money kept in a separate account to meet future liabilities legal reserve : the minimum amount as determined by government standards of the deposits held by a bank or of the assets of a life insurance company required by law to be kept as reserves loss reserve 1 : a reserve allocated by a bank for the purpose of absorbing losses [a loan loss reserve] 2 : an insurance company's reserve representing the discounted value of future payments to be made on losses which may have already occurred policy reserve : an insurance company's reserve r...
Financial Institution
Financial Institution, means a banking company to which the Banking Regulation Act, 1949 (10 of 1949) applies (including any bank or banking institution referred to in s. 51 of that Act); or any other financial institution which the Central Government may, by notification in the Official Gazette, specify in this behalf. [Income Tax Act, 1961 (43 of 1961), s. 80E(3)(b)]Means:(i) a public financial institution within the meaning of s. 4A of the Companies Act, 1956;(ii) such other institution as the Central Government may, having regard to its business activity and the area of its operation in India by notification, specify. [Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (51 of 1993), s. 2 (h)]Financial institution means:(i) a public financial institution within the meaning of s. 4A of the Companies Act, 1956 (1 of 1956);(ii) any institution specified by the Central Govern-ment under sub-clause (ii) of clause (h) of s. 2 of the Recovery of Debts Due to Banks and Fina...
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...
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...
Managing Director
Managing Director, in relation to a banking company, means a director who, by virtue of an agreement with the banking company or of a resolution passed by the banking company in general meeting or by its Board of directors or, by virtue of its memorandum or articles of association, is entrusted with the management of the whole, or substantially the whole of the affairs of the company, and includes a director occupying the position of a managing director, by whatever name called. [Banking Regulation Act, 1949 (10 of 1949), s. 5 (h)]...
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...
Accumulated loss
Accumulated loss, means so much of the loss of the amalgamating banking company under the head 'profits and gains of business or profession' (not being a loss sustained in a speculation business) which such amalgamating banking company, would have been entitled to carry forward and set off under the provisions of section 72 if the amalgamation had not taken place. [Income Tax Act, 1961 (43 of 1961), s. 72AA, Exp.]Means so much of the loss of the amalgamating banking company under the head 'Profits and gains of business or profession' is not being a loss sustained in a speculation business which such amalgamating bank company, would have been entitled to carry forward and set-off under the provisions of section 72 if the amalgamation had not taken place, [Income Tax Act, 1961, s. 72AA Explanation]...
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