Banking Company - Law Dictionary Search Results
Home Dictionary Name: banking companyBanking 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)]...
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)]...
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]...
Court
Court, compensation officer appointed under (English) Bihar Land Reforms Act, 1950 is not a 'Court' within the meaning of s. 195(1)(b) of the Code of Criminal Procedure Code 1973, Keshab Moroyan Banerjee v. State of Bihar, AIR 2000 SC 485 (490). [Bihar Land Reforms Act (30 of 1950), s. 19]Court, means the principle civil court of original jurisdiction in a district and including the High Court in exercise of the ordinary original civil jurisdiction, having jursidiction to decide the questions forming the subject matter of suit, but does not incude any civil court of a grade inferior to such civil court or any court of small causes.S. 2(*) Arbitration and Conciliation Act, 1996, Raipur Development Authority v. Sarin Construction Company, Raipur, AIR 2006 Chattisgarh 12.The tribunal which is to exercise the jurisdiction for executing the decree in question is 'a court' within the scope of s. 45C of the Banking Companies Act, Ram Narain v. Simla Banking and Industrial Co. Ltd., AIR 1956 S...
Deposit
Deposit, money paid to a person as an earnest or security for the performance of some contract, especially a contract for the sale of real estate. Also a naked bailment of goods to be kept for the bailor without recompense, and to be returned when the bailor shall require it. The appellation and the definition are both derived from the civil law. Depositum est quod custodiendum alicui datum est. It is, in the civil law, divisible into two kinds: (1) necessary, made upon some sudden emergency, and from some pressing necessity; as, for instance, in case of a fire, a shipwreck, or other overwhelming calamity, when property is confided to any person whom the depositor may meet without proper opportunity for reflection or choice, and thence it is called miserabile depositum; (2) voluntary, which arises from the mere consent and agreement of the parties. the Common Law has made no such division. There is another class of deposits, called involuntary, which may be without the assent or even k...
Nationalised bank
Nationalised bank, means a corresponding new bank specified in the First Schedule to the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 or a corresponding new bank specified in the First Schedule to the Banking Companies (Acquisition and Transfer of Undertaking) Act, 1980. [Industrial Development Bank of India Act, 1964, s. 2 (da)] [S. 224A(2) expln. (b) Companies Act]...
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