Banking Policy - Law Dictionary Search Results
Home Dictionary Name: banking policy Page: 2Any person
Any person, the effect of the 1994 amendment on s. 147 is unambiguous. Where earlier, the words 'any person' could be held not to include the owner of the goods or his authorised representative travelling in the goods vehicle, Parliament has now made it clear that such a construction is no longer possible. The scope of this rationale does not, however, extend to cover the class of cases where gratuitous passengers for whom no insurance policy was envisaged, and for whom no insurance premium was paid, employed the goods vehicle as a medium of conveyance, National Insurance Co. Ltd. v. Baljit Kaur, (2004) 2 SCC 1 (5): AIR 2004 SC 1340. [Motor Vehicles Act, s. 147(1)(b) (as amended in 1994)]The expression 'any person' can be restricted to those on the managerial or administrative staff only. One cannot arbitrarily cut down the amplitude of an expression used by the legislature, Central Bank of India v. Workmen, AIR 1960 SC 12 (23): (1960) 1 SCR 200. (Banking Regulation Act, 1949, s. 10)Th...
Days of grace
Days of grace. Time of indulgence granted to an acceptor for the payment of his bill of exchange. It was originally a gratuitous favour (hence the name), but custom has rendered it a legal right.The number of these days varies according to the ancient custom or express law prevailing in each particular country. In the (English) United Kingdom, by the Bills of Exchange Act, 1882 (45 & 46 Vict. c. 61), s. 14, 'where a bill' (i.e., a bill of exchange or promissory note) 'is not payable on demand, the day on which it falls due is determined as follows:-Three days, called days of grace, are, in every case where the bill itself does not otherwise provide, added to the time of payment as fixed by the bill, and the bill is due and payable on the last day of grace,' with a proviso that where the last day of grace falls on Sunday, Christmas Day, or Good Friday, or a public fast or thanksgiving day, the bill is payable on the preceding business day, or on the succeeding business day if the last d...
settlement
settlement 1 : the act or process of settling 2 a : an agreement reducing or resolving differences ;esp : an agreement between litigants that concludes the litigation [the states finally agreed upon a and a consent decree "W. J. Brennan, Jr."] [entered into a property prior to the divorce] b : a formal and permanent grant or conveyance c : the sum, estate, or income granted or paid under a settlement [if the monetary limits of a defendant's insurance policy can be discovered in order to obtain reasonable s "J. H. Friedenthal et al."] 3 : closing [ costs] 4 : the transfer of funds between a payor bank and a collecting bank in order to complete transactions for customers ...
Chose
Chose [Fr., a thing]; it is used in divers senses, of which the four following are the most important:--(1) Chose local, a thing annexed to a place, as a mill, etc.(2) Chose transitory, that which is movable, and may be taken away, or carried from place to place.(3) Chose in action, otherwise called chose in suspense, a thing of which a man has not the possession or actual enjoyment, but has a right to demand by action or other proceedings, as a debt, bond, etc. A well-known rule of the Common Law was that no possibility, right, title, or thing in action, could be assigned to a third party, for it was thought that a different rule would be the occasion of multiplying litigation: as it would in effect be transferring a lawsuit to a mere stranger, though the assignee might, at law, and was assisted in equity to sue the debtor in the name of the assignor. At law, therefore, with the exception of negotiable instruments, an interesse termini, and some few other securities, this until 1873 c...
Forgery
Forgery [fr. forger, Fr.; or fingo, Lat.], the crimen falsi, or the false making or alteration of an instrument, which purports on the face of it to be good and valid for the purposes for which it was created, with a design to defraud. The forged instrument must be false in itself. The mere subscribing a note, given as the party's own, by a fictitious name, was held not to be forgery, Reg. v. Martin, (1879) 5 QBD 34.The act of fraudulently making a false document or altering a real one to be used as if genuine, Black's Law Dictionary, 7th Edn., p. 661.Forgery at Common Law was a misdemeanour but most forgeries have been made felony by statute. Many of these statutes were consolidated by 11 Geo. 4 & 1 Wm. 4, c. 66, repealed and replaced by the Forgery Act, 1861 (24 & 25 Vict. c. 98), but the law now principally depends on the Forgery Act, 1913 (3 & 4 Geo. 5, c. 27, 'an Act to consolidate, simplify and amend the law relating to forgery and kindred offences.' It repeals such portions of s...
Fraud on a power
Fraud on a power. The name given to the execution of a limited power for a purpose outside its limits, either at the expense of the intended object or to obtain a benefit to the donee of the power orto extend or restrict the appointment beyondthe intention; proof of moral turpitude is not necessary.Is meant an intention to deceive; whether it is from any expectation of advantage to the party himself or from the ill will towards the other is immaterial, Dr. Vimla v. Delhi Administration, (1963) Supp 2 SCR 585 and Indian Bank v. Satyam Febres (India) Pvt. Ltd., (1996) 5 SCC 550. See also State of Andhra Pradesh v. T. Suryachandra Rao, AIR 2005 SC 3110.As is well-known vitiates every solemn act. Fraud and justice never dwell together. Fraud is a conduct either by letter or words, which includes the other person or authority to take a definite determinative stand as a response to the conduct of the former either by words or letter, Ram Chandra Singh v. Savitri Devi, (2003) 8 SCC 319. See a...
Industrial concern
Industrial concern, means any concern engaged or to be engaged in. [State Financial Corporations Act, 1951 (63 of 1951), s. 2(c)]Has the meaning assigned to it in clause (c) of s. 2 of the Industrial Development Bank of India Act, 1964, and includes any other person in whose fav-our a foreign collaboration involving the import of technology is approved or automatically approved in accordance with the Industrial Policy of the Government of India in force from time to time. [Research and Development Cess Act, 1986, s. 2 (e)...
Law
Law [fr. lage, lagea, or lah, Sax.; loi, Fr.; legge, Ital.; lex, fr. ligo, Lat., to bind], a rule of action to which men are obliged to make their conduct conformable. A command, enforced by some sanction, to acts or forbearances of a class: see Austin's Jurisprudence; 1 Bl. Com. 38. A principle of conduct may be observed habitually by an individual or a class. When sufficiently formulated or defined to be observed uniformly by the whole of a class it may become a custom; or it may be imposed on all individuals who consent or are unable to resist its application and the sanction or penalty which is imposed for non-compliance, and in that case it becomes a law. If, in addition, the law and its sanction are imposed by, or by authority of a sovereign, the law becomes 'positive' (see Austin's Jurisprudence). Short of positive law the principle may be called a moral or social law. Generally speaking, jurisprudence is concerned only with positive law, and law in its ordinary legal sense mean...
Remittance of asset
Remittance of asset, means remittance outside India of funds representing a deposit with a bank or a firm or a company, provident fund balance or superannuation benefits, amount of claim or maturity proceeds of Insurance policy, sale proceeds of shares, securities, immovable property or any other asset held in India in accordance with the provisions of the Act or rules or regulations made thereunder. [Foreign Exchange Management (Remittance of Assets) Regulations, 2000, R. 2 (v)]...
Stranding
Stranding, the running of a ship onshore or on a beach. By reason of the memorandum always inserted in policies of insurance (see INSURANCE), it is of the greatest importance to define what is a stranding. On this much diversity of opinion has been entertained. It would appear that merely striking against a rock, bank, or shore is not a stranding; the ship must be upon the rock, etc., for some time....
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