Benefit Building Societies - Law Dictionary Search Results
Home Dictionary Name: benefit building societiesBenefit Building Societies
Benefit Building Societies. See BUILDING SOCIETIES....
Building societies
Building societies, associations of persons subscribing to a common fund which is employed in making advances to such members (called 'advanced members') as desire to obtain them on the security of real or leasehold property, while those members who do not desire an advance (called 'investing members' ) simply pay their contributions to the society and receive interest thereon. Building societies are either (a) Unincor-porated, or (b) Incorporated. Unincorporated societies (now few in number) are governed by the (English) Building Societies Act of 1836 (6 & 7 Wm. 4, c. 32), and certain sections of the old (English) Friendly Societies Acts of 1829 and 1835 (repealed for all other purposes) incorporated therewith. Incorporated societies are governed by the (English) Building Societies Acts, 1874 to 1894, and the (English) Building Societies Regulations, 1895, made thereunder. A cross division of these societies is into (1) Terminating, and (2) Permanent. A Terminating Society is one whic...
Terminating Building Societies
Terminating Building Societies, societies where the members commence their monthly contributions on a particular day, and continue to pay them until the realization of shares to a given amount for each member, the society advancing the capital of the society to such members as require it by mortgage to secure the payment of interest as well as principal by them, and so as to ensure such realization within a given period of years, when the society terminates. See Building Societies Act, 1874 (37 & 38 Vict. c. 42), s. 5, and BUILDING SOCIETY. Consult Wurtzburg or Davis on Building Societies...
Building society
Building society, is a society incorporated under the (UK) Building Societies Act, 1986 and means a society which may be established if the purpose or principal purpose is that of raising, primarily by the subscriptions of the members, a stock or fund for making to them advances secured on land for their residential use, Halsbury's Laws of England, Vol. 4(2), 4th Edn., Para 701, p. 432.Building society, is a body corporate, may sue and be sued in its registered name, Halsbury's Laws of England, Vol. 4(2), 4th Edn., Para 711, p. 438; Executrix of Will of Gallie v. Anglia Building Society (No. 2), (1971) AC 1039: (1971) 1 All ER 243 (HL)....
Society
Society. Associations designated by the name of 'society' include (1) Building Societies, regulated by the (English) Building Societies Acts, as to which see BUILDING SOCIETIES; (2) Friendly Societies, regulated by the Friendly Societies Act, 1896, as to which see FRIENDLYSOCIETIES; (3) Industrial and Provident Societies, regulated principally by the Industrial and Provident Societies Act, 1893, as to whichs see INDUSTRIAL AND PROVIDENT SOCIETIES; (4) Loan Societies, regulated by 3 & 4 Vict. c. 110, as to which see LOAN SOCIETIES; (5) Literary and Scientific Societies, regulated by the (English) Literary and Scientific Institutions Act, 1854. And exempted from rates by 6 & 7 Vict. c. 36, as to which see that title; and other benevolent or useful societies, e.g., see (English) Companies Act, 1929, s. 18, and (6) Illegal Societies, prohibited by the Unlawful Societies Act, 1799, and the very similar (English) Seditious Meetings Act, 1817, as to which see SEDITIOUS, and Chitty's Statutes,...
Ballot and Sale Society
Ballot and Sale Society, a building society in which the right to have an advance from the funds of the society free of interest is determined alternately by a ballot among the members and by putting up the right to a sort of auction, the members bidding against each other for the right to the advance and the one who bids the highest obtaining it; see (English) Building Societies Act, 1894, s. 12, prohibiting balloting in the case of societies established since the Act....
Audit
Audit, an examining of accounts. An audit may be either detailed or administrative, and is usually both. A detailed audit is a comparison of vouchers with entries of payment, in order that the party whose accounts are audited may not debit his employer with payments not in fact made. An administrative audit is a comparison of payments with authorities to pay, in order that the party whose accounts are audited may not debit his employer with payments not authorised. If in either branch of audit an improper entry is discovered, the auditor surcharges the party whose accounts are audited; whereby the payment must be made by such party out of his own pocket. Where no fraud is suspected, however, and when there has been no negligence, it is common for the surcharge to be remitted [see, e.g., (English) Local Government Act, 18 (23 & 24 Geo. 5, c. 51), s. 230], especially where the party whose accounts are audited has given his service gratuitously.The public accounts are audited under the (E...
Public prosecutor
Public prosecutor, means a Public Prosecutor or an Additional Public Prosecutor or a Special Public Prosecutor appointed under s. 28 and includes any person acting under the directions of the Public Prosecutor. [Prevention of Terrorism Act, 2002 (15 of 2002), s. 2(1)(e)]Means any person appointed under s. 24, and includes any person acting under the directions of a Public Prosecutor. [ Code of Criminal Procedure, 1973 (2 of 1974), s. 2 (u)]The 'Public Prosecutor' is the counsel for the government for conducting prosecution on behalf of the State Government or the Central Govern-ment as the case may be. He is an officer and like every advocate practicing before court, he owes an obligation to the court to be fair and just, Sheonandan Paswan v. State of Bihar, AIR 1987 SC 877: (1987) 1 SCC 288: (1987) 1 SCR 702.The King, in whose name criminal are prosecuted, because all offences are said to be against the King's peace, his Crown and dignity. By the (English) Prosecution of Offences Act,...
Consumer Co-operative Society
Consumer Co-operative Society, Consumers' co-operative societies form a distinct class by themselves. Benefits and concessions granted to them ultimately benefit persons of small means and promote social justice in accordance with the directive principles. There is an intelligible differentia between the retail dealers who are nothing but traders and consumers' cooperative societies. The position would have been different if there was a monopoly created in favour of the latter. The Scheme only envisages a rule of preference, Madhya Pradesh Ration Vikreta Sangh Society v. State of Madhya Pradesh, (1981) 4 SCC 535: AIR 1981 SC 2001: (1982) 1 SCR 750....
Incorporated Law Society
Incorporated Law Society, now termed the Law Society, was founded by Mr. Bryan Holme in 1825, and incorporated in 1831 by Royal Charter; this was surrendered for a new Charter in 1845, by which, as amended by Supplemental Charters in 1872, 1903, and 1909, the Society now remains constituted. The Society was incorporated 'to facilitate the acquisition of legal knowledge, and for better and more conveniently discharging the professional duties of the members of the Society,' under the full title of 'The Society of Attorneys, Solicitors, Proctors, and others not being Barristers practicing in the Courts of Law and Equity of the United Kingdom'; since the charter of 1903 it has been officially (as before them commonly) called 'The Law Society.'The Society first instituted lectures for students in 1833, and was made registrar of attorneys and solicitors in 1843 by the (English) Solicitors Act, 1843 (6 & 7 Vict. c. 73), s. 21.On the decay of the Inns of Chancery, which in their later aspect ...
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