Borrowing Powers - Law Dictionary Search Results

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Borrowing powers

Borrowing powers. Most public bodies are possessed of borrowing powers, but the terms of the Act conferring the power to borrow must be strictly pursued, see Att.-Gen. V. De Winton, (1906) 2 Ch 106; Rex v. Locke, (1910) 2 KB 201.A company under the (English) Companies Act, 1929, has no power to borrow money unless the provision is contained in the Memorandum of Association, but it has an implied power to borrow money and give security therefor for the purposes of its business, General Auction Estate Co. v. Smith, (1891) 3 Ch 432. If the money borrowed is beyond the company's powers the excess is void, Wenlock v. River Dee Co., (1885) 10 AC 354. And see Re Harris Calculating Machine Co., (1914) 1 Ch 920, as to the lender's right of subrogation to creditors who have been paid with the proceeds of the void loan. See also (English) Companies Clauses Consolidation Act, 1845 (8 & 9 Vict. c. 16), ss. 38 et. Seq.; ASSOCIATION, MEMORANDUM OF....

Eminent domain and police powers-distinction

Eminent domain and police powers-distinction, the concepts of eminent domain and police powers are borrowed from American law. In the exercise of its eminent domain power the State may take any property from the owner and may appropriate it for public purposes. The police and eminent domain powers are essentially distinct. Under the police power many restrictions may be imposed and the property may even be destroyed without compensation being given, whereas under the power of eminent domain, the property may be appropriated to public use on payment of compensation only, Deputy Commissioner and Collector v. Durganath Sarma, AIR 1968 SC 394 (399): (1968) 1 SCR 561....

Borrowing members' resolution

Borrowing members' resolution, A resolution is a borrowing members' resolution when it has been passed by a majority of the borrowing members of the building society voting either in person or by proxy on a poll on the resolution at a meeting of which notice specifying the intention to move the resolution as a borrowing member's resolution has been duly given, or in a postal ballot on the resolution of which notice specifying that the resolution will not be effective unless it is passed as a borrowing member's resolution has been duly given, Halsbury's Laws of England, Vol. 4(2), 4th Edn., Para 827, p. 517....

Borrower

Borrower, means any person who has been granted loan or any other credit facility by a credit institution and includes a client of a credit institution [Credit Information Companies (Regulation) Act, 2005 (30 of 2005), s. 2(b)]--Means any person who has been granted financial assistance by any bank or financial institution or who has given any guarantee or created any mortgage or pledge as security for the financial assistance granted by any bank or financial institution and includes a person who becomes borrower of a securitisation company or recon-struction company consequent upon acquisition by it of any rights or interest of any bank of financial institution in relation to such financial assistance. [Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, s. 2(1) (f)] The expression 'borrower' in s. 7 need not be given a restricted meaning merely because the Act applies to all communities. Hence a father who is the Karta of the Joint fa...

Borrowed money

Borrowed money, term 'borrowed money' must be construed in its natural and ordinary meaning and implies a real borrowing and a real lending, K.M.S. Lakshmanier v. CIT, AIR 1953 SC 145 (147): 1953 SCR 1057: (1953) 23 ITR 202. [Excess Profits Tax Act, 1940 Sch II R. 2A]...

Railway Securities Act, 1866

Railway Securities Act, 1866 (English) (29 & 30 Vict. c. 108), as amended. Enacted shortly after the 'Redpath Frauds' for the greater protection of persons lending money to railway companies upon debentures, etc., and providing that each loan shall be specifically certified by an accountable officer to be within the borrowing powers of the company...

Borrowing statute

Borrowing statute, means a legislative exception to the conflict-of-laws rule holding that a forum State must apply its own statute of limitations. A borrowing statute specifies the circumstances in which a forum State will apply another State's statute of limitations, Black Law Dictionary, 7th Edn., p. 179....

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