Borrowing Members Resolution - Law Dictionary Search Results
Home Dictionary Name: borrowing members resolutionBorrowing 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....
Resolution
Resolution, a solemn judgment or decision; a revocation of a contract. As to the cases in which resolutions of the House of Commons varying or renewing taxation have statutory effect for a limited period, see Provisional Collection of Taxes Act, 1913 (3 Geo. 5, c. 3). As regards companies, resolutions are of three kinds: (a) Ordinary, i.e., a resolution passed by a simple majority of members; (b) Extraordinary, i.e., a resolution passed by three-fourths of such members entitled to vote as are present in person or by proxy (where proxies are allowed) at a general meeting, of which notice specifying the intention to propose the resolution as an extraordinary resolution has been duly given; (c) Special, i.e., when passed by such a majority as is required for the passing of an extraordinary resolution and at a general meeting of which not less than 21 days' notice, specifying the intention to propose the resolution as a special resolution has been duly given, or if all members entitled to ...
Arbitration
Arbitration, the determination of a matter in dispute by the judgment of one or more persons, called arbitrators, who in case of difference usually call in an 'umpire' to decide between them.Means a method of dispute resolution involving one or more neutral third parties who are usually agreed to by the disputing parties and whose decision is binding, Black Law Dictionary 7th Edn., p. 100.Means any arbitration whether or not administered by permanent arbitral institution. [The Arbitration and Conciliation Act, 1996, s. 2(a)]An arbitrator is a disinterested person, to whose judgment and decision matters in dispute are referred, Termes de la Ley.The civilians make a difference between arbiter and arbitrator, though both found their power in the compromise of the parties; the former being obliged to judge according to the customs of the law: whereas the latter is at liberty to use his own discretion, and accommodate the difference in that manner which appears most just and equitable.An ar...
arbitration
arbitration [Latin arbitratio, from arbitrari to judge, arbitrate, from arbiter onlooker, arbitrator] : the process of resolving a dispute (as between labor and management) or a grievance outside of the court system by presenting it to an impartial third party or panel for a decision that may or may not be binding compare mediation final offer arbitration : interest arbitration in which the arbitrator must accept or reject the final offer of any party and may not decide to compromise grievance arbitration : arbitration of a dispute over something in an existing collective bargaining agreement called also rights arbitration compare interest arbitration in this entry interest arbitration : arbitration of a dispute over the provisions to be entered in a new contract compare grievance arbitration in this entry rights arbitration : grievance arbitration in this entry ar·bi·tra·tion·al [Ä r-bə-trā-shə-nəl] adj ...
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....
Stay proceedings to carry out Arbitration agree-ment
Stay proceedings to carry out Arbitration agree-ment, the legal position with respect to the scope and meaning of s. 34 of the Arbitration Act admits of little doubt, the language of this s. being quite plain. When a party to an arbitration agreement commences any legal proceedings against any other party to the said agreement with respect to the subject-matter thereof, then the other party is entitled to ask for such proceedings to be stayed so to enable the arbitration agreement to be carried out. It is, however to be clearly understood that the mere existence of an arbitration clause in an agreement does not by itself operate as a bar to a suit in the court. It does not by itself impose any obligation on the court to stay the suit or to give any opportunity to the defendant to consider the question of enforcing the arbitration agreement, State of Uttar Pradesh v. Janki Saran Kailash Chandra, AIR 1973 SC 2071 (2075): (1973) 2 SCC 96: (1974) 1 SCR 31....
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...
International Commercial Arbitration
International Commercial Arbitration, the definition of 'international commercial arbitration' makes no distinction between international commercial arbitrations which take place in India or internalcommercial arbitrations which take place outside India, AIR 2002 SC 1432 (1439): (2002) 4 SCC 105. [Arbitration and Conciliation Act, 1996, s. 2(f)]International commercial arbitration means an arbitration relating to disputes arising out of legal relationships, whether contractual or not, con-sidered as commercial under the law in force in India and where at least one of the parties is-(i) an individual who is a national of, or habitually resident in, any country other than India; or(ii) a body corporate which is incorporated in any country other than India; or(iii) a company or an association or a body of individuals whose central management and control is exercised in any country other than India; or(iv) the Government of a foreign country. [Arbitra-tion Act, 1996 (26 of 1996), s. 2(1) (...
alternative dispute resolution (adr)
alternative dispute resolution (adr) Methods of resolving legal disputes without going to trial, in a less adversarial manner, such as through arbitration or mediation. ...
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]...
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