Borrowing Statute - Law Dictionary Search Results
Home Dictionary Name: borrowing statuteBorrowing 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....
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....
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]...
Frauds, Statute of
Frauds, Statute of, 29 Car. 2, c. 3 (A.D. 1676). This famous statute is said to have been famed by Sir Matthew Hale, Lord Keeper Guilford, and Sir Leoline Jenkins, an eminent civilian. Lord Nottingham used to say of it, that 'every line was worth a subsidy,' and it has been said that at all events the explanation of every line has cost a subsidy, no statute having been the subject of so much litigation. The statute, though it does not apply or have any Act corresponding to it in Scotland, was practically copied by the Irish Parliament in 7 Wm. 3, c. 12, applies generally to the British colonies, and, remarks Mr. Chancellor Kent (2 Com. 494, n. (d), 'carries its influence through the whole body of American juris-prudence, and is in many respects the most comprehensive, salutary, and important legislative regulation on record affecting the security of private rights.'The main object of the statute was to take away the facilities for fraud and the temptation to perjury which arose in verb...
Interpretation of Statute
Interpretation of Statute, it is well-settled that in construing the provisions of statute the Courts should be slow to adopt a construction which tends to make any part of the statute meaningless or ineffective. Thus, an attempt must always be made to reconcile the relevant provisions so as to advance the remedy intended by the Statute, Board of Muslim Wakfs v. Radha Kishan, AIR 1979 SC 289: (1979) 2 SCR 148.Interpretation of Statutes, as a general principle of interpretation, where the words of a statute are plain, precise and unambiguous, the intention of the legislature is to be gathered from the language of the statute itself and no external evidence such as parliamentary debates, reports of the commit-tees of the legislature or even the statement made by the Minister on the introduction of a measure or by the framers of the Act is admissible to construe those words. It is only where a statute is not exhaustive or where its language is ambiguous, uncertain, clouded or susceptible ...
Statute Law Revision Acts
Statute Law Revision Acts. A number of general Acts were passed from the year 1861 to 1927 inclusive, for the purpose of expressly and specifically repealing Acts or parts of Acts which had been either impliedly repealed by subsequent statutes on the ground that leges posteriores priores contrarias abrogant, or which (see the preambles to the various Acts) 'might be regarded as spent, or had by lapse of time or otherwise become unnecessary' from various causes, or had become obsolete, and also partly with the view of clearing the way for two editions of 'Statutes Revised,' that is, statutes in force only, as distinguished from the 'Statutes at Large,' or statutes just as they are passed. In 1890, as explained in an Introductory Note to vol. 4 of the 2nd edition of the Revised Statutes, a Select Committee of the House of Commons considered the subject of statute law revision, and recommended the omission from the Revised Statutes of 'any preambles' [but see that title] 'to an act, or in...
borrow
borrow : to take or receive temporarily ;specif : to receive (money) with the intention of returning the same plus interest bor·row·er n ...
borrower
borrower a person who has been approved to receive a loan and is then obligated to repay it and any additional fees according to the loan terms. Source: U.S. Department of Housing and Urban Development ...
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