Business Trust - Law Dictionary Search Results
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trust
trust 1 a : a fiduciary relationship in which one party holds legal title to another's property for the benefit of a party who holds equitable title to the property b : an entity resulting from the establishment of such a relationship see also beneficiary, cestui que trust, corpus declaration of trust at declaration, principal, settlor NOTE: Trusts developed out of the old English use. The traditional requirements of a trust are a named beneficiary and trustee (who may be the settlor), an identified res, or property, to be transferred to the trustee and constitute the principal of the trust, and delivery of the res to the trustee with the intent to create a trust. Not all relationships labeled as trusts have all of these characteristics, however. Trusts are often created for their advantageous tax treatment. accumulation trust : a trust in which principal and income are allowed to accumulate rather than being paid out NOTE: Accumulation trusts are disfavored and often restricted...
Business
Business, 'business' is a word of wide import. It has no definite meaning. Its perceptions differ from private to public sector or from institutional financing to commercial banking, Mahesh Chandra v. Regional Manager Uttar Pradesh Financial Corpn., AIR 1993 SC 935 (939): (1993) 2 SCC 279. [State Financial Corporation Act, (63 of 1951), s. 24]--Business would undoubtedly be property, unless there is something to the contrary in the enactment, J.K. Trust Bombay v. CIT, (1958) SCR 65: 1957 SCJ 845: AIR 1957 SC 846.Business includes the activities carried on by any public body, Halsbury's Laws of England, Vol. 20, 4th Edn., Para 546, p. 357. The term 'business' includes every trade, occupation and profession. The word 'business' has no technical meaning, but is to be read with reference to the subject and intent of the Act in which it occurs. The term 'business' means an affair requiring attention and labour as the chief concern; mercantile pursuits, that one does for livelihood, occupati...
Administrative business
Administrative business, the business of managing conducted in private by persons having complete discretion, as distinguished from judicial business, which is conducted in Court under specific rules as to evidence, etc. In the Chancery Division the term is used an meaning that portion of the business of the Court which consists of executing the trusts of deeds and wills and deciding the numerous questions which arise in connection therewith, as distinguished from the 'contentious' business of the Court, which means hostile litigation between parties. Formerly also certain business transacted at Quarter Sessions now transferred to County Councils by s. 3 of the Local Government Act, 1888....
board
board often cap 1 a : a group of individuals having managerial, supervisory, investigatory, or advisory powers over a public or private business, trust, or other organization or institution [Board of Regents] [Board of Bar Overseers] b : board of directors 2 a : a group of citizens elected to administer the business of or an aspect of the business of a political unit (as a town or county) [a of selectmen] b : a federal, state, or local government agency see also National Labor Relations Board in the Important Agencies section 3 : a securities or commodities exchange see also board of trade ...
antitrust
antitrust : of, relating to, or being legislation against or opposition to business trusts or combinations ;specif : consisting of laws to protect trade and commerce from unlawful restraints and monopolies or unfair business practices see also Clayton Antitrust Act and Sherman Antitrust Act in the Important Laws section ...
Public trustee
Public trustee. The office of Public Trustee was established by the (English) Public Trustee Act, 1906, which came into force on 1st January, 1908. The Public Trustee is a corporation sole, and may if he thinks fit act in the administration of estates of deceased persons if under one thousand pounds; act as custodian trustee [see that title, and Re Cherry's Trusts, (1914) 1 Ch 83]; act as an ordinary trustee; be appointed to be a judicial trustee (see that title); be appointed administrator of the property of a convict under the Forfeiture Act, 1870; and he may also be appointed an executor and obtain a grant of probate (s. 5). He may be appointed a trustee whether the trust instrument came into operation before or after the Act, and either as an original or a new trustee, or as an additional trustee, in the same cases and manner and by the same persons or Court as if he were a private trustee, with this addition--that he may be appointed sole trustee although the trustees originally a...
Trust corporation
Trust corporation, is defined by the (English) Settled Land Act, 1925, s. 117 (1) (xxx.), to mean the Public Trustee or a corporation appointed by the Court or entitled under (English) Public Trustee Act Rules [see the Public Trustee [(English) Custodian Trustee] Rules, 1926, S. R. & O., 1926, No. 1423/L. 37]. Trust corporations may exercise solely or jointly all the powers for the exercise of which the Land Legislation Acts of 1925 require two trustees at least (see TRUST; TRUST FOR SALE; SETTLED LAND; ADMINISTRATOR). These corporations include any company incorporated by Special Act or Royal Charter or Companies under the Companies Act, 1929, with an issued capital of not less than 2,50,000l., of which at least 1,00,000l. has been paid up in cash, or any company undertaking trust business for his Majesty's Navy, Army, Air Force or Civil Service having as director or member any person nominated by one of the Government Departments referred to in the Rules or any company authorized by ...
company
company pl: -nies : an association of persons for carrying on a commercial or industrial enterprise compare corporation, partnership finance company : a company that makes usually small short-term loans to individuals growth company : a company that grows at a greater rate than the economy as a whole and that usually directs a relatively high proportion of income back into the business holding company : a company whose sole function is to own and control other companies investment company : a company that earns income solely or primarily by holding and investing in securities issued by other companies or by government agencies joint-stock company : a business organization whose capital is represented by shares owned by stockholders each of whom is personally liable for the company's debts limited liability company : an unincorporated company formed under applicable state statute whose members cannot be held liable for the acts, debts, or obligations of the company and that ma...
Scrivener
Scrivener [fr. scrivano, Ital.; escrivain, Fr.], or Money Scrivener, a professional man whose business of receiving men's money and investing it for them when he should find a proper opportunity, being trusted as a banker in the meantime, died out about the middle of the eighteenth century. He was subjected to the law of bankruptcy by 21 Jac. 1, c. 19 (repealed by 6 Geo. 4, c. 16), where, and also in Sch. I of the repealed Bankruptcy Act, 1869, he is defined as 'using the trade or profession of a scrivener, receiving other men's monies or estates into his trust or custody.' See Adams v. Malkin, (1814) 3 Camp 539, where the question whether an attorney could be made bankrupt as a scrivener was decided in the negative, and Boswell's Life of Johnson, where it is related that one Jack Ellis, a contemporary of Dr. Johnson, and mentioned by him with great respect, was the last of the scriveners. By s. 13 of the Public Notaries Act, 1801, no person can become a notary within the limits of the...
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