Central Bank - Law Dictionary Search Results
Home Dictionary Name: central bank Page: 2Profit sharing
Profit sharing, means a agreement (formal or infor-mal) freely entered into, by which the employees receive a share, kind in advance, of the profits, Central Bank of India v. Their Workmen, AIR 1960 SC 12....
Every order of Controller made under this Act
Every order of Controller made under this Act, the object of s. 38(1) is to give a right of appeal to a party aggrieved by some order which affects his right or liability. In the context of s. 38 (1), the words 'every order of the Controller made under this Act' though very wide, do not include interlocutory orders, which are merely procedural and do not affect the rights or liabilities of the parties, Central Bank of India v. Gokal Chand, AIR 1967 SC 799 (800): (1967) 1 SCR 310. [Delhi Rent Control Act, 1958 (59 of 1958), s. 38(1)]...
Declaratory and remedical Act
Declaratory and remedical Act, a declaratory Act may be defined as an Act, to remove doubts existing as to the common law, or the meaning or effect of any statute. Such Acts are usually held to be retrospective. A remedial Act, on the contrary, is not necessarily retrospective; it may be either enlarging or restraining and it takes effect prospectively, unless it has retrospective effect by express terms or necessary intendment, Central Bank of India v. Their Workmen, AIR 1960 SC 12 (27)....
Bonus
Bonus, premium or advantage; an occasional extra dividend; a gratuity. As to the respective rights of tenant for life and remaindermen in a bonus declared by a company, see Bouch v. Sproule, (1887) 12 App Cas 385; Re Northage, (1891) 60 LJ Ch 488, and see Palmer's Company Law, 15th Edn., 228.Means a premium paid in addition to what is due or expected e.g. year end bonus. In the employment context, worker's bonuses are not a gift or gratuity; they are paid for services or on consideration in addition or in excess of the compensation that would ordinarily be given; a payment made to the lessee for the execution of an oil-and-gas lease, the lessee received a large bonus at closing, Black Law Dictionary, 7th Edn., p. 176.Bonus is not, as its etymological meaning would suggest, a mere matter of bounty gratuitously made by the employer to his employees; nor is it a matter of deferred wages. It has been held by this Court in Muir Mills Co. Ltd. v. Suti Mills Mazdoor Union, Kanpur, (1955) 1 SC...
Primary rural credit society
Primary rural credit society, means a co-operative society by whatever name called:(1) which has as its object or business the provision of financial accommodation to its members for agriculture or agricultural operation or for the marketing of crops, or for rural development; and(2) the bye-laws of which do not permit admission of any other co-operative society as member:Provided that this sub-clause shall not apply to the admission, as a member, of a co-operative society, which is a State co-operative bank or a Central co-operative bank by reason of such bank subscribing to the share capital of the co-operative society out of funds provides by the States Government for the purpose. [National Bank for Agriculture and Rural Development Act,1981 (61 of 1981), s. 2(n)]...
Under is obvious
Under is obvious, cannot be taken to have same meaning as the word 'of' which may bring in the notion of ownership. Indeed the concept of under can be relevant only when there are two entities one of which may be under the others. A department of the government and can only loosely be termed as under the government. Consequently, the mere fact that the State Bank of India and the nationalized banks are different entities as corporate bodies for certain purposes cannot by itself be a circumstance from which it may be deduced that they cannot be establishments under the Central Government, Bank of India v. Stalin, (1988) 1 Ker LT 759....
Consent
Consent, an act of reason accompanied with delib-erations, the mind weighing, as in a balance, the good or evil on either side. Consent supposes three things-a physical power, a mental power, and a free and serious use of them. Hence it is that if consent be obtained by intimidation, force, meditated impositions, circumvention, surprise, or undue influence, it is to be treated as a delusion, and not as a deliberate and free act of the mind. In relation to Criminal Law, see (English) Criminal Law Amendment Acts, 1885-1922, and see AGE; ABDUCTION.The word 'consent' as used in s. 30(2) of the Sale of Goods Act means 'agreeing on the same thing in the same sense' as defined in s. 13 of the Indian Contract Act. A consent induced by false representation may not be free, but it can nevertheless be real, and ordinarily the effect of fraud or misrepresentation is to render a transaction voidable only and not void, Central National Bank Ltd. v. United Industrial Bank Ltd., AIR 1954 SC 181: (1954...
Completed year of service
Completed year of service, means continuous service for one year. [Payment of Gratuity Act, 1972 (39 of 1972), s. 2]Mean continuous service for one year, Beed District Central Co-operative Bank Ltd. v. State of Maharashtra, 2006 (8) SCC 514....
Criminal contempt
Criminal contempt, any act done or writing published which is calculated to bring a Court or a Judge into contempt, or to lower his authority, or to interfere with the due course of justice or the lawful process of the Court, is a contempt of Court. Any episode in the administration of justice may, however, be publicly or privately criticised, provided that the criticism is fair and temperate and made in good faith. The absence of any intention to refer to a Court is a material point in favour of a person alleged to be in contempt, Thakur Jugal Kishore Singh v. Sitamarhi Central Co.-op. Bank Ltd., AIR 1967 SC 1494 (1497): (1967) 3 SCC 163. [Contempt of Courts Act, 1952, s. 3]Clause (c) of S. 2 of the Contempt of Courts Act, 1971 (70 of 1971) merely codifies the definition of 'criminal contempt' which had previously been crystallised by judicial decisions. It defines 'criminal contempt' to mean publication of any matter, or the doing of any other act which(i) scandalises or tends to sca...
Reserve city
In the national banking system of the United States any of certain cities in which the national banks are required U S Rev Stat sec 5191 to keep a larger reserve 25 per cent than the minimum 15 per cent required of all other banks The banks in certain of the reserve cities specifically called central reserve cities are required to keep their reserve on hand in cash banks in other reserve cities may keep half of their reserve as deposits in these banks U S Rev Stat sec 5195...
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