Chit Agreement - Law Dictionary Search Results
Home Dictionary Name: chit agreementChit agreement
Chit agreement, means the document containing the articles of agreement between the foreman and the subscribers relating to the chit. [Chit Funds Act, 1982 (40 of 1982), s. 2(c)]...
Chit
Chit, means a transaction whether called chit, chit fund, Chitty, kuri or by any other name by or under which a person enters into an agreement with a specified number of persons that every one of them shall subscribe a certain sum of money (or a certain quantity of grain instead) by way of periodical instalments over a definite period and that each such subscriber shall, in his turn, as determined by lot or by auction or by tender or in such other manner as may be specified in the chit agreement, be entitled to the prize amount.Explanation.--A transaction is not a chit within the meaning of this clause, if in such transaction,--(i) some alone, but not all, of the subscribers get the prize amount without any liability to pay future subscriptions; or(ii) all the subscribers get the chit amount by turns with a liability to pay future subscriptions. [Chit Funds Act, 1982 (40 of 1982), s. 2(b)]...
Discount
Discount [fr. dis and conte, Fr.], abatement; commonly a sum of money deducted from a money obligation in consideration of its payment before the stipulated time.Discount means the sum of money or the quantity of grain which a prized subscriber is, under the terms of the chit agreement, required to forego and which is set apart under the said agreement to meet the expenses of running the chit or for distribution among the subscribers or for both. [Chit Funds Act, (40 of 1982), s. 2(g)]Means the difference between the amount received or receivable by the infrastructure capital company or infrastructure capital fund or public sector company issuing the bond and the amount payable by such company or fund or public sector company on maturity or redemption of such bond. [Income Tax Act, 1961 (43 of 1961), s. 36(1) iii-a Expl.]...
Dividend
Dividend, a share, the part allotted in division; the interest paid on the public funds; the share of profits of a company payable to each shareholder (see Articles 89 to 96 of Table A to Companies Act, 1929, and ss. 120-123 of the Companies Clauses Consolidation Act, 1845); a distributive share of a bankrupt's estate or on the winding-up of the company, of its assets.As to the liability upon a company in respect of a dividend when the warrant for it, having been duly posted, is lost in the post, see Thairlwal v. G.N. Ry., (1910) 2 KB 509l.Dividend means the share of the subscriber in the amount of discount available under the chit agreement for rateable distribution among the subscribers at each instalment of chit. [Chit Funds Act, (40 of 1982), s. 2(h)]Dividend, is a share of profits, whether at a fixed rate or otherwise, allocated to the holders of shares in a company, Henry v. Great Northern Rly. Co., (1857) 1 De G&J 606.'Dividend' in its ordinary connotations means the sum paid to...
Draw
Draw, 'draw' means the manner specified in the chit agreement for the purpose of ascertaining the prized subscriber at any installment of the chit. [Chit Funds Act, (40 of 1982), s. 2(i)]...
Foreman
Foreman, 'foreman' means the person who under the chit agreement is responsible for the conduct of the chit and includes any person discharging the functions of the foreman under s. 39. [Chit Funds Act, 1982 (40 of 1982), s. 2(j)]The presiding member of a jury.A person who directs the work of employees; an oversees, crew chief, or superintendent, Black's Law Dictionary, 7th Edn., p. 662....
Defaulting subscriber
Defaulting subscriber, 'defaulting subscriber' means a subscriber who has defaulted in the payment of subscriptions due in accordance with the terms of the chit agreement. [Chit Funds Act, (40 of 1982), s. 2(f)]...
Service
Service [fr. servitium, Lat.], that duty which a tenant, by reason of his estate, owes to his lord. There are many divisions of this duty in our ancient law books, as into personal and real, which is either urbane or rustic, free and base, continua land annual, casual and accidental, intrinsic and extrinsic, certain and uncertain, etc. see TENURE.The formal delivery of a writ, summons of other legal process 2. The formal delivery of some other legal notice such as pleading, Black's Law Dictionary, 7th Edn., p. 1372.The formal mode of bringing a writ or other process, or a notice in a suit, to the knowledge of the person affected by it.The service of writs of summons is regulated by (English) R.S.C. 1883, Ord. IX., which by r. 1 dispenses wit service, when (as is usual) the defendant, by his solicitor, agrees to accept service, and enters an appearance. By r. 2, service, when required, must be personal, unless an order for 'substituted service, or the substitution of notice for service,...
Advertisement
Advertisement, [fr. avertissement, Fr.], a public notice or announcement of a thing.The duties payable on advertisements were repealed by 16 & 17 Vict. c. 63, s. 5.As to the protection afforded to Trustees and Personal Representatives by issuing an advertisement for creditors before distributing any real or personal property, see (English) Trustee Act, 1925, s. 27, amended by the (English) Law of Property (Amend.) Act, 1926, s. 7, and extending the (English) Law of Property Amendment Act, 1859 (22 & 23 Vict. c. 35), s. 29; Re Bracken, (1890) 43 Ch D 1.The regulation of advertisements is provided for by the (English) Advertisements Regulation Act, 1907 (7 Edw. 7, c. 27), and the (English) Ancient Monuments Act, 1931 (20 & 21 Geo. 5), s. 7. See also Advertisements Regulation Act, 1925, respecting advertisements affecting the view or amenities of a village or historic building. Advertisements for stolen property may amount to an offer to compound a felony, and thus constitute an offence w...
Allotments
Allotments. Many (English) Acts (see chit. Stat., tit. 'Allotments') have been passed authorizing parish officers to let out to poor persons small quantities of parish land or land originally allotted under inclosure Acts for the benefit of the poor. The Small Holdings and Allotments Act, 1908 (Part II.), empowers parish, urban, borough or county councils to provide plots of land for persons belonging to the labouring population of the locality to cultivate as farms or gardens. Land for allotments may be acquired compulsorily by the above bodies (ss. 12 and 27, Land Settlement (Facilities) Act, 1919) (as amended by the 1925 Act, s. 1). This Act as amended by the Allotments Act, 1922, necessitates a six months' or longer notice to quit (but see s. 30(2) of the Act, 1908, and s. 1 of the Act of 1922), and provides, notwithstanding any agreement to the contrary, for compensation to an outgoing tenant by the landlord for growing crops, manure, improvement, etc. (s. 47 of the Act of 1908, a...
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