Close Corporation - Law Dictionary Search Results
Home Dictionary Name: close corporationclose corporation
close corporation see corporation ...
corporation
corporation [Late Latin corporatio, from Latin corporare to form into a body, from corpor- corpus body] : an invisible, intangible, artificial creation of the law existing as a voluntary chartered association of individuals that has most of the rights and duties of natural persons but with perpetual existence and limited liability see also pierce compare association, partnership, sole proprietorship close corporation [klōs-] : a corporation whose shares are held by a small number of individuals (as management) and not publicly traded ;specif : small business corporation in this entry called also closely held corporation compare public corporation in this entry foreign corporation : a corporation organized under the laws of a state or government other than that in which it is doing business government corporation : public corporation in this entry moneyed corporation : a corporation (as a bank) authorized to engage in the investment, exchange, or lending of moneyed capit...
closely held corporation
closely held corporation : close corporation at corporation ...
going private
going private : the process of transforming a public corporation into a close corporation by terminating the registration of the corporation's stock, the listing of the stock on an exchange, or the active trading of the stock on the market ...
freeze
freeze froze fro·zen freez·ing 1 : to cause to become fixed, immovable, unavailable, or unalterable [ interest rates] 2 : to immobilize (as by government regulation or the action of a financial institution) the expenditure, withdrawal, or exchange of [ foreign assets] 3 : to restructure (the capital of a close corporation) so that the value is reflected mostly in preferred stock rather than common stock NOTE: Once capital is frozen, the common shares can be transferred to the heirs of the owner without taxation while the owner continues to enjoy the income from preferred stock dividends during his or her lifetime. freeze n ...
Accounting year
Accounting year, means-(i) in relation to a corporation, the year ending on the day on which the books and accounts of the corporation are to be closed and balanced; (ii) in relation to a company, the period in respect of which any profit and loss account of the company laid before it in annual general meeting is made up, whether that period is a year or not; (iii) in any other case-(a) the year commencing on the 1st day of April; or (b) if the accounts of an establishment maintained by the employer thereof are closed and balanced on any day other than the 31st day of March, then, at the option of the employer, the year ending on the day on which its accounts are so closed and balanced: Provided that an option once exercised by the employer under paragraph (b) of this sub-clause shall not again be exercised except with the previous permission in writing of the prescribed authority and upon such conditions as that authority may think fit. [Payment of Bonus Act, 1965 (21 of 1965), s. 2 (...
Lock out
Lock out, in the case of a lock-out, the industry as such is not closed down even temporarily; only particular workers re refused work. Closing down a business even temporarilyis distinct and different from a lock-out, Indian Metal and Metallurgical Corporation v. Industrial Tribunal, AIR 1953 Mad 98.The word 'lock-out', as stated in the Presidency Jute Co's case [(1952) Lab AC 62], in its dictionary sense means refusal on the part of an employer to furnish to his operatives except on conditions to be accepted by the latter collectively, Feroz Din v. State of West Bengal AIR 1960 SC 363 (367): (1960) 2 SCR 319. [Industrial Disputes Act, 1947 (14 of 1947)]It means the temporary closing of a place of employment, or the suspension of work, or the refusal by an employer to continue to employ and number of persons employed by him. [Industrial Disputes Act, 1947 (14 of 1947), s. 2 (l)...
closely held
owned by a relatively few shareholders of business organizations as a closely held corporation...
closely held
closely held : having most stock shares and corporate voting rights in the hands of a few shareholders ...
Actually worked under the employer
Actually worked under the employer, If the expression 'actually worked under the employer' in s. 25B(2)(a)(ii) is capable of comprehending the days during which the workman was in employment and was paid wages. To give it any other meaning than what we have done would bring the object of s. 25-F very close to frustration, Workmen of American Express International Banking Corporation v. Management of American Express International Banking Corporation, AIR 1986 SC 458: (1985) 4 SCC 71. [Industries Dispute Act (14 of 1947) s. 25F and s. 25(B) (2)]...
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