Close Corporation - Law Dictionary Search Results
Home Dictionary Name: close corporation Page: 2insider
insider : a person who is in a position of power or has access to confidential information: as a : one (as an officer, director, employee, relative, or owner of more than 10% of the corporation's stock) who is in a position to have special knowledge of the affairs of or to influence the decisions of a company b : an individual (as a relative or an influential party) or entity (as a corporate affiliate) having a close relationship with a debtor such that transactions are not made at arm's length and are subject to closer scrutiny than the transactions of those dealing at arm's length ...
Shop
Shop, a place where thins are kept for sale, usually in small quantities, to the actual consumers. By (English) Shops Act, 1912, s. 19, 'shop' includes any premises where any 'retail trade or business' is carried on; 'retail trade or business' includes the business of a barber or hairdresser, but not the sale of programmes, etc., at places of amusement.A business establishment or place of employment; a factory, office, or other place of business, Black's Law Dictionary, 7th Edn., p. 1384.The (English) Shops Act, 1934, deals with the employment of persons under eighteen years, repealing s. 2 of the (English) Shops Act, 1912; but the other provisions are unaffected. The 1934 Act, s. 1, provides that no young person (under eighteen) shall be employed for more than the normal maximum working hours, that is, forty-eight hours in any week; it makes restrictions on right employment, has special provisions as to the catering trade, the sale of accessories for Aircraft, motor vehicles and cycle...
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...
Company
Company [fr. compagnia, Ital., which word is still printed on Bank of England notes as 'compa'], a body of persons associated for purposes of busi-ness, sometimes, but not now so frequently as some years ago, styled a Joint Stock Company.A company has its origin either (1) in a charter, as the Bank of England and many insurance companies; or (2) in a special Act of Parliament, with which, as authorizing an undertaking of a public nature such as a railway, the Companies Clauses Consolidation Act, 1845 (8 & 9 Vict. c. 16), is necessarily incorporated; or (3) in registration under the Companies Acts, 1862 and subsequent Acts, now consolidated into the (English) Companies Act, 1925 (19 & 20 Geo. 5, c. 23).By s. 13 of the Act of 1925 (1) on the registration of the memorandum of a company the registrar shall certify under his hand that the company is incorporated and, in the case of a limited company, that the company is limited. (2) From the date of incorporation mentioned in the certificat...
Support
Support, to support a rule or order is to argue in answer to the arguments of the party who has shown cause against a rule or order nisi.The help which every landowner receives at the boundary of his land from his neighbour's land, which lies close to his and prevents its falling in and crumbling away, as it would do if his neighbour dug away the surface of his land to the very edge, Goddard on Easements. The right of an owner to the support of surface in its natural position is a presumption of Common Law and not part of a grant of mines or power to work the same, and a power to let down the surface must be expressly granted in a lease, Warwickshire Coal Company v. Coventry Corporation, 1934 Ch 488. As to the right of support for buildings, see, further, the leading case of Dalton v. Angus, (1881) 6 App Cas 740, in which it was held by the House of Lords that there is natural right to lateral support for buildings. This is an easement which may be acquired by twenty years' uninterrupt...
Factory
Factory, a place where a number of traders reside in a foreign country for the convenience of trade; also a building in which goods are manufactured.In the Factory and Workshop Act, 1901, 'Factory' means by s. 149 'textile factory and non-textile factory, or either of those descriptions of factories.'The expression 'textile factory' means any premises wherein or within the close or curtilage of which steam, water or other mechanical power is used to move or work any machinery employed in preparing, manufacturing or finishing or in any process incident to the manufacture of cotton, wool, hair, silk, flax, hemp, jute, tow, china-grass, cocoanut fibre or other like material, either separately or mixed together or mixed with any other material, or any fabric made thereof:Provided that print works, bleaching and dyeing works, lace warehouses, paper mills, flax scutch mills, rope works and hat works shall not be deemed to be textiles factories.'Tenement factory' means a factory when mechanic...
affiliate
affiliate -at·ed -at·ing vt 1 : to bring or receive into close association as a member or division 2 : to join or associate as a member or division vi : to connect or associate oneself usually used with with [has just affiliated with the huge corporation] af·fil·i·a·tion [ə-fi-lē-ā-shən] n [ə-fi-lē-ət] n : an affiliated person or organization ;specif : a business entity effectively controlling or controlled by another or associated with others under common ownership or control compare parent, subsidiary ...
Common
Common, a profit which a man has in the land of another; it derives its name from the community of interest which thence arises between the claimant and the owner of the soil, or between the claimant and other commoners entitled to the same right; all which parties are entitled to bring actions for injuries done to their respective interests, and that both as against strangers and against each other. It is called an incorporeal right, which lies in grant, as if originally commencing in some agreement between lords and tenants, for some valuable consideration which, by lapse of time, being formed into a prescription, continues, although there be no deed or instrument in writing which proves the original contract or agreement. It differs from a rent, principally in freedom of enjoyment on the one hand, and in freedom from obligation on the other; which the law expresses by the quaint antithesis that it lies not in render but in prender. It is also incidentally distinguished by its fruits...
Good Friday
Good Friday. The Bills of Exchange Act, 1882, s. 92, consolidating 39 & 40 Geo. 3, c. 42, passed for the better observance of Good Friday, and 7 & 8 Geo. 4, c. 15, provides that Good Friday and Christmas Day are to be excluded as 'non-business days' in cases where the time limited by that Act for doing any act or thing is less than three days; and also, by s. 14, that where the last of the three 'days of grace' (see GRACE DAY OF) falls on Good Friday, a bill of exchange shall be payable on the preceding business day. Good Friday is a holiday in the Courts and offices of the Supreme Court (R.S.C. 1883, Ord. LXIII., r. 4), and is not reckoned in the computation of limited time (less than six days) for the purposes of the Rules, (ibid., Ord. LXIV., r. 2), or of limited time, not exceeding seven days, for the purposes of the Municipal Corporations Act, 1882, by s. 230 of that Act, which also allows acts to be done on the day after Good Friday instead of on Good Friday. Houses where intoxic...
Insurer
Insurer. The person assuring against loss.The word 'insurer' in s. 2D of the Insurance Act, 1938 means a person who was carrying on the business of insurance but has closed it, Vanguard Fire and General Insurance Co. Ltd. v. Fraser and Ross AIR 1960 SC 971; see also (1973) 1 SCC 310: (1960) 3 SCR 857. [Insurance Act, 1938, s. 2D; 339 (9)]Insurer means an insurer as defined in the Insur-ance Act who carries on life insurance business in India and includes the government and a provi-dent society as defined in s. 65 of the Insurance Act. [Life Insurance Corporation Act, 1956 (31 of 1956), s. 2(6)]...
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