Corporate Immunity - Law Dictionary Search Results
Home Dictionary Name: corporate immunitycorporate immunity
corporate immunity see immunity ...
pierce
pierce pierced pierc·ing : to see through the usually misleading or false appearance of [the object of summary judgment is to the pleadings and allow a judgment on the merits "J. H. Friedenthal et al."] [the Internal Revenue Service may attempt to the plain meaning of the agreement "W. M. McGovern, Jr. et al."] pierce the corporate veil : to disregard the corporate entity and reach the personal assets of the corporation's controlling parties : hold the controlling parties (as officers or shareholders) of a corporation personally liable for wrongful acts or debts of the corporation [a…creditor in New York cannot pierce the corporate veil solely on grounds of inadequate capitalization "R. C. Clark"] compare corporate immunity at immunity NOTE: An action to pierce the corporate veil is usually grounded on the corporation's being an instrumentality or alter ego of the officers or shareholders and on some misuse (as fraud) of the officers' or shareholders' control over the...
business judgment rule
business judgment rule : a rule of law that provides corporate immunity to directors of corporations protecting them from liability for the consequences of informed decisions made in good faith ...
piercing the corporate veil
piercing the corporate veil The judicial act of imposing personal liability on otherwise immune corporate officers, directors and shareholders for a corporation's fraudulent or wrongful acts. Source: FindLaw ...
citizen
citizen [Anglo-French citezein, alteration of Old French citeien, from cité city] 1 : a native or naturalized individual who owes allegiance to a government (as of a state or nation) and is entitled to the enjoyment of governmental protection and to the exercise of civil rights see also Scott v. Sandford in the Important Cases section amendment xiv to the Constitution in the back matter compare resident NOTE: Under the Fourteenth Amendment, “all persons born or naturalized in the United States, and subject to the jurisdiction thereof, are citizens of the United States and of the state wherein they reside.” A person born outside of the U.S. to parents who were born or naturalized in the U.S. is also a citizen of the U.S. A corporation is not considered a citizen for purposes of the privileges and immunities clause of the Fourteenth Amendment. A corporation is, however, deemed a citizen of the state in which it is incorporated or has its principal place of business f...
Disfranchisement
Disfranchisement, signifies taking a franchise from a man for some reasonable cause, Symmers v. R., (1776) 2 Cowp 489 (502)Disfranchisement, is the expulsion of a corporator from membership and involves the total depriva-tion of all privileges, rights, interest, profits and advantages which the individual member enjoyed whilst a corporator, Halsbury's Laws of England (9), para 1253, p. 746.Disfranchisement, the act of depriving of a franchise, immunity, or privilege; the depriving a constituency of a right to return a member to Parliament, or a person of a right to vote at a Parliamentary or Municipal Election....
Financial Institution
Financial Institution, means a banking company to which the Banking Regulation Act, 1949 (10 of 1949) applies (including any bank or banking institution referred to in s. 51 of that Act); or any other financial institution which the Central Government may, by notification in the Official Gazette, specify in this behalf. [Income Tax Act, 1961 (43 of 1961), s. 80E(3)(b)]Means:(i) a public financial institution within the meaning of s. 4A of the Companies Act, 1956;(ii) such other institution as the Central Government may, having regard to its business activity and the area of its operation in India by notification, specify. [Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (51 of 1993), s. 2 (h)]Financial institution means:(i) a public financial institution within the meaning of s. 4A of the Companies Act, 1956 (1 of 1956);(ii) any institution specified by the Central Govern-ment under sub-clause (ii) of clause (h) of s. 2 of the Recovery of Debts Due to Banks and Fina...
Right
Right [fr. recht, Teut.; rectus, Lat. The application of the same word to denote a staight line and moral rectitude of conduct, has obtained in every language I know, Dugald teward], in its primitive sense, that which the law directs; in popular acceptation, that which is so directed for the protection and advantage of an individual is said to be his right, 1 Stark. Evid. 1, n. (b). It has been described as a liberty of doing or possessing something consistently with law, or more strictly, the liberty of the doing or possessing something for the infringement of which there is a legal sanction. It is often confused in the popular mind with licence of the doing of something which his not prohibited by law, however damaging the act may be to individuals or the community. See MALUM IN SE.A 'right' is a legally protected interest, Mithilesh Kumari v. Prem Behari Khare, AIR 1989 SC 1247 (1255): (1989) 2 SCC 95: (1989) 1 SCR 621.A 'right' is an averment of entitlement arising out of legal rul...
Freeman
Freeman [liber homo, Lat.], an allodial proprietor; one born or made free to enjoy certain municipal immunities and privileges; the privileges of freemen were preserved by the Municipal Cor-porations Act, 1835, and continued by Part X. of the Municipal Corporations Act, 1882 (45 & 46 Vict. c. 50). See now Local Government Act, 1933 (23 & 24 Geo. 5, c. 51), ss. 259-265. See FREEDOM OF BOROUGH....
Public authority
Public authority, in the policy statement is not a term of art. It must be construed in a purpose way, taking particular account of the context, McFarland HL(NI) (in re:), (2004) 1 WLR 1289.Is a body, not necessarily a country council, municipal corporation or other local authority, which has public or statutory duties to perform and which perform those duties and carries out its transactions for the benefit of the public and not for private profit, Halsbury's Laws of England, 3rd Edn., Vol. 30, p. 682.Means any authority or body established or con-stituted,--(i) by or under the Constitution;(ii) by any law made by the appropriate Government,and includes any other body owned, controlled or substantially financed by funds provided directly or indirectly by the appropriate Government. [Freedom of Information Act, 2002 (5 of 2003), s. 2(f)]Public Authority--Karnataka University being an authority under Article 12 of the constitution is covered by the definition of public authority, Shivan...
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