Debenture - Law Dictionary Search Results
Home Dictionary Name: debenture Page: 4Obligation
Obligation, an act which binds a person to some performance; also a bond containing a penalty, with a condition annexed for paying of money at a certain time, or for the performance of a covenant, etc.; also foreign government and other bonds and debentures.In Bhudeb Mookerjee v. Kalachand Malik, 34 Cal LJ 315: AIR 1921 Cal 129, that the word obligation in s. 54 of the Specific Relief Act may be taken to be a tie or bond which constrains a person to do or suffer something. It implies a right in another person to which it is correlated and it restricts the freedom of the obligee with respect to definite acts and forbearances but in order that it may be enforced by a court, it must be a legal obligation and not merely moral, social or religious, Hyderabad Stock Exchange Ltd. v. Rangnath Rathi and Co., AIR 1958 AP 43 (47). [Specific Relief Act, 1877, s. 54]Means 'a duty; the bond of legal necessity which binds together two or more determinate individuals. It is limited to legal duties ari...
Loan societies
Loan societies, institutions established by the purpose of advancing money on loan to the industrial classes, and receiving back payment for the same by instalments, with interest. They are exempt from the provisions of the Money Lenders Act, 1900.By the (English) Loan Societies Act, 1840 (3 & 4 Vict. c. 110 (continued by 21 & 22 Vict. c. 19, and made perpetual by 26 & 27 Vict. c. 56), forms of proceeding of a similar nature to those prescribed in the Acts regulating savings banks and friendly societies are requisite to enable loan societies to avail themselves of this Act, and see 51 & 52 Vict. c. 41, and 59 & 60 Vict. c.25, s. 2, as to certification of Rules by the Registrar of Friendly Societies.These societies are entitled to issue debentures for money deposited with them (otherwise than by way of gift), and these as well as all other notes and instruments given in pursuance of the Act are exempted from stamp duty. They are also placed on the same footing with savings banks, in the...
Land-waiter
Land-waiter, denotes an officer of the custom-house, whose duty is, upon landing any merchandise, to examine, taste, weigh, or measure it, and to take an account thereof. In some ports they also executethe office of a coast-waiter. They are likewise occasionally styled searchers, and are to attend and join with the patent-searcher in the execution of all dockets for the shipping of goods to be exported to foreign ports; and in cases where drawbacks on bounties are to be paid to the merchant on the exportation of any goods, they, as well as the patent-searchers, are to certify the shipping thereof on the debentures, Encyc. Londin....
Financial assistance
Financial assistance, means any loan or advance granted or any debentures or bonds subscribed or any guarantees given or letters of credit established or any other credit facility extended by any bank or financial institution. [Securitisation and Reconstru- ction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002), s. 2(1)(k)]...
Interest on securities
Interest on securities, means interest on promissory notes or bonds issued by the Government of India or any other State Government or the interest on debentures or other securities issued by or on behalf of a local authority or company. It being a specific head of chargeability of tax, income from 'interest on securities' whether held as a trading asset or capital asset would have to be taxed under s. 8 and not under s. 10 of the Act, United Commer-cial Bank Ltd. v. Commissioner of Income Tax, AIR 1957 SC 918: (1958) SCR 79....
Holding of investments
Holding of investments, the expression 'Holding of investments' cannot be limited to companies whose principal business is the acquisition and holding of shares, debentures, stocks or other securities as contended on behalf of the appellant but covers companies whose primary or principal source of income is house property or capital gains as well, Nown Estates (P) Ltd. v. CIT West Bengal, AIR 1977 SC 153 (157). [Income-tax Act, 1922, s. 23A Expl. 2(i)]...
Foreign security
Foreign security, means any security, in the form of shares, stocks, bonds, debentures or any other instrument denominated or expressed in foreign currency and includes securities expressed in for-eign currency, but where redemption or any form of return such as interest or dividends is payable in India currency. [Foreign Exchange Management Act, 1999 (42 of 1999), s. 2 (o)]...
Enterprise
Enterprise, means a person or a department of the Government, who or which is, or has been, engaged in any activity, relating to the production, storage, supply, distribution, acquisition or control or articles or goods, or the provision of services, of any kind, or in investment, or in the business of acquiring, holding, underwriting or dealing with shares, debentures or other securities of any other body corporate, either directly or through one or more of its units or divisions of subsidiaries, whether such unit or division or subsidiary is located at the same place where the enterprise is located or at a different place or at different places, but does not include any activity of the Government relatable to the sovereign functions of the Government including all activities carried on by the departments of the Central Government dealing with atomic energy, currency, defence and space.Explanation.--For the purposes of this clause,--(a) 'activity' includes profession or occupation;(b)...
Deceit
Deceit [fr. deceptio, Lat.], fraud, cheat, craft, or collusion used to deceive and defraud another. In an action of deceit the plaintiff must prove that the defendant has made a false statement, knowing that it was false or without any belief in its truth or without caring whether it was true or not, and intending that the plaintiff should rely upon it and that the statement was relied upon by the plaintiff and caused damage; non-disclosure may be fradulent, see Suppressio veri, suggestio falsi,' and Cackett v. Keswick, (1902) 2 Ch 456, and Christine Ville Rubber Estates, (1911) 28 TLR 38, and CONCEALMENT [Smith v. Chadwick, (1884) 9 AC 187, and Dery v. Peek, (1889) 14 App Cas 337]. Under the (English) Companies Act, 1929, s. 37, a special action for deceit will lie at the instance of any subscriber for shares or debentures who has subscribed for these on the faith of a prospectus inviting him to subscribe against any director, or person named or referred to as a director in the prospe...
County Councils
County Councils. The elective bodies established by the Local Government Act, 1888 (c. 41), to manage certain specified administrative business of each county (see LOCAL GOVERNMENT), formerly managed by the justices of the peace (who are nominated by the Crown) in quarter sessions,and other administrative business mentioned in the Act, and consisting of 'the chairman, aldermen, and councillors.' The (English) Local Government Act, 1933 (23 & 24 Geo. 5, c. 51), consolidates with amendments the enactments relating to local authorities.The councillors are elected, for separate electroal divisions,' the qualification for elctors being that required under the Representation of the People Acts, and the qualification for being elected similar to that required for electionto office onany local authority. Ministers of religion are not disqulaified, and peers owing property in the county and persons registered as parliamentary voters in respect of the ownership of property in the county are qual...
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