Finance Company - Law Dictionary Search Results
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finance company see company ...
company
company pl: -nies : an association of persons for carrying on a commercial or industrial enterprise compare corporation, partnership finance company : a company that makes usually small short-term loans to individuals growth company : a company that grows at a greater rate than the economy as a whole and that usually directs a relatively high proportion of income back into the business holding company : a company whose sole function is to own and control other companies investment company : a company that earns income solely or primarily by holding and investing in securities issued by other companies or by government agencies joint-stock company : a business organization whose capital is represented by shares owned by stockholders each of whom is personally liable for the company's debts limited liability company : an unincorporated company formed under applicable state statute whose members cannot be held liable for the acts, debts, or obligations of the company and that ma...
Industrial company
Industrial company, means a company which owns one or more industrial undertakings. [Sick Indus-trial Companies (Special Provisions) Act, 1985 (10 of 1986), s. 3 (1) (e)]A company running a cold storage is not an 'indus-trial company' within the meaning of s. 2(7) (c) of the Finance Act (1973), Delhi Cold Storage (P) Ltd.v. CIT, AIR 1991 SC 2125. [Finance Act, 1973, s. 2(7)(c)]...
Hire-purchase agreement
Hire-purchase agreement, Hire-purchase agreements are executor contracts under which the goods are let on hire and the hirer has an option to purchase in accordance with the terms of the agreement. These types of agreements were originally entered into between the dealer and the customer and the dealer used to extend credit to the customer. But as hire-purchase scheme gained in popularity and in size, the dealers who were not endowed with liberal amount of working capital found it difficult to extend the scheme to many customers. Then the financiers came into the picture. The finance company would buy the goods from the dealer and let them to the customer under hire-purchase agreement. The dealer would deliver the goods to the customer who would then drop out of the transaction leaving the finance company to collect installments directly from the customer. Under hire-purchase agreement, the hirer is simply paying for the use of the goods and for the option to purchase them. The finance...
Industrial Finance Corporation
Industrial Finance Corporation, means the Indus-trial Finance Corporation of India Limited formed and registered under the Companies Act, 1956. [Industrial Development Bank of India Act, 1964, s. 2(d)]Means the Industrial Finance Corporation of India established under the Industrial Finance Corpora-tion Act, 1948. [Reserve Bank of India Act, 1934 (2 of 1934), s. 2 (c)]...
Investment company
Investment company, an 'investment company' was defined in s. 109(i) of the Act as meaning a com-pany whose business consisted wholly or mainly in the dealing in or holding of investments. The statutory percentage in the case of an investment company (whether Indian company or not) was fixed at 90 per cent by S. 109 (iii)(1) of the Act. It is significant that even in this Act, the restricted definition of the expression 'investment company' as appearing in s. 372(11) of the Companies Act, 1956 was not adopted by the Legislature. By Finance Act, 1966, which came into force with effect from April 1, 1966, the meaning of the term 'investment company' was clarified by amending clause (ii) of S. 109 and providing therein that investment company meant a company whose gross total income consisted mainly of income which, if it had been the income of an individual, would have been regarded as unearned income, Nawn Estate (P) Ltd. v. CIT, AIR 1977 SC 153 (161): (1977) 1 SCR 798: (1977) 1 SCC 7.I...
Finance Acts
Finance Acts. In and after 1894 the Annual Taxing Acts, which had for a long time borne the short titles of 'Customs and Inland Revenue Acts,' have borne the short titles of 'Finance Acts.' The Finance Act incorporates the Budget which is the Chancellor of the Exchequer's annual statement or report of the financial results of the past year, estimated expenditure and income of the coming year and proposals in regard to taxation. These proposals are passed into law by the Finance Act but are enforced as soon as a resolution of the Committee of Ways and Means agrees to them in order to prevent forestalling and anticipation in commodities. See Halsb. L.E., title 'Parliament (Ways and Means).'...
Finance Committee
Finance Committee, 'Finance Committee' means the Finance Committee of the University. [Maulana Azad National Urdu University Act, 1996, (2 of 1997), s. 2(J)]...
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...
Private company
Private company. A 'private company' is defined by s. 26 of the (English) Companies Act, 1929, as follows:-Company privately formed by members who subscribe the whole of the capital among them-selves.26. --(1), For the purposes of this Act the expression 'private company' means a company which by its articles-(a) restricts the right to transfer its shares; and(b) limits the number of its members to 50, not including persons who are in the employment of the company and persons who, having been formerly in the employment of the company, were, while in that employment and have continued after the determination of such employment to be, members of the company; and(c) prohibits any invitation to the public to subscribe for any shares or debentures of the company.(2) Where two or more persons hold one or more shares in a company jointly they shall, for the purposes of this section, be treated as a single member.S. 27, ibid., provides that if a company alters its articles so that the provisio...
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