Finance Company - Law Dictionary Search Results
Home Dictionary Name: finance company Page: 2 Page 2 of about 22 results ( seconds)bond
bond 1 a : a usually formal written agreement by which a person undertakes to perform a certain act (as appear in court or fulfill the obligations of a contract) or abstain from performing an act (as committing a crime) with the condition that failure to perform or abstain will obligate the person or often a surety to pay a sum of money or will result in the forfeiture of money put up by the person or surety ;also : the money put up NOTE: The purpose of a bond is to provide an incentive for the fulfillment of an obligation. It also provides reassurance that the obligation will be fulfilled and that compensation is available if it is not fulfilled. In most cases a surety is involved, and the bond makes the surety responsible for the consequences of the obligated person's behavior. Some bonds, such as fidelity bonds, function as insurance agreements, in which the surety promises to pay for financial loss caused by the bad behavior of an obligated person or by some contingency over w...
adopt
adopt 1 : to take voluntarily (a child of other parents) as one's own child esp. in compliance with formal legal procedures see also equitable adoption 2 : to take or accept as if one's own [[the company] ed the signature on the financing statement "Barber-Greene Co. v. Nat'l City Bank of Minneapolis, 816 F.2d 1267 (1987)"] 3 : to accept formally and put into effect [ a constitutional amendment] adopt·able [ə-dÄ p-tə-bəl] adj adopt·abil·i·ty [ə-dÄ p-tə-bi-lə-tē] adv adop·tion [ə-dÄ p-shən] n ...
Floating charge
Floating charge. This term is not a legal term, but it is well understood and is used in Acts of Parliament, e.g., the (English) Finance Act, 1915, s. 27, and may be said to denote a security which is an equitable charge on the assets for the time being of a going concern. It allows of the business being carried on and the property comprised in it being dealt with in the ordinary course of business, until the undertaking charged ceases to be a going concern, or until the creditor in some way or other intervenes, See Government Stock, etc., Co. v. Manila Ry. Co., 1897 AC 86, per Lord Macnaghten.The charge becomes fixed and enforceable by the charges as soon as the company goes into liquidation, even for the purpose of reconstruction [Crompton & Co., 1914, 1 Ch 954]. Under the (English) Companies Act, 1929, s. 88, all floating charges must be registered in the Register of Charges.The subsidiary shares, rather than circulating in the ordinary course of the claimant's business, are part of...
Contributory
Contributory, a person liable to contribute to the assets of a company in the event of it being wound up. See also Re Aidall Ltd., 1933 Ch 323. Two lists of contributories are prepared by the liquidator, viz., one (the 'A list') of those who are shareholders at the time of the winding-up order, and who are primarily liable to contribute, and another (the 'B list') of those who have ceased to be shareholders but have been shareholders within the twelve months previously, and who are liable in a secondary degree. A shareholder may sometimes avoid liability by transfer to a pauper. See Re Discoveries Finance Corporation, (1910) 1 Ch 312, but see Hyam's Case, (1859) 1 De 9 F&J 75. Directors with unlimited liability of a limited company are (in addition) liable as if they were members of an unlimited company unless they have ceased to hold office for a year or upwards before the commencement of the winding-up. See generally (English) Companies Act, 1929, ss. 157-192; COMPANY, and LIMITED LI...
Appropriate government
Appropriate government, means in relation to public authority which is established, constituted, owned, controlled or substantially financed by funds provided directly or indirectly--(i) by the Central Government or the Union Territory administration, the Central Government, (ii) by the State Government, the State Government [Right to Information Act, 2005 (22 of 2005), s. 2(a)]The Appropriate Government means, in relation to fees or stamp relating to documents presented or to be presented before any officer serving under the Central Government, that Government, and in relation to any other fees or stamps, the State Government. [Court-Fees Act, 1870 (7 of 1870), s. 1A]Means as respects any matter--(i) enumerated in List II of the Seventh Schedule to the Constitution. (ii) relating to any State law enacted under List III of the Seventh Schedule to the Constitution. [Information Technology Act, 2000 (21 of 2000), s. 2 (1) (e)]Means in relation to any major port the Central Government, an...
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...
National insurance
National insurance. The (English) National Insur-ance Act, 1911 (1 & 2 Geo. 5, c. 55), introduced by Mr. Lloyd George, established a wide system of compulsory state insurance covering both ill-health and unemployment, which is based upon premiums contributed in part by the employer, in part by the employee, and in part by the State. The Act consisted of three parts, the first dealing with National Health Insurance, the second with Unemployment Insurance, and the third contained miscellaneous provisions. This Act remained the basis of National Health Insurance, although the subject of very extensive amendment, until the National Health Insurance Act, 1924, consolidated the law. The law has been consolidated again by the (English) National Health Insurance Act, 1936 (26 Geo. 5, and 1 Edw. 8, c. 32), amends and repeals the whole of the Acts passed in 1920, 1922, 1924 and 1928. The arrangement is as follows:-Part I. Insured Persons and Contributions.Part II. Benefits.Part III. Approved Soc...
Operator
Operator, means a person employed directly or by or through any agency (including a contractor, whether as a regular worker or as a casual worker, with or without the knowledge of the principal employer, whether for remuneration or not, in the operation or cleaning of any dangerous machine or any part thereof or in any other kind of work incidental to, or connected with, the operation or cleaning of any dangerous machine or any part thereof. [Dangerous Machines (Regulation) Act, 1983 (35 of 1983), s. 3(k)]Operator is defined by s. 2(b) of the Act as amended by Act 4 of 1973 as the owner or the person having possession or control of the vehicle and includes any person whose name is entered in the permit as the holder thereof. This definition is wide enough to include the appellant-company who was owner of the vehicles and on the date of the notice of demand it had further possession and control of the vehicles, Sundaram Finance Ltd. v. Regional Passport Officer, 1992 Supp (2) SCC 436: A...
Abstract of title
Abstract of title. A concise statement, usually prepared for a mortgagee or purchaser of real property, summarising the history of a piece of land including all conveyances interests, lines & encumbrances that reflect title to property, Black's Law Dictionary, 7th Edn., an epitome of the evidence of title to property or power to deal with it.Every purchaser of land or real estate has an implied right to have an abstract of title delivered to him within a reasonable time, Compton v. Bagley, (1892) 1 Ch 313. As to registered land, see the Land Registration Act, 1925, s. 110, and Brickdale and Stewart-Wallace on the Land Registration Act, 1925.An abstract is said to be perfect if it deduces the title from the date fixed by the contract or by statute for its commencement and discloses every incumbrance affecting it, by setting out the material parts of all deeds, wills and other documents, and stating the facts on which it depends: fc. 1 Pres. 42, 207. The statutory period is thirty years,...
Financial non-viability
Financial non-viability, The expression 'financial non-viability' has not been defined in the Income Tax Act but the Finance Minister's speech, the Notes on Clauses of the Bill and the Memorandum explaining the provisions thereof make it clear that the financial non-viability of an undertaking has been equated with the 'sickness' of such undertak-ing and obviously in the context of its revival by a sound undertaking the sickness must be of a temporary character and not any basic or permanent sickness. An undertaking which is basically or potentially non-viable will ordinarily be incapable of revival and would face a closure; in other words, the financial non-viability spoken of by the s. must refer to sickness brought about by temporary adverse financial circumstances that disables the unit to stand and work on its own. Since the expression is occurring in a taxing statute in the context of amalgamation of companies it will have to be understood in its popular sense, that is to say, th...
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