Financial Memorandum - Law Dictionary Search Results
Home Dictionary Name: financial memorandumFinancial Memorandum
Financial Memorandum, is a memorandum required to accompany all bills involving expenditure, the Office of the Speaker in the Parliaments of Commonwealth, Wilding and Philips Laundy, p. 272....
Financial obligation
Financial obligation, an obligation to pay money under a contract or for breach thereof is in a sense a 'financial obligation', State of West Bengal v. Serajuddin Batley, AIR 1954 SC 193 (194). [Indian Independence (Rights Property and Liabilities), Order 1947, Art. 9]...
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...
Obligor
Obligor, he who enters into an obligation or bond; a debtor.It means a person liable to a originator, whether under a contract or otherwise, to pay a financial asset or to discharge any obligation in respect ofa financial asset, whether existing, future, con-ditional or contingent and includes the borrower. [Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002), s. 2(1)(q)]Means (1) One who has undertaken an obligation is owed; a promisee or creditor. (2) One who is obliged to do something, Black's Law Dictionary, 7th Edn., p. 1104.Means a person liable to the originator, whether under a contract or otherwise, to pay a financial asset or to discharge any obligation in respect of a financial asset, whether existing, future, con-ditional or contingent and includes the borrower. [The Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, s. 2(q)]...
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...
Foreign exchange derivative contract
Foreign exchange derivative contract, means a financial transaction or an arrangement in what-ever form and by whatever name called, whose value in derived from price movement in one or more underlying assets, and includes:-(a) a transaction which involves at least one foreign currency other than currency of Nepal or Bhutan, or(b) a transaction which involves at least one interest rate applicable to a foreign currency not being a currency of Nepal or Bhutan, or(c) a forward contract, but does not include foreign exchange transaction for Cash or Tom or Spot deliveries. [Foreign Exchange Management (Foreign Exchange Derivative Contracts) Regulations, 2000, Reg. 2 (v)]...
entitlement
a right granted by law or contract especially to financial benefits from the government...
Debt
Debt [fr. debitum, Lat.], a sum of money due from one person to another. An action of debt lay where a person claimed the recovery of a liquidated or certain sum of money affirmed to be due to him; and it was generally founded on some contract alleged to have taken place between the parties, or on some matter of fact from which the law would imply a contract between them. This was debt in the debet, which was the principal and only common form. There is another species mentioned in the books, called debt in the detinet, which lay for the specific recovery of goods, under a contract to deliver them. An action of debt as a technical term is now obsolete. See PLEADINGS. The order of the payment of debts and expenses out of legal assets in an ordinary administration action in the Chancery Division of the High Court is as follows:-1. Funeral expenses, which in the case of an insolvent estate must be strictly reasonable and necessary only, the executor or administrator being personally liabl...
interest
interest [probably alteration of earlier interesse, from Anglo-French, from Medieval Latin, from Latin, to be between, make a difference, concern, from inter- between, among + esse to be] 1 : a right, title, claim, or share in property Article Nine security interest : security interest in this entry beneficial interest : the right to the use and benefit of property [a beneficial interest in the trust] contingent interest : a future interest whose vesting is dependent upon the occurrence or nonoccurrence of a future event compare vested interest in this entry controlling interest : sufficient stock ownership in a corporation to exert control over policy equitable interest : an interest (as a beneficial interest) that is held by virtue of equitable title or that may be claimed on the ground of equitable relief [claimed an equitable interest in the debtor's assets] executory interest : a future interest other than a remainder or reversion that may take effect upon the divesting...
damage
damage [Old French, from dam injury, harm, from Latin damnum financial loss, fine] 1 : loss or harm resulting from injury to person, property, or reputation 2 pl : the money awarded to a party in a civil suit as reparation for the loss or injury for which another is liable see also additur, cover, mitigate, remittitur compare declaratory judgment at judgment, injunction specific performance at performance NOTE: The trier of fact determines the amount of damages to be awarded to the prevailing party. More than one type of damages may be awarded for a single injury. actual damages : damages deemed to compensate the injured party for losses sustained as a direct result of the injury suffered called also compensatory damages consequential damages : special damages in this entry direct damages : damages for a loss that is an immediate, natural, and foreseeable result of the wrongful act compare special damages in this entry ex·em·pla·ry damages [ig-zem-plə-r...
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