Financial Memorandum - Law Dictionary Search Results
Home Dictionary Name: financial memorandum Page: 2National 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...
Damage
Damage, Any loss, whether actionable as an injury or not. See DAMNUM ABSQUE INJURIA.The expression 'damage' is not necessarily confined to physical damage. Ordinarily damage is caused by physical contact of the ship, such as in collision. But damage can also be caused to property by breach of contract or acts of commission or omission on the part of the carrier or his agents or servants by reason of the negligent operation and management of the vessel, as, for example, when cargo is damaged by exposure to weather or by negligent stowage, or, by the misconduct of those in charge of the ship, like when cargo is disposed of contrary to the instructions of the owner or by reason of theft and other misdeeds. In all these cases, damage arises by reason of loss caused by what is done by the ship or by the breach, negligence or misdeeds of those in charge of the ship. It must however be noticed that the expression 'damage done by any ship' has been construed by the English Courts as not to app...
Housing of the working classes
Housing of the working classes. The Housing Act, 1936 (26 Geo. 5, and 1 Edw. 8, c. 51), replaces with amendments the Housing Acts, 1925, 1930 and 1935, and consolidates the general law on the subject with some exceptions, chiefly relating to agricultural populations and needs, which are also provided for in unrepeated portions of the Acts of 1930 and 1935. Very wide powers are conferred on local authorities over the ownership of land and housing properties, and populations within their districts, enabling those authorities to make bye-laws for houses occupied or adaptable for the working classes; to effect the clearance, demolition, rebuilding, redevelopment or improvement of houses either singly or in whole areas and other-wise regulating sites or houses; to prevent over-crowding, and generally making it incumbent on these authorities to review and provide for the housing conditions of the working classes, and in addition giving powers of compulsory expropria-tion of private owners fr...
abandonment
abandonment 1 : the act of abandoning property or a right: as a : relinquishment by an inventor of the right to enforce a patent see also dedication b : an author's relinquishment to the public domain of his or her copyrighted work c : relinquishment of a trademark established by a failure to use the trademark and an intention never to resume use d : the act of an insured in surrendering all rights to damaged or lost property to an insurer as a total loss compare salvage e : relinquishment by a trustee in bankruptcy of interest in property in the bankruptcy estate often for a nominal sum 2 : the act of abandoning a person: as a : failure to have contact with a spouse that is intended to create a permanent separation b : failure to communicate with or provide financial support for one's child over a period of time that shows a purpose to forgo parental duties and rights 3 : the act of abandoning a contract 4 a : the act of abandoning a course of action (as a crime) b : th...
liability
liability pl: -ties 1 : the quality or state of being liable 2 : something for which one is liable: as a : a financial obligation : debt [tax ] [the bonds are liabilities] compare asset contingent liability : an amount that may or may not be owed depending on the outcome of a contingency (as a cosigner's default on a loan) fixed liability : a liability (as a bond or mortgage) that does not mature for at least one year from the date incurred or from a given date b : accountability and responsibility to another enforceable by civil remedies or criminal sanctions [ for injuries caused by their product] absolute liability : strict liability in this entry alternative liability : joint liability imposed on multiple tortfeasors when there are simultaneous tortious acts (as defective manufacture of parts of a wheel by different manufacturers) and uncertainty as to which act was the proximate cause of an injury compare concert of action civil liability : liability imposed under c...
Interest
Interest, an interest for the purposes of the regula-tion was not limited to a direct financial interest and included membership of a panel such as the panel of which the claimant's solicitors were members that, therefore, the Claimant's Solicitors had had an interest in recommending the insurance which they recommend to her; that, in the circumstances, there had not been sufficient disclosure of that interest; and that, accordingly, there had been a material breach of regulation 4(2)(e)(ii) and the conditional fee agreement was unenforceable [See (English) Conditional Fee Agreements Regulation, 2000 (SI 2000/692), reg. 4(2)(c)(e)(ii)], Garrett v. Halton BC, (2007) 1 WLR 554 CA Cir.Interest, inter alia as the compensation fixed by agreement or allowed by law for the use or detention of money, or for the loss of money by one who is entitled to its use; especially, the amount owed to a lender in return for the use of the borrowed money [Black's Law Dictionary (7th Edn.) pp. 393-94 para 3...
State
State, Board of control for cricket India is not financially, functionally or administratively dominated by government nor it is under control of government. Government only exercises limited contract which is purely regulatory and not pervasive. Board is therefore not state, Zee Telefilms Ltd. v. Union of India, AIR 2005 SC 2677.In Article 3 of Constitution of India as amended by the fifth Amendment Act 1955. It obviously refers to the States in the First Schedule and the 'Legislature of the State' refers to the Legislature which each State has under the Constitution, Babulal Parate v. State of Bombay, AIR 1960 SC 51: (1960) 1 SCR 605. (Constitution of India, Art. 3)The political system of a body of people who are politically organized; the system of rules by which jurisdiction and authority are exercised over such a body of people, Black's Law Dictionary, 7th Edn., p. 1415.The expression 'the State' has the same meaning in Part IV of the Constitution under Article 36. No reason was s...
Underwrite
Underwrite, means to agree to purchase (all or part of a security issue) usually on a fixed date at a fixed price with the purpose or plan to resell by means of a public offering, UFITEC, S.A. v. Carter, 135 Cal Rptr. 607 (1977).The expression 'underwrite' signifies 'accept liability under'. Although normally the expression 'underwrite' is used in marine insurance but the expression used in Chapter III of the Financial Powers of the Standing Order in this case specifically used the expression 'underwriting and revivals' of policies in case of Life Insurance Corporation and stated that it was the Divisional Manager who was competent to underwrite policy for Rs 50,000 and above, Life Insurance Corporation of India v. Raja Vasireddy Komalavalli Kamba, AIR 1984 SC 1014 (1018): (1984) 2 SCC 719: (1984) 3 SCR 350. (Contract Act, 1872, ss. 7 & 8)...
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