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Home Dictionary Name: h m s Page: 4Financial Institution
Financial Institution, means a banking company to which the Banking Regulation Act, 1949 (10 of 1949) applies (including any bank or banking institution referred to in s. 51 of that Act); or any other financial institution which the Central Government may, by notification in the Official Gazette, specify in this behalf. [Income Tax Act, 1961 (43 of 1961), s. 80E(3)(b)]Means:(i) a public financial institution within the meaning of s. 4A of the Companies Act, 1956;(ii) such other institution as the Central Government may, having regard to its business activity and the area of its operation in India by notification, specify. [Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (51 of 1993), s. 2 (h)]Financial institution means:(i) a public financial institution within the meaning of s. 4A of the Companies Act, 1956 (1 of 1956);(ii) any institution specified by the Central Govern-ment under sub-clause (ii) of clause (h) of s. 2 of the Recovery of Debts Due to Banks and Fina...
Pensions, Ministry of
Pensions, Ministry of. Established by the (English) Ministry of Pensions Act, 1916, to take over the powers and duties of (a) the Admiralty with respect to the pensions and grants to persons who have served in H.M. naval forces and their dependants, other than service pensions, so far as the pensions and grants are payable out of moneys provided by Parliament and not provided exclusively for Greenwich Hospital; (b) the Commissioners for the Royal Hospital for Soldiers at Chelsea with respect to the grant and administration of disability pensions and grants other than in-pensions; (c) the Army Council and the Secretary of State for War with respect to the pensions and grants to persons who have served in any of H.M. military forces and their dependants, and to persons who have served in the nursing service of these forces, other than service pensions. The Minister may sit in the House of Commons. See also Chitty's Statutes, tit. 'Pension.'...
Machinery
Machinery. As to the riotous destruction of machinery, see Malicious Damage Act, 1861 (24 & 25 Vict. c. 97), s. 11, as amended. As to the fencing of machinery in factories, see FACTORY.Chimneys which are merely solid structure built upon the ground whose part do not move at all cannot be considered to be 'machinery', Municipal Council v. M/s. Birla Jute Manufacturing Company Ltd., AIR 1983 MP 161 (166). [M.P. Nagriya Statewar Sampati Kar Adhiniyam, (14 of 1964), s. 5(ii)]The air cooling plant is also liable to be classified as machinery, Municipal Corporation of Greater Bombay v. Blue Stars Ltd., AIR 1995 Bom 38 (40). [Bombay Municipal Corporation Act, (3 of 1888), Sch. H, Item 50]Includes prime movers, transmission machinery and all other appliances whereby power is generated, transformed, transmitted or applied. [Factories Act, 1948 (63 of 1948), s. 2 (j)]The word 'machinery' when used in ordinary language prima facie, means some mechanical contrivances which, by themselves or in com...
Ship
Ship, the carriage of goods by Sea Act, 1925 (26 of 1925). [XXVI of 1925, Sch. Art. 1, Cl. (d)]Ship, means any vessel used for the carriage of goods by sea.A type of vessel used or intended to be used in navigation, Black's Law Dictionary, 7th Edn., p. 1382.In the Merchant Shipping Act, 1894 (57 & 58 Vict. c. 60), by s. 742, 'includes every description of vessel used in navigation not propelled by oars.' [This definition has been adopted by the Workmen's Compensation Act, 1925 (15 & 16 Geo. 5, c. 34), s. 48(1)]'Foreign-going ship,' by the same s., 'includes every ship employed in trading, or going between some place or places in the United Kingdom, and some place or places situate beyond the following limits: that is to say, the coasts of the United Kingdom, the Channel Islands and the Isle of Man, and the continent of Europe, between the river Elbe and Brest inclusive'; and'Home-trade ship' includes 'every ship employed in trading or going' within the above limits; and'Home-trade pass...
For such State or any part thereof
For such State or any part thereof, The expression 'for such State or any part thereof' occurring in article 246(3) of the Constitution of India cannot be taken to import into entry 54 of II List the restriction that the sale or purchase referred to must take place within the territory of that State. All that it means is that the laws which a State is empowered to make must be for the purposes of that State, State of Bombay v. United Motors (India) Ltd., AIR 1953 SC 252: (1953) SCR 1069.For the most part, means more than half, Reg. v. H.M. Treasury, Ex parte Cambridge University (ECJ), (2001) 1 WLR 2514.For the purpose of business, amount spent on third persons who have no connection with petitioner's business. Such expenditure cannot said to be for the purpose of rationalisation of administration or modernization of machinery or for preservation of business or for protecting its assets and property, C.I.T. v. Malayalam Plantation Ltd., AIR 1964 SC 1722 [Income Tax Act, 1961]Occurring ...
Property
Property, an actionable claim against the tenants is undoubtedly a species of property which is assignable, State of Bihar v. Kameshwar Singh, AIR 1952 SC 252.Comprises every form of tangible property, even intangible, including debts and chooses in action such as unpaid accumulation of wages, pension, cash grants, and constitutionally protected privy purse, See M.M. Pathak v. Union of India, AIR 1978 SC 802.Decree is to be treated as property, Associated Hotels of India v. Jodha Mal Kuthiala, AIR 1950 Punj 201.Every movable property is included in the ordinary connotation of the word 'property', Chunni Lal v. State, AIR 1968 Raj 70.In commercial law this may carry its ordinary meaning of the subject-matter of ownership. But elsewhere, as in the sale of goods it may be used as a synonym for ownership and lesser rights in goods, Dictionary of Commercial Law by A.H. Hudson, (1983, Edn.).In Entry 42, List III (Constitution of India) includes the power to legislate for acquisition of an un...
Court of record
Court of record, a court of record envelops all such powers whose acts and proceedings are to be enrolled in a perpetual memorial and testimony. A court of record is undoubtedly a superior court which is itself competent to determine the scope of its jurisdiction, M.M. Thomas v. State of Kerala, (2000) 1 SCC 666.In relation to any matter, means the court to which proceedings with respect to the matter are allocated or transferred, Halsbury's Laws of England, Vol. 3(2), para 747, p. 405.Members of the State judiciary below the High Court are subordinate to the High Court and the control over the district courts and court subordinate thereto is vested in it, Constitution of India, Durga Das Basu, Vol. H, 6th Edn., p. 286.Although the Supreme Court as the final appellate court, can revise the decisions of the High Court, the High Courts are not administratively subordinate to the Supreme Court, Commentary on the Constitution of India, Durga Das Basu, Vol. H, 6th Edn., p. 233.Means the cou...
Occupation
Occupation, also is employed as referring to that which occupies time and attention; a calling; or a trade; and it is only as employed in this sense that the word is discussed in the following paragraphs.There is nothing ambiguous about the word 'occupation' as it is used in the sense of employing one's time. It is a relative term, in common use with a well-understood meaning, and very broad in its scope and significance. It is described as a generic and very comprehensive term, which includes every species of the genus, and encompasses the incidental, as well as the main, requirements of one's vocation calling, or business. The word 'occupation' is variously defined as meaning the principal business of one's life; the principal or usual business in which a man engages; that which principally takes up one's time, thought, and energies; that which occupies or engages the time and attention; that particular business, profession, trade, or calling which engages the time and efforts of an ...
judgment
judgment also judge·ment [jəj-mənt] n 1 a : a formal decision or determination on a matter or case by a court ;esp : final judgment in this entry compare dictum, disposition, finding, holding, opinion, ruling, verdict NOTE: Under Rule 54 of the Federal Rules of Civil Procedure judgment encompasses a decree and any order from which an appeal lies. cog·no·vit judgment [kÄ g-nō-vit-] : an acknowledgment by a debtor of the existence of a debt with agreement that an adverse judgment may be entered without notice or a hearing : confession of judgment consent judgment : a judgment approved and entered by a court by consent of the parties upon agreement or stipulation : consent decree at decree declaratory judgment : a judgment declaring a right or establishing the legal status or interpretation of a law or instrument [seeking a declaratory judgment that the regulation is unconstitutional] compare damage, injunction specific performance at per...
Rent
Rent [fr. reditus Lat.], a certain profit issuing yearly out of lands and tenements corporeal; it may be regarded as of a two fold nature--first, as some-thing issuing out of the land, as a compensation for the possession during the term; and secondly, as an acknowledgment made by the tenant to the lord of his fealty or tenure. It must always be a profit, yet there is no necessity that it should be, as it usually is, a sum of money; for spurs, capons, horses, corn, and other matters, may be, and occasionally are, rendered by way of rent; it may also consist in services or manual operations, as to plough so many acres of ground and the like; which services, in the eye of the law, are profits. The profit must be certain, or that which may be reduced to a certainty by either party; it must issue yearly, though it may be reserved every second, third, or fourth year; it must issue out of the thing granted, and not be part of the land or the thing itself.Consideration paid, usu. periodically...
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