Railways Amalgamation Tribunal. A temporary court of record established under the (English) Railways Act, 1921, to deal with the amalgamation of railways under the Act....
Transfer, a permanent alienation is a transfer and a permanent alienation includes the several kinds of transfers, namely, sale, exchange or gift, Syed Jalal v. Targopal Ram Reddy, AIR 1970 AP 19.Transfer, cannot have the widest comprehension, and does not indicate or include compulsory transfer or forced transfer, like court auction sale, Kharva Gigabhai Mavji v. Soni Jagjivvan Kanji, 1979 (20) Guj LR 256.Transfer, connotes, normally, between two living persons during life; will take effect after demise of the testator and transfer in that perspective becomes incongruous, State of West Bengal v. Kailash Chandra Kapur, (1997) 2 SCC 387.Transfer, Decrees which would have the effect of extinguishing the tittle of the holder and nesting the same in some one else though not falling within the ordinary meaning of the phrase 'transfer of property' would be 'transfers' within the meaning of the term as used in ss. 4 and 5, Jagdish v. State of Madhya Pradesh, AIR 1993 MP 132. [See M.P. Ceiling...
Agent, a person acting for another, whether by his express or implied authority, the general rule being, that whatever a person may do himself, that he may, as 'principal,' authorize another to do for him, and in accordance with the maxim, qui facit per alium facit per se, to fix him with the same liability in contract or tort as if he had done it himself. See BROKER, FACTOR, MERCANTILE AGENT, VICARIOUS RESPONSIBILITY, and consult Bowstead on Agency or Evans on Principal and Agent.Where the principal is disclosed, only the principal can be sued. Where the principal is not disclosed, but the agent acts as agent, either the agent or the principal, when disclosed, can be sued. If an agent represents himself as such, and contract for an undisclosed and unascertained principal, his contract may be ratified by the principal when disclosed and ascertained.Agent is a person appointed to carry on a business under the powers of a committee of a person incapable of managing his affairs or under a...
Allotment, partition, the distribution of land under an inclosure Act, or shares in a public undertaking. See COMPANY. By (English) Companies Act, 1929, ss. 39-42, reproducing and amending s. 85 of the Companies (Consolidation) Act, 1908, no allotment of the share capital of a company can be made unless the conditions therein contained have been complied with.In Company law 'allotment' means the appropria-tion out of the previously unappropriated capital of a company, of a certain number of shares to a person. Till such allotment the shares do not exist as such. It is on allotment in this sense that the shares come into existence, Sri Gopal jalan and Co. v. Calcutta Stock Exchange Assn. Ltd, AIR 1964 SC 250 (252): (1964) 3 SCR 698. [Companies Act, 1956, s. 75(1)]Allotment is an appropriation to some person or corporation of a certain number of shares, but not necessarily of any specific share, Halsbury's Laws of England, Vol. 7(1), 4th Edn., Para 422, p. 276.Means the grant by a person...
Bank, Commercially it is a place where money is deposited for the purpose of being lent out at interest, returned by exchange, disposed of to profit, or to be drawn out again as the owner shall call for it. Special provisions are contained in the (English) Companies Act, 1929 relating to Banks. By s. 358, no company, association or partnership consisting of more than ten members shall be formed for the purpose of carrying on a banking business unless it is registered under the Act or formed in pursuance of an Act of Parliament or of letters patent. By s. 360, the liability of the members of a banking limited company remains unlimited in respect of the bank's liability for bank-notes issued by it. As to signature of balance sheets, see s. 129 and ANNUAL RETURNS, ss. 108 and 361. See also JOINT STOCK BANKS and LIMITED LABILITY, and consult Grant, Paget, or Walker on Banking, Chitty's Statutes, tit. 'Bank.'Means financial institution engaged in the accepting of deposits of money, granting...
Promoter, a term anciently sometimes applied to a common informer generally (see 5 Inst. 191), but in modern times applied only to the prosecutor of an ecclesiastical suit, as in Combe v. Edwards, (1878) 3 PD 103.Those who obtain, or take steps for obtaining, the passing of a private Act of Parliament, to the incorporation of a company under the Companies Acts, are called the promoters. In many respects promoters stand in a fiduciary capacity towards the company which they are engaged in forming, see Twycross v. Grant, (1877) 2 CPD 469; Lagunas Nitrate Co. v. Lagunas Syndicate, (1899) 2 Ch 392, and also OMNIUM; Electric Palace v. Baines, (1914) 1 Ch 532, where the position of promoter vendors was discussed. The promoters usually pay the registration fees, and the company is under no liability to repay them, Re National Motor Co., (1908) 2 Ch 515.As to the liability of promoters of a company for any untrue statements in the prospectus, see s. 37 of the Companies Act, 1929, and 4th Sch.,...
Railway Claims Tribunal, the Railway Claims Tribunal is the creature of the statute. Therefore, it is not a Civil Court, Birla Cement Works v. G.M. Western Railways, (1995) 2 SCC 493: AIR 1995 SC 1111 (1112). (Railways Act, 1890 s. 34)...
Railway receipt, a 'railway receipt' is a document of title to goods, and, for all purposes, represents the goods. When the railway receipt is handed over to the consignee on payment, the property in the goods is transferred, Commissioner of Income Tax v. Bhopal Textiles Ltd., AIR 1961 SC 426: (1961) 2 SCR 9.Means the receipt issued under s. 65. [Railways Act, 1989 (24 of 1989), s. 2 (33)]...
Same business, the business of the company of deal-ing in shares and the business of manufacturing sugar and other commodities constitute the same business within the meaning of s. 24(2) of the Indian Income-tax Act, 1922, Standard Refinery and Distillery Ltd. v. Commissioner of Income Tax, AIR 1971 SC 2293: (1971) 1SCC 315: (1971) 3 SCR 378.In determining whether two lines of business constitute the 'same business' within the meaning of s. 24(2) of the Income-tax Act, the Income-tax authorities must consider the inter-connection, inter-lacing, inter-dependence and unity furnished by the existence management, common business organisation ,common administration, common Fund and a common place of business, Standard Refinery and Distillery Ltd. v. CIT, AIR 1970 SC 1379 (1380). [Income Tax Act, 1922, s. 24(2)]...
Unclaimed property. This devolves on the Crown at Common Law. Unclaimed property may be dealt with under the heads of (1) Government Stock, (2) Chancery Funds, (3) Stock in Public Companies, (4) Bankers' Balances, (5) Deposits with Bankers for Safe Custody, and (6) Found Property.(1) Government Stock.-The National Debt Act, 1870 (33 & 34 Vict. c. 71), ss. 51 et seq., as extended by 20 & 21 Geo. 5, c. 28, s. 49 provides that stock on which no dividend has been claimed for ten years must be transferred to the National Debt Commissioners. Lists of names in which the stock stood, with residence, description and amount of stock and date of transfer, are to be kept at the Bank of England [or Ireland, but see 13 Geo. 5, c. 2, s. 6 (d)] and at the National Debt Office, open to inspection, and also kept in duplicate at the National Debt Office. The stock may be re-transferred to persons showing title after, in the case of stock exceeding 20l., three months' public notice by advertisement. A sec...