Lap Up - Law Dictionary Search Results
Home Dictionary Name: lap uplap up
To take up drink or food with the tongue to drink by licking up...
lapping
lapping [gerund of lap to overlap] : the practice of misappropriating entrusted funds and then covering up the act by using other entrusted funds or funds subsequently received in a continuous process of concealment ...
Lap jointed
Having a lap joint or lap joints as many kinds of woodwork and metal work...
Lap welded
Having edges or ends united by a lap weld as a lap welded pipe...
Lapful
As much as the lap can contain...
Lapping
Lapping, means an embezzlement technique by which an employee takes funds from one customer's accounts receivable and covers it by using a second customer's payment to pay the first account, then a third customer's payment to pay the second account, and so on, Black's Law Dictionary, 7th Edn., p. 885....
Winding-up
Winding-up, the process by which an insolvent estate is distributed, as far as it will go, amongst the persons having claims upon it. The term is most frequently applied to the winding-up of joint-stock companies.The property of a company is collected and distributed firstly in discharge of its liabilities, and secondly, among its members according to their respective rights with a view to its dissolution. If the assets are not sufficient to meet the liabilities, a company is usually wound up by the Court. In other cases the winding-up is usually voluntary and conducted by the company itself either with or without the supervision of the Court. The provisions of the (English) Companies Act, 1929, govern a winding-up in any of these three modes (s. 156). In any winding-up the members who may be called upon to contribute are ascertained and their liability determined under ss. 157-162; see CONTRIBUTORIES. Debts and claims of all kinds require to be proved and if not of certain value to be...
Voluntary winding up and winding up by the court
Voluntary winding up and winding up by the court, the expressions 'voluntary winding up' and 'winding up by the Court' have acquired a technical meaning in our Company and Insurance jurisprudence. Like the Co-operative Society Laws, the Companies Act and the Insurance Act also make a distinction between the cessation of business by a company and its voluntary winding up or winding up by an order of the Court. There is nothing unequivocal in s. 15(a) of the Act to show that Parliament intended to depart from the technical meaning of 'voluntary winding up' and 'winding up by the Court' and to bid a good-bye to the distinction in our Company and Insurance jurisprudence between mere cessation of business by a company and its voluntary winding up or winding up by an order of the Court. The phrase 'voluntarily wound up' in the first limb would mean the voluntary winding up of an insurance public company in accordance with s. 54 of the Insurance Act, The Neptune Assurance Co. Ltd.v. Union of ...
wind up
wind up wound up wind·ing up : to bring to an end by taking care of unfinished business [ordered to wind up his practice] ;specif : to conclude by removing liabilities and distributing any remaining assets to partners or shareholders [wind up the business and affairs of a corporation in dissolution] [wind up a receivership] ...
Set up
Set up, means a unit cannot be said to have been set up, unless it is ready to discharge the function for which it is being set up. It is only when the unit has been put into such a shape that it can start functioning as a business or a manufacturing organization that it can be said that the unit has been set up. The word 'set up' in the principal clause is equivalent to the word established, CWT Madras v. RS Cotton Mills, AIR 1967 SC 509: (1967) 1 SCJ 123: (1967) 1 ITJ 1: (1967) 1 Andh WR (SC) 25: (1967) 1 Mad LJ (SC) 25: (1967) 63 ITR 478....
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