Loan Societies - Law Dictionary Search Results
Home Dictionary Name: loan societiesLoan societies
Loan societies, institutions established by the purpose of advancing money on loan to the industrial classes, and receiving back payment for the same by instalments, with interest. They are exempt from the provisions of the Money Lenders Act, 1900.By the (English) Loan Societies Act, 1840 (3 & 4 Vict. c. 110 (continued by 21 & 22 Vict. c. 19, and made perpetual by 26 & 27 Vict. c. 56), forms of proceeding of a similar nature to those prescribed in the Acts regulating savings banks and friendly societies are requisite to enable loan societies to avail themselves of this Act, and see 51 & 52 Vict. c. 41, and 59 & 60 Vict. c.25, s. 2, as to certification of Rules by the Registrar of Friendly Societies.These societies are entitled to issue debentures for money deposited with them (otherwise than by way of gift), and these as well as all other notes and instruments given in pursuance of the Act are exempted from stamp duty. They are also placed on the same footing with savings banks, in the...
Society
Society. Associations designated by the name of 'society' include (1) Building Societies, regulated by the (English) Building Societies Acts, as to which see BUILDING SOCIETIES; (2) Friendly Societies, regulated by the Friendly Societies Act, 1896, as to which see FRIENDLYSOCIETIES; (3) Industrial and Provident Societies, regulated principally by the Industrial and Provident Societies Act, 1893, as to whichs see INDUSTRIAL AND PROVIDENT SOCIETIES; (4) Loan Societies, regulated by 3 & 4 Vict. c. 110, as to which see LOAN SOCIETIES; (5) Literary and Scientific Societies, regulated by the (English) Literary and Scientific Institutions Act, 1854. And exempted from rates by 6 & 7 Vict. c. 36, as to which see that title; and other benevolent or useful societies, e.g., see (English) Companies Act, 1929, s. 18, and (6) Illegal Societies, prohibited by the Unlawful Societies Act, 1799, and the very similar (English) Seditious Meetings Act, 1817, as to which see SEDITIOUS, and Chitty's Statutes,...
County Councils
County Councils. The elective bodies established by the Local Government Act, 1888 (c. 41), to manage certain specified administrative business of each county (see LOCAL GOVERNMENT), formerly managed by the justices of the peace (who are nominated by the Crown) in quarter sessions,and other administrative business mentioned in the Act, and consisting of 'the chairman, aldermen, and councillors.' The (English) Local Government Act, 1933 (23 & 24 Geo. 5, c. 51), consolidates with amendments the enactments relating to local authorities.The councillors are elected, for separate electroal divisions,' the qualification for elctors being that required under the Representation of the People Acts, and the qualification for being elected similar to that required for electionto office onany local authority. Ministers of religion are not disqulaified, and peers owing property in the county and persons registered as parliamentary voters in respect of the ownership of property in the county are qual...
Money lender
Money lender, a few disconnected and isolated transactions would not make a person engaged regularly in Money lending business, Ka Icildawallang v. U. Lokendra Sojour, AIR 1987 SC 2047. [Assam Money-lenders Act, (4 of 1934), s. 2(1)]--The (English) Money-lenders Act, 1900 (63 & 64 Vict. c. 51), by s. 6 defines the expression 'money-lender' therein as includingevery person whose business is that of money-lending, or who advertises or announces himself or holds himself out in any way as carrying on that business.but not including a pawnbroker (see that title), a Friendly, Building, or Loan Society (see those titles) or a corporation empowered by statute to lend money, orany person bona fide carrying on the business of banking or insurance or bona fide carrying on any business not having for its primary object the leading of money, in the course of which and for the purposes whereof he lends money; or any body corporate for the time being exempted from registration under this Act by order...
Industrial and Provident Societies
Industrial and Provident Societies. The (English) Statutes regulating these societies, 25 & 26Vict. c. 87, 30 & 31 Vict. c. 117, and 34 & 35 Vict. c. 80, were consolidated by the Industrial and Provident Societies Act, 1876 (39 & 40 Vict. c. 45), which by s. 6 provided for the registration of societies 'for carrying on any labour, trade, or handicraft, in-cluding the buying or selling of land, of which no member shall claim an interest in the funds exceeding 200l.'This Act was repealed and re-enacted with amend-ment by the (English) Industrial and Provident Societies Act, 1893 (56 & 57 Vict. c. 39), which pro-vides for the registration as an industrial and provident society of any society for carrying on any 'industries, businesses, trades specified in or authorized by its rules, whether wholesale or retail, and including dealings of every description with land,' but enacts that no member other than a registered society shall have any interest in the shares exceeding 200l. and contains...
Agricultural Credits Acts, 1923 and 1928
Agricultural Credits Acts, 1923 and 1928 (English) The 1923 Act to facilitate the advance of money and granting of credit for agricultural purposes and to amend the Improvement of Land Act, 1864. The Public Works Loans Commissioners are empowered to lend to associations money to be advanced upon mortgage to certain persons for the purpose of buying land for agricultural purposes. See the Act and the Agricultural Credits (Approved Associations) Regulations, 1923, and the Agricultural Credits (Advances to Credit Societies) Regulations, 1923. Under the Agricultural Credits Acts, 1928 and 1932, an agricultural loan company has been established for making long term loans, and also for short-term loans which may be charged on farming stock....
Loan, gratuitous
Loan, gratuitous, a class of bailment called commodatum in the Roman Law, and denominated by Sir William Jones a loan for use (pret a usage), to distinguish it from mutuum, a loan for consumption.The borrower has the right to use the thing during the time and for the purpose agreed upon by the parties. the loan is to be considered as strictly personal, unless from other circumstances a different intention may fairly be presumed. The borrower must take proper care of the thing borrowed, use it according to the lender's intention, and restore it at the proper time, and in a proper condition.The lender must suffer the borrower to use and enjoy the thing lent during the time of the loan, according to the original intention, without any molestation or impediment, under the peril of damages. He must reimburse the borrower the extraordinary expenses to which he has been put for the preservation of the thing lent. He is bound to give notice to the borrower of the defects of the thing lent; and...
Company
Company [fr. compagnia, Ital., which word is still printed on Bank of England notes as 'compa'], a body of persons associated for purposes of busi-ness, sometimes, but not now so frequently as some years ago, styled a Joint Stock Company.A company has its origin either (1) in a charter, as the Bank of England and many insurance companies; or (2) in a special Act of Parliament, with which, as authorizing an undertaking of a public nature such as a railway, the Companies Clauses Consolidation Act, 1845 (8 & 9 Vict. c. 16), is necessarily incorporated; or (3) in registration under the Companies Acts, 1862 and subsequent Acts, now consolidated into the (English) Companies Act, 1925 (19 & 20 Geo. 5, c. 23).By s. 13 of the Act of 1925 (1) on the registration of the memorandum of a company the registrar shall certify under his hand that the company is incorporated and, in the case of a limited company, that the company is limited. (2) From the date of incorporation mentioned in the certificat...
Mortgage
Mortgage [fr. mort, Fr., dead, and gage, pledge], a deed pledge; a thing put into the hands of a creditor.A mortgage is the creation of an interest in property, defeasible (i.e., annullable) upon performing the condition of paying a given sum of money, with interest thereon, at a certain time. This conditional assurance is resorted to when a debt has been incurred, or a loan of money or credit effected, in order to secure either the repayment of the one or the liquidation of the other. the debtor, or borrower, is then the mortgagor, who has charged or transferred his property in favour of or to the creditor or lender, who thus becomes the mortgagee. If the mortgagor pay the debtor loan and interest within the time mentioned in a clause technically called the proviso for redemption, he will be entitled to have his property again free from the mortgagee's claim; but should he not comply with such proviso, the legal estate becomes perfected in the mortgagee, i.e., indefeasible, and so los...
Salary or wages
Salary or wages, means all remuneration (other than remuneration in respect of over-time work) capable of being expressed in terms of money, which would, if the terms of employment, express or implied, were fulfilled, be payable to an employee in respect of his employment or of work done in such employment and includes dearness allowance (that is to say, all cash payments, by whatever name called, paid to an employee on account of a rise in the cost of living), but does not include--(i) any other allowance which the employee is for the time being entitled to;(ii) the value of any house accommodation or of supply of light, water, medical attendance or other amenity or of any service or of any concessional supply of foodgrains or other articles.(iii) any travelling concession;(iv) any bonus (including incentive, production and attendance bonus);(v) any contribution paid or payable by the employer to any pension fund or provident fund or for the benefit of the employee under any law for t...
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