Loan Societies - Law Dictionary Search Results
Home Dictionary Name: loan societies Page: 2Industrial assurance
Industrial assurance. See the (English) Industrial Assurance Act, 1923 (repealing the Collecting Societies and Industrial Assurance Companies Act, 1896), which consolidates and amends the law relating to industrial assurance. The Act gives increased protection to the poorer classes of assured persons in respect of life insurance business the premiums upon which are received by collectors at intervals of less than two months. 'Industrial assurance funds' (life funds) cannot be made security for a loan other than a temporary bank overdraft. The Act contains important provisions as to forfeiture and surrender of policies, accounts and inspection, and the printing of portions of the Act on policies so as to draw the attention of policy-holders to rights conferred by the Act. See the (English) Industrial Assurance and Friendly Societies Act, 1929 (19 & 20 Geo. 5, c. 28), which permits the issue of endowment policies; and see FRIENDLY SOCIETIES....
Banker
Banker, one who receives money to be drawn out again as the owner has occasion for it, the customer being lender, and the banker borrower, with the superadded obligation of honouring the customer's cheques up to the amount of the money received and still in the banker's hands.A customer's money may become irrecoverable if six years have elapsed without payment by the banker of principal or interest after demand. The relation of banker and customer is merely that of debtor and creditor, with a superadded obligation on the banker to honour the customer's cheques, so that the Limitations Act, 1623, (21 Jac. 1, c. 16), runs against the customer. See UNCLAIMED PROPERTY.A cheque is not an assignment to the payee of the customer's balance, so that if a customer having a balance of 99l. give a cheque for 100l., the banker is legally justified in dishonouring it by refusing payment altogether, Schroeder v. Central Bank of London, (1876) 34 LT 735. If a customer overdraws his account, this amoun...
Owner
Owner, for the purposes of the Public Health Act, 1936, s. 343, replacing s. 4 of the Public Health Act, 1875, the Factory and Workshop Act, 1901, and the London Building Acts (Amendment) Act (5 Edw. 7, c. ccix.), 'the person for the time being receiving the rack-rent of the premises in connection with which the word is used, whether on his own account or as agent or trustee, or who would so receive the same if the same were let at a rack-rent' (see that title), and Kensington Corporation v. Allen, (1926) 1 KB 576.In relation to an industrial undertaking, means the person who, or the authority which, has the ultimate control over the affairs of the undertaking, and, where the said affairs are entrusted to a manager, managing director or managing agent, such manager, managing director or managing agent shall be deemed to be the owner of the undertaking. [Industries (Development and Regulation) Act, 1951 (65 of 1951), s. 3 (f)]In relation to an undertaking, means an individual Hindu undi...
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