Managing Director - Law Dictionary Search Results
Home Dictionary Name: managing directorManaging Director
Managing Director, in relation to a banking company, means a director who, by virtue of an agreement with the banking company or of a resolution passed by the banking company in general meeting or by its Board of directors or, by virtue of its memorandum or articles of association, is entrusted with the management of the whole, or substantially the whole of the affairs of the company, and includes a director occupying the position of a managing director, by whatever name called. [Banking Regulation Act, 1949 (10 of 1949), s. 5 (h)]...
Directors
Directors, persons appointed or elected according to law, authorized to manage and direct the affairs of a corporation or company. The whole of the directors collectively form the board of directors. Their powers, if the company be incorporated by Act of Parliament, are derived from its special Acts and ss. 90-100 of the (English) Companies Clauses Act, 1845; if the company be incorporated under the (English) Companies Act, 1929, see ss. 139 et seq., ibid. The company is bound by all acts of the directors within the scope of their authority. They may receive a salary, but may make no personal profit from the company [see, however, Re Dover Coalfield Ltd., (1908) 1 Ch 65], nor can a pension be granted to a retiring managing director, Normandy v. Ind, Coope & Co., (1908) 1 Ch 84; but they were under no personal liability except for fraud, as to the criminal liability for which see Larceny Act, 1861 (24 & 25 Vict. c. 96), ss. 81 et seq., and DECEIT. Public companies registered after Octob...
Managing agent
Managing agent, means any person appointed or acting as the representative of another person for the purpose of carrying on such other person's trade or business, but does not include an individual manager subordinate to an employer. [Workmen's Compensation Act, 1923 (80 of 1923), s. 2 (1) (f)]Means a person, firm or company entitled to the management of the whole affairs of a company by virtue of an agreement with the company, and under the control and direction of the directors except to the extent, if any, otherwise provided for in the agreement, and includes any person, firm or company occupying such position by whatever name called.Explanation.--If a person occupying the position of managing agents calls himself manager or managing director, he shall nevertheless be regarded as managing agent for the purposes of s. 32 of this Act. [Insurance Act, 1938 (4 of 1938), s. 2(13)]...
managing director
A person who manages a busness though not the owner or chief executive...
Manager
Manager, a superintendent, a conductor, or director. As to the appointment of a manager of a business at the instance of a mortgagee, see Coote on Mortgages. As to managers appointed by debenture holders, see (English) Companies Act, 1929, s. 86, and Part VI. Of that Act relating to receivers and managers. As to special manager.[See (English) Bankruptcy Act, 1914, s. 10; (English) Companies Act, 1929, s. 209]Manager means a person who, subject to the control and direction of the directors, has the management of the whole affairs of a company, and includes a director or any other person occupying the position of a manager by whatever name called and whether under a contract or service or not. It will be clear that to satisfy the aforesaid definition a person, which could include a firm, body corporate or an association of persons, apart from being in management of the whole affairs of a company had to be 'subject to the control and direction of the directors'. This definition has underg...
Employer
Employer, means (i) a company; (ii) a firm; (iii) an association of persons or a body of individuals, whether incorporated or not, but excluding any fund or trust or institution eligible for exemption under clause (23C) of section 10 or registered under section 12AA; (iv) a local authority; and (v) every artificial judicial person, not falling within any of the preceding sub-clauses. [Income-tax Act, 1961 (43 of 1961), s. 115W(a)]Employer, means:A person who controls and direct a worker under an express or implied contract of hire and who pays the workers salary or wages, Black's Law Dictionary, 7th Edn.(a) in relation to contract labour, the principal employer, and(b) in relation to other labour, the person who has the ultimate control over the affairs of any establishment or who has, by reason of his advancing money, supplying goods or otherwise, a substantial interest in the control of the affairs of any establishment, and includes any other person to whom the affairs of the establi...
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...
Management of the society
Management of the society, the expression 'management of the Society' used in s. 96(1) of the Act of 1961. Grammatically, one meaning of the term 'management' is: 'the Board of Directors' or 'the apex body' or 'Executive Committee at the helm which guides, regulates, supervises, directs and controls the affairs of the Society'. In this sense it may not include the individuals who under the overall control of the governing body or Committee, in the day-to-day business of the Society, see words and phrases, by West publishing Co., Permanent Edition, Vol. 26, page 357, citing Warner and Swasey Co. v. Rusterholz D. C. Minn, 41 F Supp 398. Another meaning of the term 'management', may be: 'the act or acts of managing or governing by direction, guidance, superintendence, regulation and control, the affairs of a Society', Gujarat State Co-operative Land Development Bank Ltd. v. P.R. Mankad, AIR 1979 SC 1203: (1979) 3 SCC 123: (1979) 2 SCR 1023....
Director
Director, in relation to an institution, includes (1) any person who occupies the position of a director, by whatever name called; and (2) in the case of an institution established in a country or territory outside the United Kingdom, any person including a member of a managing board, who occupies a position appearing to the Bank of England to be analogous to that of a director of a company registered under the Companies Act, 1985 (UK) Halsbury's Laws of England 3(1), para 24, p. 21....
Principal officer
Principal officer, in relation to a company, means the secretary, manager, director or managing director of such company. [The West Bengal Value Added Tax Act, 2003, s. 2(31)]...
- << Prev.
- Next >>
Sign-up to get more results
Unlock complete result pages and premium legal research features.
Start Free Trial