Mutual Account - Law Dictionary Search Results
Home Dictionary Name: mutual accountMutual account
Mutual account, a 'mutual account' means not merely where one of the parties has received money and paid it on account of the other, but where each of the two parties has received and paid on the other's account. Transactions creating obligations on one side, those on the other being merely complete or partial discharges thereof, are not enough to constitute mutual account. The account is not rendered 'mutual' by the mere shifting of the balance on same occasions....
Account or Accompt
Account or Accompt [fr. compte, Fr., computo, Lat.], a registry of debts, credits, and charges, or a detailed statement of a series of receipts (credits) and disbursements (debits) of money-which have taken place between two or more persons. Accounts are either-(1) open, where the balance is not struck, or it is not accepted by all the parties; (2) stated, where it has been expressly or impliedly acknowledged to be correct by all the parties; and (3) settled, where it has been accepted and discharged. Stated and settled accounts may be investigated and reopened by the Court on the ground of fraud or fiduciary relationships. See SURCHARGE and FALSIFY.Companies under the Companies Act, 1929, must keep proper books of account, and present to the company in general meeting not less than 18 months after incorporation and subsequently at least once in every year a profit and loss account and balance sheet, to copies of which shareholders of all companies, except private companies, are entitl...
fund
fund 1 : a sum of money or other resources whose principal or interest is set aside for a specific objective cli·ent security fund : a fund established by each state to compensate clients for losses suffered due to their attorneys' misappropriation of funds common trust fund : an in-house trust fund established by a bank trust department to pool the assets of many small trusts for greater diversification in investing executor fund : a fund established in estate planning to provide for the payment of final expenses by an executor joint wel·fare fund : a fund that is established by collective bargaining to provide health and welfare benefits to employees and that is jointly administered by representatives of labor and management paid-in fund : a reserve cash fund in lieu of a capital stock account set up by mutual insurance companies to cover unforeseen losses sink·ing fund : a fund set up and accumulated by regular deposits for paying off the principal on a debt...
Insurance
Insurance, see, Income-tax Act, 1961 (43 of 1961), s. 80C, Expl. 1.Insurance, the act of providing against a possible loss, by entering into a contract with one who is willing to give assurance, that is, to bind himself to make good such loss should it occur. In this contract, the chances of benefit are equal to the insured and the insurer. The first actually pays a certain sum, and the latter undertakes to pay a larger, if an accident should happen. The one renders his property secure; the other receives money with the probability that it is clear gain. The instrument by which the contract is made is called a policy; the stipulated consideration, a premium. As to what is known as a coupon policy, i.e., a coupon cut out of a diary, etc., see General Accident, etc., Assce. Corpn. v. Robertson, 1909 AC 404.Insurable Interest must be possessed by the person taking out a policy; he must be so circumstanced as to have benefit from the existence of the person or thing insured, and some preju...
deposit
deposit 1 : to place for safekeeping or as security [may the property with the court] ;esp : to put in a bank account 2 in the civil law of Louisiana : to place (movable property) under a deposit [the depository can not make use of the thing ed "Louisiana Civil Code"] de·pos·i·tor [di-pÄ -zə-tər] n n 1 : the state of being deposited (as in an account) [holding the property on ] compare escrow, trust 2 : something placed for safekeeping: as a : money deposited in a bank esp. to one's credit demand deposit : a bank deposit that can be withdrawn without prior notice general deposit : a deposit of money in a bank that is to the credit of the depositor thereby giving the depositor the right to money and creating a debtor-creditor relationship special deposit : a deposit that is made for a specific purpose, that is to be returned to the depositor, and that creates a bailment or trust time deposit : a bank deposit that can be withdrawn only after a...
reconcile
reconcile -ciled -cil·ing vt 1 a : to restore to harmony [reconciled the parties] [reconciled the marriage] b : to bring to resolution [ differences] 2 a : to check (a financial account) against another for accuracy b : to account for vi : to become reconciled ;specif : to voluntarily resume cohabitation as spouses prior to a divorce becoming final with the mutual intention of remaining together and reestablishing a harmonious relationship [denied the complaint for divorce because the parties had reconciled] rec·on·cil·abil·i·ty [re-kən-sī-lə-bi-lə-tē] n rec·on·cil·able [re-kən-sī-lə-bəl] adj rec·on·cile·ment n rec·on·cil·i·a·tion [re-kən-si-lē-ā-shən] n ...
settle
settle set·tled set·tling vt 1 : to resolve conclusively [ a question of law] 2 : to establish or secure permanently [a settled legal principle] 3 : close [ the sale of securities] [ the estate] 4 : to resolve a disagreement about (a court order) [no hearing to consider these objections and to the order had been conducted "Saba v. Gray, 314 N.W.2d 597 (1981)"] 5 a : to fix (a price) by mutual agreement b : to conclude (a lawsuit) by entering into an agreement negotiated by the parties usually out of court c : to close (as an account) by payment ;also : to close by compromise and payment of less than the full amount claimed or due vi 1 : to conclude a lawsuit by entering into an agreement [the plaintiff chose to out of court] 2 : to make a settlement of a transfer of funds 3 : to adjust differences or accounts [settled with his creditors] ...
Eligible transaction
Eligible transaction, means any transaction (A) carried out electronically on screen-based systems through a stock broker or sub-broker or such other intermediary registered under s. 12 of the Securities and Exchange Board of India Act, 1992 (15 of 1992) in accordance with the provisions of the Securities Contracts (Regulation) Act, 1956 (42 of 1956) or the Securities and Exchange Board of India Act, 1992 or the Depositories Act, 1996 (22 of 1996) and the rules, regulations or bye-laws made or directions issued under those Acts or by banks or mutual funds on a recognised Stock Exchange; and (B) which supported by a time stamped contract note issued by such stock broker or sub-broker or such other intermediary to every client indicating in the contract note the unique client identity number allotted under any Act referred to in sub-clause (A) and Permanent Account number allotted under this Act. [Income Tax Act, 1961 (43 of 1961), s. 43(5) Prov. Expl.]...
Incorporated Law Society
Incorporated Law Society, now termed the Law Society, was founded by Mr. Bryan Holme in 1825, and incorporated in 1831 by Royal Charter; this was surrendered for a new Charter in 1845, by which, as amended by Supplemental Charters in 1872, 1903, and 1909, the Society now remains constituted. The Society was incorporated 'to facilitate the acquisition of legal knowledge, and for better and more conveniently discharging the professional duties of the members of the Society,' under the full title of 'The Society of Attorneys, Solicitors, Proctors, and others not being Barristers practicing in the Courts of Law and Equity of the United Kingdom'; since the charter of 1903 it has been officially (as before them commonly) called 'The Law Society.'The Society first instituted lectures for students in 1833, and was made registrar of attorneys and solicitors in 1843 by the (English) Solicitors Act, 1843 (6 & 7 Vict. c. 73), s. 21.On the decay of the Inns of Chancery, which in their later aspect ...
Solicitor
Solicitor, an officer of the Supreme Court of Judicature, who, and who only, is entitled to 'sue out any writ or process, or commence, carry on, solicit, or defend any action, suit or other proceeding' in any Court whatever (see (English) Solicitors Act, 1932, s. 45). 'Solicitor of the Supreme Court' was the title given by the (English) Judicature Act, 1843, s. 87, to all attorneys, solicitors, and proctors, and continued by (English) Solicitors Act 1932, s. 81. Prior to that Act, 'attorneys' conducted business in the Common Law Courts, 'solicitors' business in the Court of Chancery and 'proctors' ecclesiastical and Admiralty business; but it was the general practice, although any person might be admitted to practise as an attorney or solicitor only, to be admitted to practise as an attorney and solicitor also.Solicitors practise as advocates before magistrates at petty sessions and quarter sessions where there is no bar, in County Courts, at Arbitrations, at Judges' Chambers, Coroners...
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