Mutual Company - Law Dictionary Search Results
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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...
Friendly societies
Friendly societies, associations supported by subscription for the relief and maintenance of the members or their wives, children, relations, and nominees, in sickness, infancy, advanced age, widowhood, etc. by the Friendly Societies Act, 1875 (38 & 39 Vict. c. 60), various prior statutes regulating these societies were in whole or in part repealed, and the law consolidated and amended. Such societies may be formed for providing payments on birth of a member's child, or on death of a member, or for relief and maintenance of members and their husbands, wives, children, etc., in old age or sickness, the endowment of members at any age, the insurance of tools against fire, or of cattle, for working men's clubs, or for any other purpose authorized by the Treasury. Before any such society can be properly established, its rules must have been transmitted to and approved of by the central office for the registration of Friendly Societies. The Act was amended in 1876 by 39 & 40 Vict. c. 32 as ...
Related person
Related person, on a proper interpretation of the definition of 'related person' in sub-s. (4)(c) of s. 4, the words 'a relative and a distributor of the assessee' do not refer to any distributor but they are limited only to a distributor who is a relative of the assessee within the meaning of the Companies Act, 1956. So read, the definition of 'related person' is not unduly wide and does not suffer from any constitutional infirmity on ground of violation of Articles 14 and 19. It is within the legislative competence of Parliament, Union of India v. Bombay Tyre International Ltd., AIR 1984 SC 420: (1984) 1 SCC 467: (1984) 1 SCR 347.The definition of 'related person' shows that when an assessee is so closely associated with another person, directly or indirectly, in the business, then it could be said that they are 'related persons'. The holding company and subsidiary company have got special significance. There must be mutuality of interest between the two persons, Flash Laboratories L...
dividend
dividend 1 : the part of corporate net earnings distributed usually periodically (as quarterly) to stockholders in the form of cash, additional shares, or property either as a set amount per share or a percentage of par value constructive dividend : a benefit (as unreasonable compensation or use of corporate property) or transfer of funds from a corporation to a shareholder that is interpreted by a taxing authority as a dividend cumulative dividend : a dividend distributed to preferred stockholders that is added to and paid with the next payment or future payments if not paid when due extraordinary dividend : a dividend declared in addition to a regular dividend because of unanticipated profits or a nonrecurring increase of revenue 2 : a share of the surplus earnings of a mutual insurance company paid to policyholders either in the form of cash disbursements or through reduction of premiums 3 : a payment disbursed to investors from the income of a mutual fund ...
Qualified institutional buyer
Qualified institutional buyer, means a financial in-stitution, insurance company, bank, State financial corporation, State industrial development corpora-tion, trustee or any asset management company making investment on behalf of mutual fund or provident fund or gratuity fund or pension fund or a foreign institutional investor registered under the Securities and Exchange Board of India Act, 1992 or regulations made thereunder, or any other body corporate as may be specified by the Board. [Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, s. 2(1)(u)]...
Joint venture
Joint venture, The expression 'joint venture' is more frequently used in the United States. It con-notes a legal entity in the nature of a partnership engaged in the joint undertaking of a particular transaction for mutual profit or an association of persons or companies jointly undertaking some commercial enterprise wherein all contribute assets and share risks. It requires a community of interest in the performance of the subject-matter, a right to direct and govern the policy in connection therewith, and duty, which may be altered by agreement, to share both in profit and losses, New Horizons Ltd. v. Union of India, (1995) 1 SCC 478....
mutual
mutual 1 : directed by each toward the other : reciprocal [ orders of protection in domestic violence cases "L. H. Schafran and Norman Wikler"] 2 : shared in common : joint [spouses' obligation to support children of their marriage "Louisiana Civil Code"] 3 : of or relating to a plan whereby the members of an organization share in the profits and expenses ;specif : of, relating to, or taking the form of an insurance method in which the policyholders constitute the members of the insuring company mu·tu·al·ly adv ...
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...
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