Overdrafts - Law Dictionary Search Results
Home Dictionary Name: overdraftsoverdraft
overdraft 1 : the act or result of drawing on a bank account for more than the balance ;also : the amount exceeding the balance in an overdraft 2 : a loan or credit extended on a current account esp. to established or institutional customers ...
Loan 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...
overdraw
overdraw -drew [-drü] -drawn [-drȯn] -draw·ing vt : to draw checks on (a bank account) for more than the balance vi : to make an overdraft ...
Overdraft
The act of overdrawing a draft in excess of the credit balance also the amount or sum overdrawn...
Bank
Bank, Commercially it is a place where money is deposited for the purpose of being lent out at interest, returned by exchange, disposed of to profit, or to be drawn out again as the owner shall call for it. Special provisions are contained in the (English) Companies Act, 1929 relating to Banks. By s. 358, no company, association or partnership consisting of more than ten members shall be formed for the purpose of carrying on a banking business unless it is registered under the Act or formed in pursuance of an Act of Parliament or of letters patent. By s. 360, the liability of the members of a banking limited company remains unlimited in respect of the bank's liability for bank-notes issued by it. As to signature of balance sheets, see s. 129 and ANNUAL RETURNS, ss. 108 and 361. See also JOINT STOCK BANKS and LIMITED LABILITY, and consult Grant, Paget, or Walker on Banking, Chitty's Statutes, tit. 'Bank.'Means financial institution engaged in the accepting of deposits of money, granting...
Industrial 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....
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