Paid Up - Law Dictionary Search Results
Home Dictionary Name: paid uppaid-up
paid-up : requiring no further payments [a insurance policy] ...
Limited liability
Limited liability. At Common Law every person is liable, upon his contracts, up to the whole amount of his estate, and every partner is so liable upon all the contracts of the partnership. So extensive a liability being apt to prevent persons from engaging in business as partners, the statutes authorizing the construction of railways, etc., have always limited the liability of each shareholder to the amount of the shares held by him. Similar limitations, extending in some cases to double the amount of shares held, have also long been found (though not universally) in the charters of incorporated banks and insurance companies.Companies Acts.--Under the Companies Acts, limited liability means that the members are not liable beyond the unpaid-up part (if any) of the nominal amount of the shares in respect of which they are registered in the books of the company. When a share has been fully paid up, no further liability exists. As to shares which have not been fully paid up, see CONTRIBUTO...
No cause for such refusal
No cause for such refusal, the expression 'no cause for such refusal' within the meaning of clause (4) must mean no good cause for refusal. Therefore when an application is filed by a shareholder for an order directing the company to grant conversion of partly paid-up shares into fully paid-up shares and the company sets up some cause declining to carry out the conversion the Tribunal is authorised to adjudicate whether the cause set up by the company is a cause reasonably justifying refusal to comply with the requisition, Oriental Bank of Commerce v. Harcharn Das Loomba, AIR 1963 SC 1707 (1709): (1964) 2 SCR 231. [Displaced Persons Debts Adjustment Act, 1951, s. 19(4)]...
Corporation owned or controlled by the State
Corporation owned or controlled by the State, the expression 'Corporation owned or controlled by the State' means any body corporate established by or under a Central, Provincial or State Act, and includes a Government company as defined in s. 617 of the Companies Act, 1956, a society registered under the Societies Registration Act, 1860, or under any corresponding law for the time being in force in a State, being a society established or admini-stered by Government and a co-operative society within the meaning of any law relating to co-operative societies for the time being in force in any State, being a co-operative society in which not less than fifty-one per centum of the paid-up share capital is held by the Central Government, or by any State Government or Governments, or partly by the Central Government and partly by one or more State Governments. [Land Acquisition Act, 1894 (1 of 1894), s. 3 (cc)]...
Lottery
Lottery, a game of chance; a distribution of prizes by lot or chance, Taylor v. Smetten, (1883) 11 QBD 207. By 10 & 11 Wm. 3, c. 17, Chitty's Statutes, tit. 'Games,' all lotteries were declared to be public nuisances, and all grants, patents, or licences for the same to be contrary to law; and the (English) Gaming Act, 1802 (42 Geo. 3, c. 119), imposes a penalty of 500l. on any person keeping any place for any lottery' not authorized by Parliament' for as lotteries were found to be a ready mode for raising money for the service of the state, they were from time to time sanctioned by Acts of Parliament passed expressly for this purpose (see 4 Geo. 4, c. 60), but by 6 Geo. 4, c. 60, they were abolished. As to what constitutes 'keeping' within the Act of 1802, see Martin v. Benjamin, (1907) 1 KB 64; but a body corporate cannot be convicted (s. 41) as rogues and vagabonds, Hawke v. Hulton, (1909) 2 KB 93.A physical lot is not essential to a lottery, Barclay v. Pearson, (1893) 2 Ch 154. In ...
Net-worth
Net-worth, means the sum total of the paid-up capital and free reserves. [Sick Industrial Companies (Special Provisions) Act, 1985 (1 of 1986), s. 3 (1) (ga)]The concept of 'Net Worth' always denotes the excess of the book value of all assets over liabilities and market value of the assets is never taken into consideration; in fact the market value of assets which gives the 'current worth' becomes a relevant factor when in liquidation the question has to be considered whether the company possesses assets which would be sufficient to meet all its creditors or not, Commissioner of Income Tax v. Mahindra and Mahindra Limited, AIR 1984 SC 1182 (1193): (1983) 4 SCC 392: (1983) 3 SCR 773....
Person
Person, a Hindu Undivided Family is a person, Kshetra Mohan-Sannyasi Charan Sadhukhan v. Commissioner of Excess Profit Tax, West Bengal, AIR 1953 SC 516.According to company law it does not mean an unregistered firm, Firm Pannaji v. Devichand Kapurchand, 99 IC 640.Person, does not include court, Kharka Gigabhai Mavji v. Soni Jagjivan Kanji, (1979) 20 Guj LR 256.Person, implies only an individual and does not bear scrutiny when construed in the case of a company, a firm of partners or an association of persons, J.K. Industries Ltd. v. Chief Inspector of Factories and Boilers, (1997) SCC (205) 1.Person, in an Act of Parliament passed after 1st January, 1890, includes 'any body of persons corporate or unincorporate' unless the contrary intention appears, Interpretation Act, 1889, s. 19. A corporation, such as a limited company, may be a 'respectable and responsible person' within the meaning of a covenant against assignment in a lease, Willmott v. London Road Car Co., (1910) 2 Ch 525. A c...
Sponsor
Sponsor, a surety; one who makes a promise or gives security for another, particularly a godfather in baptism.Means any person holding not less than ten per cent of the paid-up equity capital of a securitisation company or reconstruction company. [Securitisa-tion and Reconstruction of Financial Assets and Enforcements of Security Interest Act, 2002 (54 of 2002), s. 2(1) (zh)]1. One who acts as surety for another 2. A legislator who proposes a bill 3. One who voluntarily intervenes for another without being requested to do so, Black's Law Dictionary, 7th Edn., p. 1410....
Trust corporation
Trust corporation, is defined by the (English) Settled Land Act, 1925, s. 117 (1) (xxx.), to mean the Public Trustee or a corporation appointed by the Court or entitled under (English) Public Trustee Act Rules [see the Public Trustee [(English) Custodian Trustee] Rules, 1926, S. R. & O., 1926, No. 1423/L. 37]. Trust corporations may exercise solely or jointly all the powers for the exercise of which the Land Legislation Acts of 1925 require two trustees at least (see TRUST; TRUST FOR SALE; SETTLED LAND; ADMINISTRATOR). These corporations include any company incorporated by Special Act or Royal Charter or Companies under the Companies Act, 1929, with an issued capital of not less than 2,50,000l., of which at least 1,00,000l. has been paid up in cash, or any company undertaking trust business for his Majesty's Navy, Army, Air Force or Civil Service having as director or member any person nominated by one of the Government Departments referred to in the Rules or any company authorized by ...
Working funds
Working funds, the words 'working funds', when used in relation to a banking company, are not to be construed in their ordinary popular sense by reference to a dictionary. They have a history of their own and they have acquired a definite meaning. In the Sastri Award made in 1953 in regard to industrial disputes between certain banking companies and their workmen, the words 'working funds' were defined to mean paid-up capital, reserves and the average of the deposits for 52 weeks of each year for which weekly returns of deposits are submitted to the Reserve Bank of India under the provisions of the Reserve Bank of India Act. This is the sense in which they must be deemed to have been used by the legislature when it enacted clauses (ii) and (iii) of the proviso to Item 2 of the Third Schedule, Workmen of National & Grindlays Bank Ltd. v. National & Grindlays Bank Ltd., AIR 1976 SC 611: (1976) 1 SCC 925: (1976) 3 SCR 130...
- << Prev.
- Next >>