Present Value - Law Dictionary Search Results
Home Dictionary Name: present value Page: 4 Page 4 of about 36 results (0.004 seconds)Basic wages
Basic wages, means all emoluments which are earned by an employee while on duty or on leave or on holidays with wages in either case in accordance with the terms of the contract of employment and which are paid or payable in cash to him, but does not include-(i) the cash value of any food concession; (ii) any dearness allowance (that is to say, all cash payments by whatever name called paid to an employee on account of a rise in the cost of living), house-rent allowance, overtime allowance, bonus commission or any other similar allowance payable to the employee in respect of his employment or of work done in such employment; (iii) any presents made by the employer. [Employees' Provident Funds and Miscellaneous Provisions Act, 1952 (19 of 1952), s. 2 (b)]The phrase 'basic wages' is ordinarily understood to mean that part of the price of labour, which the employer must pay to all workmen belonging to all categories. The phrase is used ordinarily in marked contra-distinction to 'dearness ...
Prize Court
Prize Court. This is an international tribunal, existing only by virtue of a special commission under the Great Seal, during war or until the litigations incident to war have been brought to a conclusion. It is frequently confounded with the Court of Admiralty, in consequence, perhaps, of the same judge having usually presided in both courts; but this is a mistake, for the whole system of litigation and jurisprudence in the prize Court, though exceedingly important, is peculiar to itself, and is governed by rules not applying to the Instance Court of the Admiralty (now part of the High Court), which is a mere civil tribunal.The old Court of Admiralty had in fact from very ancient times two separate and distinct jurisdictions--the Instance Jurisdiction and the Prize Jurisdiction, though the real origin of the latter is wrapped in obscurity. When the High Court of Admiralty became merged in the High Court of Justice, (English) Jud. Act, 1925, s. 23, replacing the (English) Jud. Act, 1891...
Lease
Lease [either from locatio, Lat., the letting of property, or laisser, Fr., to let, or leapum, or leasum, Sax., to enter lawfully], sometimes also called demise (demissio), is a grant of property for life, or years, or from year to year or at will, by one who has greater interest in the property. The person granting is called the lessor, who is possessed of the reversion (as to a reversion being essential to a lease, see 1 Platt on Lease, pp. 9 et seq.); he to whom the property is granted, the lessee. The consideration is usually the payment of a rent or other annual recompense. The ancient operative words were 'demise, lease, and to farm let,' or 'demise and lease.'The (English) Law of Property Act,1925, makes a distinction between leases for years which become legal estates if they consist of terms of years absolute and leases for life which have been converted into merely equitable interests if created under a settlement, but by s. 149 of the Act leases for life at a rent or in cons...
Feodary, or feudary
Feodary, or feudary, an officer of the Court of Wards, appointed by the master of that Court, under 32 Hen. 8, s. 26, whose business it was to be present with the escheator in every county at the finding of offices of lands, and to give evidence for the king as well concerning the value as the tenure; and his office was also to survey the land of the ward, after the office found, and to rate it. He also assigned the kings; widows their dower, and received all the rents, etc. Abolished by 12 Car. 2, c. 24....
Felony
Felony [fr. felonie, Fr.; felonia, Lat.; some deduce it fr. Gk., a deceiver, and fallo, Lat., to deceive; Spelman derives it fr. the Teutonic or German fee, a fieu or fiet, and lon, price or value; Coke says, 'Ex vi termini significat quodlibet capitale crimen felleo animo perpetratum,' Co. Litt. 391 a], originally the state of having forfeited lands and goods to the Crown upon conviction for certain offences, and then, by transition, any offence upon conviction for which such forfeiture followed, in addition to any other punishment prescribed by law, as distinguished from misdemeanour, upon conviction for which to forfeiture followed. All indictable offences are either felonies or misdemeanours, but a material part of the distinction is taken away by the Forfeiture Act, 1870 (33 & 34 Vict. c. 23), which abolishes forfeiture for felony, and provides for the administration of the estates of felons while undergoing sentence; see Carr v. Anderson, (1903) 2 Ch 279.The only remaining distin...
Winding-up
Winding-up, the process by which an insolvent estate is distributed, as far as it will go, amongst the persons having claims upon it. The term is most frequently applied to the winding-up of joint-stock companies.The property of a company is collected and distributed firstly in discharge of its liabilities, and secondly, among its members according to their respective rights with a view to its dissolution. If the assets are not sufficient to meet the liabilities, a company is usually wound up by the Court. In other cases the winding-up is usually voluntary and conducted by the company itself either with or without the supervision of the Court. The provisions of the (English) Companies Act, 1929, govern a winding-up in any of these three modes (s. 156). In any winding-up the members who may be called upon to contribute are ascertained and their liability determined under ss. 157-162; see CONTRIBUTORIES. Debts and claims of all kinds require to be proved and if not of certain value to be...
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