Prize Amount - Law Dictionary Search Results

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Prize amount

Prize amount, means the difference between the chit amount and the discount, and in the case of a fraction of a ticket means the difference between the chit amount and the discount proportionate to the fraction of the ticket, and when the prize amount is payable otherwise than in cash, the value of the prize amount shall be the value at the time when it becomes payable. [Chit Funds Act, 1982 (40 of 1982), s. 2(m)]...

Chit

Chit, means a transaction whether called chit, chit fund, Chitty, kuri or by any other name by or under which a person enters into an agreement with a specified number of persons that every one of them shall subscribe a certain sum of money (or a certain quantity of grain instead) by way of periodical instalments over a definite period and that each such subscriber shall, in his turn, as determined by lot or by auction or by tender or in such other manner as may be specified in the chit agreement, be entitled to the prize amount.Explanation.--A transaction is not a chit within the meaning of this clause, if in such transaction,--(i) some alone, but not all, of the subscribers get the prize amount without any liability to pay future subscriptions; or(ii) all the subscribers get the chit amount by turns with a liability to pay future subscriptions. [Chit Funds Act, 1982 (40 of 1982), s. 2(b)]...

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 ...

Commission, the promoter's

Commission, the promoter's, means the amount by which the aggregate total stakes in all the competitions exceeds the sum of (1) the aggregate prize in the competitions; (2) the aggregate pool betting duty payable in respect of the competitions; and (3) the expenses of the promoter actually incurred by him in the conduct of the competitions, excluding any expenses properly chargeable to capital and any interest on borrowed money, and in particular, excluding any provision for the depreciation of building or equipment, any emoluments payable to the promoter, or, if the promoter is a partnership, to any of the partners, or, if the promoter is a body corporate, to any of the directors, and in any case any emoluments payable to any person whose emoluments depends to any extent on the profits of the promoter, Betting, Gaming and Lotteries Act, 1963, s. 4(3), Sch. 2, para 23(2) (UK) Halsbury's Laws of England, Vol. 4(1), para 116, p. 84....

Admiralty

Admiralty, the Executive Department of State which presides over the naval forces of the kingdom. The normal head is the 'Lord High Admiral,' but in practice the functions of the Office are discharged by several Commissioners, of whom one is the Chief, and is called the First Lord. He is a member of the Cabinet and is assisted by four Sea Lords, now always selected from Officers of the Service, two Civil Lords and a Secretary.Means a court that exercises jurisdiction over all maritime contracts, torts, injuries or offences. The federal courts are so-called when exercising their admiralty jurisdiction, which is conferred by U.S. Constitution (Article III 2, Cl. 1), Black Law Dictionary, 7th Edn., p. 47.The Probate, Divorce, and Admiralty Division of the High Court of Justice was, as far as relates to Admiralty, formerly called the High Court of Admiralty, and was held before the Judge of the Admiralty, who formerly sat as deputy of the Lord High Admiral of England until that office was ...

Discount

Discount [fr. dis and conte, Fr.], abatement; commonly a sum of money deducted from a money obligation in consideration of its payment before the stipulated time.Discount means the sum of money or the quantity of grain which a prized subscriber is, under the terms of the chit agreement, required to forego and which is set apart under the said agreement to meet the expenses of running the chit or for distribution among the subscribers or for both. [Chit Funds Act, (40 of 1982), s. 2(g)]Means the difference between the amount received or receivable by the infrastructure capital company or infrastructure capital fund or public sector company issuing the bond and the amount payable by such company or fund or public sector company on maturity or redemption of such bond. [Income Tax Act, 1961 (43 of 1961), s. 36(1) iii-a Expl.]...

Volenti non fit injuria

Volenti non fit injuria. Plow. 501.-(Where the sufferer is willing no injury is done.) See this maxim criticized by Lord Esher in Yarmouth v. France, (1887) 19 QBD at p. 653, and by Lord Watson in Smith v. Baker, 1891, AC (355). The question is one for the jury, Dublin, etc., Railway Co. v. Slattery, (1878) 3 App Cas 1155. For a recent application of the maxim, see Herd v. Weardale, etc., Co., 195, AC 67.Consent or 'leave and licence' may be said to be a defence in actions of tort or prosecutions (see Archbold, Cr. Pr.), where the consent is to the specific injury or act, unless the act amounts to the infliction of a serious physical injury or where the rights of the public as well as the individual sustaining harm have intervened. The public are interested in preventing one of their number from grievous bodily harm and from exhibitions which alarm the public conscience, such as prize-fights without gloves, duels, etc., and see LIBEL.The maxim has also been invoked in cases where the p...

Wager

Wager, a contract by A. to pay money to B. on the happening of a given event, in consideration of B. paying money to him on the event not happening; and see the elaborate definition of 'wagering contract' in Carlill v. Carbolic Smoke Ball Co., (1892) 2 QB 490, by Hawkins. J.1. Money or other consideration risked on an uncertain event; a bet or gamble 2. A promise to pay money or other consideration on occurrence of an uncertain event, Black's Law Dictionary, 7th Edn., p. 1573.At Common Law a wager was a legal contract, which the courts were bound to enforce, so long as it was not against morality, decency, or sound policy, Johnson v. Lumley, (1852) 12 CB 468. But by the (English) Gaming Act, 1845, s. 18:All contracts or agreements, whether by parol or in writing, by way of gaming or wagering, shall be null and void; and no suit shall be brought or maintained in any court of law or equity for recovering any sum of money or valuable thing alleged to be won upon any wager, or which shall ...

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