Public Corporation - Law Dictionary Search Results
Home Dictionary Name: public corporationpublic corporation
public corporation see corporation ...
corporation
corporation [Late Latin corporatio, from Latin corporare to form into a body, from corpor- corpus body] : an invisible, intangible, artificial creation of the law existing as a voluntary chartered association of individuals that has most of the rights and duties of natural persons but with perpetual existence and limited liability see also pierce compare association, partnership, sole proprietorship close corporation [klōs-] : a corporation whose shares are held by a small number of individuals (as management) and not publicly traded ;specif : small business corporation in this entry called also closely held corporation compare public corporation in this entry foreign corporation : a corporation organized under the laws of a state or government other than that in which it is doing business government corporation : public corporation in this entry moneyed corporation : a corporation (as a bank) authorized to engage in the investment, exchange, or lending of moneyed capit...
publicly held corporation
publicly held corporation : public corporation at corporation ...
going private
going private : the process of transforming a public corporation into a close corporation by terminating the registration of the corporation's stock, the listing of the stock on an exchange, or the active trading of the stock on the market ...
National Bank
National Bank. means the National Bank for Agriculture and Rural Development established under s. 3. [National Bank for Agriculture and Rural Development Bank Act, 1981 (61 of 1981), s. 2 (e); see also Act (2 of 1934), s. 2(ccc)]A private or quasi public corporation, organised under the general law, by individual stockholders, with their own capital, by private gain and managed by officers, agents and employees of their own selection; a quasi-public institution under a sort of State Control....
Trust
Trust, is a comprehensive expression, as covering not only the relationship of trustee and beneficiary but also that a bailor and bailee master and servant pledger and pledgee, guardian and ward and all other relations which postulate the existence of fiduciary relationship between the complainant and the accused, State v. K.P. Jain, (1983) 2 Crimes 947 (All).Trust, is a trust for public purposes, the substances and primary intention of the creator must be seen, Shabbir Husain v. Ashiq Husain, AIR 1929 Oudh 225.Trust, is an obligation annexed to ownership. A trustee holds property 'subject' to an obligation, which the testator has imposed upon him, Mahadeo Ramchandra v. Damodar Vishwanath, AIR 1957 Bom 218: (1957) 59 Bom LR 478.Means any arrangement whereby property is transferred with intention that it be administered for another's benefit is a trust. It casts an obligation on the trustee to use the property for achieving the purpose for which the trust is created, Baba Jamuna Das Mah...
Audit
Audit, an examining of accounts. An audit may be either detailed or administrative, and is usually both. A detailed audit is a comparison of vouchers with entries of payment, in order that the party whose accounts are audited may not debit his employer with payments not in fact made. An administrative audit is a comparison of payments with authorities to pay, in order that the party whose accounts are audited may not debit his employer with payments not authorised. If in either branch of audit an improper entry is discovered, the auditor surcharges the party whose accounts are audited; whereby the payment must be made by such party out of his own pocket. Where no fraud is suspected, however, and when there has been no negligence, it is common for the surcharge to be remitted [see, e.g., (English) Local Government Act, 18 (23 & 24 Geo. 5, c. 51), s. 230], especially where the party whose accounts are audited has given his service gratuitously.The public accounts are audited under the (E...
Rent
Rent [fr. reditus Lat.], a certain profit issuing yearly out of lands and tenements corporeal; it may be regarded as of a two fold nature--first, as some-thing issuing out of the land, as a compensation for the possession during the term; and secondly, as an acknowledgment made by the tenant to the lord of his fealty or tenure. It must always be a profit, yet there is no necessity that it should be, as it usually is, a sum of money; for spurs, capons, horses, corn, and other matters, may be, and occasionally are, rendered by way of rent; it may also consist in services or manual operations, as to plough so many acres of ground and the like; which services, in the eye of the law, are profits. The profit must be certain, or that which may be reduced to a certainty by either party; it must issue yearly, though it may be reserved every second, third, or fourth year; it must issue out of the thing granted, and not be part of the land or the thing itself.Consideration paid, usu. periodically...
Public service corporation
A corporation such as a railroad company lighting company water company etc organized or chartered to follow a public calling or to render services more or less essential to the general public convenience or safety...
Body corporate
Body corporate, does not include a corporate sole, nor a Scottish firm, but includes a company incorporated elsewhere than in Great Britain, Halsbury's Laws of England, Vol. 9(2), 4th Edn., Para 1189, p. 673.Body corporate, does not include 'corporation sole but includes a company incorporated elsewhere than in Great Britain, it does not include a Scottish firm, Halsbury's Laws of England, Vol. 21, 4th Edn., Para 772, p. 552.The expression 'body corporate' is used in legal parlance to mean a public or private corporation, Ashoka Marketing Ltd v. Punjab National Bank, (1990) 4 SCC 406: AIR 1991 SC 855....
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