Revenue Bond - Law Dictionary Search Results
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bond
bond 1 a : a usually formal written agreement by which a person undertakes to perform a certain act (as appear in court or fulfill the obligations of a contract) or abstain from performing an act (as committing a crime) with the condition that failure to perform or abstain will obligate the person or often a surety to pay a sum of money or will result in the forfeiture of money put up by the person or surety ;also : the money put up NOTE: The purpose of a bond is to provide an incentive for the fulfillment of an obligation. It also provides reassurance that the obligation will be fulfilled and that compensation is available if it is not fulfilled. In most cases a surety is involved, and the bond makes the surety responsible for the consequences of the obligated person's behavior. Some bonds, such as fidelity bonds, function as insurance agreements, in which the surety promises to pay for financial loss caused by the bad behavior of an obligated person or by some contingency over w...
Stamp duties
Stamp duties, a branch of the revenue. They are a tax imposed on all parchment and paper whereon certain legal proceedings and certain private ins-truments re written; and on licences for various purposes.The consolidating Stamp Act, 1870, superseded the very numerous older enactments [in great part repealed by the (English) Inland Revenue Repeal Act, 1870 (33 & 34 Vict. c. 90)] in regard to the duty on the various classes of instruments, but by s. 17 of the Stamp Act, 1870 (re-enacted by s. 14 of the Stamp Act, 1891), reversing the former law, see Buckworth v. Simpson, (1835) 1 CM&R 384, the stamp to be affixed to an unstamped document to render it admissible in evidence was not the stamp in accordance with the law at the time of affixing it, but the stamp in accordance with the law in force at the time when the document was first executed.Very important alterations in the law of stamps were effected by the Customs and Inland Revenue Act, 1888. Prior to that Act it was no offence not ...
Holiday, or Holyday
Holiday, or Holyday, a feast day with cessation from labour, as by 5 & 6 Edw. 6, c. 3, all Sundays in the year and also Christmas-day and other days by that Act commanded 'to be kepte holie dayes and none other.'By R.S.C. 1883, Ord. LXIII., r. 6, it is provided that the several offices of the Supreme Court shall be open on every day of the year except Sundays, Good Friday, Monday and Tuesday in Easter-week, Whit Monday, the first Monday in August, Christmas-day and the next following working day, and all days appointed by proclamation to be observed as days of general fast, humiliation, or thanksgiving; and the day appointed to be kept as the King's birthday. See also VACATION.The Bank Holidays Act, 1871 (34 & 35 Vict. c. 17), provides that Easter Monday, the Monday in Whitsun-week, the first Monday in August, and the 26th day of December, if a week day, shall be kept as bank holidays in England and Ireland, and New Year's day, Christmas-day (or, if either be a Sunday, the following da...
Whitsuntide
Whitsuntide, the east of Pentecost, being the fiftieth day after Easter, and the first of the four cross-quarters days of the year.Whitsuntide offerings were held assessable to income tax in Slaney v. Starkey, (1931) 2 KB 148.Whit Monday is, by the 34 & 35 Vict. c. 17, and 38 & 39 Vict. c. 13, made a holiday in banks, custom-houses, docks, inland revenue offices, and bonding-warehouses. Whit Monday is a holiday in the several courts and offices of the Supreme Court. [(English) R.S.C. 1883, Ord. LXIII., r. 6]...
convert
convert 1 a : to change from one form or use to another b : to exchange (property) for another esp. of a different kind [if property…is compulsorily or involuntarily ed "Internal Revenue Code"] ;esp : to exercise the right of conversion by exchanging (preferred shares or bonds) for common stock 2 : to appropriate (another's property) by conversion [the bailee ed the goods to his own use] see also embezzle con·vert·er n con·ver·ti·ble [kən-vər-tə-bəl] adj ...
bill
bill 1 : a draft of a law presented to a legislature for enactment ;also : the law itself [the GI ] ap·pro·pri·a·tions bill [ə-prō-prē-ā-shənz-] : a bill providing money for government expenses and programs NOTE: Appropriations bills originate in the House of Representatives. bill of attainder 1 : a legislative act formerly permitted that attainted a person and imposed a sentence of death without benefit of a judicial trial see also attainder compare bill of pains and penalties in this entry 2 : a legislative act that imposes any punishment on a named or implied individual or group without a trial NOTE: Bills of attainder are prohibited by Article I of the U.S. Constitution. bill of pains and penalties : a legislative act formerly permitted that imposed a punishment less severe than death without benefit of a judicial trial compare bill of attainder in this entry NOTE: The term bill of attainder is often used to include bills of p...
Debenture
Debenture [fr. debeo, Lat., to owe] may be defined generally as a charge in writing [not necessarily sealed, see British India, etc., Co. v. Commissioners of Inland Revenue, (1881) 7 QBD 165] of certain pro-perty with the repayment at a time fixed of money lent by person therein named at a given interest, but the term is a very elastic one. The word 'debenture' is of ancient origin and appears to have been in use five centuries ago (Palmer's Company Precedents, Pt. III., p. 1); and a document which, though it mentions to security and is only a promise to pay, is properly described as a debentures, and as a marketable security will require to be stamped as such, Spenyer v. Inland Revenue Commissioners, (1907)1 KB 246. By the (English) Companies Act, 1929, s. 380, a debenture is defined as including debenture stock, bonds or other securities of a company whether constituting a charge on the assets of the company or not. The charge created by debentures as a rule is fixed on the company's...
Insurance
Insurance, see, Income-tax Act, 1961 (43 of 1961), s. 80C, Expl. 1.Insurance, the act of providing against a possible loss, by entering into a contract with one who is willing to give assurance, that is, to bind himself to make good such loss should it occur. In this contract, the chances of benefit are equal to the insured and the insurer. The first actually pays a certain sum, and the latter undertakes to pay a larger, if an accident should happen. The one renders his property secure; the other receives money with the probability that it is clear gain. The instrument by which the contract is made is called a policy; the stipulated consideration, a premium. As to what is known as a coupon policy, i.e., a coupon cut out of a diary, etc., see General Accident, etc., Assce. Corpn. v. Robertson, 1909 AC 404.Insurable Interest must be possessed by the person taking out a policy; he must be so circumstanced as to have benefit from the existence of the person or thing insured, and some preju...
issue
issue 1 pl : proceeds from a source of revenue (as an estate) [rents, s, and profits] 2 : one or more lineal descendants [died without ] compare child, heir 3 a : a vital question or problem [cited a national security ] [raised an of public safety] b : a matter of dispute between two or more parties ;specif : a single material point of fact or law in litigation that is affirmed by one side and denied by the other and that is a subject of the final determination (as by jury) of the proceedings genuine issue : an issue of fact that requires adjudication by trial rather than summary judgment because sufficient evidence exists to support a verdict for the party opposing the motion for summary judgment NOTE: The burden is on the party moving for summary judgment to show that no genuine issue is in dispute. issue of fact : a dispute about a material fact that is raised by pleadings and that must be resolved by a decision under the law in order to become res judicata issue of la...
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