S 174 - Law Dictionary Search Results
Home Dictionary Name: s 174Winding-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...
Corporation or body politic
Corporation or body politic, an artificial person es-tablished for preserving in perpetual succession certain rights, which being conferred on natural persons only would fail in process of time. It is either aggegate, consisting of many members, or sole, consisting of one person only, as a parson. It is also either spiritual, created to perpetuate the rights of the Church, or lay'sub-divided into civil, created for many temporal purposes, and eleemosynary, to perpetuate founders' charities. It is by virtue of the sovereign's prerogative exercised by a charter, or of an Act of Parliament, or of prescription, that the artificial personage called a corporation, whether sole or aggregate, civil or ecclesiastical, is created. The royal charter gives it a legal immortality, and a name by which it acts and becomes known. It has power to make bye-laws for its own government, and transacts its business under the authority of a common seal-its hand and mouthpiece; it has neither soul nor tangibl...
Open space
Open space, means it is only with reference to the country that the word 'open' carries the meaning 'free from wood building etc.' Accepting the several meanings of the word 'open' the existence of 7 or 8 scattered trees within the space sixty feet wide all round would not render the entire space any less an open space within the meaning of that expression in the proviso to rule 18(a) of the Madras Places of Public Resort Act II of 1888. It is equally clear that the existence of say one free at one corner of the space would not prevent the space being an open space, Nachimuthu v. Ramaswami Chettiar, 69 MLW 887: (1956) 2 MLJ 556 (DB).By the (English) Metropolitan Open Spaces Acts of 1877 and 1881, the (English) Metropolitan Board of Works (succeeded by the London County Council, under s. 40, sub-s. 8, of the (English) Local Government Act, 1888) had power to acquire and to hold of the use of the public any open spaces within the metropolis. These Acts were extended, with amendments, to ...
Expectant heir
Expectant heir. A person to whom property will accrue on the death of another person. expectant heirs wishing to anticipate this property have frequently borrowed money, to be repaid when the expected property shall devolve upon them. From the uncertainty of this period, the unsoundness of the security which the expectant heir can offer, and from the pressing character of his immediate necessities, the rate of interest is necessarily higher than that upon an ordinary loan, and is frequently very much higher than the risk run by the lender requires. At Common Law all such loans are good, and the interest upon them, however high, recoverable. By the Usury Acts, indeed-which, however, did not apply to loans to expectant heirs with any greater rigour than to loans to other persons'they were for a long period of yeas subject to the restriction that only a fixed maximum rate of interest could be exacted, but the Usury Acts were repealed in 1854 by 17 & 18 Vict. c. 90. See USURY.From very ear...
Gross rent
Gross rent, means not only the rent which the land-lord could get in lieu of his enjoyment of the property assigned to the tenant but also all other charges incidental thereto. Service charge can be taken into account while determining gross rent, Calcutta Municipal Corporation v. Damodar Ropeways and Construction Co. Pvt. Ltd., AIR 2007 (NOC) 1178 (Cal) [Calcutta Municipal Corporation Act, 1980, s. 174(1)]....
Reversionary
Reversionary, that which is to be enjoyed in reversion. Unconscionable bargains for the sale of reversionary interests may be set aside, but by the Sale of Reversions Act, 1867, reproduced by the L.P. Act, 1925, s. 174, not merely on the ground of under value. See EXPECTANT HEIR....
Married women's property
Married women's property, At Common Law, a woman, by marrying, transferred the ownership of all her property, real and personal, present and future, to her husband absolutely, so that he might sell, pay his debts out of, give away, or dispose by will of it as he pleased, with these exceptions and modifications:-1) Her freehold estate became his to manage and take the profits of during the joint lives only. After his death, leaving her surviving, it passed to her absolutely; after her death, leaving him surviving, provided that it was an estate in possession and issue who could in her it had been born during the marriage, it passed to him as 'tenant by the curtesy (q.v.) of England,' during his life, and after his death to her heir-at-law.(2) Her leasehold estate, her personal estate in expectancy, and the debts owing to her and other 'choses in action,' became his absolutely if he did some act to appropriate or reduce them into possession during the marriage, or if he survived her. If ...
Workmen's Compensation Act
Workmen's Compensation Act. (English) The Workmen's Compensation Act, 1897, introduced the principle of compulsory insurance of workmen by employers in a restricted number of trades. The gist of a right to compensation under the Acts is 'accident arising out of and in the course of the employment' causing personal injury to a workman (Workmen's Compensation Act, 1925 [15 & 16 Geo. 5, c. 84), s. 1 (1)] The compensation is not damages for negligence or any other tort at common law or by statute (see COMPBELL (LORD) ACTS (Fatal Accidents Acts, 1846-1908) and Employers Liability Act, 1880, sub tit. MASTER AND SERVANT), and an employer is not liable both for damages and compensation; but the workman or his representatives may elect between the remedies, and in an unsuccessful action for damages the Court may assess or refer the question of compensation to the proper tribunal, subject to an equitable order for costs (Workmen's Compensation Act, 1925, s. 25). Compensation is not payable for a...
King's Bench
King's Bench. The Court of King's or Queen's bench (so called because the King used formerly to sit there in person (though the judges determined the causes), the style of the Court still being coram ipso rege, or coram ipsa regina) was a Court of record, and the Supreme Court of Common Law in the kingdom, consisting of a chief justice and four puisne justices, who were by their office the sovereign conservators of the peace and supreme coroners of the land.This court, which was the remnant of the aula regia, was not, nor could be, from the very nature and constitution of it, fixed to any certain place, but might follow the King's person wherever he went, for which reason all process issuing out of this Court in the King's name was returnable 'ubicunque fuerimus in Anglia.' For some centuries, and until the opening of the Royal Courts, the court usually sat at Westminster, being an ancient palace of the Crown, but might remove with the King as he thought proper to command.The jurisdict...
Acknowledgement of a wife's assurance
Acknowledgement of a wife's assurance. If, before 1st January, 1925 [see (English) Law of Property Act, 1925, s. 167], a woman married before 1883 disposed of her estate or interest in lands or her revisionary interest in personal property she was required, unless her title thereto had accrued since 1882, or unless she was entitled thereto for her separate use to comply with the formalities prescribed by the (English) Fines and Recoveries Act, 1833 (3 & 4 Will. 4, c. 74), ss. 77-91, with regard to land, and by 20 & 21 Vict. C. 57, commonly called (English) 'Malins's Act,' which incorporated the procedure of the (English) Fines and Recoveries Act, with regard to reversionary interests in personal estate.The (English) Fines and Recoveries Act requiredthe acknowledgment to be made before two commissioners, but the 7th section of the (English) Conveyancing Act, 1882, substituted one only, and also dispensed with the affidavit and certificate of acknowledgment required by the former Act; se...
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