Share - Law Dictionary Search Results
Home Dictionary Name: shareShare and debenture
Share and debenture, 'Share' has been defined in s. 2(46) of the Companies Act to mean a share in the share capital of a company which in turn would mean that it would represent contribution of the shareholder towards the share capital of the company. On the other hand, a debenture is an instrument of debt executed by the company acknowledging its receipt to repay the same at a specified rate and also carrying an interest. It is in sum and substance a certificate of loan or a bond evidencing the fact that the company is liable to pay a specified amount with interest and although the money raised by the debentures becomes a part of the company's capital structure yet it does not become a share capital. In any event, a debenture would not come within the purview of the definition of goods, inasmuch as, although the shares and stocks are included in the definition of goods but debentures are not, R.D. Goyal v. Reliance Industries Ltd., (2003) 1 SCC 81 (89).Sponte virum fugiens mulier et a...
Undivided shares in land
Undivided shares in land. Before 1926 a legal estate in undivided shares in land was held by joint tenants, tenants in common, coparceners, and by husband and wife as tenants by entireties (see those titles), but now by the Law of Property Act, 1925, s. 1 (6), a legal estate is not capable of subsisting or of being created in an undivided share inland, and by the same s. 1 (3) and ss. 34 (4), 205, and 1st Sch., Part IV., and cf. TRUST FOR SALE, such shares are to take effect as equitable interests only in the net proceeds of sale and of the rents and profits of the entirety of the land until sale, while the legal estate must be held by trustees for sale of the entire undivided property. It should be noticed that shares only are affected by these provisions. The legal estate in the joint tenancy in the entirety of the trustees for sale persists ex necessitate rei, and this is given effect to by s. 36, as amended, prohibiting severance of the legal estate in joint tenancy and providing f...
Member, shareholder and holder of a share
Member, shareholder and holder of a share, the scheme of the Indian Companies Act, 1913, shows that the words 'member', 'shareholder' and 'holder of a share' have been used interchangeably. The words 'holder of a share' are really equal to the word 'shareholder', and the expression 'holder of a share' denotes, in so far as the company is concerned, only a person who, as shareholder, has his name entered on the register of members, Howrah Trading Co. Ltd. v. Commissioner of Income Tax, AIR 1959 SC 775: (1959) Supp 2 SCR 448....
Offer of shares to the public
Offer of shares to the public. Shares and debentures of limited companies, when allotted or agreed to be allotted with a view to sale to the public, must when offered to the public comply with the provision of s. 38 of the Companies Act, 1929; and see PROSPECTUS. Further, any offer in writing to any member of the public of any shares for purchase except as provided, i.e. (a) shares dealt in with permission of any recognised stock exchange in Great Britain; (b) shares allotted with a view to sale to the public; and (c) offers to persons doing regular business in the purchase or sale of shares, must comply with s. 356 of the same Act; s. 356 also absolutely prohibits 'share pushing,' i.e., any person going from house to house (not being an office used for business purposes) offering shares for subscription or purchase to the public or any member of the public...
Alteration of share capital
Alteration of share capital. Under the (English) Companies Act, 1929, the share capital of a company may be altered by increase (s. 53), consolidation or division, conversion of shares into stock and reconversion or cancellation of unissued capital (s. 50), or redemption of redeemable preference shares (s. 46). The alteration must be authorized by the Articles, and the memorandum modified. A company cannot make an original issue of stock (Home & Foreign Investment and Agency Co., (1912) 1 Ch 72, and subject to confirmation by the Court a company may reduce its capital by special resolution for reducing share capital and consequential alteration of the memorandum. The words 'and reduced' need not be added to the name of the company unless the Court so orders (ss. 55-60). As a rule in all these cases the alteration must be notified to the Registrar of Joint Stock Companies (s. 5), and, in the case of reduction, registered by him (s. 58)....
Qualifying share
Qualifying share, means a share of common stock purchased by someone in order to become a director of a corporation that requires its directors to be share-holders, Black's Law Dictionary, 7th Edn., p. 1254....
Share
Share, a share is not a sum of money; it represents an interest measured by a sum of money and made up of diverse rights contained in the contract evidenced by the articles of association of the Company, I.T. Commissioner v. Standard Vacuum Oil Co. Ltd., AIR 1966 SC 1393 (1397). [Business Profits Act, 1947, Schedule II, R. 2(1)]Share, is not a sum of money, it represents an interest measured by a sum of money and make up of diverse rights contained in the contract, evidenced by the articles of association of the company, C.I.T. v. Standard Vaccum Oil Co., AIR 1966 SC 1393: (1966) 2 SCR 367: (1966) 1 SCJ 401: (1966) 59 ITR 685: (1966) 1 LT 327: (1966) 1 Com LJ 187....
elective share
elective share : the share (as one third) of an estate set by statute that a widow or widower or sometimes a child is entitled to claim in lieu of any provisions made in a will or in the event of being disinherited unjustifiably called also forced share compare curtesy, dower ...
Holder of a share
Holder of a share, the words 'holder of a share' are really equal to the word 'shareholder', and the expression 'holder of a share' denotes, in so far as the company is concerned, only a person who, as a shareholder, has his name entered on the register of members, Howrah Trading Co. v. I.T. Commissioner, AIR 1959 SC 775 (779). (Companies Act, 1913, Table A, Reg. 18)...
virile share
virile share [partial translation of French part (or portion) virile equally alloted share (as in an intestate inheritance), from Latin pars virilis, literally, male's share] in the civil law of Louisiana : an amount for which a solidary obligor (as a partner) is liable: as a : an amount due from the obligor under a solidary obligation (as a debt) arising from a contract or quasi contract that is equal to that of each other obligor unless there is an agreement or judgment to the contrary b : an amount based on the proportionate fault of the obligor when the obligation arises from an offense (as in negligence) or quasi-offense called also virile portion ...
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