Shareholder - Law Dictionary Search Results
Home Dictionary Name: shareholder Page: 4trust fund doctrine
trust fund doctrine : a doctrine holding that shareholders to whom assets of an insolvent corporation have been transferred are liable to creditors upon dissolution of the corporation ;broadly : a doctrine holding that corporate assets are held as a trust fund for the benefit of shareholders and creditors and that corporate officers have a fiduciary duty to deal with them properly ...
A and B lists
A and B lists. Two Lists of contributories are prepared by the liquidator in case a company is wound up. List A is prepared to include share-holders at the time of winding up order, who are primarily liable to contribute. List B is prepared to include the shareholders who are ceased to be but had been shareholders in preceding twelve months. Their liability to contribute is secondary...
Company
Company [fr. compagnia, Ital., which word is still printed on Bank of England notes as 'compa'], a body of persons associated for purposes of busi-ness, sometimes, but not now so frequently as some years ago, styled a Joint Stock Company.A company has its origin either (1) in a charter, as the Bank of England and many insurance companies; or (2) in a special Act of Parliament, with which, as authorizing an undertaking of a public nature such as a railway, the Companies Clauses Consolidation Act, 1845 (8 & 9 Vict. c. 16), is necessarily incorporated; or (3) in registration under the Companies Acts, 1862 and subsequent Acts, now consolidated into the (English) Companies Act, 1925 (19 & 20 Geo. 5, c. 23).By s. 13 of the Act of 1925 (1) on the registration of the memorandum of a company the registrar shall certify under his hand that the company is incorporated and, in the case of a limited company, that the company is limited. (2) From the date of incorporation mentioned in the certificat...
Control
Control, the word 'control' suggests check, restraint or influence. Control is intended to regulate and hold in check a restrain from action, State of Mysore v. Allum Karibasuppa, AIR 1974 SC 1863 (1866). [Karnataka Co-operative Societies Act, (11 of 1959), s. 54]The word 'control' is synonymous with superinten-dentce, management or authority to direct, restrict or regulate. Control is exercised by a superior authority in exercise of its supervisory power, S.V. Co-operative Bank Ltd. v. K. Panduranga, AIR 1972 SC 1248 (1250). [Multi-Unit Co-operative Societies Act, 1942, s. 2(1)]Control, is synonymous with superintendence, management, or authority to direct, restrict or regulate, Regional Provident Fund Commissioner v. Sanatan Dharam Girls Secondry School, 2006 (10) JT 159 [As per Words and Phrases, Vol. 9 Permanent Edn.]Imports the notion of the power to direct what shall be done with the property in question; and the words are intended to provide a clearer concept than 'possession' w...
Life-rent
Life-rent, a rent received for a term of life. See SETTLED LAND.The doctrine of the lifting of the veil has been applied in the words of Palmer in five categories of cases; where companies are in the relationship of holding and subsidiary (or subsidiary) companies; where a shareholder has lost the privilege of limited liability and has become directly liable to certain creditors of the company on the ground that, with his knowledge, the company continued to carry on business six months after the number of its members was reduced below the legal minimum; in certain matters pertaining to the law of taxes, debts, duties and stamps, particularly where the question of the 'controlling interest' is in issue; in the law relating to exchange control; and in the law relating to trading with the enemy where the test of control is adopted, Tata Engineering and Locomotive Co. Ltd. v. State of Bihar, AIR 1965 SC 40 (47): (1964) 6 SCR 885. (Companies Act, 1956, s. 34)...
cumulative voting
cumulative voting : a system of voting for corporate directors in which each shareholder is entitled to as many votes as he or she has shares times the number of directors to be elected compare straight voting ...
appraisal
appraisal : a valuation of property by the estimate of an authorized person: as a : the determination of the fair value of a corporation's stock by a judicial proceeding that a dissenting shareholder is usually entitled by statute to demand in a case of extraordinary corporate action (as a merger) see also dissent b : the estimation of the value of real estate for the purpose of taxation, sale, or securing a mortgage c : the estimation of the value of damage done to property for the purpose of adjusting an insurance claim ...
Share 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...
Public services and posts
Public services and posts, means the services and posts in connection with the affairs of the State and includes services and posts in-(i) a local authority; (ii) a co-operative society established under the Maharashtra Co-operative Societies Act, 1960 (Mah. XXIV of 1961), in which Government is a shareholder; (iii) a Board or a corporation on a statutory body established by or under a Central or a State Act, which is owned and controlled by the Government, or a Government Company as defined in s. 617 of the Companies Act, 1956 (1 of 1956); (iv) an educational institution owned and controlled by the Government, which receives grant-in-aid from the Government including a University established by or under a Maharashtra Act; (v) any establishment; and (vi) respect of which reservation was applicable by government orders on the date of commencement of this Act and which are not covered under sub-clauses (i) and (v), The Maharashtra State Public Services (Reservation for Scheduled Castes, ...
Proxy
Proxy, a person appointed, usually by written authority, by a person entitled to vote personally, to vote at the discretion of the proxy. See Harben v. Phillips, (1883) 23 Ch D p. 35.As to voting by proxy under the (English) Companies Clauses Consolidation Act, 1845 (8 & 9 Vict. c. 16), see sections 76, 77 of that Act; amended in the case of a company being shareholder, by the Companies Clauses Acts, 1888 and 1889.A letter 'for the sole purpose of appointing or authorizing a proxy to vote at any one meeting at which votes may be given by proxy, whether the number of persons named in such instrument be one or more,' must bear a penny stamp, must specify the day on which the meeting is to be held, and is to be available only at the meeting so specified, and any adjournment thereof [(English) Stamp Act, 1891, and First Schedule]. The Standing Orders of Parliament (L.S.O. 62 and C.S.O. 62) prohibit the sending out of stamped proxies in connection with extension bills. Directors, acting in ...
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