Managing Director, in relation to a banking company, means a director who, by virtue of an agreement with the banking company or of a resolution passed by the banking company in general meeting or by its Board of directors or, by virtue of its memorandum or articles of association, is entrusted with the management of the whole, or substantially the whole of the affairs of the company, and includes a director occupying the position of a managing director, by whatever name called. [Banking Regulation Act, 1949 (10 of 1949), s. 5 (h)]...
Agricultural Credits Acts, 1923 and 1928 (English) The 1923 Act to facilitate the advance of money and granting of credit for agricultural purposes and to amend the Improvement of Land Act, 1864. The Public Works Loans Commissioners are empowered to lend to associations money to be advanced upon mortgage to certain persons for the purpose of buying land for agricultural purposes. See the Act and the Agricultural Credits (Approved Associations) Regulations, 1923, and the Agricultural Credits (Advances to Credit Societies) Regulations, 1923. Under the Agricultural Credits Acts, 1928 and 1932, an agricultural loan company has been established for making long term loans, and also for short-term loans which may be charged on farming stock....
equal credit opportunity act A federal act prohibiting a creditor from discriminating against any applicant on the basis of race, color, religion, national origin, age, sex or marital status. (15 U.S.C. Sec. 1691) Source: FindLaw ...
Agricultural Holdings (Scotland) Act, 1923 (13 & 14 Geo. 5, c. 10), a consolidating Act of similar scope to the last title and differing therefrom principally in respect of procedure. Slightly amended by13 & 14 Geo. 5, c. 25....
fair credit reporting act federal act to ensure that credit bureaus are fair and accurate protecting the individual's privacy rights enacted in 1971 and revised in October 1997. Source: U.S. Department of Housing and Urban Development ...
equal credit opportunity act (ecoa) a federal law requiring lenders to make credit available equally without discrimination based on race, color, religion, national origin, age, sex, marital status, or receipt of income from public assistance programs. Source: U.S. Department of Housing and Urban Development ...
Corporation Act (English), 13 Car. 2, s. 2, c. 1, by which no person could thereafter be elected to office in any corporate town who should not within one year previously have taken the Sacrament of the Lord's Supper according to the rites of the Church of England.-An obligation to subscribe a declaration was substituted for the necessity of taking the Sacrament by 9 Geo. 4, c. 17,and the Corporation Act itself, with a body of similar Acts, was repealed by 34 & 35 Vict. c. 48....
Directors, persons appointed or elected according to law, authorized to manage and direct the affairs of a corporation or company. The whole of the directors collectively form the board of directors. Their powers, if the company be incorporated by Act of Parliament, are derived from its special Acts and ss. 90-100 of the (English) Companies Clauses Act, 1845; if the company be incorporated under the (English) Companies Act, 1929, see ss. 139 et seq., ibid. The company is bound by all acts of the directors within the scope of their authority. They may receive a salary, but may make no personal profit from the company [see, however, Re Dover Coalfield Ltd., (1908) 1 Ch 65], nor can a pension be granted to a retiring managing director, Normandy v. Ind, Coope & Co., (1908) 1 Ch 84; but they were under no personal liability except for fraud, as to the criminal liability for which see Larceny Act, 1861 (24 & 25 Vict. c. 96), ss. 81 et seq., and DECEIT. Public companies registered after Octob...
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...
Agricultural Holdings Act, 1923 (English) (13 & 14 Geo. 5, cc. 9 and 25). By a series of statutes commencing with the Agricultural Holdings Act, 1875, statutory compensation has been provided for an outgoing agricultural tenant in respect of the improvements effected by him during his tenancy. The operation of this Act could be and frequently was excluded by agreement, but now the tenant cannot deprive himself by contract of the right to claim compensation which is conferred on him by the Act, although he may within limits substitute other benefits by agreement. The Act of 1923 (as amended by the Agricultural Holdings Amendment Act, 1923) repeals and consolidates all the earlier statutes dealing with the subject, and confers on outgoing tenants of 'holdings' the rights and benefits briefly outlined below. The term 'holding' means any parcel of land held by a tenant which is wholly agricultural or wholly pastoral, or in whole or in part cultivated as a market garden, and which is not le...