Trust Company - Law Dictionary Search Results
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company
company pl: -nies : an association of persons for carrying on a commercial or industrial enterprise compare corporation, partnership finance company : a company that makes usually small short-term loans to individuals growth company : a company that grows at a greater rate than the economy as a whole and that usually directs a relatively high proportion of income back into the business holding company : a company whose sole function is to own and control other companies investment company : a company that earns income solely or primarily by holding and investing in securities issued by other companies or by government agencies joint-stock company : a business organization whose capital is represented by shares owned by stockholders each of whom is personally liable for the company's debts limited liability company : an unincorporated company formed under applicable state statute whose members cannot be held liable for the acts, debts, or obligations of the company and that ma...
trust account
trust account : an account opened with a trust company (as a bank) under which an inter vivos or testamentary trust is set up (as for the escrow of funds) ...
agent
agent 1 : someone or something that acts or exerts power : a moving force in achieving some result 2 : a person guided or instigated by another in some action [where the heads of departments are the political…s of the executive, merely to execute the will of the president "Marbury v. Madison, 5 U.S. 137 (1803)"] see also innocent agent 3 a : a person or entity (as an employee or independent contractor) authorized to act on behalf of and under the control of another in dealing with third parties see also agency, fiduciary relationship, subagent compare fiduciary, principal, servant apparent agent : an agent acting under an agency by estoppel bar·gain·ing agent : a labor union that represents the employees in a bargaining unit in negotiating with their employer through collective bargaining business agent : an agent that handles business affairs for another person or organization ;esp : a paid official of a union who carries on union business between the employ...
Trust corporation
Trust corporation, is defined by the (English) Settled Land Act, 1925, s. 117 (1) (xxx.), to mean the Public Trustee or a corporation appointed by the Court or entitled under (English) Public Trustee Act Rules [see the Public Trustee [(English) Custodian Trustee] Rules, 1926, S. R. & O., 1926, No. 1423/L. 37]. Trust corporations may exercise solely or jointly all the powers for the exercise of which the Land Legislation Acts of 1925 require two trustees at least (see TRUST; TRUST FOR SALE; SETTLED LAND; ADMINISTRATOR). These corporations include any company incorporated by Special Act or Royal Charter or Companies under the Companies Act, 1929, with an issued capital of not less than 2,50,000l., of which at least 1,00,000l. has been paid up in cash, or any company undertaking trust business for his Majesty's Navy, Army, Air Force or Civil Service having as director or member any person nominated by one of the Government Departments referred to in the Rules or any company authorized by ...
fund
fund 1 : a sum of money or other resources whose principal or interest is set aside for a specific objective cli·ent security fund : a fund established by each state to compensate clients for losses suffered due to their attorneys' misappropriation of funds common trust fund : an in-house trust fund established by a bank trust department to pool the assets of many small trusts for greater diversification in investing executor fund : a fund established in estate planning to provide for the payment of final expenses by an executor joint wel·fare fund : a fund that is established by collective bargaining to provide health and welfare benefits to employees and that is jointly administered by representatives of labor and management paid-in fund : a reserve cash fund in lieu of a capital stock account set up by mutual insurance companies to cover unforeseen losses sink·ing fund : a fund set up and accumulated by regular deposits for paying off the principal on a debt...
trust
trust 1 a : a fiduciary relationship in which one party holds legal title to another's property for the benefit of a party who holds equitable title to the property b : an entity resulting from the establishment of such a relationship see also beneficiary, cestui que trust, corpus declaration of trust at declaration, principal, settlor NOTE: Trusts developed out of the old English use. The traditional requirements of a trust are a named beneficiary and trustee (who may be the settlor), an identified res, or property, to be transferred to the trustee and constitute the principal of the trust, and delivery of the res to the trustee with the intent to create a trust. Not all relationships labeled as trusts have all of these characteristics, however. Trusts are often created for their advantageous tax treatment. accumulation trust : a trust in which principal and income are allowed to accumulate rather than being paid out NOTE: Accumulation trusts are disfavored and often restricted...
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...
Person
Person, a Hindu Undivided Family is a person, Kshetra Mohan-Sannyasi Charan Sadhukhan v. Commissioner of Excess Profit Tax, West Bengal, AIR 1953 SC 516.According to company law it does not mean an unregistered firm, Firm Pannaji v. Devichand Kapurchand, 99 IC 640.Person, does not include court, Kharka Gigabhai Mavji v. Soni Jagjivan Kanji, (1979) 20 Guj LR 256.Person, implies only an individual and does not bear scrutiny when construed in the case of a company, a firm of partners or an association of persons, J.K. Industries Ltd. v. Chief Inspector of Factories and Boilers, (1997) SCC (205) 1.Person, in an Act of Parliament passed after 1st January, 1890, includes 'any body of persons corporate or unincorporate' unless the contrary intention appears, Interpretation Act, 1889, s. 19. A corporation, such as a limited company, may be a 'respectable and responsible person' within the meaning of a covenant against assignment in a lease, Willmott v. London Road Car Co., (1910) 2 Ch 525. A c...
Bona vacantia
Bona vacantia, things found without any apparent owner which belong to the first occupant or finder, unless they be whale or sturgeon, wreck, treasure trove, waifs or estrays (see those titles), which belong to the Crown by virtue of its prerogative. So personal property held on trusts which have failed, or held in trust for a corporation which has been dissolved, belongs to the Crown as bona vacantia; see Re Higginson, (1898) 1 QB 325, and cases there cited. By the (English) Companies Act, 1929, s. 296, the property of a dissolved company including property held on trust for it shall, subject to the provisions of the Act, become bona vacantia. Before the Act was passed freehold and leasehold property reverted to the grantor. Hastings Corporation v. Letton, (1908) 1 KB 378, s. 296 is not retrospective, Re Katherine Ltd., (1932) 1 Ch 70, and (1933) 2 Ch 29. As to the rights of the Crown, the Duchy of Lancaster or the Duke of Cornwall to bona vacantia, see (English) Administration of Est...
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