Trust Company - Law Dictionary Search Results
Home Dictionary Name: trust company Page: 2Depositary
Depositary, one with whom anything is lodged in trust, as 'depository' is the place where it is put. The obligation on the part of the depositary is, that he keeps the thing with reasonable care, and, upon request, restore it to the depositor, or otherwise deliver it, according to the original trust.Means a company formed and registered under the Companies Act, (1 of 1956), and which has been granted a certificate of registration under sub-s. (1A) of s. 12 of the Securities and Exchange Board of India Act, 1992 (15 of 1992). [Depositories Act, 1996 (22 of 1996), s. 2 (1) (e)]...
Deposit
Deposit, money paid to a person as an earnest or security for the performance of some contract, especially a contract for the sale of real estate. Also a naked bailment of goods to be kept for the bailor without recompense, and to be returned when the bailor shall require it. The appellation and the definition are both derived from the civil law. Depositum est quod custodiendum alicui datum est. It is, in the civil law, divisible into two kinds: (1) necessary, made upon some sudden emergency, and from some pressing necessity; as, for instance, in case of a fire, a shipwreck, or other overwhelming calamity, when property is confided to any person whom the depositor may meet without proper opportunity for reflection or choice, and thence it is called miserabile depositum; (2) voluntary, which arises from the mere consent and agreement of the parties. the Common Law has made no such division. There is another class of deposits, called involuntary, which may be without the assent or even k...
Institution investor
Institution investor, means one who trades large volumes of securities, usu. by investing other people's money into large managed funds. Institutional investors are often pension funds, investment companies, trust managers, or insurance companies, Black's Law Dictionary, 7th Edn., p. 801....
Charities, or Public Trusts
Charities, or Public Trusts. One of the earliest fruits of the Emperor Constantine's zeal, or pretended zeal, for Christianity, was a permission to his subjects to bequeath their property to the Church. This permission was soon abused to so great a degree as to induce the Emperor Valentinian to enact to Mortmain Act by which it was restrained. But this restraint was gradually relaxed; and in the time of Justinian it became a fixed maxim of civil law that legacies to pious uses (which included all legacies destined to works of charity, whether they related to spiritual or temporal concerns) were entitled to peculiar favour, and to be deemed privileged testaments.Lord Thurlow was clearly of opinion that the doctrine of charities grew up from the civil law; and Lord Eldon, in assenting to that opinion, has judiciously remarked, that at an early period that ordinary had the power to apply a portion of every man's personal estate to charity; and when afterwards the statute compelled a distr...
Cost-book mining companies
Cost-book mining companies. The statutory regulations relating to these Companies are contained in the Stannaries Acts, 1869 (32 & 33 Vict. c. 19) and 1887 (50 & 51 Vict. c. 43), and the Companies Act, 1929. The Latter Act (s. 357) has preserved the then existing provisions of the earlier Acts. Subject to the statutory provisions, it maybe said that these companies are formed thus:-A number of adventures, who have obtained permission from the landowner to work a lode, assemble; they decide on the number of shares into which their capitalis to be divided, and the number to be allotted to each; they appoint an agent, commonly called a purser, for the purpose of managing the affairs of the mine, and enter in a book, called the cost book, the minutes of their proceedings, which are signed by all present. A license to try for ores, for twelve months, or some short period, is then obtained; followed, if the search be promising, by a set, that is, a lease of the minerals, or a license to ding...
Audit
Audit, an examining of accounts. An audit may be either detailed or administrative, and is usually both. A detailed audit is a comparison of vouchers with entries of payment, in order that the party whose accounts are audited may not debit his employer with payments not in fact made. An administrative audit is a comparison of payments with authorities to pay, in order that the party whose accounts are audited may not debit his employer with payments not authorised. If in either branch of audit an improper entry is discovered, the auditor surcharges the party whose accounts are audited; whereby the payment must be made by such party out of his own pocket. Where no fraud is suspected, however, and when there has been no negligence, it is common for the surcharge to be remitted [see, e.g., (English) Local Government Act, 18 (23 & 24 Geo. 5, c. 51), s. 230], especially where the party whose accounts are audited has given his service gratuitously.The public accounts are audited under the (E...
Notice
Notice, the making something known to a person of which he was or might be ignorant. Notice is either (1) statutory; (2) actual, which brings the knowledge of a fact directly home to the party; or (3) constructive or implied, which is no more than evidence of facts which raise such a strong presumption of notice that equity will not allow the presumption to be rebutted. [S. 154, I.P.C. and Art. 61(2)(a) const. 56 Indian Evidence Act]Constructive notice may be subdivided into: (a) where the facts of which actual evidence is supplied give rise to a further enquiry which a man exercising ordinary caution would make equity has added constructive notice of the facts, which that inquiry would have elicited; and (b) where there has been a designed abstinence from inquiry for the very purpose of avoiding notice. See CONSTRUCTIVE NOTICE.A purchaser with notice may protect himself by purchasing the title of another bona fide purchaser for a valuable consideration without notice; for, otherwise, ...
Directors
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...
Public trustee
Public trustee. The office of Public Trustee was established by the (English) Public Trustee Act, 1906, which came into force on 1st January, 1908. The Public Trustee is a corporation sole, and may if he thinks fit act in the administration of estates of deceased persons if under one thousand pounds; act as custodian trustee [see that title, and Re Cherry's Trusts, (1914) 1 Ch 83]; act as an ordinary trustee; be appointed to be a judicial trustee (see that title); be appointed administrator of the property of a convict under the Forfeiture Act, 1870; and he may also be appointed an executor and obtain a grant of probate (s. 5). He may be appointed a trustee whether the trust instrument came into operation before or after the Act, and either as an original or a new trustee, or as an additional trustee, in the same cases and manner and by the same persons or Court as if he were a private trustee, with this addition--that he may be appointed sole trustee although the trustees originally a...
Chancery
Chancery [fr. Cancelli, lattice-work, Lat.; chancellerie, Fr.]. the Court of Chancery, which administered equity (see that title) so far as distinct from law, was the highest court of judicature in this kingdom next to Parliament.Its powers and jurisdiction were in 1875 transferred to (I.) The High Court of Justice, and (II.) The Court of Appeal [(English) Jud. Act, 1873, ss. 16-18].(I) There is by the (English) Judicature Act, 1873, replaced by the English Judicature Act, 1925, s. 4, a Division of the High Court of Justice called the Chancery Division. To this Division are assigned (1) matters in which the court of Chancery had exclusive statutory jurisdiction (except County Court appeals), of these, the jurisdiction under the (English) Charitable Trusts Acts, 1853-1869, is practically the only portion nw remaining, the other jurisdictions having become exercisable under subsequent legislation. (Note: a. P. 1934, p. 2374), and (2) causes and matters for the administration of estates o...
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