Trust Company - Law Dictionary Search Results
Home Dictionary Name: trust company Page: 4Contribution
Contribution, to any fund shall not include any sums in repayment of loan. [Income-tax Act, 1961 (43 of 1961), s. 80C(8)(ii)]Means the sum of money payable to the corporation by the principal employer in respect of an employee and includes any amount payable by or on behalf of the employee in accordance with the provisions of this Act. [Employees' State Insurance Act, 1948 (34 of 1948), s. 2(4)]The word 'contribution' used in the proviso must also be given its due meaning. It cannot be understood as donations. If that be so, a voluntary contribution cannot amount to a compulsive donation. If the donor, in order to gain an advantage or benefit, if he apprehends that but the contribution some adverse consequence would follow, makes a donation certainly it ceases to be voluntary, Municipal Corpn. of Delhi v. Children Book Trust, AIR 1992 SC 1456 (1472): (1992) 3 SCC 390. [Delhi Municipal Corporation Act, 1957, (66 of 1957), s. 115(4)(a), Proviso]The performance by each of two or more pers...
County Courts
County Courts. The old County Court was a tribunal inident to the jurisdiction of a sheriff, but was not a Court of Record. Proceedings were removable into a superior court by recordari facias loquelam, or writ of false judgment. Outlawries ofabsconding offenders were here proclaimed.Far more important inferior tribunals have now been established throughout England. They were first established in 1846 by 9 & 10 Vict. c. 95, 'the Act for the more easy recovery of Small Debts and Demands in England,' repealed and re-enacted with fourteen amending Acts by the consolidating and amending (English) County Courts Act, 1888 (51 & 52 Vict. c. 43), an Act very materially but very shortly amended by the (English) County Courts Act, 1903 (3 Dew. 7, c. 42), which came into operation on the 1st January, 1905, and raised the common law jurisdiction from 50l. (to which amount it had been raised by an Act of 1850 from the original 20l. under the Act of 1846) to 100l. The number of jurors was also raise...
Possibility on a possibility
Possibility on a possibility. Lord Coke lays it down as a rule that the event on which a remainder is to depend must be a common possibility, and not a double possibility, or a possibility on a possibility, which the law will not allow. Thus he tells us that the chance that a man and a woman, both married to different persons, shall themselves marry one another is but a common possibility. But the chance that a married man shall have a son named Geoffrey is stated to be a double or remote possibility; see Williams on Real Property; 2 Rep. 51 a; 10 Rep. 50 b; Co. Litt. 184 a. The idea that there cannot be a possibility and a possibility seems to have been a conceit invented by Popham, C.J., but it was never really intelligible, Whitby v. Mitchell, (1890) 44 Ch D p. 92, per Lindley, LJ, and never applied to trusts of personal estate [Re Bowles, (1902) 2 Ch 650]. It gave rise, however, to the rule, now well settled in regard to limitations and trusts of realty created by instruments comin...
Scrivener
Scrivener [fr. scrivano, Ital.; escrivain, Fr.], or Money Scrivener, a professional man whose business of receiving men's money and investing it for them when he should find a proper opportunity, being trusted as a banker in the meantime, died out about the middle of the eighteenth century. He was subjected to the law of bankruptcy by 21 Jac. 1, c. 19 (repealed by 6 Geo. 4, c. 16), where, and also in Sch. I of the repealed Bankruptcy Act, 1869, he is defined as 'using the trade or profession of a scrivener, receiving other men's monies or estates into his trust or custody.' See Adams v. Malkin, (1814) 3 Camp 539, where the question whether an attorney could be made bankrupt as a scrivener was decided in the negative, and Boswell's Life of Johnson, where it is related that one Jack Ellis, a contemporary of Dr. Johnson, and mentioned by him with great respect, was the last of the scriveners. By s. 13 of the Public Notaries Act, 1801, no person can become a notary within the limits of the...
Modification
Modification, includes additions, omissions and amendments and related expressions shall be construed accordingly. An 'addition' or 'omission', not amounting to or requiring an amendment will be a modification, Aon Trust Corpn. v. KPMG, (2005) 1 WLR (Ch). [See (English) Pension Schemes Act, 1993, s. 181; (English) Pension Act, 1995, ss. 56(2)(a), 60, 67, 75]Modification, the term usually applied to the decree of the Teind Court, awarding a suitable stipend to the minister of a parish, Bell's Scots LawDict.The court must give the widest effect to the meaning of the word 'modification' used in Article 370(1) and in that sense it includes an amendment. There is no reason to limit the word 'modifications' as used in Article 370(1) only to such modifications as do not make any 'radical transformation', Puranlal Lakhanpal v. President of India, AIR 1961 SC 1519 (1520): (1962) 1 SCR 688. [Constitution of India, Art. 370 (1) (d)]Modify' and 'modification' have been defined in s. 2(29) of the C...
Land charge
Land charge, means a rent or annuity or principal moneys charged otherwise than by deed upon land under (English) Act of Parliament for securing to any person, the money spent by him, or under that Act, as a charge under the Land Drainage Act, 1861 (see DRAINAGE), or s. 20 of the Agricultural Holdings Act, 1923, for repayment of compensa-tion of tenant's improvements. See s. 4 of the Land Charges Registration and Searches Act, 1888 (51 & 52 Vict. c. 51), by s. 12 of which a 'land charge,' created after the commencement of that Act-i.e., after 1st January, 1889-is void against a purchaser for value of the land charged therewith, unless it has been registered in the 'Register of Charges,' in the manner mentioned in that Act, since transferred to the Land Registry by virtue of the Land Charges Act, 1900 (63 & 64 Vict. c. 26), repealed by the Land Charges Act,1925. By this Act the system of compulsory registration of charges over land has been greatly extended and no purchaser of land woul...
Debenture stock
The debt or series of debts collectively represented by a series of debentures a debt secured by a trust deed of property for the benefit of the holders of shares in the debt or of a series of debentures By the terms of much debenture stock the holders are not entitled to demand payment until the winding up of the company or default in payment in the case of railway debentures they cannot demand payment of the principal and the debtor company cannot redeem the stock except by authority of an act of Parliament...
Cause of action
Cause of action, a cause of action is a bundle of facts which are required to be pleaded and proved for the purpose of obtaining relief claimed in the suit. For the aforementioned purpose, the material facts are required to be stated but not the evidence except in certain cases where the pleading relied on any misrepresentation, fraud, breach of trust, wilful default or undue influence, Liverpool & London S.P. & I Assocn. v. M.V. Sea Success, (2004) 9 SCC 512 (562). [Civil Procedure Code, 1908, O. 7, R. 11(9)]--It is only that court in whose jurisdiction the 'cause of action' did arise will have Jurisdiction to entertain an application either under section 9 or under section 11 of the Act (Arbitration and Conciliation Act, 1996); Indian Iron and Steel Company Ltd. Kolkata v. Tiwari Roadlines, Hyderabad, AIR 2006 AP 1.Means every fact which it is necessary to establish to support a right to obtain a judgment, Prem Chand Vijay Kumar v. Yashpal Singh, (2005) 4 SCC 417.Is a bundle of facts...
Creditor
Creditor [Lat.], one who trusts or gives credit, correlative to debtor. A creditor is entitled totake out letters of administration if there be no next of kin, or the next of kin will not. And see BANKRUPTCY, ADMINISTRATION OF ASSETS, and COMPANY.(ii) includes a decree-holder, 'debt' includes a judg-ment-debt, and 'debtor' includes a judgement-debtor. [Provincial Insolvency Act, 1920, s. 2 (1) (a)]In relation to a bankrupt, means a person to whom any of the bankruptcy debts is owed, being, in the case of an amount falling within the Insolvency Act, 1986, s. 382(1) (c) Halsbury's Laws of England, Vol. 3(2), para 84, p. 52.Includes all creditors who may assent to, or take the benefit of, a deed of arrangement Deeds of Arrangement Act, 1914, s. 30(1) (UK) Halsbury's Laws of England, Vol. 3(2), para 830, p. 444....
Fidelity, fidelity insurance gurantee
Fidelity, fidelity insurance gurantee, 'Fidelity' according to dictionary means faithfulness, loyalty. In insurance terminology it is understood as assurance to indemnify against loss consequent upon the dishonesty or default. Usually the assured and the person whose fidelity is assured stand to each other in relation of employer and employee. As the use of the word 'fidelity' indicates, 'it is a policy intended to protect the assured against the contingency of breach of fidelity on part of a person in whom confidence has been placed'. It is a contract whereby, for a consideration, one agrees to indemnify another against loss arising from the want of honesty, integrity or fidelity of an employee or other person holding a position of trust. Fidelity Guarantee is thus different from contingency guarantee. The insurance under it is for honesty, against negligence or for being faithful and loyal. The protection afforded is different than normal insurance policies. Its consequences and enfo...
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