Working Capital - Law Dictionary Search Results
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Capital
Capital [fr. Capitalis; caput, Lat.]. The corpus of property of any description which may or may not be the source of a periodical or other return (fructus, produce or income). The word 'capital' when employed in Company Law is used in different senses. Nominal capital is the capital of a company so stated for the purposes of division into shares. It implies nothing more than that the company is possessed of money or assets of a stated value at the company's own valuation which may be, and often is, exaggerated or illusory. Working capital means the amount employable for the purposes of a company or any other undertaking or business. See ALTERATION OF CAPITAL, COMPANY, PROSPECTUS, DIRECTORS. In the Settled Land Act, 1925, capital money arising under the Act means capital money arising under the powers or provisions of that Act or Acts which it replaces, receivable for the purposes of a settlement and includes securities representing capital money. Elaborate provisions are contained in ...
Hire-purchase agreement
Hire-purchase agreement, Hire-purchase agreements are executor contracts under which the goods are let on hire and the hirer has an option to purchase in accordance with the terms of the agreement. These types of agreements were originally entered into between the dealer and the customer and the dealer used to extend credit to the customer. But as hire-purchase scheme gained in popularity and in size, the dealers who were not endowed with liberal amount of working capital found it difficult to extend the scheme to many customers. Then the financiers came into the picture. The finance company would buy the goods from the dealer and let them to the customer under hire-purchase agreement. The dealer would deliver the goods to the customer who would then drop out of the transaction leaving the finance company to collect installments directly from the customer. Under hire-purchase agreement, the hirer is simply paying for the use of the goods and for the option to purchase them. The finance...
Minimum subscription
Minimum subscription is the minimum cash to be raised by the issue of shares offered to the public for subscription. This must be stated in the prospectus and application sums therefor received before allotment of shares. The amount includes the minimum required, in the opinion of directors, for property to be bought by the proceeds of issue, preliminary expenses, if any repayment of loans for those purposes and working capital; see (English) Companies Act, 1929, s. 39 and 4th Sched...
Rate
Rate, A contribution levied by some public body for a public purpose, as a poor rate, a highway rate, a sewers rate, upon, as a general rule, the occupiers of property within a parish or other area.Proportional or relative value; the proportion of which quantity or value is adjusted, Black's Law Dictionary, 7th Edn., p. 1268.The term 'rate' is also used to mean a charge by a water, gas, railway, or other public undertaking for services rendered e.g., (English) Railways Act, 1921, s. 20; Metropolitan Water Board Charges Act, 1921 (11 & 12 Geo. 5, c. xciv.).The poor rate was levied under the (English) Poor Relief Act, 1601 (43 Eliz. s. 2), on the occupiers in each parish of 'lands, houses, tithes, coal mines, or saleable underwoods,' and the (English) Rating Act, 1874, extended the liability to rates to: (1) land used for a plantation or a wood, or for the growth of saleable underwood, and not subject to any right of common; (2) rights of fowling, shooting, taking, or killing game, or ra...
Working funds
Working funds, the words 'working funds', when used in relation to a banking company, are not to be construed in their ordinary popular sense by reference to a dictionary. They have a history of their own and they have acquired a definite meaning. In the Sastri Award made in 1953 in regard to industrial disputes between certain banking companies and their workmen, the words 'working funds' were defined to mean paid-up capital, reserves and the average of the deposits for 52 weeks of each year for which weekly returns of deposits are submitted to the Reserve Bank of India under the provisions of the Reserve Bank of India Act. This is the sense in which they must be deemed to have been used by the legislature when it enacted clauses (ii) and (iii) of the proviso to Item 2 of the Third Schedule, Workmen of National & Grindlays Bank Ltd. v. National & Grindlays Bank Ltd., AIR 1976 SC 611: (1976) 1 SCC 925: (1976) 3 SCR 130...
Chef doeliguvre
A masterpiece a capital work in art literature etc...
Capital expenditure and revenue expenditure
Capital expenditure and revenue expenditure, in cases where the expenditure is made for the initial outlay or for extension of a business or a substantial replacement of the equipment, there is no doubt that it is 'capital expenditure'. If on the other hand it is made not for the purpose of bringing into existence any such asset or advantage but for running the business or working it with a view to produce the profits it is a 'revenue expenditure', Assam Bengal Cement Co. v. C.I.T, AIR 1955 SC 89 (96). [Income-tax Act, 1922, s. 10(2)(xv)]...
Goods
Goods, Computer programs are the product of an intellectual process, but once implanted in a medium they are widely distributed to computer owners. An analogy can be drawn to a compact-disc recording of an orchestral rendition. The music is produced by the artistry of musicians and in itself is not a 'good', but when transferred to a laser-readable disc it becomes a readily merchant-able commodity. Similarly, when a professor deliv-ers a lecture, it is not a good, but, when transcribed as a book, it becomes a good. That a computer program may be copyrightable as intellectual property does not alter the fact that once in the form of a floppy disc or other medium, the program is tangible, moveable and available in the marketplace. The fact that some programs may be tailored for specific purposes need not alter their status as 'goods' because the Code definition includes 'specially manufactured goods', Advent Systems Ltd. v. Unisys Corpn., 925 F. 2d 670 3dCir 1991. Associated Cement Compa...
Piracy
Piracy [fr. pirata, Lat.], the commission of those acts of robbery and violence upon the sea, which if committed upon land wold amount to felony. Pirates hold no commission or delegated authority from any sovereign or State, empowering them to attack others. They can, therefore, be only regarded in the light of robbers. They are, as Cicero has truly stated, the common enemies of all (communes hostes omnium); and the law of nations gives to every one the right to pursue and exterminate them without any previous declaration of war (see Piracy Jure Gentium, 1934, AC 586, where a frustrated attempt was held to be piracy by that law); but it is not allowed to kill them without trial, except in battle. Those who surrender or are taken prisoners must be brought before the proper magistrates, and dealt with according to law. By the ancient Common Law of England, piracy, if committed by a subject, was held to be a species of treason, being contrary to his natural allegiance; if by an alien, to ...
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