Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
Articles of association
1. Articles of incorporation. 2. A document - similar to articles of incorporation - that legally creates a nonstock or nonprofit organization.
Association
1. The process of mentally collecting ideas, memories, or sensations. 2. A gathering of people for a common purpose; the persons so joined. 3. An unincorporated business organization that is not a legal entity separate from the persons who compose it. A if an alsociation has sufficient corporate attributes, such as centralized management, continuity of existence, and limited liability, it may be classified and taxed as a corporation. - also termed unincorporated association; voluntary association.
Association of american law schools
an organization of law schools that have each graduated at least three annual classes of students. - abbr. Aals.
Association-in-fact enterprise
under rico, a group of people or entities that have not formed a legal entity, but that have a common or shared purpose, and maintain an ongoing organizational structure through which the associates function as a continuing unit. 0 a rico violation is not shown merely by proving that an enterprise, including an association-infact, exists. A pattern of racketeering activity must also be proved. 18 usca § 1961(4); united states v. Turkette, 452 u.s. 576, 101 s.ct. 2524 (1981).
Beneficial association
see benevolent association under association.
Benevolent association
an unincorporated, nonprofit organization that has a philanthropic or charitable purpose. - also termed beneficial association, benefit association, benevolent society, fraternal society, friendly society.
Federal National Mortgage Association
A corporation that is chartered by the U.S. government but privately owned and managed, and that provides a secondary mortgage market for the purchase and sale of mortgages guaranteed by the Veterans Administration and those insured under the Federal Housing Administration. - Abbr. FNMA. - Also termed Fannie Mace.
Government National Mortgage Association.
A federally owned corporation that purchases, on the secondary market, residential mortgages originated by local lenders and that issues federally insured securities backed by these mortgages. - Abbr. GNMA. - Also termed Ginnie Mae.
Homeowners' association
1. An association of people who own homes in a given area and have united to improve or maintain the area's quality. 2. An association formed by a land developer or homebuilder to manage and maintain property in which they own an undivided, common interest. 0 homeowners' associations - which are regulated by statute in many states - are commonly formed by restrictive covenant or a declaration of restrictions. - also spelled homeowners association.
Inter-American Bar Association
An organization of lawyers from North America, Central America, and South America whose purpose is to promote education, cooperation, and professional exchanges among lawyers from different American countries. - Abbr. IABA.
Lloyd's association
See LLOYD'S UNDERWRITERS.
National Association of Realtors
An association of real-estate brokers and agents promoting education, professional standards, and modernization in areas of real estate such as brokerage, appraisal, and property management. - Abbr. NAR.
National Association of Securities Dealers
A group of brokers and dealers empowered by the SEC to regulate the over-the-counter securities market. - Abbr. NASD.
National Association of Securities Dealers Automated Quotation system
A computerized system for recording transactions and displaying price quotations for a group of actively traded securities on the over-the-counter market. - Abbr. NASDAQ.
National Bar Association
An organization comprised primarily of African-American members of the legal profession, which was founded in 1925 and which seeks to promote education, professionalism, and the protection of civil rights. - Abbr. NBA.
Professional association
1. A group of professionals organized to practice their profession together, though not necessarily in corporate or partnership form. 2. A group of professionals organized for education, social activity, or lobbying, such as a bar association. - abbr. P.a.
State bar association
an association or group of attorneys that have been admitted to practice law in a given state. ( state bar associations are usu. Created by statute, and membership is often mandatory for those who practice law in the state. Unlike voluntary, professional-development bar associations such as the american bar association, state bar associations often have the authority to regulate the legal profession, by undertaking such matters as disciplining attorneys and bringing lawsuits against those who participate in the unauthorized practice of law.
Trade association
an association of business organizations having similar concerns and engaged in similar fields, formed for mutual protection, the interchange of ideas and statistics, and the establishment and maintenance of industry standards. 0 a trade association may be composed of members of a single industry (e.g., the chemical manufacturers association) or members having a common interest or purpose (e.g., the consumer mortgage coalition). Among the joint actions that a trade association often takes are collecting industry data, advertising, marketing, and engaging in public relations and government relations.
american accounting association
an organization of accounting practitioners, educators, and students. ( the association, founded in 1916, promotes accounting as an academic discipline by sponsoring research projects and continuing-education seminars. - abbr. aaa.
american arbitration association
a national organization that maintains a panel of arbitrators to hear labor and commercial disputes. - abbr. aaa.
american bankers association.
a voluntary trade association of banking institutions, including banks, trust companies, and savings banks and associations, whose members represent the vast majority of banking deposits in the united states. ( the association was founded in 1875. abbr. aba.
american bar association.
a voluntary national organization of lawyers. ( among other things, it participates in law reform, law-school accreditation, and continuing legal education in an effort to improve legal services and the administration of justice. - abbr. aba.
benefit association.
See benevolent association under ASSOCIATION.
benevolent association.
See ASSOCIATION.
building-and-loan association
A quasi-public corporation that accumulates funds through member contributions and lends money to the members buying or building homes. Cf. SAVINGS-AND-LOAN ASSOCIATION.
business associations
See BUSINESS ENTERPRISES.
freedom of association
The right to join with others in a common undertaking that would he lawful if pursued individually. ( This right protected by the First Amendment to the USA Constitution. The government may not prohibit outsiders from joining an association, but insiders do not necessarily have a right to exclude others. Cf. RIGHT OF ASSEMBL',
homeowners' association.
See ASSOCIATION.
joint-stock association
See joint-stock company under COMPANY.
limited partnership association
See PARTNERSHIP ASSOCIATION.
loan association
See SAVINGS-AND-LOAN ASSOC ATION.
memorandum of association
English law. A legal document setting up a corporation - either with or without limited liability - and including the company's name, purpose, and duration. See ARTICLES OF INCORPORATION.
mutual association
A mutually owned, cooperative savings and loan association, with the deposits being shares of the association. ( A mutual association is not allowed to issue stock and is usu. regulated by the Office of Thrift Supervision, an agency of the U.S. Treasury Department. - See SAVINGS-AND-LOAN ASSOCIATION.
mutual-benefit association
A fraternal or social organization that provides benefits for its members, usu. on an assessment basis. "In the absence of statutory definition, the question of the extent to which mutual benefit, fraternal beneficiary, and like associations or societies, are within the meaning of the insurance laws must depend upon the terms of the different statutes, and the various circumstances of each particular case ----Broadly speaking, when a company, society, or association, either voluntary or incorporated, and whether known as a relief, benevolent, or benefit society, or by some similar name, contracts for a consideration to pay a sum of money upon the happening of a certain contingency, and the prevalent purpose and nature of the organization is that of insurance, it will be regarded as an insurance company and its contracts as insurance contracts------2A George J. Couch, Couch on Insurance § 20:2, at 11 (rev. 2d ed. 1984).
national association
See national bank under BANK.
nonprofit association.
A group organized for a purpose other than to generate income or profit, such as a scientific, religious, or educational organization.
owners' association
The basic governing entity for a condominium or planned unit developments. ( It is usu. an unincorporated association or a nonprofit corporation.
partnership association
A business organization that combines the features of a limited partnership and a close corporation. ( Partnership associations are statutorily recognized in only a few states. - Also termed statutory partnership association; limited partnership association.
professional association
See ASSOCIATION.
savings-and-loan association
A financial institution - often organized and chartered like a bank - that primarily makes home-mortgage loans but also usu. maintains checking accounts and provides other banking services. -Often shortened to S & L. - Also termed loan association; thrift institution; thrift. Cf. BUILDING-AND-LOAN ASSOCIATION.
state bar association
See BAR ASSOCIATION.
statutory partnership association
See PARTNERSHIP ASSOCIATION.
stock association
See joint-stock company under COMPANY.
trade association
See ASSOCIATION.
unincorporated association
See ASSOCIATION (3).
voluntary association
See ASSOCIATION (3)
writ of association
Hist. English law. A writ whereby certain persons (usu. the clerk of assize and subordinate officers) were directed to associate themselves with the justices and serjeants so that there would be an adequate supply of commissioners for the assizes. writ of attachment See ATTACHMENT (3)