Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
Accompany
To go along with (another); to attend. * In automobile-accident cases, an unlicensed driver is not considered accompanied by a licensed driver unless the latter is close enough to supervise and help the former.
Assessment company
an association that fers its members life insurance, and then :pays for death losses by levying an assessment the surviving members of the association
Bank holding company
a company that owns or controls one or more banks. 0 ownership or control of 25 percent is usu. Enough for this purpose. - abbr. Bhc.
Company
A corporation - or, less commonly, an association, partnership, or union - that carries on a commercial or industrial enterprise; a corporation, partnership, association, joint-stock company, trust, fund, or organized group of persons, whether incorporated or not, and (in an official capacity) any receiver, trustee in bankruptcy, or similar official, or liquidating agent, for any of the foregoing. Investment Company Act § 2(a)(8) (15 USCA § 80a-2(a)(8)). - Abbr. co.; com.
East India Company
Hist. The company that was originally established to pursue exclusive trade between England and India, and that later became more active in political affairs than in commerce. ( In 1858, by the Government of India Act, the government of the company's territories was transferred to the Crown. The company was dissolved in 1874. St. 21 & 22 Vict., ch. 106.
Investment Company Act
A 1940 federal statute enacted to curb financial malpractices and abuses by regulating investment-company activities and transactions - specifically, by requiring registration of investment companies and prohibiting transactions by unregistered companies; by making certain persons ineligible as affiliated persons or underwriters; by regulating affiliations of directors, officers, and employees; by barring changes in investment policy without shareholder approval; and by regulating contracts of advisers and underwriters. 15 USCA §§ 80a-1 et seq.
Public Utility Holding Company Act
A federal law enacted in 1935 to protect investors and consumers from the economic disadvantages produced by the small number of holding companies that owned most of the nation's utilities. ( The Act also sought to protect the public from deceptive security advertising. 15 USCA §§ 79 et seq. - Abbr. PUHCA.
Stationers' Company
Hist. An association of stationers and their successors, established in London in 1557 and entrusted, by order of the Privy Council, with censorship of the press.
acceptance company
See sales finance company under FINANCE COMPANY
bonding company
A company that insures a party against a loss caused by a third party.
captive insurance company
See INSURANCE COMPANY.
commercial credit company
See commercial finance company under FINANCE COMPANY.
commercial finance company
See FINANCE COMPANY
company union
1. A union whose membership is limited to the employees of a single company. 2. A union under company domination.
consumer finance company
finance company that deals directly with consumers in extending credit. - Also termed smallloan company.
controlled company
A company that is under the control of an individual, group, or corporation that owns most of the company's voting stock. Cf. subsidiary corporation under CORPORATION
cost-book mining company
An association of persons organized for the purpose of working mines or lodes, whose capital stock is divided into shares that are transferable without the consent of other members. ( The management of the mine is entrusted to an agent called a purser.
dead-and-buried company
A business that has dissolved, leaving no assets. deposit company. An institution whose business is the safekeeping of securities or other valuables deposited in boxes or safes leased to the depositors. See DEPOSITARY; DEPOSITORY.
deposit company
See COMPANY.
development-stage company
Securities. A company that devotes substantially all of its efforts to establishing a new business in which the principal operations either have not yet begun or have begun but without significant revenue.
diversified holding company
A holding company that controls several unrelated companies or businesses.
diversified investment company
See COMPANY.
failing-company doctrine
Antitrust. The rule that allows an otherwise proscribed merger or acquisition between competitors when one is bankrupt or near failure. 15 USCA §§ 12-27. -Also termed failing-firm defense. "The 1992 guidelines provide a limited defense for failing firms and failing divisions of firms. The defense is available if impending failure would cause the assets of one party to leave the market if the merger does not occur. Thus to establish a failing firm defense, the parties must show that the failing firm cannot (1) meet its financial obligations, (2) reorganize in bankruptcy, and (3) find another buyer whose purchase of the firm would pose lesser anticompetitive risks. The parties must further show that (4) without the merger, the failing firm's assets will exit the market." Ernest Gellhorn & William E. Kovacic, Antitrust Law and Economics in a Nutshell 398-99 (4th ed. 1994).
finance company
A nonbank company that deals in loans either by making them or by purchasing notes from another company that makes the loans directly to borrowers.
growth company
A company whose earnings have increased at a rapid pace and that usu. directs a high proportion of income back into the business.
guaranty company
See surety company.
guaranty company.
See surety company under COMPANY.
holding company
A company formed to control other companies, usu. confining its role to owning stock and supervising management.
holding company.
See COMPANY.
holding-company tax
A federal tax imposed on undistributed personal-holding-company income after allowing deductions for such things as dividends paid. IRC (26 USCA) § 545. - Also termed personal-holding-company tax.
holding-company tax.
See TAX.
insurance company
A corporation or association that issues insurance policies.
investment company
A company formed to acquire and manage a portfolio of diverse assets by investing money collected from different sources. ( The Investment Company Act of 1940 defines the term as an issuer of securities that (1) is, holds itself out to be, or proposes to be engaged primarily in the business of investing, reinvesting, or trading in securities; (2) is engaged or proposes to engage in the business of issuing face-amount certificates of the installment type, or has been engaged in this business and has such a certificate outstanding; or (3) is engaged or proposes to engage in the business of investing, reinvesting, owning, holding, or trading in securities, and owns or proposes to acquire investment securities having a value exceeding 40% of the value of the issuer's total assets (exclusive of government securities and cash items) on an unconsolidated basis. 15 USCA § 80a-2(a)(16). - Also termed investment trust. See REAL-ESTATE INVESTMENT TRUST; MUTUAL FUND.
joint-stock company
1. An unincorporated association of individuals possessing common capital, the capital being contributed by the members and divided into shares, of which each member possesses a number of shares proportionate to the member's investment. 2. A partnership in which the capital is divided into shares that are transferable without the express consent of the partners. - Also termed joint-stock association; stock association "The joint stock association or company developed early in English company law, the term being used to distinguish companies which operated on a joint account and with a joint stock' (in trade) of their members from companies (now obsolete) each member of whom traded on one's separate account with one's own stock in trade .... In American jurisdictions, the joint stock association is generally an unincorporated business enterprise with ownership interests represented by shares of stock." Henry G. Henn & John R. Alexander, Laws of Corporations § 50, at 109 (3d ed. 1983).
limited company
A company in which the liability of each shareholder is limited to the amount individually invested. ( A corporation is the most common example of a limited company.
limited-liability company
A company -statutorily authorized in certain states -that is characterized by limited liability, management by members or managers, and limitations on ownership transfer. - Abbr. L.L.C. - Also termed limited-liability corporation.
management company
Any investment company that is neither a face-amount certificate company nor a unit-investment trust. See investment company; face-amount certificate company; unit-investment trust under TRUST.
mixed insurance company
An insurance company having characteristics of both stock and mutual companies in that it distributes part of the profits to stockholders and also makes distributions to the insureds.
mortgage company
A company that makes mortgage loans and then sells or assigns them to investors.
mutual company
A company that is owned by its customers rather than by a separate group of stockholders. ( Many insurance companies are mutual companies, as are many federal savings-and-loan associations. See MUTUAL INSURANCE COMPANY.
mutual insurance company
An insurer whose policyholders are its owners, as opposed to a stock insurance company owned by outside shareholders. Cf. STOCK INSURANCE COMPANY.
parent company
See parent corporation under CORPORATION.
personal holding company
See COMPANY.
personal holding company.
A holding company that is subject to special taxes and that usu. has a limited number of shareholders, with most of its revenue originating from passive income such as dividends, interest, rent, and royalties.
personal-holding-company tax
See holdingcompany tax under TAX.
railroad company
See railroad corporation under CORPORATION.
reporting company
See REPORTING COMPANY.
safe-deposit company
See DEPOSITARY (1).
sales finance company
A finance company that does not deal directly with consumers but instead purchases consumer installment paper arising from the sale of consumer durables "on time." - Also termed acceptance company.
small-business investment company
A corporation created under state law to provide long-term equity capital to small businesses, as provided under the Small Business Investment Act and regulated by the Small Business Administration. 15 USCA §§ 661 et seq. - Abbr. SBIC.