Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
Articles of incorporation
a document that sets forth the basic terms of a corporation's existence, including the number and classes of shares and the purposes and duration of the corporation. ( in most states, the articles of incorporation are filed with the secretary of state as part of the process of forming the corporation. In some states, the articles serve as a certificate of incorporation and are the official recognition of the corporation's existence. In other states, the government issues a certificate of incorporation after approving the articles and other required documents. - also termed articles of association; articles of organization; certificate of incorporation. Cf. Bylaw (1); charter (3).
C corporation
See CORPORATION.
Commodity Credit Corporation
A federal agency that, through loan subsidies and loan purchases, supports prices of agricultural products to help sell the products in domestic and foreign markets. - Abbr. CCC.
Corporation
n. An entity (usu. a business) having authority under law to act as a single person distinct from the shareholders who own it and having rights to issue stock and exist indefinitely; a group or succession of persons established in accordance with legal rules into a legal or juristic person that has legal personality distinct from the natural persons who make it up, exists indefinitely apart from them, and has the legal powers that its constitution gives it. - Also termed corporation aggregate; aggre-gate corporation; body corporate; corporate body.
Corporation Act
Hist. A 1661 English statute (13 Car. 2, St. 2, ch. 1) prohibiting the holding of public office by anyone who would not take the Anglican sacrament and the oaths of supremacy and allegiance. ( The Act was repealed by the Promissory Oaths Act of 1871.
Depository Trust Corporation
The principal central clearing agency for securities transactions on the public markets. - Abbr. DTC.
Federal Deposit Insurance Corporation
An independent governmental agency that insures bank deposits up to a statutory amount per depositor at each participating bank. ( The insurance fund is financed by a premium paid by the participating banks. - Abbr. FDIC.
Federal Farm Credit Banks Funding Corporation
A federal corporation that manages the sale of federal farm-credit-system securities in the money and capital markets and also provides advisory services to banks in the federal farm credit system.
Federal Home Loan Mortgage Corporation
A corporation that purchases both conventional and federally insured first mortgages from members of the Federal Reserve System and other approved banks. - Abbr. FHLMC. -Also termed Freddie Mac.
Federal Savings and Loan Insurance Corporation
A federal agency created in 1934 to insure deposits in savings-and-loan associations and savings banks. ( When this agency became insolvent in 1989, its assets and liabilities were transferred to an insurance fund managed by the FDIC. - Abbr. FSLIC. See RESOLUTION TRUST CORPORATION.
Incorporation
n. 1. The formation of a legal corporation. See ARTICLES OF INCORPORATION. 2. Constitutional law. The process of applying the provisions of the Bill of Rights to the states by interpreting the 14th Amendment's Due Process Clause as encompassing those provisions. (In a variety of opinions since 1897, the Supreme Court has incorporated all of the Bill of Rights except the following provisions: (1) the Second Amendment right to bear arms, (2) the Third Amendment prohibition of quartering soldiers, (3) the Fifth Amendment right to grand jury indictment, (4) the Seventh Amendment right to a jury trial in a civil case, and (5) the Eighth Amendment prohibition of excessive bail and fines.
Legal Services Corporation
A corporation established by the Legal Services Corporation Act of 1974 (42 USCA § 2996) to provide legal help to clients who cannot afford legal services.
Overseas Private Investment Corporation.
A corporation created by the federal government to finance and insure overseas investments by U.S. companies. ( Chartered in 1969, the corporation is a for-profit entity that is not federally funded, but its insurance commitments are backed by the full faith and credit of the federal government. - Abbr. OPIC.
Pension Benefit Guaranty Corporation
The federal agency that guarantees the payment of retirement benefits covered by private pension plans that lack sufficient assets to, pay the promised benefits. - Abbr. PBGC.
Resolution Trust Corporation
A federal agency established to act as a receiver for insolvent federal savings-and-loan associations and to transfer or liquidate those associations' assets. ( The agency was created when the Federal Savings and Loan Insurance Corporation was abolished in 1989. - Abbr. RTC. See FEDERAL SAVINGS AND LOAN INSURANCE CORPORATION.
S corporation
A corporation whose income is taxed through its shareholders rather than through the corporation itself. ( Only corporations with a limited number of shareholders can elect S-corporation tax status under Subchapter S of the Internal Revenue Code. -Also termed subchapter-S corporation; tax-option corporation. Cf. C corporation.
Securities Investor Protection Corporation
A corporation established under the Securities Investor Protection Act to protect investors and help brokers and dealers in financial trouble. -Abbr. SIPC. See SECURITIES INVESTOR PROTECTION ACT.
U.S.-owned foreign corporation
A foreign corporation in which 50% or more of the total combined voting power or total value of the stock is held directly or indirectly by U.S. citizens. IRC (26 USCA) § 904(g)(6). ( If the dividend or interest income paid by a U.S. corporation is classified as a foreign source, the U.S. corporation is treated as a U.S.owned foreign corporation. IRC (26 USCA) § 861.
U.S: owned foreign corporation
See coRPoRATION.
acquired corporation
The corporation that no longer exists after a merger or acquisition.
acquired corporation.
See CORPORATION.
admitted corporation
See CORPORATION.
aggregate corporation.
see corporation.
aggressor corporation
A corporation that attempts to obtain control of a publicly held corporation by (1) a direct cash tender, (2) a public exchange offer to shareholders, or (3) a merger, which requires the agreement of the target's management.
alien corporation
See foreign corporation.
brother-sister corporation
See sister corporation.
business corporation
A corporation formed to engage in commercial activity for profit. Cf nonprofit corporation.
certificate of incorporation
1. A document issued by a state authority (usu. the secretary of state) granting a corporation its legal existence and the right to function as a corporation. - Also termed charter; corporate charter. 2. ARTICLES OF INCORPORATION.
charitable corporation
A nonprofit corporation that is dedicated to benevolent purposes and thus entitled to special tax status under the Internal Revenue Code. - Also termed eleemosynary corporation. See CHARITABLE ORGANIZATION.
civil corporation
Any corporation other than a charitable or religious corporation.
clearing corporation
See CORPORATION.
clerk of the corporation
See SECRETARY.
close corporation
A corporation whose stock is not freely traded and is held by only a few shareholders (often within the same family). ( The requirements and privileges of close corporations vary by jurisdiction. -Also termed closely held corporation; closed corporation.
closed corporation
See close corporation under CORPORATION.
closely held corporation
See close corporation under CORPORATION.
collapsible corporation
A corporation formed to give a short-term venture the appearance of along-term investment in order to portray income as capital gain, rather than profit. ( The corporation is typically formed for the sole purpose of purchasing property. The corporation is usu. dissolved before the property has generated substantial income. The Internal Revenue Service treats the income earned through a collapsible corporation as ordinary income rather than as capital gain. IRC (26 USCA) § 341(a). Cf. collapsible partnership under PARTNERSHIP.
common-law corporation
See corporation by prescription under CORPORATION.
consolidation of corporations
See CONSOLIDATION.
controlled corporation
A corporation in which the majority of the stock is held by one individual or firm.
controlled foreign corporation
St-( ~stth~, TION.
cooperative corporation
See CORPORATION.
corporation aggregate
See CORPORATION,
corporation by estoppel
A business that is deemed, by operation of law, to be a corporation because a third party dealt with the business as if it were a corporation, thus preventing the third party from holding a shareholder or officer of the corporation individually liable. See ESTOPPEL.
corporation by prescription
See CORPORATION.
corporation counsel
A city attorney in an incorporated municipality.
corporation court
See COURT.
corporation de facto
See de facto corporation.
corporation de jure
See de jure corporation under CORPORATION.
corporation for profi
See for-profit corporation.
corporation for profit
See for-profit corporation under CORPORATION.