Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
Pool
n. 1. An association of individuals or entities who share resources and funds to promote their joint undertaking; esp., an association of persons engaged in buying or selling commodi- ties. ( If such an association is formed to eliminate competition throughout a single industry, it is a restraint of trade that violates federal antitrust laws. 2. A gambling scheme in which numerous persons contribute stakes for betting on a particular event (such as a sporting event).
Pooling
See COMMUNITIZATION.
debt pooling
An arrangement by which a person's debts are consolidated and creditors agree to accept lower monthly payments or to take less money. - Also termed debt consolidation; debt adjustment.
insurance pool
A group of several insurers that, to spread the risk, combine and share premiums and losses.
patent pooling
The cross-licensing of patents among patentholders. ( Patent pooling does not violate antitrust laws unless it is done to suppress competition or control an industry.
pooling agreement
A contractual arrangement by which corporate shareholders agree that their shares will be voted as a unit. - Also termed voting agreement; shareholder voting agreement; shareholder-control agreement.
pooling of interests
A method of accounting used in mergers, whereby the acquired company's assets are recorded on the acquiring company's books at their cost when originally acquired. * No goodwill account is created under the pooling method.