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Guardians Of The Poor
Guardians Of The Poor. The Trea Surer Of A Board Of Guardians Must Keep An Account In The Prescribed Form Of All Moneys Received And Paid By Him On Account Of The Guardians. Orders Drawn Upon The Treasurer Require To Be Signed By The Presiding Chairman, Two Guardians, And Countersigned ...

Holder For Value
Holder For Value. A Holder For Value Of A Bill Of Exchange Is Defined By Section 27 Of The Bills Of Exchange Act, 1882 : " (2) Where Value Has At Any Time Been Given For A Bill The Holder Is Deemed To Be A Holder For Value As Regards ...

Holder In Due Course
Holder In Due Course. The Bills Of Exchange Act, 1882, Section 29, Defines A Holder In Due Course As Follows : " (1) A Holder In Due Course Is A Holder Who Has Taken A Bill, Complete And Regular On The Face Of It, Under The Following Conditions, Namely : ...

Holder Of Bill Of
Holder Of Bill Of Exchange. The Holder Of A Bill Is The Person Who Is In Possession Of It And May Be Either The Payee, Or An Indorser, Or The Bearer. There Are Three Kinds Of Holders, A Simple Holder Of A Bill, A Holder For Value, And A Holder ...

Inchoate Instrument
Inchoate Instrument. An Incom Plete Document, As, For Example, A Stamped Bill Form, Signed By A Person And Handed To Another Person To Till Up And Make Into A Complete Bill. By Section 20 Of The Bills Of Exchange Act, 1883 : " (1) Where A Simple Signature On A ...

Income Tax
Income Tax. A Tax Upon Incomes. It Is Payable Upon Incomes From Sources Within The United Kingdom, And Upon Incomes From Sources Outside The United Kingdom But Received Within The United Kingdom. A Return Of Income Must Be Made Yearly Upon The Forms Provided For The Purpose. The Rates For ...

Increment Value Duty
Increment Value Duty. A Duty Imposed By The Finance (1909-10) Act, 1910, Upon The Increment Value Of Any Land, At The Rate Of One Pound For Every Complete Five Pounds Of That Value Accruing After April 30, 1909. The Increment Value Is The Amount By Which The Site Value Of ...

Indorsement
Indorsement. (latin I N Dorsum, On The Back. I Spelled Also Endorse Ment. In Scotland The Word Used Is Often ' Ind Orsat Ion. " The Indorsement Of A Bill (or Cheque, Is The Writing, Signed By The Holder, Upon The Back By Which A Bill (or Cheque) Payable To ...

Indorser
Indorser. When A Payee Writes His Name Upon The Back Of A Bill Or Cheque, He Is Called An " Indorser," And When The Instru Ment Is Negotiated To Other Persons, Each Person May Indorse It In Turn And Become An Indorser. Each Indorser Of A Bill (or Cheque) Is ...

Infants
Infants. All Persons Below The Age Of Twenty-one Are, By English Law, Called Infants Or Minors. The Question As To Whether A Banker Can With Safety Permit A Minor To Open An Account And Draw Cheques Thereon Is One Which Has Been Much Discussed And On Which Diverse Opinions Prevail. ...

Inland Bill
Inland Bill. The Bills Of Exchange Act, 1882, Section 4, Defines An Inland Bill As Follows : " (i) An Inland Bill Is A Bill Which Is Or On The Face Of It Purports To Be (a) Both Drawn And Payable Within The British Islands, Or (b) Drawn I Within ...

Inscribed Stock
Inscribed Stock. No Certificates Are Issued To The Holders Of Inscribed Stock, But Their Names And The Amount Of The Stock They Hold Are Inscribed In The Registers Kept For The Purpose At The Banks Which Have The Management Of The Stocks. The Bank Of England, For Instance, Holds The ...

Interest
Interest. Interest Is The Money Which Is Paid Fclr A Loan Or The Use Of Money. In The Case Of A Banker Interest Is Paid By Him To Customers For Money Deposited, And Is Received By Him For Money He Has Lent To Customers. In The Year I5-16 The Taking ...

Interest On Deposit Receipt
Interest On Deposit Receipt. The Interest On A Deposit Receipt Is Quickly Ascertained From The Usual Interest Tables When The Rate Is The Same During All The Period That The Money Has Been With The Banker, But When, As Is Customary In Certain Districts, The Rate Varies From Time To ...

Intestacy Intestate
Intestacy. Intestate. Where A Person Has Died Without Making A Will, It Is Known As An Intestacy, And He Is Referred To As Having Died Intestate. In Order That The Affairs Of The Deceased May Be Wound Up, Letters Of Administration Require To Be Obtained From The Probate Registry, Or ...

J Jones
J. Jones, Manager. N.b.—this Receipt Should Be Kept In A Place Of Safety. The Security Referred To Therein Can Only Be Returned On The Following Receipt Being Signed By The Depositor And Surrendered To The Bank. The Personal Application Of The Depositor Is Particularly Requested, But If He Is Unable ...

John Jones
John Jones. To Wm. Robinson, Esq., London. The First Record Of The Use Of Bills Of Exchange In England Is Stated To Be In A Statute Of 3 Rich. 11 C. 3, In 1379. The Original Use Of Bills In This Country Appears To Have Been For The Settlement Of ...

John Jones_2
John Jones. To Mr. John Brown, Coney Street, York. The Order Must Be Indorsed By The Banker To Whom It Is Payable, Or, If Payable To The Drawer's Order, By The Drawer. The Cash Order Is Sent To A Banker In The Town Where John Brown Lives For Collection. And ...

Joint Account
Joint Account. When An Account Is Opened In Two Or More Names, Unless All The Parties Are To Sign Cheques, An Authority, Signed By All, Should Be Obtained Stating Distinctly Who May Sign Upon The Account. If An Account Is Opened In The Names Of John Brown And Mary Brown ...

Joint Tenants
Joint Tenants. Where Property Is Granted To Two Or More Persons, As Joint Tenants, They Have Each An Equal Interest Or Right In The Whole Of The Property. The Important Point About A Joint Tenancy Is That When One Of The Joint Tenants Dies His Interest In The Property Passes ...

Jointly And Severally
Jointly And Severally. Where A Promissory Note Is Drawn By Several Makers " We Jointly And Severally Promise To Pay," Each Maker Is Liable For The Full Amount Of The Note ; But If The Note Is Worded " We Promise " Or " We Jointly Promise " The Makers ...

Judgment Affecting Land
Judgment Affecting Land. By The Land Charges Registration And Searches Act, 1888 : " Section 5. (1) There Shall Be Established And Kept At The Office Of Land Registry A Register Of Writs And Orders Affecting Land, And There May Be Registered Therein, In The Pre Scribed Manner, Any Writ ...

June 30 April 1
April 1 , June 30, October 1, December 31, The Day Succeeding A Bank Holiday, And On Such Other Days As The Honorary Secretary May Determine. On These Days The Time Shall Be 4.15 P.m. For The Last Delivery, And 5.15 P.m. For The Last Returns, Except When Either Of ...

Land Registry
Land Registry. The System Of Land Registration Was Established Under The Land Transfer Acts, 1875 And 1897. Registration Is Now Compulsory In The City And County Of London. It Became Compul Sory In The Various Parishes On Different Dates. It Commenced On January 1, 1899, In A Few Parishes And ...

Land Registry Middlesex Deeds
Land Registry (middlesex Deeds). By The Land Registry (middlesex Deeds) Act, 1891, It Was Enacted That The Middlesex Registry Shall He Transferred To The Land Registry Established Under The Land Trans Fer Act, 1875, And Shall Form Part Of That Office. Deeds Or Memorials Of Deeds Are Tered At The ...

Lease Or
Lease Or Tack— S. D. (i) For Any Definite Term Not Exceeding A Year— Of Any Dwelling-house Or Part Of A Dwelling-house At A Rent Not Exceeding The Rate Of Z10 Per Annum . . 0 0 1 (2) For Any Definite Term Less Than A Year — (a) Of ...

Leasehold
Leasehold. Upon Any Other Occasion. Surrender Or Grant Made Out Of Court, Or The Memorandum Thereof, And Copy Of Court Roll Of Any Surrender Or Grant Made S. (1. In Court 0 10 0 Provisions As To Payment Of Ditty. " Section 65. (1) No Instrument Is To Be Charged ...

Leasehold
Leasehold. (saxon Leasum, To Enter Lawfully.) Where The Owner Of Freehold Land Grants It To A Person For A Term Of Years It Is Called A Lease And The Land Is Then Leasehold. The Person Leasing It Is The Lessor, And The Party In Whose Favour The Lease Is Given ...

Leemans Act 30 Vict
Leeman's Act. (30 Vict. C. 29.1 The Name Of An Act Of Parliament (passed With The Intention Of Preventing Speculation In Bank Shares) By Which It Is Provided That All Contracts For Sale Or Purchase Of Bank Shares Or Stock (except Shares Or Stock Of The Bank Of England Or ...

Legacy Duty
Legacy Duty. The Duty Which Is Payable Upon Bequests Of Personalty By A Testator Who Is Domiciled In The United Kingdom At The Time Of His Death. The Legacy Duty Rates Payable Upon The Amount Of Any Legacy, As Amended By The Finance (1909-10) Act, 1910, Section 5s, Are As ...

Legal Mortgage
Legal Mortgage. Where A Borrower Conveys, By Deed, The Legal Estate In His Pro Perty To A Lender, Subject To His Right To Have The Property Re-conveyed Upon Repayment Of The Principal And Interest, It Is A Legal Mortgage. A Mortgage Deed Conveys To The Mort Gagee Not Only The ...

Legal Tender
Legal Tender. A Legal Tender Is A Fender Of Money Of Such Description That The Person To Whom It Is Tendered Will Put Him Self In The Wrong If He Refuses To Accept It. A Legal Tender Requires That The Exact Sum Of The Debt Must Be Tendered, Without Necessitating ...

Letter Of Allotment
Letter Of Allotment And Letter Of Renunciation, Or Any Other Document Having The Effect Of A Letter Of Allotment : (1) Of Any Share Of Any Company Or Pro Posed Company. (2) In Respect Of Any Loan Raised, Or Pro Posed To Be Raised, By Any Company Or Proposed Company, ...

Letter Of Credit
Letter Of Credit. A Letter Of Credit Is A Document Issued By A Banker Authorising The Banker To Whom It Is Addressed To Honour The Cheques Of The Person Named To The Ex Tent Of A Certain Amount And To Charge The Sums To The Account Of The Grantor ; ...

Licence
Licence. Except In The Case Of The Bank Of England (see Bank Of England), Banks Which Are Entitled To Issue Their Own Notes May Issue Them Either On Stamped Or Unstamped Paper. If They Are On Un Stamped Paper, A Licence Must Be Obtained From The Commissioners Of Inland Revenue ...

Licensed Property
Licensed Property. In Considering The Value Of Licensed Property, It Should Be Remembered That The Purchase Money Named In The Last Deed Of Conveyance May Have Been An Inflated Price And Therefore May Not Be Much Of An Indication As To The Present Value. The Rent Of A Public-house, When ...

Lien
Lien. A Lien Is The Right To Hold A Person's Property Until Payment Of A Debt Is Received. A Lien Does Not, However, Give The Banker Any Right To Sell The Property, And Legal Advice Should Be Obtained Before Dealing With Securities Held By Way Of Lien. A Banker Has ...

Life Policy
Life Policy. 1 Life Policy, Duly Assigned, Forms A Good Banking Security To The Extent Of The Surrender Value. The Longer It Exists The More Valuable It Becomes. If A Debtor Gives A Security In Which He Has Merely A Life Interest, It Should Be Supported By A Life Policy. ...

Life Tenant
Life Tenant. A Life Tenant Is The Per Son Who Has A Right Or Interest In Landed Property For His Life, Or During The Life Of Some Other Person (called An Estate Pur Autre Vie). If On The Death Of A Life Tenant The Property Returns To The Grantor Of ...

Light Gold
Light Gold. When Gold Coins Fall Below A Certain Weight They Cease To Be Legal Tender. The Least Current Weight, Troy, For A Half-sovereign Is 61125 Grains, For A Sove Reign 122•5 Grains, For A Two-pound Piece 245 Grains, For A Five-pound Piece 612.5 Grains. The Seventh Section Of The ...

Limited Partnership
Limited Partnership. Limited Partnerships Were Established By The Limited Partnerships Act, 1907 (7 Edw. Vii, C. 24), Which Came Into Operation On January 1, 190s. The Main Provisions Of The Act Are As Follows : Definition And Constitution Of Limited Nership. " Section 4. (1) From And After The Com ...

Liquidator
Liquidator. The Person Who Is Ap Pointed To Wind Up A Company. His Busi Ness Is To Realise The Assets And Property Of The Company, And To Collect What May Be Owing From The Members, And From The Funds So Obtained To Pay The Debts Due By The Company And ...

Loan Capital
Loan Capital. Money Raised By A Company Upon Debentures Is Called Loan Capital. It Forms A Debt Due By The Com Pany And Is Different From The Actual Capital, Which Is Money Subscribed By The Members Of The Company. By The Finance Act, 1899, Section S : " (1) Where ...

Local Authorities
Local Authorities. Bankers Are Often Appointed To Be Treasurers For Local Authorities. The Banking Account Should Be In The Treasurer's Name, E.g. " John Brown, Treasurer Of The Guardians Of The Poor Of Kingmoor Union," And The Orders For Payment Should Be Drawn By The Local Authority Upon The Treasurer, ...

Lost Bank Note
Lost Bank Note. Where A Bank Note Has Been Lost, The Person To Whom It Belongs Must, Before He Can Obtain Payment Of It From The Issuing Banker, Supply Full Parti Culars Of The Note, Including Its Number, And Provide A Satisfactory Indemnity, That Is, A Guarantee That The Banker ...

Lost Bill Of Exchange
Lost Bill Of Exchange. The Bills Of Exchange Act, L 882, Section 69, Provides: " Where A Bill Has Been Lost Before It Is Overdue, The Person Who Was The Holder Of It May Apply To The Drawer To Give Him Another Bill Of The Same Tenor, Giving Security To ...

Lunatic
Lunatic. When A Banker Learns That A Customer Has Become Insane He Should Not Pay Any Further Cheques Upon His Account, But The Banker Must Make Quite Certain That His Information Is Correct. Cheques Paid Before Knowledge Of A Customer's Insanity Would Appear To Be In Order. A Mandate Is ...

Marine Insurance Policy
Marine Insurance Policy. A Policy Of Marine Insurance Is Usually Effected With Insurers, Called " Underwriters." The Term " Underwriter " Is Applied Because Each Person Who Acts As An Insurer Signs His Name At The Foot Of The Policy And States The Amount For Which He Is To Be ...

Marked Cheque
Marked Cheque. In Connection With Local Exchanges In Country Branches, Cheques Are Frequently Presented By One Banker To Another In The Same Town To Be " Marked " As Being Good. If The Cheque Is All Right, The Banker On Whom It Is Drawn Initials It And Hands It Back ...

Market Rate
Market Rate. The Rate Of Discount Charged By The London Banks And Bill Brokers. It Is Always Less Than Bank Rate, But Varies With It, Though Not By Any Means Always In The Same Ratio. Competition In The Money Market Has The Same Effect As It Has In All Other ...

Married Woman
Married Woman. A Woman Mar Ried Since January 1, 1883, Is In The Same Position As An Unmarried Woman (leme Sole) As Regards Her Property, Whether Real Or Personal And Whether Acquired Before Or After January 1, 1883, And She Can Deal With It In Any Way She Likes. A ...

Meeting Of Creditors
Meeting Of Creditors. After A Receiving Order Has Been Made Against A Debtor He Is Not Immediately Adjudged A Bankrupt, But A Meeting Of Creditors Is Held Shortly Afterwards To Consider Whether A Proposal For A Composition Or A Scheme Of Arrangement Shall Be Entertained Or Whether He Shall Be ...

Memorandum Of Association
Memorandum Of Association. The Memorandum Of Association Is The Charter Of A Company, And Is, Except In Certain Specific Cases, The Company's Unalterable Law. The Following Are The Provisions Contained In The Companies (consolidation) Act, 1903 :— Mode Of Forming Incorporated Company. " 2. Any Seven Or More Persons (or, ...

Memorandum Of Deposit
Memorandum Of Deposit. The Deposit Of Title Deeds Accompanied By A Memorandum Of Deposit, As Security For A Loan Or Overdraft, Is An Equitable Mortgage. Deeds May Be Deposited As Security Without Any Document Of Charge, And Form A Good Equitable Mortgage. (see Equitable Mortgage.) A Memorandum Of Deposit, However, ...

Money
Money. The Standard By Which The Value Of Commodities Is Measured, And The Medium By Which They Are Bought And Sold. Money And Credit, To Which It Gave Birth, Form The Basis On Which The Stupendous Business Of Banking Has Been Built Up. There Is Probably Nothing Which Is Of ...

Mortgage
Mortgage. (from Mort, Dead, And Gage, A Pledge. A Mortgage Is A Charge Which A Borrower Gives To A Lender Upon A Part Or The Whole Of His Property. For Example, If Brown Borrows From Jones The Sum Of /100 And, As Security For The Loan, Conveys To Him The ...

Mortgagee In Possession
Mortgagee In Possession. Where A Mortgagor Has Failed To Repay The Money Due Under His Mortgage, And The Mortgagee Has Taken Into His Own Hands The Collection Of The Rents And Management Of The Property, He Is A Mortgagee In Possession. A Mort Gagee, However, Usually Puts In A Receiver ...

Municipal Corporation
Municipal Corporation. The Muni Cipal Corporations Act, 1882, Provides : " Section 142. (1) All Payments To And Out Of The Borough Fund Shall Be Made To And By The Treasurer. " (2) All Payments To The Treasurer Shall Go To The Borough Fund. " 141. (1) An Order Of ...

Name Of Company
Name Of Company. The Companies (consolidation) Act, 1908, Provides As Follows : " Section S. (1) A Company May Not Be Registered By A Name Identical With That By Which A Company In Exist Ence Is Already Registered, Or So Nearly Resembling That Name As To Be Calculated To Deceive, ...

National Debt
National Debt. The Bank Of England Manages The National Debt As The Agent Of The Government, And The Various Stocks Are Transferable In The Books Of The Bank Of England. (as To The Bank's Remuneration For This, See Bank Of England.) A Stockholder On Transferring Stock Must Attend Personally At ...

Nature Of Partnership
Nature Of Partnership. Definition Of Partnership. "1. (1) Partnership Is The Relation Which Subsists Between Persons Carrying On A Business In Common With A View Of Profit. " (2) But The Relation Between Members Of Any Company Or Association Which Is " (a) Registered As A Company Under The Companies ...

Negotiable Instruments
Negotiable Instruments. A Nego Tiable Instrument Is A Document Which, By Indorsement And Delivery, Or By Mere Delivery, Passes The Full Title To The Benefit Of The Instrument To The Transferee, Who Takes It Bona. Fide And For Value, Irrespective Of Any Defects That There May Be In The Transferor's ...

Negotiation Of Bill Of
Negotiation Of Bill Of Exchange. The Bills Of Exchange Act, 1882, Section 8, S.s. 2, Provides That " A Negotiable Bill May Be Payable Either To Order Or To Bearer." The Negotiation Of A Bill Is Defined In Section 31 : " (1) A Bill Is Negotiated When It Is ...

Nominal Consideration
Nominal Consideration. Where Shares Are Transferred Without Any Money Being Paid For Them, As Where A Holder Transfers Them To A Bank Or To The Nominees Of A Bank As Security For An Overdraft Or A Loan, A Nominal Consideration, Generally Five Shillings Or Ten Shillings, Is Inserted In The ...

Not Negotiable Cheque
" Not Negotiable " Cheque. A Cheque Which Is Crossed Generally Or Specially May Have The " Not Negotiable " Added Thereto, And Any Holder May Add Those Words. The Bills Of Exchange Act, 1882, Does Not State Whether, Or Not, It Is Necessary That The Words " Not Negotiable ...

Note Return
Note Return. Every Banker Who Issues His Own Notes Must Render Weekly To The Commissioners Of Inland Revenue A Return Showing The Amount Of His Notes In Circulation On Each Day Of The Nveek And Showing Also The Average For The Week, And At The End Of Each Four Weeks ...

Notice Of Mortgage
Notice Of Mortgage. If, When A Banker Takes A Charge Upon A Property As Security For An Advance, He Receives Notice Of A Charge Already Subsisting On The Land, The Banker's Charge, Even If It Is A Legal Mortgage, Ranks After The Charge Of Which He Had Notice. When A ...

Noting
Noting. Where A Bill Has Been Dis Honoured By Non-acceptance Or By Non Payment It May Be Handed By The Holder To A Notary Public To Be Noted. The Notary Presents The Bill Again To The Drawee For Acceptance, Or To The Acceptor For Payment, Or To The Bank Where ...

Nursing An Account
Nursing An Account. An Operation Which, On The One Hand, May Result In A Banker Extricating Himself From Malting A Bad Debt, But Which, On The Other Hand, May Result Merely In Throwing Good Money After Bad. It Is A Common Saying That The First Loss Is The Least, But ...

Official Receiver
Official Receiver. An Official Re Ceiver Is A Person Appointed By The Board Of Trade To Administer The Estates Of Bank Rupts. He Acts Under The Directions Of The Board Of Trade And Is Also An Officer Of The Court To Which He Is Attached. There May Be More Than ...

Order Cheque Or Bill
Order (cheque Or Bill). The Bills Of Exchange Act, 1882, Section 8, Provides As Follows : " (4) A Bill Is Payable To Order Which Is Expressed To Be So Payable, Or Which Is Expressed To Be Payable To A Particular Person, And Does Not Contain Words Prohibiting Trans Fer ...

Parties To Bill Of
Parties To Bill Of Exchange. The Parties To A Bill Of Exchange Are The Drawer, The Acceptor (called The Drawee Before He Accepts It), The Payee (who Is Often The Same Person As The Drawer) And The Indorsers. The Parties May Be Either " Immediate " Or " Remote.' They ...

Partnerships
Partnerships. When A Partnership Account Is Being Opened It Is Advisable, As Far As Possible, To Obtain Information Regarding The Assets And Liabilities Of The Firm And The Amount Of Capital Introduced Into The Firm By Each Partner. If The Firm Requires An Overdraft, It Is Particularly Desirable To Know ...

Pass Book
Pass Book. The Pass Book, Or Passage Hook As It Was Formerly Called, Is Given By A Banker To His Customer, And Is For The Purpose Of Showing The Exact State Of The Customer's Account With The Banker. The Method Of Writing Up The Pass Book Varies In Different Banks. ...

Passport
Passport. A Passport Is An Official Document Issued By The Foreign Office Vouching For The Respectability Of The Person Named Therein, And Which Is Used By That Person When Travelling In Foreign Countries. The Foreign Office Issues The Following Regulations Respecting Passports : 1. Applications For Foreign Office Pass Ports ...

Payee
Payee. The Payee In A Bill, Or Cheque, Is The Person Named Therein To Whom, Or To Whose Order, Payment Is Directed To Be Made. If The Bill Is Payable To " John Brown Or Order," John Brown Is The Payee, And He Should Indorse It Before The Bill Can ...

Or Mandate
Mandate, Or Other Instrument In The Nature Thereof :— (1) For The Sole Purpose Of Ap Pointing Or Authorising A Proxy To Vote At Any One Meeting At Which Votes May Be Given By Proxy, Whether The Number Of Persons Named In Such Instrument Be One Or More (2) By ...