Home >> Dictionary Of Banking >> Paying Banker to Transfer Of Shares

Dictionary of Banking

Paying Banker
Paying Banker. The Banker Upon Whom A Cheque Is Drawn, Or At Whose Otfice A Bill Is Accepted, And Who Pays It, Either To The Holder Or To A Collecting Banker, Is Called The Paying Banker. It Is The Duty Of A Paying Banker To Pay The Cheques Of His ...

Paying In Slips
Paying-in Slips. Paying-in Slips, Or Credit Vouchers, Are The Forms Which Are Filled Up Showing The Amount Of Gold, Silver, Copper, Notes, Bills, And Cheques Which Are Paid In To The Credit Of A Customer's Account. Each Slip Should Be Signed By The Customer, Or The Person Who Has Prepared ...

Payment Stopped Cheque
Payment Stopped (cheque). A Customer Has The Right To Give Notice To His Banker To Stop Payment Of A Cheque Which He Has Issued. The Notice Should Be In Writing, Give Accurate Particulars Of The Cheque And Be Signed By The Drawer. If A Banker Pays A Cheque After A ...

Payment For Honour
Payment For Honour. When An Acceptor Fails To Pay A Bill At Maturity, Any Person May, After The Bill Has Been Protested, Pay It Supra Protest For The Honour Of Some Party To The Bill. The Regulations Regarding Payment For Honour Supra Protest Are Contained In Section 68 Of The ...

Payment Of Bill
Payment Of Bill. A Bill Of Exchange Is, In The Usual Course Of Events, Paid By The Acceptor, And When So Paid It Is Discharged And The Bill Delivered Up To Him. The Bills Of Exchange Act, 1882, Provides : " Section 59. (1) A Bill Is Discharged By Payment ...

Payment Of Cheque
Payment Of Cheque. When An Open Cheque Is Presented For Payment It Requires To Be Carefully Scrutinised To Sec That Every Thing Is In Order. If The Account Upon Which The Cheque Is Drawn Wilt Admit Of Its Payment, The Banker, Before Paying It, Must Be Satisfied That It Bears ...

Per Procuration
Per Procuration. Where An Agent Signs, Per Procuration Of, Per Pro., Or P.p., It Means That He Holds An Authority To Sign On Behalf Of His Principal. The Bills Of Exchange Act, 15s2, Section 25, Provides As Follows :—" A Signature By Procuration Operates As Notice That The Agent Has ...

Post Dated
Post-dated. A Cheque Which Is Dated Subsequent To The Actual Date On Which It Is Drawn Is Called A Post-dated Cheque. A Bill Is Not Invalid By Reason Only That It Is Post-dated. (section 13, S.s. (2), Bills Of Exchange Act, 1882.) A Cheque Is Included Under The Word " ...

Post Office Savings Banks
Post Office Savings Banks. The Post Office Savings Banks Were Established By Act Of Parliament In 1861, And Every Depositor Has The Direct Security Of The State For The Repayment Of His Deposits. No Person May, For His Own Benefit, Have Two Accounts In The Post Office Savings Bank At ...

Power Of
Power Of Attorney—transfer Of Government Stock. British Govern Ment Stock Is Inscribed, That Is Registered, In The Books Of The Bank Of England, And When A Transfer Is To Be Made, The Owner Must Either Attend Personally At The Bank Or Appoint An Attorney To Act For Him. The Following ...

Power Of Attorney
Power Of Attorney. A Formal Docu Ment By Which One Person Is Authorised, Or Empowered, To Act For Another. It Is Commonly Used In Cases Where A Person (the Donor Or Grantor) Is Going Abroad For A Long Time And Wishes To Give Someone (the Donee Or Grantee) Power To ...

Presentment For Acceptance
Presentment For Acceptance. When A Bill Of Exchange Is Actually Presented To A Drawee In Order That It May Be Accepted By Him, It Is A Presentment For Acceptance. By Section 39 Of The Bills Of Exchange Act, 1882 :— " (1) Where A Bill Is Payable After Sight, Presentment ...

Presentment For Payment
Presentment For Payment. It Is Of The Utmost Importance That A Bill Of Exchange Be Presented For Payment On The Date It Falls Due. The Following Rules Are Laid Down By The Bills Of Exchange Act, 1882 : " Section 45. Subject To The Provisions Of This Act A Bill ...

Priorities
Priorities. In Charges Upon Landed Property, A Mortgage Conveying The Legal Estate Comes First, And, After That, All The Other Equitable Charges Which There May Be Rank In Order Of The Dates Of The Respective Charges. If, For Example, A Trustee Fraudu Lently Deposits The Deeds Of Trust Property With ...

Private Company
Private Company. A Private Com Pany May Consist Of Any Two Or More Persons, With Limited Or Unlimited Liability. (see Memorandum Of Association.) The Companies (consolidation) Act, 1908, Section 121, Defines A Private Company As Follows (1) For The Purposes Of This Act The Expression ' Private Company ' Means ...

Probate
Probate. The Document Which Is Issued, With An Official Copy Of A Will, By The Probate Office To An Executor. The Principal Registry Of Wills Is At Somerset Mouse, Where The Copy Of A Will May Be Seen On Payment Of One Shilling. There Are Also District Registries Where Probate ...

Promissory
Promissory Note.—if On Demand, The Six Years Begin To Run In Favour Of The Maker From The Date Of The Note Or From The Last Instalment Paid Or Acknowledgment Given. If There Arc Several Makers Of The Note There Must Be An Acknowledgment From Each One, Otherwise The Debt Will ...

Promissory Note
Promissory Note. Part Iv Of The Bills Of Exchange Act, 1882, Is Devoted To Promissory Notes. Section 83 Defines A Promissory Note As Follows : " (1) A Promissory Note Is An Uncon Ditional Promise In Writing Made By One Person To Another Signed By The Maker, Engaging To Pay, ...

Proof Of Debts
Proof Of Debts. A Proof Of Debt Is The Form Which Is Filled Up By A Creditor Setting Forth The Amount Of His Claim Against The Estate Of A Bankrupt. The Proof Must Be Made Upon The Regula Tion Form, Which Is Shown On Pages 41$ And 4 19. The ...

Prospectus
Prospectus. A Prospectus Is Any Notice, Circular, Advertisement, Or Other Invitation, Offering To The Public For Sub Scription Or Purchase Any Shares Or Deben Tures Of A Company. A Form Of Application For Shares Is Usually Sent Out Along With The Prospectus. This Form Is Filled Up By Anyone Desiring ...

Protest
Protest. .\ Protest Is The Official Certi Ficate Given By A Notary Public Respecting The Dishonour Of A Bill Of Exchange By Non Acceptance Or Non-payment. When A Bill Is Dishonoured, A Holder May Hand It To A Notary Public To Be Protested. London Usually Hold A Dishonoured Bill Till ...

Proxy
Proxy. The Person Who Acts For An Other, Also The Document Appointing Him. The Articles Of Association Of A Company Usually Provide For Votes Being Given By Proxy. The Instrument Appointing A Proxy May Be In The Following Form Or In Any Other Form Which The Directors Shall Approve :— ...

Public Examination Of Debtor
Public Examination Of Debtor. When A Receiving Order Has Been Made, The Debtor Must, Within Three Clays, If The Order Is Made On The Debtor's Petition, Or Within Seven Days, If Made Upon The Petition Of A Creditor, Submit A Statement Of His Affairs To The Official Receiver. (see Receiving ...

Qualified Acceptance
Acceptance, Qualified. An Accept Ance Is Either General (see Acceptance, General) Or Qualified. Section 19 Of The Bills Of Exchange Act. 1882, Defines A Qualified Acceptance As Follows : " (2) . . . A Qualified Acceptance In Ex Press Terms Varies The Effect Of The Bill As Drawn. " ...

Quotation On London Stock
Quotation On London Stock Ex Change. The Committee Of The Stock Exchange May Order The Quotation In The Official List Of Any Security Of Sufficient Mag Nitude And Importance. Applications For Quotation Must Be Made To The Secretary Of The Share And Loan Department, And Must Comply With Such Conditions ...

Receipt
Receipt Given For, Or Upon The Payment Of, Money Amounting To Z2 Or Upwards . . Exemptions. (1) Receipt Given For Money Deposited In Any Bank, Or With Any Banker, To Be Accounted For And Ex Pressed To Be Received Of The Person To Whom The Same Is To Be ...

Receipt On Cheque
Receipt On Cheque. Many Com Panies Use Cheques With A Form Of Receipt Upon The Face Or Upon The Back, Such Receipt Being, In Most Cases, The Only One Which The Drawer Of The Cheque Requires From The Person To Whom The Cheque Is Payable. A Document Of This Description ...

Receiver
Receiver. When A Mortgagee, Through Default Of The Mortgagor, Is In A Position To Exercise His Power Of Sale, He May, If He Choose, Appoint A Receiver To Collect The Rents And Manage The Estate Or Business. By So Doing, The Mortgagee Avoids The Risks To Which He Would Be ...

Receiving Order
Receiving Order. Where A Debtor Has Committed An " Act Of Bankruptcy " (see Acts Of Bankruptcy), A Creditor, Wishing To Have The Estate Realised Under The Bankruptcy Law For The Benefit Of The Creditors, May Petition The Court To Make A Receiving Order. The Petition May Be Presented Either ...

Reduction Of Share Capital
Reduction Of Share Capital. The Principal Provisions Regarding A Reduction Of Share Capital In A Company Limited By Shares Are Contained In The Following Sections Of The Companies (consolidation) Act, 1908 :— Special Resolution For Reduction Of Share Capital. " Ir. (1 I Subject To Confirmation By The Court. A ...

Register Of Members Of
Register Of Members Of Company.) The Articles Of Association Of A Company Usually Contain Regulations Regarding The Balance Sheet, But In Companies Which Are Governed By Table A. (see Section 11 Under .articles Of .associatiox) The Following Regu Lations Apply : " 106. Once At Least In Every Year The ...

Register Of Members Of_2
Register Of Members Of Company. The Regulations Regarding The Register Of The Members Of A Company And The Annual List Of Members Which Must Be Forwarded To The Registrar Of Companies Are Set Forth In The Following Sections Of The Companies (consolidation) Act, 19n8:— Register Of Members. (1) Every Company ...

Registrar Of Companies
Registrar Of Companies. The Com Panies (consolidation) Act, 1908, Enacts : " Section 243. (11 For The Purposes Of The Registration Of Companies Under This Act, There Shall Be Offices In England, Scotland, And Ireland, At Such Places As The Board Of Trade Think Fit. " (2) The Board Of ...

Registrars In Bankruptcy
Registrars (in Bankruptcy). Section 99 Of The Bankruptcy Act, 1ss3. Provides As Follows : " 99. (1) The Registrars In Bankruptcy Of The High Court, And The Registrars Of A County Court Having Jurisdiction In Bankruptcy, Shall Have The Powers And Jurisdiction In This Section Mentioned, And Any Order Made ...

Registration Of Mortgages And
Registration Of Mortgages And Charges. The Companies (consolidation) Act, 1908, With Regard To The Registration Of Mortgages And Charges Created By A Company, Provides As Follows : Registration Of Mortgages And Charges In England And Ireland. " 93. (1) Every Mortgage Or Charge Created After The First Day Of July ...

Regulations
Regulations Under Which Plain Paper, Bankers' Cheques, And Other Printed Forms Are Impressed With The 1 D. Inland Revenue Stamp. • 1. The Paper Must Be Of Such Quality, Thickness And Colour, As To Be Suitable For Receiving The Impression Of The Dies. 2. The Paper Must Be Fiat And ...

Relations Of Partners To
Relations Of Partners To Persons Dealing With Them. Power Of Partner To Bind The Firm. " 5. Every Partner Is An Agent Of The Firm And His Other Partners For The Purpose Of The , Business Of The Partnership ; And The Acts Of Every Partner Who Does Any Act ...

Resolutions
Resolutions. The Resolutions Passed At The Meetings Of Companies Are The Various Matters Which The Members Present Have Decided Upon. An Ordinary Resolution May Be Passed By A Bare Majority. There Arc Also Extraordinary And Special Resolutions. The Provisions Of The Companies (con Solidation) Act, 1908, With Regard To Extra ...

Retiring A Bill
Retiring A Bill. Many Customers Of Country Branches Accept Bills Payable At The Head Office In London Of Their Banker, Or, In The Case Of A Purely Country Bank, At The Latter's London Agents. Shortly Before Maturity Of The Bill, The Acceptor Gives His Banker A Written Order To Pay ...

Returned Cheque Or Bill
Returned Cheque Or Bill). A Cheque May Be Returned Unpaid For Many Reasons. The Drawer May Not Have Sufficient Funds To Meet It : He May Be Dead Or Bank Rupt ; He May Have Instructed His Banker Not To Pay It ; The Banker May Have Received Some Legal ...

Reversion Duty
Reversion Duty. A Duty Imposed By The Finance (1909-10) Act, 1910 (section 13), And Payable, On The Determination Of Any Lease Of Land, Upon The Value Of The Benefit Accruing To The Lessor By Reason Of The Determination Of The Lease, At The Rate Of One Pound For Every Complete ...

Rules
Rules. The Metropolitan Clearing To Open At 9 A.m. On Ordinary Days And 8.45 A.m. On Saturdays. Drafts On The Branches Of The Clearing Banks And Of The London And Pro Vincial Bank Included In The Metropolitan Clearing Area To Be Received Not Later Than 10.30 A.m. (greenwich Time) On ...

Scrip Scrip Certificate
Scrip. Scrip Certificate. (scrip Is A Contraction Of " Subscription.") Ordinary Certificates Are Very Commonly Referred To As " Scrip " ; But Scrip Or A Scrip Certificate Is Really The Document Or Pro Visional Certificate Which Is Given To A Person Who Has, For Example, Agreed To Take Up ...

Seal
Seal. An Impression In Wax, Or Other Soft Substance, Made By An Engraved Stamp. Also The Engraved Stamp Itself. At One Time The Seal Was Usually Attached To The Docu Ment By A Strip Of Parchment Or A Cord. As Deeds Now Require To Be Signed By The Parties Thereto, ...

Second Mortgage
Second Mortgage. A Charge Upon Property Which Ranks After A First Mortgage. For Example, If Brown Gives Jones A Legal Mortgage Upon His Property, And Afterwards Gives His Banker A Second Mortgage, The Banker's Charge Is Available Only After Jones Is Fully Satisfied Either By Having Received Repayment Of The ...

Securities Book
Securities Book. Securities, Of What Ever Nature, Which Are Left To Cover An Advance, Are Entered In The Securities Book. A Page Is Headed With The Name Of The Customer, His Address And Designation, And Underneath Are Detailed The Deeds, Certi Ficates, Bonds, Life Policies, Guarantees And All Other Securities. ...

Security
Security. That Which Is Given To Secure The Repayment Of Money Lent. Where A Person Borrows Money From His Banker, He Supplies Security, Most Commonly Certifi Cates Of Shares With A Transfer Into The Names Of The Banker's Nominees, Or The Title Deeds Of A Property With Either A Memoran ...

Set Off
Set Off. In The Absence Of Any Arrange Ment, Or Understanding, To The Contrary, A Banker Has The Right To Set Off A Debt Owing By Him To A Customer Against A Debt Owing By The Customer To The Banker. For Ex Ample, If A Customer Has Two Accounts In ...

Settlement
Settlement. Any Instrument, Whether Voluntary Or Upon Any Good Or Valuable Consideration, Other Than A Bold; Fide Pecuni Ary Consideration, Whereby Any Definite And Certain Principal Sum Of Money (whether Charged Or Chargeable On Lands Or Other Hereditaments Or Heritable Sub Jects, Or Not, Or To Be Laid Out In ...

Share Capital Shares
Share Capital. Shares. A Share Is The Right Which A Member Of A Company Has To A Certain Proportion Of The Capital, The Capital Being The Total Fund Contributed By The Members. Un The Other Hand, He Is Liable For Any Unpaid Balance There May Be On The Shares He ...

Share Warrant
Share Warrant. A Share Warrant To Bearer Entitles The Holder Of It To The Fully Paid-up Shares Or Stock Named Therein, And The Ownership Is Transferred By Simply Handing The Warrant To The Purchaser. A Company Limited By Shares May Issue Share Warrants To Bearer, In Accordance With The Regulations ...

Shares Composition Transfers
Composition (transfers, Shares, Etc.). The Stamp Act, 1891, Provides As Follows : Composition For Certain Stamp Duties. " Section 114. (1) By Way Of Composition For Stamp Duty Chargeable On Trans Fers Of Any Stock Of The Government Of Canada Which May Be Inscribed In Books Kept In The United ...

Shipped
Shipped, In Good Order And Well Conditioned. By , Whose Responsibility Ceases On The Present Being Signed, In And Upon The Good Ship Or Vessel, Called The Whereof Is Master For This Present Voyage, Now Lying In The Harbour Of And Bound For Being Marked And Numbered As In The ...

Signature
Signature. A Banker Must Know The Signatures Of All His Customers And If Lie Should Pay A Cheque, Drawn Upon The Account Of One Of His Customers, Where The Drawer's Signature Has Been Forged, He Cannot Debit It To The Account Of His Customer. It Is Very Necessary, Therefore, That ...

Signature Book
Signature Book. Each Bank Office Should Keep This Book Up To Date. It Should Contain A Specimen Signature Of Each Cus Tomer, Whether Current Account Or Deposit, At The Office. The Customer Should Sign His Full Name, And Also His Usual Signature And His Initials, And Enter His Address And ...

Silver Coins
Silver Coins. The British Silver Coins Are :—crown, Double Florin, Half-crown, Florin, Shilling, Sixpence, Groat, Three Pence, Twopence. Penny. The Groat, Two Pence, And Silver Penny Are Now Only Coined In Very Small Quantities As Maundy Money (q.v.). They Are A Legal Tender Only To The Amount Of Forty Shillings. ...

Special Settlement Special Settling
Special Settlement. Special Settling Day. The Day Fixed By The London Stock Exchange Committee For The Settlement Of Sales And Purchases Of Shares In A New Company. When An Application Is Made To The Committee For A Special Settlement, Various Documents And Particulars Must Be Sent To The Secretary Of ...

Spoiled Stamps
Spoiled Stamps. In Mating A Claim For Allowance Of Spoiled Or Useless Stamps The Following Statutory Declaration Must Be Filled Up And Signed By The Applicant : I Of Do Solemnly And Sincerely Declare That The Several Stamps Hereinafter Specified And Described, That Is To Say, Are The Property Of ...

Stamp
Stamp V.—a Promissory Note Of Any Kind Whatsoever (except A Bank Note) Drawn, Or Expressed To Be Payable, Or Actually Paid, Or Indorsed, Or In Any Manner Negotiated In The United Kingdom. When The Amount Or Value Of The Money For Which The Note Is Made Does Not Exceed 1,5 ...

Stamping Of Instruments After
Stamping Of Instruments After Execution. Penalty Upon Stamping Instruments After Execution. (i) Save Where Other Express Pro Vision Is In This Act Made, Any Un Stamped Or Insufficiently Stamped Instrument May Be Stamped After The Execution Thereof, On Payment Of The Unpaid Duty And A Penalty Of Ten Pounds, And ...

Standing Credits
Standing Credits. A Customer May, As A Rule, Arrange To Have His Cheques Cashed At Another Bank Or At Some Other Branch. The Request Should Be In Writing And Be Signed By The Customer. The Letter Advising The Hank Or Branch To Honour His Cheques Should Be Signed By The ...

Stannaries
Stannaries. (latin, Stannum, Tin.) A Term Which Is Applied To The Tin Mines In Cornwall Or Devon And To The Peculiar Customs And Laws In Connection With The Mines. A Company Of More Than Twenty Persons Formed For The Purpose Of Gain Must Be Registered Under The Companies (con Solidation) ...

Statute Of Limitations
Statute Of Limitations. In The Case Of A Simple Contract Debt An Action Must Be Commenced Within Six Years From The Time When The Cause Of Action Arose. In The Case Of A Contract Under Seal The Period Is Twenty Years. But Since The Passing Of The Real Property Limitation ...

Statutory Declaration
Statutory Declaration. A Decla Ration In Writing, Made In Accordance With The Statutory Declarations Act, 1835, By Which A Person Solemnly Declares That He Verifies Sonic Circumstance Or Fact. For Example, If It Should He Necessary For Smith This Indenture Made By Way Of Statutory Mortgage The Day Of 1882, ...

Statutory Mortgage
Statutory Mortgage. By The Con Veyancing And Law Of Property Act, 1881, A Mortgage Of Freehold Or Leasehold Land May Be Made By A Deed Expressed To Be Made By Way Of Statutory Mortgage In The Following Form, With Such Variations And Additions, If Any, As Circumstances May Require, And ...

Stock
Stock. The Capital Of A Company Is The Money Contributed By The Members And Forms What Is Called The Stock. A Member May Hold So Much Stock Or So Many Shares In The Company. Stock May Be Held And Transferred In Any Amounts, Whereas Shares Are For Fixed Amounts, E.g. ...

Stock Exchange
Stock Exchange. The Place Ap Pointed For The Purchase And Sale Of Stocks And Shares. It Is Situate In Capel Court Between Threadneedle Street And Throg Morton Street. The London Stock Ex Change Is The Most Important In The World And The Number And Amount Of The Trans Actions That ...

Stockbrokers Loans
Stockbroker's Loans. \vhen A Stockbroker Lends Money To A Client Who Desires To Purchase Stocks And Shares, The Securities Are Usually Deposited With The Broker As Cover For The Advance, And The Broker Is Often Authorised To Transfer Them To A Banker As Security When It Is Necessary To Obtain ...

Stockbroking Transactions
Stockbroking Transactions. When A Banker Is Requested By A Customer To Instruct His Brokers To Purchase Or Sell Certain Stocks Or Shares, The Request Should Be Made In Writing So That No Mistake Or Misunder Standing May Arise. In The Case Of A Sale, It Should Be Signed By The ...

Stolen Bill
Stolen Bill. A Bill Of Exchangecan Be The Subject Of Larceny Like Any Other Valuable Document Of Title, But It Is Un Necessary To Inquire Into Anything Beyond The Civil Position As To Liability In Connection With The Matter. By Section 20 Of The Bills Of Exchange Act, 1882, Very ...

Stolen Cheque
Stolen Cheque. For Most Pur Poses A Cheque Is Legally Regarded As A Bill Of Exchange ; But The Law Is Not Quite The Same With Regard To The Two Instruments, At Least As Far As The Larceny Of Them Is Con Cerned. The Civil Liability When A Bill Is ...

Succession Duty
Succession Duty. A Duty Which Is Payable By The Person Who Succeeds To Real Or Leasehold Property In The United King Dom, Upon The Death Of Another Person. The Duty Is Also Payable Upon Legacies Which Are Charged Upon The Proceeds Of A Sale Of Real Estate, Or On So ...

Tacking
Tacking. Where There Are Several Mort Gages, And One Of Them A Legal Mortgage, Upon The Same Piece Of Land, The Legal Mort Gage May In Certain Cases Be Tacked To One Of The Equitable Charges. For Example, If Brown Grants A Legal Mortgage To Jones, And Subsequently Borrows More ...

Tion Of Stamps
Tion Of Stamps.) By Section 38, S.s. 1, Every Person Who Issues, Negotiates Or Presents For Payment Or Pays Any Cheque Not Being Stamped, Incurs A Penalty Of /10, And The Person Who Takes Such An Unstamped Cheque Shall Not Be Entitled To Recover Thereon. By Section 38, S.s. 2, ...

Title Deeds
Title Deeds. A Person's Right Or Title To A Piece Of Land Is Proved By The Docu Ments Called " Title Deeds." They Show In Whom The Legal Estate Is Vested, And How, Through A Long Course Of Years, The Land Has Been Transferred From One Person To Another By ...

Transfer
Transfer. Any Request Or Au Thority To The Purser Or Other Officer Of Any Mining Company, Conducted On The Cost Book System, To Enter Or Register Any Transfer Of Any Share, Or Part Of A Share, In Any Mine, Or Any Notice To Such Purser Or Officer Of Any Such ...

Transfer Of Securities Public
Transfer Of Securities (public Trustee). In Addition To The Information Given Under Public Trustee (q.v.) Regard Ing The Powers And ?duties Of The Public Trustee, Bankers Should Note The Somewhat Peculiar Practice Of The Department In Connection With The Transfer Of Securities. ' • By Rule 25 Of The Statutory ...

Transfer Of Shares
Transfer Of Shares. The Instrument Of Transfer Of Shares Should Be In Accordance With The Company's Regulations. In Com Panies Formed Under The Companies Clauses Consolidation Act, 1845, The Transfer Must Be By Deed ; In Other Companies The Transfer May Be Under Hand Or Under Seal, According To The ...