Showing posts with label Law. Show all posts
Showing posts with label Law. Show all posts

Wednesday, 17 July 2019

Gift , meaning , definition , Essential Elements to constitute valid gift , Transfer of property act, 1882 Notes

July 17, 2019 Law , 0 Comments
         The Transfer of property act 1882
               [ OF GIFTS ( Section 122) ]



Synopsis

•Definition of Gift
•Essentials elements of Gift 

        √Transfer of ownership
       √ Property must be existing
       √ Without any consideration
       √ Transfer must be done voluntarily
       √ Acceptance of gift by Donee.


Generally we know that Gift is a transfer of ownership without any consideration , and the transfer without any consideration is called as gratuitous transfer.

A gratuitous transfer takes place between two living person i.e ( Inter-vivos ) or transfer may take place only after the death of the transferor or donor . Therefore it's clear that Gift , may therefore, be either Inter vivos or , testamentary.

Gift, meaning, definition, essential to constitute a valid gift .

 ESSENTIAL OF VALID GIFT


DEFINITION OF GIFT


Section 122 of the transfer of property act , 1882  defines gift as under :

"GIFT IS THE TRANSFER OF CERTAIN EXISTING MOVABLE OR IMMOVABLE PROPERTY MADE VOLUNTARILY AND WITHOUT CONSIDERATION, BY ONE PERSON, CALLED THE DONOR , TO ANOTHER , CALLED THE DONEE , AND ACCEPTED BY OR ON BEHALF OF THE DONEE .

According to the section 3 of the act IMMOVABLE PROPERTY includes -

(1)Land
(2) Benefits to arise out of land , and
(3) Things attached to the earth .

MOVABLE PROPERTY ACCORDING TO SECTION 3 OF THIS ACT .

 A property which is not immovable is movable property. Act has not defined Movable property ,but it has given some examples :

•Standing timber , growing crops and grass
•Government promissory notes
•Royalty or , copyright.
•Decree for the arrears of rent , etc.

There must be two living person i.e Donor and Donee .

DONOR: one who transfer the gift.
DONEE : One who accepts the gift .

 CLICK BELOW FOR MORE
LAW NOTES

ESSENTIAL ELEMENTS OF VALID GIFT

The essential of  valid gift are Given below :

(1) There must be  transfer of ownership,
(2) The property must be existing property,
(3) Transfer is without consideration,
(4) Acceptance of gift by the Donee.


(1) Transfer of ownership

To constitute a valid gift there must be transfer of ownership from one party to another , without transfer of property there will be no Gift , Gift is the transfer of ownership, i.e absolute interest. 

 During the Transfer the donor must intend to pass on all the rights and liabilities in respect of property to donee.

(2) Existing property

Another important essential to constitute a valid gift , is the property Which is the subject matter of gift , may either be movable or immovable , it may be tangible or intangible , property may be of any kind but two conditions are required :
(a) The subject matter of the gift must be in existence at the date of making of the gift .
(b)  The subject matter of the gift must be transferable within the meaning of section 5 of the act .

(3)  NO CONSIDERATION

An essential feature of a gift is that it must be gratuitous . Transfer of ownership must be without any consideration . Even a negligible property or , very small sum of money given by transferee in consideration of a transfer of ownership in a big property would make the transaction either a sale or exchange. Property transferred in consideration of love or affection is a transfer without consideration , hence a gift .

(4) VOLUNTARILY

The transfer of property must be done voluntarily, the donor must make the gift voluntarily .

Here "VOLUNTARILY" means that donor has made the gift by his own free will and free consent ,the consent of the donor must be free .
The consent of the donor is free when he has complete freedom of making the gift without any force , fraud , undue influence or coercion .Where the force of undue influence has been exercised on the donor , it cannot be said that the gift was made voluntarily.

(5) ACCEPTANCE OF GIFT

The last and most important essential to constitute a valid gift is the Acceptance of gift by the Donee . The Donee may refuse the gift , e.g., when it is non - beneficial property or , onerous gift . The Donee may refuse the offer of gift of such properties. Acceptance of the gift is therefore necessary.

Where , donee is Minor or insane , the gift must be accepted on his behalf by a competent person. .
Where , donee is a juristic person , the gift must be accepted by a competent authority representing such legal person . When gift is made to a deity , it may be accepted by its agent , e.g, the priest or manager of the temple.
Last paragraph of this section of transfer of property act 1882 , provides that if donee dies before acceptance , the gift is void .

 READ HERE
CORPORATE GOVERNANCE THEORY


      
By at No comments:
Labels:

Friday, 1 June 2018

SEBI,Securities Appellate Tribunal,Functioning,qualifications,

June 01, 2018 Law , 0 Comments
SAT(Securities Appellate Tribunal) And securities Exchange Board of India.

Securities Appellate Tribunal Powers and Procedures,Functioning,qualifications,
Securities appellate tribunal


Hey what's up guys in this post I want to give you guys a little bit information on SEBI  Securities Exchange Board of India and Securities appellate tribunal.

 Now this is something which you guys need to know from because it's one of the most powerful institutions this country has ever seen okay so it's important that you know what SEBI is and why we require such a powerful institution in this country so let's get started.

  NOW WHAT IS SEBI?

 SEBI is a statutory company which has been established to regulate the stock markets in India.

 Now why did they feel the requirement to set up?

  SEBI the stock markets in India have had a complicated history okay for example we did not have a proper regulation for Bombay Stock Exchange until 1980 the government of India could not even regulate Bombay Stock Exchange until 1980 and the reason is that because fiddle-dee-dee boy happened to pass away in 1980 and only after he passed away could the government actually gain control.Even after when the government gain control of Bombay Stock Exchange there were a lot of things in the market which went unregulated and you had quite a few scams which went on to happen like this like for example you had the Harshad Mehta gated barracks camp.Now in these camps of the value of the money which was laundered runs into several thousand crores that these guys were able to jack up the stock markets to such a big extent they were able to do that only because of lack of regulation. And that's to tell you how bad the stock markets were in terms of regulation once upon a time so you had a semi established so that they can be proper order into the chaos that was there in the Indian capital markets okay SEBI came into power in 1992. It is one of the most powerful company country.

 Now why do I say it's one of the most powerful companies ?now when I go about telling you about what said it does in terms of functions you will see how powerful this institution can really get and in fact how many companies are forced to comply with the provisions of the regulations which SEBI has put forth okay.


 Now coming to the various functions and powers of SEBI  this is where you guys would realize how powerful this institution is-
Powers of SEBI

 1) Approve the by-laws of stock exchanges.


2)Compel specific companies to make their shares available in one or more stock exchanges.

3)Delegate powers that can be executed.

4)Enquire the stock exchanges so that they amend their bye-laws as required.

5)Grant licenses to any person so that they can deal with the securities at specific places.


6)Impose monetary penalties.

 SECURITIES APPELLATE TRIBUNAL

 Securities Appellate Tribunal is a statutory Body established by the Central government under the provisions of Section 15k of the SEBI(Stock exchange Board Of India)Act 1992.


FUNCTIONING OF SAT

 The main function  of SAT is to hear and dispose the  appeals against orders passed by the Securities and Exchange Board of India or by an Adjudicating officer or by any other law for time being in forced under this act.



SAT exercises it's jurisdiction,powers,and authority as conferred by the SEBI .The central government has set up a tribunal at Mumbai.


Composition of Securities Appellate Tribunal



Section 15(L)of the SEBI act provides that SAT shall consist of a presiding Officer and two other members, which are appointed by the central government.


Qualifications for appointment as Presiding officer Section 15(m)



Section 15(m) provides following qualifications for appointment as the Presiding officer of SAT

(a) Person must be sitting or retired judge of the supreme court; or


(b) Person must be sitting or retired judge of high court who has completed not less than seven years of service as a judge in a high court .


(c) is a sitting or retired chief justice of a high court.


For the appointment of presiding officer the central government must consult with the chief justice of India or his nominees.


Qualifications of members

(a)person of ability ,integrity and standing who has shown capacity in dealing with problems relating to Securities market ; and

(b)He has qualifications and experience of corporate law , securities law,finance, economics or accountancy.
,



SECURITIES APPELLATE TRIBUNAL





By at No comments:
Labels:

Thursday, 22 February 2018

Civil And Criminal justice,kinds of punishment theories

February 22, 2018 Law , 0 Comments

   CIVIL &CRIMINAL JUSTICE

Civil And Criminal justice,kinds of punishment theories
Civil and criminal justice
   
As we have discussed earlier in our previous post about The definition Historical development  and division of Administration of justice.
Now we will discuss about the kinds of Civil justice, Administration of Criminal justice and  the theories relating to punishment.

Civil justice :


the rights enforced by civil proceedings are of tow kinds namely:

 (1) Primary , and
(2) Sanctioning or Remedial rights.

Primary Rights 

This are those rights which exists as such , and they don't have source in some wrong .

Sanctioning or Remedial rights 

Remedial rights are those rights which come into being after the violation of a primary rights
For example: if (A) make a contract with (B) for some purpose , (A) have the right to get the contract fulfilled .This is (A) primary right . But if (B) does not fulfill the contract and makes a breach ,then (A) have the right to receive damages from him.This is a Remedial or Sanctioning rights.

    Administration of criminal justice

The main purpose of the criminal justice is to punish the Wrongdoer. The first question that arises about the administration of criminal justice is as to what is the purpose of punishment or what is the end of the criminal justice?
From the ancient times , a number of theories have been given concerning the purpose of the punishment .the theories of punishment are broadly divided into two classes.

   Theories of punishment


One Class of the theories say that the end of the criminal justice is to protect and add to the welfare of the state and society.
The other class of the Theories says that the purpose of punishment is retribution.


Civil And Criminal justice,kinds of punishment theories
Punishment theories


Preventive Theory

This theory is for the purpose of disabling or preventing the offender from committing the offence again.
For example , If a person committed theft ,his hands was cut away.

Deterrent Theory:

The object of this theory is to deter people from committing crime . This theory says that by punishment the Wrongdoer is made an example . It creates an awe not only in mind of the offender   
Alone ,but  also in the minds of other and deter them from committing crime.

Reformative Theory 

This theory is of recent origin ,this theory says that the offences are committed under the influence of motive upon the character .
The criminal is a product of the social,economical and environmental conditions.it is believed that if the criminals are educated and trained they can be made competent to behave well in the society .this theory is proved to be successful in case of young offenders.

Retributive theory 

The origin of this theory lies in the primitive notion of vengeance against the Wrongdoer. This theory considers punishment as an end in itself .
"An eye for an eye and tooth for a tooth " is the purpose of this theory.

Expiatory theory

This theory says that by undergoing punishment the crime is expiated .if the offender expiate or repents he must be forgiven .
This theory is based on morals and as a punishment it has little value.


PREVIOUS POST

 ADMINISTRATION OF JUSTICE
By at No comments:
Labels:

Administration Of Justice, types of justice,criminal justice,civil justice

February 22, 2018 Law , 0 Comments
         ADMINISTRATION OF JUSTICE
Administration Of Justice, types of justice,criminal justice,civil justice
Administration of justice
                          


In general terms Administration of justice means the protection and enforcement of rights and Duties ..

According to Law : The functions of the judiciary is to protect and enforce the rights of the individuals and to punish wrong-doers .This function is called the 'Administration of justice' 



                    SALMOND's DEFINITION:

 "Maintenance of rights ,within a political community by means of the physical force of the state"


                           Historical Development

As an essential functions of the state ,the law and order within the state is maintained through the Administration of justice . The administration of justice in reaching its present form passed through various stages .

In the primitive society when any wrong was done against any individual ,he had to resort to self-help and it was based on private vengeance .But later on ,when individuals organised themselves in society ,certain rights were recognised by the society .if a wrong was done against the individual it was abhorred by the society and it made efforts to provide remedy to the individual wronged.

Gradually the society evolved and the state came into Being ,for the protection of the citizen , and for its own protection it was necessary for  the state to maintain law and order. This was the beginning of the Administration of justice .

The state protects the rights and enforces the duties of its citizens .if any individual is violated by another ,the latter is to redress it or he is punished.State for the protection of the citizen appoints persons to adjudicate the rights and duties ,in this way ,courts came into being . Gradually a well organized judicial order developed in the society .

                        Types of Administration of justice
Administration Of Justice, types of justice,criminal justice,civil justice
Administration of justice


The administration of justice is divided into two parts


(1) Civil justice and (2) Criminal justice

Civil justice 

Civil justice is administered by civil courts ,the wrongs which are the subject matter of civil proceedings are called civil wrongs .A successful civil proceedings results in a judgement for damages or recovery of debts or any other alike relief

Criminal justice

criminal justice is administered by criminal courts ,the wrongs which are the subject matter of criminal proceedings are called criminal wrongs.unlike the Civil justice a successful criminal proceedings results in the punishment of the Wrongdoer .


PREVIOUS POST

 SOCIAL ENGINEERING THEORY OF ROSCOE POUND
By at No comments:
Labels:

Roscoe pound social engineering theory

February 22, 2018 Law , 0 Comments
Roscoe Pound Social Engineering Theory

Roscoe pound social engineering theory
Roscoe pound social engineering theory

                          

Roscoe pound is considered to be the "American Leader" in the field of Sociological Jurisprudence.He  made a significant contribution to jurisprudence in the tradition of sociological jurisprudence, He is the most systematic writer on sociological jurisprudence,
His best-known theory consists of
conceptualising law as social engineering.  which emphasized on the importance of social relationships in the development of law and vice versa. According to him ,the end of the law should be satisfy a maximum of wants with maximum of friction.

 CLICK BELOW FOR MORE
LAW NOTES


  The Task of Law is " Social Engineering "


Pound's main thesis is that the task of law is   "social engineering " He says that Law is a social institutions to satisfy the social wants .the claims and demands involved in the existence of the civilized society must be fulfilled  through the social institutions by giving effect to as much as we may with least sacrifice , such wants may be satisfied by an ordering of human conduct through politically organised society.the end of the law should be to satisfy a maximum of wants with minimum of friction.

"Social Engineering " Means a balance between the competing interest in the society"


Pound called "jurists" as a social engineer and the social engineering means to maintain a balance between the competing interest in the society , Jurist must work with a plan ,He entrusts the Jurist with the commission . Jurists should study the social effects of legal institution and legal doctrine .jurists should study the means of making legal rules effective , study of judicial method, sociological legal history .pounds thinks that it is the duty of the jurists to classify and expiate the interest to be protected by law.

Pounds himself enumerates the various interest ,which are to be protected by law . He classifies them under following three heads-

(A) Private interest , (B) Public interests , and
(C) social interests .

 private interest 

   it includes
      
(a) the individual interests of personality: 

       i.e - physical integrity , reputation, freedom of conscience .they are safeguarded by the criminal law, law of tort, law of contract.

(b) individual interest in domestic relations:

    i.e  Marriage , Relations of husband and wife , parents and children . Claims to maintenance

(c) Interests of substance :

    i.e : proprietary rights , inheritance and testamentary succession .

 Public interests

     it includes the following

     (a) interests in the preservation of the state .

      (b) interests of the State as the guardian        
           
    
 Social interests 

       it includes

     (a) interests in the preservation of peace and order and maintaining general security.

      (b) interest in preserving social institutions like marriage and religious institutions.

      (c) interest in conserving social resources.

      (d) interest in the promotion of human personality.

PREVIOUS POST

 SOURCES OF HINDU LAW


By at No comments:
Labels: