LEARN LAW EASILY

  POWERS & FUNCTIONS OF DIRECTORS IN A BANKING COMPANY   A ‘Director’ is an elected individual who, along with other Directors, is responsible for a Bank’s policy and other fields. Collectively, the Directors form the Board of Directors. It can be said that in a Company, a Director is a hired person who is in charge of managing its business. Primarily, the Directors aim to look out for the wellbeing of the Bank and promote success for the benefit of its members, depositors, shareholders and other creditors. For this reason, the Directors are bestowed with various powers over any part or whole of the Banking Companies and they are liable to perform certain functions in accordance to the power given to them.   In Indian Banking System, before 1949, the provisions of Part XA of the Indian Companies Act, 1913 (as amended in 1936) governed the banking companies in India. Therefore, the Directors of these Banking Companies were also used to be governed by these provisions. However, th

  DEFINITIONS & OBJECTIVES OF INTERPRETATION OF STATUTES   DEFINITIONS & OBJECTIVES OF INTERPRETATION OF STATUTES   Meaning of Interpretation:   The term ‘Interpretation’ has been derived from the Latin term ‘ Interpretari ’, which means to explain, expound, understand or to translate. Interpretation can be held to be a process of explaining, expounding or translating any text or anything in written form. Interpretation of Statutes basically denotes an act of discovering the true meaning of the language which has been used in the statute.   Definition of ‘Interpretation of Statutes’:   Interpretation can be defined as the art of finding out the true sense of an enactment by giving the words of the enactment their natural and ordinary meaning. Interpretation of the statutes is the procedure of ascertaining the true meaning of the words used in a statute. The Court is expected to interpret arbitrarily and therefore there have been certain principles which have evolved out of

  THE STATUTES SHOULD BE READ AS A WHOLE IN ITS CONTEXT:   It is a basic principle in the field of law that the statutes should be read a whole in its context. This principle is one of the most vital and fundamental rules which are used for interpretation or construction of statutes by the Courts. We are well aware of the fact that a statute is written with several parts such as the sections, sub-sections, clauses, sub-clauses, exceptions, explanations, illustrations, schedules etc. These parts of a Statute are inter-linked with eachother. Also, when a statute is made by the law-makers it is made with certain intention and object. Such intentions or objects that are reflected throughout the various parts of the statute which have been mentioned above. Now, the Court has the vital duty of determining the legislative intent which is reflected throughout these various parts of the statute. This is why this has become a basic rule that the court must read the statute as a whole in its co