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Friends, Updating here the recollected questions from Jan 2017 Exams. Wish you all the very best for your exam.
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No of parties involved in LC - 7 (Applicant-Buyer-Importer-Opener, Issuing Bank, Beneficiary-Exporter-Seller, Advising Bank, Negotiating Bank, Confirming Bank, Reimbursing Bank)
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Green clause - This permits pre shipment advance and also permits advances to the exporter to cover storage at the port of shipment.
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Forged instrument - Checks, drafts, bills of exchange, notes, bonds, stock certificates, and paper money with false signatures or false denominations; false instruments with genuine signatures; or COUNTERFEITS.
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Differed payment guarantee - Deferred Payment Guarantee is issued by the bank at request of customer when he purchases goods or machinaries from a creditor on the terms of payment after a specified time in lump sum or in instalments.
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Equitable mortgage - A mortgage in which the lender is secured by taking possession of all the original title documents of the property that serves as security for the mortgage. It gives the mortgagee the right to foreclose on the property, sell it, or appoint a receiver in case of nonpayment.
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Gratitious bailment - is a type of bailment in which the bailee receives no compensation. For example, borrowing a friend's car. A gratuitous bailee is liable for loss of the property only if the loss is caused by the bailee's gross negligence.
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Usuance bill - is a bill of exchange which allows the drawee to have period of credit or term. The usance can begin from the date of the bill of lading or from the date of acceptance by the drawee and is stated in days or months.
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Bill of exchange - an unconditional order in writing, addressed by one person to another, signed by the person giving it, requiring the person to whom it is addressed to pay on demand, or at a fixed or determinable future time, a sum certain in money to or to the order of a specified person, or to bearer.
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What is the eligibility of becoming presiding officer in DRT?
1. A person is qualified for appointment as presiding officer of a tribunal if he is, or has been, or is qualified to be appointed as a District Judge.
2. The presiding officer of a tribunal holds office for a term of five years from the date on which he enters upon his office or until he attains the age of sixty-two years, whichever is earlier.
Who can remove the presiding officer of DRT?
They cannot be removed, unless by an order of the Central Government on ground of proved misbehaviour or incapacity after inquiry. Presiding officer or chairperson can by a three months written notices, resign his office.
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DOCTRINE OF CONSTRUCTIVE NOTICE
The memorandum of association and articles of association of a company are registered with the registrar of companies at the time of incorporation. As the office of the registrar of companies is a public office, the memorandum of association and articles of association become public documents. Hence, the act expressly guarantees the right of inspection of these documents to all. It is therefore the duty of every person who deals with a company to inspect its public documents, i.e. its memorandum of association and articles of association and make sure that his contract is in accordance with their provisions.
However, whether a person has actually read them or not he shall be in the same position as if he had read them. In other words, he will be presumed to have knowledge of the contents of these documents and to have understood them according to their proper meaning. This kind of presumed notice is known as constructive notice. This is known as the doctrine of constructive notice.
The following are the practical effects of the doctrine of constructive notice:
(a) He who deals with the company is deemed to have notice of the public documents whether he has actually seen them or not.
(b) Another effect is that a person dealing with the company is not only deemed to have notice but is also presumed to have read those documents and to have understood not only the company's powers but also of its officers.
(c) The doctrine of constructive notice is of a negative nature in the sense that it stops a person from contending (arguing) that he had no notice of the contents of the documents.
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