BEE-Darshan part 3

1. Sec 4. Indian Partnership Act 1932 defines partnership.
2. It is a relation between persons.
3. The name of the business is called a FIRM.
4. Partnership deed lays down the terms and conditions of the partnership deed.
5. Partners agree to share the profit and losses of the firm.
6. page 188
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8. Page 159/page 168
9. The term member and shareholder are synonymous.
10. Receiving dividends is group  right of shareholders. No Not at all. (False)
11. Preference shareholders have right to vote  on every resolution of the company. no .Not at all.( false)
12. Statutory report is certified by only two directors. (False)
13. The notice of statutory meeting is sent at least 21 days 
14. before the meeting. True
15. A business can be transacted at a meeting even it is not
16. mentioned in agenda.       True.
17. A board meeting can be held anywhere.(true)
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19. page 302
20. Promissory Note:
21. An instrument in writing
22. contains an unconditional order
23. signed by the maker
24. To pay a certain sum of money
25. only to or to the order of a certain person
26. or to the bearer of the instrument.
27. Bill of Exchange.
28. It is an instrument in writing.
29. it contains an unconditional order.
30. signed by the maker
31.  DIRECTING  a certain person to pay
32.  a certain sum of money
33. only to or to the order of a certain person
34. or to the bearer of the instrument.
35. Holder
36. is a person entitled in his own name
37. to the possession of a promissory note/ bill of exchange/ and cheque.
38. and to receive 
39. and to recover the amount due thereon from the parties.
40. Holder in due course.
41. is generally a person
42. who for consideration became
43. a possessor  of a promissory note/bill of exchange/or cheque.
44. Sec. 13(1) defines the Negotiable Instrument.
45. cheque is always drawn on a bank and it includes truncated and electronic one.
46. http://www.thefreedictionary.com/truncated
47. Liability of the drawer to compensate the holder in case of dishonor is primarily provided under sec. 30.
48. http://en.wikipedia.org/wiki/Negotiable_Instruments_Act,_1881

49. 30. Liability of drawer

    
    
    The drawer of a bill of exchange or cheque is bound in case of dishonour by the drawee or acceptor thereof, to compensate the holder, provided due notice of dishonour has been given to, or received by, the drawer as hereinafter provided
    
    
    
    
    
    

    31. Liability of drawee of cheque.-

    
    
    The drawee of a cheque having sufficient funds of the drawer in his hands properly applicable to the payment of such cheque must pay the cheque when duly required so to do, and, in default of such payment, must compensate the drawer for any loss or damage caused by such default.
    
    
    A negotiable instrument made.drawn accepted endorsed  or transferred  without consideration or for a consideration which fails
     creates LIABILITY  of payment between the parties to the transaction.