13 August, 2011

Legal Knowledge::Benefits of Registration of a Society

A registered society is viewed as an independent juridical ‘person’. It is different from the people who form it. The registered society can

1. Purchase the property.

2. File cases.

3. It can get exemption from income tax.

4. It has limited liability.

5. Any property held can pass from one generation to another without having to pay any transfer fees or taxes and without any cumbersome documentation.

6. The properties of a an incorporated body can be easily protected from rival claimants and resulting litigants.

Property which is vested in the members of an unregistered society becomes “ property belonging to the society” after registration and , and there is no transfer of ownership.

A society registered in India and having all of its members as foreigners is still an ‘Indian’ society and governed by Indian Laws. Conversely when registered outside and all members are Indian then society is a foreign society.

A unregistered society is not recognised as an independent juridical person under law. Therefore, it does not enjoy the benefits mentioned above. Failure to register the institution gives it no legal face and only the trustees in charge of the fund have a legal status. A promissory note executed in favour of the institution in this event is void and no suit can be instituted to enforce it on behalf of the institution.

Regards

Team Legal Point Foundation

Legal Point Foundation

Deepak Miglani [President]

Dinesh Miglani [Treasurer]

Kamal Jeet [Secretary]

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Website www.legalpoint.in, www.deepakmiglani.com

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Do you know that Cohabitation caused by a man deceitfully inducing a belief of lawful marriage is offence which is punishable with imprisonment of either description for a term which may extend to ten years, and shall also be liable to fine under Section 493 of I.P.C.

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07 August, 2011

Legal Tip of the Day:TEN POINTS FOR DRAFTING A FOOLPROOF AGREEMENT

According to Indian Contract Act, “When one person signifies to another his willingness to do or to abstain from doing anything, with a view to obtaining the assent of that other to such act or abstinence, he is said to make a proposal. When the person to whom the proposal is made signifies his assent thereto, the proposal is said to be accepted. A proposal, when accepted, becomes a promise.”

Every promise and every set of promises, forming the consideration for each other, is an agreement. An agreement enforceable by law is a contract.

The following guidelines will help in the drafting of a fool-proof agreement:-

  1. The language of the agreement should be simple, free from ambiguities and vagueness.
  2. The subject matter should be divided into paragraphs and the sequence must be maintained.
  3. The agreement must cover all the points agreed upon by both the parties and give equal coverage of both the sides.
  4. There must be a clause indicating the obligations of the agreement on both the parties.
  5. There must be a clause stipulating the duration of the agreement as well as clause regarding its administration. Recognized principle is that an agreement remains operative until it is replaced by new modified terms.
  6. Figures with regard to dates and amounts etc. are generally written in words or both.
  7. The name of the place where the document is executed should be specified. Similarly, the date of the deed should be written in words.
  8. The names and description such as parentage, occupation, residential and permanent address of the parties, if necessary to the deed, should be given.
  9. For the purpose of brevity of writing and for long description of parties, their abbreviations are coined e.q. A.B. ( hereinafter referred as “employer”).
  10. After necessary clauses, will follow the signature of the respective parties to be witnessed by one or more witnesses and attested by them with date and place of execution.

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Regards

Team Legal Point Foundation

Legal Point Foundation

Deepak Miglani [President]

Dinesh Miglani [Treasurer]

Kamal Jeet [Secretary]

Email:- legalbuddy@gmail.com

Website www.legalpoint.in, www.deepakmiglani.com


Do you know that if any part of a single consideration for one or more objects, or any one or any part of any one of several considerations for single object, is unlawful, the agreement is void-Indian Contract Act

The India Today Magzine [Hindi Edition 10.11.2010] has recognized the efforts of LEGAL POINT FOUNDATION by publishing a story. Please click this link

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