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Sarika (Mangalore)     22 November 2021

Sec 409

Hi could anyone please let me know which section or part defines the words
banker
merchant
factor
broker
attorney
agent.

If no such definition.

Can a "Proprietary Firm" claiming to be a financer be charged under section 409.
[It is also not an NBFC]


Learning

 2 Replies

minakshi bindhani   23 November 2021

As per your query concerned!

Under section 182 of the Indian Contract Act, 1872 defined 'agent' as a person employed to do any act for another or to represent another in dealings with h third person. The person for whom such act is done, or who is so represented, is called the 'principal'.

Whereas, there is no other definition that has been provided in any Indian law.

Hope it is useful!
Regards
Minakshi Bindhani

Anaita Vas   23 November 2021

Section 7, Part II of The Banking Regulation Act, 1949, mentions the word, "banker."

Section 178, Chapter IX of Bailment of The Indian Contracts Act, 1872, mentions the phrase, "mercantile agent."

Section 2 of The Factoring Regulation Act, 2011, describes the word, "factor" as a non-banking financial company as defined in clause (f) of section 45-I of the Reserve Bank of India Act, 1934 (2 of 1934) which has been granted a certificate of registration under sub-section (1) of section 3 or anybody corporate established under an Act of Parliament or any State Legislature or any Bank or any company registered under the Companies Act, 1956 (1 of 1956) engaged in the factoring business.

A broker is an intermediary who is associated with securities market and is registered under Section 12 of the SEBI Act, 1992.

The legal advisor to the President and the Union Government is known as the Attorney-General of India (AGI) mentioned under Article 76 of the Constitution of India. Legal advisors for every state in India are called Advocate-General of India mentioned under Article 165 of the Constitution of India. 

Section 182 in The Indian Contract Act, 1872 describes the word, "agent" as a person employed to do any act for another, or to represent another in dealings with third person.

 

Regards,

Anaita Vas


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