what is the meaning of: in the ordinary course of business

The ordinary meaning of the expression ‘in the ordinary course of business in dictionaries is part of doing regular business; the regular or customary condition or course of things; as things usually happen.

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What is not ordinary business course?

outside of the ordinary course of business means transactions of an unusual size and incidence when compared to similar transactions which the company has enteredinto; Sample 1.

What is ordinary course of trade or business?

ordinary course of trade means “the conditions and practices which, for a reasonable time prior to the exportation of the subject merchandise, have been normal in the trade under consideration with respect to merchandise of the same class or kind.” 19 U.S.C.

What is ordinary course of business as per Companies Act 2013?

In common parlance the term “ordinary course of business” is used to mean usual transactions, customs and practices as a part of doing regular business including the things which usually happen.

What does outside the usual course of the business mean?

A person buys goods in the ordinary course if the sale to the person comports with the usual or customary practices in the kind of business in which the seller is engaged or with the seller's own usual or customary practices.

What is in the course of business?

In the course of business means that taxable supplies are made which represent some sort of continuing activity for gain. If you provide goods and services in parallel with the private sector the tax paid by customers is normally identical in order to maintain fair competition.

What is ordinary business and special business?

The Ordinary Business are transacted only at an AGM and not in any other general meeting. Special Business. At AGM, any business transacted except the above mentioned four business are considered as Special Business. In all other general meetings, all business to be transacted are considered as Special Business.

What means the estimated selling price in the ordinary course of business?

Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale.

Which is the income on during the regular course of business?

Revenue profit is the difference between revenue incomes and revenue expenses. It is earned in the ordinary course of the business. It results from the sale of goods and services at a price more than their cost price. Revenue profit is he outcome of regular transactions of the business.

What is ordinary event?

As things typically unfold, take place, or happen. In the ordinary course of events, we would have arranged for a follow-up interview to take place right away, but things were so chaotic that it never happened.

What is the course of business management?

It focuses on the more authoritative aspects of business like planning business activities, organizing departments and employees, running departments, and generally managing an organization.

What is ordinary course of business?

Ordinary Course of Business means the ordinary course of business consistent with past custom and practice (including with respect to quantity and frequency ). Ordinary Course of Business means, in respect of any transaction involving any Person, the ordinary course of such Person’s business, as conducted by any such Person in ...

Is the fact of the setting of the amounts or the inclusion of any item in the Schedules required to be disclosed?

No Party shall use the fact of the setting of the amounts or the fact of the inclusion of any item in the Schedules in any dispute or controversy between the Parties as to whether any obligation , item or matter not described or included in the Schedules is or is not required to be disclosed (including whether the amount or items are required to be disclosed as material or threatened) or is within or outside of the Ordinary Course of Business.

What is ordinary course of business?

The ordinary course of business is anything that falls within the scope of activities that would be considered normal for a business. When the legality or legitimacy of transactions is challenged, one of the tests used to determine whether ...

How to determine whether something is within the ordinary course of business?

Determining whether something is within the ordinary course of business or not can involve evaluating similar types of businesses and industries to see if they engage in similar types of transactions. Other tests can include questioning the parties to the transaction and checking regulations to see if they outline any practices for a given profession or industry.

What is legal code?

Legal codes pertaining to business matters usually define this terminology for the benefit of people involved in legal disputes, and there may be further definitions in the areas of the legal code that cover specific industries. In order to be within the ordinary course of business, a transaction must adhere to the practices and customs ...

Is it unusual for businesses to engage in transactions similar to a transaction under examination?

It would not be unusual for businesses in the same industry to engage in transactions similar to a transaction under examination. All parties also engaged in the transaction in good faith, with the understanding or belief that the other party was operating within the law and that the transaction was normal. Thus, buying a sack of oranges ...

What is the ordinary course of business?

In common parlance the term “ordinary course of business” is used to mean usual transactions, customs and practices as a part of doing regular business including the things which usually happen. Black’s Law Dictionary (8th edition) defines ‘ordinary course of business’ as “ the normal routine in managing a trade or business” and calls it as ‘regular course of business’, ‘ordinary course’, ‘regular course’.

Where do companies define their ordinary course of business?

Further, in case of related party transactions, most companies generally define their Ordinary Course of Business in the policy along with a negative/ exemption list.

Why was the giving of a guarantee not a commercial decision?

Decision: Giving of guarantee was not a commercial decision and in the ordinary course of company’s business because it could not be company’s business to guarantee the payment of bad and irrecoverable amounts.

What is the basis of decision in MOA?

Basis of Decision: It is the general accepted practice that MOA of the companies are drafted so as to include a broad spectrum of objects and activities in the object clause even if no such activities are actually intended to be carried out by the company. In the instant case, no business of giving guarantees for repayment of loans etc. has been carried out by the company and in fact, no guarantee has been given to any party for repayment of loan. The impugned guarantee transaction is the solitary transaction which has been entered into without charging of any commission.

What is ordinary in the Companies Act?

Companies Act, 2013 does not define what is ordinary for a company and what is not. It let the companies decide what is ordinary and what is extra-ordinary/ special kind of business for them. Generally, for most companies, it’s an easy task to identify what is ordinary course of business, however, in cases where it is not so obvious, it will always be a subjective matter and require analysis and judgement.

Is there a requirement for special approval for ordinary business transactions?

There is no requirement of any special approval for the transactions which are in ordinary course of business. These transactions appear as an exemption under the Companies Act, 2013 (“Act”). Below are certain crucial provisions of the Act in which exemption from approvals has been given to transactions in the ordinary course of business.

Is the sum in question money lent in the ordinary course of the business of money lending?

Decision: Since the business of the company was not that of money lending , it cannot be said that the sum in question represents money lent in the ordinary course of the business of money lending

What does "in the ordinary course of business" mean?

The ordinary meaning of the expression ‘in the ordinary course of business in dictionaries is part of doing regular business; the regular or customary condition or course of things; as things usually happen. Many Dictionaries define the term as part of doing regular business; the regular or customary condition or course of things;

What is the second proviso of section 3 of the Companies Act?

Second proviso of Sub-Section (3) of Section 179 of the Companies Act, 2013 provides that the acceptance by a banking company in the ordinary course of its business of deposits of money from the public repayable on demand or otherwise and withdraw able by cheque, draft, order or otherwise, or the placing of monies on deposit by a banking company with another banking company on such conditions as the Board may prescribe, shall not be deemed to be a borrowing of monies or, as the case may be, a making of loans by a banking company within the meaning of this Section.

Is ordinary course of business subjective?

The term “ordinary course of business” has not been defined. An assessment of whether a transaction is in “ordinary course of business” can be subjective and may vary on case-to case basis.

Is ordinary course of business defined in the Companies Act?

The term ‘ordinary course of business’ has, however, not been defined in the Act and the government also has ruled out defining the term which is used in the Companies Act, 2013 several times. So, boards are left to their different interpretations of the term, thus creating confusion. The lack of definition or framework leaves a lot to ...

Is section 188 applicable to a transaction?

Section 188 will not be applicable if a transaction is in the ordinary course of business and at arm’s length price. To decide whether an activity which is carried on by the business is in the ‘ordinary course of business’, the following factors may be considered (as per guidance note issued by ICSI)-. a).

What is ordinary course of business?

Ordinary Course of Business means the ordinary course of business consistent with past custom and practice (including with respect to quantity and frequency).

What are ordinary business activities?

Ordinary Course of Business Activities means each of the following occurring in the ordinary course of business and consistent with reasonable and customary past practices of the Company and its Restricted Subsidiaries: (i) all activities conducted by Company and its Restricted Subsidiaries in the ordinary course of their businesses, regardless of frequency, including, without limitation, the following activities: financing (whether debt or equity), asset management and servicing, factoring, trade accounts receivable purchasing, leasing (both capital and operating leasing, and sales and exchanges pursuant to such leasing), sales, transfers or other dispositions of loans, leases or equipment held for purposes of loan ing or le asing in the ordinary course of business, investment, advisory services, insurance products, vendor financing, purchases and sales or other dispositions of assets and Capital Stock (including Investments in Joint Ventures) acquired in workouts of loans, leases or factoring facilities, in each case in this clause (i), to third parties, (ii) any reasonable extension or evolution of the foregoing activities, (iii) any financings of the foregoing activities through securitizations, trusts, special purpose vehicles or other means, (iv) any related restructuring activities, including, without limitation, formation of a special purpose vehicle to acquire, hold or dispose of assets and Capital Stock obtained in connection with restructuring activities, and (v) managing and operating businesses acquired through the exercise of remedies. Notwithstanding anything to the contrary in this Agreement, the following transactions and dispositions are not within the scope of this definition of Ordinary Course of Business Activities and, in the case of clause (x), are not permitted under any provision of this Agreement other than Section 6.8 (c): (x) any transfer or other disposition of any business line, unit or division to any Person that is not a Subsidiary Guarantor and (y) any other transfer or disposition of any assets (including, without limitation, Cash) to any subsidiary, whether a Restricted Subsidiary or not, other than (i) a Subsidiary Guarantor, (ii) a Wholly-Owned Subsidiary that is directly or indirectly owned by a Subsidiary Guarantor and (iii) to the extent permitted under Section 6.11, a subsidiary of a Subsidiary Guarantor that is not Wholly-Owned by a Subsidiary Guarantor.

What are permitted businesses in Nevada?

Permitted Businesses (a) the gaming business, (b) the development, construction, ownership and operation of a Gaming Facility , (c) all businesses, whether or not licensed by the Nevada Gaming Authorities, which are necessary for, incident to, useful to, arising out of, supportive of or connected to the development, construction, ownership or operation of a Gaming Facility, (d) any development, construction, ownership or operation of lodging, retail, restaurant or convention facilities, sports or entertainment facilities, golf course facilities, art gallery facilities, food and beverage distribution operations, transportation services (including operation of the Aircraft and chartering thereof), parking services, sales and marketing services, sales, leasing and repair of automobiles or other activities related to the foregoing, (e) any development, construction, ownership or operation of a full service destination resort, including, without limitation, residential or vacation housing facilities (including, without limitation, timeshares, interval ownership and condominiums and similar developments), and parking services, sales and marketing services or other activities related to the foregoing, (f) any business (including any related internet business) that is a reasonable extension, development or expansion of any of the foregoing or incidental thereto and/or (g) the ownership by a Person of Capital Stock in its Subsidiaries; provided, however, that with respect to the Borrower and its Subsidiaries other than, with respect to the ownership and operation of the Aircraft only, World Travel and Las Vegas Jet, the foregoing shall only be Permitted Businesses to the extent related to the Project or furtherance of the Project’s development, construction, ownership or operation; and provided, further, that, notwithstanding the foregoing, the Borrower shall be permitted to (i) continue to perform its obligations and receive benefits under the Macau Loan and (ii) pay Allocable Overhead as otherwise permitted under this Agreement.

What is an ordinary course professional order?

Ordinary Course Professional Order means the Order Authorizing the Retention and Compensation of Certain Professionals Utilized in the Ordinary Course of Business [D.I. 765].

What is related business asset?

Related Business Assets means assets (other than cash or Cash Equivalents) used or useful in a Similar Business, provided that any assets received by the Issuer or a Restricted Subsidiary in exchange for assets transferred by the Issuer or a Restricted Subsidiary shall not be deemed to be Related Business Assets if they consist of securities of a Person, unless upon receipt of the securities of such Person, such Person would become a Restricted Subsidiary.

What does "engaged in business" mean?

Engaging in business means commencing, conducting, or continuing in business, and liquidating a business when the liquidator thereof holds itself out to the public as conducting such business. Making a casual sale is not engaging in business.

What does "business" mean in insurance?

the Business means the usual work and activities carried on by the Insured pertaining to his business as specified in the Schedule and no others.

Examples of In the course of business in a sentence

In the course of business, the Company will collect, record, store, adapt, transfer and otherwise process information by which prospective investors may be directly or indirectly identified.

Related to In the course of business

Ordinary Course of Business means the ordinary course of business consistent with past custom and practice (including with respect to quantity and frequency).