This document outlines key concepts regarding the constitutional grounds for regulating business in the United States. It discusses the separation of powers and checks and balances in the US system of government. It also covers federalism and the balance of power between the federal and state governments. Specifically, it examines the commerce clause and how it allows the federal government to regulate interstate business activities. It analyzes limitations on government power through protections like freedom of speech, due process, equal protection, and prohibitions against unlawful takings of private property.
RV 2014: Show Me the Money- Federal Funding in a Non-Earmark World (Federal F...Rail~Volution
Show Me the Money: Federal Funding in a Non-Earmark World AICP CM 1.5
Earmarks are gone. Time to explore new options. Hear about the federal highway and transit formula and financing programs currently available for transit, bicycle and pedestrian projects. Discover the many competitive discretionary federal programs still available to fund surface transportation projects and sustainability activities. You'll walk away with a complete list of programs, eligibility requirements, funding levels for FY 2014, status and links for submitting applications.
Jeffrey F Boothe, Chair, New Starts Working Group; Partner, Holland & Knight, Washington, DC
The document provides an introduction to government budgeting in India. It outlines key constitutional provisions related to budgets, the budget preparation and approval process, and controls over budget execution including re-appropriation, supplementary grants, and resumption of unused funds. It also discusses new service procedures, contingency funds, and the different types of government accounts.
Draft of the proposed legislation to abolish the pork barrel systemEmmanuel Mongaya
This is the draft legislation discussed by various anti-pork barrel groups that united on pushing for people's initiative presented by Atty. Rex Fernandez.
The document discusses the history and functions of the Budget and Management Bureau (DBM) in the Philippines. It outlines how the DBM was established through executive orders and laws to promote effective management of government resources. The DBM formulates resource allocation strategies, prepares expenditure plans, and develops and administers the national accounting system. It also conducts studies of government agencies and establishes rules for managing resources. The document further details the DBM's role in appropriating funds through the national budget process and ensuring accountability.
Key Takeaways:
Understanding Finance Commission and its Functions
Assessment of Union and State Finances
Recommendations on Vertical and Horizontal Devolution
Allocation of Grants-in-aid to States and Local Bodies
Recommendations on Disaster Risk Management
This document outlines the Philippine government's budget preparation process which includes:
1) A budget call issued by the Department of Budget and Management to government agencies to submit their budget proposals.
2) Stakeholder engagement sessions held for agencies to discuss their proposals with civil society groups.
3) Technical budget hearings held for agencies to defend their proposals to DBM panels.
4) An executive review process where budget proposals are prioritized and approved by the President and Cabinet.
5) The approved budget is then presented to Congress for legislation into the annual budget law.
The document summarizes the role and responsibilities of the Finance Commission of India. It discusses how the commission is constituted, the qualifications for members, their duties which include distributing taxes between central and state governments and determining grants. It provides details on the latest 13th Finance Commission which aims to reduce the fiscal deficit and government debt.
This document outlines key concepts regarding the constitutional grounds for regulating business in the United States. It discusses the separation of powers and checks and balances in the US system of government. It also covers federalism and the balance of power between the federal and state governments. Specifically, it examines the commerce clause and how it allows the federal government to regulate interstate business activities. It analyzes limitations on government power through protections like freedom of speech, due process, equal protection, and prohibitions against unlawful takings of private property.
RV 2014: Show Me the Money- Federal Funding in a Non-Earmark World (Federal F...Rail~Volution
Show Me the Money: Federal Funding in a Non-Earmark World AICP CM 1.5
Earmarks are gone. Time to explore new options. Hear about the federal highway and transit formula and financing programs currently available for transit, bicycle and pedestrian projects. Discover the many competitive discretionary federal programs still available to fund surface transportation projects and sustainability activities. You'll walk away with a complete list of programs, eligibility requirements, funding levels for FY 2014, status and links for submitting applications.
Jeffrey F Boothe, Chair, New Starts Working Group; Partner, Holland & Knight, Washington, DC
The document provides an introduction to government budgeting in India. It outlines key constitutional provisions related to budgets, the budget preparation and approval process, and controls over budget execution including re-appropriation, supplementary grants, and resumption of unused funds. It also discusses new service procedures, contingency funds, and the different types of government accounts.
Draft of the proposed legislation to abolish the pork barrel systemEmmanuel Mongaya
This is the draft legislation discussed by various anti-pork barrel groups that united on pushing for people's initiative presented by Atty. Rex Fernandez.
The document discusses the history and functions of the Budget and Management Bureau (DBM) in the Philippines. It outlines how the DBM was established through executive orders and laws to promote effective management of government resources. The DBM formulates resource allocation strategies, prepares expenditure plans, and develops and administers the national accounting system. It also conducts studies of government agencies and establishes rules for managing resources. The document further details the DBM's role in appropriating funds through the national budget process and ensuring accountability.
Key Takeaways:
Understanding Finance Commission and its Functions
Assessment of Union and State Finances
Recommendations on Vertical and Horizontal Devolution
Allocation of Grants-in-aid to States and Local Bodies
Recommendations on Disaster Risk Management
This document outlines the Philippine government's budget preparation process which includes:
1) A budget call issued by the Department of Budget and Management to government agencies to submit their budget proposals.
2) Stakeholder engagement sessions held for agencies to discuss their proposals with civil society groups.
3) Technical budget hearings held for agencies to defend their proposals to DBM panels.
4) An executive review process where budget proposals are prioritized and approved by the President and Cabinet.
5) The approved budget is then presented to Congress for legislation into the annual budget law.
The document summarizes the role and responsibilities of the Finance Commission of India. It discusses how the commission is constituted, the qualifications for members, their duties which include distributing taxes between central and state governments and determining grants. It provides details on the latest 13th Finance Commission which aims to reduce the fiscal deficit and government debt.
The document discusses the accounting system and financial reporting of BRAC's Education Project (BEP). [1] BEP follows International Accounting Standards and GAAP in preparing its financial statements on an accrual basis. [2] It recognizes grants as income when conditions are met and matches expenses, following the principle of transparency. [3] The accounting system provides guidelines for assets, provisions, taxation, and financial instruments to maintain accurate and standardized reporting.
The Fiscal Management Act was enacted by
Parliament as a private bill. The Act is awaiting
Presidential assent pending revisions proposed
by the President. This paper discusses the
contents of the Bill, why the President has
declined to assent to the Bill, the proposed
changes to the Bill and the effect of
implementing these changes.
Regional governments unify several cities into larger geographic communities. They have the authority to raise taxes and spend funds according to their own policies. The primary purpose of regional governments is regional planning, advocacy, housing, and accountability. The Philippines is divided into 17 regions composed of provinces. Regional development councils coordinate regional development plans and investments. Their responsibilities include regional planning, advocacy, and oversight of housing, accountability, and budgeting.
The Finance Commission of India was established in 1951 under Article 280 of the Indian Constitution by the President to define the financial relations between the central and state governments. It is appointed every five years and consists of a chairman and four members. The Commission recommends the sharing of taxes between the central and state governments and measures to supplement the resources of local governments. Thirteen Finance Commissions have been established so far, with the most recent one in 2017 making recommendations like increasing states' share of central taxes to 32%.
The document summarizes the key aspects of the 14th Finance Commission of India. It discusses the Commission's composition, functions, recommendations and implications. The major recommendation was increasing the states' share of central taxes from 32% to 42%. This provided states greater fiscal autonomy but reduced central assistance. Overall, the recommendations aimed to further cooperative federalism between central and state governments in India.
American Recovery and Reinvestment Conference Report Division Afinance3
This document is a conference report on a bill making supplemental appropriations for job creation, infrastructure investment, assistance to the unemployed, and state fiscal stabilization for fiscal year 2009. It appropriates funds to numerous federal agencies and programs, including:
- $24 million to the Department of Agriculture for construction and repairs
- $500 million to the Special Supplemental Nutrition Program for Women, Infants, and Children (WIC)
- Over $6 billion to rural housing and community development programs
- $2.5 billion to expand broadband internet access in rural areas
- $100 million to provide school lunch equipment grants to states
The report provides funding to support economic recovery through job preservation, assistance programs, infrastructure
This presentation discusses India's federal financial system and center-state financial relations. It explains that India follows a federal finance system with revenue and expenditures divided between the central and state governments. The central government can levy taxes listed in the Union List, while states can levy taxes in the State List. Taxes like income tax are shared according to principles set by the Finance Commission to ensure fiscal autonomy and responsibility. This system promotes independence, accountability, administrative efficiency and coordination between levels of government.
The document discusses recent amendments made by the Securities and Exchange Board of India (SEBI) to regulations governing listed companies undergoing insolvency resolution under the Insolvency and Bankruptcy Code. Specifically, it was amended that preferential issues of convertible securities by such companies would be exempt from certain pricing guidelines. It was also amended that resolution plans can allow acquirers to hold over 75% shares and delist companies without following standard delisting procedures, if the plan provides an exit price for shareholders of at least the liquidation value.
The document discusses the barangay budget process under Philippine law. It covers the key steps and requirements for preparing, authorizing, and implementing a barangay budget according to the Local Government Code. The barangay budget process involves the Punong Barangay and Treasurer preparing a proposed budget, the Sangguniang Barangay authorizing the budget through an appropriation ordinance, and funds being executed and accounted for according to the approved budget. The document provides details on estimating revenues and expenditures, mandatory budget allocations, budget authorization procedures, and other legal guidelines that barangays must follow for effective local financial management.
Key Takeaways:
Impact of Covid-19 and Stimulus Package
Budget Philosophy and Strategy
Sectoral Allocations
Developmental Objectives and Measures
Key Statistics and Comparison with India
My Detail Internship Recap - Aaron AlasaAaronAlasa
The document summarizes Aaron Alasa's internship recap from November 28, 2018. It outlines the various research assignments and practice area training completed during the internship. Research assignments included interest rate hedging, pioneer status in Nigeria, and summarizing rules of the Nigerian Stock Exchange. Practice area training covered power, oil and gas, real estate, finance, and corporate and commercial law. The internship provided exposure to key areas of Nigerian law and business.
The Evolution of Fiduciary Liability For Investment Losses - ERISA Plans, Non...jimeccleston
The document discusses the evolution of fiduciary standards for investment losses under various laws including ERISA, non-profits, the Uniform Prudent Investor Act, and others. It covers the development of modern portfolio theory and how various acts and laws have incorporated principles like diversification and the distinction between compensated and uncompensated risk.
IMF World Economic Outlook - April 2020 (as updated by June 2020 Forecast)DVSResearchFoundatio
Key Takeaways:
- Global Prospects and Policies
- Deep Downturn in 2020 and Uncertain Recovery in 2021
- Policy Tracker on Responses to COVID-19
- Commodity Market Development and Forecasts
- Global Government Debt and Fiscal Deficits
Power duties functions ra 7160 sec 465 468 467 local government codeCherry Belle Milagrosa
The document outlines the powers, duties, and functions of provincial governors and sanggunian panlalawigans (provincial boards) according to the Local Government Code of 1991. It states that governors are mandated to promote general welfare in their provinces through exercising executive powers. Some of a governor's key responsibilities include enforcing laws; generating resources; ensuring basic services; and appointing officials. Sanggunian panlalawigans are responsible for legislative duties like enacting ordinances, appropriating funds, and establishing councils. They work to maintain peace, protect the environment, and provide for constituents' safety, health, education, and livelihood.
Supplementary Demands for Grants are requests for additional funding that are made before the end of the fiscal year, while Excess Demands for Grants are made after a financial year has ended to appropriate funds for expenditures that exceeded the original budget allocation. Excess Demands allow flexibility for unexpected needs but have also been criticized as undermining legislative control over public spending. Both Supplementary and Excess Demands follow the same parliamentary approval process as the main budget.
Status of-cps-implementation-in-states-as-@-march-2019-PenComthewhistlerng
The document summarizes the status of implementation of the Contributory Pension Scheme (CPS) by states and the Federal Capital Territory as of March 31, 2019. It provides information on each state/territory's pension law, administrative structure, employee registration status, compliance with choice of pension fund administrator, pension contribution remittance status, actuarial valuation status, retirement benefits bond redemption fund account status, funding of accrued rights, and group life insurance policy status. Implementation levels varied across states, with some having fully implemented CPS while others were still in draft or bill stages or not compliant with various milestones.
The document proposes several reforms to make New York's pension system more predictable and affordable. It suggests offering new state employees a choice between a reduced defined benefit plan or a new defined contribution plan. It also proposes redefining compulsory arbitration to add transparency and restrictions. The document recommends ways to reduce costs of construction projects on public/private projects, such as increasing prevailing wage thresholds. It proposes freezing salary step increases when contracts expire and establishing minimum health insurance contribution levels for employees and retirees. Finally, it suggests passing unfunded mandate reform acts to require supermajorities for new unfunded mandates.
Session Six: Inclusive Growth Design Of Inter Governmental Transfers, Meeting...OECDtax
This document discusses conditional intergovernmental transfers between central and subnational governments. It provides background on different types of conditional transfers, including input-based, output-based, and performance-linked transfers. It examines India's experience with conditional transfers through Finance Commission grants and Centrally Sponsored Schemes. It also discusses global best practices, including jointly designing transfers, using transfers to drive fiscal and administrative reforms, and addressing non-compliance. The key lessons are to jointly develop objectives and conditions, use different transfers for different goals, create an intergovernmental forum, and design effective compliance incentives and penalties.
The document provides an overview of key concepts in Indian income tax law.
1) It outlines the basic components of India's income tax law, including the Income Tax Act 1961 which is amended annually by the Finance Act, as well as Income Tax Rules, Circulars, Notifications, and legal decisions from courts.
2) Important definitions from the Income Tax Act are summarized, such as the definitions of "assessee", "assessment", "previous year", and types of persons like an individual, HUF, company, firm, AOP, and BOI.
3) Rules of interpretation for income tax provisions are covered, including how charging provisions, machinery provisions, and provisions giving exemptions/rel
The Privatization Of Public Economic Enterprises In TurkeyCOSKUN CAN AKTAN
The document discusses the privatization of public economic enterprises in Turkey. It outlines that public enterprises played a role in industrialization until the 1960s, but then became a burden due to lack of competition and political interference. Turkey began a privatization program in 1985 to address these issues. The objectives of the program were to make the economy more market-driven and increase efficiency. A legal framework was established in the 1980s and 1990s to oversee the privatization process. Enterprises are privatized through methods like sales, leasing, and profit-sharing. Value and enterprises are assessed through commissions before being tendered through sealed bids, negotiation, auction, or bids among designated parties.
The document discusses financial autonomy for state assemblies in Nigeria, including its prospects, benefits, and challenges. Financial autonomy refers to an institution's ability to manage its financial affairs independently without external influence. It entails that an entity can receive its own budget allocation directly and manage finances without interference. Financial autonomy is seen as essential for effective separation of powers and independence of the legislature. It can improve legislative quality, oversight functions, and overall service delivery. However, it also faces challenges such as undue executive dominance and need for transparency. Remedies include capacity building, expertise hiring, and cooperation between government branches.
The document discusses the accounting system and financial reporting of BRAC's Education Project (BEP). [1] BEP follows International Accounting Standards and GAAP in preparing its financial statements on an accrual basis. [2] It recognizes grants as income when conditions are met and matches expenses, following the principle of transparency. [3] The accounting system provides guidelines for assets, provisions, taxation, and financial instruments to maintain accurate and standardized reporting.
The Fiscal Management Act was enacted by
Parliament as a private bill. The Act is awaiting
Presidential assent pending revisions proposed
by the President. This paper discusses the
contents of the Bill, why the President has
declined to assent to the Bill, the proposed
changes to the Bill and the effect of
implementing these changes.
Regional governments unify several cities into larger geographic communities. They have the authority to raise taxes and spend funds according to their own policies. The primary purpose of regional governments is regional planning, advocacy, housing, and accountability. The Philippines is divided into 17 regions composed of provinces. Regional development councils coordinate regional development plans and investments. Their responsibilities include regional planning, advocacy, and oversight of housing, accountability, and budgeting.
The Finance Commission of India was established in 1951 under Article 280 of the Indian Constitution by the President to define the financial relations between the central and state governments. It is appointed every five years and consists of a chairman and four members. The Commission recommends the sharing of taxes between the central and state governments and measures to supplement the resources of local governments. Thirteen Finance Commissions have been established so far, with the most recent one in 2017 making recommendations like increasing states' share of central taxes to 32%.
The document summarizes the key aspects of the 14th Finance Commission of India. It discusses the Commission's composition, functions, recommendations and implications. The major recommendation was increasing the states' share of central taxes from 32% to 42%. This provided states greater fiscal autonomy but reduced central assistance. Overall, the recommendations aimed to further cooperative federalism between central and state governments in India.
American Recovery and Reinvestment Conference Report Division Afinance3
This document is a conference report on a bill making supplemental appropriations for job creation, infrastructure investment, assistance to the unemployed, and state fiscal stabilization for fiscal year 2009. It appropriates funds to numerous federal agencies and programs, including:
- $24 million to the Department of Agriculture for construction and repairs
- $500 million to the Special Supplemental Nutrition Program for Women, Infants, and Children (WIC)
- Over $6 billion to rural housing and community development programs
- $2.5 billion to expand broadband internet access in rural areas
- $100 million to provide school lunch equipment grants to states
The report provides funding to support economic recovery through job preservation, assistance programs, infrastructure
This presentation discusses India's federal financial system and center-state financial relations. It explains that India follows a federal finance system with revenue and expenditures divided between the central and state governments. The central government can levy taxes listed in the Union List, while states can levy taxes in the State List. Taxes like income tax are shared according to principles set by the Finance Commission to ensure fiscal autonomy and responsibility. This system promotes independence, accountability, administrative efficiency and coordination between levels of government.
The document discusses recent amendments made by the Securities and Exchange Board of India (SEBI) to regulations governing listed companies undergoing insolvency resolution under the Insolvency and Bankruptcy Code. Specifically, it was amended that preferential issues of convertible securities by such companies would be exempt from certain pricing guidelines. It was also amended that resolution plans can allow acquirers to hold over 75% shares and delist companies without following standard delisting procedures, if the plan provides an exit price for shareholders of at least the liquidation value.
The document discusses the barangay budget process under Philippine law. It covers the key steps and requirements for preparing, authorizing, and implementing a barangay budget according to the Local Government Code. The barangay budget process involves the Punong Barangay and Treasurer preparing a proposed budget, the Sangguniang Barangay authorizing the budget through an appropriation ordinance, and funds being executed and accounted for according to the approved budget. The document provides details on estimating revenues and expenditures, mandatory budget allocations, budget authorization procedures, and other legal guidelines that barangays must follow for effective local financial management.
Key Takeaways:
Impact of Covid-19 and Stimulus Package
Budget Philosophy and Strategy
Sectoral Allocations
Developmental Objectives and Measures
Key Statistics and Comparison with India
My Detail Internship Recap - Aaron AlasaAaronAlasa
The document summarizes Aaron Alasa's internship recap from November 28, 2018. It outlines the various research assignments and practice area training completed during the internship. Research assignments included interest rate hedging, pioneer status in Nigeria, and summarizing rules of the Nigerian Stock Exchange. Practice area training covered power, oil and gas, real estate, finance, and corporate and commercial law. The internship provided exposure to key areas of Nigerian law and business.
The Evolution of Fiduciary Liability For Investment Losses - ERISA Plans, Non...jimeccleston
The document discusses the evolution of fiduciary standards for investment losses under various laws including ERISA, non-profits, the Uniform Prudent Investor Act, and others. It covers the development of modern portfolio theory and how various acts and laws have incorporated principles like diversification and the distinction between compensated and uncompensated risk.
IMF World Economic Outlook - April 2020 (as updated by June 2020 Forecast)DVSResearchFoundatio
Key Takeaways:
- Global Prospects and Policies
- Deep Downturn in 2020 and Uncertain Recovery in 2021
- Policy Tracker on Responses to COVID-19
- Commodity Market Development and Forecasts
- Global Government Debt and Fiscal Deficits
Power duties functions ra 7160 sec 465 468 467 local government codeCherry Belle Milagrosa
The document outlines the powers, duties, and functions of provincial governors and sanggunian panlalawigans (provincial boards) according to the Local Government Code of 1991. It states that governors are mandated to promote general welfare in their provinces through exercising executive powers. Some of a governor's key responsibilities include enforcing laws; generating resources; ensuring basic services; and appointing officials. Sanggunian panlalawigans are responsible for legislative duties like enacting ordinances, appropriating funds, and establishing councils. They work to maintain peace, protect the environment, and provide for constituents' safety, health, education, and livelihood.
Supplementary Demands for Grants are requests for additional funding that are made before the end of the fiscal year, while Excess Demands for Grants are made after a financial year has ended to appropriate funds for expenditures that exceeded the original budget allocation. Excess Demands allow flexibility for unexpected needs but have also been criticized as undermining legislative control over public spending. Both Supplementary and Excess Demands follow the same parliamentary approval process as the main budget.
Status of-cps-implementation-in-states-as-@-march-2019-PenComthewhistlerng
The document summarizes the status of implementation of the Contributory Pension Scheme (CPS) by states and the Federal Capital Territory as of March 31, 2019. It provides information on each state/territory's pension law, administrative structure, employee registration status, compliance with choice of pension fund administrator, pension contribution remittance status, actuarial valuation status, retirement benefits bond redemption fund account status, funding of accrued rights, and group life insurance policy status. Implementation levels varied across states, with some having fully implemented CPS while others were still in draft or bill stages or not compliant with various milestones.
The document proposes several reforms to make New York's pension system more predictable and affordable. It suggests offering new state employees a choice between a reduced defined benefit plan or a new defined contribution plan. It also proposes redefining compulsory arbitration to add transparency and restrictions. The document recommends ways to reduce costs of construction projects on public/private projects, such as increasing prevailing wage thresholds. It proposes freezing salary step increases when contracts expire and establishing minimum health insurance contribution levels for employees and retirees. Finally, it suggests passing unfunded mandate reform acts to require supermajorities for new unfunded mandates.
Session Six: Inclusive Growth Design Of Inter Governmental Transfers, Meeting...OECDtax
This document discusses conditional intergovernmental transfers between central and subnational governments. It provides background on different types of conditional transfers, including input-based, output-based, and performance-linked transfers. It examines India's experience with conditional transfers through Finance Commission grants and Centrally Sponsored Schemes. It also discusses global best practices, including jointly designing transfers, using transfers to drive fiscal and administrative reforms, and addressing non-compliance. The key lessons are to jointly develop objectives and conditions, use different transfers for different goals, create an intergovernmental forum, and design effective compliance incentives and penalties.
The document provides an overview of key concepts in Indian income tax law.
1) It outlines the basic components of India's income tax law, including the Income Tax Act 1961 which is amended annually by the Finance Act, as well as Income Tax Rules, Circulars, Notifications, and legal decisions from courts.
2) Important definitions from the Income Tax Act are summarized, such as the definitions of "assessee", "assessment", "previous year", and types of persons like an individual, HUF, company, firm, AOP, and BOI.
3) Rules of interpretation for income tax provisions are covered, including how charging provisions, machinery provisions, and provisions giving exemptions/rel
The Privatization Of Public Economic Enterprises In TurkeyCOSKUN CAN AKTAN
The document discusses the privatization of public economic enterprises in Turkey. It outlines that public enterprises played a role in industrialization until the 1960s, but then became a burden due to lack of competition and political interference. Turkey began a privatization program in 1985 to address these issues. The objectives of the program were to make the economy more market-driven and increase efficiency. A legal framework was established in the 1980s and 1990s to oversee the privatization process. Enterprises are privatized through methods like sales, leasing, and profit-sharing. Value and enterprises are assessed through commissions before being tendered through sealed bids, negotiation, auction, or bids among designated parties.
The document discusses financial autonomy for state assemblies in Nigeria, including its prospects, benefits, and challenges. Financial autonomy refers to an institution's ability to manage its financial affairs independently without external influence. It entails that an entity can receive its own budget allocation directly and manage finances without interference. Financial autonomy is seen as essential for effective separation of powers and independence of the legislature. It can improve legislative quality, oversight functions, and overall service delivery. However, it also faces challenges such as undue executive dominance and need for transparency. Remedies include capacity building, expertise hiring, and cooperation between government branches.
Distressed M&A under the Bankruptcy CodeShruti Jadhav
The document provides an overview of distressed M&A under the Insolvency and Bankruptcy Code of India. It discusses the key aspects of the resolution process including initiation, moratorium, appointment of the resolution professional, formation of the committee of creditors, preparation of an information memorandum, invitation of resolution plans subject to certain eligibility criteria, and timelines for completion of the process within 270 days.
The National Company Law Tribunal (NCLT) and National Company Law Appellate Tribunal (NCLAT) were established in 2016 as part of reforms to India's company law. NCLT exercises powers related to company law matters like insolvency resolution that were previously held by various high courts and tribunals. NCLAT hears appeals on NCLT orders. Key differences between them are that NCLT adjudicates company law cases while NCLAT hears appeals on NCLT rulings. Their establishment aimed to provide a specialized forum for corporate legal issues and reduce litigation in multiple high courts.
The document provides a comparative analysis of the original and revised UAE Economic Substance Regulations. It summarizes the key changes made between the original law (CD 31 of 2019) and regulations (MD 100 of 2020) and the revised law (CD 57 of 2020) and regulations (MD 215 of 2019).
Some of the major changes included expanding the definition of licensee, adding definitions for key terms, clarifying the activities subject to economic substance requirements, streamlining the notification process, and specifying documentation required to be submitted including financial statements. Exemptions were also expanded and certain activities like operating leases were removed from being considered relevant activities. The role of the National Assessing Authority was clarified.
The document provides an overview of the proposed Indian Financial Code, which aims to consolidate and reform India's financial sector regulations. It recommends establishing seven key regulatory bodies, including a Unified Financial Agency to regulate all financial services besides banking, and subsuming 15 existing acts into the new code. The proposed code seeks to address issues in the current legislative framework like gaps between regulators and outdated laws through a principles-based approach focusing on transparency, consumer protection, and financial stability.
Acquisory News Chronicle May 2016 - Article on Insolvency and Bankruptcy Code 2016 – A dawn in the era of Credit Market Laws
Latest Corporate News updates- RBI Bank, MCA, SEBI, Tax, DIPP and others
Comparitive analysis Companies Act and Companies Bill '10Kirthi G
This document provides an overview comparison of key provisions of the Companies Act of 1956 and the Companies Bill of 2009 in India. It summarizes major changes proposed in areas like types of companies, share capital, dividend, management and administration, accounts, audit and auditors, and directors. Some notable changes proposed include removing minimum capital requirements; restricting related party transactions only for public companies; empowering shareholders in approval of key appointments; and increasing board independence through mandatory independent directors. The bill aims to harmonize company law with governance norms while retaining useful existing provisions and allowing procedural rules to be prescribed separately.
Union Cabinet on 17th July 2019 approved the proposal to carry out eight amendments to the Insolvency and Bankruptcy Code, 2016. The Insolvency and Bankruptcy Code Amendment Bill, 2019 requires the approval of both the houses of Parliament. It aims to fill in the crucial gaps in the framework of CIRP to provide clarity in its implementation.
Important considerations regarding the amendments of IBC (Insolvency and Bankruptcy Code Amendment Bill, 2019)
Appropriation acts provide authority for federal programs or agencies to incur obligations and make payments. When appropriations lapse, the result is what is commonly called a government shutdown. This presentation briefly describes various legislative proposals related to a shutdown, such as a recently enacted law that pays furloughed federal workers once a shutdown ends and a proposed bill that would keep funding government operations at their current rate during a shutdown.
This document summarizes the Salary Standardization Law of 2019, which modifies the salary schedule for civilian government personnel and authorizes additional benefits. It standardizes compensation across government agencies to promote excellence and accountability. The law increases salaries in four tranches from 2020 to 2023 and provides bonuses and incentives to reward performance. It applies to all levels of government but excludes military personnel and some government-owned corporations.
The document discusses important components to include when forming a joint powers authority (JPA) agreement between multiple municipalities. Key items that should be addressed in the agreement include: the purpose of the JPA, its governing powers and structure, liability and indemnification terms, insurance requirements, and provisions for termination of the agreement or individual members. Properly addressing these issues can help facilitate regional cooperation between members while limiting their legal risks.
Parliament annual round up 2019 part IISUNEHA SHARMA
The document summarizes key bills passed during the 2019 winter parliamentary session in India. Some of the major bills discussed include:
- The Supreme Court (Number of Judges) Amendment Bill which increases the number of Supreme Court judges from 31 to 34.
- The Public Premises (Eviction of Unauthorised Occupants) Bill which facilitates speedy eviction of unauthorized occupants from government housing.
- The Consumer Protection Bill which establishes a new consumer protection authority and updates consumer courts and laws for the digital era.
- The Code on Wages which consolidates various labor laws related to minimum wages, bonus payments, and other benefits into a single code.
Limited Liability Partnerships (LLP)- An OverviewChhavi Sharma
Limited Liability Partnerships (LLP) are becoming an upcoming trend of corporate structure with increased flexibility of partnerships & lesser compliance costs. The shared slide aims at providing a brief overview about the meaning & statutory requirements for incorporation, pros/cons and formation procedure for LLPs. Certain provisions of the Limited Liability Partnership Act, 2008 have been specified herein. Further, recent notification issued by RBI regarding acceptance of direct investment from the foreign investors in LLPs has also been focused upon.
Dear Members
Following the passage of the Companies (Amendment) Bill and LLP (Amendment) Bill by Parliament on 10 March 2017, Senior Minister of State for Law and Finance Indranee Rajah has issued a note (as attached) meant for the business and legal communities. The note highlights that the legislative changes will be a timely boost for Singapore as we seek to enhance our international competitiveness and strengthen Singapore’s standing as a leading financial centre. For further details on the legislative changes and help resources, please refer to ACRA’s website at www.acra.gov.sg/CA_2017.
ACCA
The Bihar Financial Rules contains two volumes that govern the financial administration and management of the state of Bihar. Volume I contains 500 rules and one annexure, while Volume II contains 15 appendices and 28 forms. The rules cover topics such as the budget, expenditure powers, revenue, contracts, establishment matters, and more. Key responsibilities include the Finance Department preparing the annual budget estimates, departments providing correct budget information, and controlling officers ensuring expenditures stay within approved limits and are used properly. The rules aim to ensure lawful and efficient use of funds, treasury management, accounting, and auditing of financial transactions in Bihar.
Insolvency & bankruptcy code an overviewChirag Gupta
The document provides an overview of the key aspects of the Insolvency and Bankruptcy Code (IBC) of India. It summarizes the various laws that previously governed insolvency in India and the issues they posed. It then outlines the key features and objectives of the IBC, including establishing a time-bound process for insolvency resolution, promoting entrepreneurship and credit availability. The summary explains the various authorities established under the IBC and their roles, as well as the processes for corporate insolvency resolution, liquidation, voluntary liquidation and bankruptcy for individuals and firms.
The proposed 2019-2021 Cape & Vineyard Electrification Demonstration aims to convert 700 non-gas heated homes to cold climate heat pumps, install PV systems, and provide battery storage. It seeks to reduce GHG emissions and electricity usage volatility. Key objectives include providing tiered incentives based on income levels. The proposal outlines efforts undertaken so far, proposed budgets totaling $20.3M from multiple organizations, and income verification levels for the offering.
The document discusses Cape Light Compact's grid modernization update. It explains that a smart grid uses smart meters, appliances, renewable energy and storage to make the electric grid more efficient, reliable and able to incorporate more clean energy. A smart grid monitors electricity usage and can automate shifting of usage to times when renewable power is abundant to reduce costs and environmental impacts compared to the current grid.
A microgrid is a group of interconnected loads and distributed energy resources that can operate connected or disconnected from the main power grid. Microgrids provide benefits like reducing outage effects, optimizing demand and costs, integrating distributed resources, and improving asset management. They are well-suited for locations that experience frequent outages and have potential distributed energy resources like solar, enabling independence from the main grid during emergencies. The document discusses factors to consider for microgrid location and implementation, citing examples in Massachusetts.
2016-2018 Energy Efficiency Plan PresentationCapeLightEnergy
The document outlines Cape Light Compact's proposed 3-year Energy Efficiency Plan from 2016 to 2018. It proposes expanding existing residential, low-income, commercial, and industrial energy efficiency programs. If approved, the plan would increase average monthly bills by $1.69 for residential customers but yield over $126 million in energy efficiency programs and savings for the region.
With moratorium for natural gas in place for a good portion of Cape Cod, Cape Light Compact has been working with several agencies to come up eith efficient heating options.
The document outlines a study being conducted by Opinion Dynamics Corporation to assess Concord Light Company's (CLC) energy efficiency potential and program opportunities. The study will involve collecting primary data from CLC customers, developing an energy efficiency potential model, and providing recommendations to support CLC's commercial/industrial programs. Key tasks include planning the study, conducting surveys and site visits, building an energy savings model, analyzing results, and assisting with program design. The goals are to document CLC's efficiency penetration, estimate remaining savings potential, and inform CLC's next three-year energy plan.
Harwich Energy Day - NSTA National ConferenceCapeLightEnergy
Hosting an energy day is a great way to get schoolchildren and the community involved in energy education and energy efficiency. Cape Light Compact worked with Harwich Public Schools to present an Energy Day to the town of Harwich, and it's become a yearly tradition.
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Garlic is one of the highly valued crops in the Philippines. However, low production yield is the main constraint, specifically in the native varieties that could not satisfy the demand. Among the limiting factors are the use of unsuitable clove size as planting materials. The results revealed that clove sizes significantly influenced the growth of garlic. Large clove size and extra-large clove size obtained average plant vigor with ratings of 5.83 and 6.33, respectively. Significant differences were also found in both fresh and dry bulb weights, with the largest clove size yielding the heaviest weights at 19.36g and 16.67g, respectively. Moreover, large and extra-large clove sizes produced the highest number of cloves per bulb with an average of 19.87 and 19.33 respectively. However, no significant differences were observed in yield per plant and yield per hectare. Consequently, large clove sizes employed as planting material increased the vigor, bulb weights, and the number of cloves with no significant effect on the yield. The study showed that planting large clove sizes (2.0-2.50g) is more promising as planting materials of native varieties like Ilocos white.
1. THE JOINT POWERS STATUTE
AND FORMATION OF A JOINT
POWERS ENTITY
January 11, 2017
2. INTRODUCTION
• An Act Modernizing Municipal Finance and Government was recently enacted
by the Legislature as Chapter 218 of the Acts of 2016 (the “Act”).
• A provision in the Act allows governmental units to enter into joint powers
agreements. This provision is codified under G.L. c. 40, §4A ½ and was
effective November 7, 2016 (the “Joint Powers Statute”).
• There is little legislative history on the Joint Powers Statute. It appears that it
was originally conceived by the Executive Office of Administration and
Finance and by the Department of Revenue’s (“DOR”) Division of Local
Services to address the limited scope of the existing inter-governmental
agreement statute, G.L. c. 40, §4A.
• Other states have enacted this type of authority. In particular, California
enacted a joint exercise of power statute in 1949 and there are many joint
powers authorities performing energy related functions that have been
organized pursuant to that statute (including groups of municipal aggregators).
3. GENERAL FORMATION CONCEPTS/LIABILITY
• The Act allows governmental units to enter into joint powers agreements. A
joint powers agreement (“JPA”) is a contract specifying the terms and
conditions of the joint exercise of powers and duties within a region.
• At least two government units are needed to sign a JPA to establish a joint
powers entity (“JPE”).
• In a Town, the chief executive officer or a board, committee or officer
authorized by law to execute a contract for the Town may enter into the
JPA. The JPA must be authorized by the board of selectmen for each
governmental unit.
• The Joint Powers Statute is clear that there is no liability of one
governmental unit for the acts or omissions of another participating
governmental unit or the JPE itself unless otherwise agreed to in the JPA.
4. MANAGEMENT OF THE JPE
• Board of Directors
– Each member of the JPE is entitled to representation on the board of directors and such member
is entitled to voting rights.
• Employees
– The JPE is a public employer. The board of directors may employ personnel to carry out the
purposes of the JPA and establish the duties, compensation and other terms and conditions for
personnel. The JPE will have to seek membership in the municipal retirement system and
municipal group health insurance system.
• Treasurer and Business Officer
– The board of directors must appoint a treasurer and business officer.
– The treasurer can be an employee or independent contractor of one of the members, but the
treasurer cannot be on the board of directors or an employee of the JPE.
– The business officer may be a city auditor, town accountant or officer with similar duties from
one of the members that will have accounting duties pursuant to G.L. c. 41, §§52 and 56
(municipal finance law). The business officer cannot also serve as treasurer. The Joint Powers
Statute does not expressly prohibit the business officer from being an employee of the JPE, but
given that this is a new authority and the role of the business officer contains specific
accounting duties, the JPE should consult with DOR on this issue.
5. GENERAL POWERS OF THE JPE
GRANTED BY STATUTE
The JPE is a body politic and corporate with the power to:
– sue and be sued;
– make and execute contracts and other instruments necessary for the
exercise of the powers of the region;
– make, amend and repeal policies and procedures;
– receive and expend funds;
– apply for and receive grants from the commonwealth, the federal
government and other grantors;
– submit an annual report to each member governmental unit, which shall
contain a detailed audited financial statement and a statement showing
the method by which the annual charges assessed against each
governmental unit were computed; and
– any such other powers as are necessary to properly carry out its powers
as a body politic and corporate.
6. ADDITIONAL POWERS GRANTED BY STATUTE
The JPE may, among other things:
• borrow money;
• enter into long or short-term loan agreements or mortgages;
• apply for state, federal or corporate grants or contracts to obtain funds
necessary to carry out the purposes of the entity; and
• subject to Chapter 30B of the General Laws (and the exemptions thereto),
enter into contracts for the purchase of supplies, materials and services and
for the purchase or lease of land, buildings and equipment.
7. FINANCIAL CONTROLS
• The Joint Powers Statute contains audit, reporting and accounting
requirements.
• The JPE must establish and maintain a budget and perform annual audits.
The audits are to be distributed to its constituent members, and to DOR.
• Annual reports to members are also required.
• Management of funds is subject to a system of checks and balances
requiring review by the board of directors, its treasurer and its business
officer.
• The JPE could choose to enter into a services contract with a member or an
outside vendor to perform payroll, check writing, bookkeeping, accounting
and other functions, but it does not have to.
8. COMPARISON TO AN INTER-GOVERNMENTAL
AGREEMENT/BENEFITS OF A JPE
• A JPE offers express liability protection for its members.
• A JPE has public employer status.
• There is certainty as to the legal form of the JPE – it is an independent body
politic and corporate.
• A JPE has the power to sue and be sued.
• A JPE can have a longer term of existence than an inter-governmental
agreement (“IGA”); there is no term limit for the JPA.
• A JPE can borrow in its own name and purchase or lease land.
9. DISCUSSION
• The Compact’s current IGA expires in 2022.
• In 2016, Barnstable County notified the Compact that it no longer wished
to continue to render administrative and fiscal services.
• In December 2016, the Compact executed a Termination and Transition
Agreement with Barnstable County that runs through June 2017, and may
be extended through December 2017, subject to certain conditions.
• The formation of a JPE will provide the Compact with the administrative
and fiscal functions that Barnstable County no longer wishes to provide.
• The Compact could implement an orderly transition to transfer its
operations to the JPE such that the JPE would serve as the operational
successor to the Compact.
10. TRANSFER OF OPERATIONS
• PHASE I: A newly formed JPE could serve as the Compact’s administrative agent.
– The JPE would allow for an orderly transition of employees from Barnstable
County to the JPE.
– After this initial formation and transition of employees, the JPE should become a
party to the Compact’s vendor contracts and the JPE should have enforcement
rights over the contracts.
– The JPE could seek to contract for the Compact’s fiscal and administrative services
with one of the Compact members, or another entity. With the JPE as the employer
for the Compact staff, the fiscal agent is protected from employee liability.
• PHASE II: After the initial formation of the JPE, other Compact members can join the
JPE.
– The JPA could provide that the operational phase is triggered once a majority (or a
greater or lower number) of Compact members elect to join the JPE.
– Once that threshold is met (but likely in no event later than January 1, 2021 so that
there is adequate time for transitioning), all programs and operational activities of
the Compact should then begin to be transferred to the JPE.
• PHASE III: Fully operational JPE as successor to the Compact. At such time, the IGA
should be terminated.
11. DRAFTING THE JPA FOR PHASE I
• The Town of Provincetown and the Town of Sandwich intend to schedule
consideration of the JPE/JPA by their respective Boards of Selectmen in
early 2017.
• A draft JPA is currently under consideration by Town Counsel to several
Compact member Towns on the Cape & Vineyard, including Provincetown
and Sandwich.
• Due to time constraints, a draft of the JPA will need to be provided to
Provincetown and Sandwich Boards of Selectmen for consideration prior to
the Compact Governing Board approving a final form of JPA (but after
review and input from Town Counsel).
12. JPA DISCUSSION ITEMS
• Name of the JPE (e.g., Cape Light Compact Joint Powers
Entity, CLC Joint Powers Entity, etc.).
• Treasurer and business officer and the relationship of
these individuals to the entity that is providing fiscal
agent services to the JPE (should both individuals be from
this entity?).
• Amendments to the JPA (major, substantive amendments
should be brought back to the members of the JPE for
approval but for ease in administration/operations of the
JPE, the JPA may allow for certain more minor,
ministerial amendments to be taken up by the JPE board
of directors).
13. JPA DISCUSSION ITEMS
• Transition from Phase II to Phase III of the JPE
– Guidance from the Department of Public Utilities (“DPU”) is necessary to
determine whether a revised Aggregation Plan or some other notification/filing
is required for the Compact when fully operational as the JPE.
– Trigger of transition – how many Compact members must join the JPE for the
transition to Phase III to commence?
– The transition will be over a period of time such that Compact members will be
informed of the ultimate end date to consider joining the JPE.
• If a Compact member municipality does not wish to join the JPE, there are two
options available to the municipality:
– In order to continue operating as a municipal aggregator, the municipality
would need to petition the DPU in accordance with state law for approval of its
own aggregation plan and for approval of its own energy efficiency plan.
– If the municipality does not petition DPU for this approval, customers in the
municipality will default to Eversource basic service power supply and
Eversource will deliver energy efficiency programs within the municipality.
Editor's Notes
Governmental Unit is defined as a city, town or a regional school district, a district defined in G.L. c. 40, §1A (e.g., fire, water, sewer, etc.), a regional planning commission, however constituted, the Hampshire council of governments, a regional transit authority under G.L. c. 161B, a water and sewer commission formed under G.L. c. 40N or by special law, a county, or a state agency defined in G.L. c. 6A, §1.
The statute expressly limits liability; as a separate legal entity, it can also indemnify its constituent government members; indemnification obligations can be backed up by insurance and assets of the entity.
By law, a JPE is a public employer; nothing similar exists for IGA statute.
Amendments: draft JPA currently states: Certain amendments to this Agreement and certain actions of the Cape Light Compact JPE shall require the affirmative approval of the Member Municipalities whose population is at least equal to 50% of the combined population of all of the Member Municipalities of the Cape Light Compact JPE: (i) Article [xx] (eligibility for membership); (ii) Article [xx] (liability); (iii) Article [xx] (borrowing); and [placeholder for discussion with town counsel]. In addition, termination of the Cape Light Compact JPE shall require the approval of all Member Municipalities as set forth in Article [xx].
Amendments: draft JPA currently states: Certain amendments to this Agreement and certain actions of the Cape Light Compact JPE shall require the affirmative approval of the Member Municipalities whose population is at least equal to 50% of the combined population of all of the Member Municipalities of the Cape Light Compact JPE: (i) Article [xx] (eligibility for membership); (ii) Article [xx] (liability); (iii) Article [xx] (borrowing); and [placeholder for discussion with town counsel]. In addition, termination of the Cape Light Compact JPE shall require the approval of all Member Municipalities as set forth in Article [xx].
Borrowing activities: draft JPA currently states in brackets “any borrowings in excess of five hundred thousand dollars ($500,000) shall be approved by the Member Municipalities.”