stock split. The issuance of two or more new shares in exchange for each old share without changing the proportional ownership interests of each shareholder. • For example, a 3-for-1 split would give an owner of 100 shares a total of 300 shares, or 3 shares for each share previously owned. A stock split lowers […]
in posse (in pos-ee). [Latin] Not currently existing, but ready to come into existence under certain conditions in the future; potential (the will contemplated both living children and children in posse). Cf. IN ESSE.
accredit ([schwa]-kred-it), vb. 1. To give official authorization or status to. 2. To recognize (a school) as having sufficient academic standards to qualify graduates for higher education or for professional practice. [Cases: Schools 4. C.J.S. Schools and School Districts § 811.] 3. Int’l law. To send (a person) with credentials as an envoy. — accreditation
nobility, n. pl. 1. Persons of social or political preeminence, usu. derived by inheritance or from the sovereign. • In English law, there are various degrees of nobility, or peerage, such as dukes, marquises, earls, viscounts, and barons, and their female counterparts. Nobility is generally created either by a writ of summons to sit in
unico contextu (yoo-ni-koh k[schwa]n-teks-t[y]oo). [Law Latin] Hist. In one connection. • The phrase appeared in reference to that which was accomplished by the same act or by different acts performed at the same time. “When there are more parties than one to a deed, it is not essential to the validity of its execution that
function, n. 1. Activity that is appropriate to a particular business or profession (a court’s function is to administer justice). 2. Office; duty; the occupation of an office (presidential function). [Cases: Officers and Public Employees 110. C.J.S. Officers and Public Employees §§ 234–245.]
European Court of Human Rights. The judicial body of the Council of Europe. • The court was set up in 1959 and was substantially changed in 1994–1998. As of 2003, the court had 41 judges, each elected by the Council of Europe’s Parliamentary Assembly. The court adjudicates alleged violations of the civil and political rights
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directory requirement. A statutory or contractual instruction to act in a way that is advisable, but not absolutely essential — in contrast to a mandatory requirement. • A directory requirement is frequently introduced by the word should or, less frequently, shall (which is more typically a mandatory word). [Cases: Statutes 227. C.J.S. Statutes §§ 362–369.]
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remake rights. Copyright. The rights to produce one or more additional movies or screenplays based on what is substantially the same story as is contained in the original movie or screenplay for which the rights have been granted. [Cases: Copyrights and Intellectual Property 38. C.J.S. Copyrights and Intellectual Property §§ 20, 40, 59.]
sleeper. A security that has strong market potential but is underpriced and lacks investor interest.