mining partnership. An association of persons to jointly share a mining business, including the profits, expenses, and losses. • The partnership has features of both a tenancy in common and an ordinary commercial partnership. [Cases: Mines and Minerals 96. C.J.S. Mines and Minerals § 387.] “It has generally been held that the law governing ordinary […]
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clause, n. 1. A distinct section or provision of a legal document or instrument. 2. ITEM(3). — clausal, adj. enacting clause. The part of a statute stating the legislative authority by which it is made and often the date when it will take effect. • A typical enacting clause begins with the words “Be it
golden parachute. An employment-contract provision that grants an upper-level executive lucrative severance benefits — including long-term salary guarantees or bonuses — if control of the company changes hands (as by a merger). Cf. TIN PARACHUTE. [Cases: Corporations 308(3). C.J.S. Corporations §§ 532–533, 536.] “Key executives may be provided with significant employment contract clauses that are
consuetudo (kon-sw[schwa]-t[y]oo-doh), n. [Latin “custom”] 1. Roman law. Custom; long-established usage or practice. 2. Hist. Customary law. • Consuetudo generally bears this sense, referring to law that has been long approved by the will of the people. It is a broad term that includes both the common law and the statutory law of England. 3.
Family law. A hearing shortly after the state’s removal of a child for suspected abuse or neglect. • The hearing is generally held within 24 to 72 hours after the removal. The purpose of the hearing is to determine whether the state has adequate cause to maintain the children in protective care. — Also termed
school, n. 1. An institution of learning and education, esp. for children. [Cases: Schools 11. C.J.S. Schools and School Districts §§ 4, 74, 76, 396–398.] “Although the word ‘school’ in its broad sense includes all schools or institutions, whether of high or low degree, the word ‘school’ frequently has been defined in constitutions and statutes
Steward of Chiltern Hundreds (chil-t[schwa]rn).English law. Formerly, a royal officer charged with protecting residents from robbers and thieves who hid in the hundreds’ wooded areas. • Today, a member of Parliament can accept this royal appointment as a step toward resigning, which is generally forbidden by statute. By law, for a member to accept this
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conjunctim et divisim (k[schwa]n-j[schwa]ngk-tim et d[schwa]-vI-zim or – sim). [Latin] Hist. Jointly and severally.
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trend. A price pattern in the stock market generally or in a particular stock. major trend. A long-term trend of the stock market; a general increase or decrease of stock prices over an extended period. — Also termed fundamental trend. market trend. The direction of stock-market prices over a several-month period.