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Paymaster
A paymaster is someone appointed by a group of buyers, sellers, investors or lenders to receive, hold, and dispense funds, commissions, fees, salaries (remuneration) or other trade, loan, or sales proceeds within the private sector or public sector. Specific titles within the British government are Paymaster of the Forces, Paymaster General and Paymaster of Pensions. Purpose The primary purpose of a paymaster is to receive fees in escrow by buyers in a large transaction, and disburse to the sellers and brokers on the transaction. A paymaster is usually, but not required to be, a lawyer (also known as a 'lawyer paymaster'). When dealing with commission payments on contracts dealing with large amounts of money (such as oil, gas, steel, iron, gold, MTNs, VGs, t-strips, and other instruments), most banks in the United States are very wary of handling such large amounts of money. In addition, most buyers and sellers of such transactions want to place the money with a neutral third pa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Paymaster Of The Forces
The Paymaster of the Forces was a position in the British government. The office was established in 1661, one year after the Restoration (1660), Restoration of the Monarchy to Charles II of England, and was responsible for part of the financing of the British Army, in the improved form created by Oliver Cromwell during the Commonwealth of England, Commonwealth. The full title was Paymaster-General of His Majesty's Forces. It was abolished in 1836, near the end of the reign of William IV, and was replaced by the new post of Paymaster General. History The first to hold the office was Sir Stephen Fox (1627–1716), an exceptionally able administrator who had remained a member of the household of King Charles II during his exile in France. Before his time, and before the English Civil War, Civil War, there was no standing army and it had been the custom to appoint treasurers-at-war, ''ad hoc'', for campaigns. Within a generation of the Restoration, the status of the paymastership ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Royal Army Pay Corps
The Royal Army Pay Corps (RAPC) was the corps of the British Army responsible for administering all financial matters. It was amalgamated into the Adjutant General's Corps in 1992. History The first "paymasters" existed in the army before the formation of the corps. Prior to the 19th century, each regiment had its own civilian paymaster and the first Commissioned officer, commissioned paymaster was introduced in 1792. In 1870 a Pay Sub-Department of the Control Department was formed; an officer-only establishment, it gained autonomy as the Army Pay Department in 1878. In 1893 an Army Pay Corps was formed, composed of Other ranks (UK), other ranks, to support the work of the Department. In 1920 the Army Pay Department and the Army Pay Corps were amalgamated to form the Royal Army Pay Corps (the prefix 'Royal' having been conferred in recognition of valuable services provided during the First World War). In 1919 the financial responsibilities were split between the RAPC, which han ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Paymaster General
His Majesty's Paymaster General or HM Paymaster General is a ministerial position in the Cabinet Office of the United Kingdom. The position is currently held by Nick Thomas-Symonds of the Labour Party (UK), Labour Party. History The post was created in 1836 by the merger of the positions of the offices of the Paymaster of the Forces (1661–1836), the Treasurer of the Navy (1546–1835), the Paymaster and Treasurer of Chelsea Hospital (responsible for Chelsea Pensioner, Army pensions) (1681–1835) and the Treasurer of the Ordnance (1670–1835). Initially, the Paymaster General only had responsibilities in relation to the armed services but in 1848 two more offices were merged into that of Paymaster General: the Paymaster of Exchequer Bills (1723–1848) and the Paymaster of the Civil Service (1834–1848), the latter followed by its Irish counterpart in 1861. They thus became 'the principal paying agent of the government and the banker for all government departments except t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Paymaster Of Pensions
{{Short description, English official, 1703 to 1782 In 18th century Britain, the Paymaster of Pensions was the official in charge of payments of Crown pensions and bounties. The first paymaster was Edward Nicholas in 1703, and the post was abolished in 1782 by the Civil List and Secret Service Money Act 1782 ( 22 Geo. 3. c. 82). List of Paymasters of Pensions *1703–1707 Edward Nicholas *1707–1713 Hon. Spencer Compton *1713–1715 Edward Nicholas *1715 (August–September) Edward Godfrey *1715–1718 William Clayton *1718–1731 Walter Chetwynd *1731–1742 William Stewart *1742–1744 Edward Hooper *1744–1745 Benjamin Keene *1745–1755 Hon. Charles Compton *1755–1763 William Hall Gage, 2nd Viscount Gage *1763–1765 Richard Neville *1765–1782 William Hall Gage, 2nd Viscount Gage External linksInstitute of Historical Research 1703 establishments in England 1782 disestablishments in Great Britain History of the British Isles Pensions A pension (; ) is a f ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Private Sector
The private sector is the part of the economy which is owned by private groups, usually as a means of establishment for profit or non profit, rather than being owned by the government. Employment The private sector employs most of the workforce in some countries. In private sector, activities are guided by the motive to earn money, i.e. operate by capitalist standards. A 2013 study by the International Finance Corporation (part of the World Bank Group) identified that 90 percent of jobs in developing countries are in the private sector. Diversification In free enterprise countries, such as the United States, the private sector is wider, and the state places fewer constraints on firms. In countries with more government authority, such as China, the public sector makes up most of the economy. Regulation States legally regulate the private sector. Businesses operating within a country must comply with the laws in that country. In some cases, usually involving multinati ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Public Sector
The public sector, also called the state sector, is the part of the economy composed of both public services and public enterprises. Public sectors include the public goods and governmental services such as the military, law enforcement, public infrastructure, public transit, public education, along with public health care and those working for the government itself, such as elected officials. The public sector might provide services that a non-payer cannot be excluded from (such as street lighting), services which benefit all of society rather than just the individual who uses the service. Public enterprises, or state-owned enterprises, are self-financing commercial enterprises that are under public ownership which provide various private goods and services for sale and usually operate on a commercial basis. Organizations that are not part of the public sector are either part of the private sector or voluntary sector. The private sector is composed of the economic sec ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Her Majesty's Government
His Majesty's Government, abbreviated to HM Government or otherwise UK Government, is the central government, central executive authority of the United Kingdom of Great Britain and Northern Ireland.Overview of the UK system of government : Directgov – Government, citizens and rights Archived direct.gov.uk webpage. Retrieved on 29 August 2014. The government is led by the Prime Minister of the United Kingdom, prime minister (Keir Starmer since 5 July 2024) who appoints all the other British Government frontbench, ministers. The country has had a Labour Party (UK), Labour government since 2024 United Kingdom general election, 2024. The ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Escrow
An escrow is a contractual arrangement in which a third party (the stakeholder or escrow agent) receives and disburses money or property for the primary transacting parties, with the disbursement dependent on conditions agreed to by the transacting parties. Examples include an account established by a broker for holding funds on behalf of the broker's principal or some other person until the consummation or termination of a transaction; or, a trust account held in the borrower's name to pay obligations such as property taxes and insurance premiums. The word derives from the Old French word , meaning a scrap of paper or a scroll of parchment; this indicated the deed that a third party held until a transaction was completed. Types Escrow generally refers to money held by a third party on behalf of transacting parties. It is mostly used regarding the purchase of shares of a company. It is best known in the United States in the context of the real estate industry (specifically in m ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Lawyer
A lawyer is a person who is qualified to offer advice about the law, draft legal documents, or represent individuals in legal matters. The exact nature of a lawyer's work varies depending on the legal jurisdiction and the legal system, as well as the lawyer's area of practice. In many jurisdictions, the legal profession is divided into various branches — including barristers, solicitors, conveyancers, notaries, canon lawyer — who perform different tasks related to the law. Historically, the role of lawyers can be traced back to ancient civilizations such as Greece and Rome. In modern times, the practice of law includes activities such as representing clients in criminal or civil court, advising on business transactions, protecting intellectual property, and ensuring compliance with laws and regulations. Depending on the country, the education required to become a lawyer can range from completing an undergraduate law degree to undergoing postgraduate education and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Contract
A contract is an agreement that specifies certain legally enforceable rights and obligations pertaining to two or more parties. A contract typically involves consent to transfer of goods, services, money, or promise to transfer any of those at a future date. The activities and intentions of the parties entering into a contract may be referred to as contracting. In the event of a breach of contract, the injured party may seek judicial remedies such as damages or equitable remedies such as specific performance or rescission. A binding agreement between actors in international law is known as a treaty. Contract law, the field of the law of obligations concerned with contracts, is based on the principle that agreements must be honoured. Like other areas of private law, contract law varies between jurisdictions. In general, contract law is exercised and governed either under common law jurisdictions, civil law jurisdictions, or mixed-law jurisdictions that combine elem ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Medium Term Note
A medium-term note (MTN) is a debt note that usually matures – that is, is paid back – between 5–10 years, but the term may be less than one year or as long as 100 years. They can be issued on a fixed or floating coupon basis. Contrasted with conventional bonds, MTNs can be offered continuously through various brokers, instead of issuing the full amount at once. Also, in contrast to conventional bonds market, the agent (typically investment bank) in MTN market is not obliged to underwrite the notes for the issuer and the agent is thus not guaranteed funds. Floating rate medium-term notes can be as simple as paying the holder a coupon linked to Euribor +/- basis points or can be more complex structured notes linked, for example, to swap rates, treasuries, indices, etc. The amount of the issues usually ranges from $100 million to $1 billion. In the recent years, MTNs have become major source of financing in international financial markets, both in US and EU. History Sou ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Interest On Lawyer Trust Accounts
Interest on Lawyers' Trust Accounts (IOLTA) is a method of raising money for charitable purposes, primarily the provision of civil legal services to indigent persons, through the use of interest earned on certain lawyer trust accounts. The establishment of IOLTA in the United States followed changes to federal banking laws passed by Congress in 1980 which allowed some checking accounts to bear interest. The Florida Bar Foundation launched the first American IOLTA program in 1981. Today, every state, the District of Columbia and the U.S. Virgin Islands operate IOLTA programs. How it works Attorneys routinely receive client funds (commonly referred to as " trust money") to be held in trust for future use. If the amount is large or the funds are to be held for a long period of time, the attorney customarily places these funds in an interest-bearing account for the benefit of the client. However, in the case of amounts that are small or are to be held for a short time, it is impract ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
