New Entity definition
Examples of New Entity in a sentence
The following procedures apply for purposes of identifying Reportable Accounts among New Entity Accounts.
If the alternative procedures for New Entity Accounts opened on or after July 1, 2014, and before January 1, 2015, described in paragraph H of this section are applied with respect to all New Entity Accounts or a clearly identified group of such accounts, the alternative procedures described in this paragraph G may not be applied with respect to such New Entity Accounts.
In case of merger of Foreign Principal with another Firm or acquisition of Foreign Principal by another firm, it shall be obligatory for the New Entity so formed after the merger of the Acquiring Firm, as the case may be, to take over all the duties and obligations / liabilities of the Foreign Principal and the New Entity / Acquiring Firm would ipso facto become liable for all acts of commission or omission on the part of original Foreign Principal as well as Indian Agent.
In case of merger of Foreign Principal with another Firm or acquisition of ForeignPrincipal by another firm, it shall be obligatory for the New Entity so formed after the merger of the Acquiring Firm, as the case may be, to take over all the duties and obligations / liabilities of the Foreign Principal and the New Entity / Acquiring Firm would ipso facto become liable for all acts of commission or omission on the part of original Foreign Principal as well as Indian Agent.
The following procedures apply with respect to New Entity Accounts.