"I created what's called a 'Joint Liability Group,' " said Ms. Ali.
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If you have joint cause, you ought to have joint liability.
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At end-13Q16, UBS Switzerland AG assumed joint liability for about CHF95bn of contractual obligations of UBS AG. The joint liability of UBS AG for obligations of UBS Switzerland AG at the same date was immaterial.
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And, crucially, it would do all this without introducing joint liability, thus increasing its political viability.
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If a private buyer were to turn up HSH would, however, have to quit the joint liability scheme of the German savings banks within two years.
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A package that involves no joint liability on bonds and sovereign insolvency should be sufficiently reassuring towards the "North"; in exchange, the "South" should demand a treasury, a European Unemployment insurance scheme, and single deposit insurance.
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"This means reducing outsourcing, ensuring migrant workers have access to public money, introducing joint liability which makes the top of a supply chain responsible for the abuse lower down," said Kenway, formerly a staffer with Hyland's office.
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The government must introduce a joint liability law that would make companies legally liable for worker abuses that occur in their supply chains, and overturn policies that leave migrant workers at risk of exploitation, according to Lucila Granada.
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"We question the CMA's confidence that mandatory joint audit with joint liability will make the market more resilient," said Michael Izza, chief executive of the ICAEW, a professional accounting body, arguing a market share cap would be a better way of extending competition.
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Savings banks in Lower Saxony, where NordLB is based and which co-own NordLB with the German regional state, are reluctant to provide additional funds for any deal, including potential contributions to a joint liability scheme of savings banks backing Helaba, people close to the matter said.
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This joint liability form of microcredit is controversial, with Muhammad Yunus (for example) rejecting formal systems of joint liability in Grameen Bank's solidarity groups.
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After 2001, the majority of mortgage bonds were issued without the joint liability of borrowers.
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SKs Microfinance follows the Joint Liability Group model. The methodology involves lending to individual women, using five– member groups as the ultimate guarantor for each member. Through group lending, situations of adverse selection and moral hazard due to asymmetric information are better managed. Prabal Roy Chowdhury, "Group-lending with sequential financing, joint liability and social capital," "Social collateral" replaces asset collateral (which is lacking in the poorer segments of society).
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Joint Liability Group is a concept established in India in 2014 by the rural development agency National Bank for Agriculture and Rural Development (NABARD) to provide institutional credit to small farmers. Joint Liability Group is a group of 4-10 people of same village/locality of homogenous nature and of same Socio Economic Background who mutually come together to form a group for the purpose of availing loan from a bank without any collateral.
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Arguing that most farmers had too little cash to afford share capital, he maintained that the principle of unlimited joint liability was "indispensable in small districts". Instead, it was needed "in order to prevent the Unions from excess, since it makes the administrative bodies conscious of their moral and material responsibilities."Friedrich Wilhelm Raiffeisen. The Credit Unions.
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It concluded that a variety of factors — including difficulties in reaching the target market, the high risk profile of clients, their general distaste for the joint liability requirement, and high overhead costs — made solidarity lending unviable without subsidies.Cheryl Frankiewicz. "Calmeadow Metrofund: A Canadian Experiment in Sustainable Microfinance", Calmeadow Foundation, April 2001. Microcredits have also been introduced in Israel,Svivatomehet.org.
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If parties have joint liability, then they are each liable up to the full amount of the relevant obligation. So if a married couple takes a loan from a bank, the loan agreement will normally provide that they are to be "jointly liable" for the full amount. If one party dies, disappears, or is declared bankrupt, the other remains fully liable. Accordingly, the bank may sue all living co-promisors for the full amount.
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Efforts to replicate solidarity lending in developed countries have generally not succeeded. For example, the Calmeadow Foundation tested an analogous 'peer lending' model in three locations in Canada: rural Nova Scotia and urban Toronto and Vancouver during the 1990s. It concluded that a variety of factors – including difficulties in reaching the target market, the high risk profile of clients, their general distaste for the joint liability requirement, and high overhead costs – made solidarity lending unviable without subsidies.Cheryl Frankiewicz.
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In trying to achieve its aim of alleviating poverty, microfinance often lends to group of poor, with each member of the group jointly liable. That means that each member is responsible for ensuring that all the other members of the group repay too. If one member fails to repay, the members of the group are also held in default. Joint liability solves the information and enforcement problems associated with credit markets by encouraging screening, monitoring, costly state verification, and contract enforcement.
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A group of economists from Princeton University suggest a new form of European Safe Bonds (ESBies), i.e. bundled European government bonds (70% senior bonds, 30% junior bonds) in the form of a "union-wide safe asset without joint liability". According to the authors, ESBies "would be at least as safe as German bonds and approximately double the supply of euro safe assets when protected by a 30%-thick junior tranche". ESBies could be issued by public or private-sector entities and would "weaken the diabolic loop and its diffusion across countries".
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After the Dissolution of the Monasteries, including abbeys, (1536–41) and abolition of chantries (1545–47) the local community became unambiguously responsible for maintenance. By the middle of the century the burden fell, at least partly, upon Egginton Parish who, in 1548, sold two church bells to finance repairs. By the late 17th-century the counties of Staffordshire and Derbyshire had accepted joint liability for maintenance and a widening of the structure, on the north side, was carried out in 1775. By the late 19th-century, with the rise of motorised transport, Derbyshire County Council became concerned about the risk of a collapse from overloading.
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That'll Be $654.30 , Advertising Age September 02, 2009. China, unlike many countries, has a strict cyber defamation law, and some Internet Water Army companies have been accused of violating it. Internet Water Army practices often result in privacy violations or damaged reputations, and the 2009 revision of China's Tort Liability Law stipulated that in such cases, "the victim has the right to inform the Internet service provider (ISP) to delete harmful postings and that the ISP must face joint liability for damages if it fails to act."Mo (2010). China's State Council Information Office announced in 2011 that it "is working out laws to regulate the increasing numbers in the "Internet Army.
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In criminal law, a conspiracy is an agreement between two or more persons to commit a crime at some time in the future. Criminal law in some countries or for some conspiracies may require that at least one overt act be undertaken in furtherance of that agreement, to constitute an offense. There is no limit on the number participating in the conspiracy and, in most countries, no requirement that any steps have been taken to put the plan into effect (compare attempts which require proximity to the full offense). For the purposes of concurrence, the actus reus is a continuing one and parties may join the plot later and incur joint liability and conspiracy can be charged where the co-conspirators have been acquitted or cannot be traced.
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The current dominant model of microfinance, whether it is provided by not-for-profit or for-profit institutions, places the control over financial resources and their allocation in the hands of a small number of microfinance providers that benefit from the highly profitable sector. Cooperative banking is different in many aspects from standard microfinance institutions, both for-profit and not-for-profit organizations. Although group lending may seemingly share some similarities with cooperative concepts, in terms of joint liability, the distinctions are much bigger, especially when it comes to autonomy, mobilization and control over resources, legal and organizational identity, and decision-making. Early financial cooperatives founded in Germany were more able to provide larger loans relative to the borrowers’ income, with longer-term maturity at lower interest rates compared to modern standard microfinance institutions.
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In criminal law, a conspiracy is an agreement between two or more persons to break the law at some time in the future. Criminal law in some countries or for some conspiracies may require that at least one overt act must also have been undertaken in furtherance of that agreement, to constitute an offense. There is no limit on the number participating in the conspiracy and, in most countries, no requirement that any steps have been taken to put the plan into effect (compare attempts which require proximity to the full offence). For the purposes of concurrence, the actus reus is a continuing one and parties may join the plot later and incur joint liability and conspiracy can be charged where the co-conspirators have been acquitted or cannot be traced.
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The broad categories of priority sector for all scheduled commercial banks are as under: (i) Agriculture and Allied Activities (Direct and Indirect finance): Direct finance to agriculture shall include short, medium and long term loans given for agriculture and allied activities directly to individual farmers, Self-Help Groups (SHGs) or Joint Liability Groups (JLGs) of individual farmers without limit and to others (such as corporate, partnership firms and institutions) up to Rs. 20 lakh, for taking up agriculture/allied activities. Indirect finance to agriculture shall include loans given for agriculture and allied activities as specified in Section I, appended. This distinction between direct and indirect agriculture is dispensed with. Instead, the lending to agriculture sector has been re-defined to include (i) Farm Credit (which will include short-term crop loans and medium/long-term credit to farmers) (ii) Agriculture Infrastructure and (iii) Ancillary Activities,Reserve Bank of India notification RBI/2014-15/573 FIDD.CO.Plan.BC.54/04.09.
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Known as Clearing House Loan Certificates, they were, in effect, quasi-currency, backed not by gold but by discounted county and state bank notes held by member banks. Bearing the words “Payable Through the Clearing House,” a Clearing House Loan Certificate was the joint liability of all the member banks, and thus, in lieu of specie, a most secure form of payment. The certificates appeared in smaller denominations during the panic of 1873, and continued to be used as a substitute currency among the member banks for settlement purposes during panics in subsequent decades, including the Panic of 1893. Although they represented a potential violation of federal law against privately issued currencies, these certificates, as a contemporary observer noted, “performed so valuable a service…in moving the crops and keeping business machinery in motion, that the government…wisely forbore to prosecute.” In 1913, Congress passed the Federal Reserve Act, thus creating an independent, federal clearing system modeled on the many private clearing houses that had sprung up across America.
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