Founder and foundation - Indian Laws - General

Word founder and foundation As per Black s Law Dictionary , as found in the fourth edition: Founder - - A person who endows an eleemosynary corporation or institution, or supplies the funds for its establishment. Foundation - The founding or building of a college or hospital. The incorporation or endowment of a college or hospital is the foundation; and he who endows it with land or other property is the founder. In Corpus Juris Secundum, Volume XXXVII, page 37, which is: Founder s shares in English company law , shares issued to the founders of, or vendors to, a public company as a part of the consideration for the business, or concession, etc., taken over, and not forming a part of, the ordinary capital. DIRECTOR OF INCOME-TAX VERSUS BHARAT DIAMOND BOURSE - 2002 (12) TMI 8 - SUPREME COURT