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Mandatory |
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Peremptory; obligatory; required; that which must be subscribed to or obeyed. Mandatory statutes are those that require, as opposed to permit, a particular course of action. Their language is characterized by such directive terms as "shall" as opposed to "may." A mandatory provision is one that must be observed, whereas a directory provision is optional. An example of a mandatory provision is a law that provides that an election judge must endorse his or her initials on a ballot. mandatory adj., adv. absolutely demanded or required. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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A financial accounting standard (known as FAS 150) that would have been detrimental to closely held contracting companies by requiring them to account for mandatorily redeemable shares on their income statements as a liability has been "indefinitely delayed. A financial accounting standard (known as FAS 150) that would have been detrimental to closely held contracting companies by requiring them to account for mandatorily redeemable shares on their income statements as a liability has been "indefinitely delayed. But then, in the '70s, investment bankers invented mandatorily redeemable preferred stock--preferred stock that had to be redeemed by the issuing company in, say, 10 years. |
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