Grandfather clause

grandfather clause
provision included in a new rule that exempts from the rule a person or business already engaged in the activity coming under regulation.

Grandfather Clause
A person or business can sometimes be "grandfathered" or exempt from a new rule if they are already engaged in the activity coming under regulation.
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GRANDFATHER CLAUSE - A provision in a law that ensures that the law is not retroactive, that it does no...
GRANDFATHERED ACTIVITIES - Nonbank activities, some of which would normally not be permissible for bank...

A grandfather clause may also extend to private home ownership and zoning. If a new zoning regulation called for 10 feet of clearance on all sides, it would not be practical to physically move all of the current homes built before the zoning change.

Grandfather Clause
Provision that, when a law is changed or a new law is passed, those whose specific activity was legal under the previous law will be allowed to continue, by virtue of this provision.

Grandfather Clause
A provision in the law permitting the continuation of a use, business, etc. which, when established, was permissible but because of a change in the law, is now not permissible.

Grandfather clause
A provision included in a new rule or regulation that exempts a business that is already conducting business in the area addressed by the regulation from penalty or restriction.
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Grandfather Clause
An exemption that allows persons or entities to continue with an activity they were engaging in before it became illegal through a change in regulation.

Grandfather Clause
A provision in a legal instrument, such as GATT, that allows countries that accede to it to maintain preexisting domestic legislation inconsistent with provisions of that instrument.

Grandfather Clause
The General Agreement on Tariffs and Trade (GATT) provision that allows the original contracting parties to exempt from general GATT obligations mandatory domestic legislation which is inconsistent with GATT provisions, ...

Grandfather clause
A provision in an agreement, including the GATT but not the WTO, that allows signatories to keep certain of their previously existing laws that otherwise would violate the agreement.
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GRANDFATHER CLAUSE Clause temporarily preserving legislation which exists at the time a law is modified or a (tax) treaty is concluded (or modified).

restrictions maintained by governments since they became contracting parties to GATT or members of the WTO, despite the general GATT and WTO prohibitions against such measures. See also General Agreement on Tariffs and Trade; Grandfather Clause; ...

banks in the United States, but which were acquired or engaged in before a particular date. Such activities may be continued under the "grandfather" clauses of the Bank Holding Company Act and the International Banking Act.
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grandfather clause An allowable continuance, based on practice prior to legislation, of a practice now forbidden by new legislation. grant Any kind of funding for a nonprofit organization, generally for a specific project.

See also: Expense, Tariff, Administration, Tariffs, Invoice