Section 2
In this Act unless the context otheryvise requires
of Act 125
Te a te Bon ‘5
“bank” means a bank licensed :
} i jon: or an bhunic ook. (arsed under fe bape A
“borrowing business” means—
(a)
the acceptance of any money on deposit or loan by a person (in this definition referred to as “the borrower”) from more than ten persons wherein the borrower is under a liability (whether or not such liability is present or future) to repay the money to these persons; and
(b)
the lending; or
(ii)
the investment, by the borrower, his agents or his servants (and if the borrower is a company, including its wholly-owned subsidiaries) of the borrower’s funds;
“borrowing company” means a company which carries on borrowing business;
“Central Bank” means the Central Bank of Malaysia
Interpreta-Ack (473 tion.
Act are established under the Central Bank of Malaysia Ordinance, 61/59.
1958;
[S. 2-4]
79/65.
79/65.
Only licensed borrowing company may carry on borrowing business.
“Sif mec
6 Act 6
“company” means a company as defined in the Companies
Act, 1965;
“corporation” means a corporation as defined in the
Companies Act, 1965;
“depositor” means a person who deposits with or lends money to a licensed borrowing company;
“deposit liability’ means the liability of a licensed borrowing company to repay any money accepted by it on deposit or loan from any person other than from a licensed bank;
“foreign company” means a foreign company as defined in the Companies Act, 1965;
“foreign currency” means any currency other than currency—
(a)
of the Federation; or
(b)
which by reason of any agreement or arrangement entered into between the Central Bank and any other monetary authority of anothér country; is deemed to be interchangeable with the curtency of the Federation;
“licence” means a licence granted under this Act enabling a public company to carry on borrowing business;
“Minister” means the Minister chatged with the résponsi-bility for finance;
“public company” means a public company as defined in thé Companies Act, 1965.