Section 42

For the purposes of this Part, “financial institution” means a bank, a finance company, a banking and finance company, a merchant bank or a discount house licensed under the Banking and

Financial Institutions Act 1989, or a prescribed institution as defined

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Payments Systems 37

under the Development Financial Institutions Act 2002 or any co-operative society registered or deemed to have been registered under the Co-operative Societies Act 1993 [Act 502] or a clearing house recognized under the Securities Industry Act 1983 or a clearing house licensed under the Futures Industry Act 1993.