Section 34

Terms defined in s 2

• agreement

  agreement

  Defined · s 2

  "agreement" means an agreement whether formal or informal, oral or written, express or implied;

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• Bank

  Bank

  Defined · s 2

  "Bank" means the Central Bank of Malaysia established by the Ordinance;

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• deposit

  deposit

  Defined · s 2

  "deposit" means a sum of money received or paid on terms— (a) under which it will be repaid, with or without interest or at a premium or discount; or (b) under which it is repayable, either wholly or in part, with any consideration in money or money's worth, and such repayment being either on demand or at a time or in circumstances agreed by or on behalf of the person making the payment and the person receiving it, regardless whether the transaction is described as a loan, an advance, an investment, a saving, a sale or a sale and repurchase, but does not include money paid bona fide- (A) by way of an advance or a part payment under a contract for the sale, hire or other provision of property or services, and is repayable only in the event that the property or services is not or are not in fact sold, hired or otherwise provided; (B) by way of security for the performance of a contract or by way of security in respect of any loss which may result from the non-performance of a contract; (C) without prejudice to paragraph (B), by way of security for the delivery up or return of any property, whether in a particular state of repair or otherwise; and (D) in such other circumstances, or to or by such other person, as specified in the First Schedule;

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• depositor

  depositor

  Defined · s 2

  "depositor" means a person entitled to repayment of a deposit, whether made by him or any other person; derivative

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• licence

  licence

  Defined · s 2

  "licence" means a licence granted or deemed to be granted under section 6 (4);

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• licensed institution

  licensed institution

  Defined · s 2

  "licensed institution" means any institution licensed or deemed to be licensed under section 6 (4);

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• specify

  specify

  Defined · s 2

  "specify", where no mode is mentioned, means specify from time to time in writing, and a power to specify includes the power to specify differently for different persons or different classes, categories or descriptions of persons;

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