118. Prohibition on receipt of gifts, commission, etc.

Terms defined in s 3

• business

  business

  Defined · s 3

  “business” means any activity carried on for the purpose of gain or profit and includes all property derived from, or used in, or for the purpose of, carrying on such activity and all rights and liabilities arising from such activity;

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• director

  director

  Defined · s 3

  “director” includes any person who occupies the position of a director, and includes a person in accordance with whose directions and instructions the directors or officers are accustomed to act and an Development Financial Institutions 19 alternate or substitute director, and without prejudice to the foregoing, in the case of— (a) a co-operative society, means a member of the board, or other governing body, of the co-operative society; (b) a statutory body, means a member of the board, committee, council or other governing body of the statutory body; (c) a partnership, means a partner; (d) a sole proprietorship, means the sole proprietor; and (e) any other body, association or group of persons, whether corporate or unincorporate, means a person having the direction and control of the management of its business or affairs;

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• financing facility

  financing facility

  Defined · s 3

  “financing facility” means— *NOTE—The Companies Act 1965 has been repealed by the Companies Act 2016 which comes into operation on 31 January 2017–see subsection 620(1)…

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• officer

  officer

  Defined · s 3

  “officer”, in relation to an institution, means any of its employees and includes its Chief Executive Officer;

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• person

  person

  Defined · s 3

  “person” includes an individual, any corporation, statutory body, local authority, society, trade union, co-operative society, partnership and any other body, organization, association or group of persons, whether corporate or unincorporate;

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• prescribed institution

  prescribed institution

  Defined · s 3

  “prescribed institution” means a development financial institution which is prescribed by the Minister under subsection 2(1);

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• property

  property

  Defined · s 3

  “property” means any movable or immovable property, whether tangible or intangible and includes— (a) any right, interest, title, claim, chose in action, power or privilege, whether present or future, or whether vested or contingent, in relation to any property, or which is otherwise of value; (b) any conveyance executed for conveying, assigning, appointing, surrendering, or otherwise transferring or disposing of immovable property of which the person executing the conveyance is the proprietor or has possession or in which he is entitled to a contingent right, either for the whole interest or for any less interest; (c) any security, including any stock, share, debenture and fund; (d) any negotiable instrument, including any bank note, bearer note, Treasury bill, dividend warrant, bill of exchange, promissory note, cheque and negotiable certificate of deposit; or (e) any mortgage or charge, whether legal or equitable, guarantee, lien or pledge, whether actual or constructive, letter of hypothecation, trust receipt, indemnity, undertaking or other means of securing payment or discharge of a debt or liability, whether present or future, or whether vested or contingent;

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