98. Prohibition of certain accounts

Terms defined in this Act

• bank licensee

  bank licensee

  Defined · s 2

  “bank licensee” means a Labuan bank or a Labuan investment bank licensed under Part VI;

  Open s 2
• deposit

  deposit

  Defined · s 86

  “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; (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 the Authority may specify;

  Open s 86
• person

  person

  Defined · s 2

  “person” includes a corporation, partnership, a body of persons, corporate or unincorporated and a corporation sole;

  Open s 2
• ringgit

  ringgit

  Defined · s 2

  “ringgit” means a ringgit in the currency of Malaysia;

  Open s 2