Deposit Protection Act · 2023 Revised Edition · Part 4
49. Not part of deposit
Official textFrom Attorney General's Chambers, unchanged
Where monies are or were received by a member institution for which the institution has issued or is obligated to issue an instrument
member institution
“member institution” means any financial institution deemed to be a member institution under section 27 whose membership has not been cancelled under section 31 or terminated under section 32;
Deposit Protection 38
deposit protection
“deposit protection” means the protection provided to the depositors of a member institution in case of its failure to pay its deposits;
evidencing a deposit, other than a bank draft, certified cheque, traveller’s cheque, prepaid letter of credit or money order —
deposit
“deposit” means a deposit as defined in section 2(3) of the Banking Order, 2006, a deposit as defined in section 2(3) of the Islamic Banking Order, 2008 and a deposit as defined in section 2 of the Finance Companies Act, as the case may be;
the monies do not constitute a deposit unless the instrument and records of the institution specify the person entitled, at the date of issue of the instrument, to the repayment of the monies evidenced thereby;
the person referred to in paragraph (a) is deemed to be the depositor in respect of the monies unless particulars of a transfer of the instrument are entered on the records of the institution, in which case the most recent transferee shown on the records is deemed to be the depositor; and
depositor
“depositor” means a person — (a) whose account has been or is to be credited in respect of monies constituting a deposit or part of such deposit; or (b) to whom a member institution is liable in respect of an instrument issued for monies constituting a deposit or part of such deposit;
the entry of a transfer on the records of a member institution is ineffective for the purpose of paragraph (b), if the entry is made subsequent to the cancellation or termination of the membership of the member institution.
Payments
Terms defined in s 2
deposit
Defined · s 2“deposit” means a deposit as defined in section 2(3) of the Banking Order, 2006, a deposit as defined in section 2(3) of the Islamic Banking Order, 2008 and a deposit as defined in section 2 of the Finance Companies Act, as the case may be;
deposit protection
Defined · s 2“deposit protection” means the protection provided to the depositors of a member institution in case of its failure to pay its deposits;
depositor
Defined · s 2“depositor” means a person — (a) whose account has been or is to be credited in respect of monies constituting a deposit or part of such deposit; or (b) to whom a member institution is liable in respect of an instrument issued for monies constituting a deposit or part of such deposit;
member institution
Defined · s 2“member institution” means any financial institution deemed to be a member institution under section 27 whose membership has not been cancelled under section 31 or terminated under section 32;
Part
Offences
Part