17. Acknowledgement of indebtedness

Terms defined in s 2

• company

  company

  Defined · s 2

  "company" means a company incorporated or registered under the Companies Act;

  Open s 2
• 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, such repayment being either on demand or at a time or in such 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. credit facility, advance, Finance Con?panies investment, saving, sale or sale and repurchase, but does not include money paid bonafide - (i) 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; (ii) 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; (iii) without prejudice to sub-paragraph (ii), by way of security for the delivery up or return of any property, whether in a particular state of repair or otherwise;

  Open s 2
• finance company

  finance company

  Defined · s 2

  "finance company" means any company licensed under this Act, to carry on financing business or Islamic financing business, and all branches and offices in Brunei Darussalam of such a company is deemed to be one finance company for the purpose of this Act:

  Open s 2