(1)In this Act, unless there is anything repugnant in the subject or context,—(a)”approved securities ” means securities in which a trustee may invest money under clause (a), clause (b), clause (bb), clause (c) or clause (d) of section 20 of the Indian Trusts Act, 1882, and such securities of, or fully guaranteed by Part B States as the Reserve Bank may be authorized to purchase under clause (8) of section 17 of the Reserve Bank of India Act, 1934;(b)” banking ” means the accepting, for the purpose of lending or investment, of deposits of money from the public, repayable on demand or otherwise, and withdrawal by cheque, draft, order or otherwise;(c)” banking company ” means any company which transacts the business of banking { “Subs.by Act 20 of 1950, s.3 for ” in any State “.} [in India];Explanation.—Any company which is engaged in the manufacture of goods or carries on any trade and which accepts deposits of money from the public merely for the purpose of financing its business as such manufacturer or trader shall not be deemed to transact the business of banking within the meaning of this clause;(d)” company ” means any company which may be wound up under the Indian Companies Act,1913;{Cl.(e) omitted by Act 52 of 1953, s.2}(f)” demand liabilities ” means liabilities which must be met on demand and ” time liabilities ” means liabilities which are not demand liabilities;(g)” gold ” includes gold in the form of coin.whether legal tender or not, or in the form of bullion or ingot, whether refined or not;{Ins.by Act 20 of 1950, s.5.}[(gg) ” India ” means tne States to which this Act extends ;](h)” managing agent ” means a person, firm or company entitled to the management of the whole affairs of a banking company by virtue of an agreement with the company or by virtue of the memorandum or articles of association relating thereto, and under the control and direction of the directors except to the extent, if any, otherwise provided for in the agreement, memorandum or articles of association, and includes any person, firm or company occupying such position by whatever name called;Explanation.—If a person occupying the position of managing agent calls himself manager or managing director, he shall nevertheless be deemed to be a managing agent for the purposes of this Act;(i)” private company ” has the same meaning as in the Indian Companies Act, 1913;(j)“prescribed” means prescribed by rules made under this Act;(k)” registrar ” has the same meaning as in the Indian Companies Act, 1913;(I)” Reserve Bank ” means the Reserve Bank of India;(m)” scheduled bank ” means a bank for the time being included in the Second Schedule to the Reserve Bank of India Act, 1934; and(n)” secured loan or advance ” means a loan or advance made on the security of assets the market value of which is not at any time less than the amount of such loan or advance; and “unsecured loan or advance ” means a loan or advance not so secured.{ Sub-section (2) was omitted by the A.O.1950.}
