Section 2 in The Punjab Debtors' Protection Act, 1936
2. Definitions.
- In this Act, unless there is anything repugnant in the subject or context,(1)"Bank" means a company carrying on the business of banking and registered under any of enactments relating to companies for the time being in force in the United Kingdom, or in any of the Colonies or Dependencies thereof, or in [any Part A State or Part C State] [Substituted for the words 'British India' by the Adaptation of Laws (Third Amendment) Order, 1951.], or incorporated by the Act of Parliament [of the United Kingdom] [Inserted by ibid.], or by Royal Charter or Letters Patent or by any Act of [Parliament] [Susbtituted for the words 'The Central Legislature' by ibid. The words 'The Central Legislature' had been substituted for 'the Indian Legislature' by the Government of India (Adaptation of Indian Laws) Order, 1937.].(2)"Company" means a company registered under any of the enactments relating to companies for the time being in force in the United Kingdom or in any of the Colonies or Dependencies thereof, or in [any Part A State or Part C State] [Susbtituted for the words 'British India' by the Adaptation of Laws (Third Amendment) Order, 1951.], or incorporated by an Act of Parliament [of the United Kingdom] [Inserted by ibid.], or by Royal Charter or Letters Patent, and includes Life Insurance Companies to which the Indian Life Insurance Companies Act, 1912, applies.(3)["Co-operative Society" means a Society registered under the provisions of Co-operative Societies Act 1912.] [Substituted for the words 'the Central Legislature' by ibid. The words 'the Central Legislature' had been substituted for 'the Indian Legislature' by the Government of India (Adaptation of Indian Laws) Order, 1937.](4)"Court" includes a court in the exercise of insolvency jurisdiction.(5)"Interest"includes the return to be made, over the above what was actually lent, whether the same is charged or sought to be recovered, specifically by way of interest, or otherwise."Loan" means an advance whether of money or in kind at interest and shall include any transaction which the court finds to be in substance of loan, but it shall not include-(i)a deposit of money or other property in a Post Office Savings Bank or any other Bank, or in a company or with a co-operative society;(ii)a loan to or by, or a deposit with any society or association registered under the Societies Registration Act, 1860 (XXI of 1860), or under any other enactment for the time being in force;(iii)a loan advanced by the [State] Government; or by any local body authorised by the [State] [Substituted for the words 'Provincial' by the Adaptation of Laws Order, 1950.] Government.(iv)a loan advanced by a bank, a co-operative society or a company whose accounts are subject to audit by a certificated auditor under the Indian Companies Act, 1913 (VII of 1913);(v)a loan advanced to a trader;(vi)an advance made on basis of a negotiable instrument as defined in the Negotiable Instruments Act, 1881 (XXVI of 1881), other than a promissory note;(vii)an transaction which is, in substance, a mortgage or a sale of immovable property.(7)"Money-lender" means a person who, in the regular course of business, advance a loan as defined in this Act and shall include the legal representatives and the successors in interest, whether by inheritance, assignment or otherwise, of the person who advanced the loan.(8)"Trader" means a person who in the regular course of business buys and sells goods or other property, whether movable or immovable, and shall include(i)a wholesale or a retail merchant;(ii)a commission agent;(iii)a broker;(iv)a manufacturer;(v)a contractor;(vi)a factory owner;but shall not include a person who sells his own agricultural produce or cattle or buys agricultural produce or cattle for his own use.
