In this Act, unless there is anything repugnant in the subject or context,-(1)[ "bank" means a banking company as defined in clause (c) of section 5 of the Banking Regulation Act, 1949, and includes-] [[Clause (1) first substituted by W.B. Act 21 of 1965, then again substituted by W.B. Act 18 of 1966 and finally subsection by W.B. Act W.B. Act 30 of 1975. Previous clause (1) was as under:-(1)'bank' means a banking company as defined in clause (c) of section 5 of the Banking Companies Act, 1949, and includes the State Bank of India constituted under the State Bank of India Act, 1955, any subsidiary bank as defined in the State Bank of India (Subsidiary Banks) Act, 1959, and any other financial institution which may be notified in this behalf by the State Government:'.]](i)a bank included in the Second Schedule to the Reserve Bank of India Act, 1934;(ii)"a corresponding new bank" as defined in clause (d) of section 2 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970; and(iii)any other financial institution which may be notified in this behalf by the State Government;(2)"borrower" means a person to whom a loan is advanced and includes a successor-in-interest or surety;(3)"Calcutta" means the area within the limits of the ordinary original civil jurisdiction of the High Court in Calcutta;(4)"commercial loan" means a loan advanced to any person to be used by such person solely for the purposes of any business or concern relating to trade, commerce, industry, mining, planting, insurance, transport, banking or entertainment, or to the occupation of wharfinger, warehouseman or contractor or any other venture of a mercantile nature, whether as proprietor or principal or agent or guarantor;Explanation.- Notwithstanding anything contained in any agreement relating thereto, a loan shall not be deemed to be a .commercial loan unless it is in substance a loan to be used solely for any of the purposes referred to in this clause.(5)"co-operative life insurance society", "mutual insurance company" and "provident society" have the same meanings as in the Insurance Act, 1938;(6)"co-operative society" means a society registered under the Cooperative Societies Act, 1912, or any [Provincial Act or Act of the State Legislature] [Words substituted for the words 'Act of the Provincial Legislature' by the Adaptation of Laws Order, 1950.], for the time being in force, relating to such societies;(7)"insurance company" means-(a)in relation to any loan advanced before the commencement of the Insurance Act, 1938, an insurance company within the meaning of the Indian Insurance Companies Act, 1928, and(b)in relation to any loan advanced after the commencement of the Insurance Act, 1938, an insurance company within the meaning of that Act;(8)"interest" includes any sum by whatsoever name called, in excess of the principal paid or payable to a lender in consideration of, or otherwise in respect of, a loan whether the same is charged or sought to be recovered specifically by way of interest or otherwise, but does not include any sum lawfully charged by a lender in accordance with the provisions of this Act or any other law for the time being in forec for or on account of costs, charges or expenses;(9)"lender" means a person who advances a loan and includes a moneylender;(10)"licence" means a licence granted under this Act;(11)"life assurance company" has the same meaning as in the Indian Life Assurance Companies Act, 1912;(11A)[ "Life Insurance Corporation of India" means the Corporation established under sub-section (1) of section 3 of the Life Insurance Corporation Act, 1956;] [Clause (11A) Inserted by W.B. Act 21 of 1965.](12)"loan" means an advance, whether of money or in kind, made on condition of repayment with interest and includes any transaction which is in substance a loan but does not include-[* * * * *] [[Sub-clauses (a) and (b) omitted by W.B. Act 21 of 1965, which were as under:- '(a) a deposit of money or other property,'(b) a loan to, or by, or a deposit with, any society or association registered under the Societies Registration Act, 1860, or under any other law relating to public, religious or charitable objects;'.]][* * * * *] [[Sub-clauses (a) and (b) omitted by W.B. Act 21 of 1965, which were as under:- '(a) a deposit of money or other property,'(b) a loan to, or by, or a deposit with, any society or association registered under the Societies Registration Act, 1860, or under any other law relating to public, religious or charitable objects;'.]](c)a loan taken or advanced by [by the Central Government or any State Government] [Words 'by the Central Government or any Provincial Government' first substituted for the words 'any Government in British India' by the Indian Independence (Adaptation of Bengal and Punjab Acts) Order, 1948 and thereafter the word 'State' substituted for the word 'Provincial' by the Adaptation of Laws Order, 1950.] or by any local authority in [West Bengal] [Words substituted for the word 'Bengal' by the Indian Independence (Adaptation of Bengal and Punjab Acts) Order, 1948.];(d)a loan advanced before or after the commencement of this Act-(i)[ by a bank; or] [[Clause (i) substituted by W.B. Act 21 of 1965, which was earlier as under:-'(i) by a bank which is a scheduled bank or by a bank which has beendeclared to be a notified bank under section 3, whether or not such bank was a scheduled bank or was so declared to be a notified bank, as the case may be, at the time the loan was advanced; or'.]](ii)by a co-operative life insurance society, co-operative society, insurance company, life assurance company,[Life Insurance Corporation of India,] [Words Inserted by W.B. Act W.B. Act 21 of 1965.] mutual insurance company, provident insurance society or provident society or from a provident fund;(e)an advance made on the basis of a negotiable instrument as defined in the Negotiable Instruments Act, 1881, other than a promissory note;[* * * * *.] [[Sub-clause (J) Omitted by W.B. Act 4 of 1981 w.e.f. 2.2.1981 which was as under:-'(f) a commercial loan:'.]][* * * * *.] [[Sub-clause (g) Omitted by W.B. Act 21 of 1965, which was as under:-'(g) a loan advanced to any person for the purchase or construction of a house or for the construction of a house together with the purchase of the site thereof, within the limits of the area defined by clause (11) of section 3 of the Calcutta Municipal Act. 1923, or of any area which has been or may hereafter be constituted a municipality under the provisions of the Bengal Municipal Act, 1932, if such loan is subject to the condition of repayment by instalments extending over a period of ten years or more;'.]](h)a loan made to or by the Administrator-General and Official Trustee of [West Bengal] [Words substituted for the word 'Bengal' by the Indian Independence (Adaptation of Bengal and Punjab Acts) Order, 1948.] or the Commissioner of Wakfs or the Official Assignee or the Official Receiver of the High Court in Calcutta;(i)a loan or debenture in respect of which dealings are listed on any Stock Exchange;(13)"money-lender" means a person who carries on the business of money-lending in [West Bengal] [Words substituted for the word 'Bengal 'By the Indian Independence (Adaptation of Bengal and Punjab Acts) Order. 1948 ] or who has a place of such business in [West Bengal] [Words substituted for the word 'Bengal 'By the Indian Independence (Adaptation of Bengal and Punjab Acts) Order. 1948 ], and includes a pawnee as defined in section 172 of the Indian Contract Act, 1872;(14)"money-lending business" and "business of money-lending" mean the business of advancing loans either solely or in conjunction with any other business;(15)"prescribed" means prescribed by rules made under this Act;(16)"principal" means in relation to a loan the amount actually advanced to the borrower;(17)"provident fund" has the same meaning as in the Provident Funds Act, 1925;(18)"provident insurance society" means a society registered under the Provident Insurance Societies Act, 1912;(19)"register" means a register of money-lenders maintained under section 7;(20)"scheduled bank" has the same meaning as in the Reserve Bank of India Act, 1934;(21)"suit" includes an appeal;(22)"suit to which this Act applies" means any suit or proceeding instituted or filed on or after the 1st day of January 1939, or pending on that date and includes a proceeding in execution-(a)for the recovery of a loan advanced before or after the commencement of this Act;(b)for the enforcement of any agreement entered into before or after the commencement of this Act, whether by way of settlement of account or otherwise, or of any security so taken, in respect of any loan advanced whether before or after the commencement of this Act; or(c)for the redemption of any security given before or after the commencement of this Act in respect of any loan advanced whether before or after the commencement of this Act.[******] [[Sec 3 Omitted by W.B. Act 21 of 1965. which was as under:-'3. Notified bank.- The State Government may, by notification in the Official Gazette, declare any bank to be a notified bank for the purposes of this Act:Provided that no bank shall be so declared to be a notified bank unless it complies with such conditions as may, with the approval of the State Legislature, be prescribed.'.]]
