Section 2 in Uttarakhand Protection of Interests of Depositors (In Financial Establishments) Act, 2005
2. Definitions.
- In this Act unless the context otherwise requires-(a)"Assistant Collector 1st Class" means an officer appointed as such under the U.P. Land Revenue Act, 1901(Act No.3 of 1901) (as applicable to the State of Uttarakhand);(b)"Competent Authority" means the Authority appointed under section 5;(c)"Deposit" includes and shall be deemed always to have included any receipt of money or acceptance of any valuable commodity by any Financial Establishment to be returned after a specified period or otherwise, either in case or kind or in the form of a specified service with or without any benefit in the form of interest, bonus, profit or in any other form, but does not include:-(i)amount raised by way of share capital or by way of debenture, bond or any other instrument covered under the guidelines given, and regulations made, by the Securities and Exchange Board of India, established under the Securities and Exchange Board of India Act,1992 (Act No. 15 of 1992);(ii)amounts contributed as capital by partners of a firm;(iii)amounts received from a scheduled bank or co-operative bank or any other banking company as defined in clause(c) of section 5 of the banking Regulation act, 1949 (Act no 10 of 1949);(iv)any amount received from -(a)the Industrial Development Bank of India,(b)any financial institution specified in or under section 4 A of the companies act, 1956 (Act No. 1 of 1956),or(c)any other institution that may be specified by the Government in this behalf;(v)amounts received in the ordinary course of business by way of -(a)security deposit,(b)dealership deposit,(c)earnest money, and(d)advanced against order for goods or services;(vi)any amount received from an individual or a firm or an association of is for the time being in force in the State; and(vii)any amount received by way of subscriptions in respect of a Chit.Explanation I. -"Chit" has the meaning as assigned to it in clause (b) of section 2 of the Chit funds Act, 1982 (Act No.40 of 1982)Explanation II. - Any credit given by a seller to a buyer on the sale of any property (whether movable or immovable) shall not be deemed to be a deposit for the purposes of this clause;(d)"Designated Court" means the Designated Court constituted under section 10;(e)"Financial Establishment" means any person or a group of individuals including a firm or a company accepting deposits under any scheme or arrangement or in any other manner but does not include a corporation or a co-operative society owned or controlled by any State Government or the Central Government or a banking company as defined under clause (c) of section 5 of the banking Regulation Act, 1949 (Act No. 10 of 1949);(f)"Government" means the Government of Uttarakhand.
