Amendment status not verified — confirm the current text below against the official source.
Inthis Act, u the subject or context— 8nap n - (2) “Collector” means a Collector of the D ©) *Inserteq by the A, =Substit\.ned * fi Lo g s any carrying on ”» a company car . us; Bank f:g;fi%lg anid rcngtr?]rbgnlil(?Sd? any o t?lle ness o ts relating to compan Or the tin enactmen i the United Kingdom or ;. img g e in : Nan being in force ependencies therg - any of thge Colonies or Dep of i or ate or Part C State] or incg 1[an()1/ 11:3)3.1';;'n:AIASCtt'1 of Pal'llamen.t 2.[0f 1he I;J:é)d Kin d il] or by Royal Charter or Letters Patey K”%)gy (z)my Act of 3[Parliament]. or ismct i t below the rank of h other officer no As. girstz:lctICOIIector first grade as may be specla“y empowered by the 4[Central Government] to di. cha};ge the functions of a Collector for ], pur. poses of this Act. “Commissioner” means the Commissioner of the Division in which a money-lender g Tegisterd, ” means a Company registereq Lctm aling to cop. panies for the time being in force in the Uniteq Kingdom or any of the Colonijes or Dependep. cies thereof or in ‘[any Part A State or Part ¢ State] or incorporated by an Act of Parliamep; Companies to which the Indian Li Companies Act, 1912, applies. means a society regis- 1ons of Co-operative daptatio, of Laws (Third Amendment) Order, 1951. i : 0 ticr of Order, fliess]l ,"d'a“ Legislature” by the Adartatic 1938: Pb. Act III.] REGISTRATION OF MONEY-LENDERS 19 (8) “Loan” means an advance whether secured or unsecured of money or in kind at interest and shall include any transaction which the court finds to be in substance a loan, but it shall not include— (/) an advance in kind made by a landlord to his tenant for the purposes of husbandry; provid- ed the market value of the return does not ex- ceed the market value of the advance as esti- mated at the time of advance ; (i7) adeposit of money or other property in = Government Post Office Bank, or any other Bank, or with a company, or with a co- operative society or with any employer as security from his employees ; (+) aloan to, or by, or a deposit with any society or association registered under the Societics Registration Act, 1860, or under any other enactment; (7v) a loan advanced by or to the Central or any ![State] Government or by or to any local body under the authority of the Central or any '[State] Government; (v) 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 2Indian Companies Act, 1913; (vi) a loan advanced by a trader to a trader, in the regular course of business, in accordance with trade usage; (vii) an advance made on the basis of a negoti- able instrument as defined in the Negotiable Instruments Act, 1881, other than a promis- sory note. e lgso‘Suhstituted for the word *“Provincial” by the Adaptation of Laws Order, *Reealed and r2vlaced by th: Com-anies Act, 1926 (1 of 1935,) A 50 REGISTRATION OF MONEY-LENDERS [1938. Pp, In “ lender” means a person, . ' (9) “Money lenc f advancing log a carryjni ?'l,lflécsfilfi]"}gscslu;e the lcgalg}'eprc::m:;sefirrllm :Eetmssuccis’st‘)rs-in-intcrest whether by Inheritape, ' o r g . h I‘Crsofl or 11 m; pl'Ov" assl ient or OtherW‘lSe, Of 'Sl:lc r f ; \ :Othing in th]S definltlon Sha“ apply to ded tfi“t who is the legal represeng, (a) aispelif;niuheritance the SUCCCSSOI-in-imet;‘e’e o the estate of a_deceased Money.Jgp e:t of gether with all his rights and liabifigrec® to. vided that such person only— HE Y (/) winds up the estate of such Money.Jep, e, (if) realises outstanding loans; (éii) does not renew any existing loan, pop ad. vance any fresh loan ; (b) a bona fide assignment by a money-lender of a single loan to any one other than the wife or husband of such assignor, as the case my be, or any person, who is descended from 3 common grandfather of the assignor (10) “Prescribed” means prescribed by rules made under this Act. (11) “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— a wholesale or a retail merchant, a commission agent, a broker, a manufacturer, 2 contractor, a factory owner, Iy b but shall not include a person who sells 07,5 . or OWn agricultural produce or cattle, O oo agricultura] producg or cattle for his 0% RPN T e —— REGISTRATION OF MONEY-LENDERS [1938 Pb. : Act IIL. 21