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1 sinserted by Ada tation of Tuws (Third Amendment) Order, 199 tion oSubstituted for the words “the Central Legislative” by Adep®® I of Laws (Third Amendment) Order, 1081, 1830 : Pb. Act L. PUNJAB REGULATION OF 883 ACCOUNTS . (4) “Court” includes a court acting in the exercise of insolvency jurisdiction. (5) “Creditor” means a person who in the regular course of business advances a loan as defined in this Act and shall include subject to the provisions of section 3 the lega_xl representatives and the successor-in-interest whether by inheritance, assignment or otherwise of the person who advanced the loan. (6) “Interest” includes the return to be made over and above what was actually lent, whether the same is charged or sought to be recovered specifically by way of interest or otherwise. (7) “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 a loan, but it shall not include— (i) a deposit of money or other property in a Government Post Office, Bank or any other Bank or in a company or with a co-operative society ; (ii) aloan to or by or a deposit with any society or association registered under the Societies Re- XXI ot gistration Act, 1860, or under any other 1me8. enactment ; (iii) aloan advanced by *[the Central or any *[State Government]] or by any local body authorised by [the Central or any *[State] Government]; (iv) a loan advanced by a bank, a co-operative society or a company whose accounts ares sub- ject to audit by a certificated auditor under the Companies Act ; (v) a loan advanced to a trader ; (vi) an advance made on the basis of a negotiable XXXVI instrument as defined in the Negotiable Instru- of 1881 ments Act, 1881, other than a promissory note; (vii) a transaction which is, in substance, a mort- gage or a sale of immoveable property. 1Substituted for lhed‘worid‘ "Goveol:'tdmertl';;;;:}re—v(}t;;ex;l;\ent' of dia (Adeptation of Indian Lzws) er, . Ao *S\(abstitputed for the word “Provincia\"'by the Adaptation of Laws Order, 1950, 884 PUNJAB REGULATION OF (1930 : Pb. Act I ACCOUNTS (8) “Preseribed” means prescribed by rules made under this Act. 4 ho in the regyly “T'rader” means a person w " couriog Z)f business buys and sells goods or ;)lt}}er] Property, whether moveable or immoveable, and shall include— a wholesale or a retail merchant, a commission agent, a broker, a manufacturer, a contractor, 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. Duty of ered- 3 (1) A creditor shall in order to comply with the gd t?m—;{“:.’.fim:g:provisions of this Act— ts. Souny (a) regularly record and maintain an account for each debtor separately, of all transactions relat- ing to any loan advanced to that debtor, in such manner as the [Central Government] may prescribe ; (b) furnish each debtor every six months with a legible statement of account signed by the creditor or his agent of any balance or amount that may be outstanding against such debtor on the 30th day of June, or 15th Har and the 31st day of December, or 15th Poh each year. This statement of account shall include all transactions relating to the loan entered into during the six months to which the statement relates, and shall be sent, in such manner and in such form and containing such details as the '[Central Government] may prescribe, on or before the 31st day of August or 15th Bhadon in the case of any balance outstanding on the 30th day of June, or 15th Har and on or before *Substituted for the words ‘'State Government” by the Punjab Reorganisation (Chandigarh) (Adaptetion of Laws on State and Con- current Subjects) Order, 1068, | 1930: Ph. Act 11 pypy,g REGULATION oF 885 ACCOUNTS the 28th day of February or 15th Phagan in the case of any balance outstanding on the 31st day of December or 15th Poh, Eg:planatmn.——(i) The '[Central Government] ghall Prescribe the forms and numerals in which the accounts required by this provision of this sub-section are to be maintained and furnished, and the creditor shall at his (ii) the prescribed accounts shall be so kept that items due by way of interest shall be shown as separate and principal and interest shall be maintained. The creditor shall not in the absence of agreement, include the interest or any portion of it in the principal sum ; and the principal and interest shall be separately shown in the opening balance of each new six-monthly account : Provided that— (i) if the loan has, since it was originally advanced, passed by inheritance or assignment to a widow or minor, such widow or minor shall not be bound to maintain and furnish the account pre- scribed by this section for a period of six months from the date of such passing ; (ii) nothing in this section shall be deemed to lay upon any person the duty of maintaining and furnishing the prescribed account in the case of a loan wherein the title to recover 1s sub- judice between two or more persons claiming as creditors adversely to each other unless and until the title has been finally decided by a court of competent jurisdiction. (2) Entries in the account prescribed under clause (u) to sub-section (1) shall be deemed to be regularly *Substituted for the words “State Government” by the Punjab Reorganisetion (Chandigarh) (Adaptation o® Laws on State and Con- current Subjects) Order,