Act 6 Borrowing Companies Act, 1969 PART I - PRELIMINARY
Section 2. Interpretation.
In this Act unless the context otherwise requires -
"bank" means a bank licensed to carry on banking business in the Federation;
"borrowing business" means -
(a) the acceptance of any money on deposit or loan by a person (in this definition referred to as "the borrower") from more than ten persons wherein the borrower is under a liability (whether or not such liability is present or future) to repay the money to these persons; and
(b) (i) the lending; or
(ii) the investment,
by the borrower, his agents or his servants (and if the borrower is a company, including its wholly owned subsidiaries) of the borrower's funds;
"borrowing company" means a company which carries on borrowing business;
"Central Bank" means the Central Bank of Malaysia established under the Central Bank of Malaysia Ordinance, 1958 [61/58];
"company" means a company as defined in the Companies Act, 1965 [79/65];
"corporation" means a corporation as defined in the Companies Act, 1965;
"depositor" means a person who deposits with or lends money to a licensed borrowing company;
"deposit liability" means the liability of a licensed borrowing company to repay any money accepted by it on deposit or loan from any person other than from a licensed bank;
"foreign company" means a foreign company as defined in the Companies Act, 1965;
"foreign currency" means any currency other than currency -
(a) of the Federation; or
(b) which by reason of any agreement or arrangement entered into between the Central Bank and any other monetary authority of another country, is deemed to be interchangeable with the currency of the Federation;
"licence" means a licence granted under this Act enabling a publiccompany to carry on borrowing business;
"Minister" means the Minister charged with the responsibility for finance;
"public company" means a public company as defined in the Companies Act, 1965 [79/65].
