22. In this Act unless the context otherwise requires- "capital" means paid-up capital and permanent free reserves, and shall include, if so determined by the Board, the face value of unsecured debentures and other loan bonds which, in the event of the winding up of the Institution, or the return or reduction of capital, shall rank after and be subordinated to deposits and other borrowings of the Institution and which shall not be reduced or repaid except with the consent of the Board ; " goods " have the same meaning as in the Sale of Goods Ordinance; " hire-purchase agreement" means an agreement for the letting of goods with an option to purchase (whether the agreement describes the weekly, fortnightly or monthly payments as rentals, instalments, hire or otherwise), but does not include any agreement-
| (a) whereby property in the goods comprised therein passes at the time of the agreement or upon or at any time before delivery of the goods; or |
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| (b) under which a person by whom goods are being hired or purchased is a person who is engaged in the trade or business of selling goods of the same nature or description as the goods comprised in the agreement; |
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" hirer " means a person to whom the goods are let, hired or agreed to be sold under a hire-purchase agreement and includes a person to whom the rights or liabilities of the hirer under such agreement have passed by assignment or operation of law; "Institution'' means any person or body of persons, corporate or unincorporate, whose business or part of whose business consists in the acceptance of money by way of deposit, the payment of interest thereon and-
| (a) the lending of money on interest; or |
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| (b) the investment of money in any manner whatsoever; or |
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| (c) the lending of money on interest and the investment of money in any manner whatsoever ; |
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" loan" includes any advance or the deferment of payment in any sale or the deferment of payment in a transaction relating to a hire purchase agreement ;" prescribed " means prescribed by rules made under this Act. |
Sri Lanka Consolidated Acts