Definitions

In this Act, unless the context otherwise requires,-

1. (a) "Competent Authority" means the authority appointed under section 4;
2. (b) "deposit" means the deposit of a sum of money made with a Financial Establishment for a fixed period, for interest or return in any kind;
3. (c) "Financial Establishment" means an individual, an association of individuals or a firm carrying on the business of receiving 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 section 5(c) of the Banking Regulation Act, 1949 (Central Act No. X of 1949);
4. (d) "Government" means the State Government of Himachal Pradesh; and
5. (e) "authorised officer" means an officer empowered, by the Government, by notification in the Official Gazette, to exercise the powers of the Government under section 3 of this Act.