Definitions

In this Act, unless there is anything repugnant in the subject or context— (1) "Collector" means a Collector of the District or such other officer not below the rank of Assistant Collector first grade as may be specially empowered by the Central Government to discharge the functions of a Collector for the purposes of this Act. (2) "Commissioner" means the Commissioner of the Division in which a money-lender is registered. (3) "Company" means a Company registered under the laws relating to companies for the time being in force in the United Kingdom or any of the Colonies or Dependencies thereof or in any Part A State or Part C State or incorporated by an Act of Parliament of the United Kingdom or by Royal Charter or Letters Patent or by any Act of Parliament. (4) "Co-operative society" means a society registered under the provisions of Co-operative Societies Act, 1912. (5) "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— (i) an advance in kind made by a landlord to his tenant for the purposes of husbandry; provided the market value of the return does not exceed the market value of the advance as estimated at the time of advance; (ii) a deposit 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; (iii) a loan to, or by, or a deposit with any society or association registered under the Societies Registration Act, 1860, or under any other enactment; (iv) 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 Indian 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 negotiable instrument as defined in the Negotiable Instruments Act, 1881, other than a promissory note. (6) "Money-lender" means a person, or a company carrying on the business of advancing loans as defined in this Act, and shall include the legal representatives and the successors-in-interest whether by inheritance, assignment or otherwise, of such person or company : provided that nothing in this definition shall apply to— (a) a person who is the legal representative or is the successor-in-interest of the estate of a deceased money-lender together with all his rights and liabilities: provided that such person only— (i) winds up the estate of such money-lender; (ii) realises outstanding loans; (iii) does not renew any existing loan, or advance 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 may be, or any person, who is descended from a common grandfather of the assignor. (7) "Prescribed" means prescribed by rules made under this Act. (8) "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, a contractor, a factory owner, but shall not include a person who sells only his own agricultural produce or cattle, or buys agricultural produce or cattle for his own use.