Definitions

In this Act, unless the context otherwise requires:- (a) "Act" means the Sikkim Protection of Interests of Depositors (in Financial Establishments) Act, 2009; (b) "Competent Authority" means the Authority appointed under sub-section (1) of section 3 of the Act; (c) "deposit" means the deposit of money either in one lump sum or by installments made with a Financial Establishment for a fixed period. for interest or for return in any kind or for any .service: (d) "Financial Establishment" means an individual or an association of individuals, a firm or a company registerGd under the Companies Act, 1956 (1 of 1956) or under the Registration of Companies Act Sikkim, 1961 carrying on the business of receiving ceposrts under any scheme or arrangement or in any other mariner but does not include a corporation or a cooperative society owned or controlled by the Central Government, any State Government or a banking company as deflned in section 5 ( c ) of the Banking Regulation Act, 1949 (X of 1949); (e) "Government' means the State Government of Sikkim; (f) "prescribed" means prescribed by rules made under this Act.