87. In this Act, unless the context otherwise requires-" agency " means an agency appointed by the Bank;" appointed director " means a person who is appointed to be or to act as a director;" approved Savings group " means any body of persons declared in writing by the Minister or by an officer authorized in that behalf by the Minister to be an approved savings group for the purposes of this Act and any rule made thereunder; " Central Bank " means the Central Bank of Ceylon established under the Monetary Law Act;" certificate ", " savings certificate " or " Ceylon Savings Certificate ", means a certificate which is issued or deemed to be issued under this Act by the Bank to any person on payment of the purchase price on the condition that such person, by virtue of the said payment, becomes entitled, on surrender of that certificate, to receive its surrender value at the time of such surrender;" Chairman " means the Chairman of the Board;" commercial bank " means any person or body of, persons, corporate or unincorporated which carries on in Ceylon the business of accepting from the public, or of creating, demand deposits, but does not include the Central Bank;" director " means a member of the Board;" local authority " means any Municipal Council, Urban Council or Town Council;" lottery " includes any undertaking in the nature of a lottery;" Minister " means the Minister of Finance;" Monetary Board " means the Monetary Board of the Central Bank established under the Monetary Law Act;" Panel of Valuers " means the Panel of Valuers appointed by the Board under this Act;" Postmaster-General " means the person for the time being appointed to be, or to act as, the Postmaster-General of Ceylon;" prescribed " means prescribed by rules made under this Act;" prize competition " means any competition in which prizes are awarded and for the participation in which a fee is charged but does not include a lottery;" purchase price ", when used with reference to a savings certificate, means the sum of money paid or to be paid for that savings certificate at the time of the issue thereof;" purchaser ", when used with reference to a savings certificate-
" rule " means a rule made by the Board under this Act;| (a) in the case of a savings certificate which is issued to an approved savings group and which has not been acquired by a member of that group, means the approved savings group to which that certificate is issued; |
|
| (b) in the case of a savings certificate which is issued to an approved savings group and which has been acquired by a member of that group, means the member who acquires that certificate from that group; |
|
| (c) in any other case, means the person or body of persons to whom a savings certificate is issued under this Act; |
|
" surrender value ", when used with reference to a savings certificate, means the sum of money which at any time the purchaser of that certificate is entitled to receive on the surrender thereof. |
Sri Lanka Consolidated Acts