deposit

(1) (except in COMP) the investment, specified in article 74 and defined in articles 5(2) and 5(3) of the Regulated Activities Order, which is in summary: a sum of money (other than one excluded by any of articles 6 to 9 AB54 of the Regulated Activities Order) paid on terms:
1. (a) under which it will be repaid, with or without interest or a premium, and either on demand or at a time or in circumstances agreed by or on behalf of the person making the payment and the person receiving it; and
2. (b) which are not referable to the provision of property (other than currency) or services or the giving of security; in this definition, money is paid on terms which are referable to the provision of property or services or the giving of security if, and only if:
  1. (i) it is paid by way of advance or part payment under a contract for the sale, hire or other provision of property or services, and is repayable only in the event that the property or services is or are not in fact sold, hired or otherwise provided; or
  2. (ii) it is paid by way of security for the performance of a contract or by way of security in respect of loss which may result from the non-performance of a contract; or
  3. (iii) without prejudice to (ii), it is paid by way of security for the delivery up or return of any property, whether in a particular state of repair or otherwise.
(2) (in COMP) the investment within (1), but including a sum of money that would otherwise be excluded:
1. (a) by article 6(1)(a)(ii) of the Regulated Activities Order, where the person making the payment is a credit union (unless the person receiving the payment is also a credit union); or
2. (b) by article 6(1)(d) of the Regulated Activities Order, where the person receiving it is a credit union; or53 3 9 60
3. (c) by article 6 of the Regulated Activities Order, where the person paying it is an eligible claimant.53 60

Select a Version:

Content Options:

View Options:

More Resources:

Alternative versions

deposit