3AMeaning of “deposit”

3A Meaning of “deposit”

3A Meaning of “deposit”

(1) In this Act, deposit means a sum of money paid to the Corporation on terms:

(a) under which the Corporation is obliged to repay the money, 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 Corporation, and

(b) which are not referable to the provision of property or services or the giving of security.

(2) For the purposes of paragraph (b) of the definition of deposit, money is paid on terms that are referable to the provision of property or services if, and only if:

(a) 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 not or are not in fact sold, hired or otherwise provided, or

(b) it is paid by way of security for the performance of a contract or by way of security in respect of loss that may result from the non-performance of a contract, or

(c) without limiting paragraph (b) of this subsection, 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.

(3) For the purposes of this section, security does not include any right of set-off or counterclaim.

s 3A: Ins 1994 No 73, Sch 1 (2).