sec.32Interpretation

### sec.32 Interpretation In this Act— borrow includes raise and obtain, in any way, money, credit and other financial accommodation. other financial accommodation includes— finance leases primarily to raise amounts to buy, or to finance the purchase of, property the subject of the leases; and guarantees, letters of credit and any other form of undertaking, provided by a financial institution or other person to meet the liabilities or obligations of a statutory body. s 32 def other financial accommodation amd 1999 No. 19 s 3 sch Subject to a regulation under subsection (3) , a statutory body does not borrow merely because, in the ordinary course of performing its functions, it enters into any of the following— a hire-purchase agreement; an operating lease; a credit card facility. A regulation may prescribe that something is, or is not, a form of financial accommodation for the definition borrow , including, for example, a particular type of hire-purchase agreement, operating lease or credit card facility. s 32 amd 1984 No. 92 s 7 ; 1994 No. 31 ss 8 , 6 sch 2 sub 1996 No. 54 s 8 amd 1999 No. 19 s 3 sch (sec.32-ssec.1) In this Act— borrow includes raise and obtain, in any way, money, credit and other financial accommodation. other financial accommodation includes— finance leases primarily to raise amounts to buy, or to finance the purchase of, property the subject of the leases; and guarantees, letters of credit and any other form of undertaking, provided by a financial institution or other person to meet the liabilities or obligations of a statutory body. s 32 def other financial accommodation amd 1999 No. 19 s 3 sch (sec.32-ssec.2) Subject to a regulation under subsection (3) , a statutory body does not borrow merely because, in the ordinary course of performing its functions, it enters into any of the following— a hire-purchase agreement; an operating lease; a credit card facility. (sec.32-ssec.3) A regulation may prescribe that something is, or is not, a form of financial accommodation for the definition borrow , including, for example, a particular type of hire-purchase agreement, operating lease or credit card facility. - (a) finance leases primarily to raise amounts to buy, or to finance the purchase of, property the subject of the leases; and - (b) guarantees, letters of credit and any other form of undertaking, provided by a financial institution or other person to meet the liabilities or obligations of a statutory body. - (a) a hire-purchase agreement; - (b) an operating lease; - (c) a credit card facility.