A BILL............MONEY-LENDING 265
(v) “Loan” means an advance made whether of money or in kind at interest and shall include an undertaking given in respect of past liability and any transaction which in substance is a loan.
(vi) “Money-lender” includes every person who carries on the business of lending money or who advertises or announces himself or holds himself out in any way as carrying on that business and shall include a pawnbroker; but it shall not include—
(a) any society registered under the Co-operative Societies Act, 1912, and the Provident Insurance Societies Act,
1912,
(b) any corporate body, incorporated by a special enactment to lend money in accordance with such special enactment,
(c) Government or any person authorised by it to lend money on its behalf and
(d) any person, who merely because in the course of and for the purpose of his business lends money if he is bona fide carrying on
(i) the business of banking or insurance, or
(ii) any other business the primary object of which is not money-lending.
(vii) “Payment” or “Re-payment” means and includes any amount paid or re-paid in kind, cash or service rendered.
(viii) “Person” includes a company and a firm.
Explanation I. For the purpose of duties and liabilities of a money-lender, “Company” shall include the managing agents or managing directors and in the case of a Firm all partners of the Firm.
Explanation II. Where in a money-lending business a minor or a person not competent to contract has an interest the word “person” includes the person responsible for the management of the business.