1981 BANKING LAW. COPYRIGHT RODERICK H. SEEMAN

Article 2 (Definitions)

1. In this Law "banks" shall mean parties which carry on banking business and have received the license of the Minister of Finance of Article 4, Paragraph 1.

2. In this Law, "banking business" shall mean the business of conducting of any of the following activities:

(1) The acceptance of deposits or installment savings and the making of loans or the discounting of notes, or a combination of these.

(2) The performance of exchange transactions.

3. In this Law "installment savings" means where there has been a determination of the time period and the promise to pay a set amount of money, the money is received at a fixed time or within a set time limit.

4. In this Law "installment savings, etc." means, other than "instalment savings," where there has been a determination of the time period and the promise to pay a set amount of money during the said time period or at the end of the time period, and the money is received on an installment basis during the said period.

5. In this Law, "depositors, etc." shall mean depositors and the makers of installment savings accounts(including the depositors making the deposits on an installment basis as in the previous Paragraph).