ACC Bank Act, 2001
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Amendment of section 2 of Insurance (Amendment) Act, 1978. |
10.—The Insurance (Amendment) Act, 1978 , is amended by the substitution for section 2 (inserted by section 12 of the ACC Bank Act, 1992 , and as amended by section 7 (1) of the ICC Bank Act, 2000 ) of the following section: | |
“2.—(1) This Act applies to any bond or any contract of suretyship or guarantee which is given, or is entered into, as surety or guarantor by a licensee in the course of his banking business, or which is in the course of his banking business given or entered into, as surety or guarantor, by a person resident outside the State to satisfy, and only for the purposes of, a requirement which is both a requirement of a licensee, and made solely for the purposes of securing financial facilities to be made available by that licensee. | ||
(2) In this section— | ||
‘banking business’ has the meaning assigned to it by section 2 (as amended by section 70 of the Central Bank Act, 1997 ) of the Central Bank Act, 1971 ; | ||
‘licensee’ means the holder of a licence granted under section 9 of the Central Bank Act, 1971 .”. |