Section Section 2
of the Chit Funds Act, 1982 (40 of 1982). Explanation Il:~Any credit given by a
section 2 of the Chit Funds Act, 1982 (40 of 1982). Explanation Il:~Any credit given by a seller to a buyer on the sale of any property whether movable or immovable) shall not be deemed to be deposit for the purposes of this clause;] [Explanation III . The amounts accepted by co-operative society from the members or shareholders, by whatever name called, but excluding the amounts received as share capital, shall be deemed to be deposits for the purposes of this clause, if such members or shareholders are nominal or associate members, by whatever name called, who do not have full voting rights in the meetings of such co-operative society-]` 2[(c) "financial institution" means any non-banking institution which carries 0n as its business O part of its business any of the following activities, namely: the financing, whether by way of making loans o advances O otherwise, of any activity other than its own; the acquisition of shares, stock, bonds, debentures or securities issued by a Government or local authority or other marketable securities of a like nature; (iii) letting Or delivering of any goods to a hirer under a hire-purchase agreement as defined in clause (c) of
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