I move amendment No. 1:
In page 4, between lines 13 and 14, to insert the following definition:
"‘securities' means—
(a) shares in the share capital of any body corporate or stock of any body corporate or debentures, debenture stock or bonds of any body corporate, whether constituting a charge on the assets of the body or not, or rights or interests (described whether as units or otherwise) in any such shares, stock, debentures, debenture stock or bonds,
(b) securities of the Government or the government of any country or territory outside the State, or
(c) rights (whether actual or contingent) in respect of money lent to, or deposited with, any industrial and provident society, friendly society or building society
and includes rights or interests (described whether as units or otherwise) which may be acquired under any unit trust scheme under which all property for the time being subject to any trust or other arrangement created or may in pursuance of the scheme consists of such securities as are mentioned in paragraph (a), (b) or (c) of this definition;".
The purpose of this amendment is to insert a definition of "securities". The term is used in the definitions of investment trust company and unit trust. It is also used in section 13 (7) which empowers the Central Bank to accept securities from certain existing small banks in lieu of cash deposits. It is also used in Part 3 of the Bill where it is given a wider definition as it covers collaterals for bank advances. The definition proposed in the amendment is similar to that in the unit trust Bill. It is comprehensive in scope and covers all the instruments which are generally deemed as securities in business and commerce.