State Bank (Privatisation) Act 1994 No 73
4 Meaning of “deposit”
(1) In this Act, deposit means a sum of money paid
to the Bank on terms:
(a) under which the Bank is obliged to repay the money, with or
without interest or a premium, and either on demand or at a time or in
circumstances agreed by or on behalf of the person making the payment and the
(b) which are not referable to the provision of property or services
or the giving of security.
(2) For the purposes of paragraph (b) of the definition of deposit, money is paid on terms
that are referable to the provision of property or services if, and only
(a) it is paid by way of advance or part payment under a contract for
the sale, hire or other provision of property or services, and is repayable
only in the event that the property or services is not or are not in fact
sold, hired or otherwise provided, or
(b) it is paid by way of security for the performance of a contract or
by way of security in respect of loss that may result from the non-performance
of a contract, or
(c) without limiting paragraph (b) of this subsection, it is paid by
way of security for the delivery up or return of any property, whether in a
particular state of repair or otherwise.
(3) For the purposes of this section, security does not include any
right of set-off or counterclaim.