Section 2: In this Act unless the context otherwise requires

" banking business activities bank '" means any person or company carrying on banking business in Sierra Leone: 3" means all or any of the following (a) receiving money from the general public on cutrent or deposit account; (b) paying or collecting cheques drawn by or received from customers; and (c) making loans or advances to customers; the Central Bank " means the Bank of Sierra Leone: " company " means any limited liability company registered under the Companies Act and includes any company incorporated outside Sierra Leone, which has complied with Part IX of that Act; "deimand liabilities mean the deposits in a bank which director " in relation to a bank, includes any person, by whatever name he may be referred to, carrying out or empowered to carry out substantially the same functions in relation to the direction of the bank as those carried out by a director of a company registered under the Companies Act; c« licence means a licence granted under section 5 authoris ing the carrying on of banking business in Sierra Leone; licensed bank '" means a bank holding a valid licence and all the offices and branches in Sierra Leone of such bank shall be deemed to be one bank; < Minister " means the Minister of Finance; time liabilities " mean all those deposits in a bank which are not payable on demand including savings deposits. PART I-LICENSING