39. Sums paid by certain persons

(1) A sum is not a Deposit for the purposes of paragraph 38 if it is —
(a) paid by any of the following persons —
(i) an Authorised Person who has permission to Accept Deposits, or to Effect Contracts of Insurance or Carry Out Contracts of Insurance as Principal;
(ii) the International Bank for Reconstruction and Development;
(iii) the International Finance Corporation; and
(iv) the International Monetary Fund;
(b) paid by a person other than one mentioned in sub-paragraph (a) in the course of carrying on a business consisting wholly or to a significant extent of lending money;
(c) paid by one Body Corporate to another at a time when both are members of the same Group or when the same individual is a majority Shareholder of both of them or when both are or propose to become participators in a Joint Enterprise and the sum is paid for the purpose of or in connection with that enterprise;
(d) paid by a person who, at the time when it is paid, is a Close Relative of the person receiving it or who is, or is a Close Relative of, a Director or manager of that person or who is, or is a Close Relative of, a Controller of that person; or
(e) paid by a person by way of investment in a restricted Profit Sharing Investment Account.
(2) In the application of sub-paragraph (d) to a sum paid by a Partnership, that sub-paragraph is to have effect as if, for the reference to the person paying the sum, there were substituted a reference to each of the Partners.
Amended on (13 January, 2020).