Mode of accepting loans and deposits: payment must be by account payee instrument or electronic clearing for prescribed thresholds. The amendment requires that certain loans, deposits and specified sums must be taken or accepted only by account payee cheque, account payee bank draft or electronic clearing through a bank account when the amount or aggregate amounts meet the statutory threshold, defines 'specified sum' to include amounts receivable in relation to transfer of immovable property whether or not the transfer occurs, and supplies exclusions for specified institutions and an agricultural-income exception.
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Provisions expressly mentioned in the judgment/order text.
Mode of accepting loans and deposits: payment must be by account payee instrument or electronic clearing for prescribed thresholds.
The amendment requires that certain loans, deposits and specified sums must be taken or accepted only by account payee cheque, account payee bank draft or electronic clearing through a bank account when the amount or aggregate amounts meet the statutory threshold, defines "specified sum" to include amounts receivable in relation to transfer of immovable property whether or not the transfer occurs, and supplies exclusions for specified institutions and an agricultural-income exception.
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