"deposit"
when used as a noun, means an amount of money paid by one person to another person subject to an agreement in terms of which—
| (a) | an equal amount or any part thereof will be conditionally or unconditionally repaid, either by the person to whom the money has been so paid or by any other person, with or without a premium, on demand or at specified or unspecified dates or in circumstances agreed to by or on behalf of the person making the payment and the person receiving it; and |
[Paragraph (a) substituted by section 1(a) of Act No. 55 of 1996]
| (b) | no interest will be payable on the amount so paid or interest will be payable thereon at specified intervals or otherwise, |
notwithstanding that such payment is limited to a fixed amount or that a transferable or non-transferable certificate or other instrument providing for the repayment of such amount mutatis mutandis as contemplated in paragraph (a) or for the payment of interest on such amount mutatis mutandis as contemplated in paragraph (b) is issued in respect of such amount; but does not include an amount of money—
| (i) | paid as an advance, or as part payment, in terms of a contract for the sale, letting and hiring or other provision of movable or immovable property or of services, and which is repayable only in the event of— |
| (aa) | that property or those services not in fact being sold, let and hired or otherwise provided; |
| (bb) | the fulfilment of a resolutive condition forming part of that contract; or |
| (cc) | the non-fulfilment of a suspensive condition forming part of that contract; |
| (ii) | paid as security for the performance of a contract or as security in respect of any loss which may result from the non-performance of a contract; |
| (iii) | without derogating from the provisions of paragraph (ii), paid as security for the delivery up or return of any movable or immovable property, whether in a particular state of repair or otherwise; |
| (iv) | paid by a holding company, or by a subsidiary to its holding company, or by one subsidiary to another subsidiary of the same holding company; |
| (v) | paid by a person who, at the time of such payment— |
| (aa) | is a close relative of the person to whom such money is paid; |
| (bb) | is a director or executive officer of the person to whom such money is paid; or |
| (cc) | is a close relative of a director or executive officer of the person to whom such money is paid; |
| (vi) | paid by any person to a registered long-term insurer as defined in section 1 of the Long-term Insurance Act, 1998 (Act No. 52 of 1998), as a premium in respect of any kind of policy defined or referred to in the Long-term Insurance Act, 1998, and under which policy that long-term insurer assumes, in return for such premium, such obligation as is described in the Long-term Insurance Act, 1998; |
[Paragraph (vi) substituted by section 1(d) of Act No. 20 of 2007]
| (vii) | paid to a fund registered or provisionally registered under section 4 of the Pension Funds Act, 1956 (Act No. 24 of 1956), as a contribution, contemplated in section 13A of that Act, by or on behalf of a member of that fund; or |
[Paragraph (vii) amended by section 1(b) of Act No. 42 of 1992]
| (viii) | paid to a benefit fund, as defined in section 1 of the Income Tax Act, 1962 (Act No. 58 of 1962), as a contribution or a subscription by or on behalf of a member of that fund, |
[Paragraph (viii) inserted by section 1(c) of Act No. 42 of 1992]
| (ix) | paid by any person to a registered short-term insurer as defined in section 1 of the Short-term Insurance Act, 1998 (Act No. 53 of 1998), as a premium in respect of any kind of policy defined or referred in the Short-term Insurance Act, 1998, and under which policy that short-term insurer assumes, in return for such premium, the obligation described in the Short-term Insurance Act, 1998; |
[Paragraph (ix) inserted by section 1(e) of Act No. 20 of 2007]
and "deposit" when used as a verb, or any derivative thereof, has a corresponding meaning;