Report No. 11
The definition of "banker" has been recently substituted by the Negotiable Instruments (Amendment) Act, 1955 (37 of 1955); but the definition still remains unsatisfactory inasmuch as it does not explain what constitutes the business of banking so as to make a person engaged in such business a "banker". We have removed this defect by adopting the definition of 'banking' given in section 5(1)(b) of the Banking Companies Act, 1949 (10 of 1949), which follows the definition given in Hart on Banking1 and has so far been accepted as comprehensive.
1. 4th Edn., Vol. I, pp. 1-2.