Section 2 of the Act of 1971 is hereby amended -

(a) by the substitution, respectively, of the following definitions for the definitions of "banking business" and "the Court":

"'banking business' means business which consists of -

(a) the business of accepting deposits payable on demand or on notice or at a fixed or determinable future date, or

(b) the business of taking funds, other than deposits, from the public payable on demand or on notice or at a fixed or determinable future date (whether or not involving the issue of securities or other obligations, however described),

but excluding -

(i) deposits with a trader from persons employed by him in his trading business or from his customers in the normal course of his trading business and deposits or instalments in respect of the letting or selling of goods under a hire-purchase agreement or a credit-sale agreement, or

(ii) the taking of other funds by a person from the public where it can be shown that -

(I) no part of the business activities of the person so taking or of any other person is financed wholly or substantially out of those funds, and

(II) such funds are, in the normal course of business, taken on a casual or incidental basis only,

or