(1) In this Part, unless the context otherwise requires -
"credit transactions" has the meaning assigned to it by subsection (3);
"guarantee" includes indemnity;
"quasi-loan" has the meaning assigned to it by subsection (2);
"licensed bank" means the holder of a licence under section 9 of the Central Bank Act, 1971.
(2) For the purposes of this Part -
(a) a quasi-loan is a transaction under which one party ("the creditor") agrees to pay, or pays otherwise than in pursuance of an agreement, a sum for another ("the borrower") or agrees to reimburse, or reimburses otherwise than in pursuance of an agreement, expenditure incurred by another party for another ("the borrower") -
(i) on terms that the borrower (or a person on his behalf) will reimburse the creditor; or
(ii) in circumstances giving rise to a liability on the borrower to reimburse the creditor;
(b) any reference to the person to whom a quasi-loan is made is a reference to the borrower; and
(c) the liabilities of a borrower