(1) In this section, the expression "banking business" means a business which consists of or includes the acceptance of deposits payable on demand or on not more than seven days notice, but the acceptance by a trader of deposits from persons employed by him in his trading business or the acceptance by a trader in the normal course of his trading business of deposits from persons who are customers of that trading business or the acceptance by a trader of both those classes of deposits shall not of itself make the trading business of such trader a banking business for the purposes of this section.
(2) No person (other than a bank to which this Part of this Act does not apply) shall, on or after the 1st day of January next after the passing of this Act, carry on a banking business or hold himself out or represent himself as carrying on any business which is banking business within the meaning of this section unless he holds a banker's licence issued to him under this section and for