In this Act, unless the context otherwise requires

“Bank” means the Bank of Ghana continued in existence in section 1 of the

Bank of Ghana Act, 2002 (Act 612);

“borrower” means a person who has concluded a credit agreement with a

lender; “charge” means charge, mortgage, security, interest, lien, pledge, assignment

by way of security, covenant, restriction, reservation, lease, trust, order,

decree, judgment, title defect (including retention of title claim), or any

other encumbrance of any nature other than liens arising by operation of

law;

“chargor” means a lender in whose favour a charge is created;

“lender” means a person who, as part of business, advances loans and other

credit facilities including micro credit facilities;

“person” includes an individual, a company, a partnership, an association, and

any other group of persons acting in concert, whether incorporated or

not;

“premises” includes any building, structure, land or other place;

“prescribed” means prescribed by Regulations, Rules, Notices, or Directives

made or issued under this Act;

“property” includes movable and immovable property and choses in action;

“receiver” means a person appointed as receiver in accordance with the

provisions of this Act, including a receiver and manager or similar officer;

“Registrar” means the Registrar of Collateral appointed under section 24 of this Act;

“significant shareholding” means a direct or indirect holding in a non-bank financial institution

(a) which represents ten per cent or more of the capital or of the voting right, or

           (b) Which makes it possible to exercise a significant influence over the management of the institution in which a holding subsists.