34. Liabilities not included in deposit liabilities of merchant bank

For the purposes of section 62(3)(ii) of the Act as applied by section 62B(5) of the Act, “deposit liabilities”, in relation to a merchant bank, does not include the liabilities of a merchant bank in respect of a sum of money paid to the merchant bank by or on behalf of any person in consideration for the issue to the person by the merchant bank of bonds or negotiable certificate of deposits.