Arrangements giving rise to profit share return
49Alternative finance arrangements: profit share return
(1)Subject to section 52, arrangements fall within this section if they are arrangements under which—
(a)a person (“the depositor”) deposits money with a financial institution,
(b)the money, together with money deposited with the institution by other persons, is used by the institution with a view to producing a profit,
(c)from time to time the institution makes or credits a payment to the depositor, in proportion to the amount deposited by him, out of any profit resulting from the use of the money, and
(d)the payments so made or credited by the institution equate, in substance, to the return on an investment of money at interest.
(2)In this Chapter references to “profit share return” are references to amounts paid or credited as mentioned in subsection (1)(c) by a financial institution under arrangements falling within this section.