Section 2: Interpretation

2. Interpretation In this Act— “broker” means a person appointed by the Minister by a commission under his hand to carry on the business of a broker and includes an agent B12 – 1 [Issue 1] Brokers Act employed to make any bargain or contract between other persons in matters of trade, commerce and navigation by explaining the intentions of both parties, and by negotiating in such a manner as to put those who employ him in a condition to treat together personally; “business of a broker” means the business of negotiating any trading transaction, other than a securities transaction, on behalf of a principal and includes the exchange and sale of negotiable instruments, bills of exchange and promissory notes; “Minister” means the Minister to whom responsibility for the subject of finance is assigned; “principal” means any person employing a broker to effect the business of a broker on his behalf; “securities transaction” has the same meaning as in the Securities Act 2005. [S. 2 amended by s. 156 (7) of Act 22 of 2005 w.e.f. 28 September 2007.]