59.—In this Act “vehicle guarantor” means, subject to subsection (2) of section 78 of this Act, a person who—

(a) is not a vehicle insurer, and

(b) carries on the business of issuing approved guarantees, and

(c) has made and maintains the deposit with the Accountant of the Courts of Justice authorised by this Part of this Act to be made by persons who intend to carry on the business of issuing approved guarantees,