(1)If the holder of any number of redeemable trading stamps which have an aggregate cash value of not less than five shillings so requests, the promoter of the trading stamp scheme shall redeem them by paying over their aggregate cash value.
(2)The holder may exercise his right under the foregoing subsection—
(a)by presenting the stamps at any reasonable time at the promoter’s registered office, or
(b)by sending the stamps by post to that office with sufficient instructions as to the manner in which the cash value is to be paid over,
or in any other manner afforded by the promoter.
(3)The obligation under this section in the case of an aggregate cash value which includes a fraction of a [F1new penny] shall be arrived at by taking the sum to the nearest [F1new penny] below the aggregate cash value.
[F2(4)In this section “redeemable trading stamps” means trading stamps delivered after the coming into force of this section in accordance with a trading stamp scheme on or in connection with either—
(a)the purchase of any goods,
bthe bailment or (in Scotland) the hiring of any goods under a hire-purchase agreement, or
cthe obtaining of any services for money,
and “the holder”, in relation to such a trading stamp, means the person to whom it was so delivered or any person who holds it without notice of any defect in title.]
(5)Subject to the following subsection this section shall also apply to trading stamps so delivered before the date of the coming into force of this section if a cash value is stated on their face.
(6)This section shall not apply—
(a)to trading stamps which have been so delivered before the date of the coming into force of this section and which show on their face that they were so delivered before that date, or
(b)to trading stamps which have been so delivered not later than six months after the passing of this Act and which show on their face, instead of any reference to any kind of value to the holder, a value indicating the sum paid on the purchase or other transaction in connection with which they were delivered or some other value which, having regard to the terms of the trading stamp scheme, it would be unreasonable to take as their value for the purposes of redemption under this section.
(7)Any agreement under which the rights conferred by this section on holders of redeemable trading stamps are surrendered or modified shall be void.
Textual Amendments
F1Words substituted by Decimal Currency Act 1969 (c. 19), Sch. 2 para. 22
F2S. 3(4) substituted by Consumer Credit Act 1974 (c. 39, SIF 60), s. 192(3), Sch. 4 Pt. I para. 25
Modifications etc. (not altering text)
C1In S. 3(1) "Five shillings" reads "25p" by virtue of Decimal Currency Act 1969 (c. 19, SIF 10), s. 10(1)