SCHEDULES

SCHEDULE 4 Minor and Consequential Amendments

PART I United Kingdom

[1964 c. 60.] Emergency Laws (Re-enactment and Repeals) Act 1964

23 In section 1—

(1) In subsection (1) for " or credit-sale agreements, or under agreements for letting on hire" substitute " conditional sale agreements, credit-sale agreements or hire agreements ".

(2) For subsection (2) substitute—

“(2) In this section—

• " conditional sale agreement " means an agreement for the sale of any article under which the purchase price, or part of it is payable by instalments, and the property in the article is to remain in the seller (notwithstanding that the buyer is to be in possession of the article) until such conditions as to the payment of instalments or otherwise as may be specified in the agreement are fulfilled ;

• " credit-sale agreement " means an agreement for the sale of any article, under which the purchase price or part of it is payable by instalments, but which is not a conditional sale agreement;

• " hire-purchase agreement " means an agreement, other than a conditional sale agreement under which—

  (a)

  an article is bailed or (in Scotland) hired in return for periodical payments by the person to whom it is bailed or hired, and

  (b)

  the property in the article will pass to that person if the terms of the agreement are complied with and one or more of the following occurs—

  (i)

  the exercise of an option by that person ;

  (ii)

  the doing of any other specified act by any party to the agreement;

  (iii)

  the happening of any other specified event; and

• " hire agreement " means an agreement for the bailment or (in Scotland) the hiring of an article which is not a hire-purchase agreement.”