[1950 c. 17.] Agriculture (Miscellaneous Provisions) Act 1950
10For section 1(4) substitute—
“(4)A person in possession of a machine by virtue of a hire-purchase agreement or a conditional sale agreement shall for the purposes of this section be treated as the owner of the machine.
In this subsection—
" conditional sale agreement " means an agreement for the sale of goods under which the purchase price or part of it is payable by instalments, and the property in the goods is to remain in the seller (notwithstanding that the buyer is to be in possession of the goods) until such conditions as to the payment of instalments or otherwise as may be specified in the agreement are fulfilled ; and
" hire-purchase agreement " means an agreement, other than a conditional sale agreement, under which—
(a)goods are bailed or (in Scotland) hired in return for periodical payments by the person to whom they are bailed or hired, and
(b)the property in the goods 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 to purchase 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.”