Report No. 168

Chapter IV

Rights and Obligations of The Hirer

9. Right of hirer to purchase at any time with rebate.-

(1) The hirer may, at any time during the continuance of the hire-purchase agreement and after giving the owner not less than fourteen days' notice in writing of his intention so to do, complete the purchase of the goods by paying or tendering to the owner the hire-purchase price or the balance thereof as reduced by the rebate calculated in the manner provided in sub-section (2).

(2) The rebate for the purposes of sub-section (1) shall be equal two-thirds of an amount which hears to the hire-purchase charges same proportion as the balance of the hire-purchase price not yet hears to the hire-purchase price.

Explanation.-In this sub-section, "hire-purchase charges" means difference between the hire-purchase price and the cash price as still in the hire-purchase agreement.