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Report No. 168

6. Amendment of section 9.-

In section 9 of the principal Act,-

(a) in sub-section (1), after the words "or the balance thereof", the words "together with such incidental charges and expenses as may be payable under the terms of the agreement" shall be inserted;

(b) for sub-section (2) and the Explanation, the following sub-section (1) shall be substituted, namely:-

"(2) The rebate for the purposes of sub-section (f) shall be calculated in accordance with the following formula:-

R= CxMx(M+1)
Nx(N+)

where .- represents rebate;

.- represents hire-purchase charges as defined in clause (c) of sub-section (1) of section 7 or statutory hire-purchase charges as defined in clause (e) of sub-section (1) of section 7, whichever is less;

.- represents the number of complete months still remaining in the period of the agreement;

.- represents total number of complete months in the period of the agreement."



The Hire-Purchase Act, 1972 Back




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