Stamp Duties Act, 1968 (Act 77 of 1968)
R 385
Usury Act, 1968 (Act No. 73 of 1968)6E. Replacement of property in terms of certain leasing transactions and change of amount of instalments payable in terms of certain leasing transactions |
Referenced by:
| 1) | Where the principal debt and finance charges owing by a lessee in connection with a leasing transaction have, in terms of an agreement between himself and the lessor concerned, to be paid in instalments, including finance charges, over a period in the future, and such lessee and lessor concluded an agreement in terms of which-- |
| a) | the movable property leased in terms of such transaction is to be replaced by any other movable property; or |
| b) | such principal debt and finance charges as from a stated date are to be paid by way of instalments greater or smaller than the instalments agreed upon at the conclusion of such transaction, |
such transaction shall be terminated as from the date on which such movable property is replaced or the stated date referred to in paragraph (b), and a new leasing transaction shall be concluded by such lessee and lessor.
| 2) | If a leasing transaction has been terminated in terms of subsection (1), the principal debt and finance charges owing by the lessee concerned in connection with such transaction shall be calculated in accordance with the provisions of section 6F. |
