National Environmental Management Act, 1998 (107 of 1998)
R 385
Usury Act, 1968 (Act No. 73 of 1968)6H. Consequence of payment before due date without notice of outstanding principal debt and finance charges in terms of certain leasing transactions in the event of termination of such transactions |
Referenced by:
The provisions of section 6F shall apply mutatis mutandis 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, to be paid in instalments, including finance charges, over a period in the future, and the lessee pays such principal debt and finance charges (not being the final instalment) in one amount before the due date thereof without notifying the lessor in writing in accordance with a provision, as contemplated in section 3A(1)(a), of the instrument of debt concerned of his intention so to pay such principal debt and finance charges, and such transaction is terminated by such payment: Provided that the date on which--
| a) | such transaction is terminated or the minimum period, as contemplated in section 3A(1)(b), provided for in the instrument of debt concerned, has expired, whichever date is the later date, shall be deemed to be the date on which notice was so given; and |
| b) | the period, as contemplated in section 3A(1)(a), provided for in the instrument of debt concerned, would have expired if such period had commenced on the applicable date referred to in paragraph (a), shall be deemed to be the date on which such period expired. |
