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Section 155 of The Companies Act No. 17 of 2015: Definition of credit transaction for purposes of Division 5

    

(1) In this Division, "credit transaction" means a transaction under which one party (a creditor)—
(a) supplies any goods under a hire-purchase agreement, a conditional sale agreement or retention of title agreement;
(b) leases or hires goods in return for periodical payments;
(c) otherwise disposes supplies goods or services on the terms that payment (whether in a lump sum or by means of periodical payments or otherwise) is to be deferred;
(d) sells land on terms under which the buyer will mortgage the land to the seller or a third person;
(e) leases land; or
(f) otherwise disposes of land on the terms that payment (whether in a lump sum or by means of periodical payments or otherwise) is to be deferred.
(2) In subsection (1), a reference to the person for whose benefit a credit transaction is entered into is to the person to whom goods, land or services are supplied, sold, leased, hired or otherwise disposed of under the transaction.
(3) In subsection (1) and (2)—
(a) "conditional sale agreement" means a contract or agreement under which a buyer takes possession of goods but the title to the goods and the right to repossess them remains with the seller until the buyer has paid the full purchase price for the goods; and
(b) "services" means anything other than goods or land.

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