146Statement of special hiring agreement

146 Statement of special hiring agreement S. 146(1) amended by No. 46/2001 s. 11. (1) A commercial hire business may make out a written statement in respect of a special hiring agreement if the total amount of hiring charges paid or payable for the hire of the goods is not less than $1 333 333. (2) The statement must include the following— (a) the name and address of each party; (b) a description of the goods; (c) the commencement date and the term of the hire; (d) the total of the hiring charges paid or payable over the term of the hire; (e) the intervals at which the hiring charges are paid or payable. (3) The statement must be made out not later than— (a) the time when the commercial hire business receives the first (or only) payment of hiring charges; or (b) the time when the hiring charges become payable— whichever first occurs. S. 146(4) inserted by No. 36/2005 s. 17(4). (4) A statement cannot be made under this section on or after 1 January 2007 in respect of any hiring charges that are paid or payable on or after that day. S. 147 amended by No. 36/2005 s. 17(5) (ILA s. 39B(1)).