national bank of ethiopia - nbebank.com...}arit-gazeta aticrepublicofethiopia 41hyearno.27...
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41hYear No. 27It lfPht..t'1.,P«p.I.T-flt\.hDDIS ABABA - 51hMarch, 19'
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CONTENTS
Proclamation No.1 03/1998Capital Goods Leasing BusinessProclamation.. Page 71
PROCLAMA nON NO.1 03/1998CAPITAL GOODS LEASING BUSINESS
PROCLAMA nONWHEREAS, for those investors who have the de:
knowledge and profession to participate in various invment activities but could not act due to lack of capitalnecessary to create an enabling environment for the establment of alternative sources of financing;
WHEREAS, it is believed that lessors of capital gc
.Uv1ULUllUIl1S,
WHEREAS, the existing laws concerning capital ging business are found incomplete;
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(b) the agreement shall be a full pay-out and non-
cancelable agreement;(c) the lessee may, by mutual agreement, have an
option to buy or return the capital goods to the
lessor on the termination of the lease agreement
(d) a statement that the lessee undertakes to insure
and maintain the capital goods.
2) In the case of an operating lease agreement:(a) the capital goods leased shall remain the property
of the lessor to whom the lessee shall return on
the termination of the agreement\ unless
otherwise the parties agree that the lease be
further renewed or the leased capital good bepurchased by the lessee;
(b) the lessee or the lessor shall have the right to
cancel the agreement provided that. the party
causing dam~ge to the other by early ter-
mination of the agreement shall pay compen-
sation;(c) a statement that the lessor undertakes to insure
and maintain the capital goods.
3) In the case of a hire-purchase agreement:(a) an equal percentage ofthe ownership, with each
installment payment, shall be transferred to the
lessee and, upon effecting of the .last payment,
the ownership of the capital goods shallautomatically be transferred to the lessee;
(b) the p~rties shall provide, in the agreement, for
the manner by which ownership rights and
c1aims arising form the agreement shall be
settled between the lessor and the lessee in case
of early termination of the lease agreement by
either party;
(c) a statement that the lessee undertakes to insure
and-maintain the capital goods.
6. Defaults in Payment of Rent and OthersI) Where the lessee defaults in the payment of the rent,
or commits another fault which may breach theagreement, the lessor shall grant him a period of 30
days for remedying the d~fault so far as the default
may be remedied.
2) Where the lessee does not remedy the default within
the period specified in sub-Article (1) of this Article,
the lessor may rescind the agreement, repossess the
leased capital goods and claim related damages.
3) Where the lessee defaults in the payment of the rent,
the lessor may recover accrued unpaid rent together
with interest and damages, whether the default is
remedied or not.
7. Defects on the Leased Capital GoodI) The lessor may not warrant against a defect which
was made known to the lessee on the making of the
agreement.
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2) The lessor shall make good any damage which the
lessee has suffered owing to the defect of the capital
goods where the lessor knew or should have known
of the defect on delivering the capital goods to the
lessee and failed to inform the latter accordingly.3) Unless otherwise provided in the lease agreement,
the lessor shall not be liable for defects in and for
unfitness for intended use of the capital goods h~purchases in conformity with the specifications
given by the lessee.4) The lessor has the right to rescind the agreement,
with prior notice, and to repossess the leased capital
goods, where the lessee does not make use of the
capital goods in accordance with the lease agreement
or accepted norm or usage and such use entails risk
of irreparable damage to the capital goods leased.
8. BankruptcyI) The obligations and conditions of the agreement
shall continue with an organ legally subrogated to
the judicially bankrupt lessor as long as the lessee
performs his obligations in accordance with the
terms of the lease agreement.2) The lessor shall not lose his ownership right on the
capital goods leased eventhough the lessee is
judicially bankrupt.
9. DamagesI) Where the agreement is rescinded by the lessee, and
the lessee does not deliver the capital goods after
having been given due notice to surrender the capital
goods to the lessor, the lessor has the right to
repossess the leased capital goods immediately and
claim damages.2) Where the lessor suffers any damage owing to
default on the part of the lessee prior to the transfer of
the leased capital goods from the lessor to the lessee,
the latter shall make good such damage to the former
so long as the lessor acted in good faith and costs
were incurred by him for purchase of the capital
goods at the request of the lessee.3) Where, in the case of financial lease or operating
lease agreement, the lessee fails to return the capital
goods on the expiry of the agreement, the lessor has
the right to repossess the leased capital goods and
claim related damages unless otherwise provided in
the agreement.
10. Transfer of Right
The lessor has the unilateral right to assign his rights
under the lease agreement to third parties, but without
infrigement of the lessee's right to the quiet enjoyment
of the capital goods leased.
11. Claim by Third PartiesI) Any action by a third party claiming a right on the
capital goods shall be brought against the lessor.
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