Finance Leasing Act 2000 · As enacted · Part II · Duties of Lessors, LessuEs AND SUPPLIERS
25. Transfer of lessee’s rights in the equipment
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A lessee shall not, except with the written permission of the lessor and subject to any rights of third parties, transfer the right to the possession and use of an equipment under a finance lease to any other person.
lessee
“lessee”, in relation to a fiance lease, means a person who acquires a right to possession and use of an equipment under the lease;
For the purposes of subsection (1), a “third party”
means a person who is not a party to the finance lease in relation to the equipment.
equipment
“equipment” means any tangible asset which has an economically useful life of more than one year and does not include land, any improvements made to land other than fixtures or immovable property attached to land which can be removed from the land without substantial destruction to such fixture or immovable property;
“is