(1A) The commodity insurance scheme may also extend—
- (a) to the undertaking by the Board of Trade, in relation to any person carrying on business in the United Kingdom as a seller or supplier of goods, of the liability of insuring such a person against King's enemy risks in respect of goods insurable under this part of this Act which are not owned by him, but in which he has an interest arising in the course of that business;
- (b) without prejudice to the provisions of paragraph (a) of this Sub-section, to the undertaking by the Board, in relation to a person carrying on any business in the United Kingdom, of the liability of insuring such a person against King's enemy risks in respect of—
being in either case goods which are not owned by him but which are insurable under this Part of this Act in relation to the person by whom they are owned.
- (i) any goods situated in the United Kingdom which are in his possession, otherwise than under a hire-purchase agreement, for the purposes of that business:
- (ii) any goods situated in the United Kingdom which are subject to a mortgage in his favour held by him in the course of that business,
In this Sub-section the expression "hire purchase agreement" means a hire purchase agreement as defined by Section twenty-one of the Hire Purchase Act, 1938, or a contract to which the Hire Purchase and Small Debt (Scotland) Act, 1932, applies, or would apply if the limitation as to value contained in Section one of that Act were omitted, and any agreements which for the purposes of the first mentioned Act would be treated as a single agreement made at any time shall be treated for the purposes of this Act as a single agreement made at that time; and the expression "mortgage" does not include a floating charge, but subject as aforesaid, includes any charge or lien on any property for securing money or money's worth, and a right in security.