(1) Subject to subsections (3) and (4) of this section, the period within which a pledge (other than a pledge made up wholly or partly of gold, silver or other precious metal or of any precious or semi-precious stone) may be redeemed from a pawnbroker shall be the period of six months from the date on which the loan was made but, if the interest on the loan is paid within that period, the period within which such pledge may be redeemed shall be extended for a period of six months from the date up to which the interest was paid.

(2) Subject to subsections (3) and (4) of this section, the period within which a pledge made up wholly or partly of gold, silver or other precious metal or of any precious or semi-precious stone may be redeemed shall be one year.

(3) There shall be added to the periods mentioned in subsections (1) and (2) of this section a further period of seven days during which a pledge may not be lawfully sold or disposed of by a pawnbroker and shall be redeemable.

(4) A pledge shall further continue redeemable until it is disposed of as provided in this Act although the redemption period has expired.