USURY LAWS ORDINANCE
Title
USURY LAWS ORDINANCE
Description
Ordinance No. 7 of 1844.
Usury Laws.
No. 7 of 184.
An Ordinance for removing doubts respecting the application to Hongkong
of the laws and statutes of England relating to usury, and to limit,
and define the rate of interest which may be recovered in cases,
where it hath not been previously agreed on between the parties.
[20th March, 1844.]
WHEREAS it is expedient to remove all doubts respecting the
application to
VV Hongkong, of the laws and statutes of England relating to usury, and
to limit
and define the rate of interest, for the forbearance of money which may,
be recovered
in any Court of law, or equity, in cases wherein the rate of interest has
not been fixed
by the parties before the Court, be it therefore enacted, and declared by
His Excellency
the Governor of Hongkong, with the advice of the Legislative Council
thereof, that the
laws and statutes of England relating to usury, shall be deemed, taken,
and adjudged
not to extend to the said Colony, or its dependencies or to be in force
within the same.
2, And be it further enacted, that in all cases where interest for the
loan of
money, or upon any other contract, may be lawfully recovered, or allowed
in any action,
or suit in, any Court of law or equity; but where the rate of such
interest bath not been
previously agreed upon, by, or between the parties, it shall not be
lawful for the party
entitled to interest to recover, or be allowed ixa any such action, or
suit above the rate
of twelve dollars, for the interest, or forbearance of one hundred
dollars for a year, and
so after that rate for a greater or lesser sum, or for a longer, or
shorter time. Provided
always that it shall be lawful for the Court awarding such interest, to
allow such lower
rate thereof, as the circumstances of the case may'render just and
expedient.
[Repealed by Ordinance No. 7 of 1886.}
17
Title.
Preamble.
Declaring the usury laws of England not to be in force.
Not above 12 per cent to be allowed in cases before the Court where no rate has been previously agreed upon.
Usury Laws.
No. 7 of 184.
An Ordinance for removing doubts respecting the application to Hongkong
of the laws and statutes of England relating to usury, and to limit,
and define the rate of interest which may be recovered in cases,
where it hath not been previously agreed on between the parties.
[20th March, 1844.]
WHEREAS it is expedient to remove all doubts respecting the
application to
VV Hongkong, of the laws and statutes of England relating to usury, and
to limit
and define the rate of interest, for the forbearance of money which may,
be recovered
in any Court of law, or equity, in cases wherein the rate of interest has
not been fixed
by the parties before the Court, be it therefore enacted, and declared by
His Excellency
the Governor of Hongkong, with the advice of the Legislative Council
thereof, that the
laws and statutes of England relating to usury, shall be deemed, taken,
and adjudged
not to extend to the said Colony, or its dependencies or to be in force
within the same.
2, And be it further enacted, that in all cases where interest for the
loan of
money, or upon any other contract, may be lawfully recovered, or allowed
in any action,
or suit in, any Court of law or equity; but where the rate of such
interest bath not been
previously agreed upon, by, or between the parties, it shall not be
lawful for the party
entitled to interest to recover, or be allowed ixa any such action, or
suit above the rate
of twelve dollars, for the interest, or forbearance of one hundred
dollars for a year, and
so after that rate for a greater or lesser sum, or for a longer, or
shorter time. Provided
always that it shall be lawful for the Court awarding such interest, to
allow such lower
rate thereof, as the circumstances of the case may'render just and
expedient.
[Repealed by Ordinance No. 7 of 1886.}
17
Title.
Preamble.
Declaring the usury laws of England not to be in force.
Not above 12 per cent to be allowed in cases before the Court where no rate has been previously agreed upon.
Abstract
17
Title.
Preamble.
Declaring the usury laws of England not to be in force.
Not above 12 per cent to be allowed in cases before the Court where no rate has been previously agreed upon.
Title.
Preamble.
Declaring the usury laws of England not to be in force.
Not above 12 per cent to be allowed in cases before the Court where no rate has been previously agreed upon.
Identifier
https://oelawhk.lib.hku.hk/items/show/11
Edition
1890
Volume
v1
Cap / Ordinance No.
No. 7 of 1844
Number of Pages
1
Files
Collection
Historical Laws of Hong Kong Online
Citation
“USURY LAWS ORDINANCE,” Historical Laws of Hong Kong Online, accessed January 10, 2025, https://oelawhk.lib.hku.hk/items/show/11.
