USURY ORDINANCE, 1886

USURY ORDINANCE, 1886

No. 5 of 1886.

An Ordinance to repeal the usury laws and to fix a legal
rate of interest.
[24th March, 1886.]

1. This Ordinance may be cited as the Usury Ordinance,
1886.
[s.2, rep. No. 62 of 1911.]

3. Where interest is payable on any contract, express or
implied, or on any debt or sum or money, but the rate of
such interest is not fixed by the contract, or by the parties,
or by rule of law, the rate thereof shall not exceed eight
dollars per cent. per annum: Provided always that it shall
be lawful for any court in awarding interest in any action,
suit, or matter, to allow a lower rate of interest, if the
circumstances of the case render it just and expedient.

* As amended by Law Rev. Ord., 1923.

4. Nothing in this Ordinance, shall be taken to affect or
repeal any Ordinance relating to pawnbrokers.

5. The Acts and parts of Acts repealed Act 17 and
18 Victoria, chapter 90, shall have no force in this Colony.

[Originally No. 7 of 1886. Law Rev. Ord., 1924.] Short title Rate of interest where no agreement, etc. 17 & 18 Vict.c. 90, s. 2. Saving as to pawnbrokers. 17 & 18 Vict.c. 90, s. 3. [cf. No. 1 of 1860.] Repeal of English Acts.

[Originally No. 7 of 1886. Law Rev. Ord., 1924.] Short title Rate of interest where no agreement, etc. 17 & 18 Vict.c. 90, s. 2. Saving as to pawnbrokers. 17 & 18 Vict.c. 90, s. 3. [cf. No. 1 of 1860.] Repeal of English Acts.

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