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 of 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 ratd of interest, if the circumstances of the case
render it just and expedient.

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

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 The Acts and parts of Acts repealed by the Act 17 and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

[Originally No. 7 of 1886.] 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. 16 of 1930.] Repeal of English Acts.

[Originally No. 7 of 1886.] 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. 16 of 1930.] Repeal of English Acts.

https://oelawhk.lib.hku.hk/items/show/1417

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