USURY ORDINANCE, 1886

USURY ORDINANCE, 1886

Ueec exy °£
' I~te~est.

e.

Rate of
Intertst
where no
agreement;

dot to a~sct
ordinances
ating., to

ORDINANCE No. 7 0.F188.

Usury.

.No. 7of 1886.

An Ordinance to repeal the Usury Laws and to fix a legal rate
of interest.
[24th March, 188. ]

E it enacted by the Governor of Hlongkong, with the advice of the
B I Legislature Council thereof, as follows

short title., 1. 'this Ordinance may be cited for all purposes as The
Usury Or-
dinance, 1886.

Repeal of 2. Ordinance No. 7 of 1844, and so much of Ordinance No 5 of

~o: ~ o~ is~s; 1856 as relates to the Act of the I 71th and 18th years of
Her Majesty
in part and the Queen Victoria, chapter 90, are hereby repealed.
Notwithstanding
exclusion of

w, the repeal of the said Ordinances the Acts and art of Acts repealed b
the said Act of the 17th and 13th year of Her said Majesty shall have no
7of 1844,
force in'this Colony.

3. ;Where interest is ,payable upon any contract, express or implied,
for payment of the legal or current rate of interest, or where upon. any
debt or sutra of money interest is payable lay any rule of law, such rate
of interest shall be recoverable, as if this Ordinance had.not~been
passed.

4. 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
fined
by the contract or by the parties or rule of law, the rate thereof shall
not
. emceed $8 per cent. per arm=. Provided always that it shall be lawful
for the Supreme Court of Hongkong, and every other Court having
jurisdiction within the Colony, '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.

6, Nothing herein shall be taken to affect or repeal any Ordinance
relating to pawnbrokers. .,
1966
Short title.
Repeal of No. 7 of 1844, No. 5 of 1856, in part and exclusion of English Law.
[Re-enactment of No. 7 of 1844, s. 1.]
Recovery of interest.
Rate of interest where no agreement, &c.
[17 and 18 V. c. 90, s. 2.]
Not to affect Ordinance relating to pawnbrokers.
[Ibid. s. 3.]

1966
Short title.
Repeal of No. 7 of 1844, No. 5 of 1856, in part and exclusion of English Law.
[Re-enactment of No. 7 of 1844, s. 1.]
Recovery of interest.
Rate of interest where no agreement, &c.
[17 and 18 V. c. 90, s. 2.]
Not to affect Ordinance relating to pawnbrokers.
[Ibid. s. 3.]

https://oelawhk.lib.hku.hk/items/show/494

1890

v4

No. 7 of 1886

1