USURY ORDINANCE, 1886
Title
USURY ORDINANCE, 1886
Description
ORDINANCE No. 5 OF 1886.
Usury
AN ORDINANCE to repeal the Usury Laws and to fix a Legal
Rate of Interest.
[24th March, 1886.]
BE it enacted by the Governor of Hongkong, with the advice of the
Legislative Council thereof, as follows:
1. This Ordinance may be cited as the Usury Ordinance, 1886.
2. Where interest is payable on any contract, express or implied, for
payment of the legal or current rate of interest, or where on any debt or
sum of money interest is payable by any rule of law, such rate of interest
shall be recoveable as if this Ordinance had not been passed.
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 the Supreme Court and every other Court having
jurisdiction within the COlony, in awarding interest in any action, suit,
or matter, to allw a lower rate of interest, if the circumstance of the
case render it just and expedient.
4. Nothing in this Ordinance shall be taken to affect or repeal any
Ordinance relating to pawnbrokers.
5. So much of Ordinance No. 5 of 1856, entitled 'An Ordinance for
the Amendment of Procedure in Civil and Criminal Cases,' as relates to
the Act 17 & 18 Victoria, Chapter 90, is hereby repealed. Notwithstanding
the repeal of the said enactment, the Acts and part of Acts repealed
by the said Act shall have no force in this Colony.
A.D. 1886. Ordinance No. 7 of 1886.
Short title.
Recovery of interest payable on contract, etc.
Rate of interest where no agreement, etc. 17 & 18 Vict.c. 90 s. 2.
Saving as to pawnbrokers. Ib.s.3. See Ordinance No. 1 of 1860. Repeal of enactment and exclusion of English law.
Usury
AN ORDINANCE to repeal the Usury Laws and to fix a Legal
Rate of Interest.
[24th March, 1886.]
BE it enacted by the Governor of Hongkong, with the advice of the
Legislative Council thereof, as follows:
1. This Ordinance may be cited as the Usury Ordinance, 1886.
2. Where interest is payable on any contract, express or implied, for
payment of the legal or current rate of interest, or where on any debt or
sum of money interest is payable by any rule of law, such rate of interest
shall be recoveable as if this Ordinance had not been passed.
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 the Supreme Court and every other Court having
jurisdiction within the COlony, in awarding interest in any action, suit,
or matter, to allw a lower rate of interest, if the circumstance of the
case render it just and expedient.
4. Nothing in this Ordinance shall be taken to affect or repeal any
Ordinance relating to pawnbrokers.
5. So much of Ordinance No. 5 of 1856, entitled 'An Ordinance for
the Amendment of Procedure in Civil and Criminal Cases,' as relates to
the Act 17 & 18 Victoria, Chapter 90, is hereby repealed. Notwithstanding
the repeal of the said enactment, the Acts and part of Acts repealed
by the said Act shall have no force in this Colony.
A.D. 1886. Ordinance No. 7 of 1886.
Short title.
Recovery of interest payable on contract, etc.
Rate of interest where no agreement, etc. 17 & 18 Vict.c. 90 s. 2.
Saving as to pawnbrokers. Ib.s.3. See Ordinance No. 1 of 1860. Repeal of enactment and exclusion of English law.
Abstract
A.D. 1886. Ordinance No. 7 of 1886.
Short title.
Recovery of interest payable on contract, etc.
Rate of interest where no agreement, etc. 17 & 18 Vict.c. 90 s. 2.
Saving as to pawnbrokers. Ib.s.3. See Ordinance No. 1 of 1860. Repeal of enactment and exclusion of English law.
Short title.
Recovery of interest payable on contract, etc.
Rate of interest where no agreement, etc. 17 & 18 Vict.c. 90 s. 2.
Saving as to pawnbrokers. Ib.s.3. See Ordinance No. 1 of 1860. Repeal of enactment and exclusion of English law.
Identifier
https://oelawhk.lib.hku.hk/items/show/618
Edition
1901
Volume
v1
Subsequent Cap No.
23
Cap / Ordinance No.
No. 5 of 1886
Number of Pages
2
Files
Collection
Historical Laws of Hong Kong Online
Citation
“USURY ORDINANCE, 1886,” Historical Laws of Hong Kong Online, accessed July 13, 2025, https://oelawhk.lib.hku.hk/items/show/618.
