MONEY-LENDERS ORDINANCE, 1911

MONEY-LENDERS ORDINANCE, 1911

No. 11 of 1911, repealed by No. 8 of 19122 s. 71.

No. 12 of 1911, incorporated in No. 3 of 1903.

No. 13 of 1911, incorporated geverally.

No. 14 of 1911, incorporated in No. 1 of 184.5.

No. 15 of 1911P incorporated in No. :-) (f

No. 16 of 1911.To ainend the laiv irith respect to Persons carrying on business
as Money-lenders.

1. The Money-lenders Ordinance, 1911.

[In foree Ist Janvary, 1912.]

2.-(1) Where---proceedingsare taken in any Court, by a money-
lender for the recovery of any itioney lent after the commencement
of this Ordinance, or the enforcement of any agreement or security
made or taken. after the commencement of this Ordinance, in respect
of money lent either before or after the comniencenient of this
Ordinance, and there is evidence which satisfies the Court that the
interest charged in respect of the sum actually lent is excessive, or
that the amounts charged for expenses, inquiries, fines, bonus,
premium, renewals, or any other charges, are excessive, and that,
in either case, the transaction is harsh and unconscionable, or is
otherwise such that a Court of Equity would give relief, the Court
may re-open the transaction, and take an account between the
money-lender and the person sued, and may, notwithstanding any
statement or settlement of accoinit or any agreement purporting to
close previous dealings and create a new obligation, re-open any
account already taken between them, and relieve the person sued
from payment of any sum in excess of the sum adjudged by the
Court to be fairly due in respect of such principal, interest, and
charges as the Court, having regard to the risk and all the circurn-
stances, may adjudge to be reasonable; and if any such excess has
been paid, or allowed in account, by the debtor, may order the

As ti-npnded bY No. 16 of 19192 and No. 17 of 1912.





creditor to repay it; and may set aside either wholly or in part, or
revise, or alter, any security given or agreement made in respect
of money lent by the money-lender, and if the money-lender has
parted with the security may order him to indemnify the borrower
or other person sited.

(2) Any Court in which proceedings inight be taken for the re-
covery of money lent by a money-lender shall have and at the
instance of the borrower or surety or other person liable, may
exercise the like powers as may -be exercised -tinder this section,
where proceedings are takell for the recovery of money. lent, and
the Court shall have pmver, notwithstanding any provision or agree-
ment to the contrary, to entertain any application under this Ordi-
nance by the borrower or surety or other person liable, notwith-
standing that the tline for repayment of the loan, or any instalment
thereof, may not have arrived.

(3) On any application relating to the admission or amount of a
proof by, a money-lender in and bankruptey proceedings, the Court
may exerclse the like powers as irlay be exercised under this section
wheri proceeding are taken for the recovery of money.

(4) The foregoing provisions shall apply to any, transaction
which, whatever it. form may be, is substantially one of money
lending by a money-lender.

(55) Nothing in the foregoing provisions shall affect the rights of
any bond. fide assignee or holder for value without notice.

(6) Nothing in this section shall be construed as derogating from
the existing powers or Jurisdiction of any Court.

3-M A money-lender,-
(a) shall register himself as a money-lender in accordance with
re-ulations tinder this Ordinance at an office provided for the pur-
pose by the Governor-in-Council, under his own or usual trade
name, and in no other narne, with the address, or all the addresses
if more than one, at which he carries on his business of money-
lender; and

(b) shall carry on the money-lender business in his registered
name, and in no other name and under no other description, and
at his registered address or addresses, and at no other address; and

As amended by No. 30 of 1911, No. 16 of 1912 and No. 17 of 1912 .





(c) shall not enter into any agreement in the course of his busi-
ness as a money-tender with respect to the advance and repayment
of money, or taIze any security for money in the course of his blisi-
ness as a nioney-len.der, otherwise than in his registered name; and
(d) shall on reasonable request, and on. tender of a reasonable stim
for expenses, furnish the borrower with a copy of any doennient
relating to the loan or any security therefor.

(2) If a money-lender fails to register himself as required by this
Ordinance, or carries on business otherwise than in his i-e(,lstered
name, or in more than one name, or elsewhere than at lil~, i.(~gistered
address, or fails to comply with any other reqLiireiiieiAt of this
section, he shall be liable, on siiminary conviction, to a fine not
exceeding 1,000 dollars, and, in the case of a second or siil)seqtient
conviction, to imprisonment. for a term not exceeding 3 months and
to a fine not exceeding 1,000 dollars : Provided that if the olreti(ler
be a body corporate it shall be. liable on a second or snbseqijent con-
viction to a fine not exceedln,-. 5,000 dollars.

(3) A prosecution under sub-section (1) (a) shalt be instiflited
except with the consent of the Attorney Greneral.

C-M The Governor-in-Council rnay make regulations respect-
ing the registration of money-lenders, whether individuals, firrils,
societies or conipanics, the forin of the register, and the particulars
to be entered therein, and the fees to be paid on registration and
renewal of registration, not exceedin $10 for each re-istration or
9 ~1
renewal, and respecting the inspection of the register and the fees
payable therefor.

(2) The registration shall cease to have effect at the expiration of
3 years from the date of the registration, but may be renewed from
time to tinic, and if renewed shall have effect for 3 years from the
date of the renewal.

5. If any money-lender, or any manager, agent, or clerk of a
money-lender, or if any person being a director, rtianager, or other
officer of ai.-iy corporation carrying on the business of a money-
lender, by any false, misleading, or deceptive statement, repre-
sentation, or promise, or by any dishonest concealment of material
facts, fraudulently induces or attempts to induce any person to
borrow money or to agree to the terms on which money is or is to

* As arnended by No. 30 of 1911 and No. 16 of 1912.





be borrowed, he shall be guilty of a misdemeanor, and shall be
liable to imprisonment for any term not exceeding 2 years and to a
fine not exceeding 5,000 dollars.

6. The expression 'money-lender' in this Ordinance shall include
every person whose business is that of money-lending, or who ad-
vertises or anDounces himself or holds himself out in any way as
carrying on that business; but shall not Include :-

(a) any pawnbroker, in respect of business carried on by him in
accordance with provisions of an.y Ordinance relating to pawn-
brokers: or

(b) any body corporate, incorporated or empowered by any Ordi-
nance or special Act of Parliament to lend nionev in accordance with
such Ordinance or Act; or
(c) any person bona fide carrying on the. business of banking or
insurance, or boTid fide carrying on any business not having for its
priniary object the lending of money, in the course of which and
for the purposes whereof he lends moneyy or

(d) a-ny company, association or partnership for the time being,
exempted froin registration un(ler this Ordinance by order of the
Governor-in-Counell inade pin.suant to the regulations of the
Governor-in- Council.

Is. 7, rep. 'L\To. 4:3 of 1912) Supp. Sched.]

No. 17 of 1911, incorporated in No. 10 of 1911.

No. 18 of 1911.For regulatifig the supply of Electricity for Lighting and other
purposes,

1. The Electricity Supply Ordinance, 1911.
1

[19th May, 1911.]

2. In this Ordinance,-

---Electricity--- ineans electricity, electric current, or an like
agency:

As amended bv No. 16 of 1912 and No. 17 of 1912.
As amended l~v No. 16 of 1912.
As amended by No. 50 of 1911 and No. 16 of 1912.
short title [63 & 64 vict. C. 51 s. 7. ] re-opening of transactions of money . Lender . [ib.s. 1.] registration of money-lenders , etc. [63 & 64 vict. C. 51 s. 2.] regilation as to registraiton [63& 64 vict. C. 51 s. 3.] penalties for false statementsl and representations. [ib. s.4.] definition of money lender . [63 &64 vict. C. 51 s. 6.]

short title [63 & 64 vict. C. 51 s. 7. ] re-opening of transactions of money . Lender . [ib.s. 1.] registration of money-lenders , etc. [63 & 64 vict. C. 51 s. 2.] regilation as to registraiton [63& 64 vict. C. 51 s. 3.] penalties for false statementsl and representations. [ib. s.4.] definition of money lender . [63 &64 vict. C. 51 s. 6.]

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