Registration
of money- lenders. &c.
dence 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, notwith- standing any statement or settlement of account 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 circumstances, may adjudge to be reasonable; and if any such excess has been paid, or allowed in account, by the debtor, may order the cre- ditor to repay it; and may set aside either wholly or in part, or revise, or alter, any security given or agree- ment 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 sued.
(2.) Any Court in which proceedings might be taken for the recovery of money lent by a money-lender shall have and may at the instance of the borrower or surety or other person liable, exercise the like powers as may be exercised under this section, where proceedings are taken for the recovery of money lent, and the Court shall have power, notwithstanding any provision or agreement to the contrary, to entertain any application under this Ordinance by the borrower or surety or other person liable, notwithstanding that the time 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 any bank- ruptcy proceedlings, the Court may exercise the like powers as may be exercised under this section when proceedings are taken for the recovery of money.
(4.) The foregoing provisions of this section shall apply to any transaction which, whatever its form may be, is substantially one of money-lending by a money- lender.
(5.) Nothing in the foregoing provisions of this section 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.-(1.) A money-lender as defined by this Ör- dinance :--
(a.) shall register himself as a money-lender in accordance with regulations under this Ordinance at an office provided for the purpose by the Governor-in-Council, under his own or usual trade name and in no other name, 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-lending 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
(c) shall not enter into any agreement in the course of his business as a money-lender with respect to the advance and repayment of money, or take any security for money
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