1966
Short title.
Repeal of
No. 7 of 1844, No. 5 of 1856, 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.2.3
Not to affect Ordinances relating to pawnbrokers. Ibid, s. 3.]
ORDINANCE No. 7 of 1886.
Usury.
No. 7 of 1886.
An Ordinance to repeal the Usury Laws and to fix a legal rate
of interest.
[24th March, 1886.]
E it enacted by the Governor of Hongkong, with the advice of the
Legislative Council thereof, as follows:--
1. This Ordinance may be cited for all purposes as The Usury Ordinance, 1886.
2. Ordinance No. 7 of 1844, and so much of Ordinance No. 5 of 1856 as relates to the Act of the 17th and 18th years of Her Majesty the Queen Victoria, chapter 90, are hereby repealed. Notwithstanding the repeal of the said Ordinances, the Acts and part of Acts repealed by the said Act of the 17th and 18th year of Her said Majesty shall have no force in this Colony.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 sum of money interest is payable by 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 fixed by the contract or by the parties or rule of law, the rate thereof shall not exceed 8 per cent. per annum. 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.
5. Nothing herein shall be taken to affect or repeal any Ordinance relating to pawnbrokers.