1988
No. 16 of 1911.
Registration
of money-lenders, etc. [63 & 64 Vict. c. 51 s. 2.]
*
MONEY-LENDERS.
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 sued.
(2) Any Court in which proceedings might be taken for the recovery 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 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 bankruptcy proceedings, 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 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 shall affect the rights of any bonâ 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,
(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
* As amended by No. 30 of 1911, No. 16 of 1912 and No. 17 of 1912.