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:
ORDINANCES Nos. 6 AND 7 OF 1844 . 17
Evil actions - Arbitration. Usury Laws.
2. And be it enacted that the said order of reference shall to all intents and pur Order of refer
ence to be as
poses be as valid and effectual as if the parties named therein had consented thereto effectual as if
made by consent,
and that the same proceedings in every respect shall be had therein as if same had been and tobe deemed
a rule of Court.
duly made a rule of any competent Court of Judicature in England .
3. And be it enacted that any award made in pursuance of such order of reference Awardliable tobe
set aside.
shall be liable to be set aside by the said Governor in like manner as any award made
in pursuance of any order of reference made by any competent Court of Judicature in
England.
4. And be it enacted that the said power and authority hereby vested in the said Power herein
given tothe Gov
Governor shall cease and determine upon the arrival in the said Colony of, and the ernor to cease
on arrival of
Judge in the
assumption of his functions by any Judge of such Supreme Court of Judicature as shall be Colony.
hereafter erected in Hongkong.
[ Disallowed in C. O. D. , No. 26, 18th August, 1844. ]
No. 7 of 1844 .
An Ordinance for removing doubts respecting the application to Hongkong, Title.
of the laws and statutes of England relating to usury, and to limit,
and define the rate of interest which may be recovered in cases ,
where it hath not been previously agreed on between the parties .
[ 20th March, 1844. ]
HEREAS it is expedient to remove all doubts respecting the application to Preamble.
WH Hongkong, of the laws and statutes of England relating to usury, and to limit
and define the rate of interest , for the forbearance of money which may be recovered
in any Court of law, or equity, in cases wherein the rate of interest has not been fixed
by the parties before the Court, be it therefore enacted , and declared by His Excellency Declaring the
usury laws of
the Governor of Hongkong, with the advice of the Legislative Council thereof, that the England not to
be in force.
laws and statutes of England relating to usury, shall be deemed , taken, and adjudged
not to extend to the said Colony, or its dependencies or to be in force within the same.
2. And be it further enacted, that in all cases where interest for the loan of Not above 12 per
cent tobeallowed
in cases before
money, or upon any other contract, may be lawfully recovered, or allowed in any action, the Court where
no rate has been
or suit in any Court of law or equity, but where the rate of such interest hath not been previously agreed
upon.
previously agreed upon , by, or between the parties, it shall not be lawful for the party
entitled to interest to recover, or be allowed in any such action , or suit above the rate
of twelve dollars, for the interest, or forbearance of one hundred dollars for a year, and
so after that rate for a greater or lesser sum, or for a longer, or shorter time. Provided
always that it shall be lawful for the Court awarding such interest, to allow such lower
rate thereof, as the circumstances of the case may render just and expedient.
[ Repealed by Ordinance No. 7 of 1886. ]