(Op. 150
(Cap. 1990)
(Cap 330)
(Cap. 32)
(Cap. 166.)
(Cap 22)
13
3. A co-operative society registered under the Co-operative Societies
Ordinance.
4. A credit union registered under the Credit Unions Ordinance and the Credit Union League of Hong Kong incorporated under Part XI of that Ordinance.
5. A trade union registered under the Trade Unions Ordinance.
6. A life insurance company registered as a company under the Com-
panies Ordinance.
7. The Hong Kong Building and Loan Agency Limited.
8. The University and Polytechnic Grants Committee.
Part 2-Exempted Loans
1. A loan made by an employer to a bona fide employee.
2. A loan made to a registered company secured by the issue of a
debenture or similar instrument.
3. A loan made by a company registered under the Companies Ordinance (other than a bank or a deposit-taking company) under a bona fide credit-card scheme operated by the company to any holder of a credit-card issued under that scheme.
4. A loan made bona fide for the purchase of immovable property onO
the security of a mortgage of that property.
3. A loan made by a company registered under the Companies Ordinance or a firm or individual whose ordinary business does not primarily or mainly involve the lending of money, in the ordinary course of that business.
6. A loan made by a licensed pawnbroker under the Pawnbrokers Ordin-
ance, being a loan to which that Ordinance applies.
7. A loan regulated by any Ordinance relating to hire-purchase trans-
actions.
8. A loan made by any statutory body under any power conferred by
Jaw in that behalf.
9. A loan made from-
(a) a fund established by resolution of the Legislative Council or by
or under an Ordinance;
(b) any superannuation or provident fund.
10. A loan made from any chit-fund operated under the Chit-Fund
Businesses (Prohibition) Ordinance.
1.
19
The amount of principal outstanding at any time shall be taken to be the balance remaining after deducting from the principal the total of the portions of any payments appropriated to principal in accordance with paragraph 1.
1. The several amounts taken to be outstanding by way of principal during the several periods ending on the dates on which payments are made shall be multiplied in each case by the number of calendar montba during which those amounts are taken to be respectively outstanding, and there shall be ascertained the aggregate amount of the sum so produced. 4. The total amount of the interest shall be divided by one-twelfth part of the aggregate amount mentioned in paragraph 3 and the quotient, multiplied by one hundred, shall be taken to be the rate of interest per cent per annum.
S. If having regard to the intervals between successive payments it is desired so to do, the calculation of interest may be made by reference to wecks instead of months, and in such a case the foregoing paragraphs shall have effect as though in paragraph 3 the word "weeks" were substituted for the words "calendar months", and in paragraph 4 the words "one-fifty- second" were substituted for the words "one-twelfth".
6. Where any interval between successive payments is not a number of complete weeks or complete months, the foregoing paragraphe shall have efect as though 1 day "were one-seventh part of a "week or one-thirtieth part of a month (as the case may be).
1980.
Passed by the Hong Kong Legislative Council this 35th day of June
Clerk Wo the Legislatty/Council.
This printed impression has been carefully compared by me with the bill, and is found by me to be a trug and correctly printed copy of the said bill.
Clerk to the Légulative Council.
1.
SECOND SCHEDULE
[ss. 2 & 18.]
CALCULATION OF TRUE ANNUAL PERCENTAGE RATE or Interåst
Any amount paid or payable to the leader under the agreement (other than simple interest charged in accordance with the proviso to section 22) shall be appropriated to principal and interest in the proportion that the total amount of principal bears to the total amount of the interest.