hongkong-colonial-ordinances-1847 — Page 16

બસ




DIEU C DROIT




HONGKONG ,



ANNO SEPTIMO




VICTORIÆ REGINÆ.


No. 7 of 1844.


Y His Excellency SIR HENRY POTTINGER, Baronet, Knight
Most Honourable of
Major-General in the Service of the East India Company, Governor
and Commander-in-Chief of the Colony of Hongkong and its Depen-
dencies, and Superintendent of the Trade of Her Majesty's Subjects
in China, with the Advice of the Legislative Council of Hongkong.


An Ordinance for removing Doubts respecting the Application to Title.
Hongkong of the Laws and Statutes ofEngland 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. ]

WHEREAS it is expedient to remove all Doubts respecting the Preamble.
Application to 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.


I. Be it therefore enacted and declared by His Excellency the land
Usury Laws
not to ofEng-
be in force
Governor of Hongkong, with the Advice of the Legislative Council in Hongkong.
thereof, That the 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.

II. And be it further enacted, That in all Cases where Interest perNot above Twelve
Cent to be allowed
for the Loan of Money, or upon any other Contract, may be lawfully in Cases before the
recovered, or allowed in any Action or Suit in any Court of Law or has been wherepreviously
no Rate

Equity, but where the Rate of such Interest hath not been previously agreed upon.
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