the-ordinances-of-the-legislative-counci-1890v4 — Page 149

1966 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
BE ------
Legislative Council thereof, as follows :

Short title. 1. This Ordinance may be cited for all purposes as The Usury Or
dinance, 1886.

Repeal of 2. Ordinance No. 7 of 1844 , and so much of Ordinance No. 5 of
No. 7 of 1844,
No. 5 of 1856 , 1856 as relates to the Act of the 17th and 18th years of Her Majesty
in part and
exclusion of the Queen Victoria , chapter 90 , are hereby repealed . Notwithstanding
English Law.
[ Re-enact the repeal of the said Ordinances , the Acts and part of Acts repealed by
ment of No.
7 of 1844 , the said Act of the 17th and 18th year of Her said Majesty shall have no
s. 1.] force in this Colony .

Recovery of 3. Where interest is payable upon any contract , express or implied,
interest.
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 .

Rate of 4. Where interest is payable on any contract, express or implied ,
interest
where no or on any debt or sum of money , but the rate of such interest is not fixed
agreement,
&c. [ 17 and by the contract or by the parties or rule of law, the rate thereof shall not
18 V. c. 90,
s. 2.] 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.

Not to affect 5. Nothing herein shall be taken to affect or repeal any Ordinance
Ordinances
relating to relating to pawnbrokers .
pawnbrokers.
[ Ibid. s. 3.]