Rate of Interest Act 1844 No 23a (NSW)

No. XVII.

An Act to rcg'iilate the Itate of Interest on liA Tl; (IF iNTEllEcT.

Money. [Reserved—21st Deeembei% 1844.]

'X^THEKExiS an Act was passed by the Governor and Legislative rrcamWe.

W Council of the Colonv of New South Wales in the tifth v('ar fc

of th(“ reign of His late IVl ajesty King William the Eourth intituled

“ Act for remor/uKj doublf ̂rcspect'uKj the applwatiou to Nctr South “ Wates o f the Laios o/ud Statutes of Eugtand relating to t/s/ug and * ' “ to timit and define the Hate of Interest ichieh may he reeorcred in “ eases where it hath not been precionsty agreed on between, the parties” and whereas an Act was ]>assed by tlie Governor and Legislativ(' Council of the said Colonv in the fifth vear of the reign of Her ’fAnd ’

])resejit Majesty Queen A'ictoria intituled “ Am Act fo r the fnidher (A -iXnX'.ne

“ ainendment o f the Lau: and for the better adcaneement o f Justice ” and whereas it is expedient to repeal so much of the said recited Acts as relates to th(3 rate of interest to be allowed in any actio]i or suit in any Court of Law or Equity in the said Colony being tlu; second section of the first herein recited Act and the twenty-third section o1‘ the s('cond herein recited Act and to inaki' further provision for regu­ lating the rate of interest on money lent on the security of any real or personal property in the said Colony Be it therefore enacted by Elis icpeaiod.

Exccdlency the Governor of New South ACalcs with the advice and consent of the Legislative Council thereof That from and after the passing of this Act the said second and twenty-third sections of the said herein recited Acts respectively shall be and the same are hereby repeah'd.

2. And be it enaet(!d Tliat from and after the passing 1̂’

Act it shall not be lawful for any person upon any contract to be made interest allowed for after that period within the said Colonv to take directlv or indirectly fOTbearanco lor the loan or lorbearanct! ol any money or goods more than at the

rate of eight pounds for every one hundred pounds for a year and the said rate of interest shall be allowed and received in all cases where it is t he agreement of tint parties that interest shall be paid but where no rate of interest is agreed on and all contracts whatsoever made in aiicontracts.soenrod

the said Colony after tht! period aforesaid Avhereupon or whereby a higlun- rate of interest than at the rate of eight pounds for evtny one hundred pounds for a year shall be directly or indirectly reserved included or taken shall be utterly void.

.‘b And be it enacted That this Act shall continue and remain pmation of tin-Act

in force for the period of two years from the time of the passing froufthriiarsdns''’'̂

thereof. thereof.

No. XVIII.