Usury, application of UK statutes (1866) (WA)

30 VICTORDE. No. 1

Usury

WESTERN AUSTRALIA

ANNO TRIGESE.10

VICTORTJE BEGIN-YE

No. 1

An Ordinance to prevent doubts as to the application of the Statutes of 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. [Assented to 2nd (Tidy, 1866.

HEREAS it is expedient to prevent doubts as to the application Preamble

Wdefine the rate of interest for the forbearance of money which may beof the Statutes of Usury within this Colony and to limit and

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 by His Excellency the Governor of Western Aus- tralia and its Dependencies, by and with the advice and consent of the Legislative Council thereof, as follows :-

1. The Laws or Statutes relating to usury which were in force in usury Acts not

England at the time of the first settlement of this Colony shall be i " f""

deemed, taken and adjudged not to extend to the said Colony or to be

or at any time to have been in force within the same.

2. In all cases where interest for the loan of money or upon any Tell per cent.

other contract may be lawfully recovered or allowed in any action or ,1,]!iteeresitl:/riokr

suit in any Court of Law or Equity, but where the rate of such interest bas previously

hath not been previously agreed upon by or between the parties, it bp" agna

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 ten pounds for

the interest or forbearance of one hundred pounds for a year, and so

on after that rate for a greater or lesser sum or for a longer or shorter

time.

J. S. HAMPTON,

GOVERNOR AND COMMANDER-IN-CHIEF.