Usury Laws Repeal Act : Amount of interest to be deposited in certain cases of conditionalsales

Usury Laws Repeal Act,1855

Act No : 28

Section : Amount of interest to be deposited in certain cases of conditionalsales under Benga Regulaions. Proviso.

5. Amount of interest to be deposited in certain cases of conditional sales under Benga Regulaions. Proviso.--Whenever, under the Regulations of the Bengal Code, a deposit may be made of the 1 ** principal sum and interest due upon any mortgage or conditional sale of land hereafter to be entered into, the amount of interest to be deposited shall be at the rate stipulated in the contract, or, if no rate has been stipulated and interest be payable under the terms of the contract, at the rate of twelve Percentum per annum: Provided that, in the latter case, the amount deposited shall be subject to the decision of the Court as to the rate at which interest shall be calculated.