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    Usurious Loans (Tamil Nadu Amendment) Act, 1936 PDF

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    Latest Laws Team
    LatestLaws.com provides bare acts and rules for free download. The document summarizes amendments made to the Usurious Loans Act, 1918 as it applies to the State of Tamil Nadu. Key changes include: (1) If a transaction is found to be substantially unfair between parties, courts have powers to intervene; (2) If interest is found to be excessive, courts shall presume the transaction was unfair unless special circumstances are shown; and (3) For agricultural loans, compound interest charged shall presume interest is excessive.

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    Usurious Loans (Tamil Nadu Amendment) Act, 1936 PDF

    Uploaded by

    Latest Laws Team
    127 views3 pages
    LatestLaws.com provides bare acts and rules for free download. The document summarizes amendments made to the Usurious Loans Act, 1918 as it applies to the State of Tamil Nadu. Key changes include: (1) If a transaction is found to be substantially unfair between parties, courts have powers to intervene; (2) If interest is found to be excessive, courts shall presume the transaction was unfair unless special circumstances are shown; and (3) For agricultural loans, compound interest charged shall presume interest is excessive.

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    Usurious Loans (Tamil Nadu Amendment) Act, 1936.pdf

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    LatestLaws.com provides bare acts and rules for free download. The document summarizes amendments made to the Usurious Loans Act, 1918 as it applies to the State of Tamil Nadu. Key changes include: (1) If a transaction is found to be substantially unfair between parties, courts have powers to intervene; (2) If interest is found to be excessive, courts shall presume the transaction was unfair unless special circumstances are shown; and (3) For agricultural loans, compound interest charged shall presume interest is excessive.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    127 views3 pages

    Usurious Loans (Tamil Nadu Amendment) Act, 1936 PDF

    Uploaded by

    Latest Laws Team
    LatestLaws.com provides bare acts and rules for free download. The document summarizes amendments made to the Usurious Loans Act, 1918 as it applies to the State of Tamil Nadu. Key changes include: (1) If a transaction is found to be substantially unfair between parties, courts have powers to intervene; (2) If interest is found to be excessive, courts shall presume the transaction was unfair unless special circumstances are shown; and (3) For agricultural loans, compound interest charged shall presume interest is excessive.

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    © All Rights Reserved
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    I
    d37 :T.h.Act 'cim] UsuribusLoans .'
    (TamilNadu Amendment) ' .. *'

    "FAMIL NADU] ACT No. VIII OF 1937." ,, , ,,. ...


    I I
    .

    (Received the assent of the Governor onthe 31st December


    1936, and that of the Governor-General on the 5th
    February 1937 ; tlte assent of the Governor-General
    was first yliblisl~edin the Fort St. George Gnzerte
    of tlze 2nd ilfarclt 1937.)
    An Act to amend the Usurious Loans Act, 1918,
    in its application to th? 3[State of Tamil Nadu],
    for certain purposes.
    'e~lts;tl WHEREAS
    it is expedient to amend the Usurious Loans
    '(of Act, 1918, in its application to the '[State of Tamil
    918. Nadu], for the purpose hereinafter appearing ;
    ANDWHEREASthe previous sanction of the Governor-
    General has been obtained to the passing of this Act;
    It is hereby enacted as follows :-
    1. (1) This Act may be called the Usurious Loans short title,
    ('[Tamil Naduj Amendment) Act, 1936. - extent and
    application
    (2) It extends to the whole of the 3[State of
    Tamil Nadu].
    (3) The provisio~lsof this Act shall apply to all
    !eatraI suits to which the Usurious Loans Act, 1918 (herein-
    L
    918'
    C after~ referred
    ~ to
    ~ as ~the said Act), would apply and
    which are pending on, or are instituted on or after,
    the date o f t he commencement of this Act.

    1 Thew words were substituted for the word " Madras" by the
    Tamil Nadu Adaptation of Laws Order, 1969, as amended by the
    Tamil Nstdu Adaptation of Laws (Second Amendment) Order, 1969.
    For Statement of Objects and Reasons, see Fort &.George
    Uazene, dated the 4th November 1936,Part IV, pages 360-361.
    I
    a This expression was substituted for the expression " Presi-
    dency of Madras *' by the Tam11 Nadu Adaptation of Laws Order, Y
    1970, which was deemed to have come into force on the 14th January
    1969. i . i
    I . LatestLaws.com
    LatestLaws.com .* .
    506 Usurious Loans [I937 :T.N. Act VIU
    (Tmil Nodu e t )

    Aw-t of 2. In section 3 of the said Act-


    section 3,
    central (i) in sub-section (I), for the words, letters and
    A c t X of bracketE b e g i ~ i n gwith ''has reason to believe" and
    1918-
    ending with "any of the following powers, namely,
    may," the following shall be substituted, namely:-
    "has reason to believe that the transaction was,
    as between the parties thereto, substantially unfair, the
    Court shall exercise one or more of the followins
    powers, namely,--" ;
    (ii) the Explanntion to the same sub-section shall
    be renumbered as Explanation 11and the following shall
    be inserted as Explanation I, namely :-
    "Explanation I.-If the interest is excessive, the
    Court shall presume that the transaction was subs-
    tantially unfair ; but such presumption may be rebutted
    by proof of special circumstances justifying the rate
    of interest." ;
    (iii) to cla~ise(b) of sub-section (2), the following
    proviso shall be added, namely :-
    "Provided that in the case of loans to agricul-
    turists, if co~llpound interest is charged, the Court
    shall presume that the interest is excessive "; and
    (iv) the Explanation to clause (d) of the same
    sub-section sl~allbe omitted.

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