Usurious Loans Act,1918
Act No : 10
Section :
Definitions.
2. Definitions. In this Act, unless there is anything repugnant in the subject or context,- (1) "Interest" means rate of interest and includes the return to be made over and above what was actually lent, whether the same is charged or sought to be recovered specifically by way of interest or otherwise. (2) "Loan" means a loan whether of money or in kind and includes any transaction which is, in the opinion of the Court, in substance a loan. (3) "Suit to which this Act applies" means any suit- (a) for the recovery of a loan made after the commencement of this Act; or (b)for the enforcement of any security taken or any agreement, whether by, way of settlement of account or otherwise, made, after the commencement of this Act, in --------------------------------------------------------------------- 1 It has been amended in the U. P. by U. P. Acts 23 of 1934 and 29 o 1930, fin the C. P. by C.P. Act 11 of 1934,in Madras by Mad. Act, 8 of 1937 in East Punjab by E.P. Act 4 of 1948, extended to the Union territory of Pondicherry by Act 26 of 1968 s.3 and Sch. Amended in Himachal pradesh by H.P. Act 3 of 1970. Amended in Andhara pradesh by A.P. Act 24 of 1961. Repeeled in its application to Bellary District by mysore Act 14 of 1955. Extended to the whole of Madhya pradesh by M.D. Act 23 of 1958 (when notifild). Amended in uttar pradesh by U.P. Act 29 of 1976. 2 Subs. by the Adaptation of Laws (No. 3) Order. 1956. for "Part B States". 3 The Words "including British Baluchistan" omitted by the A.O. 1948. --------------------------------------------------------------------- 8 respect of any loan made either before or after the commencement of this Act; 1[or (c)for the redemption of any security given after the com- mencement of this Act in respect of any loan made either before or after the commencement of this Act.]
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