MONEYLENDERS ACT (NORTHERN IRELAND) 1933 - SECT 22 Short title and citation.

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MONEYLENDERS ACT (NORTHERN IRELAND) 1933 - SECT 22

Short title and citation.

22.(1) This Act may be cited as the Moneylenders Act (Northern Ireland), 1933.

(2) The Moneylenders Act, 1900, and this Act may be cited together as the
Moneylenders Acts (Northern Ireland) 1900 and 1933.

Subs.(3) rep. by SLR (NI) 1952

Sections 5, 6 and 15.

1. The amount of principal outstanding at any time shall be taken to be the
balance remaining after deducting from the principal the total of the portions
of any payments appropriated to principal in accordance with the provisions of
this Act.

2. The several amounts taken to be outstanding by way of principal during the
several periods ending on the dates on which payments are made shall be
multiplied in each case by the number of calendar months during which those
amounts are taken to be respectively outstanding, and there shall be
ascertained the aggregate amount of the sum so produced.

3. The total amount of the interest shall be divided by one-twelfth part of
the aggregate amount mentioned in paragraph 2 of this Schedule, and the
quotient, multiplied by one hundred, shall be taken to be the rate of interest
per cent. per annum.

4. If having regard to the intervals between successive payments it is desired
so to do, the calculation of interest may be made by reference to weeks
instead of months, and in such a case the foregoing paragraphs shall have
effect as though in paragraph 2 the word "weeks" were substituted for the
words "calendar months," and in paragraph 3 the words "one-fifty-second" were
substituted for the words "one-twelfth."

5. Where any interval between successive payments is not a number of complete
weeks or complete months, the foregoing paragraphs shall have effect as though
one day were one-seventh part of a week or one-thirtieth part of a month, as
the case may be.]

Second Schedule rep. by SLR (NI) 1952

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Northern Irish Legislation

MONEYLENDERS ACT (NORTHERN IRELAND) 1933 - SECT 22