Amendment status not verified — confirm the current text below against the official source.
( 1) Any debtor may make an application at any time to the competent Court, whether the loan has or has not become payable, for taking accounts and for declaring the amount due to the money-lender. Such application shall be in the prescribed form and accompanied by the prescribed fee. (2) On receipt of such application, the Court shall cause a notice of the application to be given to the money-lender. (3) On the date fixed for the hearing of the application or on such date to which the hearinqrnay be adjourned, from time to time, the Court shall . make an inquiry and shall, after taking any account of the transactions between the parties, pass an order declaring the amount, if any, still payable by the debtor to the money-lender, in respect of the principal and interest, if any. In taking accounts under this section, the Court shall follow the provisions of sections 24 to 35 and section 38. Deposit in Court 37. ( 1) A debtor may at any time tender to a money-lender any sum of money due of money due to from him to the money-lender in respect of a loan by way of principal, money-lenders. interest or both. Inquiry for taking accounts and declaring amount due. Calculation of interest. Penalty for doing money- lending without valid licence. Penalty for making false statement. Obtaining licence under fictitious name, carrying on money-lending at a place not mentioned in licence, etc. • ; (2) If the money-lender refuses to accept any sum so tendered, the debtor may deposit the said sum in Court to the account of the money-lender. ( 3) The Court shall thereupon cause written notice of the deposit to be served on the money-lender, and he may, on presenting a petition stating the sum then due in respect of the loan, and his willingness to accept the said sum, receive and appropriate it first towards the interest and the residue, if any, towards the principal. (4) When the money-lender does not accept the sum, the Court shall appropriate the said sum first towards the interest and the residue, if any, towards the principal.