Amendment status not verified — confirm the current text below against the official source.
That for section 9 of the principal Act, the afstctaon 9• following shall be substituted, namely:- "9. (1) No money-lender shall, in respect of any loan made before or after the commencement of this Act, recover, on account of interest and principal, whe- ther through Court or otherwise or by way ofusufruct of lands in usufructuary mortgages, a sum greater in aggregate than double the principal of the loan : Provided that nothing in this sub-section shall affect:- (i, A Bank advancing money at interest not exceeding 6 per cent. per annum or (ii) Subscribers to a loan made to or deben- tur<•s or other securities of any descrip- tion issued by Government, a public body, a Bank, or a Company. Explanation.-The term 'aggregate' means and includes the amount aln ady paid amicably or otherwise. (2) Notwithstanding anything contained in sub-section (1), a usufructuary mortgage, in cases where the loan did not exceed five hundred rupees in principal, shall, unless discharged pre- viously, be deemed to stand discharged:- (i) if the mortgage was executed before the commencement of the Assam Money Lenders' (Amendment) Act, 1943. after the expiration of twelve years from the date of such e-xecution, or (ii) if the mortgage was executed after the commencement of that Act, after the expiration of nine years from the date of such execution . (3) In the case of a bond or any o~her instru- ment executed for past liabilitie~ the original sum actually advanced shall be considered as the principal of the loan for the purpose of sub-section (1). (4) The heirs, successors or assigns of a mortga- gor shall have lhe same-rights under this section as the original mortgagor would have had, and jf by any instrument executed subsequently to the original instrument any property has been substituted for the property mortgaged by the original instrument, the provisions of this section shall apply to the property so substituted as if it were the property mortgaged by the original instrument." A. G. P. (L.C.) No.69-SSO+ Sl0- l2-8 1943. :