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Provisions with respect to taking account.
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2.—(1) The treasurer of a loan society shall prepare and provide an account setting forth the particulars of the amount sought to be recovered in respect of any note under the principal Act, and that account shall be [1]
issued together with the summons for such recovery.
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(2) In ascertaining the amount due in respect of any such note an account shall not be carried back for a period exceeding six years from the date of the note, and where the account is so carried back, the loan secured by the note current at the commencement of such period, or if no note was then current, by the note which last before that elate became due shall be deemed and taken to be the first loan made by the said society to the borrower.
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(3) The court may, if it thinks fit, order that the amount found due on such account shall be paid by such instalments extending over such period (not exceeding three years) as the court may think fit.
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(4) In taking such account there shall be no periodical rests and no sums shall be allowed in respect of compound interest.
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(5) If, on taking such account, any balance is found due by the loan society, judgment for the amount of such balance shall be given in favour of the defendant.
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[1 See now 6 Edw. 7. c. 23, s. 4 (2).] |
