Section 1 [Repealed.].
[Repeal of enactments.] Rep. by the Repealing Act, 1870 (14 of 1870).
Section 2 Rate of interest to be decreed by Courts.
In any suit in which interest is recoverable, the amountshall be adjudged or decreed by the Court at the rate (if any) agreed upon by the parties; and if no rateshall have been agreed upon, at such rate as the Court shall deem reasonable.
Section 3 Rate of interest upon a judgment or decree.
Whenever a Court shall direct that a judgment ordecree shall bear interest, or shall award interest upon a judgment or decree, it may order the interest to becalculated at the rate allowed in the judgment or decree upon the principal sum adjudged, or at such otherrate as the Court shall think fit
Section 4 Contracts for usufruct of property in lieu of interest .
A mortgage or other contract for the loanof money, by which it is agreed that the use or usufruct of any property shall be allowed in lieu of interest,shall be binding upon the parties.
Section 5 Amount of interest to be deposited in certain cases of conditional sales under Bengal Regulations. Proviso 6. Rate of interest on future adjustments of accounts. Proviso
Whenever, under the 1Regulations of the Bengal Code, a deposit may be made of theprincipal sum and interest due upon any mortgage or conditional sale of land there after to be entered intothe amount of interest to be deposited shall be at the rate stipulated in the contract, or, if no rate has beenstipulated and interest be payable under the terms of the contract, at the rate of twelve percentum perannum:
Provided that, in the latter case, the amount deposited shall be subject to the decision of the Court asto the rate at which interest shall be calculated.
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