856

Application
of Ordinance
as respects
aSSIENCES,

Ch. 31. No. 11.] Monevlenders.

assignment by operation of law, and the expressions
“assignor and “ assignee” have corresponding meanings.

22. (1) Subject as hereinafter provided, the provisions
of this Ordinance shall continue to apply as respects any
debt to a moneylender in respect of money lent by him
after the commencement of this Ordinance or in respect
of interest on money so lent or of the benefit of any agree-
ment made or security taken in respect of any such debt
or interest, notwithstanding that the debt or the benefit
of the agreement or security may have been assigned to any
assignee, and, except where the context otherwise requires,
references in this Ordinance to a moneylender shall accord-
ingly be construed as inchiding any such assignee as
aforesaid

Provided that) notwithstanding anything in this Ordi-
hance

(i) any agreement with, or security taken by, a
moneylender in respect of money lent by him after the
commencement of this Ordinance shall be valid in
favour of any bond fide assignee or holder for value
Without notice of any defect due to the operation of
this Ordinance and of any person deriving title under
him, and

(ii) any payment or transfer of money or property
made bond fide by any person, whether acting ina
fiduciary capacity or otherwise, on the faith of the

validity of any such agreement or security, without
notice of any such defect shall, in favour of that
person, be as valid as it would have been if the agree-
ment or security had been valid; and

(ii) the provisions of this Ordinance limiting the
time for proceedings in respect of money lent shall
not apply to any proceedings in respect of any such
agreement or security commenced by a bond fide
assignee or holder for value without notice that the
agreement or security was affected by the operation
of this Ordinance, or by any person deriving title
under him,

but in every such case the moneylender shall be liable
(o indemnify the borrower or any person who is prejudiced