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If the offence be committed in the name of a firm.16. If any offence in the next preceding section mentioned be committed by the doing of any thing in the name of any firm, company or copartnership of persons, the person by whom such thing is actually done, or who connives at the doing thereof, shall be deemed guilty of the offence and not any other person.
Banks exempted from penalty for usury.17. No Bank shall after the passing of this Act incur any penalty or forfeiture for usury ; and any Bank may stipulate for, take, reserve or exact any rate of interest or discount not exceeding seven per centum per annum, and may receive and take in advance any such rate,Rate of interest recoverable. but no higher rate of interest shall be recoverable by any Bank ;May allow any rate. any rate of interest whatever may be allowed by any Bank upon money deposited with it.
Rates of premium on notes discounted elsewhere than where payable, but payable at any branch of the Bank discounting.18. Any Bank or Banking Institution carrying on business as such in Canada, may, in discounting at any of its places of business, branches, agencies or offices of discount or deposit, any note, bill, or other negotiable security or paper payable at any other of its own places or seats of business, branches, agencies or offices of discount and deposit in Canada, receive or retain in addition to the discount any amount not exceeding the following rates per centum, according to the time it has to run, on the amount of such note, bill or other negotiable security or paper, to defray the expenses attending the collection thereof; that is to say : under thirty days, one eighth of one per cent, — thirty days or over, but under sixty days, one fourth of one per cent, — sixty days and over, but under ninety days, three eighths of one per cent, — ninety days and over, one half of one per cent.
The same when payable elsewhere than at a branch of the Bank discounting.19. Any Bank or Banking Institution carrying on business as such in Canada, may in discounting any note, bill or other negotiable security or paper, bona fide payable at any place in at a branch of Canada different from that at which it is discounted, and other than one of its own places or seats of business, branches, agencies or offices of discount and ^deposit in Canada, receive and retain in addition to the discount thereon, a sum not exceeding one half of one per centum on the amount thereof, to defray the expenses of agency and charges in collecting the same.
Duration of this Act.20. This Act shall be in force until the first day of January, in the year of our Lord one thousand eight hundred and seventy, and thence until the end of the then next session of Parliament and no longer.
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