# Loan Societies Act 1840 (repealed 19.11.1998), Section 22: New schemes must be certified by actuary of National Debt Office.

Extent: E+W

The instalments to be paid, and the corresponding sum charged for interest, may be such as is expressed in any one of the schemes mentioned in the schedule (E.) to this Act annexed; and the scheme which is adopted by any society, and the actual number of shillings and pence taken by way of interest for every loan, shall be fully and clearly set forth in the enrolled rules of such society; and if such scheme shall in any respect differ from every one of the schemes set forth in the said schedule (E.), it shall not be lawful for the said barrister to certify the rules of such society, until a certificate shall have been obtained, under the hand of the actuary to the National Debt Office, to the effect that the rate of interest proposed to be taken, including therein all charges whatsoever, except the aforesaid sum of 7½p , or so much thereof as shall be charged for the form of application and expence of inquiry, is not greater than is allowed by this Act; for which certificate the said actuary shall be entitled to have a fee of £1.5p , and no more.

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Source: https://www.legislation.gov.uk/ukpga/Vict/3-4/110/section/22 (the official version)
Page: https://openlegislation.uk/loan-societies-act-1840-repealed-19111998/section-22
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.