Page:British and Foreign State Papers, vol. 144 (1952).djvu/386

362 those that were in circulation on August 14, 1934, or on September 3, 1937, according to the obligation involved, and the amortization payments shall be credited to them in the order of their respective annual maturities, according to the original contract, or pro rata if they have a like maturity. The amortizations shall be exactable in annual instalments, the first being payable on June 30, 1942, but if on that date the period agreed upon by the parties has not lapsed, the said first annual instalment shall be payable on June 30th following the maturity of the said instalment. In all cases the principal due must be distributed among the corresponding annual instalments of amortization in a progressive manner, so that when combined with the amount due for interest it will make the total of the annual payments for both items approximately equal, and in such a manner that the creditor shall be paid in full at the end of the period determined by the amount of the debt, as heretofore established.

The principal amounts of “censos” are excepted from the provisions of this rule.

(2) All interest in arrears that is due when this transitory provision becomes effective, as well as any amounts due for commissions, costs, fines, or other penalties, and similar items, even though the said interest or amounts have been capitalised, shall be uncollectible; but from its effective date the obligations in question shall bear interest according to the amount of principal, payable as determined by Decree-Laws 412 and 594 of 1934, and in accordance with the rate resulting for each one from application of the following scale: When the principal due does not exceed $15,000, the obligation shall bear interest at 3 per cent. per annum; if it exceeds $15,000 but not $50,000, the obligation in question shall bear interest at 24 per cent. per annum; when it, exceeds $50,000, but not $200,000, it shall bear interest at 2 per cent.; if it is in excess of $200,000 but not of $400,000, at $1 3⁄4$ per cent.: if it exceeds $400,000 but not $600,000, at $1 1⁄2$ per cent.: when it exceeds $600,000 but not $800,000, at $1 1⁄4$ per cent.; and, finally, when it exceeds $800,000, the obligation in question shall bear interest at 1 per cent. per annum. The provisions of the present rule shall be applied to the obligations referred to in the initial paragraph of this transitory provision, whether or not they bear interest, whether the interest is agreed or legal, and regardless of what the agreed rate is, if there is one.