(1) This section applies to any agreement made before the commencement of this Ordinance for the payment of any loan or for the payment of interest on any loan, and to any security given (whether given before or after the commencement of this Ordinance) in respect of any such agreement or loan.
(2) Nothing in this Ordinance shall render any agreement or security to which this section applies void or unenforceable, but no such agreement or security shall be enforceable as against the borrower or surety or any other person except to the extent that-
(a) any benefit accruing to the lender by virtue thereof is not more favourable; and
(b) any obligation or liability incurred by the borrower or surety or other person by virtue thereof is not more onerous,
than it would have been if such agreement had been made or, as the case may be, such security had been given on terms consistent with the requirements of this Ordinance.
(3) Where proceedings are taken in any court for the enforcement of any agreement or security to which this section applies, the court may make such orders and give such directions in respect of the terms thereof or the rights and obligations of the parties in respect thereof as the court may deem necessary or desirable having regard to the requirements of this Ordinance relating to an agreement or security of the kind in question.