SOWAH, J.A.
The plaintiff/appellant is a company limited by guarantee and purported to be a Welfare Association whose functions included borrowing from the commercial banks for the benefit of its members. It sued the defendants/respondents for failing to repay financial assistance in accordance with agreed terms. The 1st defendant admitted receiving money from the plaintiff but she and the other defendants who had stood as guarantors filed a counterclaim resisting plaintiff's claim and urging the trial court to find the loan transaction illegal and unenforceable in terms of the Moneylenders Act 1941, Cap 176. They further urged the court to find the interest and charges on the facility harsh, excessive and unconscionable and to reopen the transaction under the Loans Recovery Act Cap 175. [See pages 149-150 of Record]. Thus one of the issues for trial was whether or not the transaction between the parties was illegal and unenforceable under the provisions of Cap 176 and ought therefore …