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CONSOLIDATED NEWFOUNDLAND AND LABRADOR REGULATION 16/96

Judgment Interest Regulations
under the
Judgment Interest Act
(O.C. 96-161)

Amended by:

117/09

CONSOLIDATED NEWFOUNDLAND AND LABRADOR REGULATION 16/96

Judgment Interest Regulations
under the
Judgment Interest Act
(O.C. 96-161)

Under the authority of section 8 of the Judgment Interest Act and the Subordinate Legislation Revision and Consolidation Act , the Lieutenant-Governor in Council makes the following regulations.

REGULATIONS

Analysis



Short title

        1. These regulations may be cited as the Judgment Interest Regulations .

242/93 s1

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Rates established

        2. (1) The pre-judgment and post-judgment interest rate shall be established annually by taking the average Bank of Canada rate for the period of October and November of each year, rounded to the next higher whole number where the average Bank of Canada rate includes a fraction, minus 1%.

             (2)  Notwithstanding subsection (1), the pre-judgment and post-judgment interest rate shall not be less than 2%.

117/09 s1

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Bank of Canada rate

        3. The Bank of Canada rate shall be the rate that is published by the bank in its Weekly Financial Statistics publications.

242/93 s3

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Minister's responsibilities

        4. On December 1 or as soon as possible afterward, the Minister of Justice shall

             (a)  determine the pre-judgment and post-judgment interest rate for the next year; and

             (b)  publish in the Gazette the rate effective on January 1 of that year.

242/93 s4

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Repeal

        5. The Judgment Interest Regulations, 1993, Newfoundland Regulation 242/93, are repealed.