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Newfoundland and Labrador
Regulation 2009


NEWFOUNDLAND AND LABRADOR REGULATION 117/09

NEWFOUNDLAND AND LABRADOR
REGULATION 117/09

Judgment Interest Regulations (Amendment)
under the
Judgment Interest Act
(O.C. 2009-389)

(Filed December 22, 2009)

Under the authority of section 8 of the Judgment Interest Act, the Lieutenant-Governor in Council makes the following regulations.

Dated at St. John’s, December 22, 2009.

Gary Norris
Clerk of the Executive Council

REGULATIONS

Analysis


        1.   S.2 R&S
Rates established


CNLR 16/96

        1. Section 2 of the Judgment Interest Regulations is repealed and the following substituted:

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%.