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Consolidated Newfoundland Regulation 1996
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.
1. Short title
2. Rates established
3. Bank of
4. Minister's responsibilities
1. These regulations may be cited as the Judgment Interest Regulations.
2. 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%.
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.
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.
5. The Judgment Interest Regulations, 1993, Newfoundland Regulation 242/93, are repealed.
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