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Consolidated Newfoundland Regulation 1996
Rate on Consolidated Trust Funds Order
Under the authority of section 71 of the Judicature Act and the Subordinate Legislation Revision and Consolidation Act, the Lieutenant‑Governor in Council makes the following Order.
1. Short title
2. Interest rate applicable
3. Fluctuation in prime rate
1. This Order may be cited as the Interest Rate on Consolidated Trust Funds Order.
Interest rate applicable
2. The interest payable on a consolidated trust fund set up by the Registrar of the Supreme Court under subsection 71(1) of the Judicature Act shall be at the rate of 4% below the prime rate of the Bank of Montreal.
Fluctuation in prime rate
3. If the prime rate changes in or during any given month, the applicable rate for that month will be the lowest of the rates in effect during that month.
4. The provisions in sections 2 and 3 of this Order shall be effective immediately and shall remain in force until a time the minister prescribes.
5. The Interest Rate on Consolidated Trust Funds Order, Newfoundland Regulation 31/83, is repealed.
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