Water (Interest on Overdue Rates and Charges) Regulation 1999 (NSW)

His Excellency the Governor, with the advice of the Executive Council, has approved the following Regulation made by the Water Administration Ministerial Corporation under the Water Act 1912.

Minister for Agriculture

and Minister for Land and Water Conservation.

The Water Administration Ministerial Corporation, in pursuance of the Water Act 1912, makes the following Regulation:

1Name of Regulation

This Regulation is the Water (Interest on Overdue Rates and Charges) Regulation 1999.

2Commencement

This Regulation commences on 1 September 1999.

3Notes

The explanatory note does not form part of this Regulation.

4Prescribed rate of interest(1)

The object of this clause is to prescribe the rate at which interest is to accrue on rates and charges that are owed to the Water Administration Ministerial Corporation under the Water Act 1912 and that remain unpaid after their due date for payment.

(2)

The rate of interest prescribed for the purposes of sections 55B (2) (e) and 159 (2) (b) (iv) of the Water Act 1912 is the rate for the time being prescribed under section 95 (1) of the Supreme Court Act 1970 for payment of interest on a judgment debt.

5Repeal

The Water (Interest on Overdue Rates and Charges) Regulation 1994 is repealed.

Signed at Sydney, this 16th day of August 1999.

The seal of the Water Administration Ministerial Corporation was affixed to this Regulation in the presence of: } C.S. RICHARD AMERY.