EXPLANATORY STATEMENT
LOAN (INCOME EQUALIZATION DEPOSITS) ACT 1976
STATUTORY RULES 1984 NO. 129
LOAN (INCOME EQUALIZATION DEPOSITS) REGULATIONS (AMENDMENT)
Sub-section 4(4) of the Loan (Income Equalization Deposits Act 1976 provides that interest on Income Equalization Deposits will be paid at the rate of 5 per centum per annum or at such other rate as is prescribed by regulation made under the Act. Statutory authority for the Governor-General to make regulations under the Loan (Income Equalization Deposits) Act 1976 is conferred by Section 28(1) of the Act.
The subject amendments provide that from the date of Gazettal interest on Income Equalization Deposits be payable at 7.5 per cent per annum.