Contracts Regulation

Contracts Regulation, M.R. 62/2023 The Water Resources Administration Act , C.C.S.M. c. W70 Regulation 62/2023 Registered June 9, 2023 bilingual version (HTML) Definition 1 In this regulation, "Act" means The Water Resources Administration Act . Required authorization for certain leases 2 For the purpose of clause 10.1(3)⁠(a) of the Act (required authorization of certain leases) the prescribed annual rental value is $25,000. Rate of interest on holdbacks 3(1) Subject to subsection (2), the interest payable on holdbacks under subsection 19.2(3) of the Act is the prime lending rate less 4%, adjusted on January 1 and July 1 of each year and determined as follows: (a) for a January 1 interest adjustment, the interest rate is calculated based on the primelending rate in effect the previous December 1; (b) for a July 1 interest adjustment, the interest rate is calculated based on the prime lending rate in effect the previous June 1. 3(2) If the interest rate calculated in accordance with subsection (1) is less than 0.5% the interest rate payable on the holdback is 0.5%. Coming into force 4 This regulation comes into force on the same day that section 1 of The Water Resources Administration Amendment Act , S.M. 2021, c. 29, comes into force.