CNLR 16/96 - Judgment Interest Regulations under the Judgment Interest Act

CONSOLIDATED NEWFOUNDLAND AND LABRADOR REGULATION 16/96 Judgment Interest Regulations under the Judgment Interest Act (O.C. 96-161) Amended by: 117/09 CONSOLIDATED NEWFOUNDLAND AND LABRADOR REGULATION 16/96 Judgment Interest Regulations under the Judgment Interest Act (O.C. 96-161) 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. REGULATIONS Analysis 1. Short title 2. Rates established 3. Bank of Canada rate 4. Minister's responsibilities 5. Repeal Short title 1. These regulations may be cited as the Judgment Interest Regulations . 242/93 s1 Back to Top Rates established 2. (1) 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%. (2) Notwithstanding subsection (1), the pre-judgment and post-judgment interest rate shall not be less than 2%. 117/09 s1 Back to Top 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. 242/93 s3 Back to Top Minister's responsibilities 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. 242/93 s4 Back to Top Repeal 5. The Judgment Interest Regulations, 1993, Newfoundland Regulation 242/93, are repealed. ©Earl G. Tucker, Queen's Printer