New South Wales Consolidated Acts

INTEREST REDUCTION ACT 1931 - SECT 3

3 Definitions

(1) In this Part of this Act, unless the context or subject matter otherwise requires:
"Creditor" means a person who is entitled to receive payment of interest.
"Debtor" means a person who is liable to pay interest, and includes any person who has guaranteed the payment of such interest or who is entitled to redeem any security under or in respect of which such interest is payable.
"Obligation to pay interest" means an obligation to pay interest at a specified or ascertainable rate and includes an obligation to pay interest at a reduced rate in lieu thereof in case of punctual payment, or upon any other contingency.
"Prescribed" means prescribed by this Act or by regulation made thereunder.
"Statutory body" means any of the following authorities, that is to say:

The Hunter District Water Supply and Sewerage Board,

The Water Conservation and Irrigation Commission,

The Main Roads Board of New South Wales,

The Metropolitan Meat Industry Board,

The Metropolitan Water Sewerage and Drainage Board,

The Metropolitan Transport Trust,

The Newcastle and District Transport Trust,

The Railway Commissioners for New South Wales,

The Sydney Harbour Trust Commissioners,

The Government Insurance Office of New South Wales,

The Board of Fire Commissioners of New South Wales.

(2) In this Part of this Act the expression “the Crown” does not include the Commissioners of the Government Savings Bank of New South Wales or the Superannuation Board of New South Wales, or any authority mentioned in the definition of “statutory body”.